Volume No.

XXIV
Student Company Secretary ISSN 0972-2874
May 2007

5
EDITORIAL CENTRAL COUNCIL ANNUAL SUBSCRIPTION Rs. 50
ADVISORY BOARD MEMBERS SINGLE COPY Rs. 5.00
Chairman President
Edited, printed and published by
S. Balasubramanian Preeti Malhotra(Ms.)
N.K. Jain for the Institute of
Vice-President
Members Company Secretaries of India,
Keyoor Bakshi
(In alphabetical order) 'ICSI House', 22, Institutional
Ajit Yadav Members Area, Lodi Road,
Brahm Avatar Agrawal(Dr.) (In alphabetical order) New Delhi - 110003
Girish Ahuja(Dr.) Ananthasubramanian S N Phone : 24617321-24,
G.P. Agrawal Anil Kumar Murarka 24644431-32, 41504444
G R Bhatia Ashok Chandra Grams : Compsec
Lalit Bhasin Biswa Behari Chatterjee Fax : 91-11-24626727
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Nesar Ahmad Harish Kumar Vaid Printed at Daily Tej Pvt. Ltd.
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Raj Kumar Agarwal (Dr.) Narasimhan B New Delhi
RakeshChandra Nesar Ahmad Phone : 42225134, 42225111
Renu Budhiraja(Ms.) Milind B Kasodekar The Institute is not in anyway
S K Verma(Dr. Mrs.) Pradeep Kumar Mittal responsible for the result of
Sanjay Grover S R Bansal any action taken on the basis
Sanjeev Kumar (Dr.) Sanjay Grover of the advertisements
V K. Agarwal Sridharan R published in this Bulletin.
Sudhir Babu C
Editor & Publisher Vinayak S Khanvalkar
N. K. Jain Y S Malik
Secretary & Chief
Executive Officer
N.K. Jain

HIGHLIGHTS
H I G H L I G H T S

l From the President 03

l Article - Transfer of Shares from Resident to Non-Resident 05
l Academic Guidance 08
l Legal World 17
l Student Services 20
l Students Quiz 29
Prize Winners 29
l News and Announcements 31
l Schedules of SMTPs/TOPs/ADPs 37
l Attn. Students! Appearing in June 2007 Intermediate Exam. 40

Student Company Secretary 1 May 2007

 Training Orientation Programme

As per Company Secretaries Regulations, 1982 (amended
from time-to-time) every student apart from passing the final
examination of the Institute is also required to possess the
practical experience and undergo practical training or be
exempted therefrom before becoming eligible to the Associate
Membership of the Institute. Students who do not possess
practical experience are required to undergo compulsorily 15
months Management/Apprenticeship training.
Most of the students commencing training are not aware of
the significance and methodology of training, business
environment, corporate culture, communication and
behavioural aspects. Keeping in view the above factors, the
Council of the Institute has decided that students requiring to
undergo training should compulsorily attend five days Training
Orientation Programme (TOP) before they are sponsored for
training. It has also been decided that henceforth students
will be sponsored for training in the companies or with company
secretaries in practice as per the following schedule.

Activities Session1 Session 2 Session 3 Session - 4

Registration of students January 1 to March 01 to June 01 to September 01 to
for 15 months Training January 10 March 10 June 10 September 10
Organisation of TOP January 15 to March 15 to June 15 to September 15 to
January 24 March 24 June 24 September 24
Campus Interview January 25 to March 25 to June 25 to September 25 to
January 31 March 31 June 30 September 30
Commencement of February 01 April 01 July 01 October 01
Training Onwards Onwards Onwards Onwards
Completion of April 30* June 30* September 30* December 31*
Training Next Year Next Year Next Year Next Year
* If the student avails extra leave, the training will be extended accordingly.
Training Orientation Programme is a part of the 10. Usefulness of reading newspapers
Management/Apprenticeship training and is based on Guru 11. Self-assessment
Shishya Parampara. Training Orientation Programme will not SWOT analysis
only expose the students to the business environment and Career prospects
corporate functioning but would also help them in acquiring
Personality
the desired skill and confidence.
12. Writing of curriculum vitae
The Regional Councils will organize the Training Orientation
Programme from 15th to 24th of the four fixed months i.e. 13. Interview Techniques
January, March, June & September. 14. Career Planning
For effective interaction and participation, not more than 15. Computer-Internet/E-mail
40 students would be enrolled in each TOP. A fee of Rs. 400/ 16. File management
- per participant will be charged. 17. Organisation structure, role and functioning of Competition
The following topics will be included in the programme : Commission of India, CLB/NCLT, ROC, Stock Exchange,
SEBI, RBI, DRT
1. Importance of Training
18. Usefulness of Professional Development Programmes.
2. Personality Development- Dress Code & How to carry
oneself 19. Code of Conduct
20. Future Prospects
3. Time Management
For helping the students to identify Companies or Company
4. Meaning of Professionals
Secretaries in practice for undergoing training, the Regional
5. Office Culture Councils would also arrange Campus Interviews, immediately
6. Communication Skill on conclusion of each TOP for on-the-spot selection of
Writing ability candidates. Such Campus Interviews will be organized during
Drafting of letters the four fixed months from March 25 to 31; June 25 to 30;
Speaking ability September 25 to 30 and January 25 to 31.
All students intending to commence Management/
7. Group discussion, Drafting of Minutes, Notices,
Apprenticeship training are advised to contact the respective
Resolutions etc.
Regional Councils for enrolling themselves for TOP. Only on
8. How to qualify professional examination successful completion of TOP, students would be sponsored
9. Managing under crisis for training by the Institute.

Student Company Secretary 2 May 2007

 From The President

Your ability to communicate is an important tool

in your pursuit of your goals, whether it is with your family,
your co-workers or your clients and customers.
Les Brown

Dear Students,
Much of our time is spent on communication, whether formal or informal. We are
involved in communication during much of our waking hours, like speaking to people at
home or journey to work or at the work place itself. It is being said that an individuals communication skills are the
means of easily judging that individuals intelligence. This is why people with good communication skills are often
mistaken as more intelligent than they actually are. Therefore, if you wish to progress in your professional career,
good and effective communication skills is the key. It may be pointed out that the technology driven communication
age has resulted in an unprecedented number of daily exchanges through everything from voice mail and e-mail to
cell phones, videoconferencing and corporate intranets. While technology is more sophisticated than ever, people
using these advanced tools of communication must themselves be skilled communicators or the message is lost.
The ability to communicate effectively both verbally and in writing, in a global business context has become a
critical aspect of success for every professional. In fact, what you say and how you say, it can make or break your
image in the workplace. Surveys conducted by corporates have indicated that a persons communication style has
the greatest impact on his/ her professional reputation.
Since a large share of professionals time is devoted to the activity of communication, it is important for them to
hone their communication skills. To be a good communicator, many ways have been suggested by Management
Experts to sharpen the communication skills. Some of these I would like to share with you briefly. They say: Listen
well - Perhaps the most important and the most frequently overlooked communication skill is listening. Paying close
attention to what the other person is saying requires discipline. It takes practice to avoid interrupting others and to
welcome differing perspectives. Clarify your objectives and focus - Know why you are talking with or writing to
someone. What do you want to accomplish with your communication? In the fast-paced business environment,
brevity is always appreciated. Before you dial the phone or write an e-mail, take a moment to organize your thoughts.
Make your questions or statements clear and concise. Brush up on your writing - Choose your words carefully when
e-mailing. If you are requesting action, make sure it is clear of what is needed. Know your audience to whom are you
directing the message. The reason for the call or message, as well as the identity of the recipient, helps determine
the content and style of communication. Be clear and straightforward - If the content is urgent, sensitive or confidential,
a face-to-face meeting should be preferred to a letter, whenever possible.
If you practice these communications tips as suggested by the Management Gurus on a persistent basis, I am
sure this will enable you to enhance your communication skills necessary for a professional to climb a successful
professional career.
Being conscious of your forthcoming June examinations, I am confident that you must be earnestly devoting
adequate time towards you studies. Wishing you all good luck, I advise you to avoid half-hearted or peripheral
approach and adopt a positive, serious but cheerful approach towards the examination. As discussed, improve your
communication skills. The examiners while evaluating your answer sheets have pointed out that many students
knowing the answer could not communicate the same effectively due to lack of good communication skills. Therefore,
it is very important for you to lay emphasis on improving your written communication skills.
Moreover, you have to be in touch with the daily newspapers and various other journals to keep yourselves
Student Company Secretary 3 May 2007
 From The President
abreast of the latest legislative developments as well as judicial pronouncements. Chartered Secretary as you all
are aware, is a prestigious journal of the Institute. It is rated as one of the best professional journals containing
information, which is extremely useful, both for professionals as well as the students. You may consider subscribing
Chartered Secretary, which is made available to students at a concessional rate of Rs. 300 for twelve issues.
Developing the habit of regularly reading Chartered Secretary would provide you useful information that would
enhance your knowledge as well as keep you abreast of latest developments that would also help you while preparing
for the examination.
A successful professional like Company Secretary who would aim for excelling the excellence and a continuous
improvement towards perfectionism is the one who will recognize the preciousness and surpassing propriety of the
process of value creation. It is in this perspective, I am pleased to inform you that the Council of the Institute has
decided to organise the 35th National Convention of Company Secretaries on the theme Excellence through
Business Value Addition on September 20-22, 2007 at Jaipur, Rajasthan. The theme of the Convention centres on
the process of creation of value for business for the achievement of the coveted excellence.
I am equally pleased to inform you that the Institute has decided to award Academic Development Programme
(ADP) Certificate to the students attending National Convention. Hence such students would be exempt from
attending compulsory ADP and would be deemed to have complied with the requirement of attending 25 hours of
Academic Development Programmes. The students attending the National Convention have been given concession
in the payment of delegate fee. I advise you to ensure your participation at the Convention as a delegate.
The Placement Cell set up at the Institutes Headquarters, its Regional and Chapter offices is making constant
efforts in helping the members in getting suitable placement. Recently, during meetings with the officials of MCA,
SEBI, NSE, BSE, Chambers of Commerce and Industry, emphasis was laid on participating in the Campus Interviews,
organized by the Institute for recruitment of Company Secretaries. Accordingly, SEBI and NSE participated in a
Campus Interview and selected candidates. During the last three months, the ICSI organized twelve Campus
Interviews, wherein a number of companies participated and recruited/selected/short- listed candidates suiting their
requirements. Further, some banks, public sector enterprises and companies in private sector have also expressed
their willingness to participate in campus interviews. Keeping in view the encouraging response received, the Institute
has undertaken an exercise to upgrade and benchmark its placement services with the practices followed by some
of the large and creditable Institutions.
To conclude, effective communication skills determine our ability to have rewarding relations with others and to
achieve satisfaction in life. I quote famous American Speaker and Author Jim Rohn who says: Take advantage of
every opportunity to practice your communication skills so that when important occasions arise, you will have the
gift, the style, the sharpness, the clarity, and the emotions to affect other people.

With best wishes,

Yours sincerely,

New Delhi (PREETI MALHOTRA)

May 15, 2007 president@icsi.edu

Student Company Secretary 4 May 2007

 Article
TRANSFER OF SHARES FROM RESIDENT TO
NON-RESIDENT - FEMA ASPECTS
B Shanmugasundaram, ACS, Company Secretary, India Motor Parts & Accessories Limited, Chennai

Relevant Regulations 3. The Indian Company is not engaged in financial services

The following are the regulation and circular issued by RBI which sector including Banks, NBFCs, ARCs and Insurance.
are relevant for the transfer of shares from resident to non-resident: - 4. The transfer of shares does not attract the provisions of SEBI
(Substantial Acquisition of Shares and Takeovers)
1. FEM (Transfer or Issue of Security by a person Resident
Regulations, 1997.
outside India) notified vide Notification No.FEMA.20/2000-
rd
RB dated 3 May 2000. Requirements as specified in the
Annex 3 to RBI Master Circular No.
2. Master Circular No.2/2006- This articles details the procedures to be complied for transfer 2/2006-07 dated 1st July, 2006
07 dated 1 July, 2006 is- of shares from resident to non-resident. Prior to October 4, 2004 Clause 1.2 - Parties involved in the
st

sued by Foreign Exchange the regulations required prior approval from Foreign Investment transaction: -
Department, Reserve Bank Promotion Board (FIPB) and Reserve Bank of India (RBI). However
1. Shareholder(s) of Indian Company
of India consolidating the the Reserve Bank of India has issued a circular in October 4,
instructions with respect to 2004 followed by a Master Circular dated 1st July 2006, which 2. Non-Resident buyer
transfer of shares from resi- consolidates the instructions in the earlier circular dispensing the 3. Duly Authorised Agent of the buyer
dent to non-resident cov- prior approvals required under erstwhile regulations. (i.e. Power of Attorney holder)
ered in A.P. (DIR Series) 4. Authorised Dealer Bank branch
Circular No.16 dated 4th October 2004 issued by Foreign 5. Indian Company for recording the transfer of ownership in
Exchange Department, RBI books
Brief summary of Regulations Clause 2 Pricing Guidelines
Type of Transaction Pricing Guideline
Regulation prior Regulation post Regulation post (i.e. transfer)
to October 4, 2004 October 4, 2004 July 1, 2006
Transfer of shares Prior approval from The relaxation envisa- From resident to non-resident In case of listed shares the
by way of sale by a FIPB and RBI ged under A.P. (DIR (i.e. incorporated entity) ruling market price
person resident in dispensed with. Series) Circular No.16 In case of unlisted shares
India to a person However, Compa- dated 4th October 2004 Fair valuation of shares done
resident outside nies in financial issued by Foreign by a Chartered Accountant as
India require prior services sector Exchange Department, per the guidelines issued by
permission of FIPB including Banks, RBI continues but the erstwhile Controller of Capital
followed by NBFCs and Insura- instructions have been Issues. The price per share
approval from RBI. nce cannot avail the consolidated by the arrived should be certified by
relaxation envisaged Master Circular No.2/ a Chartered Accountant.
in the circular. 2006-07 dated 1st July,
2006 issued by Foreign Clause 3 Responsibilities of the parties
Exchange Department, All the parties referred to in Clause 1.2 involved in the transaction
RBI. are responsible for complying the relevant FEMA Regulations, relevant
However, with respect to individual limit/sectoral caps/foreign equity participation ceilings as fixed
shares of Companies in by the Government. Settlement of transactions will be subject to
financial services sector payment of applicable taxes, if any.
including Banks, Clause 4 Method of Payment and remittance/credit of sale
NBFCs, ARCs including proceeds
Insurance cannot avail
Type of buyer Manner of Payment
the relaxation envisaged
in the circular. Person resident outside India Through normal banking
channels
Hence, transfers of shares from person resident in India to
person resident outside India would be subject to the guidelines Foreign Institutional Investor By debit to Special Non-
prescribed in Master Circular No.2/2006-07 dated 1st July 2006. Resident Rupee Account
Objectives of change in regulation:- NRI (If shares are acquired By way of debit to NRE /
on repatriation basis) FCNR (B) accounts
The objectives of dispensing with the prior approvals are to attract
foreign investors and to simplify procedures relating to transfer of NRI (If shares are acquired on Through normal banking
shares from resident to non-resident Non-repatriation basis) channels or out of funds held in
Conditions subject to which relaxations are made:- NRE / FCNR(B) accounts / NRO
accounts
1. In terms of Clause 13 of the Master Circular No.2/2006-07
dated 1st July, 2006 issued by Foreign Exchange Depart- Documentation requirements
ment, RBI a person resident in India may transfer the shares
The following documents should be submitted to the Authorised
by way of sale to a person resident outside India subject to
Dealer of the Indian Company: -
the guidelines in Annex 3.
1. Form FC-TRS in quadruplicate
2. The activities of the investee company (i.e. the Indian com-
pany) are under automatic route of RBI. 2. Consent Letter duly signed by shareholders of Indian Com-
Student Company Secretary 5 May 2007
 Article
pany. Where consent letter is signed by a Power of Attorney
holder, the Power of attorney. 7 Details regarding shares The following details are
to be transferred required to be given: -
3. Shareholding Pattern of Indian Company after the transfer
a) Date of the transaction
to non-resident showing equity holdings of residents and non- b) Number of shares
resident category wise. c) Face value of the share
4. Certificate indicating fair value of shares by a Chartered d) Negotiated price for transfer
Accountant. (in case of an unlisted
5. Copy of the Brokers note if sale is made on Stock Exchange Company attach a certificate
in case of listed shares. from CA on fair value of
6. Undertaking from the buyer that the buyer is eligible to acquire shares)
shares under FDI Policy and the existing sectoral limits and e) Amount of consideration
guidelines have been complied with.
Declaration by non-resident buyer*
7. Undertaking from the FII/sub account to the effect that the
individual FII/sub account ceiling as prescribed by SEBI has The non-resident buyer shall give a declaration to the following
not been breached. effect that: -
Details to be given in Form FC-TRS* (i) The particulars given above are true and correct;
*Form given as an Annexure to A.P. (DIR Series) Circular No.16 (ii) The shares were held per FDI Policy under FERA / FEMA
dated 4th October 2004 Regulations on repatriation / non-repatriation basis;
S.No. Details Explanatory Comments (iii) That the buyer is eligible to acquire the shares of the Com-
pany in terms of the FDI Policy. It is not a transfer relating to
1 Name of the Company Mention the name of the Indian shares of a company engaged in financial services sector or
Company, shares of which sector where general permission is not available;
would be subject to transfer.
Address (including e-mail, (iv) The Sectoral limit under the FDI Policy and pricing guidelines
telephone number, has been adhered to.
fax number) Activity *This certificate is an integral part of Form FC-TRS
NIC Code No.
Certificate by Authorized Dealer*
2 Whether FDI is allowed It should be in affirmative. The authorized dealer shall certify that: -
under Automatic Route
(i) The application is complete in all respects.
3 Nature of transaction Transfer from resident to non-
resident (ii) The receipt / payment for the transaction is in accordance
with the FEMA Regulations / Reserve Bank Guidelines
4 Name of the buyer Name of the transferee (i.e.
non-resident whether indivi- *This certificate is an integral part of Form FC-TRS
dual, Company, FII or others) Responsibilities / Obligations of the parties
Type in case of incorpor- In case of Company / FII 1. It should also be noted that the general permission does not
ated entity mention the constitution of the preclude obtaining RBI approval under any other enactments.
Company i.e. whether Limited
Company, registered Partner- 2. Though the regulations are relaxed, responsibility is fixed on
ship etc. all the parties to the transactions including Authorized Dealer
Date and place of to ensure compliance with the requirements prescribed in
incorporation the Master Circular No.2/2006-07 dated 1st July 2006 issued
by Foreign Exchange Department, RBI. It should also be
Address (including e-mail, noted that the general permission under this circular does
telephone number, fax not preclude obtaining RBI approval under any other
number)
enactments.
5 Name of the seller Mention the name of the 6. Transfer may be given effect after obtaining Certificate from
resident seller. In case there Authorized Dealer
are more than few sellers, a
separate schedule may be 1. It is the responsibility of the AD to verify that the application
attached. is complete in all respects. Thereafter the AD is required to
Type in case of incorpor- In case of Company / FII men- issue a certificate to that effect as mentioned above.
ated entity tion the constitution of the 2. Though the circular nowhere mentions that transfer of shares
Company i.e. whether Limited should be subsequent to obtaining certificate from AD, it is
Company, registered Partner- imperative that the date of transfer of shares is subsequent
ship etc. to certificate given by the Authorized dealer because any
Date and place of incor anomalies in the application cited by the AD should not en-
poration tail the Indian Company in a position of having given effect
Address (including e-mail, to transfer without full compliance of the requirements.
telephone number, fax 3. Therefore, the Indian Company may approve the transfer of
number) shares from resident to non-resident after obtaining the cer-
6 Particulars about earlier The details of earlier appro- tificate from the Authorized Dealer.
Reserve Bank / FIPB vals, if any obtained by the 7. Checklist for transfer of shares from resident to non-resident
approvals Indian Company from FIPB
and RBI should be given. 1. Form FC-TRS in quadruplicate. It should be noted that the
Certified copies of such Statement of Inflows (as given below) on account of remit-
approvals may be attached. tance received in connection with transfer of shares from
resident to non-resident forms part of Form FC-TRS.

Student Company Secretary 6 May 2007

 Article
Date of Name of Activity NIC Name of Name of No. of the Face Sale Total inflows
Transaction the Company Code the buyer seller shares value price per (in INR)
transferred (in INR) share
(in INR)

2. The following documents should be enclosed with Form FC-TRS
(a) Consent Letter duly signed by shareholders of Indian Com-
pany. Where consent letter is signed by a Power of Attorney
holder, the Power of attorney.
(b) Shareholding Pattern of Indian Company after the transfer
to non-resident showing equity holdings of residents and non-
resident category wise.
(c) Certificate indicating fair value of shares by a Chartered Ac-
countant.
(d) Copy of the Brokers note if sale is made on Stock Exchange
in case of listed shares.
(e) Undertaking from the buyer that the buyer is eligible to ac-
quire shares under FDI Policy and the existing sectoral lim-
its and guidelines have been complied with.
(f) If the sellers are NRIs/OCBs, the copies of RBI approvals
obtained earlier evidencing that the shares held by them on
repatriation/non-repatriation basis.
(g) No objection/Tax Clearance Certificate from Income Tax
Authority/Chartered Accountant.
Conclusion
The changed regulation signifies the simplification of procedures,
the process relating to transfer of shares from resident to non-resident.
It aims to attract foreign investors to acquire stake in Indian Companies.
It also facilitates the Indian Companies to identify a foreign partner in
similar industry and dilute a portion of its equity stake in favour of the
foreign investor. Thus, the acquisition of equity stake in the Indian
Company may lead to infusion of capital, technology and expertise in
management by the foreign partner, which would add value and
enhance the growth of the Indian Companies.

LIST OF INSTITUTES IMPARTING THE ORAL

COACHING FACILITIES TO THE CS STUDENTS
ATTENTION STUDENTS ! APPEARING IN FOUNDATION, INTERMEDIATE AND
FINAL EXAMINATIONS UNDER PUBLIC/PRIVATE
INTRODUCTION PARTNERSHIP SCHEME
OF S. Name & Address of Validity for CS Session
No. Empanelled Institutions of Examinations
TWO NEW PRIZE AWARDS
1. Institute for Inspiration & December '07 & June '08
The Institute is pleased to announce the Self Development Session of CS Examinations
1B-200/1, Sector-III
introduction of following two new Prize Awards : Salt Lake City,
I. SHRI KANHAIYALAL N. DUSANEWALA Kolkata-7000 016
VAKIL (NANDURBAR) MEMORIAL AWARD 2. Career Classes December '07 & June '08
303, Shallimar Corporate Session of CS Examinations
Cash Prize of Rs.1,251/- to be awarded to a lady Centre, 8, South Tukoganj
candidate who passes in all papers of the Final Near Hotel Balwas
Indore (M.P.)
Examination, at first attempt, in one sitting, without
3. Institute of Management December '07 & June '08
claiming exemption in any subject and obtaining the Training & Research Session of CS Examinations
Second highest percentage of marks in the Artha Complex, 2nd Floor
aggregate taking into account the performance of all Near IMA House and
Tapdiya Terrace
the successful lady candidates from Western Region, Off. Adalat Road,
effective from December, 2007 session of Aurangabad-431001 (M.S.)
examinations.
II. DR. VASUDEORAO JATKAR MEMORIAL
CLARIFICATION REGARDING HINDI MEDIUM
Queries are often being received by the Institute with regard to the
AWARD option of medium for pursuing the Company Secretaryship Course.
Cash Prize of Rs.2,501/- on annual basis to be It is clarified that the students may opt for pursuing the course
in English/Hindi medium. However, the study material at present is
awarded to a candidate who passes in all papers
available in English medium only. In any case, the students can
of the Final Examination, at first attempt, in one enjoy the facility of submitting their response sheets to the test
sitting, without claiming exemption in any subject papers under the Postal Tuition Scheme in English or Hindi medium.
and obtaining the highest marks in the aggregate Similarly, they can opt to write the Institutes main examination in
English or Hindi Medium.
taking into account the performance of all the
As regards writing of examination, the option is to be exercised
successful candidates in June and December while filling up the examination form as and when the students intend
examinations during a Calendar year from to appear in the examination. This option is to be exercised on group
Hyderabad examination centre, effective from wise basis and not on individual paperwise basis. Answering to test
papers and writing examination partly in English and partly in Hindi
June-December 2007 sessions of examinations. medium is not permissible.

