Student Company Secretary (e-bulletin for Executive & Professional Students)

Transcription

1 Student Company Secretary (e-bulletin for Executive & Professional Students)

2 e- bulletin 2 July 2016 Dear Students, I am delighted to present this special edition of the bulletin coinciding with the celebration of Student Month in July, As you may have observed, Udaan..We fuel your Growth has been adopted as the slogan for the Student Month. During the Student Month, several activities have been planned especially for students involving all the offices of the Institute located in different parts of the country. I hereby appeal to all the students of the Institute to actively take part in the various activities being organised for making it a grand success. As the schedule of activities may be different according to the location, students are advised to get in touch with the nearest Regional / Chapter Office of the Institute for the details of activities planned at the respective location. Let me throw light on some of the initiatives planned / activities to be organised during the month : Interactive Webpage on Student Month An interactive webpage covering the various activities planned during the month has been developed by the Institute, wherein the information and photographs pertaining to celebration of events shall be uploaded after conclusion of each event for information of all stakeholders. The webpage can be accessed at the weblink Van Mahotsav Divas The first event during the month Van Mahotsav Divas was observed on July 01, 2016 which intended to create awareness among the stakeholders on adopting sustainable development and the need for undertaking Go Green activities wherever feasible to save Mother Earth for the sake of future generations. Career Awareness Activities Special interactive sessions are being planned in various Colleges to create awareness about the profession of company secretaries. A Career Awareness Week shall be observed during the last week of July, Engaging Student Community In order to promote brotherhood among the student community, Cultural Programmes and Get-togethers have been planned in various offices of the Institute. Full Time Integrated Course Fresh batch of Full Time Integrated Course is scheduled to commence at ICSI-CCGRT, Navi Mumbai during the Student Month as a continuous process by the Institute to enhance the quality of education imparted to the students.

3 e-bulletin 3 July 2016 Competitions for Students Various competitions for students like Elocution Competition, Quiz Contests, Moot Court Competition, Essay Writing Competition, etc. shall be organised during the student month. The competitions shall give an opportunity and offer platform to express their hidden talents. The standard and competitiveness in the Student Competitions are proposed to be elevated by organising Elocution Competition among the winners of National Level Competitions in the Institute of Company Secretaries of India and National / Top Level winners from the Institute of Chartered Accountants of India, The Institute of Cost Accountants of India, Indian Institute of Management, National Law University, etc. Central Council Members of the Institute shall be addressing the students in various locations. Academic Initiatives The ICSI is introducing Study Notes on Capital Market and Securities Laws and Economic and Commercial Laws to the students of Executive Programme which will provide an explanation of concepts in a precise yet comprehensive manner to enable learning with better time efficiency. Renewed Thrust on Class Room Teaching Regional Councils & Chapters shall be giving renewed thrust on Class Room Teaching activities by commencing fresh batches during the Student Month. Faculty Induction Programmes shall also be organised during the Student Month to enhance the quality of coaching imparted to the students. Webcasts and E-Governance Programmes E-Governance Programmes and Webcasts are being planned during the Student Month. I shall be addressing all the students of the Institute through the monthly webcast Precious You and the webcast will be tentatively aired on 18th July, Orientation Programmes, Guidance Sessions & Campus Placement Programmes Apart from Orientation Programmes for students undergoing training, Corporate Houses shall be invited to guide the students in some of the offices of the Institute. Campus Placements shall also be organised during the month in selected Regional/ Chapter offices. Reaching out to Parents In order to ensure the participation of Parents, meetings of Parents and Students will be organised during the Student Month. Skill Development Following the thrust given by Government of India in the area of skill development, a mega student programme titled Yuva Naipunyam is being organised at Hyderabad. Communication /Soft Skills for Students Training programmes on enabling Communication / Soft Skills and Motivational Talks shall be organised for the benefit of students. Samadhan Divas The Institute has planned a special day for grievance redressal titled Samadhan Divas wherein each and every office of ICSI and Call Centre will ensure zero pendency of complaints. Swachh Bharat Mission Cleanliness drives shall be organised in the Regional / Chapter Offices of the Institute as part of the Swachh Bharat Abhiyan project of Government of India. Student Conference National Level Student Conference shall be held in Bangalore on 30th / 31st July, 2016 which shall be the concluding function during the Student Month. Regards CS Mamta Binani President president@icsi.edu

4 e-bulletin 4 July 2016 Student Services We are pleased to inform that the Institute has decided to celebrate July month as the Students Month. Various activities for the students have been planned during the month of July 2016 which are listed below. PLANTATION OF TREES STUDENTS CONFERENCE ELOCUTION COMPETITION COMPANY LAW QUIZ NATIONAL MOOT COURT COMPITION STUDY NOTES FOR STUDENTS ON RECENT UPDATES SPECIAL BULLETINS FOR THE STUDENTS DURING THE MONTH OF JULY PARENTS STUDENTS TEACHERS MEET WEBCAST FOR STUDENTS CONVOCATION AT WIRC MSOP AT NIRC CAMPUS PLCEMENT AT NIRC SWACHH BHARAT ABHIYAN COMMENCEMENT OF BATCH OF CS INTEGERATED COURSE QUIZ CONTEST FOR STUDENTS E GOVERNANCE PROGRAMME YOUTH SKILL FEST YUVA KAUSHAL ORIENTATION PROGRAMME FOR TRAINEES COMMUNICATION AND SOFT SKILLS DEVELOPMENT PROGRAMME CAREER AWARENESS PROGRAMMES Students are advised to participate in large numbers in the above mentioned programmes and competitions as the same shall groom them in developing their personality to a great magnitude. Further it is informed that a webpage has also been exclusively developed for the students month wherein exhaustive details of students month related activities are given. Students can visit the webpage on the website of the Institute at

5 e-bulletin 5 July 2016 Webpage developed for students Students month (July 2016)

6 e-bulletin 6 July 2016 It is further informed that the Final Round of National Level Competitions for the students for the year 2016 would be hosted by the following Regions. Name of the Programme 2016 Date of Competitions Topics Links All India Elocution Competition NIRC - Delhi RO 8th July 2016 Start-up India to kick start Entrepreneur ship-scope for CS Professionals uncil/regionalcouncilmembers/home. aspx All India Moot Court Competition WIRC - (Pune Chapter) 30th 2016 July, All India Company Law Quiz EIRC - KOLKATA RO 15th 2016 July, All India Essay Writing Competition EIRC - KOLKATA RO To be organised in the month of July Do we need Corporate Governance Rules or Self Governance Spirit?' All India Students Conference SIRC - (Bengalur u Chapter) 30th & 31st July, aspx

