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The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTER 1Winner of Highly Commendable Performance Award 2010 in Large Branch Category from WIRC

June-July 2011

` 15/- For Members Only

MANAGINGCOMMITTEE FROM CHAIRMAN’S DESK

The Institute of Chartered Accountants of India

C ommitted for

Achivements

VASAI BRANCH OF WIRCNEWSLETTER

Chairman CA. Unmesh Narvekar 9821236179

Vice Chairperson CA. Shweta Jain 9920737198

Secretary CA. Ramanand Gupta 9322231113

Treasurer CA. Kishor Vaishnav 9892194382

Past Chairman CA. Lalit Bajaj 9867692321

Past Chairman CA. Pramod Dhamankar 9987155522

WIRC Nominee CA. Anil Bhandari 9821037605

Chief Editor CA. Unmesh Narvekar 9821236179

Editor CA. Kishor Vaishnav 9892194382

Members CA. Lalit Munoyat 9820193508

CA. Haresh Mehta 9823137477

CA. Sanjit Rana 9820848887

CA. Mehmood Lilani 9820627815

CA. Aniket Padhye 9922063800

EDITORIALBOARD

SucceSS iS a Story of two wordS: worK worKS

Visit www.vasai-icai.org

Dear Professional Colleagues,The vacations have ended and the advent of the rains has refreshed us for an energetic start once again.Considering the importance of environment protection, necessity of trees for a better future and to contribute towards a good cause, Vasai branch had organized a tree plantation Programme and conducted awareness rally on the advent of the World Environment day on the 5th of June,

jointly with Mira Bhayandar Municipal Corporation at Subhashchandra ground. This Programme was attended by various dignitaries, corporators and officers from MBMC and students and members of our branch.There are lots of issues in the minds of trade community and CAs about the amendments in MVAT and we had two meetings with the Joint Commissioner of Sales Tax from our area Shri Munde who interacted with CAs and others in this meeting and assured to have regular meetings for better co-ordination among departments and professionals. Our hearty thanks to him for taking this initiative.We are pleased to inform that the Investor Awareness Programme under the aegis of investor education and protection of the Ministry of Corporate Affairs, Government of India, was held on the 19th of June at Bhayandar West. The dignitaries like Registrar of Companies, Maharashtra Shri Henry Richard and Head Investor Education from CDSL Mr. Chandrashekhar Thakur addressed the participants. It was a free Programme for the public at large and many people took the benefit of the same...The direct tax refresher course updating income tax amendments covering five sessions with 15 hrs. CPE is an excellent opportunity which has already started and has got very good response from members.The Mock CPT test has got a fantastic response from students. Their eagerness have always encouraged us to organize better Programmes for our students.In this context a mega event is also organized in the form of CA Students’ WIRC Sub-Regional Conference on the 2nd and 3rd July 2011. The registration for this mega event has also begun with great enthusiasm from the students. Here I also take the opportunity to invite all our students to join and be a part of this mega event. It’s indeed a great opportunity to present ourselves in front of Institute dignitaries and a fantastic chance to display and expose our talent and knowledge. Therefore it is a humble request to all our students to grasp such a fabulous opportunity and be present at the CA Students’ WIRC Sub-Regional Conference organized by our Vasai Branch.A quiz and elocution competition has also been organized for students and they are requested to be present and display their talent in the same.1st July being the auspicious occasion of CA Foundation Day our branch has organized CA Flag Hoisting at Branch Office and CA career Counseling Programme in various colleges in our area.My visit to Ernakulam branch and Alleppy branch at Kerala was a very interactive one. We had discussion on many important topics with the chairmen of both the branches. We may plan for coordinated Programmes with them too. I had also got an opportunity to address the 51st GMCS branch of the Ernakulum Branch, it was a great occasion of interaction with future CAs.I hope all members will take part in the Programmes organized by our branch and mark their presence by participating in events laid down for them.With warm regards.

