Vision Mission PreSiDent AnD ViCe-PreSiDent of iCSi (2017) · Shukla, CS Rajiv Bajaj and CS Nitesh...

Monthly • Volume XXXVI • Patge 1-24 • No.02 • February, 2017

National Best Regional Council (2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014 & 2015)

CS (Dr.) Shyam AgrawalPresident

PreSiDent AnD ViCe-PreSiDent of iCSi (2017)

offiCe beArerS of northern inDiA regionAl CounCil of iCSi (2017)

CS Makarand lele Vice-President

CS nitesh Kumar SinhaTreasurer

CS rajeev bhambriSecretary

CS Pradeep DebnathVice-Chairman

CS Dhananjay ShuklaChairman

VisionTo be a global leader in promoting good

corporate governance

MissionTo develop high

calibre professionals facilitating good

corporate governance

1 Celebration of 68th Republic Day & Flag Hoisting (26.1.2017): CS Ravinder, IAS, Ministry of Culture & Tourism, Government of India addressing. Others sitting from L to R CS Pradeep Debnath, CS Satwinder Singh, CS Mahaveer Singhvi, IFS, Joint Secretary (Central Europe), Ministry of External Affairs, Government of India, CS Dhananjay Shukla, CS Rajiv Bajaj and CS Nitesh Sinha. (Right) Dignitaries hoisting the Flag.

2 Program on Union Budget 2017-18(2.2.2017): L to R CS Pradeep Debnath, CS Satwinder Singh, Mr. Pawan K. Kumar, IRS, Commissioner of Income Tax (Distinguished Guest), CS Dhananjay Shukla, Dr. Girish Ahuja, CS Bimal Jain, Eminent Tax Experts, CS Ranjeet Pandey and CS Nitesh Sinha.

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2

NIRC - ICSI Newsletter | February 2017 2

From the Chairman

CS Alka AroraRegional Director

Co-opted

Page No.

CS Ravinder, IAS 011-23063212

09810375788

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;ksX;rk ls èku vkrk gS] èku ls èkeZ vkSj mlds ckn lq[k vkrk gS½ (Knowledge makes you humble;

humility gives you character;good character attracts wealth;

Wealth can be used for doing good deeds.This in turn leads to happiness in the world.)

Dear Professional Colleagues,

Greetings from NIRC-ICSI...

It is a matter of great privilege & honour for me to communicate with you as Chairman, NIRC. I am indeed humbled by the best wishes and blessings bestowed on me by all of you on taking over this responsibility in our region.

At the outset, I take this opportunity to convey my sincere thanks & gratitude to all my Regional Council colleagues for reposing confidence in me and electing me as Chairman for the year 2017. I

Chairman CS Dhananjay Shukla 09873347280

Vice-Chairman CS Pradeep Debnath 09910562121

Secretary CS rajeev bhambri 09915710010

Treasurer CS nitesh Kumar Sinha 09871500827

Members(in alphabetical order)

CS Amit gupta 09415005108

CS Avtaar Singh 09999789891

CS Deepak Arora 09351788834

CS Manish Aggarwal 09988114441

CS Manish gupta 09212221110

CS Monika Kohli 09810480983

CS nPS Chawla 09958535300

CS Saurabh Kalia 09810979440

Ex-officio Members CS rajiv bajaj 09811453353

CS ranjeet Pandey 09810558049

CS Satwinder Singh 09871686000

CS Shyam Agrawal 09314923451

CS Vineet K Chaudhary 09811577123

Regional Director CS Alka Arora 09810375788

The Regional CounCil

Key ConTenTs

© the northern india regional Council of the institute of Company Secretaries of india. 2017.

Chief editor: CS Dhananjay Shuklaeditor: CS Deepak Arora

help Desk of [email protected]

from the Chairman 2-4President & Vice-President-iCSi 5office bearers of nirC-iCSi 6functional Committees of nirC 7Articles 8-13Media highlights 14CSbf 15-16 & 22Compliance Checklist 17-18news from nirC 19-20financial Assistance Scheme 21


From the Chairman

pray Almighty to give me sufficient strength and courage to perform my duties as Chairman, NIRC to the satisfaction of the students, members and other stakeholder with full dedication and commitment.

On behalf of Team NIRC, my heartiest congratulation to CS (Dr.) Shyam Agrawal & CS Makarand Lele, newly elected President & Vice President, ICSI respectively, on assuming their august office for the year 2017. I am sure that under their able leadership and guidance our profession will attain newer heights.

It has been continuous endeavor of the NIRC to provide best possible services and facilities to all its stakeholders. We at NIRC are fully committed to dedicate this year for Professional upliftment, development and upgrade our skill sets to meet the global challenges. At nirC, this year we will focus on the Capacity building of Members & Students, Student Services, infrastructure development at Chapters & effective co-ordination with them, steps towards creation of more visibility & betterment of CS Profession by active industry interface.

Friends, the objective of constitution of various functional committees is to encourage wider participation & more involvement of the members in the activities of NIRC. I am happy to share that NIRC has constituted its various functional committees for the year 2017. The names of the committees and their respective Chairmen are published separately in the Newsletter. I am sure that the Chairmen of various Committees will involve all the members & will come out with good & effective suggestions and support me to discharge my duties in the most effective manner.

I take this opportunity to briefly highlight some of the major activities / developments that have taken place during the month of January, 2017:

MASter ClASSeSNIRC in its endeavor to constantly upgrade skills of its members, NIRC organized 5 days Master Classes on Insolvency & Bankruptcy Code-2016 from 9th January, 2017 to 13th January, 2017.

SenSitizAtion WorKShoP on CSrOn 11th January, 2017, first time NIRC jointly with Ministry of Corporate Affairs, organised Sensitization Workshop on CSr – A road Ahead at hotel lalit, new Delhi in which Shri N K Bhola, Regional Director (North), Ministry of Corporate Affairs, Government of India alongwith Registrar of Companies of Northern Region and Around 100 Senior Company Secretaries working with big corporates and PSU’s, Senior Company Secretaries in Practice participated.

hr ConClAVeDuring the year, NIRC organized a HR Conclave on the theme “Changing Role of HR and Company Secretary” at Hotel The Lalit , New Delhi. In the HR Conclave, CEO/HR Heads to showcase the CS profession and make them aware of the true potential of the Company Secretary as a multifaceted professional were called.

SeMinArNIRC organised a one day Seminar on Rise-n Shine-Keeping Pace in the Marathon of Life on 14th January, 2017 at Hotel Le-Meridien in which HG Gaur Gopal Das ji, Disciple of HH Radhanath Swami, based in ISKCON Chowpatty, Mumbai and CS (Dr.) Pawan G. Agrawal, An International Motivational Speaker, Author, Educationist, Business Consultant and Successful Entrepreneur were the Guest Speakers. About 400 members had participated in the program.

rePubliC DAy CelebrAtion On 26th January, 2017 NIRC celebrated the 68th Republic Day by organizing Flag Hoisting ceremony at ICSI-NIRC Building. Shri Mahaveer Singhvi, ifS, Joint Secretary (Central Europe),


Ministry of external Affairs, Government of India and CS ravinder, iAS, Ministry of Culture & Tourism, Government of India were distinguished Guests. A cultural program was also organized on the occasion which was performed by members, students and kids.

ProgrAM on union buDget 2017-18On 2nd February, 2017 NIRC of ICSI organized a Program on “Union Budget 2017-18” at Scope Convention Centre Auditorium, New Delhi. Mr. Pawan K. Kumar, IRS, Commissioner of Income Tax was the Distinguished Guest. CA (Dr.) Girish Ahuja has delivered a lecture on peculiar provisions on direct taxes in the budget. CS Bimal Jain, Eminent Tax Experts has focused on various new provisions and their effect on indirect taxes. More than 350 members have participated in the program.

Apart from above, NIRC organised Students programs like MSOP, Executive Development Programs, Entrepreneurship Development Program, Campus placement, etc. during the month.

I wish to express my sincere thanks and gratitude to all the Distinguished Guests & Speakers for sparing their valuable time & gracing the occasions.

forthCoMing ProgrAMSNIRC is organizing various professional development programs in the month of February, 2017 and March, 2017 on the various topics of professional interest for our members. on 8th March, 2017, NIRC will be organizing One day Program on International Women’s Day at New Delhi. I humbly request all female company secretaries to participate in large numbers in order to make this program a grand success.

The details of all the programs is being uploaded on www.icsi.edu/niro for your kind reference. I request all of you to attend all these Professional Development Programs in large numbers and

make them a grand success.

Friends, All my predecessors have contributed a lot for making NIRC the best Regional Council consistently. I assure you that I will carry forward the agenda with same zeal & vigour to take our profession to greater heights with active involvement of all.

At NIRC, it is always our endeavour to provide best of the infrastructural facilities to our students, members and other stakeholders. With a view to ensure the same, we will be taking lots of initiatives this year. I am confident that by the valuable support and contribution by our learned members, we will be able to make our NIRC a fully equipped regional council.

I request you to kindly send your valuable suggestions & feedback on the activities and infrastructure of NIRC which will be a guiding factor for us while we plan for our future series of activities and course of action.

I assure you that we at NIRC would give importance to all your suggestions and consider them for implementation in the right perspective.

With best regards,

Yours sincerely,

CS Dhananjay Shukla Chairman NIRC-ICSI

Cell: 9873347280Date :10th February , 2017Place: New Delhi

From the Chairman


Congratulations

CS (Dr.) ShyAM AgrAWAl, PreSiDent-iCSiA man of stupendous vision, professional vigour and colossal discipline having an unyielding belief in prosperity of revered profession of Company Secretaries, CS (Dr.) Shyam Agrawal of the Institute of Company Secretaries of India (ICSI) has taken over as the zenithal torch-bearer of Corporate Governance profession in India for the year 2017 on joining the Institute as ‘the President’ from 19th January 2017.

His association with the Institute eventuated on earning Associate Membership from the Institute in the year 2005. Being a Fellow Member of the Institute, his proactive and whole hearted approach towards matters concerning excellence of profession and his unique qualities made majority members to foster his candidature for elections of ‘Jaipur Chapter of NIRC-ICSI’ in the ensuing year of 2006 for the term 2007-10. His calibre led him to emerge as a winner of these elections and he, thereby became a Member of Managing Committee and further the ‘Chairman of Jaipur Chapter’ in the years 2009 and 2010. His initiatives for ‘Jaipur Chapter’ further built up a budding support for contesting elections of NIRC of ICSI in the year 2010. His zest for upliftment of CS profession led him to earn ‘Highest First Preference Vote’ in NIRC elections and he was elected as a ‘Regional Council Member’ for the term 2011-14. Excellent approach towards his work led to his election as the ‘Vice Chairman of NIRC’ in the year 2013 and subsequently, the position of ‘the Chairman, NIRC’ in the year 2014.

Moving forward, his sprightliness led him to be elected as a ‘Central Council Member’ for the term 2015-18 and then the ‘Vice President of ICSI’ during the year 2016. During all these years, he has already proved his exceptional organizational, administrative and leadership qualities. To mention particularly, this is a distinct instance of any member of ICSI winning elections in the very first attempt at the Chapter, Regional as well as Central Council level and occupying supreme positions at these levels in the very first attempt at such a young age.

Besides being a learned Company Secretary, he is also a thoroughly academically accomplished person and a learned researcher. He not only holds Degree of Master of Law (LLM) but is also holder of a Doctoral Degree (Ph.D) in Law. Besides, he is also a Member of the Chartered Institute for Securities & Investment, United Kingdom.

CS (Dr.) Shyam Agrawal has proved his mettle as a professional at national as well as international platforms. He is also a recipient of the Prestigious “Emerging Leader of the Year” Award in the year 2016. He holds positions of Director, Governance Research and Knowledge Foundation, ICSI and Director, ICSI Insolvency Professional Agency and vouches for taking the profession of Company Secretaries of India on a sky-scraping pedestal of Governance globally.

CS MAKArAnD lele, ViCe-PreSiDent-iCSiCS Makarand Lele is a Fellow Company Secretary (FCS) and Member of The Institute of Company Secretaries of India since 1992. He has completed his Commerce graduation (B.Com) from Garware College of Commerce Pune and Law graduation (L.L.B) from ILS Law College Pune. He holds the Certificate of Practice of ICSI since 1993.

His expertise is in providing total business solutions. He has been consulting to various Indian and International businesses on compliances, governance, risk management, joint ventures, policies, structuring and various critical matters in corporate laws over 2 decades.

He is actively associated with The Institute of Company Secretaries of India (ICSI) since 1994. He was Chairman of the Pune Chapter for the year 2003, and during his tenure as the Chairman , Pune chapter was conferred with ‘Best National Chapter’ Award.