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8 e-bulletin 8 July 2016 The Institute has initiated various steps to provide instantaneous services to its stakeholders by the use of technology. More and more services are being added in this march for automation. The study material is now fully available to one and all through the online portal. Some of services and their uses which are important for awareness are listed: CALL CENTRE The Institute has established a dedicated call centre with Phone Nos , The Call Centre provides for Interactive Voice Response as well as a Ticketing Mechanism. ebooks Students have now been provided various options for study material. In addition to softcopy of the study material, ebooks have also been developed. All such ebooks shall be displayed when the website of the Institute is viewed only through mobile device. These ebooks can be freely downloaded on the mobile device for reading. Appropriate reader for these epub file may be downloaded from respective online stores. For example for android mobile platform, the online store play.google.com may be used. There are many readers available on the android platform and many of them have got enhanced capability of speech and search. One such reader on the android platform is Cool Reader. All the epub files can be downloaded and opened through such ebook readers. CS TOUCH - ANDROID BASED MOBILE APPLICATION The Institute of Company Secretaries of India has launched CS touch an android a n d I O S based mobile application for students and members recently. CS touch is an android and I O S based mobile application for web based content Management system. The application features are Splash screen, home screen, top menu screen. Following categories will be available to end users in times to come like Announcements, Events, Photo Gallery, Videos, President message, ICSI in media, Contact us, Know your Institute, Favourite, Setting and Info among others. CS touch is available in Google play store. You can download the same from Google play store.

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10 e-bulletin 10 July 2016 REGISTRATION Renewal of Registration (Registration Denovo / Extension) Registration of students registered upto and including July 2011 stands terminated on expiry of five-year period on June Students are advised to apply for Registration De novo/ Extension of registration as per the guidelines published in this bulletin. Online facility for availing Registration Denovo and Extension is available at Students are required to login to their account in the Student Portal for seeking Registration Denovo or Extension subject to meeting the eligibility conditions. Students are required to seek Registration Denovo or Extension by 9th April and 10 th October for appearing in June and December sessions of examinations. Detailed process for seeking Registration Denovo and Extension online is given below. ONLINE DE NOVO & EXTENSION REGISTRATION PROCESS (FOR EXECUTIVE PROGRAMME & PROFESSIONAL PROGRAMME STUDENTS) STEP 1 : Click the Online Services button on the home page of STEP 2 : Click on the Student login option. STEP 3 : Enter your User name (i.e. Registration number) and Password and Click on Login STEP 4 : Go to Students option and then click on My Account STEP 5 : Go to Payment Requests option and click on Denovo Registration & Extension STEP 6 : Select Request Type and Payment mode and then click on Submit Request Request ID and Transaction ID will be generated on successful submission of the request

11 e-bulletin 11 July 2016 STEP 7 : Proceed for payment through Credit Card / Debit Card / Net Banking/Challan. For all successful payments an acknowledgement receipt is generated and an intimation will be sent on the respective ID. In case acknowledgement is not generated due to any reason, follow the procedure as given below: Click Student-> select My Account Click payment request->generate payment Receipt Write Request id and Transaction id and click on check status. STEP 8 : Please download the de novo registration Letter from Section Letter for student in other option STEP 9 : In case of unsuccessful payment please resubmit your request REGULARISATION OF EXECUTIVE PROGRAMME ADMISSION Students provisionally admitted to the Executive Programme are advised to upload the scanned copies of their graduation Pass Certificates or marksheets for regularizing their admission at their online account at They are required to login at their account to upload the desired marks sheets/certificates at manage account option. Subsequently they are required to go to qualification tab option to upload their graduation pass marksheet/certificate. Students, who have already uploaded / submitted their graduation pass certificate/marksheet and have not received any confirmation with regard to approval of their admission, must contact the Institute immediately either through online grievance Redressal module or ticketing Mechanism of the Institute quoting the following particulars through online grievance redressal module: Name Details of Fee paid Admission No. Address Complete Postal Address with Pin code CANCELLATION OF PROVISIONAL ADMISSION Provisional admission of the students, who fail to submit/upload the requisite proof of having passed the graduation examinations within the stipulated time period of six months shall stand cancelled and no refund of fee will be made. It is informed further that the students registered provisionally in Executive stage who have appeared in June 2016 examination and have not submitted their graduation pass certificate or marksheet, their result would be withheld by the Institute. Change of Address/Resetting Password Students are advised to update their addresses instantly through online services option at Their Registration Number shall be their user Id itself. Students can also reset their

12 e-bulletin 12 July 2016 password anytime (The new password will be displayed on the screen). The process is given below: your registration number in Username 1) Visit Institute s website 2) Click on ON-LINE SERVICES (top right side of your screen) 3) Click on Student Login 4) Type your registration number in Username 5) Click on Reset password (students only) 6) Enter your all details (i.e. Your Programme, Registration Number, Gender, DOB, Pin Code etc.) 7) Click on Proceed. 8) Enter your correct id & mobile number 9) Click on Reset Password and Get the password on screen. Updation of Address/ Mobile Students are advised to update their Id and Mobile Numbers timely so that important communications are not missed as the same are sent through bulk mail/sms nowadays. Students may update their Id/ Mobile Number instantly after logging into their account at at request option. Student Identity Card Identity Card can be downloaded after logging into the Student Portal at After downloading the Identity card, students are compulsorily required to get it attested by any of the following authorities with his/her seal carrying name, professional membership No., designation and complete official address: 1. Member of the Institute, with ACS/FCS No. 2. Gazetted Officer of the Central or State Government. 3. Manager of a Nationalised Bank. 4. Principal of a recognized School/College. 5. Officer of ICSI Unattested Identity Cards are not valid and the students are advised to carry duly attested Identity Card for various services during their visits to the offices of the Institute, Examination Centres, etc. Registration to Professional Programme Students who have passed/completed both modules of Executive examination are advised to seek registration to Professional Programme through online mode. The prescribed fee is

