e -focus ICSI-WIRC e-Newsletter March - 2021

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ICSI WIRC e-focus March - 2021

e-focus ICSI-WIRC

e-Newsletter March - 2021

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Sr.no Index Author Page No

1 Index and Publisher Declaration 3

2 Chairman Communique 4

3 Article-1 Women Empowerment Under Union Budget 2021 CS Lalit Rajput 6

4 Article-2 Working Women and Indian Legislation CS Sambhavna Verhani, CS Steffi Alwa

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5 Article-3 New CSR Rules – Transparent Move Towards Good Governance

CS Raj Sarraf,

CS Pooja Shetty

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6 Article -4 Business Uplift – Defeating Pandemic Challenge CS Virag Joshi 32

7 MCA Updates FCS Deepti Joshi 34

8 SEBI Updates CS Sameer Siddeshwar

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9 PCS Corner CS Tushar Pahade 40

10 Students Corner CS Hrishikesh Wagh

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11 WIRC Activity Report and Photos 49

12 GUIDELINES 54

13 DECLARATION 55

14 CSBF 56

INDEX

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Disclaimer: You are receiving this e-Newsletter as you are a member of ICSI. Views expressed in this newsletter are of authors and not necessarily of ICSI or WIRC of ICSI. ICSI or WIRC of ICSI does not verify authenticity of legal provisions contained in this newsletter. Neither authors, editors, publishers nor printers and distributers would be liable in any manner to any person by reason of any mistake or omission in this newsletter or for any action taken or omitted to be taken or advice rendered or accepted on the basis of this work. All rights reserved. All claims, disputes or complaints will be subject exclusively to jurisdiction of courts/ forums/ tribunal at Mumbai only. Publisher Dr. Rajesh Kumar Agrawal, Regional Director- ICSI WIRC

WIRC of ICSI Premises: 13, 56 & 57, Jolly Maker Chambers No. 2 (1st & 5th Floors), Nariman Point, Mumbai – 400021 E-mail: [email protected], Phone Nos.: 022- 61307900 / 61307901 / 61307902

Focus Committee Members

• CS Pawan G Chandak - Chairman

• CS Rohit Gokhale

• CS Dipika Kataria

• CS Anagha Ketkar

• CS Deepti Joshi

• CS Sameer Siddheshwar

Focus Article Coordination Committee Members

• CS Jaymeen Trivedi

• CS Omkar Deosthale

• CS Sandeep Kulkarni

FOCUS COMMITTEE MEMBERS

mailto:[email protected]

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GREETINGS FOR NEW FINANCIAL YEAR 2021-22

Respected Seniors, Professional Colleagues and Dearest Students, Season’s Greetings!!! The New financial year brings in its own opportunities and challenges, which we as a Professionals must see to it that it works out to our and our clients’/ employer’s benefit. With the new year, we are also in the challenging times to deliver on fast approaching compliances keeping an eye on second wave of the pandemic, but that’s the life and I am confident, with all safety measures, precautions and balanced courage, we all shall come out of it sooner. With various changes which are primarily focusing on bringing the transparency in implementation of laws as well as strict compliance of the law, we need to concentrate on the few important changes, which shall have far reaching impact on how we professionals work and help the corporates to comply by adding value in our services, which will be implemented in this financial year like introduction of Audit trail in accounting software, New Labour Codes, changes in reporting structure under GST regime etc. Only way to prosper in this everchanging professional environment is to continuously focus on building our capabilities and exploring new avenues for our professional growth and TEAM WIRC is committed to this objective and is with you all in pursuit of this professional excellence process. I also urge all the Members and Students to take benefit of all the initiatives and request all the members and students to please let us know your feedbacks/ Complaints/ grievances and suggestions so that we can align ourselves with your expectations out of us to improve and serve you better.

From the Desk of the Chairman… CS Pawan G Chandak

FROM DESK OF CHAIRMAN

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As it is well said Growth is never by mere chance; it is the result of forces working together, so let’s come together and grow together. Accordingly, I would like to sign off with a thought that, ‘facts’ are always limited and ‘Possibilities’ are always ‘limitless. The Gap between Fact and Possibilities is often bridged by ‘Developing our Capabilities’. Let’s achieve this through concerted efforts of we all for the benefit of our profession. Once again, I wish you Happy, Safe, Healthy and Prosperous Financial Year 2021-22. With regards, CS Pawan G Chandak Chairman WIRC of ICSI – 2021

We Work to Walk Along

FROM DESK OF CHAIRMAN

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CS Lalit Rajput Email: [email protected]

ARTICLE 1 - WOMEN EMPOWERMENT UNDER UNION BUDGET 2021

Women Empowerment Schemes by GOI and measures taken under Union Budget 2021 The Ministry of Women and Child Development, Government of India established as ministry with effect from 30th January, 2006 and is continuously working with the prime intention of addressing gaps in State action for women and children for promoting inter-Ministerial and inter-sectoral convergence to create gender equitable and child-centered legislation, policies and programmes. Vision and Mission Statement

Vision Statement Mission Statement

Empowered women living with dignity and contributing as equal partners in development in an environment free from violence and discrimination. And, well nurtured children with full opportunities for growth and development in a safe and protective environment.

Promoting social and economic empowerment of women through cross-cutting policies and programmes, mainstreaming gender concerns, creating awareness about their rights and facilitating institutional and legislative support for enabling them realize their human rights and develop to their full potential.2. Ensuring development, care and protection of children through cross-cutting policies and programmes, spreading awareness about their rights and facilitating access to learning, nutrition, institutional and legislative support for enabling them to grow and develop to their full potential.

Organization Structure

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Ministry Persons: Headed by Hon'ble Minister Smt. Smriti Zubin Irani, Minister of State Sushri Debasree Chaudhuri and Shri Ram Mohan Mishra is the Secretary of the Ministry of Women and Child Development. The Ministry has 6 autonomous organisations viz:

i. National Institute of Public Cooperation and Child Development (NIPCCD)

ii. National Commission for women (NCW)

iii. National Commission for Protection of Child Rights (NCPCR)

iv. Central Adoption Resource Agency (CARA)

v. Central Social Welfare Board (CSWB)

vi. Rashtriya Mahila Kosh (RMK)

Women Empowerment Measures in the Corporate Sector under the Company Law

1. Sexual Harassment of Women at Workplace

The Government of India enacted ‘The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013’ {The POSH, Act, 2013} with an aim to provide protection against sexual harassment of women at workplace and for the prevention and redressal of complaints of sexual harassment and for related matters. The Act casts an obligation to constitute Internal Committee (IC)/ Local Committees (LCs) for receiving complaints of sexual harassment at workplace. The POSH Act, 2013 stipulates that a woman shall not be subjected to sexual harassment at her workplace. Accordingly, it may be noted that in-order for a woman to claim protection under the POSH Act, the incident of sexual harassment should have taken place at the ‘workplace’.

2. Sexual Harassment Policy

The employer needs to prudently draft a sexual harassment policy and approval of the same by the Board of the Company. Basic Details required to be entered while drafting POSH Policy:

• ICC Composition: names, designation and contact details of the ICC members.

• Acts which constitute as a sexual harassment act

• The process for Resolution, Settlement, Prosecution, enquiry and trial procedure.

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3. Online Complaint Management System

An online complaint management system titled the Sexual Harassment electronic–Box (SHe-Box,

www.shebox.nic.in) has been put in place for registering complaints related to sexual harassment of

women at workplace.

Women Empowerment Schemes introduced by GOI

Sl. Name of the Scheme (s) About Scheme (s)

1 Beti Bachao Beti Padhao Scheme

To ensure survival, protection and empowerment of the girl child, Government has announced Beti Bachao Beti Padhao initiative. This is a joint initiative of Ministry of Women and Child Development, Ministry of Health and Family Welfare and Ministry of Human Resource Development.

2 One Stop Centre Scheme One Stop Centres (OSC) are intended to support women affected by violence, in private and public spaces, within the family, community and at the workplace. Women facing physical, sexual, emotional, psychological and economic abuse, irrespective of age, class, caste, education status, marital status, race and culture will be facilitated with support and redressal. The OSC will support all women including girls below 18 years of age affected by violence, irrespective of caste, class, religion, region, sexual orientation or marital status.

3 Women Helpline Scheme The Scheme of Universalisation of Women Helpline is intended to provide 24 hours immediate and emergency response to women affected by violence through referral (linking with appropriate authority such as police, One Stop Centre, hospital) and information about women related government schemes programs across the country through a single uniform number.

4 Ujjawala : A Comprehensive Scheme for Prevention of trafficking and Rescue, Rehabilitation and Re-integration of Victims of Trafficking and Commercial Sexual Exploitation. This scheme has been conceived primarily for the purpose of preventing trafficking on the one hand and rescue and rehabilitation of victims on the other.

