national best regional council (2004, 2007, 2008, …...4 two days regional residential conference...

Monthly • Volume XXXVI • -24 • No.07 • July, 2017

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

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1 Seminar on Labour Laws: Self Regulation Regime (17.6.2017): L to R CS Pradeep Debnath, Shri Anupam Malik, Additional Labour Commissioner-Haryana, Shri Shailendra Pandey (Distinguished Guest), Shri Nayab Singh Saini, Hon’ble Minister of Labour & Employment Department, Govt. of Haryana, CS Dhananjay Shukla and CS Devender Kumar Suhag.

2 Seminar on Labour Laws: Self Regulation Regime (17.6.2017): CS Dhananjay Shukla welcoming Chief Guest Shri Nayab Singh Saini, Hon’ble Minister of Labour & Employment Department, Govt. of Haryana by presenting flower bouquet.

3 Two Days Regional Residential Conference on CS – A Navigator Towards Corporate Growth (30.6.2017 & 1.7.2017): Chief Guest Shri Madan Kaushik, Hon’ble Minister of Urban Development, Government of Uttarakhand addressing.

4 Two Days Regional Residential Conference on CS – A Navigator Towards Corporate Growth (30.6.2017 & 1.7.2017): L to R CS Manish Aggarwal, CS Satwinder Singh, Shri Madan Kaushik, Hon’ble Minister of Urban Development, Government of Uttarakhand, CS Dhananjay Shukla, CS Vineet K Chaudhary and CS Pradeep Debnath releasing NIRC Newsletter.

5 Workshop on the theme Voluntary Liquidation & Revival of Companies (Restoration of Name)-15.7.2017: L to R CS Pradeep Debnath, CS Manish Gupta, CS Dhananjay Shukla, Chief Guest Shri Rakesh Kumar Tiwari (Registrar of Companies, Delhi and Haryana), CS Vineet K Chaudhary, CS Nitesh Kumar Sinha, CS Nesar Ahmad (Past President-ICSI) & CS Rajeev Goel (Advocate)

NIRC - ICSI Newsletter | July 2017 2

From the Chairman

;Fkk prqfHk:Z duda ijh;rs fu?k"kZ.kPNsnurkirkMukS% A rFkk prqfHk:Z iq#"k ijh;rs R;kxsu f’kysu xq.ksu deZ.kk AA

The way gold’s purity is tested by rubbing, cutting, heating and pounding, similarly, a person’s quality is tested by gentleness, manners, habits and deeds.

& ikjaifjd 'kqHkkf"krDear Professional Colleagues,

Greetings from the NIRC!!!

Friends, the above Shubhashit from our ancient dharma grantha signifies a very important message that in the constantly changing times we have to evolve as a professional who possess updated knowledge, strong skill sets and positive personality traits to live up to the expectation of our stakeholders. Therefore as a professional/individual, we have to keep pace with the developments taking place around us and upgrading ourselves accordingly

We have heard since ages that “There is nothing constant but only the change”. One very significant change took place in the form of GST, as a biggest tax reform in Independent India on 1st July 2017. This day of rolling out of GST-Goods and Service Tax, will be remembered as a red letter day in the history of India, when the concept of One Nation, One Tax actually took the shape. Our Hon’ble Prime Minister Shri Narendra Modi, speaking at the special session of Parliament convened on the occasion for the rolling out of GST, termed it “ Good and Simple Tax”. GST is bound to accelerate the development of the country at a rapid pace. For professional like us, it has brought lot of opportunity wherein we need to build up our capacity to show case our skills and to provide the satisfactory and effective solutions to the trade and industry.

With a view to assist the Government in effective implementation of GST Laws and furthering various ICSI initiatives to educate the public at large about the diverse facts and facets of Goods and Services Tax (GST), the Institute has launched GST Point. GST Point is a platform to reply to the queries, difficulties and challenges faced by consumers, manufacturers, traders, MSMEs, public at

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

Co-opted Members CS Ravinder, IAS 011-23062651

Shri M.P. Shah, RD(N), MCA 011-24366038

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 2-4

Articles 5-14

Compliance Check-list 15-16

News from NIRC 18

CSBF 19

Lighter Side of the Profession 20

Forthcoming Program 21-22

Printed & Published by :Alka Arora for and on behalf of Northern India Regional Council of the Institute of Company Secretaries of India 4, Prasad Nagar Institutional Area, New Delhi-110005; E-mail: [email protected]; Phones: 49343000; Fax: 25722662; Printed at : Compudata Services, 42 DSIDC Shed, Scheme-I, Phase-II, Okhla Indl. Complex, New Delhi-20; Published at : NIRC-ICSI, 4, Prasad Nagar Instl. Area, New Delhi.


From the Chairman

large, professionals, etc. in understanding and implementation of the Goods and Services Tax Laws.

Parallel, NIRC has also SET UP A PHYSICAL GST POINT COUNTER at ICSI-NIRC Building, New Delhi. To start with, NIRC of ICSI has successfully organized two PHYSICAL GST POINT on 12th & 14th July, 2017 in which Mr. S P Rao and CS Gopal Mondal, Expert on Indirect Taxes interacted with members and replied to their queries about difficulties and challenges faced by consumers, manufacturers, traders, MSMEs, public at large, professionals, etc. in understanding and implementation of the Goods and Services Tax Laws.

We are also engaging our Chapters in Northern region to organise more and more programs on GST to build up the capacity of our members and students under GST.

At NIRC, it is our persistent endeavour to equip our members with sound knowledge and attitude so as to enable them to face dynamic challenges offered by the world. A number of initiatives have been taken and a lot needs to be taken to realize our vision. Our NIRC is fully charged and is moving on the fast track to organize various professional development programs at various platforms to ensure that the member’s come up on learning curve. The brief highlights of the programs organized for the members during the month are as under:

MEMBERS PROGRAMS

On 17th June, 2011 a Seminar on the topic “Labour Laws: Self Regulation Regime” was organized by NIRC –ICSI (Hosted by Gurgaon Chapter) at Hotel Le Meridien, Gurugram. Shri Nayab Singh Saini, Hon’ble Minister of Labour & Employment Department, Govt. of Haryana was the Chief Guest & Shri Anupam Malik, Additional Labour Commissioner-Haryana, Shri M M Kaushal, Advocate, Shri Anil Bhat, Managing Partner, Lex & Craft, CS Ravi Chhabra, Managing Counsel, Ask Us Legal and Ms. Aditi Kaushal, Advocate were guest speakers on the occasion. The seminar was a grand success and attended by approx. 300 members and students. The Seminar was also attended by the senior officials of the Labour Department, Gurgaon. Apart from the discussion on the various aspects of Labour Laws, a detailed discussion took place that how Company Secretaries can tap the vast opportunities under the Labour Laws including the Third party certification wherein the CS has been recognized by the Govt. of Haryana. I compliment Gurgaon chapter and its Members/Students for their efforts for organsing the Seminar at Gurgaon and making it a grand success.

On 21st June, 2017 NIRC has celebrated International Yoga Day. CS Sudhir Jain, Yoga Expert, demonstrated various yogas which was simultaneously practiced by the members /students present on the occasion. He also enlightened about the stress free life emphasized that Pranayam/Dhyan is the best way to de-stress in daily life. Many members, students, and staff members have attended program and got the real experience of various yoga methods/Pranayam/Dhyan.

On 24th June, 2017 a Capacity Building Workshop on “Opportunities for PCS Under Goods And Services Tax (GST) was held at ICSI-NIRC Building, New Delhi. CA Ashu Dalmia, CA Gaurav Gupta and Shri R Krishnan, Advocate were the guest speakers for the program.

On June 30 & July 1, 2017 NIRC, reaching out to the chapters, organized a Two Days Regional Residential Conference (hosted by Dehradun Chapter) on the topic CS – A Navigator Towards

Corporate Growth at Mussoorie. Shri Madan Kaushik, Hon’ble Minister of Urban Development Government of Uttarakhand was the Chief Guest and CS Satwinder Singh, Council Member-ICSI, CS Vineet K Chaudhary, Council Member-ICSI and CA Ashu Dalmia were the Guests speakers on the occasion. The Conference was attended by good number of members, students and their families. I compliment Dehradun chapter and its Members/Students for their efforts for organsing the Seminar at Mussoorie.

From 3rd July to 7th July, 2017 05 days Capsule Course on Insolvency & Bankruptcy Code (IBC) was organised at ICSI-NIRC Building, New Delhi. CS (Dr.) M S Sahoo, Chairperson, Insolvency Bankruptcy & Board of India was the Chief Guest. The course was attended by more than 100 members and it was grand success. My compliments to CS NPS Chawla, Past Chairman, NIRC, for his efforts to make the Capsule course a grand success.

On 15th July, 2017 Workshop on “Voluntary Liquidation & Revival of Companies (Restoration of Name)” in which Shri Rakesh Kumar Tiwari, Registrar of Companies, Delhi and Haryana was the Chief Guest who delivered the key note address and CS Nesar Ahmad, Past President-ICSI & CS Rajeev Goel, Advocate have shared their views on the topic. My compliments to CS Manish Gupta, Immediate Past Chairman, NIRC, for his efforts to make the workshop a grand success.