13 e-bulletin 13 July 2016 Rs.12,000/-.Eligibility of students registered to professional programme for appearing in the Examinations shall be as under: - Students registered for Professional Programme Stage during Will be eligible for appearing in 1 st December, 2015 to 29 th February, 2016 All Modules in December, 2016 Session 1 st March, 2016 to 31 st May, 2016 Any One Module in December, 2016 Session While registering for Professional Programme, students are required to submit their option for the Elective Subject under Module 3 as per details given below:- Electives subject 1 out of below 5 subjects 1. Banking Law and Practice 2. Capital, Commodity and Money Market 3. Insurance Law and Practice 4. Intellectual Property Rights - Law and Practice 5. International Business-Laws and Practices Notwithstanding the original option of Elective Subject, students may change their option of Elective Subject at the time of seeking enrolment to the Examinations. There will be no fee for changing their option for elective subject, but the study material if needed will have to be purchased by them against requisite payment. Soft copies of the study materials are available on the website of the Institute. Clarification Regarding Paper wise Exemption (a) (b) (c) (d) Paperwise exemption is granted only on the basis of specific request received online through website from a registered student and complying all the requirements. There is one time payment of Rs. 1000/- (per subject). Students are required to apply for paper wise exemption on-line by logging into their account on before 9 th April for June session of examinations and before 10 th October for December session of examinations. The paperwise exemption once granted holds good during the validity period of registration or passing/completing the examination, whichever is earlier. Paper-wise exemptions based on scoring 60% marks in the examinations are being granted to the students automatically and in case the students are not interested in availing the exemption they may seek cancellation of the same by sending a formal

14 e-bulletin 14 July 2016 request at If any student appears in the examinations disregarding the exemption granted on the basis of 60% marks and shown in the Admit Card, the appearance will be treated as valid and the exemption will be cancelled. (e) (f) (g) (h) (i) (j) It may be noted that candidates who apply for grant of paper wise exemption or seek cancellation of paper wise exemption already granted, must see and ensure that the exemption has been granted/cancelled accordingly. Candidates who would presume automatic grant or cancellation of paper wise exemption without obtaining 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. Exemption once cancelled on request in writing shall not be granted again under any circumstances. Candidates who have passed either module of the Executive/Professional examination under the old syllabus shall be granted the paper wise exemption in the corresponding subject(s) on switchover to the new/latest syllabus. No exemption fee is payable for availing paper wise exemption on the basis of switchover or on the basis of securing 60% or more marks in previous sessions of examinations. Please check at Qual.pdf for exemptions granted on the basis of higher qualification of the student. Please check at for exemptions granted on the basis on 60% or aggregate of 60% Important Paper-wise Exemptions are available only on the basis of passing (i) ICAI (The Institute of Cost Accountants of India) Final Examinations (ii) LL.B. Examinations (with 50% marks) or (iii) Members of ICSA-UK in selected subjects of Executive Programme & Professional Programme and no other exemptions are admissible on the basis of any other higher qualifications.

15 e-bulletin 15 July 2016 Schedule of Fees A.) The details of fee applicable for availing various services are as under:- PARTICULARS FEE (Rs.) A. FOUNDATION PROGRAMME (i) Admission Fee 1500 (ii) Education Fee 3000 Total 4500 B. *EXECUTIVE PROGRAMME (i) Foundation Examination Exemption Fee 500 (Commerce and non-commerce graduates) 4000 (ICAI-CPT/ICAI (Cost) Foundation Pass Students) (ii) Registration Fee 2000 (iii) Education Fee for Executive Programme 6500 (iv) Education fee for Foundation Programme payable by non-commerce graduates who are seeking exemption from passing the Foundation Programme examination under clause (iii) of Regulation 38 Total (CS Foundation Pass Students) 9000 (Commerce Graduates) ICAI-CPT/ICAI(Cost) Foundation Pass Students) (Other Graduates)

16 e-bulletin 16 July 2016 C. *PROFESSIONAL PROGRAMME Education Fee D. OTHER FEES Registration De-novo Fee Students may apply for Registration denovo within two years of the expiry of former registration 2000 If students fail to apply for Registration denovo within two years of expiry of Registration, they may still seek Registration de-novo within a maximum period of five years from the expiry of former registration Extension of Registration Fee 1000 Paper-wise Exemption Fee Per Paper 1000 Issue of Duplicate Pass Certificate Fee 200 Verification of Marks Fee (Per Paper) 250 Certified Copy of Answer Book (Per Paper) 500 Issue of Transcripts (excluding Service Tax) 250 Duplicate Result-cum-Marks Statement 100 Prospectus 200 E. EXAMINATION FEES Foundation Programme 1200 Executive Programme(Per Module) 1200 Professional Programme (Per Module) 1200 Surcharge for appearing in Examinations from Overseas Centre (Dubai) (over and above normal Examination Fee) US$ 100 (or equivalent amount in Indian Rupees) Late Fee for Submission of Examination Application 250 Change of Examination Centre/ Medium/ Module 250

17 e-bulletin 17 July 2016 Concession in fee for the widows and wards of martyrs of the military and para-military forces Registration to Foundation Programme, Executive Programme & Professional Programme Stages Examination Fee 50% of the fee applicable to general category students 50% of the fee applicable to general category students Discontinuation of Public Private Partnership Scheme for Class Room Teaching The Public Private Partnership Scheme for conducting Class Room Teaching has been discontinued and presently no Centres are authorized to conduct the classes under the Scheme. Students registering at these centres will be doing so at their own risk and responsibility. Students are advised to the approach the nearest Regional and Chapter Offices of the Institute for availing the Class Room Teaching facility. Discontinuation of Requirement of Coaching Completion Certificate The requirement of coaching completion certificate has been discontinued. This would make students eligible for enrolment to Executive / Professional Programme examinations after expiry of six months or nine months as the case may be, from the date of registration to the respective stage. Henceforth, students of Executive Programme and Professional Programme are not required to: a) submit response sheets to test papers on various subjects to the Institute under Postal Tuition Scheme, or b) obtain coaching completion certificate from the Institute or from Class Room Teaching Centres of the Institute, or c) submit coaching completion certificate for enrollment to examinations of Executive and Professional Programmes. CLASS ROOM TEACHING Through Regional Councils/Chapters The Institute provides facility of classroom teaching also. The Regional Councils/Chapters of the Institute are authorized to impart classroom teaching subject to availability of necessary facilities and sufficient number of students and charge the fee which may vary from place to place. Students interested in having further details may contact any Regional Council/Chapter Office of the Institute. Attending classroom teaching is optional. Address and contact details of Regional /Chapter Office & Module/Subject wise details for running batches is available on the website at the following links :- (Regional /Chapter Office, address and contact details) (Module/Subject wise details for running batches)