Student Company Secretary 7 May 2007

 Academic Guidance
ACADEMIC GUIDANCE
SECURITIES LAWS & REGULA
LAWS TION OF
REGULATION
1
FINANCIAL MARKETS
(INTERMEDIATE GROUP II)
I. Amendments in SEBI(DIP) Guidelines, 2000
SEBI vide its circular SEBI/CFD/DIL/DIP/25/2007/30/4 dated April
20, 2007 has amended SEBI (DIP) Guidelines, 2000. Highlights of
the amendments are as under:
1. Draft offer documents
It was observed by SEBI that many times, draft offer documents
are filed with SEBI with incomplete documentation, incomplete
disclosures or information which necessitates clarification from/
discussion with the Lead Manager/s. To bring clarity in process of
draft offer documents, SEBI Guidelines were amended to reflect the
existing practice followed. It clarified that SEBI issues observations
on the draft offer documents so filed, only after receipt of satisfactory
replies from the Lead Manager/s to queries raised, receipt of comments
from regulators or other agencies where reference has been so made
and receipt of copies of in-principle approvals from all the stock
exchanges on which the issuer intends to list the securities proposed
to be offered through the prospectus.
2. IPO Grading
The grading of all IPOs has been made mandatory. The grading
shall be done by credit rating agencies registered with SEBI. It shall
be mandatory to obtain grading from at least one credit rating agency.
The issuer shall be required to disclose all the grades obtained by it
for its IPO in the prospectus, abridged prospectus, issue
advertisements and all other places where the issuer is advertising for
the IPO. Expenses incurred for grading of IPO shall be borne by the
issuer.
3. Preferential allotment
At present, the provisions relating to pricing in preferential allotment
guidelines presuppose existence of listing history of at least six months
in a company proposing a preferential allotment. The preferential
allotment guidelines, have been amended so as to enable companies
with listing history of less than six months to raise money through
preferential allotment, subject to complying with the modified pricing
and disclosure norms.
4. Qualified Institutions Placements (QIP)
The eligibility criteria for a company desirous of making a QIP has
been amended. In addition to fulfilling other criteria specified in the
guidelines governing QIP, such company shall now be required to have,
a listing history of at least one year as on the date of issuance of
notice to its shareholders for convening a general meeting in terms of
Section 81(1A) of the Companies Act, 1956 to consider the QIP.
5. Promoters Contribution
The Guidelines have been amended to provide that securities which
have been pledged with banks or financial institutions as collateral
security for loans granted by such banks or financial institutions shall
not be eligible for computation of minimum promoters contribution.
II. Permanent Account Number (PAN) to be the
sole identification number or all transactions
in the securities market
SEBI had made PAN mandatory for trading in the cash market and
for operating demat accounts with effect from January 01, 2007.
Further, in order to strengthen the Know Your Client (KYC) norms
and identify every participant in the securities market with their
respective PAN thereby ensuring sound audit trail of all the transactions,
1. Prepared by Sonia Baijal, Assistant Director, The ICSI
Student Company Secretary
SEBI decided that PAN would be the sole identification number for all
participants transacting in the securities market, irrespective of the
amount of transaction w.e.f. July 02, 2007. SEBI had advised the
intermediaries to put in the necessary systems in place so that all the
individual databases of their clients and clients transactions are linked
to the PAN details of the client.
III. Common platform for electronic filing and
dissemination of information about listed
companies
In order to enhance transparency and efficiency of the securities
market, a need was felt for setting up a common electronic platform
aiming at (i) providing a single window filing to listed companies
irrespective of multiple listing, (ii) eliminating paper filing with the Stock
Exchanges (iii) covering all listed companies (including companies
listed in Stock Exchanges other than BSE and NSE) and (iv) being a
one stop shop for sourcing corporate information of listed companies
by investors.
Accordingly on January 01, 2007, BSE and NSE jointly launched
the common platform at www.corpfiling.co.in which is jointly owned,
managed and maintained by the two exchanges. The platform
disseminates filings made by companies listed on these exchanges,
and enable electronic filing by companies listed in BSE and NSE.
IV. Listed companies permitted to send abridged
annual report to shareholders
With a view to curtail rising cost of compliance and the increasing
availability of information about listed companies in public domain such
as the website of the company, of the stock exchanges and of the
common filing platform jointly maintained by BSE and NSE, SEBI has
permitted listed companies to send a statement containing the salient
features of the Balance Sheet, Profit and Loss Account and Auditors
Report to each shareholder instead of the present requirement of
sending a copy of the complete and full Balance Sheet, Profit and
Loss account and Directors Report. However, on a written request
from a shareholder, the company shall send the complete and full
Balance Sheet, Profit & Loss Account and Auditors Report to the said
shareholder.
V. Trading Platform for Corporate Bonds
SEBI has permitted BSE and NSE to have in place corporate bond
trading platforms to enable efficient price discovery and reliable clearing
and settlement in a gradual manner. To begin with, the trade matching
platform shall be order driven with essential features of OTC market.
BSE and NSE would make use of their existing infrastructure, with
necessary modifications to set up the said platform with effect from
July 01, 2007. The trade matching platform would be available to
members of the respective stock exchanges.
FINANCIAL MANAGEMENT
RBI GOVERNOR ANNOUNCES ANNUAL POLICY
STATEMENT FOR THE YEAR 2007-08
HIGHLIGHTS2
Dr. Y.R. Venugopal Reddy, Governor, in a meeting with Chief
Executives of major commercial banks today presented the Annual
Policy Statement for the Year 2007-08. Some of the highlights of the
policy statement are as under:
Domestic Developments
l The advance estimates of the Central Statistical Organisation
(CSO) placed real GDP growth at 9.2 per cent for 2006-07, over
and above 9.0 per cent in 2005-06.
l The year-on-year wholesale price index (WPI) inflation was 5.7
per cent in end-March and 6.1 per cent on April 7, 2007, after
moderating from an intra-year peak of 6.7 per cent in end-Janu-
ary 2007, but higher than 4.1 per cent at end-March, 2006.
2. Reproduced from Press Release issued by The RBI on 24th April 2007
8 May 2007
 Academic Guidance
l The average price of the Indian basket of international crude oil
increased to a peak of US $ 71.1 per barrel in July 2006, but
declined to US $ 53.0 per barrel in January 2007 before increas-
ing to US $ 64.0 per barrel as on April 20, 2007.
l Money Supply (M3) growth, on a year-on-year basis, increased
by 20.8 per cent (Rs.5,67,372 crore) in 2006-07 as compared
with 17.0 per cent (Rs.3,96,881 crore) in 2005-06.
l Reserve money increased by 23.7 per cent (Rs.1,35,892 crore)
during 2006-07, higher than the increase of 17.2 per cent
(Rs.83,922 crore) in the previous year.
l Aggregate deposits of scheduled commercial banks (SCBs)
increased by 23.0 per cent (Rs.4,85,210 crore) during 2006-07
as against 18.1 per cent (Rs.3,23,913 crore) in 2005-06.
l Non-food credit extended by SCBs increased by 28.0 per cent
(Rs.4,10,285 crore) on top of 31.8 per cent (Rs.3,54,193 crore) in
the previous year, exhibiting some moderation from the sustained
growth during 2003-06.
l Incremental non-food credit-deposit ratio edged down to 84.6 per
cent during 2006-07 from 109.3 per cent in the previous year.
l During 2006-07, financial markets shifted from conditions of easy
liquidity to occasional spells of tightness necessitating injection
of liquidity through the LAF. The build-up of cash balances of the
Government and shortage of collateral as a consequence of
steady draw-down of excess SLR holdings exacerbated the
tightening of liquidity.
l The total overhang of liquidity under the LAF, the Market
Stabilisation Scheme (MSS) and surplus cash balances of the
Central Government taken together increased from an average
of Rs.74,334 crore in March 2006 to Rs.97,449 crore in March
2007.
l Financial markets experienced generally stable conditions during
the greater part of 2006-07, albeit with some volatility in the second
half amidst heightened activity as volumes increased steadily and
interest rates firmed up in all segments, particularly in the
uncollateralised call/notice money market during the last quarter
of the year.
l Scheduled commercial banks appetite for Government paper
revived during 2006-07 as their investment in Government and
other approved securities increased by Rs.74,706 crore in contrast
to a decline of Rs.22,809 crore in 2005-06.
l Commercial banks holdings of Government and other approved
securities declined from 31.4 per cent of the banking systems
net demand and time liabilities (NDTL) in March 2006 to 28.0 per
cent in March 2007.
l Interest rates on deposits of over one year maturity of public sector
banks (PSBs) moved up from 5.75-7.25 per cent in April 2006 to
7.25-9.50 per cent in March 2007.
l The benchmark prime lending rates (BPLRs) of PSBs and private
sector banks increased from 10.25-11.25 per cent and 11.00-
14.00 per cent to a range of 12.25-12.75 per cent and 12.00-
16.50 per cent, respectively, during the same period.
l The BSE Sensex declined from 11,280 at end-March 2006 to a
intra-year trough of 8,929 on June 14, 2006 but thereafter rallied
to the peak of 14,652 on February 8, 2007 but subsequently
moderated to 13,072 by end-March 2007.
l During 2006-07, the Central Governments net market borrowing
at Rs.1,11,275 crore was 97.7 per cent of the budgeted amount
and gross market borrowing of Rs.1,79,373 crore was 98.6 per
cent of the budgeted amount.
l The weighted average yield on primary issuance of the Central
Governments dated securities rose by 55 basis points to 7.89
per cent in 2006-07 from 7.34 per cent in the previous year.
l The Reserve Bank of India (Amendment) Act, 2006 gives
discretion to the Reserve Bank to decide the percentage of
Student Company Secretary
scheduled banks demand and time liabilities to be maintained
as CRR without any ceiling or floor. Consequent to the
amendment, no interest will be paid on CRR balances so as to
enhance the efficacy of the CRR, as payment of interest attenuates
its effectiveness as an instrument of monetary policy. The revised
definition of repo and reverse repo provided under the
amendment would facilitate transactions of market participants/
banks in these instruments. The amendment also provides the
Reserve Bank with the statutory backing for regulating the money
market and also for regulating trading of over-the-counter
derivatives.
l The Reserve Bank of India reconstituted the TAC in January 2007
with a view to obtaining continued benefit of expert opinion from
the external experts with a tenure up to January 31, 2009. The
reconstituted TAC has five external members and two members
of the Central Board of the Reserve Bank. The Committee is
chaired by the Governor, with the Deputy Governor in charge of
monetary policy as vice-chairman and other Deputy Governors
as members.
External Developments
l In US dollar terms, merchandise exports increased by 19.3 per
cent during 2006-07 (April-February) as compared with 26.3 per
cent in the corresponding period of the previous year. Imports
showed an increase of 27.8 per cent as compared with 32.7 per
cent in the corresponding period of the previous year.
l While the increase in oil imports was lower at 32.6 per cent during
2006-07 (April-February) as compared with 49.7 per cent in the
corresponding period of the previous year, non-oil import growth
at 25.7 per cent was comparable to 26.4 per cent for the same
period.
l Indias foreign exchange reserves, including valuation changes,
recorded an increase of US $ 25.6 billion during April-December
2006 and rose to reach a level of US $ 199.2 billion by end-March
2007.
l The Indian foreign exchange market witnessed generally orderly
conditions during 2006-07 with the exchange rate exhibiting two-
way movements. The rupee appreciated by 2.3 per cent against
the US dollar and 2.7 per cent against the Japanese yen, but
depreciated by 6.8 per cent against the euro and by 9.0 per cent
against the pound sterling during 2006-07.
Global Developments
l The world economy expanded strongly in 2006 and achieved a
four-year run of sustained growth that began in 2003.
l According to the World Economic Outlook of the International
Monetary Fund, global real GDP growth, on a purchasing power
parity basis, is expected to decelerate from 5.4 per cent in 2006
to 4.9 per cent in 2007 and 2008.
l International foodgrains prices, in particular, wheat and maize,
scaled record levels in 2006 as global cereal output fell by 2.7 per
cent from the previous year.
l Globally, headline inflation has picked up in the wake of increase
in commodity prices, and core inflation has also generally
remained firm, which is likely to pose risks to inflation expectations
as international crude prices have started rising again.
l Globally, financial risks have increased notably emanating from
the behaviour of oil prices, adverse developments in the US
housing market, persistence of global imbalances, large leveraged
positions in financial markets, and possible emergence of
inflationary pressures.
l Monetary policy authorities the world over are vigilant about threats
to inflation expectations and are watchful about the emergence
of excessive volatility in asset prices, underpricing of risks and
disorderly conditions in currency markets.
l Some central banks have recently paused in their policy cycles
9 May 2007
 Academic Guidance
viz., the US; the Bank of Canada; Bank Negara Malaysia; and
the Banco de Mexico. Some other central banks have cut back
their policy rates in recent months, usually on the back of earlier
strong actions to contain inflation. These include Bank Indonesia
(BI); the Banco Central doBrasil; the Banco Central de Chile and
the Bank of Thailand. The central banks that have tightened their
policy rates include the ECB; the Bank of England, the Bank of
Japan; the Reserve Bank of Australia; the Reserve Bank of New
Zealand; the Peoples Bank of China; and the Bank of Korea.
Overall Assessment
l While there is evidence of structural changes underlying the recent
Indian growth experience, there are also indications that the
upsurge of demand pressures may contain a cyclical component.
The structural changes include a step up in the investment rate
supported by a sizeable increase in the rate of gross domestic
saving, the growing linkages of the Indian economy with the global
economy and the indications of improvements in productivity in
industry and services.
l Among the cyclical factors, first, robust global GDP growth has
been supportive of high growth in India. Second, the persistence
of high growth in bank credit and money supply, the pick-up in
non-oil import growth and the widening of the trade deficit together
indicate pressures on aggregate demand. Third, cyclical forces
are also evident in the steady increase in prices of manufactures,
resurgence of pricing power among corporates, indications of
wage pressures in some sectors, strained capacity utilisation and
elevated asset prices.
l A significant worrisome feature of domestic developments in 2006-
07 is the firming up of inflation, which represents the key downside
risk to the evolving macroeconomic outlook. The recent hardening
of international crude prices has heightened the uncertainty
surrounding the inflation outlook.
l A careful assessment of the manner in which inflation is evolving
in India reveals that primary food articles have contributed
significantly to inflation during 2006-07. At the same time, prices
of manufactured products account for well above 50 per cent of
headline inflation.
l Indian financial markets have experienced some volatility in the
fourth quarter of 2006-07 alongside sizeable swings in liquidity
and a hardening of interest rates across the spectrum. During
episodes of tightness, contrasting conditions were often observed
when short-term interest rates had firmed up but long-term rates
had declined in the Government securities market.
l While capital flows to emerging market economies and, in
particular, to Asia in 2006 have reflected the improvement in
macroeconomic performance, they were also driven by a search
for yields and a stronger appetite for risk. Consequently, reversals
of capital flows can pose challenges to emerging economies,
particularly in the context of withdrawal of monetary
accommodation in developed economies.
l In the event of demand pressures building up, increases in interest
rates may be advocated to preserve and sustain growth in a non-
inflationary manner. Such monetary policy responses, however,
increase the possibility of further capital inflows, apart from the
associated costs for growth and potential risks to financial stability.
Thus, foreign exchange inflows can potentially reduce the efficacy
of monetary policy tightening by expanding liquidity.
Stance of Monetary Policy for 2007-08
l Real GDP growth in 2007-08 may be placed at around 8.5 per
cent, assuming no further escalation in international crude prices
and barring domestic or external shocks.
l In view of the lagged and cumulative effects of monetary policy
on aggregate demand and assuming the absence of domestic
and external shocks, the policy endeavour would be to contain
inflation close to 5.0 per cent in 2007-08.
Student Company Secretary
l Given the monetary overhang of 2005-07, it is important to contain
M3 in 2007-08 at around 17.0-17.5 per cent in consonance with
the outlook on growth and inflation.
l Consistent with the projections of money supply growth, the growth
in aggregate deposits in 2007-08 is placed at around Rs.4,90,000
crore.
l Based on an overall assessment of the sources of funding,
adjusted non-food credit is projected to increase in the range of
24.0-25.0 per cent in 2007-08, a graduated deceleration from the
average of 29.8 per cent over 2004-07.
l The stance of monetary policy in 2007-08 would be conditioned
by the global and, more particularly, domestic developments.
Monetary policy, while contributing to growth, is strongly in favour
of reinforcing the emphasis on price stability and anchoring
inflation expectations for the period ahead.
l The Reserve Bank will ensure that appropriate liquidity is maintained
in the system so that all legitimate requirements of credit are met,
particularly for productive purposes, consistent with the objective
of price and financial stability. Towards this end, the Reserve Bank
will continue with its policy of active demand management of liquidity
through open market operations (OMO) including the MSS, LAF
and CRR, and using all the policy instruments at its disposal flexibly,
as and when the situation warrants.
l Barring the emergence of any adverse and unexpected
developments in various sectors of the economy and keeping in
view the current assessment of the economy including the outlook
for inflation, the overall stance of monetary policy in the period
ahead will continue to be :
- to reinforce the emphasis on price stability and well-anchored
inflation expectations while ensuring a monetary and interest
rate environment that supports export and investment demand
in the economy so as to enable continuation of the growth
momentum.
- to re-emphasise credit quality and orderly conditions in finan-
cial markets for securing macroeconomic and, in particular,
financial stability while simultaneously pursuing greater credit
penetration and financial inclusion.
- to respond swiftly with all possible measures as appropriate
to the evolving global and domestic situation impinging on
inflation expectations and the growth momentum.
Monetary Measures
l Bank Rate kept unchanged at 6.0 per cent.
l Reverse Repo Rate and Repo Rate kept unchanged at 6.00 per
cent and 7.75 per cent, respectively.
l The Reserve Bank retains the option to conduct overnight repo
or longer term repo under the LAF depending on market conditions
and other relevant factors. The Reserve Bank will continue to use
this flexibility including the right to accept or reject tender(s) under
the LAF, wholly or partially, if deemed fit, so as to make efficient
use of the LAF in daily liquidity management.
l Cash reserve ratio (CRR) of scheduled banks at 6.5 per cent with
effect from the fortnight beginning April 28, 2007, as announced
on March 30, 2007.
Developmental and Regulatory Policies
Interest Rate Prescriptions
l The interest rate ceiling on FCNR (B) deposits reduced by 50
basis points to Libor minus 75 basis points with immediate effect.
l The interest rate ceiling on NR(E)RA deposits reduced by 50 basis
points to LIBOR/SWAP rates with immediate effect.
Financial Markets
l A Non-Competitive Bidding Scheme in the auctions of State
Development Loans (SDLs) to be introduced in the financial year
2007-08.
10 May 2007
 Academic Guidance
l The base rate for new floating rate bonds (FRBs) is proposed to
be the average implicit cut-off yield emerging in the last three
auctions of 182-day Treasury Bills held before the coupon reset
date.
l The reporting platforms for corporate bonds have already been
established by stock exchanges as per the Securities and
Exchange Board of India (SEBI) guidelines. The Fixed Income
Money Market and Derivatives Association (FIMMDA) is also in
the process of setting up a reporting platform for over-the-counter
(OTC) trades in corporate bonds and providing a consolidated
ticker service for reporting all trades in corporate bonds. Widening
of the repo market to include corporate bonds will be considered
after the proposed trading platforms stabilise and robust clearing
and settlement systems (Delivery versus Payment system) are
established.
l The CCIL is being advised to start a trade reporting platform for
Rupee Interest Rate Swaps (IRS).
l A Working Group is being set up to go into all the relevant issues
relating to interest rate derivatives and to suggest measures to
facilitate the development of interest rate futures market.
l The overseas investment limit (total financial commitments) for
Indian companies investments in joint ventures (JVs)/ wholly
owned subsidiaries (WOS) abroad to be enhanced from the
existing 200 per cent of net worth to 300 per cent of net worth, as
per the last audited balance sheet.
l It has been decided to introduce a revised reporting framework
on overseas investments for monitoring capital flows.
l The limit for portfolio investment abroad in listed overseas
companies by listed Indian companies enhanced from 25 per cent
of net worth to 35 per cent of net worth.
l The aggregate ceiling on overseas investment by mutual funds
to be increased from US $ 3 billion to US $ 4 billion.
l Prepayment of external commercial borrowings (ECBs) up to US
$ 400 million to be allowed as against the existing limit of US $
300 million by authorised dealer banks without prior approval of
the Reserve Bank, subject to compliance with stipulated minimum
average maturity period as applicable to loans.
l The present remittance limit of US $ 50,000 to be enhanced to
US $ 100,000 per financial year for any permitted current or capital
account transaction or a combination of both by individuals.
l The range of hedging tools available to the market participants to
be expanded.
l Authorised dealer Category-I banks to be allowed to permit
domestic producers/users to hedge their price risk on aluminium,
copper, lead, nickel and zinc in international commodity
exchanges, based on their underlying economic exposures and
to permit actual users of aviation turbine fuel (ATF) to hedge their
economic exposures in the international commodity exchanges
based on their domestic purchases.
l At present, forward contracts booked by importers and exporters
of goods and services in excess of 50 per cent of the eligible
limits have to be on deliverable basis and cannot be cancelled.
This limit is to be enhanced to 75 per cent.
l The forward contracts entered by residents for hedging overseas
direct investments to be allowed to be cancelled and rebooked.
l Small and medium enterprises (SMEs) to be permitted to book
forward contracts without underlying exposures or past records
of exports and imports through authorised dealers with whom the
SMEs have credit facilities. The SMEs are also to be permitted to
freely cancel and rebook the contracts.
l Resident individuals to be permitted to book forward contracts
without production of underlying documents up to an annual limit
of US $ 100,000 which can be freely cancelled and rebooked.
l A Working Group to be set up on Currency Futures to study the
Student Company Secretary
international experience and suggest a suitable framework to
operationalise the proposal, in line with the current legal and
regulatory framework.
l In respect of resident corporates, authorised dealers be allowed to:
- Permit remittances on account of donations by corporates for
specified purposes, subject to a limit of 1 per cent of their
foreign exchange earnings during the previous three financial
years or US $ 5 million, whichever is lower.
- Permit Indian companies to remit up to US $ 10 million as
against the current limit of US $ 1 million for consultancy
services for executing infrastructure projects.
- Allow remittance of foreign exchange towards reimbursement
of pre-incorporation expenses incurred in India where the
remittance does not exceed 5 per cent of the investment
brought into India or US $ 100,000 whichever is higher, on
the basis of certification from statutory auditors.
- Permit remittances on account of cash calls for the purpose
of oil exploration, provided the operator/ consortium member
in India submits documents to the satisfaction of the authorised
dealer.
- Allow remittances on account of requests from Business
Process Outsourcing (BPO) companies towards payment of
the cost of equipment to be installed at overseas sites in
connection with setting up of International Call Centres, subject
to specified terms and conditions.
- Open foreign currency accounts in India for ship manning/
crew managing agencies that are rendering services to
shipping companies incorporated outside India.
- Remit winding up proceeds of companies under liquidation,
subject to orders issued by the official liquidator or a court in
India or under any scheme framed by the Government of India
and also subject to tax compliance.
l A uniform period of 6 months for surrender of received/ unspent/
unused foreign exchange from the date of receipt/ purchase/
acquisition/ date of return of the resident individual traveller.
l Authorised dealers to be allowed to open escrow/ special accounts
on behalf of non-residents corporates, subject to specific
conditions where such accounts are required to be opened in
terms of the SEBI regulations for open offers/delisting offers/exit
offers and the like.
l The facility of operation of accounts by power of attorney holder
is to be extended to NRO account holders.
l At the request of the depositor, authorised dealers to be allowed
to permit remittance of the maturity proceeds of FCNR (B) deposits
to third parties outside India, provided the authorised dealer is
satisfied about the bonafides of the transaction.
Credit Delivery Mechanisms and Other Banking Services
l Revised guidelines on lending to the priority sector by all SCBs
are being issued shortly.
l The requirement of no due certificate to be dispensed with for
small loans up to Rs.50,000 to small and marginal farmers, share-
croppers and the like and instead, obtain self-declaration from
the borrower.
l Proposed to accept certificates provided by local administration/
panchayati raj institutions regarding the cultivation of crops in
case of loans to landless labourers, share-croppers and oral
lessees.
l The risk weight on loans up to Rs.1 lakh against gold and silver
ornaments to be reduced to 50 per cent from the existing level of
125 per cent.
l RRBs to be allowed to take up corporate agency business, without
risk participation, for distribution of all insurance products, including
health insurance and animal insurance.
11 May 2007
 Academic Guidance
l A credit guarantee scheme for distressed farmers to be introduced.
l Proposed to undertake an evaluation of the progress made in the
districts achieved 100 per cent financial inclusion by an
independent external agency to draw lessons for further action in
this regard.
l A Working Group to be constituted for the Union Territory (UT) of
Lakshadweep to recommend measures for enhancing the
outreach of banking services in the UT.
l State Level Bankers Committee convenor banks to be advised
to set up, on a pilot basis, a financial literacy-cum-counselling
centre in any one district, and based on the experience gained,
to ask the concerned lead banks to set up such centres in other
districts.
l Banks are urged to scale up IT initiatives for financial inclusion
speedily while ensuring that solutions are highly secure, amenable
to audit, and follow widely-accepted open standards to ensure
eventual inter-operability among the different systems.
l An evaluation of the bank self help group (SHG) linkage
programme to be conducted through the regional offices of the
Reserve Bank with a view to ascertaining the degree of
transparency in maintaining the accounts by the SHGs and their
adherence to well-accepted best practices.
l The boards of banks are advised to lay down internal principles
and procedures so that usurious interest, processing and other
charges are not charged.
l Proposed to extend the appeal option under the Banking
Ombudsman (BO) Scheme, 2006 to decisions of the BO rejecting
complaints relating to matters falling within the grounds of
complaint specified under the Scheme.
l The Reserve Bank of India Note (Refund) Rules (as amended up
to 1980) to be modified in order to make it easier for the public to
obtain the refund value in respect of mutilated notes.
Prudential Measures
l Indian banks to be permitted to extend credit and non-credit
facilities to step-down subsidiaries which are wholly owned by
the overseas subsidiaries of the Indian corporates, within the
existing prudential limits and some additional safeguards.
l Introduction of credit derivatives in a calibrated manner. To begin
with, banks and primary dealers to be permitted to begin
transacting in single-entity credit default swaps (CDS).
l Disclosure of segment reporting under Accounting Standard 17
enhanced to include more categories of corporate/ wholesale
banking, retail banking and other banking business.
l The risk weight on the residential housing loans to individuals to
be reduced from the existing 75 per cent to 50 per cent as a
temporary measure. This dispensation will be applicable for loans
up to Rs.20 lakh and will be reviewed after one year, keeping in
view the default experience and other relevant factors.
Institutional Developments
l The Indian Financial Network (INFINET) system to be
operationalised as a Multi-Protocol Label Switching (MPLS)
network by the Institute for Development and Research in Banking
Technology (IDRBT).
l Centralised Public Accounts Department (CPAD) System to
improve management of Central and State Governments
accounting transactions to be extended to cover all the Reserve
Bank offices during the year 2007-08.
l Processing fees waived for transactions relating to RTGS, ECS,
EFT and NEFT up to March 31, 2008.
l Proposed to prepare comprehensive draft guidelines on minimum
eligibility criteria to become direct members of the clearing houses
and to place these guidelines on the Reserve Banks website for
comments/feedback by May 31, 2007. The eligibility criteria will
Student Company Secretary
also cover membership in RTGS, NEFT, ECS and INFINET
connectivity.
l Annual review of payment and settlement systems to be
introduced with effect from the year ending March 31, 2007.
l Granting of branch licenses to be considered to well-managed
and financially sound Urban Co-operative banks (UCBs) in States
that have signed Memoranda of Understanding (MoUs), subject
to fulfillment of certain parameters.
l Guidelines to UCBs on the various options for raising capital to
be issued by May 31, 2007.
l The existing relaxed prudential norms applicable to Tier I and
Tier II UCBs to be extended by one year.
l All UCBs in Grade I and II with a net worth of Rs.10 crore and
registered in a State that has signed the MoU with the Reserve
Bank or under the Multi-State Co-operative Societies Act to be
allowed to undertake insurance business as corporate agents,
without risk participation.
l For claims payable by DICGC to depositors, it is proposed to
treat Joint deposits held in the names of A & B and B & A to be
two separate accounts eligible for maximum claim of Rs.1 lakh
each.
l The ceiling on the rate of interest payable by NBFCs (other than
RNBCs) on deposits to be increased by 150 basis points to 12.5
per cent per annum and such interest would be paid or
compounded at rests which should not be shorter than monthly
rests.
l The Government and the Reserve Bank of India constituted a
Committee on Financial Sector Assessment to undertake a
comprehensive self-assessment of the Indian financial sector
using the Handbook brought out by the World Bank and the IMF
as the base. The Committee is expected to lay out a road-map
for further reforms in a medium-term perspective.
BANKING AND INSURANCE LAW AND
LAW
PRACTICE
GUIDELINES ON FAIR PRACTICES CODE FOR HOUSING
FINANCE COMPANIES3
The National Housing Bank has vide its Circular No. NHB(ND)/
DRS/ POL-No-16 /2006 dated September 5, 2006 framed guidelines
on a Fair Practices Code for Housing Finance Companies (HFCs).
The Code seeks to promote good and fair practices by setting minimum
standards in dealing with customers, increase transparency so that
the customer can have a better understanding of what he / she can
reasonably expect of the services, encourage market forces, through
competition to achieve higher operating standards, promote fair and
cordial relationship between customer and HFC and foster confidence
in the housing finance system.
Based on these guidelines, each HFC is required to formulate a
suitable Fair Practice Code to be adopted by it with the approval of its
Board, by September 30, 2006. In doing so, HFCs have the freedom
to enhance the scope of the Code without sacrificing the underlying
spirit.
The Guidelines on Fair Practices Code for HFCs provide as under:
Objectives of the Code
1. promote good and fair practices by setting minimum stand-
ards in dealing with customers;
2. increase transparency so that the customer can have a
better understanding of what he/she can reasonably expect
of the services;
3. encourage market forces, through competition, to achieve
higher operating standards;
3. Compiled by Saurabh Jain, Education Officer, The ICSI
12 May 2007
 Academic Guidance
4. promote a fair and cordial relationship between customer
and HFC; and
5. foster confidence in the housing finance system.
Application of the Code
All parts of this Code apply to all the products and services, whether
they are provided by the HFCs or subsidiaries across the counter,
over the phone, by post, through interactive electronic devices, on the
internet or by any other method.
COMMITMENT TO CUSTOMERS
1. To act fairly and reasonably in all dealings with customers,
by ensuring that:
l They meet the commitments and standards in this Code for
the products and services they offer and in the procedures
and practices their staff follows.
l Their products and services meet relevant laws and regula-
tions in letter and spirit.
l Their dealings with customers rest on ethical principles of
integrity and transparency.
2. To help customers understand how their financial products
and services work, by:
l Giving customers information about their products and serv-
ices in any one or more of the following languages: Hindi,
English or the appropriate local language.
l Ensuring that their advertising and promotional literature is
clear and not misleading.
l Ensuring that customers are given clear information about
their products and services, the terms and conditions and
the interest rates/service charges, which apply to them.
l Giving customers information on what are the benefits to
them, how they can avail of the benefits, what are their fi-
nancial implications and whom they can contact for address-
ing their queries and how.
3. To help customers to use the products and services by:
1. Providing them regular, appropriate updates.
2. Keeping them informed about changes in the interest rates,
charges or terms and conditions.
4. To deal quickly and sympathetically with things that go wrong,
by:
l Correcting mistakes promptly and canceling any charges ap-
plied due to the HFCs mistake.
l Handling customers complaints promptly.
l Telling customers how to take their complaint forward if they
are still not satisfied.
l Providing suitable alternative avenues to alleviate problems
arising out of technological failures.
5. To treat all personal information of customers as private and
confidential
HFCs shall treat all personal information as private and confiden-
tial subject to matters mentioned in paragraph number 5 below.
6. To publicise the code HFCs shall:
l provide existing and new customers with a copy of the Code
l make this Code available on request either over the counter
or by electronic communication or mail;
l make available this Code at every branch and on their
website; and
l ensure that their staff are trained to provide relevant infor-
mation about the Code and to put the Code into practice.
7. To adopt and practice a non - discrimination policy
HFCs shall not discriminate on the basis of age, race, caste,
gender, marital status, religion or disability.
Student Company Secretary
DISCLOSURE AND TRANSPARENCY
8. HFCs should provide information on interest rates, common
fees and charges through any one of the following:
l Putting up notices in their branches;
l Through telephone or help-lines;
l On the companys website;
l Through designated staff/help desk ;or
l Providing service guide/tariff schedule.
9. In respect of prospective customers HFCs shall:
l provide clear information explaining the key features of their
services and products that customers are interested in;
l provide information on any type of product and service of-
fered, that may suit the customers needs;
l tell the customers about the various means through which
products and services are offered [for example, on the
Internet, over the phone, in branches and so on] and tell
them how to find out more about them;
l tell the customer what information is needed from him / her
to prove his / her identity and address, for complying with
legal, regulatory and internal policy requirements.
10. To those who have become customers, HFCs shall:
l provide more information on the key features of the prod-
ucts, including applicable interest rates / fees and charges;
l provide extra information on his / her rights and responsibili-
ties especially regarding availing of nomination facility of-
fered on all deposit accounts;
l automatically register the customers name under a Do Not
Call' Service. HFCs should not inform/extend through tel-
ephone calls/ SMSs/emails any new product / service un-
less and until the customer inform the HFC in writing his /
her consent to avail of this information / service.
11. Interest rates
HFCs shall give information to the customer on:
l the interest rates which apply to his/her accounts, both de-
posit and loan.
l when interest is paid on his / her deposits, or charged on his/
her loan accounts.
l how interest is applied to his / her account and method of
calculation of interest.
12. Changes in interest rates
HFCs shall inform their customers when they change interest rates
on their products.
13. Fees & charges
HFCs shall display in their branches:
l a notice about the tariff schedule. Customers can ask to see
this free of cost;
l a list of services which are rendered free of charge.
l HFCs shall give their customer all details in their tariff
schedule of any charges applicable to the products and
services chosen by him / her.
l HFCs should provide their customers information about the
penalties liable to be levied in case of non-observance /
violation of any of the terms and conditions governing the
product/services chosen by them.
14. Changes in fees & charges
If an HFC increases any of these charges or introduce a new charge,
it will be notified one month prior to the revised charges being levied /
becoming effective.
13 May 2007
 Academic Guidance
15. Terms and conditions
l Customer availing a product / service for the first time, should
be advised the relevant terms and conditions for the service
he / she has asked HFC to provide.
l All terms and conditions shall be fair and will set out respec-
tive rights especially with regard to nomination facility and
liabilities & obligations clearly and as far as possible in plain
and simple language.
16. Changes to Terms and Conditions
Customers should be told of changes to terms and conditions
through any of the following channels :-
l Personal intimation
l Notice Board at each branch
l Internet, including email and website
l Newspaper
l Normally, changes should be made with prospective effect
giving due notice
l If any change is made without notice, the change shall be
notified within 30 days. If such change is to the disadvan-
tage of the customer, he/she may within 60 days and with-
out notice close his / her account or switch it without having
to pay any extra charges or interest.
l Major change or a lot of minor changes in any one year,
shall be informed to the customer on request and provide a
copy of the new terms and conditions or a summary of the
changes.
ADVERTISING, MARKETING AND SALES
17. HFCs shall:
l Ensure that all advertising and promotional material is clear,
and not misleading.
l In any advertising in any media and promotional literature
that draws attention to a service or product and includes a
reference to an interest rate, HFCs shall also indicate whether
other fees and charges will apply and that full details of the
relevant terms and conditions are available on request.
l If HFCs avail of the services of third parties for providing
support services, HFCs shall require that such third parties
handle customers personal information (if any available to
such third parties) with the same degree of confidentiality
and security as the HFCs would.
l HFCs may, from time to time, communicate to customers
various features of their products availed by them. Informa-
tion about their other products or promotional offers in re-
spect of products / services, may be conveyed to customers
only if he / she has given his / her consent to receive such
information / service either by mail or by registering for the
same on the website or on customer service number.
l Prescribe a code of conduct for their Direct Selling Agencies
(DSAs) whose services are availed to market products / serv-
ices which amongst other matters require them to identify
themselves when they approach the customer for selling
products personally or through phone.
l In the event of receipt of any complaint from the customer
that HFCs representative / courier or DSA has engaged in
any improper conduct or acted in violation of this Code, ap-
propriate steps shall be initiated to investigate and to handle
the complaint and to make good the loss.
PRIVACY AND CONFIDENTIALITY
All personal information of customers shall be treated as private
and confidential [even when the customers are no longer customers],
and shall be guided by the following principles and policies. HFCs
shall not reveal information or data relating to customer accounts,
Student Company Secretary
whether provided by the customers or otherwise, to anyone, including
other companies entities in their group, other than in the following
exceptional cases:
l If the information is to be given by law
l If there is a duty towards the public to reveal the information
l If the HFCs interests require them to give the information
(for example, to prevent fraud) but it should not be used as a
reason for giving information about customer or customer
accounts [including customer name and address] to anyone
else, including other companies in the group, for marketing
purposes
l If the customer asks the HFC to reveal the information , or
with the customers permission
l If HFCs are asked to give a reference about customers, they
shall obtain his / her written permission before giving it.
l The customer shall be informed the extent of his / her rights
under the existing legal framework for accessing the personal
records that an HFC holds about him /her.
l HFCs shall not use customers personal information for
marketing purposes by anyone including HFCs unless the
customer specifically authorizes them to do so.
18. Credit reference agencies
l When a customer opens an account, HFCs shall inform him/
her when they may pass his/her account details to credit
reference agencies and the checks HFCs may make with
them.
l HFCs may give information to credit reference agencies
about the personal debts the customer owes them if:
- The customer has fallen behind with his / her payments;
- The amount owed is not in dispute; and
- The customer has not made proposals that the HFCs are
satisfied with, for repaying his / her debt, following HFCs
formal demand.
l In these cases, HFCs shall intimate the customer in writing
that they plan to give information about the debts the
customer owes them to credit reference agencies. At the
same time, HFCs shall explain to the customer the role of
credit reference agencies and the effect the information they
provide can have on customers ability to get credit.
l HFCs may give credit reference agencies other information
about the customers account if the customer has given them
his/her permission to do so.