On 17th July, 2017 PCS Help Line on the topic “Technical Issues relating to E-filing” was organised wherein CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys Ltd. was the expert for the program. A large number of queries have been attended and resolved.

Friends, a profession will only grow when its students grow and excel. Accordingly, with an intent to build capacities of our students and to make them competent, so that they can undertake any challenge of the corporate world, NIRC is regularly organising various capacity building programmes for the students. The details of the various programmes organised by NIRC during the month are placed below for your reference:

On 19th June, 2017 Campus Placement for Trainees was organised wherein number of firms and Practising Company Secretaries participated. It was a great experience for the participants.

On 1st July, 2017 Van Mahotasav was celebrated by planting a sapling at ICSI-NIRC Building.

On 3rd July, 2017 Valedictory Function of 266th Management Skills Orientation Program (MSOP) was held wherein. CS Deepak Kukreja, Past Chairman, NIRC-ICSI was the Chief Guest for the function.

On 17th July, 2016 Campus Placement for the participants of the 264th to 266th batch of MSOP was organised. Various recruiters (practicing firms/law firm) participated in the Campus placement. The students have got the opportunities to face the real life interview.

During the month, NIRC-ICSI also organized various academic programs, PDPs and other programs for the students.

In the same direction this year NIRC has decided to celebrate the Foundation Day of NIRC i.e 31st July, 2017 in a unique manner by organising various programmes for students during the entire month of July, 2017. Apart from organising various training programs


NIRC is organising 17th All India Essay Writing Competition for ICSI Students – 2017, Regional Level competitions of 15th All India Moot Court Competition and 16th All India Elocution Competition. The details of all these programs are uploaded at www.icsi.edu/niro . I request you to kindly guide your trainees to take the benefit by attending the above programs during Students Month.

I take this opportunity to express my sincere thanks and gratitude to Chief Guests, Distinguished Guests, speakers and invitees for sparing their valuable time and sharing their words of wisdom, expertise and practical experience with the participants of the above mentioned programs.

FORTHCOMING PROGRAMS

On 24th July, 2017 NIRC is organising ICSI-Convocation of Northern Region for newly qualified members of the Institute at Sirifort Auditorium, New Delhi.

Friends, in order to provide ample opportunities of learning and updating the knowledge base of the members, NIRC has been actively organising various professional development programmes. During the Foundation Day celebrations various programs are being organised by NIRC for members & students. On 29th July, 2017 NIRC is organizing a program on the topic “Capital Market of New India : The Reform Agenda for Inclusive Growth” followed by Annual General Meeting at Hotel Le Meridien, New Delhi. On 25th July & 26th July, 2017 NIRC is organizing Blood Donation Camp and Health Check-up Camp respectively.

On 28th July, 2017 NIRC is organising an Interactive Session with Regulators. Detailed announcement for the above programs will be sent to members through e-mail and also uploaded on website.

I appeal to all of you to attend these programs in large number to make them grand success.

VISIT TO CHAPTERS

During the month of June-July, with an objective to give hand holding to the chapters and to have the first hand assessment of the needs of the chapter to serve the stakeholders in a better and effective way locally, I visited Lucknow Chapter, Dehradun Chapter and Gurgaon Chapter wherein I encouraged them to provide all facilities to our members and students to their satisfaction.

REVAMPING OF ORAL TUITION FACILITY AT NIRCNIRC is regularly conducting oral tuition classes for the benefit of students. With an objective of bringing qualitative improvements in its present structure of conducting Oral Tuition Classes, experienced faculty are being engaged which helped us to serve students in a more improved manner. I am happy to share that at present we are able to cater about 300 students in our Oral Tuition Classes and I am confident that we will be able to increase this number very soon.

COMPANY SECRETARY BENEVOLENT FUND (CSBF)Friends, you are aware that the quantum of financial assistance to the dependent(s) of the life members of CSBF has been increased from Rs. 5 Lakh to Rs. 7.5 lakh in the unfortunate event of the death of the life member. I would hence strongly urge you to become a life member of the CSBF by seizing this opportunity by making a onetime online/offline payment of Rs. 10,000. By becoming a member of the CSBF, you are not only in a small way securing the future of your own family but also your extended family, i.e. your professional brethren. If you are already a life-member of CSBF, you can motivate your other colleagues to become a life member of CSBF. Needless to say, that the subscription/ contribution to CSBF qualify for the deduction under Section 80G of the Income Tax Act, 1961. The details of the same are published inside the newsletter for reference.

Friends, our members and the students are the backbone of the profession. Their support, involvement and feedback is prerequisite for the successful implementation of any of the professional or academic activity of NIRC. I earnestly solicit suggestions from all of you for further betterment of the activities of NIRC and up gradation of the profession. We also request you to come forward and write articles and columns publishing the same in the Newsletter of NIRC-ICSI. Feel free to interact with me at [email protected].

With best regards,Yours sincerely,

CS Dhananjay Shukla

Chairman NIRC-ICSI

Cell: 9873347280Date :19th July, 2017Place: New Delhi

From the Chairman

CO-OPTION TO THE NORTHERN INDIA REGIONAL COUNCIL OF ICSI

CS Ravinder, IAS and Shri M P Shah have been co-opted to the Northern India Regional Council of the ICSI for the year 2017. Their particulars are as under:

CS Ravinder, IASJoint Secretary,Department of Industrial Policy & PromotionMinistry of Commerce and IndustryGovernment of India251-B, Udyog Bhawan, Rafi Ahmad Kidwai Marg,New Delhi- 110 011.Phone: 011-23062651 (Office)

Shri M.P. ShahRegional Director(Northern Region)Ministry of Corporate AffairsGovernment of IndiaB-2, Paryavaran BhawanCGO Complex,New Delhi-110 003Phone: 011-24366038 (Office)


The Registrar of Companies (ROC) all across India have initiated the process to close all those Companies which are not complying with the provisions of the Companies Act, 2013 particularly w.r.t filing of Annual Returns and Balance Sheet.

As per the provisions of section 248(1) of Companies Act, 2013 w.r.t power of Registrar to remove name of the company from register of companies, all ROC’s across India have issued show cause notices to the Companies falling u/s 248(1)(c). An opportunity was given to all such companies & their directors to respond to the said notice within 30 days and ROC was empowered to take action against the Company and its Directors in case of any failure to comply.

ROC office has removed the name / struck off almost 100,000 (One Lakh) Companies from its record. List of Companies struck off from record’s of ROC are available on MCA portal.

Consequently all such Companies shall stand dissolved and it shall on and from the date mentioned in the notice by the concerned Registrar of Companies, Ministry of Corporate Affairs, Government of India shall cease to operate as a Company (i.e. it is not a legal entity any more) and the Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date.

As the name of all such companies are available in public domain, following can be the possible Consequences:

Bank’s might freeze all banking transaction with immediate effect for all such Companies.

The working companies and / or companies having some immovable assets, will be the most impacted.

All existing Directors of these Companies shall continue to be liable for all liabilities under Section 248 (7) of the Companies Act, 2013.

Revival of Companies - Legal Background

Provisions with regard to the Revival of Companies or restoration of Name of Companies are provided under Section 252 of the Companies Act, 2013 read with the National Company Law Tribunal (Amendment) Rules, 2017. The relevant extract of the provisions are as under:

“Section 252(3): If a Company, or any member or creditor or workman thereof feels aggrieved by the company having its name struck off from the register of companies, the Tribunal on an application made by the company, member, creditor or workman before the expiry of twenty years from the publication in the Official Gazette of the notice under sub-section(5) of section 248 may, if satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored to the register of companies, order the name of the company to be restored to the register of companies, and the Tribunal may,

by the order, give such other directions and make such provisions as deemed just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off from the register of companies.”

Procedure to be followed for filing an application with NCLT:

Detailed procedure of filing an application for restoration of Company, which has been struck off from the records of the ROC, has been provided in Section 252(3) read with rule 87A of National Company Law Tribunal (Amendment) Rules, 2017. These Rules were notified on 05-07-2017. The procedure which is required to be followed is as under:

1. According to the provisions of Section 252(3) of Companies Act, 2013, Company, any member, creditor or workmen can file application in NCLT for restoration of name of Company in the records of the ROC.

2. An application / appeal shall be filed in Form No. NCLT - 9 (on Legal Paper) with NCLT Bench having jurisdiction as per the Registered Office Address of the Company.

3. Applicant has to serve an advance copy of the application on the Registrar of Companies (Speed Post + Physical Submission through a covering letter as well) and on such other persons as the Tribunal may direct, not less than 14 days before the date fixed for hearing of the application.