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https://wcd.nic.in/schemes/beti-bachao-beti-padhao-scheme

https://wcd.nic.in/schemes/beti-bachao-beti-padhao-scheme

https://wcd.nic.in/schemes/one-stop-centre-scheme-1

https://wcd.nic.in/schemes/women-helpline-scheme-2

https://wcd.nic.in/schemes/ujjawala-comprehensive-scheme-prevention-trafficking-and-rescue-rehabilitation-and-re

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5 Working Women Hostel The objective of the scheme is to promote availability of safe and conveniently located accommodation for working women, with day care facility for their children, wherever possible, in urban, semi urban, or even rural areas where employment opportunity for women exist. The scheme is assisting projects for construction of new hostel buildings, expansion of existing hostel buildings and hostel buildings in rented premises.

6 Ministry approves new projects under Ujjawala Scheme and continues existing projects

As on 17th January, 2019, the total number of projects under Ujjawala Scheme is 270 which include 141 Rehabilitation Homes. A total amount of Rs. 5.24 Crores is released to 9 states including Andhra Pradesh, Maharashtra, Manipur, Mizoram, Nagaland, Odisha, Rajasthan, Tamil Nadu, Telangana as grant for 1st instl of year 2018-19 and pending grant of years 2016-17 and 2017-18 based on their Utilization certificate and other supporting documents.

7 SWADHAR Greh (A Scheme for Women in Difficult Circumstances)

scheme with the similar objectives namely Swadhar –A Scheme for Women in Difficult Circumstances was launched by the Department of Women and Child Development in 2001-02. The scheme through the provisions of shelter, food, clothing, counselling, training, clinical and legal aid aims to rehabilitate such women in difficult circumstances.

8 NARI SHAKTI PURASKAR An annual award given by the Ministry of Women and Child Development of the Government of India to individual women or to institutions that work towards the cause of women empowerment.

9 Mahila police Volunteers This Scheme was launched by the Ministry of Women and Child Development in collaboration with the Home Affairs for the engagement of MPVs in the States and UTs. It is a central sector scheme that intends to serve as a public-policy interface to help women in distress.

10 Mahila Shakti Kendras (MSK)

Government of India has approved a new scheme namely, Pradhan Mantri Mahila Shakti Kendra (MSK) for 2017-18 upto 2019-20 to empower rural women through community participation and to create an environment in which they realize their full potential.

11 NIRBHAYA The scheme aims to establish centres to facilitate women who are victims of violence. The Centres provide first aid, medical aid, police assistance, legal aid and counselling support.

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https://wcd.nic.in/schemes/working-women-hostel

https://wcd.nic.in/schemes/ministry-approves-new-projects-under-ujjawala-scheme-and-continues-existing-projects




https://wcd.nic.in/schemes/swadhar-greh-scheme-women-difficult-circumstances



https://wcd.nic.in/schemes/nari-shakti-puraskar

https://wcd.nic.in/schemes/mahila-police-volunteers

https://wcd.nic.in/schemes/mahila-shakti-kendras-msk

https://wcd.nic.in/schemes/mahila-shakti-kendras-msk

https://wcd.nic.in/schemes/nirbhaya

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12 Anganwadi Services The Scheme envisages setting up of Anganwadi centre’s across the country for children and caters to the pre-school education, nutrition of children and lactating mothers.

13 POSHAN Abhiyan The scheme aims to reduce mal-nutrition/ under nutrition, among young children and women from the country in a phased manner.

14 Pradhan Mantri Matru Vandana Yojana (PMMVY) Scheme:

The Scheme provides cash incentives amounting to Rs.5000 in 3 instalments to pregnant and lactating mothers.

15 Home for Widows A Home for Widows has been set up in Vrindavan, UP to provide widows a safe and secure place to stay and live their lives with dignity.

Measures taken under Union Budget 2021 to boost Women Empowerment

1. For the welfare of women, this Union Budget 2021 provides for about Rs. 28,600/- crore for

programs that are specific to women only.

2. Finance Minister proposed to provide Rs. 1,000 crores for the welfare of Tea workers especially

women and their children in Assam and West Bengal. A special scheme will be devised for the

same.

3. Women will be allowed to work in all categories and also in the night-shifts with adequate

protection,"

4. Harping on the theme of 'Caring Society', the Finance Minister proposed that Rs 35,600 crore has

been allocated for nutrition-related programs.

5. This budget has given special emphasis on equality of health, sanitation, nutrition, pure water

and opportunities to make the lives of the common man and women of the country easier.

6. Under Stand-Up India Scheme for SCs, STs and women,

▪ Margin money requirement reduced to 15%

▪ To also include loans for allied agricultural activities

7. National Apprenticeship Training scheme to be realigned with a provision of over Rs. 3000 Crore

Other Key Schemes / Measures to boost Women Empowerment

1. Prime Minister’s Employment Generation Programme (PMEGP)

The scheme facilitates generation of self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth. In the Year 2020-21, 31923 nos. of micro-enterprises were setup in India, in which 11862 (37% of total) has been set up by the Women Entrepreneurs in India.

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2. National Creche Scheme

Ministry of Women and Child Development implements the National Crèche Scheme for the children of working mothers as a Centrally Sponsored Scheme through States/ UTs with effect from 01.01.2017 to provide day care facilities to children (age group of 6 months to 6 years) of working mothers.

3. Healthcare Scheme for SC/ST Women

“Public Health and Hospitals” being a State subject, the primary responsibility to provide quality healthcare in public healthcare facilities including to SC/ST category women and their children lies with the respective State Governments.

4. National Health Mission (NHM).

National Health Mission (NHM) support is also provided for provision of a range of free services including for SC/ST women and children, related to maternal health, child health, adolescent health, family planning, universal immunization programme and for other major diseases such as Tuberculosis, vector borne diseases like Malaria, Dengue and Kala Azar, Leprosy, etc.

5. Pension Scheme for Destitute Women

The Government of India has implemented various schemes across all States/UTs, in India, for providing assistance to widows and deserted women. The major schemes are:

▪ Indira Gandhi National Widow Pension Scheme

▪ SwadharGreh Scheme

▪ Home for Widows

6. Pradhan Mantri Mahila Shakti Kendra Scheme

Pradhan Mantri Mahila Shakti Kendra Scheme approved and implemented with effect from 22.11.2017. The scheme envisages community engagement through college student volunteers in aspirational districts, as well as setting up of District Level center’s for Women (DLCWs) and State Resource Centre’s for Women (SRCWs) to support the implementation of women centric schemes/programs and to function as Project Management Units for BetiBachaoBetiPadhao Scheme.

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7. Smartphones for Anganwadi Workers

Anganwadi workers are empowered with the provision of smart phones procured through Government e-Market (GeM) for efficient service delivery. Conclusion: With an aim to promote Women Empowerment, Government of India, gives utmost priority to ensuring gender equality in all spheres of life and has taken several steps to ensure that women do not face any gender-based disadvantage. The Union budget 2021 has made a number of systemic reforms including Women Empowerment. Special emphasis has been given to strengthen the Women Entrepreneurs through various schemes & initiatives as introduced by Government of India.

Sources: a) Press Information Bureau (PIB)

b) Union Budget 2021

c) Ministry of Women and Child Development, GOI

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

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CS Sambhavna Verhani CS Steffi Alwa Co- Author Co- Author Email: [email protected] Email: [email protected]

ARTICLE 2 – WORKING WOMEN & INDIAN LEGISLATION

“We still live in a world in which a significant fraction of people, including women, believe that a

woman belongs and wants to belong exclusively in the home.” -Rosalyn Sussman

BACKGROUND

Patriarchy has had deeper and stronger roots in the Indian Society for years. It has been pervasive, but its degrees vary depending on the region, community, caste and religious social groups. Even though equality of women has been constitutionally guaranteed, the reality of the society is contradictory. Since Independence and even prior to that, India has witnessed many leaders who have encouraged women to step away from home and get educated and work. This has changed the cultural traditions over a period of time. Women are no longer prohibited from being educated and are no longer sacrificed as ‘sati’ but the actual progress of women is really a matter of debate. Cultural evolution and societal progress have catered to the changes in law. Though our legal system has managed to keep up with the social change the figures and statistics are still shocking. The female literacy levels according to the Literacy Rate 2011 census are 65.46% where the male literacy rate is over 80% also out of the total female population only 21.9% are a part of Indian workforce. India being the 5th largest economy, its workforce participation rate of women has sharply declined and today compares with that of the Arab nations. Women account for only 19.9% of the total labour force in India. Also, rural women are leaving India’s workforce at a faster rate than urban women. Further, India being the fastest growing economy and a hub for many MNCs, only 3.7% of the CEOs and Managing Directors of NSE-listed companies were women. Only 8.9% of firms have women in top management positions. As of 2019, just 29 companies (5.8%) on the Fortune India 500 list had women in executive roles. Women make up only 31% of Chief Human Resources Officers (CHROs), a role over-

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represented by women in other countries such as the US and South Africa. Only 11% of senior leaders in companies are women, compared with 20% in mid-level roles and 38% in junior roles.