He was a member of Western India Regional Council of ICSI for the terms from 2007-14 and was also the Chairman of Western India Regional Council of ICSI in the year 2011.

He is appointed as the first Chairman of ICSI Auditing Standards Board formed by The Institute of Company Secretaries of India. He is also a Core Group Member of Corporate Legislation sub-committee of Mahratta Chamber of Commerce, Industry & Agriculture (MCCIA) and was invitee on the Business Law Syllabus Review Committee of University of Pune.

CS Makarand Lele is a popular faculty for training programmes & seminars organized by ICSI & other professional bodies. He is a guest faculty for regulatory and judicial training programmes of government of India and private organizations. He has delivered several lectures on various aspects of the Companies Act 2013, FEMA & on topics like governance and compliances. He regularly contributes to professional and business journals & in local leading newspapers & magazines.

‘teAM nirC’ greetS AnD CongrAtulAteS CS (Dr.) ShyAM AgrAWAl AnD CS MAKArAnD lele on their eleCtion AS PreSiDent AnD ViCe-PreSiDent of

iCSi reSPeCtiVely for the yeAr 2017


Office Bearers of NIRC-ICsI

CS DhAnAnJAy ShuKlA, ChAirMAnCS Dhananjay Shukla, a Commerce and Law graduate, is the

Fellow Member of The Institute of Company Secretaries of India.

He is a Practicing Company Secretary based at Gurgaon. He has

been practicing in the areas of Corporate Laws, Taxation Laws and

Securities Laws. He has been regularly appearing before various

regulators and Quasi Judicial Authorities. Mr. Shukla has been

serving the profession in different capacities for last many years.

He had been elected to the Northern India Regional Council of The

Institute of Company Secretaries of India for the term 2011-14 and

further re-elected for the term 2015-18. He was Chairman of various

committees of NIRC of the ICSI during 2011-14. He was Editor of

NIRC-ICSI Newsletter, Insight in year 2013. He was Vice-Chairman

of NIRC for the year 2016, Secretary of NIRC for the year 2015 and

Treasurer of NIRC of ICSI for the year 2014. Earlier Mr. Shukla had

been elected to the Managing Committee of Gurgaon Chapter of

NIRC-ICSI for the period 2007-10. During this tenure at Gurgaon

Chapter of NIRC of the ICSI, Mr. Shukla was Treasurer in 2007,

Secretary in 2008 and Chairman for two consecutive terms in 2009

and 2010. During his tenure as Chairman of Gurgaon Chapter, Mr.

Shukla took many initiatives for the Development of the chapter in

terms of Infrastructure, Professional Development of members and

Training programmes of the students. On personal front Mr. Shukla

is married to Ms. Archana Shukla, who is a teacher, and the couple is

blessed with two adorable sons Anmol Shukla and Anurag Shukla.

CS PrADeeP DebnAth, ViCe-ChAirMAnCS Pradeep Debnath is Fellow member of the Institute of Company Secretaries of India” (ICSI), is Proprietor of Pradeep Debnath & Co and Partner of CLV & Associates, he is also senior associate of PERCEPTIUM EXPERT SOLUTIONS PRIVATE LIMITED. he started career in the year 2006 as company Secretaries in practice serving matters related to the Corporate and allied laws, handling various assignment related to corporate Restructuring, Direct Listing, Revocation of suspension, Preferential Issue ,QIP , ESOP/ESOS, ADR/GDR issues, FCCBs, Bonus Shares ,Right Issue, Delisting of Securities through Reverse Book Building Process , Intellectual Property Laws, Drafting of Various Agreements, MOU, Deeds etc, other matters related to Security Laws, RBI, FEMA, Labour Laws etc. He is regularly appearing before NCLT, SAT, Consumer Forum and various Quasi Judicial Authorities and other regulators.

He is elected to the Northern India Regional Council of Institute of Company Secretaries of India for the term 2015-2018. Presently he is Vice-Chairman of NIRC of ICSI for the year 2017.

CS rAJeeV bhAMbri, SeCretAryCS Rajeev Bhambri is Fellow member of Institute of Company Secretaries of India. He has also done LL.B. and MBA (Finance).

Out of total experience of 30 years, he has worked for 23 years with reputed companies at various higher positions including Hero Cycles Limited, Oswal Spinning & Weaving Mills Ltd, Metro Tyres Limited and Supreme Tex Mart Limited. His last assignment in Supreme Tex Mart Ltd was as Director Finance.

Since 2010, he is working as an independent Corporate Law and Financial Advisor. Besides he is working as Secretarial Auditors of many companies.

His core areas of expertise are Financial Management, Project & Working Capital Financing, Debt Restructuring and Corporate laws.

He elected as Regional Council Member of NIRC of ICSI in 2015. At present he is holding the position of Secretary of NIRC and is Secretary-elect of NIRC. He was elected twice as Chairman of Ludhiana Chapter for the years 2010 and 2014.

CS niteSh KuMAr SinhA, treASurerCS Nitesh Kumar Sinha is commerce and law graduate from University of Delhi (DU), is a fellow member of The Institute of Company Secretaries of India. He is in Practice since more than 10 years and he is the Managing Partner of NKS & Company having office at Vaishali, Ghaziabad, NCR.He has been managing the area of corporate laws and securities laws. He has been regularly appearing before various regulators and quasi judicial authorities.Mr. Sinha has been serving the possession in different capacities for last many years and he was elected to the Northern Indian Regional Council (NIRC) of The Institute of Company Secretaries of India for the year 2015 to 2018. Presently, he is the Chairman of Management Skill Orientation Programme Committee (MSOP), earlier in his tenure at Northern Indian Regional Council (NIRC); he was the Chairman of Professional Development & Programmes Coordination Committee (PDPC), Training & Educational Facilities Committee (TEFC) and Co-chairman of Student Assistance Committee (SAC). He was Editor of NIRC Newsletter for the year of 2016.Mr. Sinha was Joint Secretary & Secretary at students union at Law Faculty, University of Delhi. He is associated with Noida Management Association (NMA) and Institute of Directors (IOD). He is also Founder and Admin of CS Trainees and Jobs Networks, well known platform in Social Media for helping the trainees and young members of the profession.Mr. Sinha is having rich experience in Profession and also is associated with many social and cultural organisations. He was Convener and Co convener of North Delhi Study Group (NDSG) for the year 2010, 2011, 2012, 2013 and 2014. He is the regular speaker in various training programme of students and members at Northern Indian Regional Council (NIRC) and the Chapters of Northern Indian Regional Council (NIRC). He is also regular speaker on the forum of various social and cultural organisations.On personal front, Mr. Sinha is married to Ms. Anshu Raj, who is house maker and is blessed with daughter named Nityanshi Raj.

offiCe beArerS of nirC-iCSi for yeAr 2017


Functional Committees of NIRC

funCtionAl CoMMitteeS of nirC-2017List of Functional Committees of NIRC-2017 and its Chairmen

Chairman/Chairperson of the Committee(s) Committee(s)

1. CS Dhananjay Shukla Students Assistance CommitteeChief Editor, NIRC-ICSI Newsletter

2. CS Pradeep Debnath Chapters Development CommitteeTraining & Educational Facilities Committee

3. CS Rajeev Bhambri Professional Development and Programs Coordination Committee

4. CS Nitesh Sinha MSOP Committee

5. CS Manish Gupta Young Members Empowerment CommitteeResearch & Publication Committee

6. CS NPS Chawla Corporate Law Committee

7. CS Amit Gupta Oral Tuition & Library Committee

8. CS Avtaar Sngh IT Committee

9. CS Deepak Arora Practising Company Secretaries CommitteeEditor, NIRC-ICSI Newsletter

10. CS Manish Aggarwal CS Benevolent Fund Committee

11. CS Monika Kohli Women Empowerment CommitteeCareer Awareness Committee

12. CS Saurabh Kalia Study Session Committee

CHAPTERS OF NIRC-ICSI

Agra, Ajmer, Allahabad, Alwar,

Amritsar, Bareilly, Bhilwara, Bikaner,

Chandigarh, Dehradun, Faridabad,

Ghaziabad, Gurgaon, Jaipur,

Jalandhar, Jammu, Jodhpur, Kanpur,

Karnal-Panipat, Kota, Lucknow,

Ludhiana, Meerut, Modinagar, Noida,

Shimla, Sonepat, Srinagar, Udaipur,

Varanasi & Yamuna Nagar.

Statement about ownership and other particulars of ‘NIRCICSI Newsletter’.

1. Place of Publication New Delhi2. Periodicity of its Publication Monthly3. Printer’s Name S K Nagar

Whether citizen of India? Yes If foreigner, state the Not applicable.country of origin Joint Secretary (N)Address NIRC-ICSI

4 Prasad Nagar Inst. Area,New Delhi - 110 005

4. Publisher’s Name S K NagarWhether citizen of India? YesIf foreigner, state the Not applicablecountry of origin

5. Chief Editor’s Name Manish GuptaWhether citizen of India? YesIf foreigner, state the Not applicablecountry of origin Chairman, NIRC-ICSIAddress 4 Prasad Nagar Inst. Area,

New Delhi - 110 0056. Name and Address Not applicable

of Owner O�cial Newsletter ofthe NIRC of the ICSI.

I, S K Nagar hereby declare that the particulars given above are true to the best ofmy knowledge and belief.

(S K NAGAR)Dated 30.1.2017 Signature of the Publisher

THE REGISTRATION OF NEWS PAPERS

NIRC - ICSI Newsletter | February 2017

Article

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bACKgrounDHistorically, insolvency and bankruptcy legislation has rarely been a subject matter of interest for governments, commercial community or even the legal and other scholars. But in the last about two decades, there has occurred a sudden spurt in interest in this area of regulation almost on a global scale. Some of the causes that have contributed to an increased interest in the need for strong bankruptcy laws inter alia include: the global recession of 1980, existence of inefficient insolvency regimes, heightened focus on market economy, Asian financial crisis of 1997/98, and emergence of transition economies. The World Bank and IMF hastened the process by making the reformations of insolvency laws a part of conditionality for seeking financial aid. Prior to 1990, the transition economies like India rarely invoked the existing insolvency laws for economic development. Until the recent promulgation of a new bankruptcy code in 2016 In India, a host of legislations and regulatory agencies used to deal with insolvency and bankruptcy. The list of relevant legislations encompassed the Sick Industrial Companies Act, the Recovery of Debt Due to Banks and Financial Institutions Act, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), and the Company legislation in India. There were about a century old twin laws to deal with insolvency of individual debtors namely: the Provincial Towns Insolvency Act and the Presidency Towns insolvency Act. Most of these tend to be debtor oriented. In this background, there is an imperative need for undertaking empirical research in the variegated aspects of bankruptcy regulatory regime in transition economy like India particularly when a financially distressed debtor is confronted with multiple creditors.

literAture SurVeyThe empirical studies which have been analyzed for the purpose of this article are specified herein. The first of these is the one in which Harris and Raviv (1995) have analyzed the impact of games played between the debtor and one single investor ex post on the ex-ante efficiency of the contract. Bebchuk (2002), Schwartz (1998), Acharya, John, and Sundaram (2010) have analyzed the impact of bankruptcy on debtors’ investments, debt levels, and incentives prior to bankruptcy. Acharya et al. (2008) have pointed to the consequence of the tradeoff between debtor friendly versus creditor-friendly bankruptcy law. Hackbarth et al. (2007) have concluded that bank debt is higher under strict bankruptcy laws that abide by the absolute priority rule than under weak bankruptcy laws. Baird and Bernstein (2006) stress that deviation from the absolute priority rule mainly occurs due to the uncertainty of the asset value of the failed corporation. Berkovitch and Israel (1999) argue that developed bank-oriented economies have a creditor friendly bankruptcy law, whereas a market-based economy such as the U.S. economy does have simultaneous creditor- and debtor-friendly chapters. Claessens and Klapper (2005) have found that higher creditor rights (except for an automatic stay) increase the number of bankruptcy procedures. Research by Cornelli and Felli (1997) has shown that bankruptcy law needs to move valuable control rights from the insolvent debtor to creditors before the start of the bankruptcy process.