4. An application must be accompanied with the following documents:

a) Detailed reasons for such restoration along with the evidence and proofs;

b) Affidavit verifying the petition, duly notorized;

c) Demand Draft in favour of “Pay & Accounts Officer, Ministry of Corporate Affairs, New Delhi”for payment of fee of Rs. 1,000/- (Rupees One Thousand Only);

d) Copy of MOA & AOA;

e) Copy of Notice as issued by the concerned ROC for striking off of the Company;

f ) Copy of Board Resolution for restoration of Name, Filing of an Application with NCLT, Authorisation in favour of any director and appointment of Professional to appear on behalf of the Company;

g) Memorandum of appearance with copy of the Board Resolution or the vakalatnama, as the case may be;

h) Latest audited financials;

Revival of Companies under Section 252 of the Companies Act, 2013

CS Manish Gupta | RMG & Associates | [email protected]

Article

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


i) Proof of service of application on ROC;

i) Any other documents in support of the case.

5. Upon hearing the appeal or the application or any adjourned hearing thereof, the Tribunal may pass appropriate order, as it deems fit. Where the Tribunal makes an order restoring the name of a company in the register of companies, the order shall direct that-

a) the appellant or applicant shall deliver a certified copy to the Registrar of Companies within thirty days from the date of the order;

b) on such delivery, the Registrar of Companies do, in his official name and seal, publish the order in the Official Gazette;

c) the appellant or applicant do pay to the Registrar of Companies his costs of, and occasioned by, the appeal or application, unless the Tribunal directs otherwise; and

d) the company shall file pending financial statements and annual returns with the Registrar and comply with the requirements of the Companies Act, 2013 and rules made thereunder within such time as may be directed by the Tribunal.

6. On getting the order for Restoration of the Name, Company shall file the copy of order with the concerned Registrar of Companies with in a period of 30 days from the date of the order in Form INC - 28.

7. The Registrar of Companies do, in his official name and seal, publish the order in the Official Gazette after restoration of the name of the Company in his records.

8. As per the directions of the NCLT in Point 5(d), the company shall file all pending financial statements and annual returns with the Registrar and comply with the requirements of the Companies Act, 2013.

In the recent past NCLT has decided various cases filed by the Companies under the provisions of erstwhile Section 560(6) of the Companies Act, 1956. Hon’ble NCLT Benches in some of the cases have granted approval of restoration of name, have rejected few applications and have also imposed cost for restoration in some of the cases. Sharing citation with gist of the decisions given by NCLT benches in this regard:

1. R.A.P. Garments Private Limited V/s Registrar of Companies, NCT of Delhi & Haryana Dated 24th April, 2017 C.P. No. 461/2014 –NCLT Special Bench, New Delhi.

The Hon’ble tribunal states that the company is a running company and that it will be seriously prejudiced if not restored in the registrar of Registrar of Companies, the petition is allowed subject to certain conditions, i.e the petitioner company shall file all pending returns in 30 days of restoration and to Rs. 5 Lakh to ROC to defray costs and expenses.

2. Hamilton Estates Private Limited V/s Registrar of Companies, NCT of Delhi & Haryana Dated 19th April, 2017 C.P. No. 56/2016 – Before NCLT, New Delhi

The Hon’ble tribunal states that the respondent (ROC) has failed to satisfy the Bench that all prerequisite steps as provided in Section 560(1), (2) & (3) have been taken before striking off the name of the Company. The name of the Company allowed to be restored in the register of Registrar of Companies, the petition is allowed subject to payment of Rs. 25,000/- to Prime Minister Relief Fund.

3. M. G. Power System Private Limited V/s Registrar of Companies, NCT of Delhi & Haryana Dated 18th May, 2017 C.P. No. 47/2015 – Before NCLT, New Delhi

The Hon’ble NCLT has allowed the petition, even ROC has contended that the petitioner company has not filed its statutory returns and other documents since incorporation. Thus, its giving rise to the reasonable belief that the company was not operational. The Hon’ble NCLT states that it would be just and proper to order restoration of the name of Company in the register of the ROC The petitioner company was directed to file all pending returns in 30 days of restoration and to deposit Rs. 25,000/- to Prime Minister Relief Fund.

4. Akash Ganga Builders Private Limited V/s Registrar of Companies, NCT of Delhi & Haryana Dated 30th June, 2017 C.P. No. 935/2015 – Before NCLT, Principal Bench

The Hon’ble Principal Bench of NCLT has dismissed the petition on the ground that the name of the Company was struck off because the Company had not raised its capital upto Rs. 1 Lakh as provided in the provisions of the Companies Act, 2013, however the Company has prayed that it is because of non filing of returns. Petition dismissed with the cost of Rs. 10,000/- to be paid to the Central Government.

5. Arvind Jain, Rajesh Jain, Rajnish Jain vs. Akarshan Hotel Pvt. Ltd & Registrar Of Companies, NCT of Delhi & Haryana Dated 27th June, 2017 C.P. No. 636/2016 – Before NCLT, Principal Bench

The present application for restoration was filed by the Directors & Shareholders of the Company who have brought this Company in the year 1997, however as per the last filed returns which was for the year 1991, there were different directors and shareholders and after that no document is being filed with the ROC. The petition was dismissed with a cost of Rs. 10,000/- on the ground that applicant failed to prove that they are the directors and shareholders of the Company.

Conclusion

The Companies Act provides exhaustive measures for the revival of companies and the NCLT is vested with powers to take all necessary measures for the revival of companies. One has to see the grounds, facts and to collect certain documents before filing any such application or appeal for revival of Company. As the time limit prescribed under the provisions for making an application is 20 years, applicant can choose to file the said application after arranging all such documents. It is always better to delay then getting the same rejected on ground of some discrepancy in the application. Although, it will be tough for the working companies whose name are being struck off by the ROC but I am personally looking at it as an opportunity for our Practising Company Secretaries, as they will be getting a fair opportunity to appear and present their cases before the various benches of NCLT.

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Export of Goods or Services under Goods and Service Tax Act 2017

CS Akshi Gandhi | [email protected]

As per IGST Act 2017, Export of goods and services has been defined as “Zero rated Supply”.

1. Export of goods - A transaction involving supply of goods qualifies as export of goods only when goods are taken out of India to a place outside India.

Note:

India means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and sub-soil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976 (80 of 1976), and the air space above its territory and territorial waters.

2. Export of services - a transaction involving supply of services qualifies as export when the following conditions get fulfilled: -

(1) Supplier of service must be located in India,

(2) Recipient of service must be located outside India

(3) Place of supply is outside India.

(4) Consideration is received in Convertible foreign exchange.

(5) Supplier of service and the recipient of service are not merely establishments of deemed distinct persons.

3. Tax Implication of Zero Rated Supply

Zero rated supply i.e. exports of goods or services or both shall attract zero rate of tax. In simple words, effectively no tax shall be payable by a person engaged in making zero rated supply. Further, the person engaged in effecting zero rated supplies shall be entitled to avail the credit of taxes paid by him on procurement of inputs and input services used or intended to be used by him in effecting zero rated supply.

4. Two Ways of Effecting Export of goods or Service – Don’t Pay Tax or Pay Tax and then Claim Refund

A person engaged in effecting zero rated supplies have the following two options: -

(i) Person may either export the good or services without payment of tax by furnishing a bond or a letter of undertaking (LUT) and claim refund of unutilised input

tax credit, or

(ii) Person may export the good or services or supply to SEZ on payment of integrated tax by utilising the input tax credit and then claim refund of tax paid on such goods or services or both.

Procedure for making export of goods & services under bond or Letter of Undertaking [without payment of Integrated tax]. (Option 1- discussed above)

(i) Export where Bond has to be furnished (With bank Guarantee)

1 A registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond in FORM GST RFD-11 to the jurisdictional Commissioner, binding himself to pay the tax due along with the interest within a period of —

(a) fifteen days after the expiry of three months from the date of issue of the invoice for export, if the goods are not exported out of India; or

(b) Fifteen days after the expiry of one year, or such further period as may be allowed by the Commissioner, from the date of issue of the invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange.

(2) The details of the export invoices contained in FORM GSTR-1 furnished on the common portal shall be electronically transmitted to the system designated by Customs and a confirmation that the goods covered by the said invoices have been exported out of India shall be electronically transmitted to the common portal from the said system.

(3) Where the goods are not exported within the time specified in sub-rule (1) and the registered person fails to pay the amount mentioned in the said sub-rule, the export as allowed under bond or Letter of Undertaking shall be withdrawn forthwith and the said amount shall be recovered from the registered.

(4) The export as allowed under bond or Letter of Undertaking withdrawn in terms of sub-rule (3) shall be restored immediately when the registered person pays the amount due.