CA Unmesh NarvekarChairman

JUNE-JUly, 2011

2The Institute of Chartered Accountants of India

VASAI BRANCH of WIRC NEWSLETTERWinner of Highly Commendable Performance Award 2010 in Large Branch Category from WIRC

June-July 2011

DATE SEMINAR ON TIMINGS VENUE SPEAKER CO-ORDINATORS fEES CPE5th June, World Environmental Mira-Bhayandar CA. Pramod Dhamankar- FREE 2011 Day Special - Road 9987155522 Tree Plantation CA. Santosh Sharma - & Awareness 9867256248 Rally

11th, 14th, Direct Tax Refresher 5.30 p.m. to. Reliable Classes D-308 Eminent CA. Ramanand Gupta - ` 1200 15 15th, 17th & Course 9.00 p.m Shanti Shopping Center 932221113 , Hours 18th June, Mira Road. (E.) CA. Kishor Vaishnav- 2011 9892194382 CA. Pramod Dhamankar- 9987155522

19th June Investors Awareness 9.30 a.m. to 3rd Floor, Mr. Chandrashekhar Thakur CA. Ramanand Gupta FREE 22011 Programe 12.30 p.m. Nagar Bhavan Hall, Head Investor 9322231113 Hours Bhayandar (West) Protection (CDSL)

1st July, CA Day Celebration 9.00 a.m. Flag Flag Hoisting-Branch CA. Shweta Jain FREE 2011 Flag Hoisting & Hoisting & Office & Career 9920737198 Career Counselling 10.00 a.m. to Counselling - CA. Ramanand Gupta 12.30 p.m. Career Various Colleges 932221113 and Counselling CA. Kishor Vaishnav- 9892194382 CA. Pramod Dhamankar- 9987155522

28th July Recent Issues in 9.30 a.m. to GCC Club, Mira- Eminent CA Pramod Dhamankar ` 750 6 2011 Tax Audit and 5.30 p.m. Road East Speakers 9987155522 member Hours Corporate Audit CA Ramanand Gupta ` 650 9322231113 Student CA Kishor Vaishnav ` 850 9892194382 Others

FORTHCOMING PROGRAMMES FOR STUDENTS

DATE SEMINAR ON TIMINGS VENUE SPEAKER CO-ORDINATORS fEES

5th June, 2011 Mock CPT Test 10.30 a.m. to 12.30 p.m. & IIPS Kshitij Building CA. Ramanand Gupta - ` 200/- 2.00 p.m. to 4.00 p.m. above Raymond 932221113 Showroom Mira- CA. Kishor Vaishnav - Bhayandar Road 9892194382 Mira Road (E)

5th June, 2011 Carrom, Badminton & Full Day Vasai Hostel - Savitri Sharma- Chess Tournament 9860724671 FREE

2nd & 3rd CA. Students 9.30 a.m. to 5.30 p.m. Venkatesh Eminent CA. Shweta Jain- ` 600/- July, 2011 WIRC Sub-Regional Banquet Hall 9920737198 Conference Bhayandar (West) CA. Pramod Dhamankar- 9987155522

10th July, 2011 Quiz & Elocution 10.00 a.m. to 12.30 p.m. Reliable Classes, CA. Ramanand Gupta- FREE (Elocution) and Mira-road East 932221113 2.00 p.m. onwards Quiz CA. Shweta Jain 9920737198