l A copy of the information given to the credit reference
agencies shall be provided by the HFC to a customer, if so
demanded.
COLLECTION OF DUES
Whenever loans are given, HFCs should explain to the customer
the repayment process by way of amount, tenure and periodicity of
repayment. However if the customer does not adhere to repayment
schedule, a defined process in accordance with the laws of the land
shall be followed for recovery of dues. The process will involve
reminding the customer by sending him/her notice or by making
personal visits and/or repossession of security if any.
The HFCs collection policy should be built on courtesy, fair
treatment and persuasion. HFCs should believe in fostering customer
confidence and long-term relationship. HFCs staff or any person
authorized to represent them in collection of dues or/and security
repossession shall identify himself/herself and display the authority
letter issued by the HFC and upon request, display his / her identity
card issued by the HFC or under authority of the company. HFCs
shall provide customers with all the information regarding dues and
shall endeavor to give sufficient notice for payment of dues.
All the members of the staff or any person authorised to represent
14 May 2007
 Academic Guidance
the HFC in collection or / and security repossession should follow the
guidelines set out below:
l Customer would be contacted ordinarily at the place of his/
her choice and in the absence of any specified place at the
place of his/her residence and if unavailable at his/her resi-
dence, at the place of business / occupation.
l Identity and authority to represent the HFC should be made
known to the customer at the first instance.
l Customers privacy should be respected.
l Interaction with the customer shall be in a civil manner.
l HFCs representatives shall contact the customers between
0700 hrs and 1900 hrs, unless the special circumstances of
the customers business or occupation require otherwise.
l Customers request to avoid calls at a particular time or at a
particular place shall be honored as far as possible.
l Time and number of calls and contents of conversation would
be documented.
l All assistance should be given to resolve disputes or differ-
ences regarding dues in a mutually acceptable and in an
orderly manner.
l During visits to customers place for dues collection, decency
and decorum should be maintained.
l Inappropriate occasions such as bereavement in the family
or such other calamitous occasions should be avoided for
making calls/visits to collect dues.
COMPLAINTS AND GRIEVANCES
19. Internal Procedures
l If the customer wants to make a complaint, he/she should
be told:
- How to do this
- Where a complaint can be made
- How a complaint should be made
- When to expect a reply
- Whom to approach for redressal
- What to do if the customer is not happy about the out-
come.
l HFCs staff shall help the customer with any questions the
customer has.
l Customer should be told where to find details of HFCs pro-
cedure for handling complaints fairly and quickly.
l If a complaint has been received in writing from a customer,
an HFC shall endeavour to send him/her an acknowledge-
ment / response within a week. If the complaint is relayed
over phone at HFCs designated telephone helpdesk or cus-
tomer service number, the customer shall be provided with
a complaint reference number and be kept informed of the
progress within a reasonable period of time.
l After examining the matter, an HFC shall send the customer
its final response or explain why it needs more time to re-
spond and shall endeavour to do so within six weeks of re-
ceipt of a complaint and he/she should be informed how to
take his/her complaint further if he/she is still not satisfied.
COMPANY LA
COMPANY W/COMP
LAW/COMP ANY
W/COMPANY
SECRETARIAL PRACTICE
SECRETARIAL
Frequently asked questions on Director
Identification Number (DIN)
1. What is Director Identification Number (DIN)?
It is an unique Identification Number allotted to an individual who is
Student Company Secretary
an existing director of a company or intends to be appointed as director
of a company pursuant to section 266A & 266B of the Companies Act,
1956.
2. Who can file an application for allotment of DIN ?
Any individual who is an existing director of a company or intends
to be appointed as director of any company.
3. What is the complete process for allotment of DIN ?
Currently, it is a six step process.
I. Provisional DIN
The applicant is required to access the portal www.mca.gov.in and
go to the DIN link. One can download Form DIN-1, fill-in the particulars
and use the Submit function. A provisional DIN is generated on-line by
the system in the space indicated on the form. This is the Provisional
DIN.
II. Apply for allotment of Regular DIN
The applicant is required to take a print-out of the DIN Form-1
(which has the provisional DIN generated online), needs to paste his
photograph in the space earmarked, tick-mark the options for attaching
photocopies of the Proof of Identity and the Proof of Residence and
then is required to attach copies of these proofs with the Form DIN-1
application.
Applicant then is required to sign the DIN-1 Form at the end, get
the photograph and the documents attested from an approved authority.
The certifying authority must mention his particulars such as
Certificate of Practice (COP) No. etc, and affix his seal.
Having completed the application, this is required to be sent by
post to the Central DIN Processing Cell, which may be done by post
or hand delivered, as per convenience.
III. Approval process
The Application, on receipt, is processed, and a decision is taken
to approve or reject the application. It takes about a weeks time to
complete this process. Once decided, the letter is generated and sent
by post to the applicant.
IV. Inform the company about your DIN
Once the Provisional DIN is approved as a Regular DIN, it gets
activated into the system. On receipt of approval letter from the DIN
Processing Cell, the applicant is required to intimate his DIN in Form
DIN-2 to the company(ies) (within a period of 30 days of approval of
DIN) on which he is a Director. Form DIN-2 can be downloaded from
the website and printed.
V. Company to intimate the ROC
After the Director has intimated the DIN allotted to him to the
company(ies), the Company(ies) is/are then required to intimate the
DINs to the Registrar of Companies (ROC) in Form DIN-3 within a
period of seven days.
VI. Change in particulars of a Director
Form DIN-4 has been introduced for intimating any changes in
the particulars of directors. For instance in the event of changes of
address of a director, he is required to intimate this change using
Form DIN-4.
4. Who will allot the DIN ?
Central Government (Office of Regional Director (Northern Region),
Ministry of Company Affairs, NOIDA).
5. Address where application for allotment of regular
DIN should be sent?
The Regional Director (Northern Region),
PDIL Bhawan, Sector 1, Gautam Budh Nagar,
NOIDA (UP),
or
MCA21 Post Box No. 3,
NOIDA (U.P.), Pin 201 301
6. What are the documents required to be filed for
allotment of regular DIN ?
15 May 2007
 Academic Guidance
l DIN Form-I (with provisional DIN generated) along with a
high resolution photograph of the applicant and his signa-
tures appended at the appropriate place;
l Proof of identity;
l Proof of residence;
l Certification of the photograph and the photocopies of proofs
by an approved authority;
l The particulars of the certifying authority along with his seal
must be clearly indicated.
7. Who are the certifying authorities for certifying
photograph and the proof of residence for applying
for allotment of regular DIN?
Certifying Authorities are:
(a) Gazetted Officer of the Central or State Government;
(b) Notary Public;
(c) Chartered Accountant, Company Secretary, Cost & Works
Accountant holding a certificate of practice
(d) Company Secretary in full time employment of the Com-
pany
8. Whether DIN allotted prior to 1st November 2006 will
also be taken as a valid DIN.
The DIN generated on-line is a provisional DIN and remains valid
only for a period of 60 days during which period the person is required
to submit his application for allotment of a regular DIN. If the application
for a regular DIN is not made within a period of 60 days, the provisional
DIN becomes invalid. However, once a regular DIN is allotted, it remains
valid for the life-time of an individual.
9. What are the penal provisions for non-compliance
of provisions of the Act and rules?
Section 266G of the Companies Act, 1956 (Amended vide
Companies (Amendment) Act, 2006) provides for penalty for default
relating to non-compliance of section 266A or 266C or 266D or 266E
of the Act. The penalty is in the form of a fine which may extend to Rs
5000/- and where the contravention is a continuing one, with further
fine which may extend to Rs 500/- for every day after the first during
which the contravention continues.
10. Is the provisional DIN retained on regularization?
Yes. The provisional DIN generated on-line is validated as a regular
DIN after the process of scrutiny and approval.
11. What is the validity period of provisional DIN
generated on line by the applicant?
Sixty days from the date of generation of provisional DIN on-line.
12. What is the validity of regular DIN (say one year or
two years)?
A regular DIN allotted by Regional Director (NR) NOIDA is valid for
the Life-time of the individual and shall not be allotted to any other
person during his life time.
13. Whether any fee is payable along with application
for allotment of DIN?
Yes, it would entail a fee of Rs 100/- (one hundred only) w.e.f. July 1,
2007. The rule has been amended whereby the time for allotment of
DIN without any fees has been extended by three months (it was
December 31, 2006 earlier, then extended to March 31, 2007 and has
now been extended to June 30, 2007 both for DIN Form 1 and DIN
Form - 3). This has been done primarily to provide another opportunity
to the existing Directors to avail of the free facility within this extended
period. However, it does not absolve the existing Directors from penalties.
14. Within what period a director is required to intimate
the DIN to the company and is there any form
prescribed for this?
Within 30 days from the date of receipt of DIN from Regional Director
(NR) NOIDA. The prescribed form is DIN 2 which is available on MCA
portal free of charge.
Student Company Secretary
15. Whether company or director himself is required to
intimate ROC about allotment of DIN?
Only company is required to intimate DIN of its Directors to the
ROC in Form DIN-3. Director is required to inform the company
concerned in which he is director within 30 days of receipt of regular
DIN from Central Govt.
16. What procedure has to be followed, if there is any
change in particulars of Director?
Director is required to fill up form DIN-4 with in a period of 30 days
of such changes and intimate the Regional Director (NR) NOIDA as
well as to the company(ies) in which he is a director. The requested
change is taken into the system on verification of the proof enclosed
with the application for change request.
17. Is there any last date fixed at present for filing DIN-
2 and DIN-3?
Rules for allotment of DIN have been notified on 19th October
2006 and made effective from 1st November 2006 requiring Director
to intimate his DIN (Form DIN-2) to the Company within a period of 30
days from the date of receipt of DIN from RD(NR) NOIDA.
Company is required to file DIN-3 with Registrar of Companies
within 7 days from the date of receipt of DIN-2 from its director(s).
18. Whether DIN-2 is required to be filed along with
DIN-3 in original?
Yes (Scanned copy of original). In case the Director has not received
the letter, he/she can get a print-out of status from MCA portal and
attach.
19. Whether DIN Allotment letter issued by MCA is also
required to be filed along with DIN-3 with ROC?
Yes, it is an attachment to DIN-2.
20. Whether DIN 2 can be given without receipt of
intimation from MCA DIN Cell.
No. DIN 2 can only be given on receipt of intimation from Central
Government
21. In some cases, DIN of directors of a company have
been taken at different times. In such cases can a
company file DIN 3 separately for each director ?
Yes. However, the company must mention the total number of
Directors on its Board and the number of Directors in respect of whom
the DIN is being filed. The DIN-3 filed in respect of Directors once
should not be reiterated in the subsequent filings of DIN-3.
22. Can DIN 3 be filed like any other form with
additional fee, if any, as and when applicable.
Yes.
23. What are the grounds for rejection of DIN
application ?
A provisional DIN is regularized only after scrutiny of the documents
attached with the application. Some of the common mistakes
committed by applicants and on account of which the application gets
rejected are as under:-
l Abbreviations have been used in the name of the applicant/
fathers name and the names are not given in full;
l There is a mis-match between the name mentioned on the
application and copy of the proof of identity/ residence enclosed;
l Mis-match in the date of birth given in the application and in
the supporting documents;
l Provisional DIN has not been generated;
l Particulars of the Certifying Authority are not mentioned
clearly, e.g., the COP Number of a professional in practice,
his office seal, etc.
24. What should be done if the application for regular
DIN is rejected ?
The applicant should resubmit his application after removing the
defects in accordance with these guidelines.
16 May 2007
 Legal World
LEGAL WORLD
Compiled by T.K.A. Padmanabhan, FCS, Advocate, New Delhi.
CORPORATE LAWS
LW(S) 25.05.2007
K.SREENIVASA RAO v. H.GANGADHAR [(2007) 75 SCL 256 (AP)]
Bilal Nazki & G.Chandriah,JJ. [14.2.2006]
Companies Act,1956- sections 2(11),10 and 622- Offences against
Act- Courts jurisdiction to try offences committed under the Act-
Whether company court has jurisdiction to try offences- Held,
No.
Brief Facts: The petitioner had alleged that the respondent had
violated section 108A of the Act while transferring shares and that an
offence had been committed by him in terms of section 108-I. The
respondent contended that company court had no jurisdiction to try
the offence.
Decision: Petition dismissed.
Reason: The course suggested by the petitioner is not permissible
under the provisions of the Act. the court is defined under section
2(11) of the Act, which states that (a) with respect to any matter relating
to a company 9other than any offence against this Act),the court having
jurisdiction under this act with respect to that matter relating to that
company, as provided in section 10. This makes it clear the court
means a company court having jurisdiction under the Act with respect
to matters relating to the company as provided under section 10, but it
excludes such a court from having jurisdiction with respect to offences
against the Act. It is further clear by section 622 of the act ,which lays
down that no court inferior to that of a Presidency magistrate or a
magistrate of the first class shall try any offences against this Act.
Reading sections 622 and 2(11) together, it becomes quite clear that
any offence committed against the act have to be tried by a Presidency
magistrate or magistrate of First Class. The appeal is dismissed.
GENERAL LAWS
LW(S) 26.05.2007
ALCHEMIST LTD. & ANR v. STATE BANK OF SIKKIM [{2007) 136
Comp Cas 665(SC)] C.K.Thakker & Lokeshwar Singh Panta JJ.
[Decided on 16.03. 2007]
Constitution of India-Article 226- Writs- Territorial jurisdiction
of courts- Petitioner resident of Chandigarh- Proposal submitted
to and rejected by Respondent at Gangtok- Whether Punjab &
Haryana High Court has territorial jurisdiction to entertain the
writ filed by the petitioner- Held, No.
Brief Facts: The appellant company had its registered and
corporate office at Chandigarh. The State of Sikkim desirous of
disinvesting 49 per cent of its equity capital in the State Bank of Sikkim
to a strategic partner with transfer of management in the bank, issued
an advertisement and invited offers for strategic partnership. The
appellant company submitted its formal proposal for the strategic
business partnership. The board of directors short-listed two entities,
viz., the appellant company and another company based in Calcutta.
Negotiations took place between the appellant company and the bank.
The chairman and making director of the first respondent bank visited
Chandigarh further negotiations. The bank asked the appellant to
deposit a sum of Rs.4.50 cores with the State of Bank of India in a
fixed deposit to show its bonafides. The appellant deposited the said
amount with the State Bank of India. Chandigarh and photocopies of
the receipt were handed over to the executives of the first respondent
bank at Chandigarh. Through a letter dated February 20, 2004, the
bank informed the appellant company that its proposal was accepted
in principle subject to consideration and approval of the Government
of Sikkim. On February 23,2006, the appellant company received a
Student Company Secretary
communication at Chandigarh by which the bank informed the appellant
company that the Government of Sikkim had not approved the proposal
submitted by the appellant company and sought to withdraw the
communication dated February 20,2004. The appellant company filed
a writ petition before the Punjab and Haryana High Court under article
226 of the Constitution. The High Court dismissed the writ petition on
the ground that it did not have territorial jurisdiction to entertain the
writ petition. The appellant challenged the High court judgment before
the Supreme Court.
Decision: Appeal dismissed.
Reasons: The legislative history of the constitutional provisions
make it clear that after 1963, cause of action is relevant and germane
and a writ petition can be instituted only in a High Court within the
territorial jurisdiction of which cause of action in whole or in part arises.
The expression cause of action may be described as a bundle of
essential facts necessary for the plaintiff to prove before he can
succeed. Failure to prove such facts would give the defendant a right
to judgment in his favour. Cause of action thus gives occasion for and
forms the foundation of the suit.
For the purpose of deciding whether facts averred by the petitioner
or appellant, would or would not constitute a part of cause of action,
one has to consider whether such fact constitutes a material, essential,
or integral part of the cause of action. If it is not, it does not form a part
of cause of action. In determining the question, the substance of the
matter and not the form thereof has to be considered. Even if a small
fraction of the cause of action arises within the jurisdiction of the court
the court would have territorial jurisdiction to entertain the suit /petition.
Nevertheless it must be a part of cause of action , nothing less than
that.
The facts pleaded by the appellant company could not be said to
be essential, integral or material facts so as to constitute a part of
cause of action within the meaning of article 226(2) of the Constitution.
The High Court was wholly justified in upholding the preliminary
objection raised by Respondents and in dismissing the petition on the
ground of want of territorial jurisdiction.
LW(S) 27.05.2007
P.SURESH KUMAR v. R.SHANKAR [JT 2007(4) SC 343], S.B.Sinha
& Markandey Katju, JJ. [Decided on 08.03.2007)
Negotiable Instruments Act, 1881- Section 138- Dishonour of
cheque - Trial court awarded compensation to the payee In
addition fine was imposed on the drawer- Whether imposition of
fine warranted- Held, No.
Brief facts: In this case the Trial court awarded compensation and
in addition imposed fine also. The drawer challenged the imposition of
fine.
Decision: Levy of fine set aside.
Reasons: It appears from a plain reading of the complaint petition
that the respondent had admitted his liability to the extent of Rs.7, 00,000/
-. It was found as of fact to be so by the courts below. The said findings
do not warrant any interference. The defence raised by the respondent
to the effect that the parties had entered into a compromise in the police
station and he had to sign a cheque under some threat or the courts
below had not accepted coercion. There cannot be any doubt whatsoever
that had the respondent been able to show that the cheque had been
issued not in discharge of a debt but by way of a security pending
determination of his liability by an auditor, the matter would have been
different. In such an event, the court could have arrived at a finding that
the cheque having been issued on the basis of an anticipated profit
which by itself did not create any liability in present and the result of the
audit might have gone either way, no case under Section 138 of the Act
was made out. But, the same is not the case here.
The question, which now arises for consideration, is as to whether
any case for awarding a substantial sentence has been made out. We
do not think so. Grant of compensation, in our opinion, would sub
serve the purpose.
17 May 2007
 Legal World
Respondent has not been charged with any fraudulent action. He
had a probable defence. Appellant furthermore had not preferred any
appeal against the judgment of the learned Trial judge for enhancement
of the sentence. It may be that quantum of compensation has been
altered to that of the fine but in effect altered to that of the fine but in
effect and substance the same did not matter.
In our opinion, therefore, interest of justice would be sub served, if
the respondent is hereby directed to pay a compensation of Rs.7,
00,000/- instead and place of a fine of Rs.5, 000/-, as has been directed
by the High Court. Thus, the appellant would be entitled to get the
aforementioned sum of Rs.7, 00,00/- by way of compensation.
LW(S) 28.05.2007
CHANDA (DEAD) THROUGH LRs v. RATTNI & ANR. [JT 2007
(5) SC 28], Dr. Arijit Pasayat & Lokeshwar Singh Panta, JJ. [Decided
on 23.03.2007]
Specific Relief Act, 1963- Section 28- Rescission of contract-
Appellant entered into an agreement to sell- Sale agreement not
executed- appellant repeatedly failed to execute the sale
agreement- Trial court decreed the rescission of the agreement
to sell- High court upheld the rescission- Whether the High Court
is correct- Held, yes.
Brief Facts: The appellant had entered into an agreement to sell
with the respondent and did not execute the sale agreement. Inspite
of Courts direction the appellant failed to execute the sale deed. The
Respondent filed a suit for cancellation seeking the cancellation of the
Agreement to sell, which was decreed by the Trial court. and upheld
by the High Court. The appellant challenged the judgment of the High
Court before the Supreme Court.
Decision: Appeal dismissed.
Reasons: The decree for specific performance has been described
as a preliminary decree. The power under Section 28 of the Act is
discretionary and the Court cannot ordinarily annul the decree once
passed by it. Although the power to annul the decree exists yet Section
28 of the Act is discretionary and the court cannot ordinarily annul the
decree once passed by it. Although the pow3r to annul the decree
exists yet Section 28 of the Act provides for complete relief to both the
parties in terms of the decree. The Court does not cease to have the
power to extend the time even though the trial Court had earlier directed
in the decree that payment of balance price to be made by certain
date and on failure suit to stand dismissed. The power exercisable
under this Section is discretionary.
As rightly contended by learned counsel for the respondents the
stand now taken was not pleaded before the trial Court and the High
Court. The decision in Kumar Dhirendras case (supra) is clearly
distinguishable on facts. In fact, it has been noted in that case that the
decree holder was repeatedly assured of payment. The situation is
not the same here. The only stand taken was that there was no direction
to pay within a particular time. This plea is clearly unsustainable and
untenable and has been rightly rejected. Above being the position,
there is no merit in this appeal, which is dismissed without any order
as to costs.
TAX LAWS
LW(S) 29.05.2007
COMMISSIONER OF CUSTOMS v. ACER INDIA PVT. LTD.
[2007(208) E.L.T.132 (TRI)], Dr.S.L.Peeran (JM) & T.K.Jayaraman
(TM)[Decided on 13.9.2006]
Customs Tariff Act, 1975- Computer (Additional Duty) Rules,
2004- Rule 2- Levy of duty on Laptop computers- Classification
of laptop computer- Whether a laptop computer is same as normal
computer having separate CPU, monitor, key-board etc for the
purposes of additional duty- Held, No.
Brief Facts: In the instance case the department decided that the
Note Book Computers (Laptops) are CPU with monitor, mouse and
Student Company Secretary
key board imported together as a set and classified the same under
Sl.No.2 of the Tables in Rule 2 of the Computer (Additional Duty) Rules,
2004 and subjected the goods to an additional duty of 7%. The
assessee paid the duty under protest and filed an appeal before the
Commissioner (Appeals). They contested that the said Rules are not
applicable to Laptop Computers as the item is different. The display
key, keyboard, mouse, modem everything are integrated in the Laptop
and hence, Computer (Additional Duty) Rules, 2004 is not applicable
to Laptop computers. It was contended that the Laptop computers are
classifiable under CH 8471 and are exempted from additional duty.
The Commissioner (Appeals), after due consideration accepted their
submission. The department challenged the decision of the
Commissioner (Appeals) before the Tribunal.
Decision: Appeal dismissed.
Reasons: The relevant provision covers a set of items brought
together and capable of being put together to make a computer,
whereas the item in dispute before the undersigned in appeal is a
Note Book computer which is not a set of CPU, monitor, key-board,
mouse etc., but all these items and more (like modem, ups etc.)
integrated into an inseparable unit. It is also common understanding
that a set of items taken together to make a complete system should
be capable of being taken out without affecting other items or the
working of other items. The two case laws cited by the Appellants, and
referred to in Para 3 above, clearly bring out the fact in respect of the
product in question i.e. Note Book Computer to be an item which in
common trade parlance is referred to as aComputer complete and
not as a set of CPU, keyboard, monitor and mouse. The individual
items have last their identity and the item is only known as a complete
product.
We have heard both sides in detail and find that there is no merit in
the Revenue appeal. The item imported is a Laptop computer, which
has got all the ingredients in itself. The same is not a Desktop computer.
Therefore, the classification of the item Laptop computers has to be
done under CH 8471 and, therefore, additional duty is not livable on
the same. The findings recorded by the Commissioner (Appeals) are
exhaustive and detailed one and we do not find any error in the same.
There is no merit in this appeal and the same is rejected.
LW(S) 30.05.2007
ACE PIPELINE CONTRACTS PRIVATE LIMITED v. BHARAT
PETROLEUM CORPORATION LIMITED [JT 2007(5) SC 106],
A.K.Mathur & Tarun Chatterjee, JJ. Decided on 04.04.2007]
Arbitration and Conciliation Act, 1996- Section 11- Appointment
of arbitrator- contract provided for the appointment of an officer
of the respondent as arbitrator- appellant moving an application
for the appointment of arbitrator- Whether tenable- Held, No.
Brief Facts: The appellant and the respondent had entered into a
contract, which provided for arbitration. The Respondent had to appoint
the arbitrator who shall be an officer of the Respondent. When disputes
arose, the appellant asked the respondent to refer the disputes to an
arbitrator. The appellant had filed an application before the high Court
for the appointment of an arbitrator, while on the same day it received
a communication from the respondent that it had appointed one of its
officers as the arbitrator. The high court rejected the application of the
appellant against which the impugned appeal came before the Supreme
Court.
Decision: Appeal dismissed.
Reason: In the present case, in fact the appellants demand was
to get some retired Judge of the Supreme Court to be appointed as
arbitrator on the ground that if any person nominated in the arbitration
clause is appointed, then it may suffer from bias or the arbitrator may
not be impartial or independent in taking decision. Once a party has
entered into an agreement with eyes wide open it cannot wriggle out
of the situation that if any person of the respondent BPCL is appointed
as arbitrator he will not be impartial or objective. However if the appellant
feels that the arbitrator has not acted independently or impartially, or
he has suffered from any bias, it will always be open to the party to
18 May 2007
 Legal World
make an application under Section 34 of the Act to set aside the award
on the ground that arbitrator acted with bias or malice in law or fact.
For these reason the appeal was dismissed.
LABOUR AND INDUSTRIAL LAWS
LW(S) 31.05.2007
FOOD CORPORATION OF INDIA v. RAMKESH YADAV [JT (2007)(4)
SC 1], Tarun Chatterjee & R.V.Raveendran, JJ (Decided on
27.2.2007)
Employment in Government corporation - Employee agreed
to premature retirement on the condition that his son would be
given job - Employer accepted the offer but went back on the
condition - Whether the employer is right in refusing to offer
employment to the respondents son- Held, No.
Brief Facts: The respondent employee offered to retire prematurely
on the condition that the appellant employer would give his son a
compassionate employment. The appellant agreed and accepted the
offer. However, it refused to give employment to Respondents son.
The Respondent moved the High Court, which directed the appellant
to offer employment to respondents son. Against the judgment of the
High Court the appellant appealed to the Supreme Court.
Decision: Appeal dismissed.
Reasons: When FCI accepted the offer unconditionally and retired
the second respondent from service by office order dated 29.7.2000,
it was implied that it accepted the conditional offer in entirety, that is
accepted the conditional offer in entirely, that is the offer made
(voluntary retirement) as also the condition subject to which the offer
was made (appointment of his dependant son on compassionate
grounds). In his application, the second respondent made it clear that
he desired to retire voluntarily on medical grounds only if his son (first
respondent herein) was provided with employment. If FCI felt that such
a conditional application was contrary to the Scheme or not warranted,
it ought to have rejected the application. Alternatively, it ought to have
informed the employee that the compassionate appointment could
not be given to his son because he (the employee) had already
completed 55 years of age and that it will consider his request for
retirement on medical grounds delinking the said issue of retirement,
from the request for compassionate appointment. In that event, the
employee would have had the option to withdraw his offer itself. Having
denied him the opportunity to withdraw the offer, and having retired
him by accepting the conditional offer, FCI cannot refuse to comply
with the condition subject to which the offer was made.
It is true that in the normal course, if the employees son was found
eligible for employment on compassionate ground, the court ought to
have directed consideration of his case in terms of the scheme instead
of issuing a mandamus to give employment. But as already observed,
the conditional offer having been accepted, FCI did not dispute the
fact that the first respondent was eligible and suitable for the post of
handling labour. Nor did FCI contend that there was no vacancy. The
employee had retired in 2000. For nearly 7 years, his son has been
denied employment. On the peculiar facts, we do not find it appropriate
to interfere with the direction given by the High Court to appoint the
first respondent, though for different reasons.
CONSUMER AND COMPETITION LAWS
LW(S) 32.05.2007
TRANSPORT CORPORATION OF INDIA LTD. v. VELJAN HYDRAIR
LTD. [2007 136 COMP CAS 377 (SC); JT 2007(94) SC 8], Tarun
Chatterjee & R.V. Raveendran, JJ. [Decided on 22.02. 2007)
Consumer Protection Act, 1986 read with section 10 of the
Carriers Act, 1865- - Transport service- Non delivery of
consignment- Deficiency of service- consumer forum awarding
damages and compensation- Whether Notice under section 10 of
the Carriers Act is required to be given by the consignee to the
Student Company Secretary
transporter- Held, No. Whether the consumer forum was correct
in awarding compensation- Held, Yes.
Brief Facts: The respondent entrusted a consignment to the
appellant for transportation from Patancheru to Bharuch, the consignee
being self and accordingly consignment note was issued by the
appellant. The intended customer could not take delivery of the
consignment and the respondent requested the appellant to re-book
the consignment to it from Bharuch to Patancheru, enclosing the
original (consignees copy) of the lorry receipt as also its invoice and
assuring clearance of all dues including up and down freight charges.
As there was no information about the arrival of goods at Patancheru,
in spite of constant follow up, the respondent sent letters to the
appellant, calling upon it to locate the consignment and redeliver it,
making it clear that if the consignment was not delivered, it would
claim the cost of the consignment and also not pay any charges for
the consignment. Though the appellant assured that it was taking steps
to deliver the consignment, the consignment was not delivered.
Therefore, the respondent filed a complaint before the Consumer
Disputes Forum seeking payment of the cost of consignment with
interest at the rate of 24 percent as damages for deficiency of service.
The State Commission allowed the complaint and directed the appellant
to pay the value of the consignment, (Rs.5, 83,440) less the freight
charges, with interest at the rate of 9 percent per annum from the date
of booking, and costs of Rs.20000. The National Commission
dismissed the appeal filed by the appellant against the order of the
State Commission. Appellant appealed to the Supreme Court:
Decision: Appeal dismissed.
Reasons: The appellant did not inform the respondent that the
goods were lost. The respondent was constantly in touch with the
appellant and demanding delivery. The appellant repeatedly informed
the respondent that it was in the process of locating the goods, sought
time to report about the status and requested the respondent to wait.
Even when the respondent issued notice demanding the cost of the
consignment, the appellant did not say that the consignment was lost.
In such circumstances, it was not possible to attribute knowledge of
loss to the person instituting the action for non-delivery. Therefore,
there was no need to issue a notice under section 10 of the Carriers
Act, 1865 and non-issue of a notice under section 10, did not invalidate
the claim or the complaint.
That when the carrier informed that the consignment was not traced
and was under the process of being traced, obviously the owner/
consignor/consignee could not be expected to pay the freight charges.
The State Commission ought to have awarded the entire cost of the
consignment. It committed an error in deducting the freight charges
from the amount payable to the respondent. There was no liability to
pay the freight charges where the consignment was lost or where there
was non-delivery. But since there was no appeal by the respondent on
this issue, there was no question of increasing the amount awarded.
PROHIBITION ON CARRYING MOBILE
PHONES TO EXAMINATION VENUE
Candidates intending to appear in the Company
Secretaries examinations may note that carrying of Mobile
phones, pagers or any other communication devises are
strictly prohibited into the premises where Company
Secretaries examinations are conducted. Candidates are,
therefore, advised not to bring any such prohibited items to
the examination venue, as the Institute and/or the
Examination Centre Staff shall not be responsible for
safekeeping of any such item(s). Infringement of these
instructions shall tentamount to adoption of unfair means
and entail disciplinary action.
19 May 2007
 Student Services
STUDENT SERVICES
REGISTRATION AND POSTAL TUITION
1. CANCELLATION OF REGISTRATION
Registration of students registered upto and including June, 2002
stands terminated on expiry of five-year period on 31st May, 2007
leading to the following immediate consequences :
(a) Supply of Student Company Secretary bulletin will be
discontinued from June, 2007 onwards.
(b) Response sheets will not be accepted even if submitted and
coaching completion certificates will not be issued (after the
expiry of registration period)
(c) They are advised to apply for registration de novo/extension
of registration as per the guidelines published in this bulletin.
2. CHANGE OF ADDRESS
Change of address, if any, should be intimated to the Institute by
sending a separate letter in this regard. While intimating the change in
their mailing address, the students are advised to invariably quote the
PIN CODE number alongwith the student registration number, name
and full postal address with city, state in capital letters.
PIN CODE is required to be mentioned for quick delivery of the
mail. Students may, therefore, check up the computerised mailing
address as printed on the Student Company Secretary bulletin.
In case, it does not carry or carry the wrong PIN CODE number,
the same may be intimated immediately quoting student
registration number and full postal address with Postal Index
Number so that it could be incorporated in the computerised mailing
list.
3. STUDENTS IDENTITY CARD
All the students appearing in the examination must hold Identity
Card in the manner prescribed by the Institute, if not already obtained
at the time of seeking registration. For obtaining the Identity Card,
students are advised to obtain a proforma from the Headquarters/
Regional Offices of the Institute and send it again to the Institute duly
filled up and attested as per instructions given in the prospectus/
registration letter.
Students who have so far not obtained Identity Cards are advised
to write to the Institute immediately. The students should carry their
Identity Cards without fail for appearing in the Institutes examination.
If the Identity Card already issued has been lost or mutilated, student
should send a request for obtaining duplicate Identity Card together
with the mutilated Identity Card/Identity Card proforma duly filled in
and attested together with Rs. 50/- towards duplicate Identity Card
fee.
4. COMPULSORY ENROLMENT FOR FINAL COURSE
Students who have passed/completed both groups of Intermediate
examination are advised to seek compulsory enrolment for undergoing
coaching for the Final course on payment of Rs.4200/- towards postal
tuition fee.
Please note that a student is admitted to the final examination only
after a minimum period of nine calendar months has elapsed since
his/her passing the Intermediate examination and subject to completion
of coaching and fulfillment of other requirements.
5. ISSUE OF ADMISSION CERTIFICATES FOR JUNE, 2007
EXAMINATION
The admission certificates for June, 2007 examination to all the
eligible students have been despatched by ordinary post.
Simultaneously, the Admit Card Extracts have also been uploaded on
the website of the Institute viz. www.icsi.edu.
All the students are hereby advised to carefully check up the
particulars viz. Name, Centre, Medium, Group, Exemptions granted,
Student Company Secretary
etc. shown in the Admit Card Extracts which are available on the website
of the Institute. If they come across any discrepancy, it should at once
be brought to the notice of Mr. T P Balasubramanian, Administrative
Officer for verification/ rectification.
While the requests for duplicate Admission Certificates are
promptly being attended to by the Headquarters, students may, as
per their convenience, also download Admit Card Extract from the
website of the Institute which alongwith the Student Identity Card issued
by the Institute would be equally valid for appearing in the CS
Examinations.
Alternatively, the students may approach Regional /Chapter/
Satellite Chapter Offices of the Institute for issue of duplicate Admission
Certificates from 28th May, 2007 onwards.
6. CLARIFICATION REGARDING PAPERWISE EXEMPTION
(a) The paperwise exemption is granted only on the basis of
specific request received in writing from a registered stu-
dent along with the attested photocopies of marks sheets
for all parts of the Degree/examination (on the basis of which
the paperwise exemption is sought) and the exemption fee
@ Rs. 100/- per paper. It is one time payment and not to be
remitted for availing of paper wise exemption in every ses-
sion of examination during the validity of registration period.
(b) The application for claiming paperwise exemption must reach
the Institute on or before the last date for submission of en-
rolment application i.e. 25th March and 25th September for
June and December examinations respectively and with a
late fee of Rs. 100/-, the application can be accepted upto
9th April and 10th October respectively.
(c ) The paperwise exemption once granted holds good during
the validity of registration period or passing/completing the
examination, whichever is earlier.
(d) The paperwise exemption is cancelled only on receipt of a
specific request in writing from the student concerned on or
before the last date for submission of the enrolment applica-
tion. If any candidate appears in the exempted paper(s) of
examination without receiving the written confirmation from
the Institute, but by making personal representation, appeal,
request, etc., at the Examination Centre at the last moment,
his/her appearance in such paper(s) shall automatically be
treated as cancelled.
(e) It may be noted that candidates who apply for grant of paper
wise exemption or seek cancellation of paper wise exemp-
tion already granted, before the last date of submission of
enrolment applications for a particular examination, must see
and ensure that they receive written confirmation from the
Institute at least 15-20 days prior to the commencement of
the examination. Candidates who would presume automatic
grant or cancellation of paper wise exemption without ob-
taining written confirmation on time and absent themselves
in any paper(s) of examination and/or appear in the exempted
paper(s) would do so at their own risk and responsibility and
the matter will be dealt with as per the above guidelines.
(f) Exemption once cancelled on request in writing shall not be
granted again under any circumstances.
(g) The candidates who have passed either group of the Inter-
mediate/Final examination under the old syllabus, may claim
the paperwise exemption in the corresponding subject(s) of
new syllabus indicating the basis of exemption as APO in
the appropriate column of the enrolment application.
(h) In case the paperwise exemption has already been granted
on the basis of qualification or the candidates is eligible for
grant of exemption on the basis of securing 60% or more
marks, a photocopy of the letter/marks-sheet issued by the
Institute should be enclosed with the enrolment application
while claiming such exemption, failing which the same may
20 May 2007
 Student Services
not be granted for the ensuing examination.
(i) No exemption fee is payable for availing paperwise exemption
UNIFORMITY IN SIGNATURES
on the basis of APO or on the basis of securing 60% or It has been observed that some of the enrollment
more marks in the Institutes examination. applications/ letters received from the students are either
(j) Paperwise exemption fee is payable only when the exemption unsigned or bear different signatures from time to time.
is to be availed on the basis of qualification(s) specified for All the students are, therefore, advised to maintain
the purpose.
uniformity in their signatures on all the correspondence with
7. EXEMPTION FROM COMPUTER TRAINING the Institute including students identity card, enrolment
A student can be exempted from undergoing the course on the application and attendance sheet provided in the examination
basis of his existing qualification/degree in the computer field and hall at the time of writing the examination.
qualifies the need of Course Contents Syllabus as scheduled by
NIIT for C.S. Students, subject to the condition that he or she enrolls
himself / herself for an online exemption test (to be conducted by E-MAIL ADDRESS OF THE STUDENTS
NIIT) from any of the NIIT Center on all India basis and successfully
clears the test. Those students who are having e-mail address may communicate
the same to the Students Services Section at dss@icsi.edu which
8. IMPORTANT will facilitate quick and economic communication from the Institutes
While making any correspondence regarding examination, the side. The e-mail address may be sent in the following format.
students are advised to quote the following particulars for taking prompt Name :
action :
Registration No. :
(i) Name in full (ii) Student Registration number (iii) Stage of
examination (Intermediate/Final) (iv) Group opted (v) Centre opted E-mail Address :
(vi) Particulars of fee remitted, i.e. Demand Draft (printed) number,
date , amount, name of the bank and its branch (vii) Date and mode of
despatch of enrolment application and their complete address with
PIN code, telephone number, mobile number or e-mail address. In our endeavour to provide prompt and efficient services to the
student community, the overall status of all the registered students
In case of any specific problem/complaint regarding registration, of the Institute has been uploaded to the website of the Institute
post-registration, students services and postal/oral coaching, students viz. www.icsi.edu. The information can be accessed as under:
may contact personally or write to Sohan Lal, Joint Director and for
academic guidance and suggestions, if any, students may write to V
Visit the Home Page
K Aggarwal, Principal Director, at the Institutes address.