COMPANY SECRETARIES BENEVOLENT FUNDMEMBERS ENROLLED FROM NIRC AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT

FUND DURING THE PERIOD 02/06/2017 TO 19/07/2017

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'ICSI House', 22, Institutional Area, Lodi Road, New Delhi 110003Ph. : 41504444,24617321,24644431; Fax : 011-24626727E-mail : [email protected] ; Website : www.icsi.edu

COMPANY SECRETARIES BENEVOLENT FUND (Registered under the Societies Registration Act, 1860) C/0 The Institute of Company Secretaries of India

Date :19/07/2017

FOR THE DATE RANGE FROM 02/06/2017 TO 19/07/2017

LIST OF THE MEMBERS OF C.S.B.F. (REGION & CHAPTER WISE)

CHAPTER NAME :- DELHI-RO

MEMBER No. S. No. NAME

REGION :-NIRC

DATE OF

BIRTH

AGE

(YRS.)

LM. No. ADM. DT.

1 MS. LAKSHIKA GARG ACS - 23960 14/03/1987 3012865 07/06/2017

2 MR. GOURAV SHARMA ACS - 32938 22/09/1988 2812867 12/06/2017

3 MR. HARRY ARORA ACS - 33954 16/01/1991 2612870 12/06/2017

4 SH. ASHISH SINGH FCS - 6310 07/12/1978 3812880 22/06/2017

5 MR. JEET KUMAR ACS - 51607 01/01/1978 3912884 01/07/2017

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Note: Departmental clarification:

• GSTRFD-11 has to be submitted before jurisdictional Deputy/Assistant Commissioner instead of jurisdictional Commissioner having jurisdiction over the principal place of business of the exporter. The exporter is at liberty to furnish the bond/LUT before Central Tax Authority or State Tax Authority till the administrative mechanism for assigning of taxpayers to respective authority is implemented.

• The said form has to be submitted manually till same is available in electronic form on GST portal.

• The bond shall be furnished on non-judicial stamp paper of the value as applicable in the State in which bond is being furnished.

• It is further clarified that the exporters shall furnish a running bond (with debit / credit facility) instead of separate bond for each supply. The bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. The exporter shall ensure that the outstanding tax liability on exports is within the bond amount. In case the bond amount is insufficient to cover the tax liability in yet to be completed exports, the exporter shall furnish a fresh bond to cover such liability.

• Bond has to be furnished with bank guarantee (15% of the bond amount). However, if Commissioner is satisfied with the track record of an exporter then furnishing of bond without bank guarantee would suffice.

• The existing practice of sealing the container with a bottle seal under Central Excise supervision or otherwise would continue till 01st September, 2017. Such sealing shall be done under the supervision of the officer having physical jurisdiction over the place of business where the sealing is being done. A copy of the sealing report would be forwarded to the Deputy/

Assistant Commissioner having jurisdiction over the principal place of business.

(ii) Export where Letter of undertaking (LUT) has to be furnished (Without bank Guarantee)

• Following registered person shall be eligible for submission of Letter of Undertaking in place of a bond:

- a status holder as specified in paragraph 5 of the Foreign Trade Policy 2015- 2020; (mainly for the goods exporters)

or

- who has received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the preceding financial year.

and he has not been prosecuted for any offence under the Central Goods and Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in case where the amount of tax evaded exceeds Rs. 2.5 crore.

• The Letter of Undertaking shall be furnished in duplicate for a financial year and it shall be executed by the working partner, the Managing Director or the Company Secretary or the proprietor or by a person duly authorised by such working partner or Board of Directors of such company or proprietor on the letter head of the registered person.

Note: Departmental clarification:

• It is clarified that LUT shall be valid for twelve months. If the exporter fails to comply with the conditions of the LUT he may be asked to furnish a bond. Exports may be allowed under existing LUTs/Bonds till 31st July 2017. Exporters shall submit the LUTs/bond in the revised format latest by 31st July, 2017.

• All exporters, not covered above, would submit bond.


are alive. Be grateful for the gifts of life – no matter how big or small.Look around to see the ones who are deprived. So many things we may have taken for granted. Take time out and be thankful for them.

Reflection -

Write down at least 10 things/ achievements / incidents / gifts that you are grateful for in your life. You can add to the list everyday.

Stick this list on to the wall or keep it near you bed, and read this list everyday.

Remind yourself of the goodness of life!

Stop Complaining, Start Accepting

Acceptance brings contentment. Contentment leads to happiness. The list is long when ones begin to complain about things in their lives. There is dissatisfaction with the self and also with the life of others. The habit of complaining has become so deep that some complain about things which are beyond their control. Waking up in the morning some grumble why does the sun rise so early? During a chilling winter night some enjoy a bonfire while others complain about the chill. Instead of respecting the natural phenomenon and adjusting oneself, they wish to alter even the sunrise and sunset.

The constant complaining mode hampers our ability to be content. When we are wearing the glasses of a critic and grumbling, we lose the opportunity at hand. Each moment of life has something to offer us. A positive approach is actually a realistic approach. Accept a person or a situation as it is, and not what it should or ought to be. Needless to say, being continually discontent erodes our happiness. Therefore, instead of complaining, start accepting.

Reflection -

Write down the top complaints in your life.

In another column write down the action plan – What can I do in my capacity to alleviate to improve the situation?

Next time the complaint pops up – accept the situation and remind yourself of the action plan.

Explore within

There is an ancient story available in various versions. A villagerwas on his knees and searching for something on the ground under a street lamp. A friend passed by and asked him what was he looking for. The villager replied, “I’m looking for my key.” The friend offered to help him and started looking for the lost key. After thoroughly searching for over an hour the key was not to be found. The friend asked, “Are you sure you lost it here?” “No,” replied the villager, “I lost it inside my house.” “Then why are you looking here?” “Because the light is here!” said the villager.

We begin our quest “outside” to find what is missing within. Majority find emptiness and darkness when they attempt for a search inside because we have forgotten our true self. The real self, the soul is full of peace, happiness and love. When we forget our real identity as souls,

Happiness and wellbeing of the people are the new indicators to measure the country’s actual progress. Governments all over the world are beginning to recognize the relevance of creating and sustaining the happiness of the citizens, which is now influencing the public policies.

The latest “The World Happiness Report 2017” published under a UN initiative, is a matter of concern for us as a nation and also as individuals. India ranked a low 122ndon a list of the 155 world’s happiest countries, dropping four slots from last year and coming behind China, Pakistan, Nepal and Iraq.

Experiencing happiness forms the key element of most of our pursuits in lives, since the time we are born.

If you ask people why are they not happy, typically,the fingers would point at others or outside situations.A difficult boss at work place, a sour relationship, an annoying traffic jam or the troubling domestic help, no promotions, a troublesome world, and the list can go on and on. Seldom do we take the responsibility of our suffering.Question arises, can we take ownership of our own happiness? The answer is – Yes, of course!

So what measures do we take to cheer us up and make our lives happier?In quest for a moment of happiness we seek comfort and excitement in that which could be perceived through our physical senses.Most of us when feeling a little sad or depressed go out and shop for clothes and accessories while some others look out for someone to make them happy. Some grab a chocolate bar or an ice-cream. Still others pack up and head for a vacation. All these provide us just a fleeting moment of happiness and then we are back to where we were.

Remember, that no one or nothing in this world can make you happy unless you decide to be happy. Being happy is a choice. A choice to take care of the mind and the inner self. The first and most important step is to understand the inner self – the spiritual entity.

The eyes of those awakened to their true self would not be drawn to anyone’s flaws or weaknesses. Nor are they drawn to other people’s attainments because the one with awakened self is complete with all attainments. They are complete in their nature, in their relationships and contacts. Such a person will not experience anything lacking in their treasures of attainment and because of being full in the mind they will remain content.

Below are some simple happiness mantras that we can be practiced in everyday living.

Don’t Wait, Be Happy NOW

Most of us wait for that perfect job, that dream house, an ideallife partneror a relationship,a perfect healthy body to be happy. We postpone our happiness into the future, instead of relishing the present moment. Enjoy the journey to achieving goals of life. Embrace the beauty of the imperfect world.Don’t put your happiness on hold till everything in your live is perfect. Be happy now!

Be grateful

Be grateful for everything you have. Each morning be grateful that you

Happiness MantrasArticleArticle


From Brahma Kumaris


EXTENSION IN THE LAST DATE FOR PAYMENT OF ANNUAL MEMBERSHIP AND CERTIFICATE OF PRACTICE FEE FOR THE YEAR 2017-18

The annual membership fee and certificate of practice fee for the year 2017-2018 has become due for payment w.e.f. 1st April, 2017. The last date for the payment of fee was 30th June, 2017 which has now been extended upto 31st August, 2017.