So, despite the efforts if we are still yet to see a rise in statistics, the question to be asked here is - Why such low numbers? We need to introspect and see the reason for the same. The decline could be because of restrictive cultural norms regarding women’s work, the gender wage gap, an increase in time spent for women continuing their education, and a lack of safety policies and flexible work offerings. But there are other factors that contribute to the same, respectively: - Women's lack of access to higher education had effectively excluded them from the practice of well-paid and high-status occupations;

Women play various roles in their lifetime ranging from a mother to that of a breadwinner but are almost always subordinated to male authority; largely excluded from high status occupation and decision;

Women are denied an independent identity and status. GOVERNMENT INITIATIVES Culture, society, peoples’ mind-set maybe few of the many hurdles India would have to face. Though these hurdles may not disappear in a day, the Indian legal system has ensured that women of this nation are empowered and uplifted. The Preamble of the Constitution has bestowed the women with equal rights as men so as to enable them to take part effectively in the administrative of the country. Further, the Constitution has embodied various articles keeping women and their wellbeing in mind.

• Article 14 embodies the general principles of equality before law and equal protection of laws.

• Article 15 Prohibits from discrimination on grounds of religion, race, caste, sex or place of birth.

• Article 16 provides for equality of opportunity for all citizens in matters relating to employment or appointment to any office under the State.

• Article 39 requires the State to direct its policy towards securing for men and women equally the right to an adequate means of livelihood; and equal pay for equal work for both men and women.

• Article 39A directs the State to promote justice, on the basis of equal opportunity and to promote free legal aid by suitable legislation or scheme or in any other way to ensure that opportunities for securing justice are not denied to any citizen by reason of economic or other disabilities.

• Article 42 directs the State to make provision for securing justice and humane conditions of work and for maternity relief.

• Also, the Constitution bestowed a Fundamental Duty under Article 51A requiring every citizen to renounce practices derogatory to the dignity of women.

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However, there still exists a wide gap between the goals enunciated in the Constitution, legislation, policies, plans, programmes, and related mechanisms on the one hand and the situational reality of the status of women in India, on the other. This has been analysed extensively in the Report of the High-level Committee on the Status of Women in India, 2015. The government has recognised the issues and attempted to address these in policies, legislation and programmes but legislative changes have faced resistance in their implementation due to social, cultural and religious mores.

RECENT AMENDMENTS & THEIR IMPACT Though we haven’t reached perfection, the Government is still trying to curb the difference. There have been various initiatives to encourage women workforce to name a few:

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 In 2013, India adopted its first legislation specifically addressing the issue of work place sexual harassment; i.e the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") enacted by the Ministry of Women and Child Development, India. The POSH Act had been enacted with the objective of preventing and protecting women against work place sexual harassment (which include creation of a hostile work environment) and to address complaints of sexual harassment. ITS IMPACT AND ASSESSMENT The Act requires Organizations to constitute an Internal Complaints Committee (ICC), which is to be chaired by a Female. Rule 8 of the Companies (Accounts) Rule, 2014 has mandated Companies to disclose details of ICC and the number of Complaints raised and addressed by the Company in their Board Report. This has helped the Organizations be more Transparent and responsible with respect to their women work environment. Though at the surface everything looks good and this law seems to have curbed the work place wrongs, the reality of the situation is contradictory. POSH mandates ICC only for organization having 10 or more employees. This means if there are less than 10 employees and 3 happen to be women, there is no requirement of ICC and hence no remedy available in case of sexual harassment. Also, many companies just set up ICC only when complaint arises or the same are just on papers. This defeats the whole purpose of law.

MATERNITY BENEFIT (AMENDMENT) AC , 2017 (“MATERNITY AMENDMENT”) In 2017, the Government amended the Maternity Benefit Act, 1961 (“Maternity Act”). The Amendment extends paid maternity leave for women employees with less than two surviving children, from the

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original twelve (12) weeks to twenty -six (26) weeks. Also, a maximum of eight (8) weeks can be taken before the expected delivery date and the remaining after child birth. Women expecting their third child were also provided with the right to take twelve (12) weeks of paid maternity leave — six (6) weeks before child birth and six after. Even mothers adopting a child below three months of age, or “commissioning mothers” are granted to take twelve (12) weeks of maternity leave from the date of receiving the child. Further, mothers are also allowed to work from home after completing twenty -six (26) weeks of leave subject to their work profiles and the employer's consent. ITS IMPACT AND ASSESSMENT While the amendment is quite progressive and in the benefit of working women, the question that arises here is, has this amendment led to any employer's bias against hiring women? A recently released Teamlease study found that this law has a negative impact on the hiring of women, for the shorter run. Accordingly, 11-18 lakh jobs for women will be lost because of this act, in the first four years. However, gender diversity initiatives take time to reflect. So, in the longer run, this amendment can prove to be beneficial. COMPANIES ACT, 2013 & SEBI (LODR) ON WOMEN DIRECTORS The Constitution of India has granted men and women equal rights but we still find that employment of women is not preferred. When it comes to corporates, the top level of management i.e. the Board of Directors of the Indian Companies are male dominated. But the status of women is changing in the modern era. This revolutionary move was an initiation taken by the Government under Companies Act, 2013 and SEBI LODR, by mandating the appointment of at least one women director in certain class of companies’ board of directors. The Companies Act, 2013 acted as a fresh impetus to the implementation of laws that are the need of the hour – in board and committee composition and formation, as well as in other financial and non-financial arenas. In an attempt to increase woman participation and representation on the board of the companies, proviso to Section 149(1) of the Act provides for compulsory appointment of one woman director in certain classes of companies. While this provision does seem to be an effective step towards eliminating gender inequality, the compliance level of this provision by companies reveals otherwise. As per second proviso to Section 149(1) read with the Rule 3 of The Companies (Appointment and Qualification of Directors) Rules, 2014 (Chapter 11), every listed company or other public company with paid up share capital of 100 crore rupees or more, or turnover of 300 crore rupees or more shall appoint at least one-woman director. While as per SEBI (LODR) Regulations, top 500 listed companies are required to appoint one Woman Director as Independent Director on their board and next 500 listed companies (if the top 1000 listed

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companies remain the same at end of FY 2019-2020) to appoint woman independent director on their board. This acts as a dual provision – ensuring that there is a woman on board, as well as she is in independent capacity. This acts as a major win in large corporations where there is a woman on board, but belonging to the promoter group after all, which indicates the tick-the-box attitude, and does not bring a separate or fresh woman perspective on board. IMPACT & ASSESSMENT Before we discuss about the legal implications of the amendment, the question here is why is there a need to have a Women Director on Board also how is that beneficial to the Organization? It is known to be a proven fact that bringing women into the decision making, the company can excel in business as a whole, as a female perspective can only be given by a female. Also, it is proven that 75% of the buying decisions are taken by women. Further having them on board increases the equality and diversity. Recent studies have shown that fortune 500 companies that have the highest representation of women on their boards perform better financially than those who have a lower representation of women. Though the amendment looks like it is giving a push to equality and diversity, which is true but the biggest challenge to the Indian economy, is the scarce talent market of women out there due to various socio-economic reasons. Historically too, India has had restricted female participation rate in the corporate force as well as other labour forces. Also, for board positions, large corporations or even smaller organisations always look for candidates that already have got a lot of experience and expertise in areas of law, marketing, administration, management, execution, etc. and those who can delve deep into projects and have problem solving skills. However, in Indian, women have always taken up jobs related to education. Other sectors where there is a heavy female influence include journalism and NGOs. The Indian companies have not yet gone out of the comfort zone to appoint women in different industries by and large. For example largely developed economies like the US and the UK, there has always been a trend of appointing professionals and academicians on the board. But this problem seems to be quite industry-specific. For example, the automobile industry still remains largely male-dominated and not many managerial positions are occupied by women. However, there are other industries such as beauty and skin care, food industry, tech companies, consumer goods industries that are open to having women take the lead and be in charge of major decision-making process. Avon is the No. 1 company in the world with the most female directors, where 7 out of 11 directors on board are females. Another major setback is that organisations expect to appointment personnel only if they have a lot of expertise and experience in a major field. This acts as a hindrance as majority of women have a break in their corporate experience due to reasons like child birth etc. Coming to the Corporate, the main issue that has come into light is that companies that have appointed woman director just for the purpose of complying with the letter of the law, and not in spirit. In addition to this, one of the major setbacks faced is the manner in which the nomination and remuneration committee acts as a recruiter in appointing women at various positions. There are limited data banks that have details particularly pertaining to women. The nomination and remuneration committee must ensure that they bring a change in the process the follow, in order to ensure diversity.