Optimization of Ex-ante and Ex-post Efficiency of Multiple Creditor Oriented Bankruptcy Code - Transition to Agile Practices

Prof. (Dr) CS C.l.bansal, [email protected]

La Porta et al (1997) have pointed out that countries with greater creditor protection have larger and more developed credit markets. According to Bisin and Rampini (2006), bankruptcy is especially important where the main creditor cannot monitor additional debt taking by a debtor from other creditors. Bankruptcy adds value for the creditor because the court verifies the assets and liabilities of the debtor, liquidates the assets, and repays the senior creditor (the bank) first. Schwartz (1997) has devised a model to explain the drawback of having mandatory legal rules in bankruptcy law which makes the parties to resort to private workout while the bankruptcy statue could serve as the default rules.

obJeCtiVe, reSeArCh MethoDology AnD SCoPe of the StuDyThe objective of this article is to underscore the contribution of a bankruptcy code in optimizing ex ante and ex post efficiency in the sense of maximization of asset values of the business firm which is undergoing bankruptcy and comprises of multiple creditors. This write up is built upon library based research. For developing the content of the article, basic reliance has been placed on a comprehensive review of the existing literature, legislation and case decisions. Reliance has also been placed on scholarly dissertations which have been mixed with journalism in order to get a clear update picture of the current economic regime. As may be evident from the title, this article has addressed the issues relating to (i) broad objectives of bankruptcy code, (ii) issues and challenges confronting bankruptcy regime, (iii) strategies for optimizing ex-ante and ex-post efficiencies of bankruptcy Laws

obJeCtiVeS of effiCienCy CentereD bAnKruPtCy CoDeThe objective of efficiency seeking bankruptcy law must be to promote the survival of viable businesses while facilitating a smooth exit of the non viable businesses. The promotion of a culture of rescue is likely to incentivize creditors to support the rehabilitation of the debtor corporation. Similarly, the goal of bankruptcy processes must be to maximize asset values of the distressed enterprise for the benefit of various stakeholders. Depending on the peculiar socio economic situation of a jurisdiction, the bankruptcy code may be either creditor oriented (hard laws) or debtor oriented (soft laws). A code must function as a filtering device to allow the continuance of the efficient firms and liquidation of the inefficient ones. In doing so, it must avoid both type I error by which inefficient firms tend to continue in contradistinction to type II errors that cause the liquidation of efficient firms. While an efficient debtor must continue to be solvent, the inefficient debtor must become insolvent ex ante and also be prosecuted ex ante. A good bankruptcy regime should be able to maximize the value of the firm long before the occurrence of any default. This goal may be attained by providing right incentives to the debtors and the managers to take timely investment and financial decisions. Monitoring the activities of debtors to check risk taking behaviour; affording ex ante protection to creditor claims; and imposition of sanctions against the management

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.**3rd Winner of “2nd Research Paper Competition-2016”.


Article

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which has destroyed the value of the company by exposing creditors’ money to too risky projects must all be included within the scope of regulatory regime. Irrespective of whatever procedure is chosen, the underlying principle should be to maximize the total value of the firm for the sake of stakeholders. At the same time, the insolvency system must be made self-supporting rather than being dependent on any government subsidies. For the purpose of distribution of assets of the debtor, the law must apply the ‘Absolute Priority Rule’ to ensure that senior creditors are paid in full before distribution amongst junior creditors and stockholders. This rule has particular significance in the case of multiple creditors. However, some aberrations may still exist due to pre-emptive strategies adopted by the professional class of creditors such as banks or big suppliers by virtue of their greater bargaining power. The endeavour of the bankruptcy law must be to ensure transfer of control from the incumbent defaulting management to the creditors to enable them to enforce their contractual or statutory rights. The bankruptcy procedures must be easy, flexible and capable of providing quick and efficient solutions. Considering that longer the time spent in bankruptcy proceedings, higher shall be the total bankruptcy cost. To tackle this problem, prescription of strict adherence to legally stipulated timelines is necessary. It will contribute to maximization of the value of the firm due to cost effective and timely outcome. The legal provisions must ensure an optimal tradeoff between transparency and confidentiality since information asymmetry between creditors and debtors is bound to obstruct optimum resolution. But disclosures must be made in a manner so as not to trigger or prevent panic. The intention behind bankruptcy regulations must be to infuse financial discipline among the entities and their key managerial persons. To deal with corporate misdemeanor, the laws must provide for a re-examination of transactions anterior to the commencement of insolvency proceedings. Impeachment and imposition of financial and criminal liability on those who may be found to have caused losses to the company must be embedded in the bankruptcy code. These sanctions are necessary to foster corporate discipline and to maintain public confidence in the credit culture in which companies operate. Under an ex-ante perspective, those provisions may promote sound business practices and hence avoid insolvencies. The insolvency laws should permit the owners to retain their position in the post insolvency business only after collective consent of the creditors or if the business has paid all the creditors in full. The exit mechanism in the law must provide for the distribution of the estate of an irretrievably insolvent debtor or a more balanced future existence to save human capital and to rehabilitate the failed management.

builDing uP An effiCient bAnKruPtCy regiMe: iSSueS AnD ChAllengeS The practitioners have opined that bankruptcy need not be mandatory. Its role is to have a ‘threat value’ to compel the parties to negotiate a private deal first before resorting to formal bankruptcy procedure. Bankruptcy law should be able to ratify privately negotiated solution reached by involving parties to make it enforceable. The law makers are generally faced with the issue as to what are the peculiarities of debtor oriented (or, soft law) and creditor oriented or a hard bankruptcy law and which of these is better. A debtor oriented law is one in which the reorganization plan permits the debtor to continue the control the business. In addition, it forbids initiation of enforcement proceedings by the creditors. In the wake of poor financial condition and relentless pressures from the creditors, the debtor may seek legal protection under this regime. In such a bankruptcy regime, the debtors are tempted to trigger the bankruptcy process at the very first signs of distress. This makes the bankruptcy process ex ante efficient. On the flip side, the conferment of these rights can make the debtors to indulge into ex ante risky activities which may jeopardize the rights of creditors and also

encourage morally hazardous behavior on the part of managers. On the contrary, a creditor oriented insolvency regime permits the creditors to invoke their claims and enforce their collaterals against the defaulting debtor. However, strong protection of secured creditors may weaken the position of other stakeholders who may also have some kind of stake in the firm. Hence the manner in which the legal system protects the creditors or the debtors is often regarded as the basis for judging the efficiency of bankruptcy code. To the critics, such a distinction appears to be artificial and even misleading. For instance, Chapter 11 of US bankruptcy code is supposed to be the most debtor friendly system as it allows the distressed firm‘s managers to continue the business operation. The effect of legislation may not be as straightforward as it is made out to be. For instance, if the managers are competent, they may work to enhance the value of the firm for the benefit of all the stakeholders which will be considered a creditor friendly move. The supply of necessary credit to the firm to let it continue with the reorganization plan may apparently appear debtor friendly but it will work to the benefit of creditors as well. To deal with the probability of a hold out by any single creditor in a multiple creditor scenario, the law may dispense with the need for unanimous consent of creditors for approving a restructuring of debt. Thus, both types of regulatory regime have ex ante and ex post efficiencies and inefficiencies. A good bankruptcy regime should be able to mitigate the inefficiencies of both kinds of regimes by coming up with an optimum design for bankruptcy code which balances both these aspects. However, a liberal or soft insolvency regime will be necessary if a country wishes to promote domestic stability and job security among employees. The features of liberal insolvency law will include the option for the debtor to abandon or postpone payment, or undergo reorganization instead of liquidation. The debtor thereby gets time to restructure his finances and operations in order to attain efficiency and profitability. Under it, the investor will not have any predictable or clear information about the debtor enterprise which may discourage investments. Depending on the state of economic development, transition economies make different policy choices towards a stricter or a more liberal insolvency regime.

StrAtegieS for oPtiMizing ex-Ante AnD ex-PoSt effiCienCieS of bAnKruPtCy lAWSFor optimizing bankruptcy efficiency, it is essential to solve the problems relating to determination of ways to maximize the value of debtor’s asset; redistribute the realized sums amongst various claimants and to compel the various parties to function diligently to achieve optimal bankruptcy. The first two of the above cited problems are concerned with ex post efficiency whereas the last one is connected with ex ante efficiency. According to Hart (1995), the efficiency of bankruptcy regime can be measured by two of its complementary aspects namely ex ante and ex post efficiency. It implies that the bankruptcy code must attempt to secure both ex post and ex ante efficiency due to their combined effect on the efficiency of a bankruptcy code. It may be noted that ex post efficiency is amenable to quantitative measurement whereas measurement of ex ante efficiency is a complex process due to its qualitative nature.

ex Ante effiCient bAnKruPtCyTo attain ex-ante efficiency, the drafting of debt contracts in bankruptcy must be able to (i) evoke optimal control of debtors by creditors, (ii) give debtors incentives to undertake optimal risk and supply sufficient effort, and (iii) provide for optimal timing of bankruptcy. Ex-ante efficiency analyses the effects of legal mechanism on the incentives of involved parties before any signs of financial distress are evident at the time of making contracts and taking financing decisions. This is the reason why bankruptcy law has been considered a significant


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factor in the determination of capital structure and taking of major financing decisions by the firm. If the creditors believe themselves as less protected in a bankruptcy, they may increase the cost of credit or refuse it all together. To allow an easy flow of credit, collective bankruptcy procedures must both protect the rights of the creditors and allow them to monitor the activities of the borrowers. An ex ante efficient bankruptcy procedure should allow the debtor company to undertake profitable projects and turn down too risky projects. These procedures would restrain reckless risk taking by debtors. The law can explicitly confer the power on to the debtors for the timely triggering of the procedure. Penalization of managers if they deliberately delay the onset of bankruptcy will prevent them from undertaking risky projects and keep their activities in check. Bankruptcy law can provide relevant rules to deal with coordination problems between creditors and debtors leading to premature triggering of bankruptcy. There would start a race to recover amongst creditors akin to a run on a bank. While secured creditors could cash in collaterals, the short-term creditors may decide not to roll over their loans. This could force premature liquidation of a debtor corporation which may be worth more as a ‘going concern’. An agile bankruptcy law handles the problem of coordination through a moratorium which freezes the right to enforce debt repayment pending final adjudication. Creditors with equivalent debt contracts must be given equal standing in bankruptcy. The staking of a claim earlier than others cannot entitle them to any priority over others. This mitigates the race to collect debts although to a limited extent. Creditors may pre-empt legal provisions by resorting to means like leapfrogging. By recourse to this device, a creditor may renegotiate with the debtor to improve seniority and quality of the collateral which would increase his chance of prior payment in bankruptcy. Debt restructuring is another legal device which may be beneficial to both debtors and creditors if they can help a debtor corporation with a viable business to lower the coordination costs. The law may force the parties to settle the issue of payment of claims by means of mutual negotiations. The only practical problem with this method of settlement is the possibility of failure of each and every creditor to join the initial grand contract for whatever reason. Hence, these payouts must be settled ex-post in a situation marked by widely diverging interests. Bankruptcy regulation can mitigate the ‘hold-out problem’ arising from denial by a single debtor to cooperate that may result in hijacking the entire conflict resolution exercise. The law tackles this problem by stipulating that a corporation in bankruptcy will need less than unanimous consent of the creditors for restructuring.

ex-PoSt effiCient bAnKruPtCy A bankruptcy procedure is said to be ex-post efficient if it maximizes the value of the distressed firm; involves low bankruptcy costs and transfers the control of debtor firm to the creditors. For the sake of ex-post efficiency the bankruptcy law must incorporate two important features. Firstly, it must arrange to furnish credible information about the debtor firm to the concerned parties to enable them to make correct assessments. Secondly, it must facilitate coordinated decision making by multiple creditors. Both these factors will contribute towards maximizing the value of the debtor firm and also in determining ex-post efficiency. Additionally, an ex post efficient procedure will keep in check the problems of over-investment and under-investment that generally arise during the bankruptcy process. Over-investment takes place if the company invests in a project that decreases its value. On the other hand, under-investment occurs if the company is unable to invest in a project that enhances its value. Just as the default trigger happens, an ex post efficient bankruptcy process will identify and distinguish between viable and nonviable firms and arrange to deploy the assets to their best possible use with a view to maximize their value. It is imperative for the courts to take ‘best interest test‘into consideration

while determining the bankruptcy issue. The ‘best interest tests’ compares the value of both the processes from creditors’ perspective and chooses the one which provides the creditors a better pay off. They researchers have suggested that bankruptcy courts can compare the sum of payments under reorganization to the net market value of the liquidated assets to arrive at the best choice. They do not need to take discount rates into consideration.