Click on the tab 'Overall Status' under the
Group 'Students'
ATTENTION STUDENTS!
Enter Full Registration Number

Press Tab Key
Applicability of Latest Finance Act and other changes for

Wait for the name to appear on the adjacent
Company Secretaries June 2007 Examination.
field
DIRECT TAXES

Click on the tab 'Go'
All students may note that for the June 2007 Examination session,
in respect of Direct Taxes, the applicable Assessment Year shall The students may verify the particulars contained therein viz.
be 2007-08 (Previous year 2006-07). Student's Name, Father's Name, Date of Birth, Qualification, Paper-
wise Exemption (if any), Complete Postal Address with City, State
Thus, they will have to study Finance Act, 2006 for June 2007 and Pin Code, Postal/Oral Coaching Status, etc. In case, they
examination. Further, as per the syllabus, students are required come across any discrepancy and/or need any clarification/
to update themselves about all the Circulars, Clarifications, additional information/service, a written request may be sent to
Notifications issued by CBDT & Central Government, which come us by E-Mail as per the details given below:
in to effect on or before 6 months prior to the date of the respective 1. Query regarding Registration Status/
Examination.
Issue of Study Material, etc. for
Gift Tax Act has been excluded from the scope of examination (a) Intermediate Course ss_reg@icsi.edu
from June 1999 session onwards unless otherwise informed. (b) Foundation Course ss_fond@icsi.edu
(c) De-novo/Extension/Final Enrollment ss_post@icsi.edu
INDIRECT TAXES
2. Query regarding non-receipt of ss_misc@icsi.edu
Students appearing in the Tax Laws (Indirect Tax portion to the Registration Letter/ldentity Card/
extent of topics covered in the syllabus) and Direct and Indirect Student Company Secretary Bulietin/
Taxation-Law and Practice (Indirect tax portion) paper of the CS Foundation Course Bulletin, etc.
Intermediate and Final Courses respectively may take note of the 3. Query regarding paperwise exemption ss_enrol@icsi.edu
following changes applicable for June 2007 Examination:
4. Query regarding Coaching ss_coaching@icsi.edu
1. All changes made by the Finance Act, 2006. Completion Certificate/Suggested
2. All Circulars, Clarifications/Notifications issued by CBE&C/ Answers and Response Sheet status
Central Government which became effective six months prior 5. Query regarding issue of Admission dss@icsi.edu
to the date of examination. Certificate/Roll No. for Examinations, etc.