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It was also observed that a large number of companies listed on the Bombay Stock Exchange (BSE) as well as a National Stock Exchange (NSE) took more than a year or two to abide by the law. The provision also states the term “at least one-woman director” and a large number of companies did just that. Women tend to lose their voice when appointed in smaller numbers, because of the socio-economic history as well as patriarchy, and tend to have more voice if they are appointed in more numbers or larger groups. It is then that their decisions and opinions are amplified as a whole. The provision also specifies only a certain class of companies that are required to appoint women directors, which excludes major chunk of other companies in the Indian diaspora. This results into appointment of women directors just for the sake of abiding by the legislature, which does not serve any purpose in the end. Therefore, companies should take initiatives to appoint a larger number of women, so as to involve them in various areas of the decision-making process and the enable them to uphold the key managerial positions. They must also bring larger number of companies in the purview of this provision, so as to ensure all-round gender diversity, which is not limited to a certain class of companies. There are also corporations in the legal, administrative, chartered accountancy, educational field, baking industry, technology, etc. that tend to appoint women since the beginning and women have continued to play a very vital large role in the positions that they hold. However, there are also companies that appoint them only for ticking-off the boxes. As it can be seen, the negatives outweigh the positives by a big margin and if the provision is not abided by in the true spirit, it does not help to fulfil the motive of the law or that of the companies in empowering women and diversifying the board or key managerial personnel as a whole. Before we delve deep into this, we must keep in mind the patriarchy that India and other countries of the world have had deep-rooted through generations - there have been industries where there are only men dominating other men and have never really had any women in picture in the corporate scenario. So, the laws made were automatically meant and applicable for men. The overall oppression faced by women deprived them of the autonomy to make the choices to get educated, work in the corporate world and take up senior positions by disassociating themselves from the typical gender roles. They were identified with having the responsibility of a household. Lack of gender equality or neutrality only resulted in them not getting any recognition for strong positions in the corporates or various other fields. This is where the law decided to step in and take charge, in order to give women, the voice and positions so rightfully deserved by them. The law should focus on increase in the actual number of women on board and as key managerial personnel and bringing into purview a larger number of companies to which this provision shall be made applicable. In addition to this training and adequate opportunities to women alone will ensure reaching this goal.

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Unless there are genuine efforts on the part of corporations to include women in their day-to-day as well as important decisions, we will not see a significant change in this direction. The law can act as a catalyst in imposing provisions, but the real change has to come from within the corporations, to not only ensure gender neutrality in the board but also women empowerment in general. THE WAY FORWARD You have boldly attacked rough situations and you have conquered You have stood for what you believe in Your dreams have come true, your wishes have been fulfilled Hold on Women of great courage, hold on. Change is slow but change is certain. India seems to have a long way to go about this, but it also seems to have come a long way. We must note that only changes in legislature or getting in new amendments will not ensure women empowerment if there is no proper implementation of the same. We cannot just sit back and relax and wait for change to come one day. We have to fight with the stereotypes of women being able to do only certain types of work, only certain types of jobs because it is convenient for them to do so. Women should be in a position where they know their worth and they can choose what they want for their own selves. This should not be just limited to business for corporates or education or any other field. They should have the right to choose what they want according to their merit, just because they have the “right” to do it and not because some law mandates it for them. Things are indeed changing, thanks to the legislations and also the overall awareness surrounding women empowerment, women leadership and women equality.

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CS Raj Sarraf CS Pooja Shetty Company Secretary & Compliance Officer Company Secretary Aarti Industries Limited Dilesh Roadlines Private Limited Email:raj.sarraf@aarti‐industries.com Email:[email protected]

ARTICLE – 3 - “NEW CSR RULES: TRANSPARENT MOVE TOWARDS GOOD GOVERNANCE”

This Article provided to the e‐Focus Magazine is solely to provide the readers with general information and understanding of provisions of Section 135 of the Companies Act 2013 and rules made thereunder. As such, this does not constitute specific legal advice. By using this article you understand and acknowledge that there is no relationship of whatsoever nature (including implied, legal or fiduciary) between you and the authors. The article shall not be used as a substitute for specific legal advice. The views and opinions expressed in this article are those of the author/(s) alone and do not necessarily reflect the official position of the Aarti Group of Companies or the position of any other agency, organization, employer or company. Assumptions made in the analysis are not reflective of the position of any other entity other than the author/(s), and these views are subject to change, revision and rethinking at any time and should not hold them in perpetuity. A. PREAMBLE

Corporate Social Responsibility has existed since the British era when Mahatma Gandhi urged rich and powerful industrialists to contribute their share of wealth towards poor and marginalized sections to bring a larger impact in the society. Thus, the Companies have been giving back to the society in which they have been doing business. This social commitment/ethical obligation of the companies to utilize their resources in addressing the needs of society and to ensure the companies sustainability in the long run has been often termed as “Corporate Social Responsibility” (“CSR”). India is the first country in the world to legislate Corporate Social Responsibility activities and report its CSR activities. CSR was for the first time introduced as a statutory obligation for companies by way of Companies Act 2013 under Section 135. Thereafter, the Companies (Corporate Social Responsibility

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Policy) Rules were notified on 27th February 2014 (“CSR Policy Rules, 2014”) (“Principal Rules”) to lay down the specifications and procedure to be followed by the companies while discharging their CSR obligations. The rules were recently amended vide Notification dated January 22, 2021 and the amended rules were called Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021(“Amended Rules”). B. NEED TO AMEND CSR RULES? Legitimate profit earning without discharging social responsibility is a thing of the past, and that companies cannot now escape without meeting CSR requirements. The Section previously followed a “comply or explain” (COREX) principle, wherein non‐spending by a Company, of its CSR obligation was excused by merely reporting and explaining the reason of non‐spending in its Board’s report. Now the principles have been changed from “comply or explain” to “comply or get penalized” Transparency is one of the key principles of CSR activities. Transparency and Trust combined, promotes sustainable growth. The new amendment to CSR #rules brought vide notification dated January 22, 2021 aims to bring in more transparency and flexibility to the CSR projects and plans of the Companies. To improve and boost transparency, agencies implementing the CSR projects need to register with the ministry’s portal and the system shall generate a unique CSR registration number. To allow flexibility, companies are now permitted to utilize the unspent amount pursuant to an ongoing project within a period of three financial years subject to the fulfillment of other conditions. C. MANY TERMS HAVE BEEN INTRODUCED; i.e. ‘Administrative overheads’, CSR, CSR Policy, Net Profit, and ‘Ongoing Projects’;

• Administrative Overheads (Definition inserted)

“Administrative overheads” means the expenses incurred by the company for ‘general management and administration’ of Corporate Social Responsibility functions in the company but shall not include the expenses directly incurred for the designing, implementation, monitoring, and evaluation of a particular Corporate Social Responsibility project or programme

• Corporate Social Responsibility (CSR) (Definition amended)

“Corporate Social Responsibility (CSR)” CSR means the activities undertaken by a Company in pursuance of its statutory obligation laid down in section 135 of the Act in accordance with the provisions contained in these *rules, but shall not include the following, namely:‐ ○ activities undertaken in pursuance of normal course of business of the company: Provided that any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID‐19 for financial years 2020‐21, 2021‐22, 2022‐23 subject to the conditions that such research and development activities shall be carried out in collaboration with any of the institutes or organizations mentioned in item (ix) of Schedule VII to the Act details of such activity shall be disclosed separately in

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the Annual report on CSR included in the Board’s Report ○ any activity undertaken by the company outside India except for training of Indian sports personnel representing any State or Union territory at national level or India at international level;

• Contribution of any amount directly or indirectly to any political party under section 182 of the Act; activities benefiting employees of the company as defined in clause (k) of section 2 of the Code on Wages, 2019 (29 of 2019);

• activities supported by the companies on sponsorship basis for deriving marketing benefits for its products or services;

• activities carried out for fulfilment of any other statutory obligations under any law in force in India; CSR Policy (Definition modified) "CSR Policy" means a statement containing the approach and direction given by the board of a company, taking into account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan;

• Net Profit (Definition modified)

"Net profit" means the net profit of a company as per its financial statement prepared in accordance with the applicable provisions of the Act, but shall not include the following, namely: ‐

(i) any profit arising from any overseas branch or branches of the company, whether operated as a separate company or otherwise; and

(ii) any dividend received from other companies in India, which are covered under and complying with the provisions of section 135 of the Act: Provided that in case of a foreign company covered under these *rules, net profit means the net profit of such company as per profit and loss account prepared in terms of clause (a) of sub‐section (1) of section 381, read with section 198 of the Act;

• Ongoing Project (Definition Inserted)

“Ongoing Project” means a multi‐year project undertaken by a Company in fulfilment of its CSR obligation having timelines not exceeding three years excluding the financial year in which it was commenced, and shall include such project that was initially not approved as a multi‐year project but whose duration has been extended beyond one year by the board based on reasonable justification;

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D. HIGHLIGHTS OF AMENDED RULES

SR NO

PARTICULARS REFERENCE NEW CSR RULES THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY AMENDMENT RULES, 2021 DATED 22.01.2021

1 CSR Rule 2(1)(d) Definition with clearly defined exclusions

2 CSR Policy Rule 2(1)(f) Means a statement containing the approach and direction given by the board of a company, taking into account the recommendations of its CSR Committee, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan;

3 Ongoing Project Rule 2(1)(i) Means a multi‐year project undertaken by a Company in fulfilment of its CSR obligation having timelines not exceeding three years excluding the financial year in which it was commenced, and shall include such project that was initially not approved as a multi‐year project but whose duration has been extended beyond one year by the board based on reasonable justification;

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4 Terms of Reference of CSR Committee

Rule 5(2) The CSR Committee shall formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy, which shall include; CSR Projects, manner of Execution, modalities of utilization of funds, monitoring and reporting mechanism and details of need and impact assessment,

5 Terms of Reference of Boar

Rule 7 The board shall ensure that the administrative overheads shall not exceed 5% of total CSR expenditure for the FY. The Board through a resolution shall give effect to the excess spending and later on set off such amount in the next three FYs. In case of ongoing projects, the Board shall monitor the implementation of the project with reference to the approved timelines and year‐wise allocation of Funds.