ConCluSionThus, the resolution of multiple creditor bankruptcy is fraught with complex problems. Negotiated resolution may not always be feasible due to rent seeking behavior of either the debtors or creditors. To overcome these hurdles, there is the need to put in place optimally efficient formal legislative framework and the necessary infrastructure. While undertaking this exercise, the peculiar socio, economic, political and economic structure of the concerned economy must also be taken into consideration. This is of special relevance for transition economies like India. Studies have shown that only the countries with a strong bankruptcy codes can afford to have a debtor oriented soft code. The transition economies devoid of any experience and appropriate bankruptcy infrastructure must put in place a mix of creditor and debtor oriented approaches to optimize ex ante and ex post value of debtor’s assets for the benefit of various stakeholders. At the same time, introduction of strong sanctions is imperative to check the rent seeking behavior of incumbent managements of defaulting firms. The recently enacted bankruptcy code has most of these features yet its efficiency will be tested on the basis of its agility in dealing with cases of financially distressed corporate entities and non corporate enterprises.

referenCeSAcharya, V. K. John, and R. Sundaram (2010), “Cross-Country Variations in Capital Structure: The Role of Bankruptcy Codes”, Journal of Financial Intermediation

Aghion, P., Hart, O. and J. Moore (1992), ”The Economics of Bankruptcy Reform”, Journal of Law, Economics and Organization 8, 523-46.

Baird, D. G., & Bernstein, D. S. (2006), Absolute priority, valuation uncertainty, and the reorganization Bargain, Yale Law Journal, 115(8), 1930–1970.

Bebchuk, Lucian. 1988. “A New Approach to Corporate Reorganizations.” Harvard Law Rev. 101 (January):775–804.

Berkovitch, E. and R. Israel (1999), ‘Optimal Bankruptcy Laws across Different Economic Systems”, Review of Financial Studies 12, 347-77.

Bisin, A. and A. Rampini (2006), ”Exclusive Contracts and the Institution of Bankruptcy”, Economic Theory 27, 277-304.

Bolton, P. and D. Scharfstein (1996), ”Optimal Debt Structure with Multiple Creditors”, Journal of Political Economy 104, 1-25.

Detriagache, E. and P. Garella (1996), ”Debt Restructuring with Multiple Creditors and the Role of Exchange Offers”, Journal of Financial Intermediation 5, 305-336.

Claessens, Stijn and Leora Klapper, 2005, “Bankruptcy around the World: Explanations of its Relative Use,” American Law and Economic Review, 7 (Spring): 253-83.

Cornelli, F. and L. Felli (1997), “Ex-ante Efficiency of Bankruptcy Procedures”, European Economic Review 41, 475-85.

Hackbarth, D., Hennessy, C. A., & Leland, H. E. (2007), Can the trade-off theory explain debt structure? Review of Financial Studies, 20(5), 1389–1428.

Jackson, T. (1986), The Logic and Limits of Bankruptcy Law, Harvard University Press, Cambridge, Massachussetts.

La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1997), Legal determinants of external finance. Journal of Finance, 52, 1131–1150.

Povel, P. (1999) “Optimal ‘Soft’ or ‘Tough’ Bankruptcy Procedures”, Journal of Law Economics & Organization 15, 659-84.

Rawls, J. (1971), A Theory of Justice, Harvard University Press.

Schwartz, A. (1998), “A Contract Theory Approach to Business Bankruptcy”, Yale Law Journal 107, pp. 1806-1851.

White, M. J. (2005, August), Economic analysis of corporate and personal bankruptcy law, NBER Working Paper 11536.


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[Meaning Without attachment, without interruption, perfectly perform prescribed actions, since by performing the prescribed actions a person achieves the highest good].

The above lines of Bhagwad Gita, as told by Lord Krishna to Arjuna, while reminding, advising and directing him to perform his duties in the battle of Mahabharata, are the true baselines for the profession of a Company Secretary.

As Lord Krishna advised Arjuna to perform his duties (“Karma”) in the battlefield without attachment and without interruption, likewise, a Company Secretary is also expected to perform the duties prescribed under the Companies Act, 2013 [Section 205, SEBI (LODR), 2015, Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, etc.], and various other laws.

The term “Company Secretary” is defined under Section 2(24) of the Companies Act, 2013, as :

“Company Secretary or Secretary means a company secretary as defined in clause (c) of subsection (1) of Section 2 of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a company secretary under this Act;

In the above definition, the words “….to perform the functions….” need special reference in the context of what has been said above. Accordingly, by definition, a Company Secretary is expected to perform the functions prescribed to him under the Act.

The specifically prescribed functions of a Company Secretary as given in Section 205 of the Companies Act, 2013 are as under :

The functions of the company secretary shall include :

a) to report to the Board about compliance with the provisions of this Act, the rules made thereunder and other laws applicable to the Company;

b) to ensure that the company complies with the applicable secretarial standards;

c) to discharge such other duties as may be prescribed.

Therefore, the essence of functions to be performed by a Company Secretary prescribed by Section 205 of the Companies Act, 2013 is of inclusive nature and a company secretary shall, apart from all other functions which are expected of him, perform the following functions :

a) ….. to report to the Board about compliance….. This means that a Company Secretary has to first comply or ensure compliance with the provisions of the Companies Act, 2013, the rules made thereunder and other laws applicable to the Company. The expression “other laws applicable to the Company” here assumes wider connotation and includes not only the provisions contained under Companies Act, 2013 or the rules made thereunder but all the other laws which are applicable to the Company. Thereafter, company secretary has to report to the Board about such compliance and his role is paramount in such compliance and reporting to the Board.

b) to ensure compliance with applicable secretarial standards and to discharge the prescribed duties.

Apart from the functions prescribed under Section 205 (1)(a) of the Companies Act, 2013, the duties of a Company Secretary have also been prescribed under Companies (Appointment and Remuneration) Rules, 2014, which are reproduced here below :

1) to provide to the directors of the company, collectively and individually, such guidance as they may require, with regard to their duties, responsibilities and powers,

2) to facilitate the convening of meetings and attend Board, Committee and General Meetings and maintain the minutes of these meetings.

3) to obtain approvals from the Board, general meeting, the Government and such other authorities as required under the provisions of the Act.

4) to represent before various regulators and other authorities under the Act in connection with discharge of various duties under the Act;

5) to assist the Board in the conduct of the affairs of the company;

6) to assist and advise the Board in ensuring good corporate governance and in complying with the corporate governance requirements and best practices ; and

7) to discharge such other duties as have been specified under the Act or rules; and

8) such other duties as may be assigned by the Board from time to time.

Also, under Regulation 6 of Securities and Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 :

Company Secretary - The “Krishna” of modern Corporate world

CS Dinkar Sharma | [email protected]

*The views expressed are personal views of the author and it should not be taken as views of the NIRC-ICSI.


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(1) A listed entity shall appoint a qualified company secretary as the compliance officer.

(2) The compliance officer of the listed entity shall be responsible for-

(a) ensuring conformity with the regulatory provisions applicable to the listed entity in letter and spirit.

(b) co-ordination with and reporting to the Board, recognised stock exchange(s) and depositories with respect to compliance with rules, regulations and other directives of these authorities in manner as specified from time to time.

(c) ensuring that the correct procedures have been followed that would result in the correctness, authenticity and comprehensiveness of the information, statements and reports filed by the listed entity under these regulations.

(d) monitoring email address of grievance redressal division as designated by the listed entity for the purpose of registering complaints by investors

The above are some of the specific duties / responsibilities of a Company secretary mentioned under some statutes / regulations. However, the Company secretary, being a compliance officer, is supposed to adhere to and comply not only with these statutes/ regulations but also with all the other applicable statutes, rules and regulations.

CoMPAny SeCretAry AS Mere Minute tAKer / reCorD KeePer – gone Are the DAyS : Gone are the days when company secretaries were considered as mere minute taker or record keepers and nothing more. The role and importance of a Company Secretary has undergone revolutionary changes over the years. This is evident from the judgment by Lord M R Esher in the 1887 case of Barnett, Hoares & Co v South London Tramways Co (1887) 18 QBD 815, wherein it was observed that

“…. A Secretary is a mere servant; his position is that he is to do what he is told, and no person can assume that he has any authority to represent anything at all; nor can anyone assume that statements made by him are necessarily to be accepted as trustworthy without further enquiry…….”

and a later judgment in 1971, Lord M R Denning, in the case of Panorama Developments (Guildford) Ltd v Fidelis Furnishing Fabrics Ltd [1971] 2 QB 711 (CA), wherein it was stated that

“…… Times have changed. A company secretary is a much more important person now-a-days than he was in 1887. He is an officer of the company with extensive duties and responsibilities. This appears not only in the modern Companies Acts, but also by the role which he plays in the day-to-day business of companies. He is no longer a mere clerk. He regularly makes representations on behalf of the company and enters into contracts on its behalf which come within the day-to-day running of the company’s business…. He is certainly entitled to sign contracts connected with the administrative side of a company’s affairs, such as

employing staff, and ordering cars, and so forth….”

The role of a Company Secretary is much wider in its reach and dimensions and cannot be limited to few duties or responsibilities.

The basic functions performed by a Company Secretary in India can be grouped into three broad categories, viz. :

i. Administrative role : This is the primary and foremost role of a Company

Secretary. Under the administrative role, company secretary ensures compliance with various laws, rules and regulations and keeps the Company and its Board of Directors up to date by complying with such laws. A company secretary is actually the backbone of all administrative and compliance related functions in a Company. The administrative role of a Company Secretary allows the Board of Directors of a company to keep their focus on actual running / business of the company leaving the compliance and administrative chores the job of a Company Secretary. The administrative role of a Company Secretary allows the Board to manage the affairs of a Company by exception.

ii. Advisory role : Under the advisory role, Company secretary is expected to

give expert advice to Board on various matters, considering his rich legal knowledge in legal compliances and other provisions. He often communicates with the Board of Directors and various other stakeholders and provides them with key information about the Company so as to formulate various strategies and policies for the Company and its stakeholders. He apprises the Board as to what is within the parameters of law and what is not. What can be done to achieve the Board objectives and how it can be done.

iii. fiduciary role : Fiduciary means duty to act in good faith. Under the

fiduciary role, a Company Secretary is expected to act in good faith for the Company and not to make undue profits from its dealings for / with the Company. He should always act in the best interest of the Company.

iV. Agency role : A Company Secretary also acts as an agent of the Company

and its Board. He enters into contracts on behalf of the Company, makes representations on its behalf and signs resolutions passed in the meetings. But it is important here to note that this role of an agent of the company is very limited because Company Secretary cannot act without having an authority to act as such from the Board of Directors.

reCognition of ProfeSSion of CoMPAny SeCretArieS WorlD oVer : Out of the total strength of Company Secretaries all over the world, about 50,000 are from India. However, the role and importance of a Company Secretary is recognised now, not only in India, but all over the world. Benchmarking the Governance


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Practice in Australia, the 3rd benchmarking study conducted by Chartered Secretaries Australia (CSA) in 2005, indicated that the specialised role of Company Secretary had evolved into the Chief Governance Officer. According to the CSA press release issued on 28 March 2006 :

“...directors are using them (Company Secretaries) as a resource to ensure all their boxes are ticked. In 97 per cent of organisations, Company Secretaries have primary responsibility for the increasingly complex and important area of corporate governance. No longer just an administrative role, the Company Secretary provides essential, high-level strategic advice; and companies are clearly willing to pay for it….”.

The specialized role of the modern Company Secretary has emerged as the Chief Governance Professional within the organization.

The landmark Disney Case [In re Walt Disney Derivative Litigation, 907 A 2d 693 (2005)] in the United States (Delaware Chancery Court) highlights the need for a professional governance advisor to the board and the evidentiary significance of professionally prepared minutes of board and committee meetings. Now, the role of such professional governance advisor to the Board can be fulfilled by none other than a Company Secretary. To avoid conflicts, the secretary must :

� Speak with board members regularly to spot possible conflicts of interest.

� When unavoidable conflicts are discovered, make a full disclosure in the board minutes and consider having the conflicted party abstain from the discussion and/or the vote on the matter.

� For major issues, make sure all discussion, deliberation, and decision-making occur in the board meetings, not in informal gatherings.

The Cadbury Code of Best practices established by a Committee of London Stock Exchange set up in May 1991 and chaired by Adrian Cadbury had 19 recommendations and one of them was…

“All directors should have access to the advice and services of the company secretary, who is responsible to the board for ensuring that board procedures are followed and that applicable rules and regulations are complied with. Any question of the removal of the company secretary should be a matter for the board as a whole.”

Core Competencies of a Corporate Secretary:

� A thorough understanding of a company’s business : A lack of understanding of business will lead to a lack of understanding of actual modulations of discussion and the result will be an inappropriate recording in the minutes of a discussion which has a great impact on business.

� Knowledge of law : A Company Secretary being a compliance officer and legal advisor to the Board, needs to have a strong

working knowledge of corporate and securities laws and various other laws.

� Excellent communication skills : A company secretary should possess excellent communication skills. The need to influence and/or exercise authority over management is a must for a Company Secretary where there is no apparent reporting line or structure or hierarchy. He should be a person who is always able to make his presence felt.