FORTHCOMING PROGRAMMES OF vASAI BRANCH

FORTHCOMING PROGRAMMES FOR MEMBERS


June-July 2011

ACTIvITy REPORT OF vASAI BRANCH

from January 2011 to June 2011Seminars & Lectures for Members

Date Name of the Seminar, Lecture Meeting, etc. Speaker7th Jan, 2011 Felicition of CA. Amarjit Chopra, President 2010-11 Seminar on Internal Audit CA. Satish Shenoy15th Jan,2011 Lecture Meeting on Issues in MVAT Audit Dy. Commissioner of Sales Tax Palghar, CA. Bharat Ghosar, 22nd Jan, 2011 Niche Areas (Including T.D.S.) for Bankers CA. Tarun Ghia23rd Jan, 2011 Criket Match for CA Members & CA Students 26th Jan, 2011 Indoor Games Competition for CA Members & CA Students 6th Feb, 2011 Seminar on Construction Industry CA. Manish Gadia, CA. Hetan Patel, CA. Amar Shukla, CA. Tarun Ghia20th Feb,2011 Felicitation of Newly Qualified CA Dr. Isac Jhon5th March,2011 Budget Meeting Mr. Sudhir Raut, Dy. Commissioner of MBMC, Mr. J. D. Deshpande, Ex. Dy. Commissioner of NMMC, CA. Vimal Punamiya, CA. S. N. Niwatkar, Suptd. Central Excise 6th March,2011 Time Management & Motivation CA. Mahesh Gaur13th March,2011 Bank Branch Audit CA. Niranjan Joshi, CA. Dhananjay Ghokhle, CA. Nitant Trilokekar, CA. Parag Hangekar26th March,2011 Certification Programmes CA. Satish Nade17th April. 2011 Stress Management & Science of Soul Shri Kamallochan Prabhuji22-24th April 2011 RRC at Mahabaleshwar CA. Lalit Munoyat, CA. Vandana Dodhia, CA. Ramkrishnan30th April 2011 Seminar on LBT and Amendments in MVAT Act Mr. J. D. Deshpande (Ex-Deputy Commissioner MBMC), Mr. Suhas Kelkar.12th May 2011 Representation Meeting with Jt. Comissioner of SalesTax Palghar Mr. Munde, Jt. Commissioner of Sales Tax, Palghar30th May 2011 Representation Meeting with Jt. Comissioner & Dy. Commissioner of Sales Tax. Mr. Munde, Jt. Commissioner of Sales Tax, Palghar & Mr. Gangurde, Dy. Commissioner of Sales Tax, Nalasopara5th June 2011 World Environmemtal Day (Tree Plantation & Awareness Rally) CAs, MBMC officials & Corporators11th ,14,15,17 Direct Tax Refresher Course CA. Amit Ajmera, CA. Bhupendra Shah, & 18th June 2011 CA. Nihar Jambusaria, CA. C. N. Vaze, CA. Tarun Ghia19th June 2011 Investor Awareness Programme Mr. Chandrashekhar Thakur (Head Investor Protection CDSL), CA. Subhash Chuga (Deputy ROC), CA. Santosh Sharma

Seminars & Lectures for StudentsDate Name of the Seminar, Lecture Meeting, etc. Speaker20th Feb,2011 Lecture Meeting On Leadership Dr. Isac Jhon24th Feb,2011 Company Law Matter CA. Pramod Dhamankar26th March,2011 Company Law Matter CA. Pramod Dhamankar31st March,2011 Lecture On ‘Partnership Account’ CA. Sunil Jakhotia10th April.2011 Lecture On Accounting Standards CA. Pramod Dhamankar15th to 17th April 2011 Career and Education Fair Stall 16th April,2011 Lecture On Flowchart and Decision Making CA. Jignesh Cheda17th April, 2011 Lecture On Standard & Marginal Costing CA. Anu Agarwal 5th June 2011 CPT Mock Test



June-July 2011

Day & Date : Friday, 1st July, 2011

Time : 9.00 am CA Flag Hoisting Ceremony.

Venue : At Terrace of the Vasai Branch Office.

1st July CA Day Celebration

Day & Date : Friday, 1st July, 2011Time : From 10.00 am onwardsVenue : S. N. college Bhayandar, Abhinav College Bhayandar, Royal College Mira Road, Vartak College Vasai. Viva College, Virar.