6 CSR Implementation Rule 4 Either by Company itself or agencies who meet the criteria as stated in Rule 4(1)

7 Registration [CSR‐1]

Rule 4 (2)

Every entity, covered under sub‐rule 1, who intends to undertake any CSR activity, shall register itself with the Central Government by filing the form CSR‐1 electronically with the Registrar, with effect. from the 01st day of April 2021. On the submission of the Form CSR‐

8 Format for Annual Report on CSR Activities

Rule 8

1 on the portal, a unique CSR Registration Number shall be generated by the system automatically.

The Board's Report shall include an annual report on CSR containing particulars specified in Annexure I or Annexure II, as applicable. The impact assessment reports, if applicable, shall be placed before the Board and shall be annexed to the annual report on CSR.

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E. TERMS OF REFERENCE AND ROLE OF THE BOARD AND THE CSR COMMITTEE The terms of reference of the Board and CSR Committee pertaining to CSR activities have undergone change to the extent of their roles. In addition to the existing, following additional roles have been included; BOARD OF DIRECTORS ● To ensure CSR activities only through permitted implemented agencies (mentioned in detail in the latter part of the article) ● To satisfy that the funds so disbursed have been utilized for approved purposes. ● To monitor the implementation of ongoing project with reference to approved time‐lines and to make modifications, if required. ● To approve an annual action plan. ● To ensure that the administrative overheads does not exceed five percent of total CSR expenditure of the Company for the Financial Year. ● To ensure that the composition of the CSR committee, CSR policy and Projects approved by the Board are displayed on the website. CSR COMMITTEE To formulate the annual action plan and recommend the same to the Board and to alter the same if required.

9 Impact assessment, through an independent agency

Rule 8 (3) Every company having average CSR obligation of ten crore rupees or more in the three immediately preceding financial years, shall undertake impact assessment, through an independent agency, of their CSR projects having outlays of one crore rupees or more, and which have been completed not less than one year before undertaking the impact study.

10 Certification by CFO / Head of Finance

Rule 4 (5) Chief Financial Officer or the person responsible for financial management shall certify that the funds so disbursed have been utilized for the purposes and in the manner as approved by the Board

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F. CSR IMPLEMENTATION The Board shall ensure that the CSR activities undertaken by the Company itself or through the one or more implementation agencies stated as under;

OPTIONS IMPLEMENTING AGENCIES EITHER / OR / JOINTLY BY

A Either / Or /Jointly

Section 8 Company

Registered trust

Registered society,

Established by the Central Government or State Government;

B Either / Or / Jointly

Section 8 Company

Registered trust

Registered society,

Established by the Central Government or State Government;

C Either / Or / Jointly

Any Entity Any Entity Any Entity Established under an Act of Parliament or a State legislature;

D Either / Or / Jointly

Section 8 Company

Registered public trust

Registered society,

Having an established track record of at least three years in undertaking similar activities

G. ANNUAL ACTION PLAN: The new *rules mandates CSR committee to formulate and recommend to the Board an annual action plan in pursuance of its CSR policy which shall consist of the following:

a) The list of CSR projects or programmes that are approved to be undertaken in areas or subjects specified in Schedule VII of the Act;

b) The manner of execution of such projects or programmes as specified in sub‐rule (1) of *rule 4; c) The modalities of utilization of funds and implementation schedules for the projects or programmes; d) Monitoring and reporting mechanism for the projects or programmes; and e) details of need and impact assessment, if any, for the projects undertaken by the company: f) Provided that the Board may alter such plan at any time during the financial year, as per the recommendation of its CSR Committee, based on the reasonable justification to that effect. H. CSR COMMITTEE COMPOSITION The Composition of the CSR committee remains the same with three or more Directors, one of Provided that where a company is not required to appoint an independent director under subsection (4) of section 149, it shall have in its Corporate Social Responsibility Committee two or more directors. However, if the

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amount spent by the Company does not exceed Fifty Lakhs Rupees, the requirement under Section 135 (1) for constitution of CSR committee shall not be applicable and the functions of such committee provided under Section 135, in such cases shall be discharged by the Board of Directors of such Company. With respect to a foreign Company covered under the CSR #Rules, the CSR committee shall comprise at least two persons of which one shall be specified under clause (d) of sub‐section (1) of section 380 of the Act and another person shall be nominated by the foreign company. I. CSR EXPENDITURE The amended CSR rules brings in a lot of flexibility in terms of spending and states the implications of both overspending and underspending. The said provisions are reproduced below and are explained in form if illustrations for better understanding: “135 (5) of the Companies Act, 2013: The Board of every company referred to in sub‐section (1), shall ensure that the company spends, in every financial year, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years [or where the company has not completed the period of three financial years since its incorporation, during such immediately preceding financial years], in pursuance of its Corporate Social Responsibility Policy: Provided that the company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities: Provided further that if the company fails to spend such amount, the Board shall, in its report made under clause (o) of sub‐section (3) of section 134, specify the reasons for not spending the amount 8[and, unless the unspent amount relates to any ongoing project referred to in sub‐section (6), transfer such unspent amount to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year]. Provided also that if the company spends an amount in excess of the requirements provided under this subsection, such company may set off such excess amount against the requirement to spend under this subsection for such number of succeeding financial years and in such manner, as may be prescribed.] Explanation:—For the purposes of this section "net profit" shall not include such sums as may be prescribed, and shall be calculated in accordance with the provisions of section 198.] 135 (6) Any amount remaining unspent under sub‐section (5), pursuant to any ongoing project, fulfilling such conditions as may be prescribed, undertaken by a company in pursuance of its Corporate Social Responsibility Policy, shall be transferred by the company within a period of thirty days from the end of the financial year to a special account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account, and such amount shall be spent by the company in pursuance of its obligation towards the Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer, failing which, the company shall transfer the same to a Fund specified in Schedule VII, within a period of thirty days from the date of completion of the third financial year.”

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While calculating spending during the FY, overall CSR spending on all the projects

(ongoing & others) Should be taken in consideration.

1. if it is less spending, please refer CASE 'C' for monitoring & accounting. 2. if it is Over spending, please refer CASE 'B' for set off against succeeding years CSR obligate 3. if, it is exact spending [Match Case], please refer CASE 'A'

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J. CSR REPORTING AND DISCLOSURE The Boards Report of a Company covered under #CSR rules shall include an annual report on CSR on taining particulars specified in Annexure I (For Companies whose Financial Year commenced prior to 1st day of April, 2020) or Annexure II (For Companies whose Financial Year is commencing on or after 1st day of April, 2020), as applicable. The Balance sheet of a foreign Company, shall contain an annual report on CSR containing particulars specified in Annexure I or Annexure II, as applicable. For companies having average CSR obligation for 3 preceding Financial years exceeding ten crores rupees or more for their CSR projects having an outlay of one crore rupees and which have been completed not less than 1 year before undertaking the impact study Impact assessment reports shall be annexed to the Annual report on CSR. The contents of the CSR policy approved by the Board shall be disclosed in the Annual Report and the policy shall be placed on the website of the Company, if any. K. RECOMMENDED INTERNAL CONTROLS FOR GOOD GOVERNANCE A CSR Committee

1. Whether the Committee consists of at least three directors (with at least one ID)?

2. Whether Terms of Reference are well set and defined in accordance with the Board of Directors?

3. Whether Frequency & Quorum of the meetings are well defined?

CSR Policy

4. Whether CSR Policy is designed in accordance with prevailing regulatory requirements? [Rule2(f)]

5. Whether CSR Policy is duly approved by the Board as per the recommendations of the CSR Committee?

6. Whether CSR Unique Registration Number is mentioned clearly on the CSR Policy and all MoU / Agreements etc.?

CSR Budget

7. Whether CSR Budget is derived in accordance with the minimum obligation set under section 135 of the Companies Act 2013?

8. Whether CSR Budget for the year is an exclusive or unspent amount brought forward from9 Whether the status of utilization of Project wise CSR Budget is presented to the CSR Committee

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in periodical manner?

D. Implementation Agencies

9. Whether all the Agencies have obtained a unique CSR Registration Number? 10. Whether MoU / Agreement with the implementing agencies clearly speaks out about the projects to be undertaken, manner of execution, modalities of utilization of funds, monitoring and reporting mechanism, and details of need and impact assessment? E Periodical Progress Report 11. Whether, all the formats for CSR Project Report, Progress Evaluation and Monitoring Report etc. are well defined? 12. Whether each project wise progress report is made available to the Company periodically and in prescribed formats? 14 Whether Funds are disbursed based upon the Progress of the Projects? F Impact Assessment 13. Whether Impact Assessment is carried out through an Independent Agency, if applicable in accordance with Rule 8 (3)? 14 Whether the International Agency carrying out Impact Assessment is Independent and of high repute? G CSR Spending (Less Spent, Overspent) 15. Whether reasons have been recorded in the Board's Report for unspent CSR amount?