� Sensitivity and intuition towards others: A company secretary should be able to understand that each and every individual is different and has different ego levels. He should have a good sense of humour and should be able to understand the feelings of CEO and Directors so that his style is able to cope up under the given set of circumstances.

� Foresightedness: A Company Secretary should have foresightedness so as to provide early warning signals to the management to take corrective / remedial measures at the earliest so as to nullify or mitigate the effects.

• Detail-oriented:ThenatureofroleofaCompanySecretaryrequires the skills for a him to be an individual with a keen focus on details. The “nature of the role” here means that even overlooking the apparently tiniest of issues could result in dangerous consequences.

• Flexibleandcreative:ACompanySecretaryshouldhaveaflexbile and creative nature. He should not be adamant and egoistic and should be creative enough to create positive environment both inside and outside the organisation.

ConCluSion : Thus, it can be concluded that a Company Secretary has matured as an important participant of the Company alongwith the Board of Directors. Although, he is appointed by the Board of Directors, but is not their servant at all. He has substantial authority and powers derived directly from the Articles of Association of the Company and also from various statutes including inter-alia Companies Act, 2013. At the same time, a Company Secretary, also owes various responsibilities and duties to the Company, Board of Directors, Government and other stakeholders. He acts in various capacities like advisor, agent, fiduciary and administrative. He acts like a master in the classroom who gives direction to his students and inculcate good habits among them with the objective that they become good citizens of the country. Likewise, a Company Secretary gives advices, shows directions and provides a fair view of what is right and wrong for the company including what is within the framework of laws and what is not with the sole objective that the Company runs and functions with good governance and helps in making it a better corporate house that adds to the economy of the country.

In the end, considering all these vast roles a Company Secretary performs, it is not off course to call him the “Krishna” of modern corporate world who constantly observes, advises and shows direction to the Board of Directors and leads them to the path which is right morally, ethically and legally.


Media Highlights


CsBF

CoMPAny SeCretArieS beneVolent funDMEMBERS ENROLLED froM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT

FUND DURING THE PERIOD 21/12/2016 TO 31/12/2016SN. LM No./Name Mem. No. City1 11823 MR. LOKESH DHYANI ACS - 38725 NEW DELHI2 11825 MR. TARUN AHUJA ACS - 37926 DELHI3 11830 MS. APOORVA SRIVASTAVA ACS - 47803 KANPUR4 11831 SH. AJMALANSARI ACS - 27213 MAU DISTT5 11835 MS. DEEPIKA VERMA ACS - 37798 DELHI6 11837 MS. SONALI GUPTA ACS - 32724 VARANAS I7 11841 MS. SWATI AGARWAL ACS - 42554 KANPUR8 11842 MR. D ANIL KUMAR ACS - 46095 GURGAON9 11848 MR. CHANDEEP KUMAR FCS - 8230 NEW DELHI

10 11849 MR. PARMOD KUMAR ACS - 41295 CHANDIGARH11 11850 SH. AMOD KUMAR FCS - 8797 AGRA12 11857 MR. KAPIL MAKKAR ACS - 34006 AMBALA13 11858 SH. GAJENDER GUPTA ACS - 23759 DELHI14 11859 MR. SAHIL GUPTA ACS - 34548 JAMMU15 11861 MS. NEHARIKA SINGH ACS - 39163 BAREILLY16 11863 MR. ARUN MATHUR ACS - 36848 JAMMU17 11873 SH. ABHISHEK SHUKLA ACS - 27253 KANPUR18 11874 MS. SEEMATHAPAR FCS - 6690 GURGAON19 11875 MR. KISHAN BHARADWAJ ACS - 39321 NEW DELHI20 11879 SH. R RAVICHANDRAN ACS - 7388 NEW DELHI21 11880 SH. JUGAL KISHORE GUPTA FCS - 7929 NEW DELHI22 11881 MS. RICHI MAHAJAN ACS - 42318 NEW DELHI23 11886 SH. RAJIV KHANNA ACS - 13091 AMRITSAR24 11887 MR. DEEPAK ARYA ACS - 37515 NEW DELHI25 11888 MR. SANCHIT KUMAR ACS - 42829 GHAZIABAD26 11889 MR. ROHIT BANTHIA ACS - 29574 NEW DELHI27 11895 SH. VIVEKSAHAY ACS - 16288 NEW DELHI28 11902 MS. PRAGNYA PARIMITA PRADHAN ACS - 32778 NEW DELHI29 11905 MS. ASTHA CHATURVEDI ACS - 37369 KANPUR30 11907 MS. REEPTIKA BARMERA ACS - 43565 JODHPUR31 11912 MR. AKHIL GUPTA ACS - 48175 BALTANA32 11914 MR. RAM SAHAY ACS - 33469 NEW DELHI33 11921 MR. VAIBHAVAGNIHOTRI ACS - 36594 KANPUR34 11937 MR. CHAND MAL KUMAWAT ACS - 41979 CHITTORGARH35 11941 MR. GANESH PARSAD ACS - 48162 PATHANKOT36 11947 MS. PRIYA AGARWAL ACS - 42715 BAREILLY37 11950 MS. ANAMIKA RAJU ACS - 26080 NEW DELHI38 11953 MS. MANISHA GUPTA ACS - 38941 NEW DELHI39 11954 SH. KRISHAN KUMAR MISHRA ACS - 25496 NEW DELHI40 11955 MS. PRAGATHI P ACS - 34199 DELHI41 11957 SH. MD IQUEBAL AHMAD ACS - 20921 NEW DELHI42 11960 MR. SHAFIQ AHMED ACS - 31028 NEW DELHI43 11962 MR. ROHIT KUMAR SOLANKI ACS - 46032 JAIPUR44 11964 MR. SAURABH KAPOOR ACS - 33969 NEW DELHI45 11968 MS. CHANCHAL RANI ACS - 48222 NEW DELHI46 11973 MR. ABHISHEK SINHA ACS - 35322 LUCKNOW47 11974 MR. RANJIT KUMAR GUPTA ACS - 32152 NEW DELHI48 11980 SH. BIPIN BIHARI FCS - 8297 NEW DELHI49 11981 SH. MANOJ KUMAR FCS - 7134 DELHI50 11982 MR. CHANDAN SETH ACS - 42903 LUCKNOW51 11985 MS. IQBALKAUR ACS - 36663 NEW DELHI52 11989 MS. REENA SHARMA ACS - 29171 JAIPUR53 11992 MR. SUNIL KUMAR ACS - 41521 DELHI54 11994 SH. JAYANT GUPTA FCS - 7288 GHAZIABAD55 11995 MR. SUNNY GULATI ACS - 38320 NEW DELHI56 11999 MS. POOJA CHETRI ACS - 44337 DELHI57 12000 SH. RAJNEESH KUMAR ACS - 26912 NEW DELHI58 12002 SH. SUNIL KUMAR SANGER ACS - 4515 NOIDA59 12004 MS. YANIKA VERMA ACS - 43730 NEW DELHI60 12006 MR. ANKIT GERA ACS - 37526 FARIDABAD61 12010 SH. THOMAS P JOSHUA ACS - 25163 DELHI62 12018 MR. MAN SINGH YADAV ACS - 33815 NEW DELHI63 12019 MS. SWATI KOCHHAR ACS - 27252 MEERUT64 12022 SH. LAXMAN SINGH KAIRA ACS - 21167 NEW DELHI65 12023 MR. ABHISHEK CHAUDHARY ACS - 39435 JAIPUR66 12031 MS. CHETNA AGARWAL ACS - 31403 DELHI67 12032 SH RAKESH MAMNANI FCS - 8834 JAIPUR68 12033 SH. PARVEEN KUMAR JAIN FCS - 3226 NEW DELHI69 12036 SH. HEM RAJ TUTEJA FCS - 4637 JODHPUR70 12037 MR. DEEPAK KUMAR ACS - 34534 GURGAON71 12038 MR. SURYA NARAYAN MISHRA ACS - 41144 GHAZIABAD72 12039 MR. NARESH KUMAR GOEL ACS - 31967 NEW DELHI73 12040 MR. ROBIN SEN GIRI ACS - 48884 NEW DELHI74 12041 MR. MUKESH KUMAR DUKIA ACS - 31259 NEW DELHI75 12043 MS. RITIKA VERMA ACS - 35153 AGRA76 12047 MS. PALLAVIJAIN ACS - 35564 GHAZIABAD77 12050 MS. SHRUTI GARG ACS - 47212 GHAZIABAD78 12053 MR. SACHIN VERMA ACS - 34389 DELHI79 12054 SH. RANJAN KUMAR SARANGI FCS - 8604 FARIDABAD80 12056 MS. KIRTI VERMA ACS - 37796 GHAZIABAD

SN. LM No./Name Mem. No. City81 12058 MR. NITIN GROVER ACS - 28616 GURGAON82 12060 SH. VIPIN KUMAR JAIN FCS - 8984 DELHI83 12063 MS. SHIKHA GUPTA ACS - 43866 NEW DELHI84 12064 MS. POONAM SANGAL FCS - 7196 DELHI85 12070 MR. PARVEEN KUMAR ACS - 45426 JHAJJAR86 12075 MR. DEEPAK RAI ACS - 39820 NEW DELHI87 12076 MS. BABITA KANOJIA ACS - 36678 DELHI88 12077 MS. JYOTI PATIDAR ACS - 48899 AJMER89 12078 MR. MUKESH SINGH RATHOR ACS - 48787 KANPUR90 12079 SH. PRAFULLA KUMAR MALLIK FCS - 4035 DELHI91 12080 MS. KIRAN BALA AGGARWAL ACS - 48301 NEW DELHI92 12082 MR. AWANISH KUMAR ACS - 47559 NEW DELHI93 12083 MR. AMIT SHARMA ACS - 48293 PAN I PAT DISTT94 12085 MS. CHANDNI VIJ ACS - 46897 LUCKNOW95 12089 MR. HARIOM SHARMA ACS - 41738 NEW DELHI96 12090 MS. MANPREET KAUR SAINI ACS - 31256 NEW DELHI97 12091 MR. AJAY KUMAR PANDEY ACS - 31697 KANPUR98 12093 MR. KESHAV RATHI ACS - 35438 JODHPUR99 12097 MS. RITU AGARWAL ACS - 36942 GOTAN100 12101 MR. DEEPAK TIWARI ACS - 43207 ALLAHABAD101 12102 SH. RAKESH BHARDWAJ ACS - 22973 GURGAON102 12103 MR. AMIT VERMA ACS - 27981 ZIRAKPUR103 12104 MR. JATINDER KUMAR ACS - 44082 FARIDABAD104 12106 SH. DINESH BHANDARI FCS - 5887 CHANDIGARH105 12107 MS. RITU GOYAL FCS - 7486 NEW DELHI106 12117 MR. PRAVEEN KUMAR SHARMA ACS - 30538 JODHPUR107 12118 MR. BALAJI RAO KANAMARLAPUDI ACS - 34542 NEW DELHI108 12120 MR. MOHIT KUKREJA ACS - 43077 SONEPAT109 12123 MS. RUBINA VOHRA ACS - 30312 NOIDA110 12129 SH. RAVI SHANKER TIWARI ACS - 26115 GHAZIABAD111 12131 SH. ARVIND GUPTA FCS - 7690 NOIDA112 12139 SH. DHARAMVEER DABODIA ACS - 29365 NEW DELHI113 12143 MS. PRACHI VIJ ACS - 30103 NEW DELHI114 12144 MR. SURYA KANT GUPTA ACS - 29849 NEW DELHI115 12146 MR. SUMIT MADAN ACS - 47557 GURGAON116 12151 MR. DEWAN ASPARAN NABI ACS - 49020 MOHALI117 12152 MS. DIVYATANDON FCS - 3860 NEW DELHI118 12154 MR. AJAY SINGH ACS - 29843 MODINAGAR119 12158 MR.YOGESH KAUSHIK ACS - 46934 SONIPAT120 12160 MR. KHEM CHAND ACS - 34937 FARIDABAD121 12162 MR. PRINCE KUMAR ACS - 41094 DELHI122 12168 MR. KAPIL DATTA ACS - 36851 DELHI123 12170 MR. MOHIT MEHTA ACS - 46893 NEW DELHI124 12172 SH. SUDHAKAR JHA FCS - 7537 DELHI125 12174 MR. AMIT SINGH ACS - 46813 KANPUR126 12175 SH. RAKESH KUMAR FCS - 7886 NEW DELHI127 12179 SH. SANJAY JINDAL FCS - 4412 GHAZIABAD128 12180 SH. NITIN GOYAL ACS - 29669 NEW DELHI129 12181 MR. SANCHIT RALHAN ACS - 40304 DELHI130 12185 MR. PANKAJ BANSAL ACS - 48738 DELHI131 12186 MS. ANURADHA GUPTA ACS - 36639 NEW DELHI132 12190 MR. RAKESH GUSAIN ACS - 27632 NEW DELHI133 12191 MR. JITENDRA SHARMA ACS - 31493 DELHI134 12192 MR. MOHD SHAHID ACS - 40292 PILIBHIT135 12193 SH. DHIR SINGH BHATI FCS - 6760 GURGAON136 12196 MR. DHIRENDRA SHARMA ACS - 33592 JODHPUR137 12197 MR. GUNJAN KUMAR ACS - 34047 NEW DELHI138 12198 MR. SHOBHIT RASTOGI ACS - 31784 LUCKNOW139 12204 SH ABHISHEK GOEL ACS - 20192 GURGAON140 12210 MR. SHASHIKANT PANDEY ACS - 30763 NEW DELHI141 12214 MR. PANKAJ VASHISTHA ACS - 47324 GURGAON142 12224 SH. MANOJ SHARMA FCS - 7516 NEW DELHI143 12225 SH. V RAMASAMY FCS - 6191 DELHI144 12226 SH. RAJKUMAR AGGARWAL ACS - 9169 NEW DELHI145 12227 SH. PAWAN CHADHA ACS - 24117 NEW DELHI146 12228 SH. MRITYUNJAY PRASAD ROY FCS - 7586 NEW DELHI147 12229 SH. VIPIN SHUKLA FCS - 6798 DELHI148 12234 SH.ASHUTOSH KUMAR SINGH FCS - 7077 GHAZIABAD149 12239 MR. ASHISH KUMAR SAXENA ACS - 47082 MORADABAD150 12243 SH. PANKAJ KUMAR MUNDRA ACS - 19284 GURGAON151 12244 MS HARSIMRAN KAUR FCS - 8174 JALANDHAR152 12247 MR. RAHUL KUMAR TIWARI ACS - 40333 DELHI153 12248 MR. NIKHIL BIHARI PANDEY ACS - 33849 GREATER NOIDA154 12251 MR. UMANG MEHROTRA ACS - 29039 ALLAHABAD155 12252 SH. BALWINDER SINGH KALSI FCS - 2261 MOHALI156 12253 SH. SURESH KUMAR ACS - 18869 CHANDIGARH157 12254 SH. ABHAY RANJAN KUMAR