Coordinators : • CAShwetaJain -9920737198 • CAPramodDhamankar–9987155522 • CARamanandGupta–9322231113 • CAKishorVaishnav -9892194382

Date : Sunday, 28th August 2011Topic : Recent Issues in Tax Audit and Corporate AuditVenue : GCC Club, Mira-Road East.Time : 9.30 am to 5.30 pm.fees : 750/- for members, Rs. 650/- for Ca Students & Rs. 850/- for others.CPE : 3hrs.Coordinators : • CAPramodDhamankar–9987155522 • CARamanandGupta–9322231113 • CAKishorVaishnav -9892194382

CA Day Career Counselling Programme

Recent Issues in Tax Audit and Corporate Audit

Hearty Congratulations

CA Manak Chand Daga B.Com., F.C.A, F.C.S

Hearty Congratulations to CA. Manak Chand Daga

for being Elected as President Lions Club

of Kandivali Thakur Complex


June-July 2011

Substitution of Income Tax Return Forms (198 Taxmann (st) 95)

The notification no. 18/2011 dated 05/04/2011 gives Income Tax (3rd Amendment) Rules, 2011. The Rule came in to effect from 1st April 2011. It amends Rule 12 substituting the new Income Tax Return forms for assessment year 2011-12. Major changes are as under:1) The Income Tax Return form SARAL II replaced by the

newITR formSAHAJ(ITR–1)2) New Income Tax Return form prescribed named SUGAM

–(ITR–4S) for theassesseeswhoarecoveredby theprovisions of section 44AD and section 44AE.

3) Income Tax Return form ITR 8 is deleted. The new Income Tax Return form SAHAJ and SUGAM are

also, in the similar manner in case of other Income Tax Returns, not to be accompanied by any annexure, proof of tax or reports etc.

TDS – Processing of statement of Tax Deducted at Source – Procedure for regulating refund of excess amount of TDS (198 Taxmann (st) 97)

The CBDT vide circular no. 02/2011 dated 27/04/2011 clarified

DIRECT TAX - lAW UPDATES BY CA. Haresh P. Kenia

the procedure for regulating refund of excess amount of TDS deducted and / or paid.

Presently, the procedure for regulating the refund of amount paid by the deductor in excess of the TDS and / or deductible is governed by the board circular no. 285 dated 21/10/1980. Subsequently to the issue of this circular no. 285, new sections of TDS have been introduced under chapter XVIIB of the Income Tax Act.

In order to include / prescribe the procedure for the new sections also, the board vide circular no. 2/2011 dated 27/04/2011 clarified and issued the procedure for regulating refund of amount paid in excess of TDS and / or deducted in respect of TDS on residents covered under section 192 to section 194LA of the Income Tax Act, 1961. This circular will not be applicable to TDS on non-residents falling under section192, section 194E and section 195 which are covered by circular no. 07/2007 issued by the board.

It also clarified that this circular will be applicable for claims of refunds for the period upto 31/03/2010. The provisions of section 200A of the Income Tax Act prescribes the processing of statement of TDS and issue of refund w.e.f. 01/04/2010

Exemption from filing I-T return for persons with income up to Rs 5 lakh

COST INFlATION INDEX FOR FINANCIAl yEAR 2011-12 is 785NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—

In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be

inserted, namely :— “31 2011-12 785”

No. 402/92/2006-MC (14 of 2011)Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes

***New Delhi, dated the 23rd June, 2011

PRESS RELEASEThe Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to ` 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.Individuals having total income up to ` 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to ` 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No. 16.Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.



June-July 2011

ROC COlUMNThe process of re-engineering e-forms is gaining momentum. MCA is focused on strengthening regulatory functions of Registrar of Companies and his staff by relieving ROC office of the routine functions, such as, approval of e-forms etc., In April 2011, eform 2, 3, 18 and 32 have already been kept under STP (Straight Through Process) and many more routine e-forms are expected to be put under STP in the coming months including the application in Form-1A for ascertaining availability of name for incorporation of a new company. STP process implies the dependency on Certification by professionals. The consequences of wrong certification have already been explained in MCA Circular No 14/2011 dated 08/04/2011.