16. Whether unspent CSR amount has been transferred to 'Unspent CSR A/c' or 'Fund' for Ongoing Projects or 'other projects' as the case may be? 17. Whether Overspent amount is supported by way of a Board Resolution for setting off in the next three Financial Year? H Report on CSR as part of Board Report 18. Whether Format prescribed in Annexure II of the CSR Rules is followed for the Annual Report on CSR Activities? 19. Whether the report contains adequate justifications / reasons for unspent amounts during the Financial Year.

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I Documentation, Due Diligence and Dissemination of Information 20. Whether a proper repository system (physical and electronic) is in place for all the important

documents?

21. Whether a Structured Approval System exists for CSR Expense payment release?

22. Whether Basic Legal Due‐diligence is carried out before assigning the project for implementation Agencies, Independent Agencies for Impact Assessment etc.? 23. Whether Company's CSR Policy, CSR Committee Composition and CSR Projects approved by the Board, are displayed on the Company's Website for public access?

24. Whether Basic Legal Due‐

diligence is carried out before assigning the project for

Implementation Agencies, Independent Agencies for Impact Assessment etc.?

25.Whether Company's CSR Policy, CSR Committee Composition and CSR Projects approved by

the Board, are displayed on the Company's Website for public access?

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CS Virag Joshi Virag Joshi & Associates Email: [email protected]

ARTICLE 4 - BUSINESS UPLIFT- DEFEATING PANDEMIC CHALLENGE

The business plan having a well thought out resource allocation citing contingency is rational.

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Business uplift in a pandemic is a real challenge as unpredictable. Pandemic trash over some time is likely. Let us discuss a few steps for business uplift. Buyers’ Market: Pandemic is likely to create a buyers' market gradually until normalcy. The purchase and spending pattern fluctuation is likely. Market Size: Revised information about aggregate market size and depth is prudent. Products line Market Share: Confirming market share for each product is wise and possible through contact with existing customers. An idea about the geographical market segment, size of the market, expected consistency, and list of performing and non performing products can be tabled upon. Firm and moving Customers can be stressed upon. Nil Market or Reduced Market: Identifying the Nil market or reduced market share for a particular product helps stop loss. Market reconciliation: Reconciling aggregate market size and present markets give an idea about the market gap. A list of available customers with an expected share can be tabled upon. Strategy: Approaching untapped customers or demand helps business target. Willingness for a price adjustment on case-to-case basis, holding customers through incentives is rational. The availability of the non-Pandemic market can be evaluated. Firm demand for non-moving products is likely with gradual but steady market penetration and customer interaction. Visiting the market place, identifying and listing of market challenges, its prudent solution, adjusting price, extending credit, advertising, promotion schemes, CSR, the great business relationship can help. Business Partnership: Possibility of Business Partnership with parallel suppliers of the same products line having firm demand in hand can be looked into. Leasing of facilities or business contracting or trading orders at a premium, Order sharing, know how sharing or collaboration or management contracts can also be evaluated. Presentation to various forums: Representation to various business forums, government, and non-government can help to unlock demand. Business Plan: Prudent to review Business Plans every month. Health, Safety and Security always comes First.

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FCS Deepti Joshi Practicing Company Secretary Email: [email protected]

MCA UPDATES

SR. NO.

DATE OF NOTIFICATION

PARTICULARS / CONTENT HTTP://WWW.MCA.GOV.IN/MINISTRYV2/COMPANIESACT2013.HTML

1 01.04.2021 Companies (Audit and Auditors) Second Amendment Rules, 2021 (Mandatory use of Accounting Software having audit trial feature postponed to 1st April 2022)

2 01.04.2021 Company (Accounts) Second Amendment Rules, 2021 (Mandatory use of Accounting Software having audit trial feature postponed to 1st April 2022)

3 24.03.2021 Commencement notification dated 24.03.2021

4 24.03.2021 Companies (Audit and Auditors) Amendment Rules, 2021 (Clause related to reporting of Specified Banking Notes has been deleted and additional reporting requirements have been inserted which are to be disclosed in Auditors Report effective from 1st April 2021)

5 24.03.2021 Company (Accounts) Amendment Rules, 2021 (Accounting Software having audit trial feature has been mandated for companies maintaining books of accounts and other relevant books and papers in electronic form ; additional matters to be included in Board Report have been prescribed effective from 1st April 2021)

MCA UPDATES

http://www.mca.gov.in/MinistryV2/companiesact2013.html

35


6 24.03.2021 Amendment to Schedule III of the Companies Act, 2013 effective from 1st April 2021 (Enhancement in disclosures required to be made by the Company in its Financial Statements, Board Report and Audit Report)

7 18.03.2021 Commencement Notification dated 18th March 2021 (Section 32 and Section 40 of Companies (Amendment) Act, 2020 have been effective from 18th March 2021)

8 18.03.2021 Amendment to Schedule V of the Companies Act, 2013

9 05.03.2021 Commencement Notification dated 5th March 2021 (Deletion of requirement of mentioning Indebtedness and details of foreign institutional investors in Annual Return effective from 5th March 2021)

10 05.03.2021 Companies (Management and Administration) Amendment Rules, 2021 (Form MGT-7A introduced for filing of Annual Return by Small Company and One Person Company from FY 2020-21; requirement of attaching MGT-9 to Annual Return has been omitted; certain terms have been defined to provide clarity related to Voting through electronic means)

11 05.03.2021 Companies (Incorporation) Third Amendment Rules, 2021 (In Form INC-35 AGILE-PRO option for performing Aadhar authentication for GSTIN registration has been inserted)

MCA UPDATES

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CS Sameer Siddeshwar Practicing Company Secretary Email: [email protected]

SEBI UPDATES

SR NO.

NOTIFICATION PARTICULARS/CONTENT

1 03.03.2021 Code of Conduct & Institutional mechanism for prevention of Fraud or Market Abuse Pursuant to the report of the Committee on Fair Market Conduct (‘Committee’), set up inter-alia to recommend appropriate Institutional Mechanism to ensure accountability of the management/ designated persons in case of negligence/ failure, necessary changes have been carried out in SEBI (Prohibition of Insider Trading) Regulations, 2015. Accordingly, it has been decided that the Code of Conduct and Institutional Mechanism for prevention of fraud or market abuse shall be applicable to Stock Exchanges, Clearing Corporations and Depositories (‘MIIs’) also, on the lines of Regulation 9(1) to 9(4) of Prohibition of Insider Trading Regulations.

2 04.03.2021 Circular on Mutual Funds A regulatory revamp exercise of SEBI (Mutual Funds) Regulations, 1996 (hereinafter called as “MF Regulations”) and various circulars issued thereunder was undertaken. In this regard, Mutual Fund Advisory Committee (MFAC) after deliberations on the suggestions of the Working Group constituted for this purpose has provided its recommendations on various proposals.The proposals relating to amendments to MF Regulations have been notified vide Gazette notification no. SEBI/LAD-NRO/GN/2021/08 dated February 04, 2021. These amendments to MF Regulations shall come into force on 30th day from the date of their publication in the Official Gazette.

3

05.03.2021

Circular on Guidelines for votes cast by Mutual Funds In order to further improve transparency as well as encourage Mutual Funds/AMCs to diligently exercise their voting rights in best interest of the unitholders and based on the deliberations in MFAC, additional guidelines have been prescribed

SEBI UPDATES


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4 08.03.2021 Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN) SEBI had issued circular no. SEBI /HO /CDMRD /DMP /CIR/P/2016 /87 dated September 16, 2016 which, inter-alia, provided guidelines on use of Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN) for trading on commodity derivative exchanges. In the Union budget 2020, launch of instant PAN facility was announced and subsequently, Income Tax (IT) Department launched the facility of e-PAN which is generated instantly through Aadhaar based e-KYC. In order to rationalize the compliance requirement of collecting and maintaining copies of PAN of clients by their respective members and enhance the use of e-PAN, it has been decided to modify certain provisions of SEBI circular dated September 16, 2016.

5

10.03.2021 Rollout of Legal Entity Template SEBI vide circular no. CIR/MIRSD/66/2016 dated July 21, 2016 on Operationalization of Central KYC Records Registry (CKYCR) directed the Registered Intermediaries (RI) to upload the KYC records with CKYCR, in respect of all individual accounts opened on or after August 01, 2016. has specified that since CKYCR is fully operational for individual clients, it has been decided to extend CKYCR to Legal Entities (LE) as well. Accordingly, RIs shall upload the KYC records of LE accounts opened on or after April 01, 2021.

7

16.03.2021 Streamlining the process of IPOs with UPI (Unified Payment Interface) in ASBA and redressal of investors grievances

8 22.03.2021 Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs) SEBI vide circular SEBI/HO/MRD/DMS1/CIR/P/2019/43 dated March 26, 2019 prescribed framework for Business Continuity Plan (BCP) and Disaster Recovery Site (DRS) for Stock Exchanges, Depositories and Clearing Corporations. With advancement in technology and improved automation of processes, it was felt that the extant framework needs to be re-examined with a view to reducing the time period specified for moving from Primary Data Centre (PDC) to DRS.