SINGHFCS - 8912 GHAZIABAD

158 12263 MS. JYOTI SHARMA ACS - 44037 SAHARANPUR159 12270 MR. ABHINAV AGARWAL ACS - 41468 DELHI


CsBF

SN. LM No./Name Mem. No. City160 12271 MR. MANISH KUMAR ACS - 43111 DELHI161 12272 MR. MOHIT SHARMA ACS - 44343 NEW DELHI162 12273 MR. RAJANIKANTA SENAPATI ACS - 31693 NEW DELHI163 12274 MS. PARUL FCS - 6880 DELHI164 12275 MR. ASHISH GOEL ACS - 37275 SONEPAT165 12276 MR. RAJEEV KUMAR ACS - 47134 DELHI166 12277 SH. DEBASIS DIXIT FCS - 7218 DELHI167 12278 MR. SUNNY ACS - 35273 NEW DELHI168 12279 SH. SANDEEP SHARMA ACS - 18208 NEW DELHI169 12280 SH. ASHOK KUMAR VERMA FCS - 3945 NEW DELHI170 12281 MS. SADHNA BAHRI ACS - 24534 NEW DELHI171 12282 MS. KIRAN RANA ACS - 29534 NEW DELHI172 12283 MR. SATISH KUMAR ACS - 31173 SONEPAT173 12284 MS. SARITA AGRAWAL ACS - 8172 NEW DELHI174 12285 SH PANKAJ JAIN FCS - 6813 NOIDA175 12286 MS. ATIMA KHANNA ACS - 28463 NEW DELHI176 12287 MR. RAVI ARORA ACS - 37075 NEW DELHI177 12288 MS. SONALI SHARMA ACS - 29972 DELHI178 12289 SH. SANJEEV KUMAR SAPRA ACS - 11912 NEW DELHI179 12290 MR. AMRITESH KUMAR SHUKLA ACS - 46082 REWARI180 12291 MR. ASHUTOSH KUMAR DUBEY ACS - 44838 CENTAL DELHI181 12292 MS. MAINA JOLLY ACS - 25890 NEW DELHI182 12293 MS. SHASHI SHARMA FCS - 8498 NEW DELHI183 12294 MR. VINOD KUMAR ACS - 40149 FARIDABAD184 12295 SH. AKHIL CHADHA ACS - 15025 NEW DELHI185 12296 SH. GAURAV AGARWAL ACS - 19607 MORADABAD186 12297 MR. ANIL KUMAR SACHDEVA ACS - 40331 DELHI187 12298 MR. RANJEET KUMAR ACS - 41715 DWARKA, NEW DELHI188 12299 MS. SHASHI BALA ACS - 27912 NEW DELHI189 12312 SH.ACHAL KAPOOR ACS - 26642 GHAZIABAD190 12337 MS. TRIPTI JAIN ACS - 22394 GURGAON191 12338 SH. RAJEEV SUNARIA ACS - 23620 GURGAON192 12339 MR. RAVIPRAKASH ACS - 45031 GHAZIABAD193 12340 SH. ANKITSINGHI ACS - 20642 NEW DELHI194 12341 MR. GAURAV RANA ACS - 37638 NEW DELHI195 12342 MR. SUMAN KUMAR ACS - 37543 DELHI196 12343 SH. MANOJ KUMAR ACS - 19415 NEW DELHI197 12344 MS. MOHINI VARSHNEYA FCS - 6534 NEW DELHI198 12345 MS. AKANSHA GILL ACS - 38850 NEW DELHI199 12346 MS. ANJALI AGGARWAL FCS - 5840 NEW DELHI200 12347 MS. SHRAIYA PALIWAL ACS - 35125 KANPUR201 12348 MS. RUCHIKA SHARMA ACS - 41059 NEW DELHI202 12349 MS. DEEPIKA VIJAY ACS - 20652 NEW DELHI203 12350 MR. NITESH LATWAL ACS - 32109 NEW DELHI204 12354 MS. ANJALI SINGH ACS - 36823 BAREILLY205 12364 MRS. POOJA MALIK ACS - 16478 NEW DELHI206 12370 SH MAHENDRA VERMA ACS - 20349 BAREILLY207 12372 MS. SHWETA CHATURVEDI ACS - 35931 NEW DELHI208 12376 MS. ANITA DAHIYA ACS - 32630 SONEPAT DISTT209 12382 MR. VISHAL MISHRA ACS - 43036 DELHI210 12383 MR. PATANJALI NARAYAN DIXIT ACS - 37183 GAUTAM BUDH NAGAR211 12387 MR. JAIDEV NAGAR ACS - 48231 KOTA212 12393 MS. PRIYANKA MITTAL ACS - 25857 GHAZIABAD213 12394 MR. SANJEEV KUMAR ACS - 48211 KARNAL214 12396 MS. SHIBA KUKREJA ACS - 46109 NEW DELHI215 12402 MR. RAHUL JAIN ACS - 45435 BEAWAR216 12404 MR. MAYANK DUBEY ACS - 29935 NEW DELHI217 12405 MR. S BADRI NARAYANAN ACS - 44084 NEW DELHI218 12406 SH. JINENDRA KUMAR JAIN FCS - 6981 BANSWARA219 12407 SH. RAMDEV SINGH JETMAL FCS - 7766 RAJSAMAND220 12408 SH. NARENDRA SAINI ACS - 27302 CHURU221 12417 MS. ANKITA SONSI ACS - 29940 SONEPAT222 12421 MS. RAJU SAHU ACS - 42557 NEW DELHI223 12422 MS. SHELLY BHAGAT CHOUDHARY ACS - 48424 BHILWARA224 12424 MR. SANTOSH BHATT ACS - 39878 ROORKEE225 12428 MR. DEEPAK MALHOTRA ACS - 32431 DELHI226 12429 MR. MUKESH KUMAR YADAV ACS - 47367 GHAZIABAD227 12430 MR. NARAYAN DAS DAGA ACS - 33133 BIKANER228 12434 MR. MANAS SRIVASTAVA ACS - 39185 JAIPUR229 12435 MR. KARAN SINGH SAHI ACS - 42039 DELHI230 12438 MS. CHANCHAL GROVER ACS - 46459 NARNAUL231 12441 MS. SHWETA SAXENA ACS - 26790 DELHI232 12455 SH. RAVNISH KUMAR ADVANI FCS - 8405 NEW DELHI233 12462 MR. ANKIT KUMAR PERIWAL ACS - 35475 SRIGANGANAGAR DISTT234 12464 MR. SUMIT BHOJWANI ACS - 36611 LUDHIANA235 12465 MR. GIRIRAJ RATHI ACS - 47393 DELHI236 12467 MR. ANKIT GUPTA ACS - 34021 NEW DELHI237 12469 SH. VIKASH MITTAL ACS - 25853 GHAZIABAD238 12470 MR. SHYAM LAL SHARMA ACS - 29993 New Delhi239 12476 MR. KAMLESH KUMAR ACS - 44873 NEW DELHI240 12477 MS. KIRTI CHECHANI ACS - 45886 BHILWARA241 12478 MR. AJEET PANDEY ACS - 42500 KANPUR242 12482 MR. ANKIT TIWARI ACS - 47270 BIKANER243 12492 MS. SHIKHA MUNJAL ACS - 46656 DELHI