ParticularsAssociate

(admitted till 31.03.2015)

Associate(admitted till 31.03.2015)

Fellow

Annual Membership fee Rs. 2500 Rs. 1500 Rs. 3000Entrance fee Rs. 2000 Rs. 2000 Rs. 2000Restoration fee Rs. 250 Rs. 250 Rs. 250Certificate of Practice fee Rs. 2000 Rs. 1500 Rs. 2000

A member who is of the age of sixty years or above and is not in any gainful employment or practice can claim 50% concession in the payment of Associate/Fellow Annual Membership fee and a member who is of the age of seventy years or above and is not in any gainful employment or practice can claim 75% concession in the payment of Associate/Fellow Annual Membership fee subject to the furnishing of declaration to that effect.The certificate of practice fee must be accompanied by a declaration in form D duly completed in all respects and signed. The requisite form ‘D’ is available on the website of Institute www.icsi.edu MODE OF REMITTANCE OF FEEThe fee can be remitted by way of:(i) Online (through payment gateway of the Institute’s website (www.icsi.edu) (ii) Cash/Cheque at par/Demand draft/Pay order payable at New Delhi (indicating on the reverse name and membership number) drawn in favour of ‘The Institute of Company Secretaries of India’ at the Institute’s Headquarter or Regional/Chapter offices.For queries, if any, the members may please write to Mr. Jitendra Kumar, Executive Assistant at email id [email protected] or contact at telephone no. 0120-4082134

welook ‘out’ to fill the gap ‘within’.

To have wealth or material possessions is not wrong. However, it cannot be substituted for that which is abstract and spiritual. The awareness of the self as a spiritual entity the soul, enables us to explore latent qualities of peace and happiness.There is a need to put on the switch of self awareness and explore the treasures within.

Reflection-

Every time you want to buy an expensive dress or spurge on a gadget - Ask yourself do I really need that or am I trying to fill an emotional need within?

People, things, places do not make me happy. I am already peaceful and happy!

Meditate

A sure way to remain content and happy is to practice meditation, to be aware of your true self, the soul sitting inside this physical body and connect with the Spiritual Father, the Supreme Soul, the ocean of love, peace, happiness, strength and bliss.

Meditation is time taken for quiet reflection and silence, away from the hustle and bustle of daily living. Taking time out enables us to come back to a centred place of being. In our modern world, the pace of life is

growing ever faster and we are losing touch with our true inner peace and power.

It is a state of being in that place just beyond every day consciousness, which is where spiritual empowerment begins. Spiritual awareness gives us the power to choose good and positive thoughts over those which are negative and wasteful. We start to respond to situations, rather than just reacting to them. We begin to live with harmony, we create better and happier, healthier relationships and change our lives in a most positive way.

Silent Reflection I sit comfortably and gently inhale and exhale. My whole body is

relaxed. I reflect on how I can turn what seems to be negative into

something positive… I let go of any negative thoughts, lightening the load in my mind… Feeling light inside ... I focus my mind on the positive ……. Visualising the problem…choosing to see it as a challenge… Visualising any mistakes… seeing them as opportunities to learn… Tuning my mind into a more positive outlook … my day begins to

change

THE BOTTOM LINE IS THAT HAPPINESS IS A DAILY DECISION.

Article


Article

well as of the local community and society at large.”

According to CSR Asia, “CSR is a company’s commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interests of diverse stakeholders.”

According to United Nations Industrial Development Organization (UNIDO),”Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (“Triple-Bottom-Line- Approach”), while at the same time addressing the expectations of shareholders and stakeholders. In this sense it is important to draw a distinction between CSR, which can be a strategic business management concept, and charity, sponsorships or philanthropy. Even though the latter can also make a valuable contribution to poverty reduction, will directly enhance the reputation of a company and strengthen its brand, the concept of CSR clearly goes beyond that.”

Shah, Bashkir (2010), has taken a case study of public sector undertaking i.e. Bharat Petroleum Corporation Ltd. in their research work. The research has discussed that there is a broad relationship between the organization and society. Organization has its existence only with the society. Organization used the resources/inputs of the society like material and human etc. In reverse, the organization provides services to the society. From the case study of the BPCL, it was found that company has taken a lot of initiatives in order to serve the society.

Tirthankar Nag, Asish K Bhattacharyya (2016), in an article on Corporate Social Responsibility Reporting in India: Exploring Linkages with Firm Performance examined the corporate social responsibility (CSR) strategies and activities of firms as disclosed in annual reports, and explored its linkages to accounting and market performance of firms. The study finds that CSR reporting may not have any significant impact on accounting and market performance of the firm in the short term. The study also finds that firms focus heavily on employee- and customer-oriented CSR and the modes of CSR investments are more contributory rather than participative in nature.

CSR – INTERNATIONAL PERSPECTIVEIn the global context there may not be any universally accepted definition of CSR, however each definition that currently exists underpins the impact that businesses have on society at large and societal expectations of them.

Some commentators have identified a difference between the Canadian (Montreal school of CSR), the Continental European and the Anglo-Saxon approaches to CSR. It is said that for Chinese consumers, a socially responsible company makes safe, high-quality products; for Germans it provides secure employment; in

ABSTRACTThe provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act 2013 mandate companies with a net worth of Rs 500 crore or more OR turnover of Rs 1000 crore or more OR a net profit of rupees five crore or more, to spend at least two per cent of their average net profits earned during three immediately preceding financial years on CSR activities.The CSR rules also mandate each such company to constitute a CSR committee and also formulate a CSR Policy. The companies are also required to report annual expenditure under CSR in a prescribed format in the Annual Board Report. In this study an attempt has been made to analyze the quantum and proportion of CSR spend by the 7 maharatna Central Public Sector Enterprises(CPSEs)on CSR in the financial year 2015-16.

Key words: CSR, CPSEs, Maharatna, Annual Report, Financial year

THE PERSPECTIVECorporate social responsibility, often abbreviated “CSR,” is a corporation’s initiatives to assess and take responsibility for the company’s effects on environmental and social wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups. Corporate Social Responsibility is about companies being ‘good citizens’, but the word ‘responsibility’ indicates a duty to work for social benefit.Corporate Social Responsibility is the initiatives taken by an entity to create social awareness or encourage a positive impact on the environment and stakeholders including customers, consumers, suppliers, employees, investors and communities.

CSR may also be referred to as “corporate citizenship” and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change. Corporate Social Responsibility in context of business refers to business practices involving initiatives that benefit society. A business’s CSR can encompass a wide variety of tactics, from giving away a portion of a company’s proceeds to charity, to implementing “greener” business operations.

Today, a shift has occurred in the way people conceptualize corporate social responsibility. For decades, corporate business models have been assumed to be necessarily harmful to certain communities and resources. The intention was therefore to mitigate or reverse the damage inherent

in doing business. Now many entrepreneurs consider profit and social-environmental benefit to be inextricable.

LITERATURE REVIEWWorld Business Council for Sustainable Development (WBCSD) defines Corporate Social Responsibility (CSR) as “The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as

An analysis of quantum and pattern of amount spent on CSR activities – A case study of Maharatna CPSEs

Ms. Nisha Dewan, Research Scholar, Mewar University | e-mail: [email protected] Dr. S K Gupta, Research Supervisor, Mewar University | e mail: [email protected]



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South Africa it makes a positive contribution to social needs such as health care and education. And even within Europe the discussion about CSR is very heterogeneous. A more common approach to CSR is corporate philanthropy. This includes monetary donations and aid given to nonprofit organizations and communities. Another approach to CSR is to incorporate the CSR strategy directly into operations of the companies.

With globalization, business is becomingly increasingly internationally oriented, making it more necessary than ever for enterprises to operate in a responsible manner. This forms the backdrop for international efforts in the OECD, the UN and other organizations to establish a normative and more binding CSR framework for companies. This framework consists partly of international conventions that governments are obliged to comply with, and partly of voluntary instruments for responsible business conduct that will as far as possible ensure that businesses have CSR as the pivotal element in it strategy.

CSR- LEGAL FRAMEWORK IN INDIAIndia is one of the few countries of the world to legislate CSR expenditure. The concept of Corporate Social Responsibility (CSR) is governed by the provisions of section 135 of Chapter – IX and Schedule VII of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014.

As per the Section 135 of the Companies Act 2013 every Company having -

net worth of Rs.500 crore or more, or turnover of Rs.1000 crore or more or a net profit of Rs.5 crore or more

During any financial year shall constitute a Corporate Social Responsibility Committee. CSR committee shall formulate and recommend to the Board, a CSR Policy indicating the activities be undertaken by the company and shall recommend the amount of expenditure to be incurred on such activities.

It is also included in the provisions of the Act that such Companies to make every endeavor to ensure that at least 2% of the average net profits of the Company made during the three immediately preceding financial years, is spent on the specified activities.

Schedule VII of the Companies Act, 2013 covers wide range of activities which can be undertaken by the Companies as a part of their CSR initiatives. The activities involve the following:

Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making

Available safe drinking water. Promoting education, including special education and

employment enhancing vocation skills especially Among children, women, elderly, and the differently abled and.

livelihood enhancement projects. Promoting gender equality, empowering women, setting up

homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities

for senior citizens and measures for Reducing inequalities faced by socially and economically backward

groups. Ensuring environmental sustainability, ecological balance,

protection of flora and fauna, animal welfare, Agroforestry, conservation of natural resources and maintaining

quality of soil, air and water. Protection of national heritage, art and culture including

restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion

and development of traditional arts and Handicrafts. Measures for the benefit of armed forces veterans, war widows and

their dependents. Training to promote rural sports, nationally recognized sports,

Paralympic sports and Olympic sports. Contribution to the Prime Ministers’ National Relief Fund or any

other fund set up by the Central Government for socioeconomic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women. Contributions or funds provided to technology incubators located

within academic institution which are approved by the Central Government.