Student Company Secretary 21 May 2007

 Student Services
EXAMINATION
1. JUNE, 2007 EXAMINATION
The next examination for the Foundation Course, Intermediate and
Final, scheduled in June, 2007, will be held from Saturday, the 02nd
June, 2007 to Sunday, the 10th June, 2007 as per the Time-Table and
Programme published on the last cover page of this issue.
The addresses of the examination centers are published elsewhere
in this bulletin for general information.
2. USE OF CALCULATORS IN EXAMINATIONS
Candidates are allowed to use their own battery operated noiseless
and cordless pocket calculators with not more than 6 functions, 12
digits and 2 memories. Exchange or lending/borrowing of calculators
among students will not be allowed in the examination hall.
3. HINDI AS AN OPTIONAL MEDIUM FOR WRITING THE
FOUNDATION, INTERMEDIATE AND FINAL
EXAMINATIONS
Candidates are allowed to use Hindi as an optional medium for
writing all papers of the Foundation (except the English & Business
Communication paper), Intermediate and Final examinations on the
following conditions:
(i) option of Hindi Medium for writing the examination is to be
exercised for all papers of an examination OR a particular
group of examination, and not for any individual paper(s) in
the enrolment application form each time for appearing in
the examination;
(ii) option of medium for writing examination once exercised is
irrevocable for that particular session of examination;
(iii) answer books of candidates who write part of papers/answers
in one medium and the remaining part in other medium are
liable to be cancelled without any notice;
(iv) candidates who have exercised option of Hindi medium in
their examination enrolment form for writing Foundation
examination and Group-I of Intermediate examination will
be provided Question Papers printed both in English and
Hindi version (except for English & Business
Communication paper, which will be printed/required
to be answered in English only). The Question Papers for
Group-II of the Intermediate examination and all papers of
Final examinations will be printed in English version only;
(v) if a candidate writes his/her answers in Hindi medium without
exercising such an option in the enrolment application form,
he/she may not be given credit for his/her answers;
(vi) candidates opting Hindi medium for the examination must
write HINDI MEDIUM in bold letters on the top of the cover
page of Answer Book No.1, 1B, as the case may be; and
(vii) candidates opting Hindi medium for the examination may
write answers to practical questions, headings, quotations,
technical and legal terms, sections, rules, etc., in English
medium, if they so desire.
4. IMPORTANT INSTRUCTIONS TO EXAMINEES
Candidates enrolled for appearing in the June, 2007
examinations are advised to carefully read and observe the
Instructions to Examinees printed on the Admission Certificate
(Roll Number) and enclosures thereto, and also on the Question
Papers and Answer Books. However, attention of candidates is
especially invited to the following instructions:
(i) on receipt of Admission Certificate (Roll No.), first of all, the
candidates must verify carefully the entries appearing therein.
Discrepancy/error, if any, in the Admission Certificate
concerning spellings of his/her name, stage of examination
and examination centre; medium of writing the answers,
subject of examination in which exemption was sought/
shown, etc., should, at once, be brought to the notice of the
Student Company Secretary
Shri Sohan Lal, Jt. Director (Students Services) well on time
before commencement of the examination;
(ii) candidates are required to bring daily to the Examination
Hall their Admission Certificates and Student Identity Cards
failing which they may not be allowed admission to the
Examination Hall and/or to appear in the examination;
(iii) before attempting to write answers in the answer book,
each candidate must write his/her Roll Number on the
special slip affixed to Answer Book Nos. 1, 1-B and 1-C,
date of examination, stage of examination, name of the
paper, etc. against the relevant columns on the first page
of the main answer book and also on the top of Question
Paper;
(iv) candidates must attempt questions in accordance with
the directions given on each Question Paper. If the
questions are attempted in excess of the prescribed
number, only the questions attempted first upto the
required numbers will be valued and awarded marks and
the remaining questions will be ignored;
(v) Questions relating to graph/prcis should be attempted only
on graph/prcis sheets appended as last page to the Answer
Book wherever required. Do not write your roll number on
the Graph/Prcis Sheets and additional Answer Book No. 2.
The additional answer book(s) used, if any, should be
fastened along with the main answer book. Candidates who
fail to observe this instruction will be penalised;
(vi) each question should start on a fresh page and sub-
question(s) be attempted consecutively;
(vii) while attempting a fresh question/sub-question, candidates
should distinctly mention respective question number against
the answer in bold capital letters with coloured sketch pen/
different colour ink and underline the same [(e.g. ANS. TO
Q. NO. 3(A)] on the left-hand side margin of the answer book
and also simultaneously mark (X) in the table provided on
the cover page against the respective question number;
(viii) candidates must not, for any reason whatsoever, tear out
any page(s) from the Answer Book or leave any blank page
or unused spaces in between the pages. If such spaces are
left score them out. If a candidate uses more than one answer
book, he/she should, indicate on the cover page of main
answer book, the total number of answer books used by
him/her;
(ix) candidates are expected to write precise and to the point
answers to questions set in for the examinations in neat
and legible handwriting citing relevant provisions of the
Act/rules quoting case laws, etc., in support of the
answers wherever applicable;
(x) no candidate shall leave/be allowed to leave the
Examination Hall; (i) within first one hour of
commencement of examination (ii) during last 15 minutes
of examination timing; (iii) without signing the
attendance sheet; and (iv) without properly handing over
his/her answer books to the Invigilator on duty;
(xi) a few minutes prior to the time of conclusion of
examination or before handing over the answer books
to the supervisory staff, candidates must re-check and
ensure that they have filled up relevant particulars on
the cover page of Answer Book Nos. 1, 1-B and 1-C, as
the case may be, and properly tied up all the additional
answer book(s) No.2 along with the main answer book;
(xii) candidates should strictly adhere the instructions being
given by the Invigilator(s)/Supervisors in the Examination
Hall;
(xiii) candidates are strictly forbidden to carry with them into
the Examination Hall any book or printed/handwritten
24 May 2007
 Student Services
material, notes, pager, mobile phone, etc., OR to talk or 8. BHILWARA SMT. SUSHILA DEVI MATHUR KANYA
converse inter se with other candidates in the MAHAVIDHYALAYA, MAHILA ASHRAM
Examination Hall;
PATHIK NAGAR, BHILWARA - 311001
(xiv) candidates are strictly warned against any attempt to copy 9. BHOPAL GOVT. MAHARANI LAXMI BAI GIRLS
from the answer papers of any other candidate nor allow
(AUTONOMOUS) COLLEGE (NR. GOVT.
their answers to be copied nor give nor attempt to give nor
S. V. POLYTECHNIC COLLEGE)
obtain nor attempt to obtain irregular assistance of any
description. It will be the responsibility of each and every BHOPAL - 462002
candidate to ensure that his/her answers are not copied by 10. BHUBANESWAR B. J. B. (AUTONOMOUS) COLLEGE
another candidates. Failure to do so will invite stern LEWIS ROAD, BHUBANESWAR - 751014
disciplinary action and penalty for adoption of unfair means; 11. CHANDIGARH I.S. DEV SAMAJ GIRLS
(xv) no candidate shall, leave his/her seat in the examination SENIOR SECONDARY SCHOOL,
hall during the course of examination without the specific SECTOR 21-C, CHANDIGARH - 160022
permission of the Invigilator on duty for any reason 12. CHENNAI DR. MGR JANKI COLLEGE OF ARTS &
whatsoever;
(SOUTH) SCIENCE, 11 & 13 DURGABAI
(xvi) on completion of examination or expiry of the prescribed DESHMUKH ROAD, R. A. PURAM,
examination timing, the answer book(s) must be handed CHENNAI - 600028
over immediately to the Invigilator on duty and
13. CHENNAI ANNA ADARSH COLLEGE FOR WOMEN
Invigilators signature be obtained in the relevant column
of acknowledgement printed on the Admission (WEST) A-I, 2nd STREET, OFF. 9TH MAIN ROAD,
Certificate in token of handing over the answer books. ANNA ANGAR, CHENNAI 600040

(xvii)it shall be the personal responsibility of the candidate 14. COIMBATORE PSG COLLEGE OF ARTS & SCIENCE
concerned to properly hand over his/her answer book(s) CIVIL AERODROME POST,
to the Invigilator on duty in the Examination Hall and COIMBATORE - 641014
obtain acknowledgement therefor. Any representation 15. DEHRADUN GOVERNMENT GIRLS INTER COLLEGE
regarding omission to handover the written answer 22, RAJPUR ROAD, DEHRADUN - 248001
book(s) or not obtaining the acknowledgement from the
16. DELHI (EAST) MOTHER TERESSA INSTITUTE OF MGT.
Invigilator at the time of handing over his/her answer
& VOCATIONAL STUDIES, C BLOCK,
book(s) for any reason whatsoever will not be entertained
after the conclusion of that particular session of PREET VIHAR, DELHI 110 092.
examination; 17. DELHI (NORTH) JVSD GIRLS SR. SEC. SCHOOL
(xviii)candidates are warned that any attempt to misbehave in D-II LINK ROAD, (NEAR BAGGA PETROL
any manner or create disorderly scene in and around the PUMP - OPP. HANUMAN STATUE),
examination hall or harass or bodily harm the staff deployed KAROL BAGH, NEW DELHI - 110005
for the conduct of examination will be viewed seriously and 18. DELHI GURU HARKRISHAN PUBLIC SCHOOL
severely punished; and (SOUTH) (ADJOINING GURDWARA) B-BLOCK,
(xix) any attempt or act of violation of Instructions to Examinees KALKAJI, NEW DELHI110019.
shall be viewed seriously and entail disciplinary action under 19. DELHI (WEST) DAV PUBLIC SCHOOL, POCKET B - 6
the Company Secretaries Regulations, 1982. SECTOR 7, ROHINI, DELHI - 110085
COMPANY SECRETARIES EXAMINATION - JUNE, 2007 20. DUBAI UNDER FINALISATION
ADDRESSES OF EXAMINATION CENTRES 21. ERNAKULAM ST. ALBERTS COLLEGE, BANERJI ROAD
ERNAKULAM, KOCHI - 682018
S. EXAMINATION CENTRE ADDRESS
NO. CENTRE 22. FARIDABAD VIDYA MANDIR PUBLIC SCHOOL,
SECTOR 15-A, FARIDABAD - 121007
1. AGRA ST. JOHNS COLLEGE, M. G. ROAD
AGRA 282002. 23. GHAZIABAD SHAMBHU DAYAL (PG) COLLEGE, OPP.
MMG HOSPITAL, G.T. ROAD,
2. AHMEDABAD SHRI H. K. ARTS COLLEGE
OPP. HANDLOOM HOUSE, AHSRAM GHAZIABAD201001.
ROAD, AHMEDABAD - 380009 24. GURGAON ALPINE CONVENT SCHOOL, BEHIND
3. ALLAHABAD COLONELGANJ INTER COLLEGE JALVAYU TOWERS, SECTOR 56,
51, TAGORE TOWN, GURGAON - 122003
ALLAHABAD - 211002 25. GUWAHATI GUWAHATI COMMERCE COLLEGE, R. G.
4. AMBALA SHRI ATMANAND JAIN COLLEGE BARUAH ROAD, GUWAHATI - 781021
JAIN COLLEGE ROAD, AMBALA 26. HYDERABAD WESLEY POST GRADUATE COLLEGE
CITY 134002 145 Mc INTYRE ROAD, OPP. ANAND
5. AURANGABAD MANIKCHAND PAHADE LAW COLLEGE THEATRE, SECUNDERABAD - 500003
SAMARTH NAGAR, NIRALA BAZAR 27. INDORE DEVI AHILYA ARTS & COMMERCE
AURANGABAD-431001 COLLEGE (JAGDALE COLLEGE), 8/1,
6. BANGALORE ST JOSEPHS INDIAN COMPOSITE USHA GANJ, JAORA COMPOUND,
PU. COLLEGE, 2, VITTAL MALLYA ROAD INDORE - 452001
BANGALORE - 560001 28. JAIPUR UNIVERSITY COMMERCE COLLEGE
7. BAREILLY MANOHAR BHUSHAN INTER COLLEGE JAWAHAR LAL NEHRU MARG, JAIPUR-
NAINITAL ROAD, BAREILLY - 243001 302004

Student Company Secretary 25 May 2007

 Student Services
29. JAMMU GOVT. SPMR COLLEGE OF COMMERCE 48. NOIDA GOVERNMENT INTER COLLEGE,
CANAL ROAD, OLD CAMPUS ROAD, SECTOR 12, NOIDA - 201301
JAMMU - 180001 49. PANAJI S.S.DEMPO COLLEGE OF COMMERCE
30. JAMSHEDPUR MRS. KMPM INTER COLLEGE, MAIN AND ECONOMICS, SERRA BUILDING
ROAD, BISTUPUR, JAMSHEDPUR (NEAR A.I.R.), ALTINHO, PANAJI (GOA) -
831001. 403001
31. JODHPUR ONKARMAL SOMANI COLLEGE OF 50. PATNA MAGADH MAHILA COLLEGE, NORTH
COMMERCE, Opp. KAMLA NEHRU GANDHI MAIDAN, PATNA - 800001
NAGAR, CHOPASANI ROAD, 51. PONDICHERRY BHARATHIDASAN GOVT. COLLEGE FOR
JODHPUR-342009 WOMEN (AUTONOMOUS), MAHATMA
32. KANPUR KANPUR VIDYA MANDIR MAHILA (P.G.) GANDHI ROAD, MUTHIALPET,
MAHAVIDYALAYA, 7/147 SWAROOP PONDICHERRY - 605003
NAGAR, KANPUR - 208002 52. PUNE MIT JUNIOR SCHOOL, MIT SCHOOL
33. KOLHAPUR VIVEKANAND COLLEGE, 204-E TARABAI CAMPUS, 127/1/A, PAUD ROAD,
PARK, KOLHAPUR - 416003 PUNE 411038.
34. KOLKATA METROPOLITAN INSTITUTION (MAIN) 53. RAIPUR SCHOOL OF STUDIES IN COMPUTER
(NORTH-1) 39, SANKHAR GHOSH LANE, SCIENCE, PT. RAVI SHANKAR SHUKLA
KOLKATA 700009. UNIVERSITY, RAIPUR - 492010
Allocation of Examinees : 54. RAJKOT LT. MJ KUNDALIYA ENGLISH MEDIUM
(i) Foundation All Examinees. MAHILA COMM. COLLEGE, KASTURBA
(ii) Final All Examinees except candidates enrolled for all ROAD, OPP. JAIN DERASAR,
the three groups. RAJKOT 360 001
(iii) Intermediate - All Examinees enrolled for Both Groups.
55. RANCHI D.A.V. JAWAHAR VIDYA MANDIR
35. KOLKATA ANGLO ARABIC SECONDARY SCHOOL SHYAMALI, POST DORANDA,
(NORTH-2) 46/7 MAHATMA GANDHI ROAD, RANCHI - 834002
KOLKATA 700009.
56. SHIMLA S.D. SENIOR SECONDARY SCHOOL
Allocation of Examinees :
SHIMLA - 171001
(i) Final All examinees enrolled for all the Three Groups only
(ii) Intermediate All examinees enrolled for Group-I only. 57. SRINAGAR FACULTY OF COMMERCE AND
(iii) Intermediate All examinees enrolled for Group-II only. MANAGEMENT STUDIES, UNIVERSITY
OF KASHMIR, HAZRATBAL, SRINAGAR
36. KOLKATA JODHPUR PARK BOYS SCHOOL
(J&K) - 190006
(SOUTH) JODHPUR PARK, KOLKATA - 700068
58. SURAT SIR K. P. COLLEGE OF COMMERCE SPB
37. LUCKNOW NATIONAL P.G. COLLEGE, 2, RANA
PRATAP MARG, LUCKNOW - 226001 VANIJYA VIDYA BHAVAN, ATHWA LINES
SURAT - 395001
38. LUDHIANA GOVT. COLLEGE (FOR BOYS) CIVIL
LINES, LUDHIANA - 141001 59. THANE K. G. JOSHI ARTS AND N.G. BEDEKAR
COLLEGE OF COMM., CHENDANI,
39. MADURAI THE AMERICAN COLLEGE, TALLAKU-
BUNDAR ROAD, THANE (WEST) - 400601
LAM POST, MADURAI - 625002
60. THIRUVANAN- GOVT. ARTS COLLEGE, THYCAUD POST
40. MANGALORE S.D.M. LAW COLLEGE,
THAPURAM THIRUVANANTHAPURAM - 695014
MANGALORE - 575003
41. MEERUT N.A.S. COLLEGE, E.K. ROAD, 61. TIRUCHIRAPALLI ST. JOSEPHS COLLEGE (AUTONO-
MEERUT - 250002 MOUS), TEPPAKKULAM (POST)
TIRUCHIRAPALLI - 620002
42. MUMBAI (CG) SYDENHAM COLLEGE OF COMMERCE
AND ECONOMICS, B. ROAD, CHURCH- 62. UDAIPUR M.V. SHRAMJEEVI COLLEGE
GATE, MUMBAI - 400020 NEAR TOWN HALL, LINK ROAD,
UDAIPUR - 313001
43. MUMBAI (GTK) SMT. PN DOSHI WOMENS COLLEGE OF
ARTS (S.N.D.T. COLLEGE), RATAN BAUG, 63. VADODARA FACULTY OF LAW, M.S. UNIVERSITY OF
CAMA LANE, GHATKOPAR (WEST), BARODA NEAR RAILWAY STATION
MUMBAI - 400086 SAYAJIGANJ, VADODARA - 390002
44. MUMBAI (JOG) GOVT. OF MAHARASHTRA IY COLLEGE 64. VARANASI MG KASHI VIDYAPEETH, NR. CANTT
OF ARTS, SCIENCE & COMMERCE RAILWAY STATION, VARANASI - 221002
JOGESHWARI (EAST)
65. VIJAYAWADA SATAVAHANA COLLEGE, SITARAMA-
MUMBAI - 400060
PURAM, ELURU ROAD, VIJAYAWADA -
45. MYSORE SBRR MAHAJANA PRE-UNIVERSITY 520002
COLLEGE, JAYA LAKSHMIPURAM,
MYSORE - 570012 66. VISAKHA- VISAKHA GOVT. DEGREE COLLEGE
PATNAM (WOMEN), OLD JAIL ROAD, DABA
46. NAGPUR HISLOP COLLEGE, TEMPLE ROAD, CIVIL GARDENS, VISAKHAPATNAM - 530020
LINES, NAGPUR - 440001
67. YAMUNA NAGAR DAV COLLEGE FOR GIRLS, JAGADHARI
47. NASHIK BYK COLLEGE OF COMMERCE ROAD, YAMUNA NAGAR 135 001.
COLLEGE ROAD, NASHIK - 422005

Student Company Secretary 26 May 2007

 Student Services
NOTIFICATION 15. 11 1273 EU0103572 ABHAY RUIA
16. 11 6012 SU0085581 RAHUL R RANKA
ICSI NO. 2 OF FEBRUARY, 2007
17. 12 1291 EU0103955 MADHUSUDAN MUNDHRA
MERIT-CUM-MEANS ASSISTANCE SCHEME, 1983
18. 13 1931 EU0103812 ARHAM BENGANI
In pursuance of para 13 of the Merit-cum-Means Assistance 19. 14 1356 EU0105529 RUHI AGARWAL (MS.)
(Company Secretaryship Course) Scheme, 1983, as amended
20. 14 6019 SU0091197 CHETHAN CHANDRA BHAT
upto 15th October, 2006, applications are invited to reach the Institute
in the prescribed form on or before 25th May, 2007 for award of 21. 14 7137 WU0156672 NEETHU JAMES (MS.)
15 numbers of financial assistance each for pursuing Intermediate 22. 15 1318 EU0104532 ABHISHEK SURANA
and Final course of the company secretaryship from students
who fulfil the eligibility criteria laid down under the said scheme. 23. 15 1364 EU0105656 SHILPA SOMANI (MS.)
According to the scheme, a candidate applying for assistance 24. 15 3449 NU0265778 DIPTI AGARWAL (MS.)
should have passed Foundation or Both Groups of the Intermediate 25. 16 1955 EU0106381 DEEPAK AGARWAL
examination without exemption in any paper, at one sitting, in the
first attempt in December, 2006 examination. The income of such 26. 17 3176 NU0269411 ASTHA AGGARWAL (MS.)
a candidate, if employed or is having an independent source of 27. 17 3508 NU0279151 RAGHAV KUMAR BAJAJ
income, should not be more than Rs.1,50,000/- per annum and if 28. 17 3513 NU0279381 ADITYA UDANI
he/she is dependent on his/her parents/guardian/spouse whether
partially or wholly, the combined income from all sources should 29. 17 3708 NU0277116 ABHISHEK RATHI
not be more than Rs.2,50,000/- per annum. 30. 18 1213 EU0101930 ANKIT KUMAR JAIN
Prescribed application form together with a copy of the Merit- 31. 19 2734 NU0280015 ANUJA GUPTA (MS.)
cum-Means Assistance (Company Secretaryship Course) Scheme,
1983 can be downloaded from the Institutes website www.icsi.edu 32. 19 3929 NU0275579 AAKANKSHA BHATNAGAR
or obtained by post from the Institute free of cost by sending a (MS.)
self-addressed envelope of 23 cms. x 11 cms. size duly affixed 33. 20 1445 EU0106785 ANURADHA SUREKA (MS.)
with postage stamp worth Rs.10/-. Applications not made on
the prescribed forms and/or without supporting documents, 34. 20 2046 NU0273709 NEETI GOYAL (MS.)
incomplete applications, applications not fulfilling the eligibility 35. 20 2051 NU0273655 MEGHA AGARWAL (MS.)
criteria laid down under the scheme or applications not reaching
36. 20 2482 SU0093627 RAKESH POKHAREL
the Institute on or before 25th May, 2007 are liable to be
rejected. 37. 20 3181 NU0270108 REGAN KAPOOR
BY ORDER OF THE COUNCIL 38. 20 4927 NU0275314 SANJEEV BHATLI
File No.207:Exams:2007 39. 20 6027 SU0092061 SWETHA S (MS.)
New Delhi 110 003. (N. K. JAIN) 40. 21 2352 NU0244032 NEHA GOYAL (MS.)
Dated, the 28th February, 2007 Secretary & CEO
41. 21 5187 SU0094192 M V NARAYANAN VINAY
LIST OF FIRST 25 TOP RANK HOLDERS, IN ORDER OF 42. 21 6516 WU0165981 DEEP TUSHAR SHRI-
MERIT, WHO HAVE SECURED NOT LESS THAN 55% DHARANI
MARKS IN THE AGGREGATE IN THE FOUNDATION 43. 21 6787 WU0165929 KUNAL RAMJI CHHEDA
EXAMINATION, DECEMBER, 2006 (MS.)
SI. Rank Roll Regn. Name of the Student 44. 21 6813 WU0166877 AVNI JAYESH MEHTA (MS.)
No. No. No. 45. 22 1103 EU0091383 PANKAJ SHAW
1. 1 1204 EU0101462 ABHISHEK MUKHERJEE 46. 22 1242 EU0102730 AAYUSH BAGRI
2. 2 6777 WU0165001 ANANTA SANGEET 47. 22 3809 NU0277567 TULIKA AGARWAL (MS.)
KUMAR (MS.) 48. 22 6026 SU0092040 KANAGARAJ R
3. 3 1902 EU0101791 CHIRAG DILIP MEHTA 49. 22 6863 WU0170273 POOJA PARASMAL
4. 4 3805 NU0276969 SAKSHI WASSON (MS.) PACHORI (MS.)
5. 5 1185 EU0101180 ABHISHEK KAILASH RATHI 50. 22 6871 WU0169028 HARSH BADRI MITTAL
6. 6 3899 NU0262730 ISHA SHANKAR (MS.) 51. 23 1248 EU0102927 RAUNAK TOSHNIWAL
7. 7 5410 SU0081699 SAMVIT DURGA 52. 23 5253 SU0093265 K.R. RAMASUBRAMANIAM
8. 8 1209 EU0101866 RAJ KARNANI 53. 23 6855 WU0169571 VINIT NITIN RUGHANI
9. 8 6032 SU0093159 GOPALA N KRISHNAN 54. 24 1207 EU0101831 NIRAJ AGARWAL
10. 9 1376 EU0106005 HARSHA AGARWAL (MS.)
55. 25 1296 EU0104043 VIVEK SHAH
11. 9 6035 SU0093531 ARUNA N R (MS.)
56. 25 1302 EU0104144 ISHAN SONTHALIA
12. 9 6355 WU0165099 ROHIT MALANI
57. 25 1343 EU0105226 MANISH SARAWAGI
13. 10 6534 WU0168717 PALAK VIJAY SHAH (MS.)
58. 25 5154 SU0093648 KUSUMLATA J
14. 10 6627 WU0166118 MINAL ROSELLA MUNDHARA (MS.)
SEQUEIRA (MS.)