Considering the fact that e-form 2, 3, 18 and 32 are going through STP process as of now, based upon Certification by Professionals, the common defects hitherto noticed in the said e-forms are briefly narrated below for the benefit of stakeholders :-

Form – 32

(i) While processing this e-form in the back office, several e-forms were filed with the digital signature of resigned directors. Section 54 of the Companies Act, clearly specifies that the persons/officers who can authentic documents filed under the Companies Act. As per the provisions of this Section, a resigned director is not eligible to sign any e-form filed with ROC. But this office had come across several eForm-32 signed and uploaded by resigned directors.

(ii) The consent of director appointed in respect of public companies were not attached to respective e-form-32. In a Public Limited Company, it is mandatory to submit the consent letter of the newly appointed director alongwith e-form-32. Non-compliance in this regard would vitiate the appointment itself.

(iii) The provisions of the Companies Act as well as Circulars issued by MCA clearly explain and provide that the resignation of a director would take effect from the date of resignation letter of the resigned director or the date specified therein. But generally, it was found in many Form-32, the date of resignation given in e-form 32 used to be wide apart from the date of resignation letter. This practice is commonly found in several Form-32 which is contrary to the existing provisions of the Companies Act as well as the circulars issued by MCA.

(iv) Removal of Director u/s. 284 presupposes due compliance of procedure detailed in Section 190 and Section 284 of the Companies Act. In many instances, it was noticed that the Directors were removed from their office without due compliance of the procedure laid down in Section 190/284 of the Companies Act. Generally, it was found that there

was deficiency in service of notice to the removed director as well as to the members who were eligible to attend the General Body Meeting in which the director is removed. Similar problem was noticed in the case of removed director’s u/s. 283 of the Companies Act. Therefore, it is felt that removal of director u/s. 284/283 of the Act needs to be carefully examined and ensure that the due procedure hasbeenfollowedbeforefilingsuche-form–32.

Form-18

(i) It was found in several cases that shifting of registered office outside the local limit was not approved by shareholders through a Special Resolution in a General Meeting. This aspect needs to be addressed and proper compliance should be ensured.

(ii) In the case of listed companies, there were instances where such Special Resolution was passed without postal ballot. In the case of such companies, if the registered office is shifted outside local limits, Special Resolution should be passed through postal ballot only.

(iii) The full address details should be furnished including the name and address of the Police Station having jurisdiction over the registered office of the company.

Form-2 & 3

(i) The common defect noticed in this form is that the information prescribed in Table A, B, C and D were not furnished. The list of allottees used to be furnished with only sketchy details like names and number of shares. Other vital information including nationality, address, consideration details etc., were not being furnished as prescribed in the Table attached to Form-2. In the case of allotments for consideration other than cash, it was found that Form-3 was used without purpose. This e-form is relevant only where contract was not reduced to writing. In all other cases, Form-2 is required to be filed. Even in such cases, it is necessary to verify adequacy of consideration and proper payment of stamp duty failing which such allotments could become void.

The above defects noticed while processing the said e-forms are only illustrative and not comprehensive. Therefore, it is necessary to ensure that e-forms are checked in all aspects before certifying the same.

(HENRY RICHARD) REGISTRAR OF COMPANIES MAHARASHTRA, MUMBAI

Mr. Henry Richard ROC, Maharashtra,

Mumbai


June-July 2011

IMPORTANT ANNOUNCEMENT FOR STUDENTS — FROM ICAI

Important Announcement for Chartered Accountancy Course Students BoS/Announcement/227/11 June 23, 2011Sub: Period of Validation of Registration in Chartered Accountancy Course

In order to streamline the period of validity of registration for Common Proficiency Course (CPC), Professional Competence Course (PCC)/ Integrated Professional Competence Course (IPCC) and Final levels of Chartered Accountancy Course, the Council at its 303rd Meeting held on February 10-12, 2011 decided as under:

CPT students:• Initial registration forCommonProficiencyCourse (CPC) isvalid for3years.• Revalidationof registrationshallbedone for furtherperiodof3yearsbeforeexpiryof initial registration.Studentswho

have got their registration revalidated with the concerned Decentralised Offices may have the registration revalidated every 3 years after the expiry of the earlier revalidated period.