Rural Development projects. Slum area development.

The CSR Policy of the company shall, inter-alia, include the following, namely-

a. A list of CSR Projects or programs which a company plans to undertake falling within the purview of Schedule VII of the Act, specifying modalities of execution of such project or programs and implementation schedules for the same ; and

b. Monitoring process of such projects and programs.

Provided that the CSR activities does not include the activities undertaken in pursuance of normal course of business of a company.

OBJECTIVES OF THE STUDYThe study has been undertaken with the following objectives:

1. To analyze the quantum of CSR spend in each of the selected CPSEs

2. To analyze the proportion of CSR spending on different CSR sectors / activities

DATA AND METHODOLOGYThe present study has been carried out by analyzing the CSR expenditure and the proportion of CSR spending on different sectors / activities in respect of the selected 7 Central Public Sector Enterprises of India which are presently categorized as the Maharatnas, as per criteria for categorisation of CPSEs as laid down by the Department of Public Enterprises.

Central Public Sector Enterprises (CPSEs) have been an engine of planned socio-economic development in the country. Since inception they have assigned high priority to the ideals of CSR and their CSR strategies are aligned to national priorities to provide assistance to the deprived and the underprivileged of the society.

Even before the introduction of Schedule 135 of the Companies Act, 2013, directives on Corporate Governance for Public Sector Enterprises, 2010 was issued by Department of Public Enterprises. It was clearly mentioned in the Guidelines that when the new Company Law brings in the provisions in this regard, that would need to be followed by all the companies including the CPSEs. As per the Office Memorandum dated 21st October 2014 issued by DPE, all CPSEs shall have to comply with the provisions of the Companies Act 2013 and the CSR Rules. Any


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amendment notified by the Ministry of Corporate Affairs in the CSR Rules, or in Schedule VII of the Act will also be binding on the CPSEs.

The study of CSR practices has been carried out in respect of the following seven Maharatana CPSEs:

1. Bharat Heavy Electricals Limited (BHEL) – is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation (Railway),Renewable Energy, Oil & Gas and Defence.

2. Coal India Limited (CIL) - is engaged in mining & Marketing of Coal. It is the largest coal producer company in the world and contributes around 82% of the coal production in India.

3. GAIL (India) Limited (GAIL) – is into Gas Transmission, Gas Trading, Gas Marketing, Exploration and Production, Liquid Hydrocarbons, City Gas Distribution, Petrochemicals, Power and Renewables.

4. Indian Oil Corporation Limited (IOCL) - is India’s flagship national oil company with business interests through the entire hydrocarbon value chain – from refining, pipeline and transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals.

5. NTPC Limited (NTPC) - is India’s largest power company, it was set up in 1975 to accelerate power development in India. It is emerging as an ‘Integrated Power Major’,with a significant presence in the entire value chain of power generation business.

6. Oil & Natural Gas Corporation Limited (ONGC) – is engaged in exploration and production of Crude Oil and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 77% of India’s crude oil and around 62% of its natural gas.

7. Steel Authority of India Limited(SAIL)- is a fully integrated iron and steel manufacturer, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export

markets.

The study has been carried out by collecting information through secondary sources of information Viz. Annual Reports and the websites of the selected Maharatna CPSEs and website (s) of BSE/NSE, and other relevant published / available data sources.

ANALYSIS AND FINDINGSThe data pertaining to the quantum and pattern of amount spent on CSR activities by the selected Maharatna CPSEs in the financial year 2015-16 has been shown in Table 1, 1.1 and Figure 1.1 and findings emanating from the analysis of data is summarized herein below.

Table: 1 (Amount in INR Crores)

Amount actually spent on CSR activities by the Maharatnas in the financial year 2015-16

Maharatna CPSEs CSR Spent during the FY

2015-161 Bharat Heavy Electricals Limited (BHEL) 84.062 Coal India Limited (CIL) 73.263 GAIL (India) Limited (GAIL) 160.564 Indian Oil Corporation Limited (IOCL) 156.685 NTPC Limited (NTPC) 491.806 Oil & Natural Gas Corporation Limited

(ONGC)421.00

7 Steel Authority of India Limited(SAIL) 76.16Total 1463.52

(Source: Annual Reports of selected Maharatna CPSEs for the FY 2015-16)

Table:1.1 (Amount in INR Crores)

Details of the amount spent on CSR activities / sectors by selected Maharatna CPSE’

In the financial year 2015-16

Project/Sector BHEL CIL GAIL IOCL NTPC ONGC SAIL Total

1 Education &Skill development 43.98 21.56 9.45 22.42 54.49 63.33 16.15 231.38

2 Healthcare 1.85 27.64 14.62 12.81 39.76 12.14 5.72 114.54

3 Livelihood Generation 21.65 4.70 26.35

4 Drinking Water & Sanitisation 6.60 0.56 57.73 44.87 287.97 103.74 19.51 520.98

5 Sports, Art,Culture & Heritage 0.33 0.50 2.85 0.56 5.06 12.29 7.66 29.25

6 Rural Development 4.42 4.89 48.76 44.21 161.43 8.97 272.68

7 Social Security 1.79 6.03 1.20 9.02

8 Environment Sustainability 4.83 5.31 40.57 33.85 2.92 11.39 98.87

9 Capacity Building of Personnel 4.19 3.13 13.57 0.86 21.75

10 Others 17.86 11.01 2.37 35.45 12.89 59.12 138.70

Total 84.06 73.26 160.56 156.68 491.80 421.00 76.16 1463.52

((Source: Annual Reports of selected Maharatna CPSEs for the FY 2015-16)


Figure: 1.1 Percentagewise CSR spending on various activities / sectors by selected Maharatna CPSEs in the financial year 2015-16

(Source: Annual Reports of selected Maharatna CPSEs for the FY 2015-16)

KEY FINDINGS:i. The CSR activities are strategized and driven by Corporate

Social Responsibility committee in each of the selected Maharatna CPSE’s which is a Board level Committee of five to seven members comprising of Independent Directors, Key Managerial personnel such as CMD, Director Finance, Director HR, Director Marketing or Business development.

ii. An amount of Rs.1463.52 crore has been spent by the selected Maharatna CPSEs on CSR activities / projects in the financial year 2015-16

iii. The above mentioned quantum of CSR spend by the selected Maharatna CPSEs does not include CSR data /information regarding any subsidiary or Joint Venture of these companies.

iv. All the selected Maharatna CPSE’s have complied with the mandatory requirement of a self declaration with regard to the CSR spend

v. Broad heads/sectors for CSR activities are chosen by the selected companies at their own discretion. In any social context, broad contours which attract maximum attention are: Education, Health and Livelihood. Focus of CSR is no different. All the selected Maharatna CPSE companies have also focused on these areas.

vi. The maximum quantum and proportion of the CSR spend in the selected Maharatnas CPSEs is attributed to Drinking water and sanitation (Rs. 520.98 crore – 35 %) followed by Rural development ( Rs. 272.67 crore- 19%) and Education and Skill development (Rs. 231.38 crore – 16%)

vii. The quantum and proportion of the CSR spend in the areas of Livelihood generation ( Rs. 26.35 crore – 2 %) and Social security ( Rs. 9.02 crore – 1 %) indicates lack of CSR spend preference of selected maharatna CPSEs in respect of these aspects of Corporate Social Responsibility.

viii. The quantum and proportion of CSR spend in the area of Sports, arts and culture by the selected CPSEs is also low ( Rs. 29.25 crore – 2% ). It is expected that this aspect of CSR would get higher CSR spend proportion in future years.

ix. The selected Maharatna CPSE companies have also invested into long term CSR activities /projects which are ongoing and which would fructify in subsequent years.

REFERENCES1. The Companies Act, 2013 read with Companies (Corporate Social

Responsibility Policy) Rules, 2014.

Report of Panel of Experts on Reforms in Central Public Sector Enterprises (CPSEs) http://planningcommission.gov.in/reports/genrep/rep_cpse1912.pdfaccessed on 16th March, 2017Guidelines for Administration Ministries/Departments and Public Sector Enterprises, Chapter-XII. Available at http://dpe.nic.in/important_links/dpe_guidelines/CSRandSustainability accessed on 20th March, 2017Guidelines on Corporate Social Responsibility and Sustainability for Central Public Sector Enterprises issued by Department of Public Enterprises. Available at http://www.dpemou.nic.in/MOUFiles/Revised_CSR_Guidelines.pdf accessed on 12th March, 2017.Guidelines on Corporate Social Responsibility and Sustainability for Central Public Sector Enterprises issued by Department of Public Enterprises. Available at http://dpe.nic.in/sites/upload_files/dpe/files/Guidelines_on_CSR_SUS_2014.pdf accessed on 22nd March, 2017.