Student Company Secretary 27 May 2007

 Student Services
LIST OF FIRST 25 TOP RANK HOLDERS, IN ORDER OF 43. 24 19705 SR0330668 RAMANARAYANAN J
MERIT, WHO HAVE SECURED NOT LESS THAN 55%
MARKS IN THE AGGREGATE IN THE INTERMEDIATE 44. 24 21021 SR0299284 RAZIA SULTANA SHAIK
EXAMINATION, DECEMBER, 2006 (MS.)
45. 24 29230 WR0422918 UMANG HASMUKH
SI. Rank Roll Regn. Name of the Student SOMESHWAR
No. No. No.
46. 25 9335 ER0232243 GOVINDA TAPARIA
1. 1 9161 ER0229781 DIPAK DAGA 47. 25 9342 ER0232365 SOURABH AGARWALA
2. 2 9396 ER0233250 AASHTA CHOUDHARY (MS.) 48. 25 15211 NR0476355 AKASH PHOPHALIA
3. 3 19247 SR0342175 UTSAV K PRAKASH
4. 4 9223 ER0230643 SWETA BAJAJ (MS.) LIST OF TOP RANK HOLDERS, IN ORDER OF MERIT, WHO
HAVE SECURED NOT LESS THAN 55% MARKS IN THE
5. 4 9238 ER0230845 PRERNA AGARWAL (MS.) AGGREGATE IN THE FINAL EXAMINATION, DECEMBER, 2006
6. 5 9231 ER0230770 MOHIT KEJRIWAL
SI. Rank Roll Regn. Name of the Student
7. 5 28390 WR0399836 POONAM PREMCHAND No. No. No.
CHOPRA (MS.)
8. 6 9241 ER0230871 AMRITA JAIN (MS.) 1. 1 44903 SR0317282 ANAND R
9. 7 16943 NR0441570 TARUN MALIWAL 2. 2 30730 ER0214570 ROHIT BIYANI
10. 8 9208 ER0230436 PRATIK DROLIA 3. 3 30728 ER0214135 ADITI AGARWAL (MS.)
11. 9 9270 ER0231316 ANKIT MATHRAN 4. 3 34296 NR0412203 SONIKA SHARMA (MS.)
12. 9 9407 ER0233372 SHAILY GUPTA (MS.) 5. 4 36417 NR0422859 SARIKA (MS.)
13. 10 9209 ER0230441 PANKAJ AGARWAL 6. 4 37298 NR0442694 GARIMA JAIN (MS.)
14. 10 9230 ER0230765 RAHUL AGARWAL 7. 5 30708 ER0212951 SATISH JALAN
15. 11 9041 ER0221924 MITALI RAKESH BHANSALI 8. 6 34813 NR0409405 RUCHIKA AGGARWAL
(MS.) (MS.)
16. 12 23927 WR0411861 REEMA JITENDRA MEHTA 9. 7 30637 ER0180831 SHRADHA SHAH (MS.)
(MS.) 10. 7 30665 ER0198024 PUNIT JAIN
17. 13 9251 ER0230972 MOHIT SANGANERIA 11. 8 30659 ER0197059 SHILPI KEJRIWAL (MS.)
18. 13 16954 NR0464705 NEHA HIRAN (MS.) 12. 9 51911 WR0292281 NISHAD GANESH JAIL
19. 14 9287 ER0231591 VARUN TAPARIA 13. 9 53939 WR0393304 DEEPTI SHEKHAR
20. 14 9375 ER0232875 MINI BAGARIA (MS.) AGHARKAR (MS.)
21. 15 9232 ER0230786 SANDEEP AGARWAL 14. 10 30692 ER0207000 SIDDHARTHA MURARKA
22. 15 9240 ER0230866 VIDHYA RAMPURIA (MS.) 15. 10 30714 ER0213340 PUNIT SHARMA
23. 15 9331 ER0232191 PUJA KHEMKA (MS.) 16. 11 51468 WR0374502 GEETANJALI SHASHIKANT
TULSIAN (MS.)
24. 15 9343 ER0232370 PRATIK BAID
17. 12 30739 ER0215403 NISHA AGARWAL (MS.)
25. 16 9275 ER0231363 AKKAL DUDHWEWALA
18. 12 30740 ER0215445 ASHISH GOYAL
26. 17 8986 ER0213255 SUMIT GOLCHHA
19. 12 49294 SR0320012 PAVITHRA CHANDRA-
27. 17 12914 NR0455502 SHUCHI BANSAL (MS.) MOULI (MS.)
28. 17 26356 WR0386991 MUKESH KUMAR LAHOTI 20. 13 34810 NR0366954 NEHA PRUTHI (MS.)
29. 18 9144 ER0229318 SONA HARLALKA (MS.) 21. 14 44491 SR0259953 G A LAKSHMI (MS.)
30. 18 9254 ER0231008 SAURAV TIBREWAL 22. 15 30726 ER0214008 LOKESH CHANDAK
31. 18 19710 SR0336674 VANDANA S (MS.)
32. 19 9037 ER0221355 SEEMA SHARMA (MS.)
33. 19 9236 ER0230824 VIRENDRA SHARMA ATTENTION STUDENTS !
34. 19 9266 ER0231220 SANWAR MAL AGARWALLA
35. 20 10860 ER0230584 SAURABH DAGA IMPORTANT ANNOUNCEMENT
36. 21 9077 ER0223954 MAYUR AGARWAL Students appearing in Institutes June, 2007
37. 21 10833 ER0225352 SHRUTI NAZ (MS.) examination may please note that in the
38. 22 29212 WR0427188 SUNIL PRAKASHLAL TOTLANI forthcoming examination they may expect a few
39. 23 9250 ER0230967 AMIT KUMAR KHAITAN questions requiring very short answers and/or
40. 23 9371 ER0232828 ARCHIT PATWARI objective type answers, within the broad
41. 23 20973 NR0473955 MAHENDRA Y V S parameters of prescribed syllabus and course
42. 24 9261 ER0231109 HIMANSHU MAROO curriculum of study.

Student Company Secretary 28 May 2007

 Quiz - Prize Winners
STUDENTS QUIZ
PRIZE QUERY
The Managing Director of a company, who has no authority,
dismissed one of the employees of the company for various
misconducts. The employee questioned the validity of his
dismissal before a court of law. In the meantime the Board of
Dirctors of the company ratified the dismissal of the employee
by the Managing Director. Under the circumstances is the
dismissal of the employee valid in law?
CONDITIONS
1. Answer should not exceed one page typed in double space.
The answer sheet should contain the name, registration number
and address of the student.
2. Last date for receipt of answer is 16th June, 2007.
3. Two prizes (a first and a second) in kind will be awarded to the
best answers and the names of the contributors will be published
in the Bulletin.
4. The envelope should be superscribed Students Query,
May 2007 and addressed by name to N.K. Jain, Secretary &
Chief Executive Officer, The Institute of Company Secretaries
of India, ICSI House, 22, Institutional Area, Lodi Road, New
Delhi-110003.
QUIZ - PRIZE WINNERS
April 2006
QUERY
A company manufacturing office equipment entered into two
types of agreements with its customers depending upon their
discretion and requirements. One type related to full service
maintenance under which the entire responsibility of maintaining
the equipment supplied is with the company and the other type
related to supply of spares and service maintenance under which
whenever required the spare parts were replaced. Both the
agreements are for a lump sum annual payment. Sales Tax
authorities treated the supply of spare parts under these
agreements as sale and accordingly levied sales tax. Is such a
Treatment valid in law?
WINNERS
First Prize
T.S.Anandhi (SR0257791/02/2003) S-3, Sangath Apartments MGR
Nagar 1 Street Velachery, Chennai 600 042
Second Prize
Deepak Chugh (NR0366975/02/2003) House No.3368 Sector 23
Chandigarh 160023
ANSWERS
First Prize
Yes. The treatment by Sales Tax authorities as to the supply of
spare parts under the agreements as sale and accordingly levying of
sales tax is valid in law.
In a similar case of Xerox Modicorp Limited v. State of Karnataka
(Jt 2005 (7) SC 539) a company was engaged in sales of Xerox
machines related parts and accessories. The company offered two
types of service agreements at the option of the clients. It was either a
Full Service Maintenance Agreement (FSMA) or a Spares and Service
Maintenance Agreement (SSMA). In FSMA the company took the
responsibility of maintaining the machine, servicing it and if required
replacing parts. The company also supplied toners and developers for
Student Company Secretary
a charge. Under SSMA, the company maintained the machine including
replacement of parts for an annual sum. However, the costs of toners,
developers etc. were to be borne by the customer. The company did
not pay sales tax on the value of spares supplied on these two contracts.
The department considered the same as sale of goods and levied tax
on it. The company challenged the same and the case reached the
Hon'ble Supreme Court for final adjudication.
The Hon'ble Supreme Court while dismissing the appeal of the
company detailed that the word consumable refers to items which get
consumed before the property in the goods can pass. The toners and
developers were liquids which were put in the Xerox machine. They
were similar to ink used in printers. Under the Sale of Goods Act if
specified goods in a deliverable state were delivered the property in
the goods passes. Toner and developer were delivered in bottles/
containers.
The company left some extra stock with the clients in trust However,
once the toner and developer were put into the machine they were no
longer in trust. This was because the property in the toner and developer
passed the moment they were put into the Xerox machine and they
belonged to the customer. At this stage they were tangible movables
in which property could pass. This was clear from the provision that
company would charge for unaccounted stock at prevailing prices.
That they were goods in which property could pass was also clear
from the fact that in SSMA the customer had to buy the toner and
developer. If as now claimed they were consumables in which property
cannot be transferred how was the company charging for toners and
developers. The sale i.e. transfer of property took place before the
goods were consumed. The transfer took place in respect of tangible
goods Just like petrol or ink is consumed after sale, in this case also
the toners and developers get consumed after sale. The property
passes the moment they were put in the machine. In view of the above
it is held that there was sale of parts, both in FSMA and SSMA. There
was also sale of toners and developers even in the case of FSMA.
Accordingly the appeal of the company stood dismissed.
Therefore, in the given case also the treatment by Sales Tax
authorities as to the supply of spare parts under the agreements as
sale and accordingly levying of sales tax is valid in law.
Second Prize
The company in this case has entered into an after sales service
contract having two variants (1) Full service maintenance, (2) Supply
of service and spares maintenance. Under both the contracts in return
for a specified sum the company has undertaken to replace the required
spare parts. In both the above cases there is a transfer of property in
goods as and when the spare parts are replaced.
In view of the above it is held that there is a sale of parts under
both the contracts and the contention of the department to levy sales
tax on the value of parts/spares is correct. Similar judgment was given
by The Hon'ble Supreme court in the following case.
M/S Xerox Modicorp Limited v. State of Karnataka (JT 2005(7) SC
539)
In the above case the appellants doing business in Xerox machine,
parts and accessories as a part of its business. After the machine is
sold to a customer, if the customer so desires the appellants enter into
two types of arrangement that is full service maintenance agreement
(FSMA) or Spares and Service maintenance agreement (SSMA). Under
FSMA Full maintenance, service replacements of parts including toners
and developers were to be provided. They charged a rate of 27 Paisa
per copy produced by the machine. Under SSMA the appellants agreed
to maintain the machine including replacement of parts if necessary
for an agreed sum of Rs. 7000. The company did not pay sales tax on
spares supplied under both these contracts.
In this case the Hon'ble Supreme Court held that there was transfer
of property in goods. The property in goods passes the moment they
are put into the machine. They are tangible goods in which property in
goods can pass. In view of the above it was held that there was sale of
goods both under the FSMA ands SSMA. There was also sale of toners
29 May 2007
 Quiz - Prize Winners
and developers under FSMA, so levy of sales Tax by the Department
was correct.
So in the given case as per the above SC judgment sales tax would
be livable on the value of Spares.
MAY 2006
QUERY
A Delhi resident entered into an agreement for the purchase of an
immovable property situated at Gurgaon. The agreement was
entered into at Delhi and the consideration was paid at Delhi and
the contract spelt out that the Courts in Delhi will have jurisdiction
for any dispute arising in respect of the said agreement. Can a
suit for specific performance of the contract be filed in Delhi?
WINNERS
First Prize
Ankita Yadav (NR0477240/02/2006) A-20, Lajpat Nagar, Sahibabad
Ghaziabad, (UP) 201 005
Second Prize
Sriram Mohan (SR0286956/11/03), L-204, II Floor, PG Apartments
S.M. Road, Jalahalli West Bangalore 560015, Karnataka
ANSWERS
First Prize
The suit is maintainable & specific performance of contract can be
filed in courts of Delhi.
According to Civil Procedure Code, 1908, the suit in respect of any
immovable property must be filed in court in whose territorial jurisdiction
of the property is situated or in court within whose local limits of
jurisdiction the defendant voluntarily resides or carries on business or
personal work for gains.
Section 17 says, where immovable property is situated within the
jurisdiction of different courts, the suit may be instituted in any court
within the local limits of whose jurisdiction the property is situated
provided the value of the entire claim is cognizable by such court.
Section 18 defines where the local limits of jurisdiction of courts
are uncertain, i.e. not clear within whose courts jurisdiction immovable
property is situated, then any of the said courts may proceed to entertain
the suit.
Section 19 says, where wrong done to person or to movable
property, if wrong was done within the local limits of jurisdiction of one
court & the defendant resides or carries on business or personal works
for gain, within the local limit of jurisdiction of another court, the suit
may be instituted at the option of plaintiff in either court.
Here, in the said case, where a Delhi resident entered into an
agreement to purchase an immovable property situated at Gurgaon,
Section 17 applies i.e. file a suit for specific performance of contract
where property is situated or within whose local limits of courts the
property is situated. Therefore, according to Section 17, the suit for
specific performance should be filed in Gurgaon court where property
is situated. Also Section 19 comes into limelight, i.e. file a suit for
specific performance of contract in local limits of court where defendant
resides or carries on business or personally works for gain.
But it was also mentioned in said case that agreement was signed
and consideration was paid at Delhi. Moreover, a clause was written in
contract that if any dispute arises the court of Delhi will have jurisdiction
over them. Section 20 applies here, i.e. a suit can be filed in the court
within whose jurisdiction any cause of action, wholly or in parts, has
arisen whether the defendant resides, carries on business or works
for gain is in jurisdiction of that court.
Hence, a suit for specific performance of contract can be filed in
Delhi as some cause of action, i.e. signing the contract and paying the
consideration was done in Delhi and it has been previously agreed by
parties thereto to approach the court of Delhi if any dispute arises.
Student Company Secretary
The suit cannot be refused merely on the basis that property is not
in local limits of Delhi court.
Second Prize
The facts in the given query are similar to "Harshad Chimanlal
Modi v. DLF Universal Ltd & Anr".
Brief Facts: The appellant had entered into a contract with the
respondent for the purchase of a residential plot situated in Gurgaon.
The contract was executed in Delhi, payment was made in Delhi and
the parties had conferred exclusive jurisdiction on the courts of Delhi
in the said contract. The respondent had cancelled the agreement
alleging non-payment of dues and the appellant challenged the
cancellation. The appellant filed a suit for specific performance of the
contract and possession of the residential plot in the Delhi Court. The
respondent had not objected to the jurisdiction of the Delhi Court.
However the trial court returned the plaint to the appellant stating that
it had no jurisdiction to entertain the suit as the suit property was situated
outside its territorial jurisdiction. The Delhi High Court also upheld the
judgment of the trial court. The appellant appealed to the Supreme
Court.
Decision: Appeal Dismissed.
Reasons: The case on hand refers to specific performance of a
contract and possession of immovable property. Section 16 deals with
such cases and jurisdiction of competent court where such suits can
be instituted. Under the said provision, a suit can be instituted where
the property is situated. No court other than the court where the property
is situated can entertain such suit.
In the instant case, Delhi High Court has no jurisdiction since the
property is not situated within the jurisdiction of that Court. The trial
court was therefore right in passing an order returning the plaint to the
plaintiff for presentation to the proper court. Hence even though the
plaintiff is right in submitting that the defendants had agreed to the
jurisdiction of the Delhi High Court and in the original written statement,
they had admitted that Delhi Court had jurisdiction and even after the
amendment in the written statement, the paragraph relating to
jurisdiction remained as it was. Since the suit was for specific
performance of the agreement and possession of immovable property
situated outside the jurisdiction of Delhi Court, the trial court was right
in holding that it had no jurisdiction.
Conclusion: As can be observed from the facts of the above case,
a suit for specific performance of the contract can be field in Delhi.
ATTENTION STUDENTS!
TRAINING
It has been observed that the students opting for undergoing 15
months training with Company Secretaries in whole-time Practice are
submitting the Contract of Apprenticeship and other relevant documents
and registration fees to the Institute after a considerable period of
time.
As per the Training Guidelines, the students should submit the
underlisted documents within 15 days from the commencement of
training to enable the institute to take their training on record with
effect from the date of execution of Contract.
(i) Contract of Apprenticeship in duplicate on a non-judicial stamp
paper of requisite value as applicable to the particular State,
where the contract is executed.
The Contract should be executed by both the parties
viz., the trainee and the Company Secretary in whole-
time Practice.
(ii) Statement of Particulars to be submitted in duplicate for regis-
tration as a trainee (Part A & B).
(iii) Rs. 50/- being the Registration Fee.
If the aforesaid documents/information is not received within
the stipulated time, the training shall not be taken on record.
30 May 2007
 News and Announcements
NEWS AND ANNOUNCEMENTS
EASTERN INDIA REGIONAL COUNCIL
SEVENTEENTH TRAINING ORIENTATION PROGRAMME
Inaugural Session : On 27.3.2007 the 17th TOP conducted by EIRC
of the ICSI was inaugurated by B.P. Dhanuka, Past President, the
ICSI. 61 participants enrolled for the programme.
Anjan Kr. Roy, Chairman, TEFC in his welcome address said that
such training programmes are required to groom the students in a
manner so that they can fit themselves in the working environment.
Anil Kr. Murarka, Council Member, the ICSI in his address stressed
on the important role to be played by the company secretary in the
changed economic scenario and added that company secretary being
a trained professional in the areas of laws, management and
accountancy can occupy the pivotal position in the management of
the affairs of the corporate sector. He also offered his best wishes to
all participants for their future career.
B.P. Dhanuka, briefed participants about the duties and
responsibilities of company secretaries in todays fast challenging
corporate environment. He said that various challenges are ahead in
front of our profession but certainly we will be able to overcome them
and will emerge more stronger. Dhanuka also offered his best wishes
to all TOP participants for their bright and promising career.
Anil Murarka stressed on the important role to be played by the
company secretary in the changed economic scenario and added that
company secretary being a trained professional in the areas of law,
management and accountancy can occupy the pivotal position in the
management of the affairs of the corporate sector.
On 31.3.2007 at the valedictory session of the SMTP, Chief guest
Mahesh Shah, Past President, the ICSI, Director Intercorporate
Financiers Consultants Ltd., Kolkata said that such training
programmes are for enhancing the knowledge and excellence of
promising company secretaries so that they may be able to discharge
their duties towards stake holders, govt and society faithfully. He offered
his best wishes to all participants on their successful completion of
training programme. He also distributed TOP Completion Certificates
to all eligible students.
Anjan Kr. Roy advised the participants to work hard to enable them
to face competition amongst professionals also advised them to be
thorough not only in Indian Laws but in international laws also. Lastly
he conveyed his best wishes to all the participants.
Subrata Kr.Ray while speaking on the occasion said that company
secretaries as professionals are the key players in building an
organization in all the critical areas and emphasized that professionals
should not confine themselves by merely giving advices but also take
up the responsibilities of implementing the same.
ELEVENTH ACADEMIC DEVELOPMENT PROGRAMME
On 17.2.2007 the Regional Council of the Institute organized 11th
Academic Development Programme. Type III eight and half hours at
Kolkata. Fifty nine students enrolled for the programme. Mukesh
Chaturvedi, Secretary, EIRC addressed the participants and mentioned
the importance of the training giving special attention for Group
Discussion, Leadership qualities & Team Building, Convening &
conduct of AGM, Eminent faculties of the profession dealt with the
topic. Anjan Kr, Roy, Chairman TEFC distributed certificates at the
end of the programme.
TWELFTH ACADEMIC DEVELOPMENT PROGRAMME
On 7.4.2007 the Regional Council organized 12 th Academic
Development Programme at Kolkata where 62 participants were
present. The type IV programme covered the topics Managerial Ethics,
Communication Skills, Time Management, Stress Management & Stock
Exchange Mechanism which were deliberated by the learned faculty
members.
Student Company Secretary
BHUBANESWAR CHAPTER
STUDENTS STUDY CIRCLE MEETING ON CENTRAL SALES
TAX (CST)
On 26.2.2007 the Chapter organized its regular monthly study circle
meeting for the students on Central Sales Tax (CST) N. Swain, Sr.
Manager (Finance) Orissa Power Generation Corporation,
Bhubaneswar was invited as the guest faculty to deliberate on the
subject. Swain highlighted the salient features of CST. A good number
of students attended the programme. Students raised various queries
on the subject which were replied by Swain.
INTERACTIVE MEETING WITH THE PASS OUT STUDENTS
On 28.2.2007 the Chapter organized an interactive meeting with
the pass out students of Foundation, Intermediate and Final levels in
December 2006 examination at its premises. While congratulating the
students P.K. Sahoo, Chairman, D. Saha, Vice Chairman, B.K. Sahu,
Secretary and Soumya S.Mishra, Managing Committee Member
addressed the students and advised them to prepare well ahead of
the examination. They encouraged the students to enhance their
communication and presentation skills.
FIRST TRAINING ORIENTATION PROGRAMME
From 10.3.2007 to 14.3.2007 the Chapter organized its First Training
Orientation Programme for the Intermediate/Final passed CS students
at its premises. The programme was inaugurated on 10.3.2007 by B.
Mohanty, Registrar of Companies, Orissa who in his address
highlighted the significance of training needs and its usefulness.
Sunita Mohanty, Treasurer and Course Coordinator of the
programme apprised the students about the structure of the training
programme and its importance. She also asked the students to give
their suggestion about conduct of the training programme so that the
Chapter will try for making improvements in such training programme
in future. She said that each participant should update himself with
latest amendments to face the professional challenges. Adding to the
topic she also explained the scope of practice & employment and the
growing need of the professionals in the coming years.
J.B. Das, past Chairman of the Chapter distributed the training
completion certificates to the participants during the valedictory session
on 14.3.2007. P.K. Sahoo, Chairman, B.K. Sahu, Secretary and Tanmay
Ku. Sahoo, Managing Committee Member of the Chapter addressed
the students during the valedictory session of the programme. They
advised the students to enroll themselves in the various training
programmes of the Institute and take advantage of the facilities being
provided by the Institute for its students through the Chapter.
NORTHERN INDIA REGIONAL COUNCIL
FIFTEENTH ACADEMIC DEVELOPMENT PROGRAMME
On 10.03.2007, the 15th Academic Development Program
conducted by the Regional Council was organised at ICSI-NIRC
Building, New Delhi. Sisters from Prajapita Bramhakumaris Iswariya
Vishvavidyalaya, New Delhi took session on Personality Development
and Dr. Hari Yogi from Escorts Heart Research Institute, New Delhi
addressed the students on Stress Management through Natural Means
of Yoga.
Sanjay Grover, Council Member, the ICSI provided his best wishes
to the participants at the valedictory session and also distributed
programme completion certificates to all the eligible students.
TWENTY-FIFTH TRAINING ORIENTATION PROGRAMME
On 5.03.2007 the 25th Training Orientation Programme conducted
by the Regional council was inaugurated at ICSI-NIRC Building at
New Delhi.
The programme was inaugurated by Satwinder Singh, Chairman
NIRC; S. Koley, Secretary, NIRC, followed by others. A.K. Srivastava,
Executive Officer of the Regional Office explained the objective of
TOP. He explained them that before joining training in any company or
31 May 2007
 News and Announcements
PCS some orientation is necessary of the students as they dont have
the exposure of corporate environment.
S. Koley, congratulated the participants for having reached to this
level and wished them all the very best for their future. He apprised
them about the difference between the academic knowledge and its
practical applicability. He stressed on the need to identify the objective
first and then search for efficient alternative ways and means to achieve
that objective. Satwinder Singh welcomed the participants to the silver
jubilee of TOP. He explained the participants the significance of TOP,
the need for soft skills and stressed that before joining corporate or
PCS for training some sort of orientation or guidance is essential. He
quoted the example of book Who moved my cheese by this he wanted
to convey first identify your objective in mind. He gave stress on the
positive attitude,activeness, alertness and analytical ability. He gave
various tips regarding behaviour during training. He pointed out that in
this competitive environment, one has to keep pace with the changes
that are taking place rapidly. He said that application of knowledge is
key to success and to apply the knowledge so gained, the relevance
of soft skills can not be undermined.
On 9.3.2007 at the valedictory session Chief guest Subhash Setia,
Company Secretary, ONGC in his address to the participants explained
the need of training. He mentioned that under Right to Information
Act, there is a concept of chief Public Officer and company Secretaries
are designated as Chief Public Officers. Since company secrtary is a
resource person, the continuous updation, confidence and
transparency is essential. He also distributed the Training Completion
Certificates to the participants. Earlier S. Koley while congratulating
the participants on their successful completion of the training
programme invited suggestions from them for further improvement of
the programme. He pointed out the importance of communication skills.
JAIPUR CHAPTER
SECRETARIAL MODULAR TRAINING PROGRAMME
On 8.3.2007 the 15 days SMTP for the final students of the Institute
conducted by the Chapter was inaugurated. Chief Guest on the
occasion was Rajkumari, MLA, Sikar and Sunil Goyal, Senior Member.
In his inaugural address Girish Goyal, Chapter Chairman explained
the activities of the Chapter, various programmes organized in last
two months particularly for the students. He also informed about the
Sports Week celebration in February 2007 and also stated the activities
to be carried our in the coming months.
Rajkumari, stressed to follow the morale and Indian culture by the
students in their life and wished them bright future. Sunil Goyal stressed
for professional, social and family values and advised participants to
observe code of conduct based on ethics and values. Twenty three
candidates participated in the programme.
At the valedictory session held on 23.3.2007 Chief guest of the
function Dr.K.L. Jain, Honorary Secretary General, Rajasthan Chamber
of Commerce & Industry and ex-President, JSEL expressed his
pleasure that girl candidates are joining the professional courses with
full enthusiasm and spirit. B.K. Sharma, Member NIRC explained the
opportunities to the company secretaries in the present dynamic
environment. In his address Girish Goyal congratulated the successful
participants for completion of their 15 days training and wished them
all bright future towards placement, society, family etc. B.K. Sharma,
explained the opportunities to the company secretaries in the present
dynamic environment.
The coordinator of the programme Yogesh Sachdeva and Shayam
Agarwal declared the winners for best participant awards. The best
SMTP participant award went to Rity Ajmera. The best presentation
award was given to Ruchi Maini and best project report award was
given to Rinku Maheshwari as group leader and best project report
was given to Khushboo Maheshwari. The Chief Guest of the function
and Chairman of the Chapter presented awards to the winners and
mementoes to all the participants.
CAMPUS INTERVIEW FOR SMTP PARTICIPANTS
On 24.3.2007 the campus placement for SMTP participants was
organised . Various companies viz. Sunil Health Care, Lawrence, Stock
Student Company Secretary
Broking firms, Bajaj alliance etc. conducted interviews to select on the
spot professionals for their companies. Girish Goyal, Chapter Chairman
ensured the company representatives that they were going to recruit
best candidates having vibrant ideas, innovative approach and youthful
creations. The SMTP participants appeared for preliminary interviews
and thereafter initial screenings for the candidate were also finalized.
ACADEMIC DEVELOPMENT PROGRAMME
On 25.3.2007 an Academic Development Programme for the
students was conducted by the Chapter. Girish Goyal, Chapter
Chairman inaugurated the programme and in his address said that
the students are the pivot of the Institutes. He also informed about
celebrations of sports week in February 2007 and further informed the
activities to be carried out in the coming months exclusively for the
students. He announced constitution of the library committee by
nominating two students as members. He also declared that very soon
students facility committee shall be constituted. The Committee will
conduct survey of students for knowing the expectation level as well
as existing available services and facilities for the students. Based on
the survey reports, suitable action would be taken to bring the services
at the excellent level. In his address he also announced to make a
students section in the monthly Chapter magazine. The Editorial Board
would be formed soon comprising students so as to make the magazine
useful for them. He also announced best participant award for the
students under going ADP. Praveen Soni, Chapter Secretary in his
address informed the importance of ADP.
Girish Goyal conducted the first session and discussed profession,
ethics, values and professional opportunities of CS. S.C. Hada, the
speaker of the second session dealt with Management and Behavioural
Aspects. The third session was taken by U.S. Sarda, Sr. Member, who
explained the procedure and formalities involved for incorporation of a
new company.
The Best participant Award went to Nidhi Agarwal. The ADP
completion certificates were also distributed to the students.
SOUTHERN INDIA REGIONAL COUNCIL
COMMENCEMENT OF ORAL COACHING CLASSES
On 12.3.2007 Oral Coaching Classes conducted by the Regional
Council for Final Group I (Morning) and Group III (Evening) for June
2007 examinations were commenced at the premises of the SIRO,
Chennai.
Again on 2.4.2007 Oral Coaching Classes conducted by the
Regional Council for Intermediate Group II (Morning) and Group I
(Evening) for December 2007 examinations were commenced at the
premises of the Regional Council at Chennai.
STUDENTS' MEET WITH PRESIDENT, THE ICSI
On 24.3.2007 a students' meet with President, the ICSI was
organized by ICSI-SIRC at Chennai. Preeti Malhotra, President and
Keyoor M. Bakshi, Vice President, the ICSI participated and addressed
the students. During the address Preeti Malhotra, advised the students
to keep abreast of the latest developments taking place in the
commercial world. This knowledge is very much required when they
start their professional career and also stressed the importance of
developing communication skills which is pre-requisite in the current
globalised scenario.
While stressing the need for methodical study, Keyoor M. Bakshi,
Vice President, the ICSI said that the students should also develop
analytical skills so as to interpret statues and rules.. Such analytical
skills will be of a great boon when they take up higher position in the
corporate sector.
Soon after the address by the dignitaries, Gopal Krishna Raju
addressed the students on Winning Strategies. He elucidated 3 Ps.
i.e. Planning, Preparation and Practice and 3 Is i.e. Interest, Intelligence
and Involvement which are sine qua non for the students of company
secretaryship course.
32 May 2007
 News and Announcements
While emphasizing the need for proper time management, the THIRD STATE LEVEL STUDENTS CONFERENCE MILAAP
learned speaker said that in the business world, the time is every 2007
essential and therefore proper management of time is utmost Milaap 2007, the Third State Level Students Conference was
necessary for the budding professionals. Likewise adopting soft skills organised by the Bangalore Chapter of the Institute on 17.2.2007 &
will enhance the self of a professional to a desired level. He also 18.2.2007 at the Institution of Agriculture Technologies, Bangalore.
discussed the various career opportunities available for the students Over 160 students of Company Secretaryship Course from Bangalore,
apart from Corporate Laws. and Mysore, attended the Conference.
LIVE PHONE IN PROGRAMME Inaugural Session: Chief Guest, Dr. N. Sundararajan, Principal,
Sri Bhagwan Mahaveer Jain College, Bangalore inaugurated the
On 5.4.2007 an hour long live phone in programme on Career as
conference. Dr. Sundhararajan in his address, stressed on the
Company Secretary was telecast at Makkal Tholaikkatchi (People
importance of having self-confidence and self-esteem as the
Television) between 11 A.M and 12 Noon. S. Diraviam, Chairman,
imperatives for achieving success. He also explained with anecdotes,
ICSI-SIRC and Sarah Arokiaswamy, Deputy Director, ICSI-SIRO
the four ingredients to develop self confidence and self esteem as
Chennai participated in the programme. Telephonic queries from
feeling good and being yourself; taking responsibility; being accountable
various parts of Tamilnadu about the course were clarified by the
and most importantly developing the skills for living life.
Chairman and the Deputy Director. The programme brought desired
visibility about the course in rural Tamilnadu to a great extent. He concluded by quoting the wisdom of ages There Is No Free
Food to drive home the importance of hard work and commitment
FIF TY-NINTH SECRETARIAL MODULAR TRAINING for being successful in life.
PROGRAMME
Gopalakrishna Hegde, Secretary, SIRC of the ICSI also addressed
Inaugural Session : On 14.3.2007 the 59th Batch of Secretarial the participants and stated that the aim of education is to impart
Modular Training Programme conducted by the Regional Council was knowledge of values and not facts, as people are remembered only
inaugurated at ICSI SIRC House. P.B.Subramanian, Executive for their values. He also stressed on the importance of planning for
Director, Apollo Sindhoori Capital Investments Ltd., Chennai was the ones success as otherwise one has already planned for failure.
Chief Guest and delivered the inaugural address. He emphasized the During Milaap 2007 the students made power point presentations
importance of punctuality and updating knowledge. He advised the on different topics relating to Corporate Laws. Educative games and
participants to be confident and visualize greater achievements in their competitions like Business Quiz; Product Launch; Mergers and
professional career. Takeovers were held to test the skill and knowledge of the participants.
Valedictory Session : The valedictory session was held on Mahari Dhotrekar, Management Consultant, Bangalore, had an
30.3.2007. R Ravi, (Former President, The ICSI), Managing Director, interactive session on Tips on Effective Communication, covering
Cameo Corporate Services Ltd., Chennai was the Chief Guest and various aspects Company Secretaries will face in their careers.
delivered the valedictory address and presented Training Completion
The second day commenced with the Debate Competition in which
certificates to all the participants. Ravi congratulated all the participants 4 teams from various colleges and the Bangalore Chapter, participated.
on their successful completion of 15 days SMTP. Sarah Arokiaswamy, Ajay Prasad and Nishanth Patil, CS Intermediate students were
Deputy Director, SIRO coordinated the Programme. adjudged the winners, and Ajay Prasad, was adjudged as the best
BANGALORE CHAPTER debator of the competition.
ORAL COACHING CLASSES J. Sundharesan, Past Chairman, Bangalore Chapter of the ICSI
W.e.f. 18.6.2007 the Chapter proposes to commence its next made a power point presentation on ICSI Brand Building.
batch of Oral Coaching Classes for Foundation, Intermediate The Participants also displayed their talent during the cultural
and Final courses of the Institute as per the following schedule: programme held in the evening of 17.2.2007.
Name of the course Venue Timings Valedictory Session : Chief Guest M.R. Gopinath, Practising
Company Secretary, Bangalore distributed the prizes to the winners
Foundation Chapter Premises 6.30 A.M. to of the Management Games, Debate Competition, etc. In his address
8.30 A.M he shared some of his experiences as a Company Secretary and gave
Intermediate tips to the students on how to prepare for the challenges that they are
Group I & II St. Joseph Composite 6.30 A.M. to likely to face in their careers.
Morning PU College, No.2, 8.30 A.M CAREER AWARENESS PROGRAMMES
Grant Road, Bangalore
On 5.3.2007 the Chapter organised a Career Awareness
560001
Programme at R.S.Shetty College of Commerce, Dharwad. Around
(Near Vittal Malya
60 students from the commerce stream attended the programme.
Hospital)
Gopalakrishna Hegde, Secretary, SIRC of the ICSI and Ex-officio,
Group II Evening -do- 6.00 P.M to Bangalore Chapter explained in detail the course offered by the Institute
8.00 P.M. and eligibility criteria for the course, examination, requirements of
Group I Evening Chapter Premises 6.00 P.M. to training etc. He also highlighted the importance of making the right
8.00 P.M career choice so as to be successful in life. He then spoke about the
role of a Company Secretary and importance of the profession of
Final All Three St. Joseph Composite 6.30 A.M. to Company Secretary in the changing economic scenario. He also
Groups PU College, No.2, 8.30 A.M highlighted the opportunities available to those who have completed
Grant Road, the Company Secretaryship course. He further enumerated the
Bangalore 560001 6.00 P.M. to emerging areas of practice and the changing role of a Company
(Near Vittal Malya 8.00 P.M. Secretary. He also focused on what would be the mindset and
Hospital) preparation required from a student who wanted to pursue the Company
The classes for the Final Course would commence subject Secretaryship Course. Brochures containing brief details of the
to enrolment of sufficient number of students. For further Company Secretaryship Course were distributed to the participants.
details contact the Chapter office at Telephone Nos. 080- Gopalakrishna Hedge also clarified the doubts and issues those
22261861, 080-22286574 and 080-22287158. were raised by the participants and thanked the management for