• Fee for revalidation isRs.300/- foreach revalidation.• Studentsare required toensurebeforeapplying foradmission toCPTexamination that theyhavevalid registration.• CPTstudentswhohave registeredonorbefore30thNovember,2008are required to revalidate their registrationbefore

applying for December, 2011 CPT examination.

PCC/IPCC students:• Initial registration forProfessionalCompetenceCourse (PCC)/ IntegratedProfessionalCompetenceCourse (IPCC) isvalid

for 4 years.• Revalidationof registrationshallbedone for furtherperiodof4yearsbeforeexpiryof initial registration.Studentswho


• Fee for revalidation isRs.400/- foreach revalidation.• Studentsare required toensurebeforeapplying foradmission toPCC/ IPCCexamination that theyvalid registration.• PCCstudentswhohave registeredonorbefore31stOctober,2007are required to revalidate their registrationbefore

applying for November, 2011 PCC examination.• Studentswhohaveregistered in IntermediateorProfessionalEducation(Course-II)arerequiredtoswitchoverto Integrated

Professional Competence Course (IPCC) in order to continue their studies in chartered accountancy course.final students:• Initial registration forFinalCourse isvalid for5years.• Revalidationof registrationshallbedone for furtherperiodof5yearsbeforeexpiryof initial registration.Studentswho


• Fee for revalidation isRs.500/- forevery revalidation.• Studentsare required toensurebeforeapplying foradmission toFinalexamination that theyhavevalid registration.• Finalstudentswhohave registeredonorbefore31stOctober,2006are required to revalidate their registrationbefore

applying for November, 2011 Final examination.It may be noted that if a student appears in the CPT or PCC/IPCC or final examination without having valid registration, he shall have to pay a penal fee of Rs. 250/- (in addition to the prescribed revalidation fee with retrospective effect) within 30 days prior to the date of declaration of results.Candidates, whose period of initial registration has expired, may apply for revalidation by making an application on plain paper, together with the prescribed fee by way of Demand Draft drawn in favour of “The Secretary, The Institute of Chartered Accountants of India, payable at Mumbai/ Chennai/ Kolkata/ Kanpur/Delhi” as the case may be and forward the same to the Decentralised Office concerned at Mumbai, Chennai, Kolkata, Kanpur and Delhi.The above decision of the Council shall be applicable from November/December, 2011 examination onwards.Director, Board of Studies Source : - ICAI



June-July 2011

IMPORTANT ANNOUNCEMENT FOR STUDENTS — FROM ICAI

BoS/Announcement/227/11 dated June 23, 2011Sub: Extension of date for registration for Integrated Professional Competence Course (IPCC).

In order to mitigate the hardship being faced by the students in registering for Integrated Professional Competence Course (IPCC), the Council at its 306th Meeting held from 7-9th June, 2011 decided that candidates who register for Integrated Professional Competence Course (IPCC) in the respective Decentralized Office on or before 16th August, 2011 would be eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in May, 2012.Students are therefore advised to ensure that the registration papers are submitted to the respective Decentralized Offices of the Institute latest by 16th August, 2011 so as to be eligible to appear for Integrated Professional Competence Examination (IPCE) to be held in May, 2012.Students are also advised not to wait for CPT marks statement to be received from the Examination Division for registration for IPCC but proceed for IPCC registration with a copy of the downloaded CPT marks statement. Director, Board of Studies

BoS/Announcement/227/11 Dated June 23, 2011Sub: Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter.On a review of the syllabus for the Final Course, the Council has decided to exclude the following topics from the Final Examination to be held in November, 2011 and thereafter:-Paper 1 Financial Reporting— Inflation Accounting Paper 5 Advanced Management Accounting— Time Series Analysis; and— Test of Hypothesis.Students are advised to note the change.Director, Board of Studies

Mr. Puneet Jain, M.com, F.I.C.W.A.I & ACS & LLB, General Manager (FA & Legal) & CS, Aajtak News Channel

“Mergers and Acquisitions” (M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies and similar entities that can aid, finance, or help a growing company in a given industry grow rapidly without having to create a subsidiary or other child entity. The distinction between a “merger” and an “acquisition” has become increasingly blurred in various respects (particularly in terms of the ultimate economic outcome), although it has not completely disappeared in all situations.