18 e-bulletin 18 July 2016 Simplified process for seeking Registration Denovo / Extension of registration The process for seeking Registration Denovo and Extension of Registration has been simplified. For details, please follow the path given below : ONLINE DE NOVO & EXTENSION REGISTRATION PROCESS (FOR EXECUTIVE PROGRAMME & PROFESSIONAL PROGRAMME STUDENTS) STEP 1 : Click the Online Services button on the home page of STEP 2 : Click on the Student login option. STEP 3 : Enter your User name (i.e. Registration number) and Password and Click on Login STEP 4 : Go to Students option and then click on My Account STEP 5 : Go to Payment Requests option and click on Denovo Registration & Extension STEP 6 : Select Request Type and Payment mode and then click on Submit Request Request ID and Transaction ID will be generated on successful submission of the request STEP 7 : Proceed for payment through Credit Card / Debit Card / Net Banking/Challan. For all successful payments an acknowledgement receipt is generated and an intimation will be sent on the respective ID. In case acknowledgement is not generated due to any reason, follow the procedure as given below: Click Student-> select My Account Click payment request->generate payment Receipt Write Request id and Transaction id and click on check status. STEP 8 : Please download the de novo registration Letter from Section Letter for student in other option STEP 9 : In case of unsuccessful payment please resubmit your request Re-Registration to Professional Programme The Institute has introduced a Re-registration Scheme, whereby students who have passed Intermediate Course/ Executive Programme under any old syllabus but not eligible for seeking Registration Denovo may resume CS Course from Professional Programme Stage. It is an opportunity to come back to the profession for those students who had to discontinue the CS Course due to compelling reasons. Detailed FAQ, Prescribed Application Form, etc. may be seen at for students option at home page of Institute s website Please check FAQ & Application Form for Re-Registration at

19 e-bulletin 19 July 2016 ICSI GRIEVANCE SOLUTIONS CELL The Institute in its endeavour to improve the service delivery mechanism to the Members, Students and other stakeholders has established a Grievance Solutions Cell. In case stakeholders feel that their queries not being properly attended, they may submit their grievance online through Grievance Portal by following the steps given below:- 1. Click on the Online Services button on the home page of Institute s Website ( 2. Click on Login button. 3. Enter your User ID (Registration Number / Membership Number) and Password 4. Click on Login button 5. Click on Home Option and select Suggestion/Grievances option 6. Select the Options available as per the nature of your query and enter the details 7. Click on the Submit button Alternatively, the grievances may be sent at Id : grievance.solutions@icsi.edu.

20 e-bulletin 20 July 2016 REVISED PROCEDURE FOR EFFECTING CHANGE OF NAME IN THE INSTITUTE'S RECORDS In order to ensure uniformity in the procedure for effecting change of name on the basis of specific requests from students, it has been decided that henceforth request for change of name of students in the Institute's records would be accepted only on receipt/ submission of either of the following documents : - (i) (ii) (iii) (iv) Gazette Notification Publication in Newspaper for change of name alongwith an Affidavit Copy of Marriage Certificate (in case of Female candidates after marriage) Copy of PAN Card / Aadhaar Card / DIN supporting change of name. Students may send any such request at dss@icsi.edu alongwith the requisite supporting documents as mentioned above while quoting their Registration Numbers. It may be further noted that no request would be accepted without registration number. UPDATES /NOTIFICATIONS FROM THE INSTITUTE ARE NOW AVAILABLE ON SOCIAL NETWORKING SITES Students can now visit the webpage of the Institute on the following Social networking sites to get details regarding various notifications and updates of the Institute. 1. Facebook 2. Twitter Click on appropriate links on home page of ICSI website to get access to these webpages.

21 e-bulletin 21 July 2016 APPLICATION FOR SCHOLARSHIPS THROUGH NATIONAL SCHOLARSHIP PORTAL ( Students may please be aware, a Single Window National Scholarship Portal has been created by Government of India for managing the various scholarship schemes. Please note that the Code No. allotted to the Institute is 9 and students who have already applied through any other code (For example 45022) are advised to re-submit the request as per procedure given at the following link at the website of the Institute by selecting Institute s Code No RSHIPPORTAL.pdf ATTENTION STUDENTS! DEDUCTION OF 30% OF THE TOTAL FEE REMITTED BY THE APPLICANT IN RESPECT OF REGISTRATIONS LYING PENDING FOR MORE THAN A YEAR The Institute has decided to reject the applications of such students who do not submit the documents within one year after their registration in Foundation and Executive programme by deducting 30% of the fee remitted by them towards administrative charges after expiry of one year. Therefore it is advised that all such students may submit their documents in the stipulated time period failing which their registration applications would be rejected ATTENTION STUDENTS! ISSUE OF STUDY MATERIALS COMPULSORILY TO ALL THE STUDENTS REGISTERING FOR THE CS COURSE It is informed that henceforth the study materials will be issued compulsorily to all students registering for different stages of CS Course. It has been decided to discontinue the system of granting concession to the students of Executive/ Professional Programme Stages not opting for the study materials at the time of registration. STUDY CENTERS ICSI is setting up Study Centres in cities/ locations where the Regional/ Chapter Office of the Institute does not exist to facilitate the students. For details kindly visit the following link.

22 e-bulletin 22 July 2016 WEBCAST ORGANISED BY THE INSTITUTE FOR CS STUDENTS ADDRESSED BY THE PRESIDENT, ICSI ON 18 th JUNE 2016: YOUTUBE LINK This has reference to the webcast organised by the institute addressed by the President, ICSI for the students of the Institute across the country and abroad through the monthly series of webcast titled Precious You on 18th June 2016 at 3:00 PM. We are glad to inform you that this webcast received overwhelming response from the students and majority of students have requested to get access to the content of this informative webcast for their further reference. Considering the same and to facilitate the students who could not watch this webcast online, the webcast has also been made available on You tube at the following link. You all are advised to visit the link as given above to avail this unique opportunity. ICSI Kind Attention Students!! Institute has launched upgraded online registration facility for the students of Foundation stage from 15 th June 2016 onwards. Keeping in view the same, the students registered before 15 th June 2016 in Foundation, Executive and Professional stage are required to log in at the following link to avail the online services. It is further informed that students of Foundation stage who have registered from 15 th June 2016 onwards are required to log in at the following link to avail the online services.