Handbook on Corporate Social Responsibility in India. Available at http://www.pwc.in/assets/pdfs/publications/2013/handbook-on-corporate-social-responsibility-in-india.pdf accessed on 22nd March, 2017

Responsible Business Practices: A PSU Perspective. Available at http://www.dnb.co.in/TopPSU2013/PDF/Responsible_Business_Practices_a_PSU_perspective.pdf Accessed on 13th March, 2017

European Commission Strategy. Available at http://ec.europa.eu/enterprise/policies/sustainable-business/corporate-social-responsibility/index_en.html accessed on 24th March, 2017

Corporate Social Responsibility Practices in India - Corporate Social Responsibility Practices in India - E-book - Times Foundation. Available at: http://timesfoundation.indiatimes.com/articleshow accessed on 21st March, 2017

Corporate Social Responsibility in India – Putting Social-Economic Development on a Fast Track: CSR India .Info. Available at http://www.csrindia.info/story.phpaid=168

Annual Reports of all the Maharatnas for the financial year 2014-15 and 2015-16

Websites of all the Maharatnas to review the CSR Policies and activities

International Institute for Sustainable Development (IISD) at https://www.iisd.org/business/issues/sr.aspx accessed on 16th March 2017

http://indiacsr.in/ accessed on 16th March, 2017

India CSR Outlook Report 2016-NGOBOX at ngobox.org/media/India%20CSR%20Outlook%20Report%202016-NGOBOX.pdf accessed on 20th March, 2017.

Tirthankar Nag, Asish K Bhattacharyya (2016) http://journals.sagepub.com/doi/pdf/10.1177/0972150916653032 accessed on 18th March, 2017

http://www.bsepsu.com/maharatnas.asp# accessed on 10th March 2017

http://dpe.gov.in/sites/default/files/Chapter_5_Classification_Final_0.pdf accessed on 10th March 2017.

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Compliance Checklist

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

Acts/Regulations etc. Compliance Due Date

To whom to be submitted

Central Excise Related Compliance1. Last Date for payment of Excise Duty Non

SSI units (July) *(in case of Payment through Internet banking)

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

Central Excise Authorities

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

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

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

Rule 12 / Rule 9(7) CENVAT Credit Rules, 2004 10th August Central Excise Authorities

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

Rule 17(3) Central Excise Rules, 2002/ CENVAT Credit Rules, 2004

10th August Central Excise Authorities

Service Tax Related Compliances/GST Compliances5. Pay Service Tax in Challan GAR – 7,

collected for the month of July 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 August*06th August

Service Tax Authorities

6. Summary Return on self-declaration basis for the month of July, 2017 in GSTR-3B after paying appropriate taxes

Goods and Services Tax Rules, 2017

GST 20th August GST Authority

Service Tax Related Compliances/GST Compliances7. Issue TDS Certificate Section 203 Income Tax Act, 1961 30th July Income Tax

Authorities8. Quarterly issuance of Certificate of

collection of tax at source (TCS) Form No. 27D

Rule 37D Income-tax Rules, 1962 30th July Income Tax Authorities

9. Income Tax Return for Non- Corporates & Individuals Who are under non- audited u/s 44AB

Section 139(1) Income Tax Act, 1961 31st July Income Tax Authorities

10. Deposit of Income Tax - Self-assessment tax Section 140A Income Tax Act, 1961 31st July Income Tax Authorities

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

Section 194CSection 194J

Income Tax Act, 1961 07th August Income Tax Authorities

12. Monthly payment of TCS (July, 2017)

Section 206 Income Tax Act, 1961 07th August Income Tax Authorities

13. TDS from Salaries for the previous month (July 2017)


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


RBI Related Compliances15. Reporting of actual transactions of ECB in

form ECB-2 within 7 working days (July)ECB Rules FEMA, 1999 08th August RBI through

Authorized Dealer16. 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 20TH JULY, 2017 TO 20TH AUGUST, 2017


Compliance Checklist

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

Acts/Regulations etc. Compliance Due Date

To whom to be submitted

17. Payment of ESI contribution for the previous month

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

21st July ESIC Authorities

18. Monthly return of Provident Fund for the previous month (June) Provident funds

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th July Provident Fund Authorities

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

Paragraph 38 of Employees Provident Funds Scheme, 1952

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

15th August Provident Fund Authorities Trustees of Provident Fund

20. File monthly return for employees leaving / joining during the month of July(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 August Provident FundCommissioner

21. i) File monthly Return of employees entitled for membership of Insurance Fund (Form No.2(IF))

ii) File monthly Return for members of Insurance Fund leaving service during the month of July (Form no. 3(IF))

iii) File monthly return of members joining service during the month of July

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

15th August Provident FundCommissioner

Stock Exchange / Listing Compliance22. Statement of giving the number of Investor

Complaints pending at the beginning of the Quarter those received during quarter, disposed during quarter and those remaining unresolved at the end of quarter

Regulation 13 SEBI (Listing Obligations and Disclosure Requirements) 2015

21st July Stock Exchange

23. Submission of Shareholding Pattern as at the end of the previous quarter

Clause 31 SEBI(Listing Obligations and Disclosure Requirements) 2015

21st July Securities & Exchange Board of India

24. Reconciliation of Share Capital Audit Regulation 55A SEBI (Depositories and Participant) Regulation 1996

30th July (within 30 days from the end of the Quarter)

Securities & Exchange Board of India

25. Furnish Financial Results– Quarterly financial results with Limited Review Report.

Reg. 33(3)(a) SEBI (Listing Obligations and Disclosure Requirements) 2015

14th August Stock Exchange

Note: While every care has been taken in the preparation of this Compliance Check List for the Month of July, 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]


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News from NIRC

NEWS FROM NIRCNIRC organised the following programs:Date Program Chief Guest/speakers Present17.6.2017 One day Seminar on Labour Laws

: Self Regulation RegimeChief Guest: Shri Nayab Singh Saini, Hon'ble Minister of Labour & Employment Department, Govt. of Haryana

Guest Speakers: Shri Anupam Malik, Additional Labour, Commissioner-Haryana; Shri M M Kaushal, Advocate; Shri Anil Bhat, Managing Partner, Lex & Craft; CS Ravi Chhabra, Managing Counsel, Ask Us Legal and Dr. Aditi Kaushal,Advocate

CS Dhananjay Shukla, CS Ranjeet Pandey, CS Pradeep Debnath, CS Manish Gupta, CS Devender Suhag, CS Vinay Shukla, CS Alka Arora, Members and students

19.6.2017 Campus Placement for Trainees CS Dhananjay Shukla, CS Alka Arora and participants

21.6.2017 Celebration of International Yoga Day

Under the Expert Guidance of CS Sudhir Jain CS Dhananjay Shukla, CS Manish Gupta, Members and Students

24.6.2017 One day Workshop on Opportunities for PCS under Goods and Services Tax (GST)

Guest Speakers: CA Ashu Dalmia, CA Gaurav Gupta and Shri R. Krishnan, Advocate

CS Manish Gupta and participants

30.6.2017 & 1.7.2017

Two Days Regional Residential Conference on CS – A Navigator Towards Corporate Growth (Host: Dehradun Chapter)

Chief Guest: Shri Madan Kaushik, Hon’ble Minister of Urban Development, Government of Uttarakhand

Speakers: CS Satwinder Singh, CS Vineet K Chaudhary, Council Members-ICSI and CA Ashu Dalmia

CS Dhananjay Shukla, CS Pradeep Debnath, CS Manish Aggarwal, Members and Students

1.7.2017 Van Mahotasav Celebration CS Alka Arora, other Officials of NIRO and students

3.7.2017 Valedictory Session of 266th Management Skills Orientation Program (MSOP)

Chief Guest: CS Deepak Kukreja, Past Chairman, NIRC-ICSI

CS Dhananjay Shukla, CS Alka Arora and participants

3-7.7.2017 05 Days Capsule Course on Insolvency & Bankruptcy Code (IBC)

Chief Guest: CS (Dr.) M S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India

Guest Speakers: CS Satwinder Singh, CS Ranjeet Pandey, CA Sajeve Deora, Mr.Alok Dhir, Managing Partner, Dhir & Dhir Associates and CS NPS Chawla

CS Dhananjay Shukla, CS Pradeep Debnath, CS NPS Chawla, CS Alka Arora and participants

4.7.2017 Professional Development Program on GST for Students

Guest Speaker: Shri S P Rao, Expert on Indirect Taxes

Students of the Institute

4-5.7.2017 2 days induction program for students

Members of the Institute Students of the Institute

6-8.7.2017 3 Days E-Governance Programme for students


11-15.7.2017 5 Days Skill Development Program for students


12.7.2017 Physical GST Point Counter Expert: Shri S P Rao, Expert on Indirect Taxes Members of the Institute14.7.2017 Physical GST Point Counter Expert: CS Gopal Mondal Members of the Institute15.7.2017 Workshop on the theme

“Voluntary Liquidation & Revival of Companies (Restoration of Name)”

Chief Guest: Shri Rakesh Kumar Tiwari, Registrar of Companies, Delhi and Haryana;Guest Speakers: CS Nesar Ahmad, Past President-ICSI & CS Rajeev Goel, Advocate

CS Dhananjay Shukla, CS Vineet Chaudhary, CS Pradeep Debnath, CS Nitesh Kumar Sinha, CS Manish Gupta, CS Alka Arora, Members and students

17.7.2017 Campus Placement for MSOP Participants

CS Dhananjay Shukla, CS Alka Arora and participants

17.7.2017 PCS Helpline on Technical Issues relating to E-filing

Facilitator/Expert: CS S Bhasker, Principal Consultant, MCA21 Project of MCA, Infosys LTD.