While the short term benefits of a merger or an acquisition may not appear to be many, it is the long term cost benefits that make these transactions attractive.

In a complex transaction of an M&A nature, a Chartered accountant &Company Secretary plays a central role in putting in place and monitoring effective governance and compliance processes. As such, company secretaries can prove invaluable in ensuring that best practice in governance is followed during a merger or acquisition. In preparing for and planning mergers or acquisitions it is essential that someone has responsibility for the overall management of the process. This will involve management of the process from initial negotiations through to due diligence and completion, as well as liaising with internal and external legal and financial advisors. The company secretary is often best placed to play this pivotal role as they can effectively inform and advise the Board, colleagues, advisors and stakeholders to ensure the transaction is completed in a favourable and compliant manner.

It is with respect to understanding, analyzing and advising on the financial aspects (favourable or otherwise) of a potential merger partner, or business to be acquired, that the Chartered Accountants play an important role.

“Mergers and Acquisitions” & Role of CAs


June-July 2011

CA STUDENTS’ WIRC SUB-REGIONAL CONFERENCE 2011Hosted By

VASAI BRANCH OF WIRC OF ICAI &

VASAI BRANCH OF WICASA

Day & Dates : Saturday 2nd July & Sunday 3rd July 2011Fees : 600/–PerParticipants.Timings : 8.30 a.m. to 5.30 p.m. Saturday, 2nd July 2011 & 8.00 a.m. to 2.30 p.m. Sunday, 3rd July 2011Venue : Venkatesh Banquet Hall, Near Maxus Mall Bhayandar West, Dist Thane.

ConferenceChairman : CAShrinivasJoshi–ChairmanWIRCConferenceDirector : CAUnmeshNarvekar–ChairmanVasaiBranchofWIRCConferenceCo–Directors : CANeelMajethia–ChairmanWICASA CAShwetaJain–Chairperson,VasaiBranchofWICASAConferenceChiefCo-ordinators: CAPramodDhamankar–PastChairman–VasaiBranchofWIRC–9987155522 CALalitBajaj–PastChairman–VasaiBranchofWIRC–9867692321 CARamanandGupta–Secretary–VasaiBranchofWIRC–93222231113 CAKishorVaishnav–Treasurer–VasaiBranchofWIRC–9892194382 CAAnilBhandari–WIRCNominee–9821037605

Saturday, 2nd July 2011. 8:30 a.m. to 5:30 p.m.

Inauguration by CA Jaydeep Shah Vice-President-ICAI.Guest of Honour CA Kamlesh Vikamsey Past President ICAI.

I Technical Session CA Bhavna Doshi - CCMUshering an era of Taxation Session Chairperson Reforms DTC & GST

II Technical Session CA Sanjeev Maheshwari - CCM Special Audit Technique and Session Chairman Professional Ethics. Audit Under CIS Environment

Lunch Break

III Technical Session- CA Jay Chhaira - RCMAuditors Responsibilities-System Session Chairman Audit Business Continuity Planning and Disaster Recovering planning

Special Session-I By BOS Shri. Vijay KapurIssues relating to Exams, Syllabus, Session Chairman Training etc. Director Board of Studies

Cultural Programme From 5:30 pm

Sunday, 3rd July 2011. 8:00 a.m. to 2:30 p.m.