23 e-bulletin 23 July 2016 COMPULSORY SWITCHOVER TO PROFESSIONAL PROGRAMME (NEW SYLLABUS) FROM DECEMBER, 2016 SESSION The last examination for students under Professional Programme (Old Syllabus) has been held in June, 2016 Session. From December, 2016 Session, all Professional Programme (Old Syllabus) students shall be compulsorily required to switchover to Professional Programme (New Syllabus) before seeking enrollment to the examinations. The process shall be as follows : Students who have not enrolled for June, 2016 Session shall submit their requests immediately for switchover to Professional Programme (New Syllabus) through the online facility available at Students who have enrolled for June, 2016 Session may wait till declaration of results and those students who are not able to clear the Professional Programme Stage during June, 2016 Session shall thereafter submit their requests for switchover to Professional Programme (New Syllabus). During the submission of Switchover request, students are required to select the option for Elective Subject covered under Module-III of the Professional Programme (New Syllabus). All students under Professional Programme (Old Syllabus) are hereby cautioned that they will not be allowed to submit the examination enrollment form from December, 2016 Session unless they submit their request for switchover to New Syllabus. The Institute shall not be effecting bulk switchover of the students under Old Syllabus to New Syllabus as the students themselves are required to submit their choice of Elective Subject.

24 e-bulletin 24 July 2016 For viewing, please visit :

25 e-bulletin 25 July 2016 Academic Guidance Marginal Cost of Funds Based Lending Rate (MCLR)* BASIC CONCEPTS Bank a financial institute A Bank is a financial institution that accepts deposits from the public and lends the money received as deposit. The main purpose of Bank is to loan out the money to public in order to facilitate their spending. Banks are also a type of business. They make money on the interest they charge on loans because that interest is higher than the interest they pay on depositor s accounts. The interest rate a bank charges its borrowers depends on both the number of people who want to borrow and the amount of money the bank has available to lend. Loaning money is also inherently risky. Interest on Loan The cost of renting money to the lender, the income from lending is called interest. Interest Rate The rate at which lender charge the interest on the money lent by him to the borrower is called interest rate. The rate of interest is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed. Base Rate Base Rate was introduced in the Indian banking system on 1 July, 2010 after a directive by the Reserve Bank of India. Base Rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to lend to its customers. Base rate is decided in order to enhance transparency in the credit market and ensure that banks pass on the lower cost of fund to their customers. Loan pricing will be done by adding base rate and a suitable spread depending on the credit risk premium. Under the base rate system, banks were free to use any method to calculate their base rates, provided the RBI found it consistent. Banks were also directed to announce their base rates on their Websites, in keeping with the objective of making lending rates more transparent. Marginal Cost of Funds based Lending Rate (MCLR) The Reserve Bank of India has brought a new methodology of setting lending rate by commercial banks under the name Marginal Cost of Funds based Lending Rate (MCLR). MCLR is the new benchmark lending rate at which commercial banks will now lend to new borrowers. MCLR is closely linked to the actual deposit rates. * Sarika Kumari, Assistant Director, ICSI. The views expressed are personal views of the author and do not necessarily reflect those of the Institute.

26 e- bulletin 26 July 2016 Why MCLR? Base rate system was introduced by RBI in July 2010 to ensure that banks can not lend below a certain benchmark. Also, to ensure that the changes in interest rate policy is effectively transmitted to the bank customers. However, policy transmission could not become very effective as banks adopted various methods in calculating their cost of funds. At present, the banks are slightly slow to change their interest rate in accordance with Repo Rate change by the RBI. Commercial banks are significantly depending upon the RBI s Liquidity Adjustment Facility (LAF) repo to get short term funds. But they are reluctant to change their individual lending rates and deposit rates with periodic changes in repo rate. Whenever the RBI is changing the repo rate, it verbally compels banks to make changes in their lending rate. The purpose of changing the repo is realized only if the banks are changing their individual lending and deposit rates. RBI s key guidelines on MCLR All loans sanctioned and credit limits renewed w.e.f. April 1, 2016 will be priced based on the Marginal Cost of Funds based Lending Rate. MCLR will be a tenor-based benchmark instead of a single rate. This allows banks to more efficiently price loans at different tenors based on different MCLRs, according to their funding composition and strategies. Banks have to review and publish their MCLR of different maturities every month on a pre-announced date. The final lending rates offered by the banks will be based on by adding the spread to the MCLR rate. Banks may specify interest reset dates on their floating rate loans. They will have the option to offer loans with reset dates linked either to the date of sanction of the loan/credit limits or to the date of review of MCLR. The periodicity of reset can be one year or lower. The MCLR prevailing on the day the loan is sanctioned will be applicable till the next reset date (irrespective of changes in the benchmark rates during the interim period). Existing borrowers with loans linked to Base Rate can continue with base rate system till repayment of loan (maturity). An option to switch to new MCLR system will also be provided to the existing borrowers. Once a borrower of loan opts for MCLR, switching back to base rate system is not allowed. Loans covered by government schemes, where banks have to charge interest rates as per the scheme are exempted from being linked to MCLR. Like base rate, banks are not allowed to lend below MCLR, except for few categories like loans against deposits, loans to bank s own employees. Fixed Rate home loans, personal loans, auto loans etc., will not be linked to MCLR.