SEBI UPDATES

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9 22.03.2021 Clarification on the valuation of bonds issued under Basel III framework SEBI, vide para 8 of the circular No. SEBI/HO/IMD/DF4/CIR/P/2021/032 dated March 10, 2021, has inter alia stated that the maturity of all perpetual bonds shall be treated as 100 years from the date of issuance of the bond for the purpose of valuation. Based on the representation of the Mutual Fund Industry to consider a glide path for implementation of the policy and request of other stakeholders, the deemed residual maturity for the purpose of valuation of existing as well as new bonds issued under Basel III framework has been amended.

10

23.03.2021

Review of Delivery Default Norms SEBI vide Circular SEBI/HO/CDMRD/DRMP/CIR/P/2016/90dated September 21, 2016 had prescribed, inter-alia, provisions for the levy of penalty in the event of delivery default. SEBI had received representations from market participants in the commodity derivatives segment for standardization of delivery default norms, strengthening the deterrent mechanism and ensuring adequate compensation to the non-defaulting counterparty.

11 25.03.2021 Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Act, 1967 – Directions to Stock Exchanges, Depositories and all registered intermediaries In view of the reorganization of Divisions in the Ministry of Home Affairs and allocation of work relating to countering of terror financing to the Counter Terrorism and Counter Radicalization (CTCR) Division, GOI has modified the earlier order dated August 27, 2009 by the order dated March 14, 2019. Accordingly, SEBI had issued circular SEBI/HO/MIRSD/DOP/CIR/P/2019/69dated May 28, 2019 on “Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Page 2 of 2 Act, 1967”and subsequently master circular SEBI/HO/MIRSD/DOP/CIR/P/2019/113dated October 15, 2019 on “Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under”

SEBI UPDATES

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12 25.03.2021 Prior Approval for Change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control

SEBI vide circular No: CIR/MIRSD/14/2011 dated August 02, 2011 addressed to stock exchanges/depositories and intermediaries specified the procedure for seeking prior approval for change in control from SEBI. In this regard clarification has been issued by SEBI with respect to transfer of shareholding among immediate relatives and transmission of shareholding

13 26.03.2021 Transfer of business by SEBI registered intermediaries to other legal entitySEBI has been receiving registration applications pursuant to transfer of business (SEBI regulated business activity) from one legal entity which is a SEBI registered Intermediary (transferor) to other legal entity (transferee). In this regard clarification has been issued by SEBI.

14 30.03.2012 Circular on Guidelines pertaining to Surrender of FPI Registration In terms of SEBI (Foreign Portfolio Investors) Regulations, 2019, any FPI (‘applicant’) desirous of surrendering the certificate of registration may request for such surrender to the DDP.

15 31.03.2012 Reduction in unblocking/refund of application money Presently, in terms of the SEBI(ICDR) Regulations, 2018, in case of non-receipt of minimum subscription, the issuer is mandated to refund all the application monies within a period of “fifteen days” from the closure of the issue. Timelines are stipulated in Regulation 45(2), 86(2), 141(2), 202(2)(b) and 202(3)(a) and (b).Similarly, the present provisions of Regulation 53(2), 94(2), 149(2), 208(2), 272(2) stipulate that in case the issuer fails to obtain listing or trading permission from the stock exchanges where the specified securities were to be listed, it shall refund the entire monies received within “seven days” of receipt of intimation from stock exchanges rejecting the application for listing of specified securities.

SEBI UPDATES

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CS Tushar Pahade Chairman Practising Company Secretaries Committee WIRC of ICSI

PCS CORNER

Compliance requirement under companies’ act, 2013 and Rules made there under

APPLICABLE LAWS/ACTS

DUE DATES COMPLIANCE PARTICULARS FORMS / FILING MODE

Companies Act, 2013

Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only)

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a eclaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.

MCA E- Form INC 20A (one time compliance)

Companies Act, 2013

First declaration within 90 days from the date of notification Dt. 08.02.2019

A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/Co mpaniesOwnersAmendmentRules_0802 0219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019 In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any changethereinhttp://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019 In case Subsequent Acquisition of the

Form BEN-1

PCS CORNER

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf






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title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

Companies Act, 2013

within 30 days of acquiring beneficial interest

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.(the date of receipt of declaration in BEN-1 )

Form BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

One time Compliance

Filing of the particulars of the Company & its registered office.(by every company incorporated on or before the 31.12.2017.)

Active Form INC -22A

Companies Act, 2013

Annual Compliance *DIN KYC through DIR 3 KYC Form is an Annual Exercise.Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021 Annual Exercise: Penalty after due date is Rs. 5000/-(onetime)

E-Form DIR – 3 KYC (Web Based and E-form)

Companies Act, 2013

Within 270 days from the date of deployment of this Form

Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

NFRA-2 (NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013

Within 30 days of the board meeting

Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.

MGT-14 (Filing of resolution with MCA)

PCS CORNER

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Companies Act, 2013

Within 60 (sixty) days from the conclusion of each half year.

Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub- rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies.

E-Form PAS – 6

Companies Act, 2013

For half year period ‘October to March’ – 30th April

All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days.

Form MSME -1

New MCA E-form Introduced: CSR related Compliance CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for Registration of entities for undertaking CSR Activities: Form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended/substituted by the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. KEY UPDATES: Mca defers software with audit trail by 1 year till 01.04.2022 Ministry of Corporate Affairs (MCA) vide notification dated 01st April 2021 has deferred mandating Companies to use Software with an Audit Trail of each Transaction till 01st April, 2022. Kindly note that: The MCA had earlier notified that every company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. Now, this notification now shall come into force with effect from the 1 April, 2022 only.

PCS CORNER

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MINISTRY OF CORPORATE AFFAIRS INITIATES INSPECTION OF BOOKS OF EDELWEISS ARC The ministry of corporate affairs (MCA) has initiated the inspection of the books of Edelweiss Asset Reconstruction Company (EARC) Ltd. EARC said it has not received intimation of any inspection being conducted by the MCA, in a statement on Thursday. According to reports, the MCA initiated the probe under section 206 of the Companies Act, which permits the Centre to inspect the books of a firm if it feels that circumstances warrant it, but this does not imply guilt. The action came after Paras Kuhad, former additional solicitor general of India, had written to the Reserve Bank of India (RBI) and the Prime Minister’s Office (PMO) alleging financial irregularities within COMPLIANCE UNDER OTHER STATUTORY LAWS

APPLICABLE LAWS/ACTS DUE DATES COMPLIANCE PARTICULARS

FORMS / (FILING MODE)

EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)

15.04.2021 PF Payment ECR

ESIC (Employees' State Insurance Act, 1948)

15.04.2021 ESIC Payment ESI CHALLAN

Contract Labour (Regulation & Abolition) Act, 1970

Within 15 Days of commencement/ completion of contract work

Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer

Form VI-B

Payment of Gratuity Rule Within 30 Days of applicability of the Act & any change

Notice of applicability of the Act & any change

Form A or B

The Apprenticeship Act 1961

15.04.2021 Half Yearly Return March Ending

Form APP-2

The Employment Exchange (CNV) Act 1959 & Rules

30.04.2021

Quarterly Return For Quarter Ended 31st March

ER-1 Rule 6

PCS CORNER

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UPCOMING PROGRAMMES ORGANISED BY PROGRAMMES ORGANISED BY ICSI – WIRC

PCS CORNER

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CS Hrishikesh Wagh Chairman Training & Educational Facilities Committee WIRC of ICSI

STUDENT’S CORNER IN FOCUS MAGAZINE

WIRC of ICSI aims at providing monthly updates to its students so that they are well equipped with the impending changes that are taking place or which are likely to take place in foreseeable future. Subject-wise monthly updates, Case Digest Studies, Info capsule, articles and knowledge refreshers are few of the basic ideas on which introduction of this student’s corner is surfaced. This month, the summarized information regarding important announcements of March, 2021 for students are provided in this student’s corner. Important Announcements for Students

Sr. No.

Date of announcement

Brief Announcement

March, 2021 Important links for students pertaining to following: -Links pertaining to CSEET, Student registration, Exam enrolment, Post registration, Class room teaching Academic links Training related links The above links can be accessed at following weblink: - https://www.icsi.edu/media/webmodules/final_video_flyer.pdf

March, 2021 Status of application for verification of marks / inspection of answer book(s) / supply of certified copy(ies) of answer book(s) — December, 2020 examination: The status can be checked at following weblink: - https://www.icsi.in/VIC/APPLICATIONSTATUS.ASPX

22nd March 2021 Temporary relaxation for complying with following requirements for enrolment to June, 2021 session of CS examinations: -Pre-examination test: (Applicable for students of executive and professional programme under 2017 new syllabus) and; One Day Orientation Programme: (Applicable for students of foundation and executive programme registered on or after 1st June, 2019). Temporary relaxation extended to

STUDENTS CORNER

https://www.icsi.edu/media/webmodules/final_video_flyer.pdf

https://www.icsi.in/VIC/APPLICATIONSTATUS.ASPX

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students, to enable them to enroll for June, 2021 session of examinations without checking the compliance with the aforesaid requirements, subject to the condition that students shall comply with these requirements by 16:00 Hours, 20th April 2021.