Breakfast

IV Technical Session CA Nilesh Vikamsey – CCM Financial services in India Session Chairman Capital Market Instruments

Tea Break

V Technical Session CA Durgesh Kabra – RCMShift towards IFRS Session Chairman

Special Session-II CA Uttam Prakash AgarwalCA in Practice vis-a-vis Industry Session Chairman (Group Discussion by Students) Past President ICAI

Special Session-III CA C. S. Nanda – CCMSecret of Success Session Chairman

Valedictory Session CA V. MuraliCA as a Nation Builder Session Chairman Chairman Board of Studies

Day Ends with Lunch



June-July 2011


June-July 2011

PHOTO GALLERY

CA. Unmesh Narverkar, Chairman addressing the Representation meeting with Sales Tax Department. Seen from L to R: Jt. Comm. of Sales Tax Palgar - Mr. Munde, Dy. Comm. of

Sales Tax Palgar - Mr. Borde, & Dy. Comm. of Sales Tax Nalasopra - Mr. Gangurde

CA. Students at 51st GMCS batch of Ernakulam Branch of SIRC

Visit to Ernakulam Branch (L to R) CA Mrs Mathew, Secretary Ernakulam branch - CA Minu Mathew, Chairman Vasai branch - CA Unmesh Narvekar & Chairman Ernakulam Branch - CA Saji Mathew

Chairman Vasai Branch CA Unmesh Narvekar, feliciated by Mr. Ramesh Ashar at the AGM of Mira Bhyandar SSI Association at Centre President MBSSIA Shri Deepak Shah.

CA. Members from Vasai Branch at the Representation Meeting with Jt. Commissioner of Sales Tax Palgar, Mr. Munde at Nalasopra.

Vasai Branch Chairman CA Unmesh Narvekar in a meet with Chairman Alleppy Branch of SIRC - CA Antony Malayil.

Group Photo of Investors Awareness Programme: Seen from L to R: Ms. Pooja-Anchor, CA. Santosh Sharma - Speaker, Mr. Subhash Chuga - Dy. ROC, CA. Unmesh Narvekar Chairman - Vasai Branch, Shri Chandrashekar Thakur - Head-Investor Education CDSL,

& CA. Kishor Vaishnav - Treasurer Vasai Branch.

Vasai branch chairman CA Unmesh Narvekar addressing the 51st GMCS Batch of Ernakulam branch of SIRC. (Seen from L to R) GMCS Co-ordinator, Chairman of Ernakulam Branch - CA Saji Mathew,

Chairman of Vasai Branch - CA Unmesh Narvekar and Secretary Ernakulam Branch- CA Minu Mathew.



June-July 2011

Undelivered please return to :the institute of chartered accountants of india, Vasai Branch of wircaddress: office No.115/116 ostwal ornate, Bldg. No. 1a, Jesal Park, Bhayandar (e), thane- 401 105. telephone: 022-2817 8518 / 3245 9348 email: [email protected] / [email protected] website: www.vasai-icai.org

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Editor : CA Umesh Narvekar Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 40364600 The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch.DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

At Seminar on LBT seen from L to R. CA Kishor Vaishnav (Treasurer) CA Unmesh Narvekar (Chairman) Shri J. D. Deshpande Speaker (Ex-Dy Comm. NNMC), CA Ashutosh Vidwans & CA Rajesh Kotak (Convenors of Vasai Virar CPE Study Circle).

Bhayandar Study Circle meeting on Service Tax & Excise : seen from L to R CA. Nitesh Shah, CA. Deepak Bansal (Convenor), CA. Lalit Monoyat, CA. Nitesh Kothari (Dy. Convenor)

Students Appearing for CPT Mock Test at IIPS Mira Road Centre on 5.6.2011

World Environment Day Programme by Vasai Branch on 5th June from L-R Nagesh Erkar, Superitended of Garden Dept. MBMC, CA Pramod Dhamankar (Past Chairman of Vasai Br., CA Ramanand Gupta (Secretary of Vasai Br.)Vasai WICASA Students Jayant Purohit & Neelam Gupta receiving flowers from CA Pramod Dhamankar, Past

Chairman Vasai Br. & CA Shweta Jain, Chairperson Vasai WICASA at Sanjeevani Career Fair at Bhayandar

Co-ordinators during CPT Mock Test from L-R CA Ramanand Gupta,(Secretary of Vasai Branch of WIRC of ICAI, Observer Adil Numani, CA. Pramod Dhamankar (Past Chairman of Vasai Branch of WIRC of ICAI)

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