27 e-bulletin 27 July 2016 As per the new guidelines by the RBI, banks have to prepare Marginal Cost of Funds based Lending Rate (MCLR) which will be the internal benchmark lending rates. Based upon this MCLR, interest rate for different types of customers should be fixed in accordance with their riskiness. The base rate will be now determined on the basis of the MCLR calculation. How to calculate MCLR? While calculating the lending rate, banks have to consider the changed cost conditions or the marginal cost conditions. For banks, what are the costs for obtaining funds? It is basically the interest rate given to the depositors (often referred as cost for the funds). The MCLR norm describes different components of marginal costs. A novel factor is the inclusion of interest rate given to the RBI for getting short term funds the repo rate in the calculation of lending rate. The main components of MCLR are : a. Marginal cost of funds; b. Negative carry on account of CRR; c. Operating costs; d. Tenor premium. Marginal Cost: The marginal cost of funds shall comprise of Marginal cost of borrowings and return on net-worth. According to the RBI, the Marginal Cost should be charged on the basis of following factors: Interest rate given for various types of deposits- savings, current, term deposit, foreign currency deposit. Borrowings Short term interest rate or the Repo rate etc., Long term rupee borrowing rate. Return on net-worth in accordance with capital adequacy norms. Negative carry on account of Cash Reserve Ratio is the cost that the banks have to incur while keeping reserves with the RBI. The RBI is not giving an interest for CRR held by the banks. The cost of such funds kept idle can be charged from loans given to the people. Operating cost All operating costs associated with providing the loan product including cost of raising funds shall be included under this head. It shall be ensured that the costs of providing those services which are separately recovered by way of service charges do not form part of this component. Tenor premium: denotes that higher interest can be charged from long term loans According to the RBI guideline, actual lending rates will be determined by adding the components of spread to the MCLR. Spread means that banks can charge higher interest rate depending upon the riskiness of the borrower. According to the RBI guideline, Banks will review and publish their MCLR of different maturities every month on a pre-announced date. Such a monthly revision will compel the banks to consider the change in repo rate if any made by the RBI during the month. How MCLR is different from base rate? The base rate or the standard lending rate by a bank is calculated on the basis of the following factors: 1. Cost for the funds (interest rate given for deposits),

28 e- bulletin 28 July Operating expenses, 3. Minimum rate of return (profit), and 4. Cost for the CRR (for the four percent CRR, the RBI is not giving any interest to the banks) On the other hand, the main components of MCLR are as follows: 1. Marginal cost of funds; 2. Negative carry on account of CRR; 3. Operating costs; 4. Tenor premium It is very clear that the CRR costs and operating expenses are the common factors for both base rate and the MCLR. The factor minimum rate of return is explicitly excluded under MCLR. But the most important difference is the careful calculation of Marginal costs under MCLR. On the other hand under base rate, the cost is calculated on an average basis by simply averaging the interest rate incurred for deposits. The requirement that MCLR should be revised monthly makes the MCLR very dynamic compared to the base rate. How does it affect a borrower? Under MCLR, if someone has taken the loan on April 1, 2016, and if bank cut rates on April 6, 2016, then borrower will get the benefit only after a gap of one year. However, borrower will be protected if rates go up. New rates would be applicable only when they are due for a reset. MCLR would create more transparency in loan pricing and interest rates. On the downside, if banks don't cut term deposit rates, passing on benefits might become a challenge for them. Conclusion With RBI cutting repo rates on April 5, banks will have to pass on the benefit to borrowers sooner or later. The MCLR rates are expected to be lower than the existing base rates for one year. In the present interest rate scenario, it is expected that the MCLR methodology will benefit borrowers as the reduction in repo rates will reflect in their interest rates. Similarly the borrower has to bear the pain of rising EMIs if the rate of interest is increased. Therefore, borrowers should take advantage of MCLR even if at payment of some charges. ***

29 e-bulletin 29 July 2016 Environmental Laws* Environmental law - or "environmental and natural resources law" - is a collective term describing the network of treaties, statutes, regulations and common and customary laws addressing the effects of human activity on the natural environment. In India, Environmental law is governed by the Environment Protection Act, This act is enforced by the Central Pollution Control Board and the numerous State Pollution Control Boards. Apart from this, there are also individual legislations specifically enacted for the protection of Water, Air, Wildlife, etc. Such legislations include:- The Air (Prevention and Control of Pollution) Act, 1981 The Noise Pollution (Regulation and Control) Rules, 2000 The Water (Prevention and Control of Pollution) Act, 1974 The Public Liability Insurance Act, 1991 The National Green Tribunal Act, 2010 Environment Protection Act, 1986 This Act is an umbrella legislation designed to provide a framework for the co-ordination of central and state authorities established under the Water (Prevention and Control) Act, 1974 and Air (Prevention and Control) Act, Under this Act, the central government is empowered to take measures necessary to protect and improve the quality of the environment by setting standards for emissions and discharges; regulating the location of industries; management of hazardous wastes, and protection of public health and welfare.it extends to the whole of India. Major Compliances under the Act:- Comply with the directions issued by the Central Government. The direction may include: - closure, prohibition or regulation of any industry, or - stoppage or regulation of the supply of electricity, water or any other service Prevent discharges or emissions in excess of the prescribed standards Furnish information of any accidental or unforeseen event Allow entry and inspection to ascertain compliance Allow samples to be taken Submit an Environmental Statement every year before 30th September to the SPCB Obtain prior Environmental Clearances from Ministry of Environment and Forests, in case of a new project or for modernization/expansion of the existing project * Pankila Bhardwaj, Consultant, ICSI. The views expressed are personal views of the author and do not necessarily reflect those of the Institute.

30 e- bulletin 30 July 2016 The Air (Prevention & Control of Pollution) Act, 1981 The objective of the Act is to provide for the prevention, control and abatement of air pollution, for the establishment, with a view to carrying out the aforesaid purposes, of Boards, for conferring on and assigning to such Boards powers and functions relating thereto and for matters connected therewith. Major Compliances under the Act:- Comply with the conditions in the Consent to Establish or Consent to Operate Not to discharge air pollutant(s) in excess of the prescribed standards Furnish information to the SPCB of any accident or unforeseen act or event Allow entry to the SPCB to ascertain that provisions of the Act are being complied with Provide information to enable SPCB to implement the Act Provide access to the SPCB for taking samples Comply with the directions issued in writing by the SPCB Apply for the renewal of Consent to Operate before expiry of the validity period Consent to be deemed as granted after four months from the date of receipt of application if no communication from the SPCB is received A prior Notice of Inspection to be served by the SPCB Industry to ensure that specified emission sampling procedure is being followed by the SPCB Opportunity to file objections with the SPCB within 15 days from the date of service of notice The Noise Pollution (Regulation and Control) Rules, 2000 Aiming to regulate and control noise from sources like, industrial activity, construction activity, generator sets, loud speakers, public address systems, music systems, vehicular horns and other mechanical devices. Major Compliances under the Act:- The noise levels in any area/zone shall not exceed the ambient air quality standards in respect of noise as specified in the Schedule. A loud speaker or a public address system shall not be used except after obtaining written permission from the authority A loud speaker or a public address system shall not be used at night (between p.m. to 6.00 a.m.) except in closed premises for communication within, e.g. auditoria, conference rooms, community halls and banquet halls.