24th March 2021 Extension of last date for online submission of examination form (without late fee) for June 2021 session of examinations as follows:

Last date for submission of online examination form for June, 2021 Session of Examination

Existing date Extended date

Without late fee 25.03.2021 31.03.2021

With late fee 09.04.2021 No change

There is no change in the schedule of conduct of June, 2021 session of examination and the same will commence from June 1, 2021 as scheduled.

March, 2021 Online doubt clearing classes by ICSI for students appearing in June 2021 examinations w.r.t. following subjects: -

Company Law [Executive Programme (NS) Module – 1]

Advance Tax Laws [Professional Programme (NS) Module – 1]

Jurisprudence, Interpretation and General Laws [Executive Programme (NS) Module – 1]

Governance, risk management, compliances and ethics [Professional Programme (NS) Module – 1]

This can be accessed at: https://tinyurl.com/uz7j7jf

STUDENTS CORNER

https://tinyurl.com/uz7j7jf

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WIRC ACTIVITY REPORT & PHOTOS

ICSI- WIRC Program Activities from FEBURARY 2021 to till date.

(Workshops /Seminar / Professional Development Programmes)

SL. NO.

ACTIVITIES CONDUCTED

REMARK

01 Company Law Series

ICSI-WIRC has successfully conducted webinar on “Company Law Series” on 04th March 2021 from 04.00 pm to 06.15 pm in virtual mode. Sessions were conducted on the following key areas –Corporate Laws - Corporate Bonds and Debenture The esteemed Speaker for this program was CS Vinita NairThis Program was through virtual mode received an overwhelming response and was attended by 288 delegates. 2 – CPE (Unstructured) (Virtual) were awarded to the participants.

02 Women’s Day Celebration

On Occasion on Women’s Day, ICSI-WIRC has successfully conducted webinar on “Compliances Under POSH” on 06th March 2021 from 04.00 pm to 06.15 pm in virtual mode. Sessions were conducted on the following key areas – Compliances Under POSH The esteemed Speaker for this program was Dr. Sandya AdvaniThis Program was through virtual mode received an overwhelming response and was attended by 165 delegates. 2 – CPE (Unstructured) were awarded to the participants.

03 E-Research Summit On Statutory Provisions

Relating To Independent Directors

ICSI-WIRC has successfully conducted “E- Research Summit – On Statutory Provision Relating to Independent Director” From 17th March to 20th March from 03.00 pm to 06.00 pm in virtual mode. Sessions were conducted on the following key areas –Independence of Independent Independent Directors Civil and Criminal Liabilities of Independent Directors Beginners Guide in Drafting a Research Paper Independent Directors – Applicable Provisions of Companies Act, 2013 and LODR The esteemed Speaker for this program were Dr.V R Narasimhan Dean, NISM, Adv. Manoj Wad Partner J S WAD & Co. , Dr. Kiran RaiHoD, MNLUM & CS Savithri Parekh Reliance Industries Limited This Program through physical and virtual mode received an overwhelming response and was attended by 93 delegates. 8 CEP (Physical & virtual) were awarded to the participants.


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04 Webinar series on Capacity Building – Come Back to Profession

ICSI-WIRC takes wishes to start this initiative with an intention to facilitate the ICSI members so as to build their capacity for making them well versed with the basic compliances of day to day nature falling under our professional spheres as CS.It was observed that few of our members, due to their personal / family engagements, like sabbatical/ opportunities other than CS profession, could not be fully engaged / involved in the profession as CS; and due to various changes in our field of profession, our Members were finding it difficult to “Come Back to Profession” with full knowledge and capabilities to prove their mettle, hence this special initiative is planned to Build the capabilities as CS.We request to propagate this initiative to all the members who might be in need of this special series of Webinars so as to make our profession more vibrant with full capabilities to perform as CS in the corporate world. ICSI-WIRC has organized Webinar on “Capacity Building – Come Back to Profession” From 24th March to 19th May from 03.00 pm to 05.15 pm in virtual mode.

Sessions were conducted on the following key areas –

Wednesday, March 24, 2021

Definitions under section 2. CS M C Gupta Ahmedabad

Friday, March 26, 2021

Appointment and Retirement of Directors; Additional Director; Alternate Director; Casual Vacancy Director; Nominee Director

CS Chetan Gandhi

Tuesday, March 30, 2021

Independent Directors CS Narayan Shankar

Thursday, April 01, 2021

Appointment of manager, managing director and hole-time director

CS Manoj Harkut, Ahmedabad

Monday, April 05, 2021

Formation of various types of companies, Pvt. / Public and Section 8

CS (Dr) Sanjay Parab

The series goes on till 19th May 2021.This Program through physical and virtual mode received an overwhelming response and was attended by 199 delegates. 8 CEP Unstructured (virtual) were awarded to the participants.


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PHOTOGRAPHS - FEB 2021- MARCH-2021

ICSI –WIRC organizes Webinar on “Company Law Series Bonds & Debentures” on 04.03.2021


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“Compliances Under Posh” on 06.03.2021 On the Occasion of Women’s Day ICSI- WIRC Organize Webinar

Lecture Series on “E-Research Summit on Statutory Provisions Relating to Independent Directors*” from 17th March 2021 to 20th March 2021


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Webinar Series on “Capacity Building – Come Back to Profession” from 24th March 2021 to 19th May 2021


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GUIDELINES FOR MEMBERS CONTRIBUTING ARTICLES TO BE PUBLISHED IN FOCUS

Western India Regional Council (“WIRC”) of The Institute of Company Secretaries of India (“ICSI”) is pleased to bring out a monthly magazine for corporate executives and other professionals, viz., “FOCUS” under the guidance of its newly formed Editorial Board. However, the Editorial Board wouldn’t be able to succeed in releasing FOCUS unless all the members of ICSI put in some efforts to make release of FOCUS a success. What better than writing articles for FOCUS and getting a ‘FOCUSSED’ recognition! “Start writing, no matter what. The water does not flow until the faucet is turned on.” — Louis L’Amour Well, if the above quote inspires you and you decide to author an article to be published in FOCUS, following are a few guidelines for authoring the articles for FOCUS (“Guidelines for FOCUS articles”). The article must be original contribution of the author. The article must be an exclusive contribution for FOCUS. The article must not have been published elsewhere and must not have been or must not be sent elsewhere for publication, in the same or substantially the same form. The article should ordinarily have 2500 to 4000 words. A longer article may be considered if the subject so warrants. An article can be jointly written by not more than two (2) members. Case studies and research based articles with empirical data which would be of practical relevance to the company secretaries are welcome. Unless a particular theme is provided by WIRC, articles on topics related to management, international trade, finance, tax and other related areas may be written and submitted for FOCUS. Copyright of the article published in FOCUS shall vest with ICSI. However, in the event the article is hosted on some website/portal through ICSI or is reproduced elsewhere, prior intimation of the same shall be given to the author. Extensive reproduction from other published works should be avoided. If the article contains any extracts from any other published work, reference to the original source should be given by way of foot notes. If prior permission of the original writer/publisher is required, it should be duly obtained by the author. The author alone would be responsible for the consequences arising from failure to do so. ICSI or the Editorial Board of FOCUS has the sole discretion to accept/reject an article for publication in FOCUS or to publish it with modification and editing, as it considers appropriate. The article submitted for FOCUS shall be accompanied by a ‘Declaration-cum-Undertaking’ by the author(s) in the format as prescribed below. Any contravention of the aforesaid guidelines and breach of the undertaking furnished by the authors would be viewed seriously by ICSI and ICSI is entitled to take necessary action as it may deem fit in such cases. Looking forward for your contribution.

GUIDELINES

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☞ DECLARATION-CUM-UNDERTAKING ☜ I, _______________________ have read and understood the Guidelines for FOCUS and affirm that: The article titled as “________________________” as sent by me for publication in FOCUS is my original contribution and no portion of it has been adopted from any other source. The above article is an exclusive contribution for FOCUS and has neither been nor would be sent elsewhere for publication. The copyright in respect of my aforesaid article shall vest with ICSI and that if I intend to make use of the article in any other manner, I shall obtain prior permission from ICSI and shall abide by the conditions as may be imposed by ICSI, including without limitation disclosure of the original source i.e. FOCUS and its copyright owner. The views expressed in my aforesaid article are mine and I solely shall be responsible for the views expressed in the article. I undertake that I: a. comply with the Guidelines for FOCUS; b. shall abide by the decision of the Institute, i.e., whether this article will be published and / or will be published with modification / editing; and c. shall be liable for any breach of this ‘Declaration-cum-Undertaking’. ___________________ Signature of Author Date: Place:

DECLARATION

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CSBF

e -focus ICSI-WIRC e-Newsletter March - 2021

Documents

Transcript of e -focus ICSI-WIRC e-Newsletter March - 2021