SN. LM No./Name Mem. No. City244 12493 MR. RAVI SHANKAR ACS - 40312 NEW DELHI245 12497 MR. ANUJ KUMAR SOLANKI ACS - 31746 NEW DELHI246 12500 MS. DEEPSHIKHA CHAINANI ACS - 42308 KANPUR247 12502 MR. PRAVEEN KUMAR ACS - 39184 NEW DELHI248 12503 MR. DEEPANSHU KAPOOR ACS - 44492 PAN I PAT249 12512 MR. RONI SONI ACS - 36842 NEW DELHI250 12513 MR. ANANT PRAKASH ACS - 29224 NEW DELHI251 12514 SH. MOHAMMAD SHAFI MIR FCS - 8516 SRINAGAR252 12515 MR. NAVEEN KUMAR CHHABRA FCS - 8521 GHAZIABAD253 12516 MS. PREETI SHARMA ACS - 42173 GHAZIABAD254 12519 SH. PRASHANT KUMAR GUPTA ACS - 29853 DELHI255 12524 SH. VARUN VERMA ACS - 26119 AGRA256 12533 MR. ANKIT GARG ACS - 31630 LUCKNOW257 12535 MR. KARAN SINGH CHOUHAN ACS - 45180 JAIPUR258 12536 MR. ABNISH KUMAR ACS - 37803 NEW DELHI259 12538 MR. VISHAL GAMBHIR ACS - 40037 SONEPAT260 12541 MS. GEETANJLI AGGARWAL ACS - 35328 GURGAON261 12542 MR. SHASHANK KUMAR SHARMA ACS - 33587 MATHURA262 12547 SH. INDER PAL KWATRA ACS - 7558 DELHI263 12552 MR. ANKIT RAWAL ACS - 48067 RISHIKESH264 12553 MR. SUDIST KUMAR THAKUR ACS - 29936 NEW DELHI265 12555 MS. AYUSHI AGARWAL ACS - 34672 LUCKNOW266 12562 MR. LOKESH SHARMA ACS - 46247 REWARI267 12565 MR. CHANDER KANT ACS - 36886 NEW DELHI268 12567 MS. SHIVANI ACS - 47438 DELHI269 12569 MS. DIVYA MATHUR ACS - 40314 JAIPUR270 12576 MS. SAKSHI AGGARWAL ACS - 34922 DELHI271 12578 MR. SUMIT KUMAR BATRA FCS - 7714 DELHI272 12584 MS. RICHAARORA ACS - 46335 NEW DELHI273 12587 MS. AVANTIKA SHUKLA ACS - 47558 NEW DELHI274 12588 MS. RICHA KUMARI ACS - 44237 GURGAON275 12592 MR. JITENDER ACS - 45648 NEW DELHI276 12594 MS. PRITI SHARMA ACS - 41775 JAIPUR111 12596 SH. RABINDRA KUMAR SATAPATHY FCS - 8282 NEW DELHI218 12598 MS. SABINA DINESH VERMA FCS - 4100 DELHI279 12601 MS. GARIMAJAIN ACS - 27488 AJMER280 12607 SH. SAMEER WAS FCS - 7769 GURGAON281 12614 MS. NAINAAHUJA ACS - 39748 NEW DELHI282 12616 MS. PRIYA MIDDHA ACS - 39329 CHITTORGARH283 12618 MR. HIMANSHU DUGGAL ACS - 31026 NEW DELHI284 12619 MS. GAYATRI GOPINATH ACS - 30489 DELHI285 12623 SH. RAJEEV MUKHIJA ACS - 13265 NEW DELHI286 12625 SH. ABHISHEK SINGHAL ACS - 20538 HATHRAS287 12628 SH. SUNIL KUMAR ACS - 26775 SONEPAT288 12631 MR. SHISHIR DUDEJA ACS - 32067 NEW DELHI289 12635 MR. AMAN KUMAR ACS - 32914 NEW DELHI290 12637 MR. SANTOSH KUMAR ACS - 33474 DELHI291 12639 MS. SWATI ACS - 34233 PALWAL292 12647 MR. SATYAWAN SHARMA ACS - 35685 BUNDI293 12648 MS. ANJALI MANWANI ACS - 36250 LUCKNOW294 12650 MS. RICHA PRASHAR ACS - 36753 DELHI295 12653 MR. JITENDRA KUMAR GARG ACS - 37562 KOTA296 12656 MS. YOJNAAHUJA ACS - 41461 NEW DELHI297 12658 MS. SONAL KHARE ACS - 42106 LUCKNOW298 12660 MR. SUNPREET SINGH ACS - 43116 NEW DELHI299 12661 MR. ANKIT BANSAL ACS - 43226 GHAZIABAD300 12662 MS. SHRUTI AGARWAL ACS - 43309 LUCKNOW301 12665 MR. RAHUL YADAV ACS - 46116 KANPUR302 12668 MS. KARTIKA KANKARIYA ACS - 46701 JODHPUR303 12669 MS. SMITA AGRAWAL ACS - 47011 KOTA304 12670 MR. GAJENDRA SINGH SHEKHAWAT ACS - 47095 JAIPUR305 12673 MS. CHETNA AGARWAL ACS - 47778 MEERUT306 12678 SH. SACHIKANTA CHAUDHURY FCS - 4423 DEHRADUN307 12686 MRS. PRIYA AGGARWAL ACS - 22212 NEW DELHI308 12691 MR. SAMEER KISHORE BHATNAGAR ACS - 30997 NEW DELHI309 12693 MR. NAVINDER KUMAR ACS - 37800 PAN I PAT310 12700 SH. ASHOK KUMAR FCS - 5125 NOIDA311 12706 MR. DEVENDER ACS - 42705 PAN I PAT312 12708 MS. NEHA WASON ACS - 40023 NOIDA313 12710 MR. BHARAT BHUSHAN GANDHI ACS - 38772 FARIDABAD314 12715 SH. PRADEEP KUMAR GARG ACS - 19221 GHAZIABAD315 12716 MS. NEHA SHARMA ACS - 36071 PAN I PAT316 12720 MS. SHEETAL CHAUHAN FCS - 8060 GHAZIABAD317 12725 MR. ARABINDA MOHANTY ACS - 43759 GURGAON318 12727 MR. ABHINAV GAUTAM ACS - 34108 KOTA319 12732 MR. BHARAT KUMAR MANDOT ACS - 42357 BHILWARA320 12733 MR. GURPREET SINGH SIAL ACS - 40569 DELHI321 12737 MR. ROHIT SHARMA ACS - 42706 JAIPUR322 12738 MR. RAMAVTAR JANGID ACS - 38688 JAIPUR323 12739 MR. ARVINDER SINGH ACS - 38944 KANPUR324 12747 MR. PANKAJ RAWAT ACS - 45363 JODHPUR325 12748 SH. RAJ KUMAR JAGGI ACS - 11624 NEW DELHI326 12752 MR. MADHVENDRA SHUKLA ACS - 48296 NEW DELHI327 12757 MS. NEHA JAIN ACS - 31484 JAIPUR


Compliance Checklist

S. No. Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc. Compliance Due Date

To whom to be submitted

1.

Filing of Return of Central Excise and Cenvat Credit for the month of January, 2017 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th February Central Excise Authorities

2.

Monthly Excise return by EOU for the month of January, 2017 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th February Central Excise Authorities

3.

Monthly Return of information relating to Principal Inputs (January, 2017) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th February Central Excise Authorities

4.

Last Date for payment of Excise Duty Non SSI units (February) *(in case of Payment through Internet banking)

Rule 8 Central Excise Rules, 2002 05th March *06th March

Central Excise Authorities

5.

Monthly Return of information relating to Principal Inputs (February 2017) (Form No. ER-6)

Rule 9A CENVAT Credit Rules, 2004 10th March Central Excise Authorities

6.

Filing of Return of Central Excise and Cenvat Credit for the month of February 2017 (Form No. ER-1) (Non SSI Units)

Rule 12 / Rule 9(7) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th March Central Excise Authorities

7.

Monthly Excise return by EOU for the month of February 2017 (Form No. ER-2)

Rule 17(3) Central Excise Rules, 2002 10th March Central Excise Authorities

Service tax related Compliances8.

Pay Service Tax in Challan GAR – 7, collected for the month of February 2017 by persons other than individuals proprietors and partnership firms. *(in case of Payment through Internet banking)

Section 68 Read with Rule 6 Finance Act, 1994Service Tax Rules, 1994

05th March*06th March

Service Tax Authorities

income-tax related Compliances9.

Contractor’s Bill / Advertising / Professional service Bill - TDS collected for the previous month Section 194J (February, 2017)

Section 194CSection 194J

Income-tax Act, 1961 07th March Income Tax Authorities

10.

Monthly payment of TCS (February, 2017)

Section 206 Income-tax Act, 1961 07th March Income Tax Authorities

11.

TDS from Salaries for the previous month (February, 2017)


12.

Deposit TDS from salaries for the previous month in Challan No.281 (February, 2017)


rbi related Compliances13.

Reporting of actual transactions of ECB in form ECB-2 within 7 working days (February, 2017)

ECB Rules FEMA, 1999 08th March RBI through Authorized Dealer

14.

Reporting of Special Mention Account status (SMA-2 return)

NBS.PPD.02/66.15.001/2016-17 dated September 29, 2016

Master Direction Every Friday RBI

CoMPliAnCe CheCKliSt froM 10th februAry, 2017 to 10th MArCh, 2017


Compliance Checklist

bi related Compliances15.

Reporting of actual transactions of ECB in form ECB-2 within 7 working days (February, 2017)

ECB Rules FEMA, 1999 08th March RBI through Authorized Dealer

16.

Reporting of Special Mention Account status (SMA-2 return)

NBS.PPD.02/66.15.001/2016-17 dated September 29, 2016

Master Direction Every Friday RBI

economic, industrial & labour law related Compliances17.

Monthly payment of Provident Fund (PF) (Non Corporate)

(a) Paragraph 38 of Employees Provident Funds Scheme, 1952(b) Section 418 of the Companies Act, 1956

(a) Employees’ Provident Funds and Misc. Provisions Act, 1952 (b) Exempted Scheme

15th February Provident Fund Authorities Trustees of Provident Fund

18.

File monthly return for employees leaving / joining during the month of January(Form No.5)

Pragraph 20(2) read with Paragraph 36(1) & (2)

The Employees Pension Scheme, 1995 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th February Provident FundCommissioner

19.

File monthly Return of employees entitled for membership of Insurance Fund (Form No.2(IF))File monthly Return for members of Insurance Fund leaving service during the month of January (Form no. 3(IF))File monthly return of members joining service during the month of January (Form no.F4(PS))

Paragraph 10 The Employees Deposit Linked Insurance Scheme,1976 (For exempted establishments under Employees Provident Fund and Misc. Provisions Act, 1952)

15th February Provident FundCommissioner

20.

Payment of ESI contribution for the previous month

Regulation 31 Employees’ State Insurance Act, 1948 and Employees State Insurance (Gen.) Regulations, 1950

21st February ESIC Authorities

21.

Monthly return of Provident Fund for the previous month (January) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th February Provident Fund Authorities

22.

Monthly return of Provident Fund for the previous month with respect to International Workers.

Paragraph 36 The Employees' Provident Funds Scheme, 1952

25th February Provident Fund Authorities

Stock exchange / listing Compliance23.

Submission of un audited financial results to stock exchange

33(3)(a to c) SEBI (Listing Obligations and Disclosure Requirements) 2015

Within 45 days of the end of each quarter

Stock Exchanges

24.

Submission of statement giving number of investor complaints during the quarter

13 (3) SEBI (Listing Obligations and Disclosure Requirements) 2015

Within 21 days from the end of each quarter

Stock Exchange

Note: While every care has been taken in the preparation of this Compliance Check List for the Month of February, 2017, to ensure its accuracy at the time of publication, NIRC – ICSI assumes no responsibility for any errors which despite all precautions, may be found therein. Members are requested to check the latest position with the original sources before acting upon on the information published in this newsletter. Neither this Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract. The material contained in this document does not constitute/ substitute professional advice that may be required before acting on any matter.

note : *With effect from october 1, 2014, the CbeC vide notification no. 19/2014- Ce(nt) and notification no. 9/2014-St, both dated July 11, 2014 had made it mandatory for payment of tax/ duty electronically through internet banking for all Central excise and Service tax Assesses except in exceptional cases to be recorded by Divisional Assistant / Deputy Commissioners.

Compiled by: CS Abhishek gupta | [email protected] by : CS Punit Arora ! [email protected]


News from NIRC

neWS froM nirCNIRC organised the following programs:

Date Program Chief guest/speakers Present9.1.2017 Campus Placement for Trainees CS Manish Gupta, CS Alka Arora and

participants9-13.1.2017 Master Classes on Insolvency and

Bankruptcy Code-2016Guest Speakers: CS Virender Ganda, Past President ICSI & Sr. Advocate; CS M.L. Sharma, Advocate; CS T R Ramamurthy, Company Secretary in Practice; CS S M Sundaram, Advocate and CS Satwinder Singh, Council Member-ICSI

CS Manish Gupta, CS Dhananjay Shukla, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

10-18.1.2017 8 days Executive Development Program

Members of the Institute and other professionals Students of the Institute

10-16.1.2017 5 days Entrepreneurship Development Program

Members of the Institute and other professionals Students of the Institute

11.1.2017 Sensitization Workshop on CSR – A Road Ahead jointly with Ministry of Corporate Affairs, Government of India

Guest Speakers: Shri N K Bhola, Regional Director (North), Ministry of Corporate Affairs, Government of India; CS Rajendra Chopra, Sr. Vice President and Company Secretary,Bharti Airtel Limited; Shri Ranjit Singh, Maruti Suzuki India Ltd.; Shri C P Bhatia, Rural Electrification Corporation Ltd.; CS NK Jain, Former Secretary & CEO, ICSI; Dr. Asha Mittal, ONFC; CS D Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana;CS Puneet Duggal, Registrar of Companies, Kanpur and CS Seema Rath, Joint Director(CSR),Ministry of Corporate Affairs, Govt. of India

CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS Monika Kohli, CS Nitesh Sinha, CS Alka Arora and participants

11.1.2017 HR Conclave on Changing Role of HR and Company Secretary

Guest Speakers: CS Manoj Kapoor, Director, Kapgrow Corporate Advisory Services; CS Rajiv Bajaj, Council Member, ICSI and CS Dinesh Chandra Arora, Secretary, ICSI

CS Manish Gupta, CS Dhananjay Shukla, CS Nitesh Sinha, CS Alka Arora and participants

14.1.2017 Seminar on Rise-n Shine-Keeping Pace in the Marathon of Life

Guest Speakers: HG Gaur Gopal Das ji, Disciple of HH Radhanath Swami. Based in ISKCON Chowpatty, Mumbai and CS (Dr.) Pawan G. Agrawal, An International Motivational Speaker, Author, Educationist, Business Consultant and Successful Entrepreneur

CS Manish Gupta, CS Ranjeet Pandey, CS Dinesh Chandra Arora, CS Dhananjay Shukla, CS Pradeep Debnath, CS Monika Kohli, CS Nitesh Sinha, CS Saurabh Kalia, CS Alka Arora and members

15.1.2017 Valedictory Session of 1st Week-end Management Skills Orientation Program (MSOP)

Chief Guest: CS Pavan Kumar Vijay, Past President-ICSI

CS Manish Gupta, CS Nitesh Sinha, CS Alka Arora and participants

16.1.2017 Study Session on Wealth Management by investing in Financial Markets

Guest Speaker: Mr. Varun Malhotra, (Alumni IIM-A) Director - EIFS Pvt Ltd

CS Manish Gupta and participants

17.1.2017 Campus Placement for Fresher's Members of the Institute18.1.2017 PCS Helpline on Technical Issues

relating to E-filingFacilitator/Expert: CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys LTD.