Student Company Secretary 33 May 2007

 News and Announcements
providing the Institute the opportunity to conduct the Career Awareness
Programme.
Again on 9.3.2007 the Career Awareness Programme was held at
Sai College of Women, Bangalore. 70 students from various streams
attended the programme.
C.V. Madhusudhanan, Partner, S. Srinivasan & Co., Company
Secretaries, Bangalore explained in detail the course offered by the
Institute, its eligibility criteria, requirements of training etc. He also
highlighted the importance of making the right career choice so as to
be successful in life. He then spoke about the role of a Company
Secretary and importance of the profession of Company Secretary in
the changing economic scenario. He also highlighted the opportunities
available to anyone who has completed a Company Secretaryship
course. He further enumerated the emerging areas of practice and
the changing role of a Company Secretary. He also focused on what
would be the mindset and preparation required from a student who
wanted to pursue the Company Secretaryship Course. Brochures
containing brief details of the Company Secretaryship Course were
distributed to the participants.
Madhusudhanan also clarified the doubts and issues those were
raised by the participants and thanked the management for providing
the Institute the opportunity of holding the Career Awareness
Programme.
SEVENTH TRAINING ORIENTATION PROGRAMME (TOP)
On 5.3.2007 the 7th Training Orientation Programme conducted by
the Chapter was inaugurated by the Chief guest S. Sridhar, Chief
Financial Officer, Adecco Peopleone India Ltd., Bangalore. In his
address Sridhar focused on the importance of the professionals honing
their soft skills, in particular, their ability to communicate and interact
with everyone in the organization especially the top management. He
also stressed on the importance on looking forward to new
achievements and not resting on past laurels. He concluded by
impressing upon the participants to view TOP as a very integral and
important part of their training to prepare them to be equipped to face
the challenges that lie ahead in their careers.
On 9.3.2007 at the valedictory session Padmanabhan, Chief
Executive Officer, Professional Access Resources Consulting Pvt. Ltd.,
Bangalore was the Chief Guest who in his address explained training
to be a formal and structured way to learn and that the present day
challenges were very dynamic in nature and ones success hinged on
making learning a way of life.
He stated the Basic Rules of learning as the attitude of I can always
do this better, as this will trigger a search for ways to do things better;
the importance of keeping the child in you alive as that is the way we
would learn; and to unlearn certain things that may block or influence
new learning. He stated that though one needs to be in a child state to
be able to learn new things, but to benefit from the same one needs to
be an adult and apply the same in life.
He also enumerated the skills needed by Company Secretaries to
be successful professionals as highly tuned interpersonal skills; flexible;
packaging oneself; leadership and team building; communication;
computer savvy; and active listening.
Two of the participants also shared their experience at and feed
back about the TOP. Padmanabhan then distributed the Course
Completion Certificates to the participants.
THIRTY-FIRST SECRETARIAL MODULAR TRAINING
PROGRAMME
On 12.3.2007 the 31st Secretarial Modular Training Programme
conducted by the Chapter was inaugurated by the Chief guest Dr. G.V.
Ranjan, President & Chief Technical Officer, SST Systems, Inc., San
Jose, California, and Managing Director, SST India Pvt. Ltd., India.
In his address Ranjan congratulated the participants on having
completed a major milestone, but also cautioned them that they still
have a long way to go.
He also explained that there are various avenues open to them
Student Company Secretary
especially in the corporate sector, and for them to be successful they
need to be well rounded professionals, whereby it is not sufficient to
only have theoretical knowledge but it was imperative to have practical
knowledge and good interpersonal skills in order to be able to work as
a team.
On 29.3.2007 at the valedictory session of the SMTP, V.C. Davey,
Registrar of Companies, Karnataka, Bangalore was the Chief Guest
who in his address explained the changes in the functioning of the
MCA right from the introduction of MCA 21, the increased scope for
Company Secretaries for certifications and other areas, the demand
for more qualified Company Secretaries and that when NCLT is
established the scope for Company Secretaries is only bound to
increase. He cautioned that as the scope increases so does the
responsibilities and that each of them should certify documents only
after verifying all data. He also impressed upon the participants the
importance of regularly updating their knowledge.
Dwarakanath, ViceChairman of the Chapter, advised the
participants that whether they were in employment or practice they
should assert their position and also not compromise especially in
their role as compliance officer.
Pramod, Chapter Treasurer, also addressed the participants and
explained the importance of constantly updating ones knowledge as
professionals either by reading or attending programmes.
Mahesh Kumar Sawanth and Manikantha participants also shared
their views and experience, on the SMTP.
Davey then distributed the Best Participant Award to Venkatesh,
and prizes for the Best Project to the team comprising Veena G Kamath,
Ritu Bhatter and Deepa Yogesh Kulkarni, for their project on Creation
And Registration Of Charges. He also distributed the Course
Completion Certificates to the participants.
ICSI VICE-PRESIDENTS MEET WITH STUDENTS OF THE
CHAPTER
On 23.3.2007 the Chapter organised a students meeting with
Keyoor M Bakshi, Vice President, The ICSI; Datla Hanumanth Raju,
R. Sridharan, Members, Central Council, The ICSI; S. Diraviam,
Chairman, SIRC of the ICSI; and Gopalakrishna Hegde, Secretary,
SIRC of the ICSI at Bangalore.
Gopalakrishna Hegde in his address stressed on the importance
of making excellence a habit and urged the students present to follow
in the footsteps of their predecessors in bring laurels to the Bangalore
Chapter and the Institute by taking part in various competitions.
Diraviam commended the Bangalore Chapter on its achievements
and called it the apple of the eye of the Southern Region. He
enumerated the initiatives taken by the SIRC to improve the quality of
the student programmes and in also increasing the awareness about
the course in small towns. He concluded by requesting the students to
participate actively in all the programmes and competitions being
organized by the Institute.
R Sridharan focused on the importance of hard work, having faith
in oneself, good character and a mentor to ensure success in any
endeavour.
Datla Hanumanth Raju stated that each one of us is an architect of
our future and we will be what we plan to be and that success would
be ensured when a person has a plan, a vision and takes appropriate
action.
Keyoor Bakshi in his address enumerated the various steps/
initiatives being taken by the Institute in gearing up to meet the new
challenges being thrown up every day right from inter alia, revamping
and simplifying the syllabus, to strengthening training requirements,
and introducing computer training. He concluded by stating that
everything was about choices, one could decide to work hard now and
then later enjoy life or vice versa. There was very lively interaction by
the 80 students present with many of them raising issues/problems
faced by them with regard to training and exemption thereof, registering
for the computer course with NIIT and also sharing suggestions for
34 May 2007
 News and Announcements
simplifying the syllabus and strengthening the training.
COIMBATORE CHAPTER
INTERACTIVE SESSION
On 22.3.2007 the Chapter organized an Interactive Session with
C. Sudhri Babu, Central Council Member, ICSI,. C. Sudhir Babu
addressed the students on the areas open to company secretaries
and stressed on the qualities that one has to develop in the present
scenario to equip himself as a qualified professional. The students
raised a number of queries on registration, study materials updation,
guidance for training and development, opportunities and threats open
before a company secretary etc. C. Sudhir Babu, guided the students
on all the aspects and wished them good luck in their efforts.
HYDERABAD CHAPTER
NINTH ACADEMIC DEVELOPMENT PROGRAMME ON HOW
TO PREPARE FOR A PAPER PRESENTATION
On 1.4.2007 the Chapter organized its 9th Academic Development
Programme on How to Prepare for a Paper Presentation at its
Premises. Prof. Viswanatham was the speaker who explained
Communication Skills, Written Communication Skills, Oral
Communication skills, body Language, effective presentation and also
suggested to participants that before presenting the paper, think
thoroughly about the paper and be clear about the concept and take
precautions at the time of presentation to maintain steady eye contact,
confidence, voice modulation etc..
THIRTY - FIRST SECRETARIAL MODULAR TRAINING
PROGRAMME
On 10.4.2007 the 31st SMTP conducted by the Chapter at its
premises was inaugurated by Chief guest Henry Richard, Registrar of
Companies, Andhra Pradesh. He emphasized on compliance of law
both in spirit as well as letter. He advised participants to create
environment that is conducive for proper compliances with law. Datla
Hanumanta Raju and C.Sudhir Babu, Council Members, The ICSI,
also spoke on the occasion.
Earlier SS Marthi Chapter Chairman in his welcome address gave
insights into the schedule of SMTP, involvement that is expected from
the participants during the course and the practical advantages of
SMTP. Further he asked the participants not to hesitate to approach
the faculty and make best use of them and the programme.
On 26.4.2007 at the valedictory session of 31st SMTP P.Jairaj
Kumar, Managing Director, Ocean Sparkle Limited was the Chief Guest.
Jairaj Kumar congratulated the participants for successfully completing
the SMTP course and advised the participants to acquire knowledge
in a structured and continued manner. He stressed the importance of
hard work, dedication, humbleness, sharing information with others,
proactive decisions, positive mind set, and informed the importance
of the communication skills etc.
Earlier S.S. Marthi, Chapter Chairman in his welcome address
presented a report on the SMTP.
Jairaj Kumar, S.S.Marthi, Datla Hanumanta Raju, Council Member,
The ICSI and AV Syamala, Vice-Chairperson, The ICSI-SIRC presented
participation certificates to the participants and other prize awards to
the following :
Best Participant Award to K.Prabhakar Rao. Best Project
Presentation award to - Project Topic: Employee Stock Option
Scheme Team Members comprising - Y.Prathima, K.Ratna Prasuna
and. Sudha Mayi. The best speaker award went to MV Shri Rama
Naidu, Better Speaker award to U.Padma Shenoy and Good Speaker
award to K.Prabhakar Rao.
INAUGURATION OF 60 TH BATCH OF ORAL COACHING
CLASSES
On 26.4.2007 the Chapter commenced its 60th Batch of Oral
Coaching Classes for Intermediate & Foundation Courses at its
Premises. S.S.Marthi, Chapter Chairman inaugurated the Oral
Coaching Classes. Marthi explained the importance of Company
Student Company Secretary
Secretary in the Corporate world, dream to achieve, goal for success,
methodology towards success of the course and also job opportunities
in employment and in practice. Rajnish C. Popat, Chairman, Oral
Coaching & Students Facilities Committee while welcoming the
students congratulated them for choosing the Company Secretary
Course and explained the modalities of the Oral Coaching, Eligibility
criteria & Library Facilities etc. Datla Hanumanta Raju, Council Member,
The ICSI explained about the priority, planning & action.
MADURAI CHAPTER
CAREER AWARENESS PROGRAMME
On 17.3.2007, M. Govindarajan, Chapter Chairman gave a lecture
about the Company Secretaryship course to the II M.B.A., Corporate
Secretary ship students of Alagappa University, Karaikudi. He explained
the various stages of the CS course and the training requirements to
the students, the role of the Institute, Regional Councils, Chapters to
the students and the members were also explained by him. He also
gave a picture about the employment opportunities and the various
fields for the practising Company Secretaries. He replied the queries
raised by the students. The students assured to join the course after
their completion of the M.B.A., Corporate Secretary ship course.
STUDENTS MEETING ON BUDGET
On 29.3.2007 a students meeting on Budget 2007 was conducted
by the Chapter at its premises. M. Govindarajan, Chapter Chairman
gave a lecture on the topic. He pointed out the impact of the Budget
on individuals, business sectors. He advised the students that they
could be able to study the provisions of the Budget and analyse the
impact on the business. This practice will help them in their future
career. He then dealt with the salient features of Budget 2007. The
impact of Direct taxes on individuals, business sectors was duly
explained by him. The minimum alternative tax, he stated, was extended
to the software companies. He pointed out the changes in the service
tax and inclusion of some of the services in the Service Tax net. The
assesses can adjust the excess service tax paid against subsequent
payments. Revised returns can be filed if any defect is found out. He
also replied the queries raised by the students.
WESTERN INDIA REGIONAL COUNCIL
SECOND ACADEMIC DEVELOPMENT PROGRAMME
From 1.3.2007 to 3.3.2007 the 2 nd Academic Development
Programme (ADP) of Western India Regional Council of ICSI was
organised at Sydenham College of Commerce and Economics,
Mumbai as designed by ICSI in which 167 participants had successfully
completed the programme.
At the Inaugural session Chief Guest Dr. Kavita Bhatia, Vice
Principal Sydenham College of Commerce & Economics, Mumbai,
expressed that their college has been the centre for Oral Coaching
Classes of Company Secretaryship Course & she said that the students
of C.S. course are most disciplined. She promised to extend her full
cooperation and offered best wishes to the participants. Thereafter
Vikas Y. Khare Chairman ICSI-WIRC addressed the participants and
made them aware of the concept and the reason for the introduction
of Academic Development Programme.
The Programme included topics which were of practical importance
and to enable the students to develop their soft skills. The faculties of
the programme were well experienced from practice side and from
industry. The topics which were covered in the programme included
Recent changes in Legislation affecting the Profession of Company
Secretaries, Leadership Qualities & Team Building, Managerial Ethics,
Time Management & Stress Management, Personality Development,
Filling & Filing of Forms under Companies Act, 1956, Public Issue &
Listing, Convening and conducting of Board Meetings, Drafting of
notices, Resolution & Minutes, Presentation Skills, Communication
Skills.
35 May 2007
 News and Announcements
At the end of the programme all 167 participants who successfully
completed the programme were issued with certificate of participation.
SIXTEENTH TRAINING ORIENTATION PROGRAMME
From 5.3.2007 to 9.3.2007 the Regional Council conducted its 16th
Training Orientation Programme (TOP) as designed by ICSI at
Sydenham College of Commerce & Economics, Mumbai in which 130
candidates had participated and successfully completed the programme.
In the inaugural session Chief Guest Krushan Lal Swami, Executive
Director & Group CFO, Batliboi Ltd. shared his experience and
discussed the importance of Training Orientation Programme with the
Participants. Vikas Y. Khare, Chairman, ICSI-WIRC motivated the
participants to participate in as many programmes as possible and to
get the maximum output from the programmes in order to take their
career path with full glow and step forward.
The programme started with the session of general approach i.e.
Group discussion-practical tips with examples. The other lectures which
were discussed in the training orientation programme included office
culture, Organizational Behaviour, File Management, Usefulness of
Reading Newspapers & Journals etc, Proceeding of Company Law
Board, Organisation structure, Roles and functions of MRTPC,
CLB,ROC & NCLT, Code of Conduct and Professional Ethics,
Communication & Presentation Skill. How to present and face
professional interviews, compliance with SEBI by Intermediaries Stock
Exchange, Commodity Exchange, Knowledge Management, Recent
Changes in legislation affecting the profession of Company Secretaries,
Usefulness of Professional Development Programmes, Significance
of training MCA-21,e-filing, Legal Aspects of Drafting, Mock Board
Meeting & Placement Counseling.
The faculties in Training Programme were well renowned and from
industry with rich experience. The Valedictory session of the programme
was held on 9.3.2007. The Chief Guest congratulated the participants
and on completion of Training Orientation Programme certificates of
Participation were issued to all 130 candidates.
PUNE CHAPTER
ACADEMIC DEVELOPMENT PROGRAMME
From 28.3.2007 to 30.3.2007 the Chapter organized academic
development programme for the students undergoing practical/
management training. In all 33 students attended the programme. The
training programme included sessions on current topics such as Special
Economic Zones, Foreign Direct Investments, Cyber Laws,
Amalgamations, Winding Up, Screening Banking Systems, producer
Companies, etc. A full day workshop of four sessions was conducted
by Ashwin Deshpande, Founder Member & CEO, Life Academy
Training Private Limited on Soft and Management Skill.
THANE CHAPTER
INTERMEDIATE GROUP II ORAL COACHING
CLASSES
W.e.f. 2.7.2007 the Chapter intends to commence next batch
of Oral Coaching Classes for Intermediate Group II students.
For further details contact the Chapter Office at 206, Swastik
Plaza, 2nd Pohkran Rd (Subash Nagar), Prior to Voltas Ltd., Thane
(W) 400 601.Phone:25444479;e-mail: rrajguroo@yahoo.co.in
ICSI-CCRT
SEVENTEENTH RESIDENTIAL SECRETARIAL MODULAR
TRAINING PROGRAMME
From 24.3.2007 to 8.4.2007 the 17th Residential Secretarial Modular
Training Programme (SMTP) organized by the ICSI CCRT was held
at its premises, at Navi Mumbai. The programme was inaugurated by
Dr. Arun Mudbidri, Director, Symbiosis Institute of Business
Management on 24.03.2007.
S N Ananthasubramaniam, Chairman, CCRT Management
Committee and Central Council Member, the ICSI explained the structure
of the 15 days programme and also highlighted the importance of a
Student Company Secretary
residential SMTP. He also shared his experience with the participants.
Dr. Mudbidri advised the students to follow their hearts when it
comes to choosing careers, He stressed that one should only go for a
particular career in which he has passion. The mere existence of
passion helps achieve many a difficult feats and huge amount of
satisfaction on accomplishment of the much dreamt goal. He concluded
by stating that where passion exists, dreams will definitely be realized.
Shri B Narasimhan, Central Council Member emphasized on the
importance of Company Secretary in todays world and also on the
training needs which a SMTP provides.
A group of specialized and expert professionals, company secretaries
in different core areas belonging to Industry and Corporate sector,
renowned consultancy firms and stock exchanges facilitated various
sessions on Forex Management, Listing and delisting of the securities,
Intellectual Property Rights, Managerial Remuneration, Managing Public
Issues, Customs, Excise, Amalgamations & Mergers etc.
Sessions on personality development, success strategy and internal
motivation were also organized.
The participants were also exposed to the practical and procedural
aspects of the working of the company secretary like Mock Annual
General Meeting (AGM & EGM) and convening and conducting of
Board Meetings with help of an exercise to familiarize the participants.
During the programme visit to the National Stock Exchange (NSE)
was also arranged to familiarize the students of the functioning of the
Stock Exchange.
A cultural night was also arranged to develop the participants
interpersonal relations, to create social attachment and boost their morale.
Campus interviews were arranged for the interested students during
the programme. The Securities and Exchange Board of India (SEBI),
National Stock Exchange of India Limited (NSE) and Bombay Stock
Exchange Limited (BSE) were amongst the organisations who
participated in the placement interviews.
On 05.04.2007 excellent presentations were made by the
participants on the projects as under: Group I Arbitration, Group II
Compliance of Securities Laws by Capital Market Intermediaries, Group
III Delisting of Shares, Group IV Initial Public Offering, Group V-
Limited Liability Partnership, and Group VI- Value Added Tax.
V H Mulwad, Chief (Legal & Secretarial), MSSIDC and Ramadevi
Iyer, FCS were the panelists to judge the presentations. Out of the
above, the project on Initial Public Offering presented by Group IV
represented by Manesh Jiandani from Mumbai, Himansu Sekhar Singh
from Bhubaneshwar, Chetan Fumakiya from Rajkot, Sukamal Dutta
from Kolkata, Shishir Verma from Jabalpur, Sudheendra Ghali from
Karnataka and V Sudha from Mumbai was adjudged as the best project.
Chanda Lalwani from Lucknow was adjudged as the best presenter.
In his valedictory address N R Narayanan, Executive Director &
Company Secretary, HPCL Limited deliberated on the various qualities
that one needs to possess to develop professionally and achieve
success. These qualities, if non- existent, can be inculcated in oneself
and be developed accordingly over a period of time.
The certificate for best participant was awarded to Vandana Joglekar
from Mumbai.
ATTENTION STUDENTS
REVISED STUDY MATERIAL
Students may note that 2007 series of Company Secretarial Practice
for Intermediate - Group II (Revised upto March 2007) is available.
The procedures, forms, checklist etc. covered in the
aforesaid study material have been revised keeping in view
the changes necessitated by virtue of introduction of the
concept of MCA-21 and e-forms. Students are advised to read
the latest study material and keep themselves updated with latest
amendments/changes.
Information in this regard is also appearing on the website of
the Institute.
36 May 2007
 SMTP ORGANISED BY H.Q./REGIONAL COUNCILS/CHAPTERS
ELIGIBILITY OF PARTICIPANTS : ICSI final passed candidates. SMTP COURSE CONTENTS : Module I-Filling and Filing of Forms under
the Companies Act, 1956.
Module II-Practical and Procedural Aspects of Convening and Conducting Board Meetings & Annual General
Meetings and Related Aspects.
Module III-Managing Public Issues.
Module IV-Loan Documentation, Joint Ventures & Foreign
Collaborations, Raising Finance through EURO Issues & Export and Import Procedures and Documentation.
Module V-Practical and
Procedural Aspects relating to Appearance before CLB/Under SICA, Consumer Protection Act and Case Studies in RTP/UTP. In addition, the
participants would be exposed to case studies and mock board/general meeting, etc.