31 e-bulletin 31 July 2016 Ambient Air Quality Standards in respect of Noise Area Code Category of Area/Zone Limit in db(a) Day Time 1 Leq* Night Time 2 (A) Industrial area (B) Commercial area (C) Residential area (D) Silence area *Leq: It is energy mean of the noise level over a specified period. 1- Day time shall mean from 6.00 a.m. to p.m. 2-Night time shall mean from p.m. to 6.00 a.m. The Water (Prevention and Control of Pollution) Act, 1974 This was enacted for the prevention and control of water pollution and maintaining or restoring wholesomeness of water. Major Compliances under the Act:- Comply with the conditions in the Consent to Establish or Consent to Operate Apply for renewal of the Consent to Operate before the expiry of validity period Consent to be deemed as granted automatically and unconditionally after four months from the date of application already given or refused before the given period i.e. Four months Refusal of Consent to be recorded in writing Pay Water Cess as indicated in the assessment order Affix water meters of the prescribed standards Provide access to SPCB Pay interest in case of delay in paying the Water Cess Pay penalty for non-payment of Cess Industry is entitled to 25% rebate if meeting certain conditions The Public Liability Insurance Act, 1991 The main objective of the Public Liability Insurance Act 1991 is to provide for damages to victims of an accident which occurs as a result of handling any hazardous substance.

32 e- bulletin 32 July 2016 Major Compliances under the Act:- Owner of the project is to provide relief, as specified, in case of death, or injury to any person (other than workman); or damage to property from an accident occurring while handling specified hazardous substances, on the principle of no fault Owner is to draw an insurance policy equal to the paid up capital of the undertaking, but less than or equal to Rs. 50 Crores (maximum). Owner is to pay additional amounts, as prescribed, to the insurer not exceeding the amount of premium, as contribution to the Environmental Relief Fund established under the Act. Owner is to pay the amount of an award as specified by the Collector in the prescribed manner. Owner is to comply with the directions under the Act issued in writing by the Central Government, within the specified time, as mentioned in the order. The directions may include: - Prohibition or regulation of handling of any hazardous substances; or - Stoppage or regulation of the supply of electricity, water or any other service. The National Green Tribunal Act, 2010 The National Green Tribunal Act, 2010 intend to provide for Establishment of a National Green Tribunal Effective and expeditious disposal of cases relating to environmental protection and conservation of forests and other natural resources Enforcement of any legal right relating to environment and giving relief and Compensation for damages to persons and property and For matters connected therewith or incidental thereto. Composition of the Tribunal The Tribunal shall consist of Power A full time Chairperson; Not less than ten but subject to maximum of twenty full time Judicial Members as the Central Government may, from time to time, notify; Not less than ten but subject to maximum of twenty full time Expert Members, as the Central Government may, from time to time, notify. National Green Tribunal to exercise the jurisdiction, powers and authority conferred on such Tribunal by or under the National Green Tribunal Act, Tribunal shall have the jurisdiction over all civil cases where a substantial question relating to environment (including enforcement of any legal right relating to environment), is involved and such question arises out of the implementation of the enactments specified in Schedule I to the Act. NGT grant of relief or compensation or settlement of dispute and power of a Civil Court followed the principle of Natural Justice. summoning and enforcing the attendance of any person and examining him on oath; requiring the discovery and production of documents;

33 e-bulletin 33 July 2016 receiving evidence on affidavits; issuing summons for the examination of witnesses or documents; reviewing its decisions; dismissing a representation for default or deciding it ex-parte; setting aside any order or dismissal of any representation for default or any order passed by it ex parte; and pass an interim order (including granting an injunction or stay) after providing the parties concerned an opportunity to be heard, on any application made or appeal filed under this Act; pass an order requiring any person to cease and desist from committing or causing any violation of any enactment specified in Schedule I. Tribunal Principle Section 20 provides that the Tribunal shall, while passing any order or decision or award, apply the principles of Sustainable development, Precautionary principle and Polluter pays principle. Important Principals Sustainable Development It is essential for the people who live now to use the resources of earth sustainably and prudently so that they do not deny certain benefits to future generations. Modern states use the natural resources of the earth recklessly. This will result that the Earth will not be able to support everyone unless there is less waste and extravagance. We should, therefore have, a new approach to future, that is, to secure a widespread and deeply held commitment for sustainable living. We have to integrate conservation and development, conservation to keep our actions within the earth s capacity and development to enable the people everywhere to enjoy long, healthy and fulfilling lives. Bio-Diversity Biodiversity, the natural biotic capital of the earth, is fundamental to the fulfilment of human needs and vital for the survival of this planet. Biodiversity thus is life insurance for life itself Carbon Credit The most dangerous gases thrown out by the industrial units are carbon dioxide, methane, nitrous oxide, etc. and the major industry sources of greenhouse gases are cement, steel, textile and fertilizer manufacturers. The groups of such gases, which are responsible for removing greenery from our planet, are known as greenhouse gases (GHGs). Carbon credits are a key component of national and international attempts to mitigate the growth in concentration of greenhouse gases (GHGs). One Carbon credit is equal to one ton of carbon. Carbon trading is an application of an emissions trading approach. Greenhouse gas emissions re caped and then markets are used to allocate the emissions among the group of regulated sources. There are two distinct types of Carbon Credits: Carbon Offset Credits (COCs) and Carbon Reduction Credits (CRCs). Carbon Offset Credits consist of clean forms of energy production, wind, solar, hydro

34 e- bulletin 34 July 2016 and biofuels. Carbon Reduction Credits consists of the collection and storage of Carbon from our atmosphere through reforestation, forestation, ocean and soil collection and storage efforts. Both approaches are recognized as effective ways to reduce the Global Carbon Emissions crisis. Conclusion Environmental law has developed in response to emerging awareness of and concern over issues impacting the entire world. Environmental law is a very broad area of the law consisting of federal and state statutes, regulations, and case law relating to the prevention and clean-up of contamination of the environment--including the ground, water, and airby chemicals, hazardous wastes, and other pollutants. It is dominated, but not completely controlled, by federal and state governmental agencies. These include the Environmental Protection Agency (EPA), and state agencies. Environmental law also includes private actions which can be brought by citizens to force the clean-up of contamination or pollution. Such suits are provided for in a number of federal statutes. Environmental lawsuits can also be brought under the common law for damages to person or property result in from contamination of water, land, or air, or exposure to harmful substances. ***

35 e-bulletin 35 July 2016 PRACTICE MANUAL To build competency in practical oriented subjects by providing the students with a pool of solved practical problems, Practice Manual for the following papers have been released by the Institute. Cost and Management Auditing (Executive Programme) Company Accounts and Auditing Practices (Executive Programme) Advanced Tax Laws and Practice (Professional Programme) Financial Treasury and Forex Management (Professional Programme) Soft copies of the Practice Manuals are available on ICSI website under the head Academic corner at the link : The students, who wish to procure printed copies, may purchase from sale counters at ICSI Regional offices/ Chapter offices or order it online through e-cart on ICSI website. For any feedback / queries, students may please write at academics@icsi.edu.