CS Dhananjay Shukla, CS Rajeev Bhambri and CS Deepak Arora

18.1.2017 Valedictory Function of 256th MSOP Chief Guest: CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys LTD.

CS Manish Gupta, CS Dhananjay Shukla, CS Rajeev Bhambri, CS Deepak Arora, CS Alka Arora and participants

18.1.2017 Inauguration of Digitized Library of NIRC

Chief Guest: CS S Bhasker, Principal Consultant, MCA21 Project of MCA,Infosys LTD.

CS Manish Gupta, CS Dhananjay Shukla, CS Rajeev Bhambri, CS Deepak Arora, CS Alka Arora and students

26.1.2017 Celebration of 68th Republic Day & Flag Hoisting

Distinguished Guests: CS Mahaveer Singhvi, IFS, Joint Secretary (Central Europe), Ministry of External Affairs, Government of India and CS Ravinder, IAS, Ministry of Culture & Tourism, Government of India

CS Dhananjay Shukla, CS Rajiv Bajaj, CS Satwinder Singh, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

30.1.2017 Inauguration of 258th MSOP Chief Guest: Mr. Anurag Bakshi, IRS (Retd.) & Former Commissioner, DRI, Mumbai

CS Dhananjay Shukla, CS Nitesh Sinha, CS Alka Arora and participants


News from NIRC

2.2.2017 Program on Union Budget 2017-18 Distinguished Guest: Mr. Pawan K. Kumar, IRS, Commissioner of Income Tax;Key-note Speakers: CA (Dr.) Girish Ahuja, Eminent Tax Expert on Direct Tax and CS Bimal Jain, Eminent Tax Expert on Indirect Tax

CS Dhananjay Shukla, Mr. Vijay Kumar Jhalani, CS Ranjeet Pandey, CS Rajiv Bajaj, CS Satwinder Singh, CS Pradeep Debnath, CS Nitesh Sinha, CS Manish Gupta, CS Monika Kohli, CS Alka Arora and members

3.2.2017 Inauguration of 259th MSOP CS Dhananjay Shukla, CS Pradeep Debnath, CS Nitesh Sinha, CS Alka Arora and participants

Attention MeMberS /StuDentSThe details of Members Programs like Seminar, Conferences, etc. and soft copies of NIRC-ICSI Newsletters & Students’ programs viz EDP, PDP, MSOP, Students Activities, such as viz Moot Court Competitions, Elocution Competition, Essay writing, Company Law Quiz and Student Conferences are regularly updated on the NIRC Portal at ICSI website.

To get updated information, Members & Students are requested to visit our following website regularly.

www.icsi.edu/niro

inVitAtion for Contribution of ArtiCleS & SuggeStionS for iMProVeMent of ContentS of

nirC neWSletter NIRC of ICSI invites Articles from Members for publication in the NIRC Newsletter. Members are also requested to forward their comments/suggestions for further improvement of contents of Newsletter. Members may send the soft copy of their article and profile to NIRC by email to [email protected] for consideration by the Editorial Board.

CAreer AWAreneSS ProgrAMSNIRC has organised 5 Career Awareness Programs & during the month of January, 2017 in various schools & colleges located in Delhi and surrounding areas. The students were apprised about the mode of registration in the course, syllabus, structure of the course and also the avenues available after completion of the Company Secretaryship Course both in employment and in practice. Pamphlets of Career in Company Secretaryship Course were distributed to the students.

lighter SiDe of the ProfeSSion“How do you find the new President of USA?”“He is just like my wife.”“How ?”“Both of them don’t think about the consequences of the actions they are taking.” ******************* “Paramjeet Singh, why you feel proud?”“Because my thoughts ,time and efforts have brought excellent results in the month of January for the elevation of an employee” “Who is that employee?”“Most probably he is Harmit,Gurjit or Surjeet.”

—CS PArAMJeet Singh, [email protected]

Members may send their contribution for this column at e-mail [email protected] for publication in the NIRC Newsletter-Insight. Decision of the Editorial Board of Newsletter in this regard will be final


Financial Assistance scheme

finAnCiAl ASSiStAnCe SCheMe to the StuDentS unDer eConoMiCAlly WeAKer SeCtion (eWS)

NIRC of ICSI is announcing financial assistance to the students under Economically Weaker Section (EWS) scheme for bonafide registered students of ICSI, who intent to register for Oral tuitions classes (OTC) conducted by NIRC of ICSI at NIRO, 4, Prasad Nagar Institutional Area, New Delhi 110 005.

for founDAtion ProgrAMMe eligibility CriteriA The candidate should –

� be a bonafide registered student of the Institute; � have passed all the papers of 12th Class and secured a minimum of 50 per

cent marks in the aggregate; � have family income of not more than Rs.1,00,000/-(One lakh) in a year

AND � have no other source from which assistance/scholarship is received

simultaneously for pursuing the Oral Tuition classes

for exeCutiVe ProgrAMMe eligibility CriteriA The candidate should —

� be a bonafide registered student of the Institute; � have passed all the papers of Foundation Programme at one sitting, in the

first attempt, without claiming exemption in any paper OR

� have passed Graduation with a minimum of 50 per cent marks in the aggregate;

� have Family income of not more than Rs.1,00,000/-(One lakh) in a year AND

� have no other source from which assistance/scholarship is received simultaneously for pursuing the Oral Tuition classes

for ProfeSSionAl ProgrAMMe eligibility CriteriA The candidate should —

� be a bonafide registered student of the Institute; � have passed all the papers included in both the modules of the Executive

Programme at one sitting, in the first attempt, without claiming exemption in any paper,

� have an income (if employed or is having an independent source of income) of not more than Rs.1,00,000/-(One lakh) in a year if living on his/her independent income

AND � have no other source from which assistance/scholarship is received

simultaneously for pursuing the Oral Tuition classes

nuMber of AWArDS of ASSiStAnCefor foundation Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year

for executive Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year

for Professional Programme :- The Maximum number of Fee concession for the foundation programme is 25 per session or 50 in a year Value of Assistance

fee Concession in ot Classes organized by niro75% fee ConCeSSion & 85% fee ConCeSSion

for *MeritoriouS StuDentS of eConoMiC WeAKer SeCtion*Meritorious students

For Foundation Programmeeligibility CriteriA Examination Minimum marks Senior Secondary (10+2) Examinations through Central/ State Boards of Education recognized by Government of India

Minimum of 75% marks (or equivalent CGPA Grade) in his /her first attempt

For Executive Programme eligibility CriteriA Examination Minimum marks Foundation Programme examination

:The candidate should have passed all the papers of Foundation Programme examination at one sitting, in the first attempt, without exemption in any paper and secured at least a minimum of 55 per cent marks in the aggregateOrhave passed Graduation with a minimum of 65 percent marks in the aggregate

For Professional Programmeeligibility CriteriA Examination Minimum marks Executive Programme examination

The candidate should have passed all the papers included under both modules/groups of included under both modules/groups of Executive Programme/Intermediate examination at one sitting, in the first attempt, without exemption in any paper, and secured at least a minimum of 55 per cent marks in the aggregate.

reQuireD DoCuMent � Attested copies of certificates and mark-sheets in support of his/her

qualifications. � Income certificate clearly indicating monthly as well as yearly income of the

candidate � and /or his/her parents/guardian/spouse � Income certificate issued by a Revenue Officer not below the rank of Tehsildar � BPL Ration card (Yellow Coloured)/AA Y Ration Card (Pink Coloured)/National

Food Security Card.

CAnCellAtion of grAnt of fee ConCeSSionThe concession provided to a candidate may be recovered, withdrawn or cancelled, at the discretion of the NIRC of ICSI, if subsequently it is found that the candidate :

� has suppressed any material information or has made any wrong statement, and/or has given a false declaration in any respect;

or � his/her conduct has not been found satisfactory in pursuance of regulation 27

of the ‘Company Secretaries Regulations, 1982’ as in force.Scheme will purely be given on the basis of students financial conditions. However Regional Council of NIRC-ICSI is the final authority to decide the concession.The decision of the Regional Council of NIRC-ICSI shall be final on all matters relating to the scheme, including the meaning and interpretation to be given with regard to any provision contained in the scheme.The Regional Council of NIRC-ICSI reserves the right to amend the scheme from time to time or repeal it without any prior notice.


CsBF

10,000.

7,50, 000.

CS Dhananjay ShuklaChairman09873347280

10,000

3


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1 Study Session on Wealth Management by investing in Financial Markets(16.1.2017): Mr. Varun Malhotra, (Alumni IIM-A) Director - EIFS Pvt Ltd; CS Manish Gupta, CS J K Bareja, CS Deepak Gajrani and others seen.

3 Valedictory Session of 1st Week-end Management Skills Orientation Program (MSOP)-15.1.2017: L to R CS Nitesh Sinha, CS Pavan Kumar Vijay(Past President-ICSI) and CS Manish Gupta.

5 Inauguration of 258th MSOP (30.1.2017): Group Photograph of participants alongwith Mr. Anurag Bakshi, IRS (Retd.) & Former Commissioner, DIR, Mumbai, CS Dhananjay Shukla, CS Nitesh Sinha, CS Alka Arora and Dr. Bhole Shankar Sikhwal.

2 Inauguration of Digitized Library of NIRC(18.1.2017): CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys Ltd. inaugurating Digitized Library of NIRC. Others seen CS Manish Gupta, CS Dhananjay Shukla, CS Rajeev Bhambri, CS Deepak Arora, CS Alka Arora, Mr. Jagdish Sikka and students.

4 Valedictory Function of 256th MSOP (18.1.2017): L to R CS Manish Gupta, CS Deepak Arora, CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys Ltd., CS Dhananjay Shukla and CS Rajeev Bhambri.

6 Inauguration of 259th MSOP (3.2.2017): Group Photograph of participants alongwith CS Dhananjay Shukla, CS Pradeep Debnath,CS Nitesh Sinha, CS Alka Arora and Dr. Bhole Shankar Sikhwal.


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23-24.02.201720.02.2017

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1 Seminar on Rise-n Shine-Keeping Pace in the Marathon of Life(14.1.2017): HG Gaur Gopal Das ji, Disciple of HH Radhanath Swami. Based in ISKCON Chowpatty, Mumbai and CS (Dr.) Pawan G. Agrawal, An International Motivational Speaker, Author, Educationist, Business Consultant and Successful Entrepreneur addressing. Others sitting on the dais from L to R CS Nitesh Sinha, CS Dhananjay Shukla, CS Dinesh Chandra Arora, CS Manish Gupta, CS Ranjeet Pandey, CS Pradeep Debnath, CS Monika Kohli and CS Saurabh Kalia.

3 Sensitization Workshop on CSR – A Road Ahead jointly with Ministry of Corporate Affairs, Government of India (11.1.2017): L to R CS Nitesh Sinha, CS Puneet Duggal, Registrar of Companies, Kanpur, CS D Bandopadhyay, Registrar of Companies, NCT of Delhi & Haryana; CS Seema Rath, Joint Director(CSR),Ministry of Corporate Affairs, Govt. of India and CS Pradeep Debnath.

5 HR Conclave on Changing Role of HR and Company Secretary(11.1.2017): L to R CS Nitesh Sinha, CS Dinesh Chandra Arora, Secretary, ICSI, CS Manish Gupta, CS Rajiv Bajaj, Council Member, ICSI, CS Manoj Kapoor, Director, Kapgrow Corporate Advisory Services and CS Dhananjay Shukla

2 Sensitization Workshop on CSR – A Road Ahead jointly with Ministry of Corporate Affairs, Government of India (11.1.2017): L to R CS Nitesh Sinha, CS Ranjeet Pandey, Shri N K Bhola, Regional Director(North), Ministry of Corporate Affairs, Government of India; CS Manish Gupta, CS Rajendra Chopra, Sr. Vice President and Company Secretary,Bharti Airtel Limited; and CS Pradeep Debnath.

4 Sensitization Workshop on CSR – A Road Ahead jointly with Ministry of Corporate Affairs, Government of India (11.1.2017): L to R CS Monika Kohli, Shri Ranjit Singh, Maruti Suzuki India Ltd.; CS NK Jain, Former Secretary & CEO, ICSI; Shri C P Bhatia, Rural Electrification Corporation Ltd.; and Dr. Asha Mittal, ONFC;

6 05 Days Master Class on Insolvency and Bankruptcy Code, 2016 (9-13.1.2017): Addressing from L to R CS Virender Ganda, CS T R Ramamurthy, CS S M Sundaram, CS Satwinder Singh, CS Dhananjay Shukla and CS M L Sharma.

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Vision Mission PreSiDent AnD ViCe-PreSiDent of iCSi (2017) · Shukla, CS Rajiv Bajaj and CS Nitesh...

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