Organised by Duration of the Venue of Programme Contact Address

Programme

NIRC of 18.06.2007 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Building, Plot No. 4, Prasad
the ICSI to Nagar Institutional Area, New Delhi-110005 Tel. : 25763090/25767190/
04.07.2007 25816593 Fax : 25722662 (STD Code : 011) E-mail : niro@icsi.edu/
icsi@eth.net.
SIRC of 18.07.2007 SIRO Premises Deputy Director, SIRC of the ICSI, ICSI-SIRC House, New No. 9, Wheat Crofts
the ICSI to Road, Nungambakkam-600034 Tel. : 044-28279898/28268685/
03.08.2007 E-mail : siro@icsi.edu/icsisiro@md3.vsnl.net.in.

The schedule of other SMTPs proposed to be conducted by NIRC, SIRC, Bangalore Chapter & CCRT-ICSI during 2007 is as under:
NIRC : (i) 18.09.07 to 05.10.07 (ii) 28.11.07 to 14.12.07 SIRC : (i) 18.09.07 to 04.10.07 Bangalore Chapter : 10.09.07 to 27.09.07 CCRT
of ICSI : (i) 22.09.07 to 07.10.07 (19th RSMTP).

SCHEDULE OF TRAINING ORIENTATION PROGRAMMES (TOP)

Organised by Duration of the Venue of the Programme Contact Address
the Programme
EIRC of 10.07.2007 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI to Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
14.07.2007 22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 11.06.2007 NIRC Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Building, Plot No. 4,
the ICSI to Prasad Nagar, Institutional Area, New Delhi-110005 Tel. : 25763090/
15.06.2007 25767190, 25816593 Fax : 25722662 (STD CODE : 011)
E-mail : niro@icsi.edu/icsi@eth.net
Chandigarh 27.05.2007 To be announced Secretary, Chandigarh Chapter of NIRC of the ICSI, GGDSD College, Sector
Chapter of to 32-C, Chandigarh-160047, Tel. : 2661840 (STD Code 0172)
NIRC of the 31.05.2007
ICSI
The schedule of other TOPs proposed to be organised by NIRC, SIRC & Bangalore Chapter during 2007 is as under :
NIRC : (i) 10.09.07 to 14.09.07 SIRC : (i) 08.10.07 to 12.10.07 Bangalore Chapter : (i) 03.09.07 to 07.09.07

SCHEDULE OF ACADEMIC DEVELOPMENT PROGRAMMES (ADP)

Every student of the Institute, who has been sponsored for 15 months training either in a company or under a Company Secretary in Practice is
compulsorily required to attend and complete 25 Hours Academic Development Programme (ADP). The duration of each ADP would be eight hours
and those who have attended three such programmes would be deemed to have attended 25 Hours ADP.
Fee Rs. 250/- per participant
The Schedule of ADPs proposed to be organized by the Regional Councils/Chapters is as under :-
Organised by Date of the Venue of the Contact Address
Programme Programme
EIRC of 16.06.2007 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 21.07.2007 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Bldg., Plot No. 4, Prasad
the ICSI Nagar Institutional Area, New Delhi-110005 Tel. : 25763090/25767190/25816593
Fax No. : 25722662 (STD Code No. 011) E-mail : niro@icsi.edu/icsi@eth.net
SIRC of 18.08.2007 SIRO Premises Deputy Director, SIRC of the ICSI, SIRC-ICSI House, No. 9, Wheat Crofts
the ICSI Road, Nungambakkam, Chennai-600034 Tel. : 044-28279898/28268685
Fax No. : 044-28268685 E-mail : icsisirc@md3.vsnl.net.in/siro@icsi.edu
The schedule of other ADPs proposed to be organised by NIRC and SIRC during 2007 is as under :
NIRC : (i) 15.09.07 (ii) 17.11.07 SIRC : (i) 15.11.07

Student Company Secretary 37 May 2007

EMPANELMENT OF PRIVATE COACHING CENTRES FOR CONDUCTING ORAL
COACHING CLASSES FOR CS STUDENTS ON BEHALF OF THE INSTITUTE
In a path-breaking initiative, the Council of The Institute of Company Secretaries of India has decided to empanel
Private Coaching Centres for conducting the Oral Coaching Classes for the students undergoing CS Course on
behalf of the Institute. At present, the Institute is conducting the Oral Coaching Classes on its own through its
Regional Councils/ Chapters/ Satellite Chapters.
This landmark decision will undoubtedly have a far reaching impact on the entire Oral Coaching System under
the Company Secretaryship Course and it provides a golden opportunity to reputed Coaching Centres in the private
sector to get associated with one of the premier professional institutes in India constituted under Company Secretaries
Act, 1980, functioning under the administrative jurisdiction of Ministry of Company Affairs, Government of India.
The Institute invites applications from interested institutions for conducting Oral Coaching Classes for CS Students
under the aforesaid Scheme. The Regional Councils/ Chapters/ Satellite Chapters of the Institute scattered all over
India have been authorized to scrutinize and forward the applications to Headquarters after preliminary assessment
of infrastructure, etc. in the respective areas along with their recommendations. For format of application, comprehensive
guidelines and modus operandi of the Scheme, please visit the Institutes website www.icsi.edu OR send an
application directly to:-
Shri Sohan Lal, Joint Director
The Institute of Company Secretaries of India
ICSI House
22, Institutional Area , Lodi Road, New Delhi 110 003

STATUS OF TRAINING
(Period from 01-04-2007 to 30-04-2007)
15 Months Training with Company/Company Secretary in Practice and 03 Months & 15 days Practical Training
STAGE-I STAGE-II
Biodata of the students sent to the companies/company Students sponsored for training
secretaries in practice for consideration
APPLICATIONS CASES
Pending Received Forwarded for Pending Pending Received No. of students Pending
Training as on during the consideration as on as on during who have actually as on
Type 31.03.07 month (upto 30.04.07) 30.04.07 30.03.07 the month taken for training 30.04.07
(upto 30.04.07)
15 Months in 12 54 58 8 20 53 55 18
Companies

15 Months with 14 34 44 4 25 70 65 30
CS in Practice

3 Months in NIL 88 88 NIL

Company/
15 Days in
Optional Area

2. Exemption
1. Number of applications pending as on 31.03.2007 : 40
2. Number of applications received for exemption : 64
3. Number of exemptions granted : 82
4. Number of pending applications as on 30.04.2007 : 22

Student Company Secretary 38 May 2007

LIST OF THE COMPANIES REGISTERED FOR Akruti Nirman Limited 15 Months Suitable
IMPARTING TRAINING DURING THE MONTH OF Akruti Trade Centre, Road No. 7, Training
MARCH, 2007 Marol MIDC Andheri (East)
Mumbai-400093
Region Training Stipend
Type (Rs.) Brics Securities Limited 15 Months Suitable
Sadhana House, 1st Floor, 570, Training
NORTHERN
P.B. Marg, Behind Mahindra Tower
Aryan Coal Beneficiations Pvt. Ltd. 15 and 03 Suitable Worli, Mumbai-400018
18, Vasant Enclave, Rao Tula Ram months
SOUTHERN
Marg, New Delhi-110057 Practical Training
Sainik Mining and Allied Services Ltd. 15 and 03 Suitable The Lakshmi Vilas Bank Ltd. 15 Months Suitable
18, Vasant Enclave, Rao Tula Ram months Salem Road, Kathaparai Training
Marg, New Delhi-110057 Practical Training Karur-639006
Sainik Finance & Industries Ltd. 15 and 03 Suitable Shriram City Union Finance Ltd. 15 and 03 Suitable
18, Vasant Enclave, Rao Tula Ram months Mookambika Complex Months Practical
Marg, New Delhi-110057 Practical Training 3rd Floor, 4 Lady Desika Road Training
Mylapore, Chennai-600004
Interglobe Enterprises Ltd. 15 Months Suitable
Block 2 B, DLF Corporate Park Training Sivashakthi Bio Planttec Limited 15 Months Suitable
DLF City, Phase-III 7-1-621/98 & 34, 5th Floor Training
Gurgaon-122002 Opp UTI Bank, Sanjeeva Reddy
Info Edge (India) Limited 15 Months Suitable Nagar, Hyderabad-500038
A-88, Sector-2, Noida-201301 Training L & T Infrastructure Development 15 Months Suitable
Stellar Parks (P) Limited 15 Months Suitable Projects Ltd. Training
C-56/9, Sector-62, Noida-201307 Training P.B. No. 979, TCTC Building
First Floor, Manapakkam
Era E-Zone (India) Limited 15 Months Suitable
Chennai-600089
10/1, Nehru Enclave (East) Training
Kalkaji, New Delhi-110019 EASTERN
Era Constructions (India) Limited 15 Months Suitable Himadri Chemicals & Industries Ltd. 15 Months Suitable
370-371/2, Shah Hospital Road Training 23A, Netaji Subhas Road Training
Jangpura, Bhogal, New Delhi-110014 8th Floor, Suit No. 15
PTC Industries Limited 15 Months Suitable Kolkata-700001
Malviya Nagar, Aishbagh Training
Lucknow-226004
Paramount Surgimed Limited 15 Months Suitable LIST OF PRACTISING MEMBERS REGISTERED FOR
1, L.S.C. Okhla Industrial Area Training THE PURPOSE OF IMPARTING APPRENTICESHIP
Okhla Main Road, Phase-II TRAINING DURING THE MONTH OF MARCH, 2007
New Delhi-110020 LAXMAN SHRIPATI NAVALE PCSA-1452
Bagrrys India Limited 15 Months Suitable Office No. 98, Gol Market, Sant Tukaram Nagar,
X-2, Hauz Khas Training Pimpri, Pune-411018
New Delhi-110016 P. ESWARAMOORTHY PCSA-1453
WESTERN 110/6, 3rd Cross Street, Sripathy Nagar
Ramanathapuram, Coimbatore-641036
Monga Strayfield Pvt. Ltd. 15 Months Suitable
5, Arun Bazar, S.V. Road, Malad (West) Training REKHA SONI PCSA-1454
Mumbai-400064 C-1880, Ansal Palm Vihar
Gurgaon-122017
Core Projects & Technologies Ltd. 15 and 03 Suitable
Block No. 1-8, Building No. 4 Months Practical RANJEET AGRAWAL PCSA-1455
Sector-III, Millennium Business Park Training A/102, Gokul Gagan, Thakur Village
Mahape, Navi Mumbai Kandvili (E), Mumbai-400101
IDBI Capital Market Services Ltd. 15 Months Suitable S. SATHYANARAYANAN PCSA-1456
5th Floor, Mafatlal Centre, Training 3/302, Ram Rahim Park
Nariman Point, Mumbai-400021 Dindayal Nagar, Vasai Road (W)
Bajaj Allianz Life Insurance Co. Ltd. 15 Months 2500 Mumbai-401201
GE Plaza, Airport Road, Yerawada Training S. ANURADHA SANTHANA KRISHNAN PCSA-1457
Pune-411006 14/15-A, Chinniah Road, Maravaneri
HDFC Asset Management Company Ltd. 15 Months Suitable Extension, Salem-636007
Ramon House, 3rd Floor, H.T. Parekh Training ASHIQUE AREEPATTAMANNIL PCSA-1458
Marg, 160, Backbay Reclamation 2/2161-C, KMD Building
Churchgate, Mumbai-400020 Civil Station, Calicut-673020

Student Company Secretary 39 May 2007

MINAL MEHTA PCSA-1459 S. ANURADHA PCSA-1464
301/A Pooja Upvan II 14/15-A, Chinniah Road, Maravaneri
84, Dhananjay Society, Near Akota Extension, Salem-636007
Stadium, Akota, Vadodara-390020 RICHA KALRA PCSA-1465
SHRUTI KANHERE PCSA-1460 46, Tarun Enclave, Pitam Pura
279, Shivajinagar, Behind Congress House Delhi-110034
Pune-411005 POONAM AHUJA PCSA-1466
DINESH AGARWALLA PCSA-1461 C-9/151, Yamuna Vihar
28, Becharam Chowdhury Lane Delhi-110053
2nd Floor, Howrah-711101 D.V.M. GOPAL PCSA-1467
PRAGYESH KUMAR SINGH PCSA-1462 7-1-397/10, Plot No. 44B, Flat No. 102
305, Chindra Lok Tower Sri Sai Jahnavi Apartments, Sr. Nagar
Kapoorthala, Lucknow-226024 Hyderabad-500038
S. SOLAIYAPPAN PCSA-1463 E. ESHWAR PCSA-1468
46, Jawahar Mills Colony, Nehru Nagaram, AP 571/40, 17th Street, 4th Sector
Suramangalam, Salem-636005 K.K. Nagar, Chennai-600078

ATTENTION ALL STUDENTS APPEARING IN THE CS INTERMEDIATE EXAMINATIONS

FROM JUNE, 2007 SESSION ONWARDS
COMPULSORY COMPUTER TRAINING SCHEME
In the Company Secretaries Regulations, 1982, for regulation 40, the following regulation shall be substituted, as published in the Gazette of
India(Extra Ordinary) vide Notification No. ICSI/710/1(M)/1 dated 3rd May, 2006.
40 Admission to the Intermediate Examinations -
No candidate shall be admitted to the Intermediate examination unless he/she :-
- (a) is a registered student and produces a certificate from the head of the coaching administration ( by whichever name designated) to the effect that he has
undergone satisfactorily a course of postal or oral tuition for the Intermediate examination; and
- (b) has successfully completed computer training program as may be specified from time to time by the Council and in the manner so specified
or exempted there from;
- (c) applies with such examination fee as may be determined by the council from time to time so as to reach the Secretary, in accordance with the
directions given by the Council.
In terms of the aforesaid amendment in the Company Secretaries Regulations, 1982, all students are required to successfully undergo a Compulsory
Computer Training Programme for becoming eligible for appearing in the CS Intermediate Examinations from June, 2007 examinations onwards.
The Institute, in compliance of the aforesaid amendments, has tied up with M/s NIIT through which 70 hours of computer training shall be provided to the
students/members of the Institute in all Centres of NIIT all over the country. To undergo this course, a student/member has to approach any NIIT Centre on
all India basis. To take admission, he/she has to deposit the requisite fees at the respective NIIT Centre and fulfill the formalities as per the requirements of
the Computer Training Centre.
The list of NIIT Centres including detailed course contents, module details and topic-wise time duration etc. have been published on the website of the
ICSI i.e. www.icsi.edu under FAQ.
Salient features of the course in brief : -
Title of the Course Understanding Information Technology in Corporate Environment.
Duration of the Course 70 Hours
Fee Rs.3000 per participant for General Category & Rs.2500 per participant for SC/ST Category
Note : Service Tax as per the GOI rules applicable from time to time shall be paid in actual by the participant
A student can be exempted from undergoing the course on the basis of his existing qualification/degree in the computer field subject to the conditions that
he or she enrolls himself/herself for an online exemption test (to be conducted by NIIT) at any of the NIIT Centre on all India bases and successfully clears the
test. A fee of Rs.450 plus Service Tax, etc. per student is payable for online test which is applicable for a maximum of TWO attempts within a period of one
month.
The Course is open to all the students and members of the ICSI.

Computer Training will be compulsory and pre-requisite for all the students intending to appear in the Intermediate Examination from December, 2007
session onwards. No student will be allowed to appear at the Examination to be held from December, 2007 session onwards unless he/ she successfully
completes the Computer Training.
However, a student may be permitted PROVISIONALLY to appear in the June, 2007 session only without completing the computer training with the
condition that, he/ she will complete the Computer Training before seeking enrollment to Final Examinations.

Student Company Secretary 40 May 2007