CS Dhananjay Shukla, CS Manish Gupta and Alka Arora


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LIGHTER SIDE OF THE PROFESSION““Madam, how come you say that you are the most suitable candidate for the job of the Private Secretary.?” “Because of my qualification.”“What is your qualification?” “My biggest qualification is that I have always brought feel good factor to my Boss.” ***** “Why Paramjeet Singh was not found fit for the job of Senior Executive Officer in the company?”“Because of his looks.” “Looks?”“The company wants a perfectly harmless looking man who would do all vicious things for the Company.”

—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

Lighter Side of the profession

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 15 Career Awareness Programs & career fairs during the month of April, 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.

ANNUAL GENERAL MEETING OF THE NIRC OF ICSI FOR THE YEAR 2016-17The forthcoming Annual General Meeting of the NIRC of ICSI will be held 29th July, 2017 at 4.00 P.M. at Hotel Le-Meridian, Jan-

path, New Delhi, to approve and adopt the 36th Annual Report and Audited Accounts of the NIRC of ICSI for the year 2016-17.

The detailed notice etc. for the said meeting has already been sent by e-mail, to the members whose e-mail ids are in the

records of the Regional Council. Members who have not furnished their e-mail ids are requested to provide their e-mail ids to

[email protected] to enable us to send the notice to such members by email. The full text of 36th Annual report and Audited Ac-

counts of the NIRC of ICSI for the year 2016-17 has also been hosted on the website of the NIRC of ICSI i.e www.icsi.edu/niro.

Hard copy of the Report of the Regional Council, together with the Auditor’s Report and the audited Balance Sheet and Income

and Expenditure Account for the financial year 2016-17 would be forwarded only to those members who are desirous of the

same. Members who are interested in having a hard copy of the same may kindly send their request containing their member-

ship no. and complete postal address to NIRC of ICSI through email at [email protected].


Forthcoming Program

(PROGRAM CREDIT HOUR: O2)CORDIALLY INVITES YOU AT

INTERACTIVE SESSION

WITH

· SHRI M P SHAH, REGIONAL DIRECTOR(NORTHERN

REGION), MINISTRY OF CORPORATE AFFAIRS· SHRI RAKESH KUMAR TIWARI, REGISTRAR OF COMPANIES,

DELHI & HARYANA ON

FRIDAY, THE 28TH JULY, 2017 FROM 5.30 PM TO 8.00 PM

AT NEW DELHI YMCA TOURIST HOTEL AUDITORIUM,

JAI SINGH ROAD, NEW DELHI-110 001

TEA: 5.30 PM

NO PARTICIPATION FEE

MEMBERS ARE REQUESTED TO PARTICIPATE IN LARGE NUMBERS

WITH BEST REGARDS,

CS Dhananjay ShuklaChairman, NIRC of the ICSI

Mobile: 9873347280Email: [email protected]

CS Rajeev Bhambri Secretary-NIRC & Chairman, PDPC-NIRC

Coordination Committee, NIRCMobile: 09915710010

Email: [email protected]


Forthcomig Program

ICSI CELEBRATES CAPITAL MARKETS WEEKJuly 22-28, 2017

Participation fee: Rs.2000 inclusive of Taxes (FREE for Corporate Members of NIRC)

Four PCH for ICSI Members | Eight PDP for ICSI Students

Mega Programme at New Delhi

Saturday, the July 29, 2017 10.00 am onwards

Hotel Le-Meridien, Janpath, New Delhi-110 001

Theme:“Capital Market of New India:

The Reform Agenda for Inclusive Growth”Registration:

In order to make necessary arrangements, Members are requested to enrol well in advance with Regional Director, NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. Members are requested to deposit the requisite fee well in advance with NIRC-ICSI, 4, Prasad Nagar Institutional Area, New Delhi. The fee may be paid through cash/cheque in favour of NIRC of ICSI which may be deposited at NIRC-ICSI Office. Tel.:+91-11-49343000, E-mail: [email protected]

The fee may also be paid through Paytm through the following link:https://paytm.com/education?op=The%20Institute%20of%20Company%20Secretaries%20of%20India%20NIRC&type=registration

All are cordially invited to attend and participate in the program.

CS Rajeev Bhambri Secretary-NIRC &

Chairman, PDPC-NIRC

CS Dinesh Chandra Arora

Secretary ICSI

CS Dhananjay ShuklaChairman

NIRC of the ICSI

CS Mahavir LunawatCouncil Member, ICSI

& Chairman, Financial Services Committee

CS (Dr.) Shyam Agrawal

President ICSI


Images

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3

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7 8

6

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4 Celebration of International Yoga Day (21.6.2017): Group photograph of participants & CS Dhananjay Shukla, CS Manish Gupta, Members and students performing Yoga.

5 05 Days Capsule Course on Insolvency & Bankruptcy Code (IBC) – 3-7.7.2017: Group photograph of participants alongwith CS Dhananjay Shukla and CS NPS Chawla.

7 Seminar of Lucknow Chapter on Recent amendments under Companies Act 2013 and Central Goods and Services Tax 2017 (Provisions & Procedures) 25.6.2017: Group photographs of delegates alongwith CS Dhananjay Shukla, CS Amit Gupta, CS Manoj Kapoor, CS Ajay Garg and Office bearers and Managing Committee Members of Lucknow Chapter

6 PCS Helpline on Technical Issues relating to E-filing (17.7.2017): CS Dhananjay Shukla and CS Manish Gupta welcoming CS S Bhasker (Principal Consultant, MCA21 Project of MCA, Infosys Ltd.) by presenting flower bouquet.

8 Seminar of Lucknow Chapter on Recent amendments under Companies Act 2013 and Central Goods and Services Tax 2017 (Provisions & Procedures) 25.6.2017: L to R CS Subhash Chandra Tiwari, CS Amit Gupta, CS Dhananjay Shukla, Shri Vishal Chauhan, IAS, (Managing Director, UPPCL), CS Ajay Garg and CS Anupam Jaiswal

3 Two Days Regional Residential Conference on CS – A Navigator Towards Corporate Growth (30.6.2017 & 1.7.2017): Group photograph of participants alongwith CS Dhananjay Shukla, CS Vineet K Chaudhary and CS Pradeep Debnath.

1 Valedictory Session of 266th Management Skills Orientation Program (MSOP) - 3.7.2017: Sitting on the dais CS Deepak Kukreja, CS Dhananjay Shukla, CS Alka Arora and Ms. Beena. Best Presenters/Best Participants standing.

2 42nd MSOP Valedictory Session of Gurgaon Chapter(7.7.2017): L to R CS Amit Goel, Chief Guest CS Dhananjay Shukla, CS Devender Suhag and CS Vinay Shukla. Best Presenters/Best Participants standing.


24-25.07.201721.07.2017

2

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1 05 Days Capsule Course on Insolvency & Bankruptcy Code (IBC) – 3-7.7.2017: (Left) CS Dhananjay Shukla welcoming CS (Dr.) M S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India by presenting flower bouquet. (Right) CS(Dr.) M S Sahoo addressing. Others from L to R CS NPS Chawla, CS Dhananjay Shukla and CS Alka Kapoor.

2 05 Days Capsule Course on Insolvency & Bankruptcy Code (IBC) – 3-7.7.2017: L to R CS NPS Chawla, Mr.Alok Dhir, Managing Partner, Dhir & Dhir Associates CS Ranjeet Pandey, CA Sajeve Deora and CS Satwinder Singh.

3 One day Workshop on Opportunities for PCS under Goods and Services Tax (GST) – 24.6.2017: L to R CS Manish Gupta, CA Ashu Dalmia and Shri R. Krishnan, Advocate and CA Gaurav Gupta.

4 Seminar on Labour Laws: Self Regulation Regime (17.6.2017): Mr. M M Kaushal, Advocate addressing. Others from L to R CS Pradeep Debnath, CS Manish Gupta, CS Dhananjay Shukla, Mr. Anupam Malik, CS Devender Kumar Suhag, Dr. Aditi Kaushal, Advocate, Mr. Anil Bhat, Managing Partner, Lex & Craft, CS Ravi Chhabra, Managing Counsel, Ask Us Legal and CS Vinay Shukla.

national best regional council (2004, 2007, 2008, …...4 two days regional residential conference...

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