36 e- bulletin 36 July 2016 Hindi Books relevant for CS Course Curriculum From Shree Mahavir Publications: Vyavsayik Arthshasttra, Part I, by M D Aggarwal Vyavsayik Vatavaran Avem Udhiamitta by Gupta & Chaturvedi Vyavasayik Prabandh, Neeti shastra Avem Sanchar, by Sharma & Chaturvedi, Vyavasayik Arthashasttra Part II, by S C Sharma, Lekhankan Ke Mool tatv Avem Ankenshan, by P C Gupta & C L Chaturvedi Aarthik Avem Samanaye Vidhi, by Jain & Gupta Prabhandh Lekhanken by M D Aggarwal & N P Aggarwal Lagat Lekhanken by S N Maheshwari & S N Mittal Cost Accounting Theory & Problems by Maheshwari SN & Mittal SN Cost Accounting & Financial Management, by S N Maheshwari & S N Mittal Audhyogik, Shram Avem Samanye Vidhi by Jain & Gupta Pratibhouti Sanniyam Avem Anupalan, by Jain & Gupta Adhunik Bhartiya Company Adhiniyam by M C Kuchhal Adhunik Bhartiya Company Law by M C Kuchhal From Taxmann Publications: Vyaparik Evam Samanya Vidhi by Shubham Aggarwal Bharat Law House: Systematic Approach to Taxation Containing Income Tax & Indirect Taxes by Dr. Girish Ahuja & Dr Ravi Gupta Eastern Book Company: Adminstrative Law (Prashasanik Vidhi) by C K Tekwani Consumer Protection Law (Upbhokta Sanrakshan Vidhi) by S P Gupta Company Law (Company Vidhi) by Avtar Singh Constitution of India (Bharat KaSamvidhan) by EBC Art of Conveyancing and Pleading (Abhivachonon ke Prarooparn aur Abhihastaantarn - lekhan ki kala) by Murli Manohar Systematic Approach to Income Tax, Service Tax & VAT (Hindi Edn.) by Dr. Girish Ahuja ***

37 e-bulletin 37 July 2016 Legal World Landmark Judgement CORPORATE LAWS Kishinchand Chellaram vs Commissioner of Income tax [SC] Civil appeal Nos of 1960 J.C.Shah, S.K. Das & M.Hidayatullah, JJ. [Decided on 19/04/1962] Equivalent citations: 1963 AIR 390; 1963 SCR (2) 268; (1962) 32 Comp Cas 1046(SC). Companies Act,1913 and 1956 dividends declared dividend credited to the accounts of shareholders company later on reversed the declaration of dividend whether dividend declared and credited to the accounts of the shareholders could be reversed Held, No. Brief facts: Though this case relate to income tax on dividends at the hands of the shareholders, the crucial and interesting question which arose, to decide the correctness or otherwise of the taxation, was Whether dividend declared and credited to the account of the shareholders could be reversed by the company by passing a resolution to that effect later on? We are concerned with this aspect of law laid down by the Supreme Court of India. The Appellants Kishinchand Chellaram, Shewakram Kishinchand, Lokumal Kishinchand and Murli Tabilram were the shareholders of the company Chellsons Pvt Ltd at the material time. The company declared dividend for the year , and and also credited the dividend amount to the shareholders account. On December 4, 1947, at an Extraordinary General Meeting another resolution purporting to reverse the earlier resolutions that declared dividends was passed by the company. The ITO considered the dividends as the income of the shareholders and assessed as such. However, the appellants contended that the dividends were not their income as it was reversed by the company. Being unsuccessful they carried their dispute through First appellate authority, Tribunal, High court and ultimately it came before the Supreme Court. Decision: Appeals dismissed. Reason: The only question material to these appeals which was argued by the assessees before the Tribunal was whether it was competent to the company by a subsequent resolution to reverse an earlier resolution declaring the dividend. The Tribunal held that the earlier resolution could not be reversed by a subsequent resolution, and therefore what was paid and received as dividend could not by a subsequent resolution of the company be treated as paid otherwise than as dividend. The High Court held that the assessments were properly made by the Income Tax Officer. They observed that the assessment of an assessee for each year is self- contained and subsequent events cannot justify modification of the assessment. It is common ground that on July 15, 1944 dividend was declared by a resolution of the company and the amounts payable to the assessees were, in fact, credited on September 29, 1944, in the accounts maintained by the company, to each of the shareholders as dividend. The amounts were therefore declared as dividend, treated as dividend and received by the assessees as dividend. The assessees

38 e-bulletin 38 July 2016 included the dividends so credited to their accounts in the returns. It may be assumed that the company failed to provide for payment of tax before declaring dividend and that after providing for payment of tax the net profits of company may not have been sufficient to justify declaration of dividend at 60% of the value of the shares. On that assumption it may be inferred that the dividend or a part thereof was in truth paid out of the capital of the company. Payment of dividend otherwise than out of profits of the year, or other undistributed profits was at the material time prohibited by Art. 97 of Table A- of the Indian Companies Act, 1913 as amended by Act. XXXII of 1936 read with s. 17(2) of the Act; and therefore such payment may be regarded as unlawful. If the Directors of a company have deliberately paid or negligently been instrumental in paying dividend out of capital they may have, in an action by the company-or if the company is being wound up at the instance of the Liquidator- to compensate the company for loss occasioned by their wrongful or negligent conduct. (In' the matter of The Union Bank Allahabad Ltd (1925) I.L.R. 47 All. 669.) In this case we are not concerned with the validity of the distribution of dividend, or the liability of the directors arising out of improper distribution of dividend. We are concerned with the true character of the payment made on September 29, 1944, to the assessees. If dividend is declared and the amount is credited or paid to the share-holders as dividend can the character of the credit or payment be altered by a subsequent resolution so as to alter the incidence of tax which attaches to that amount? It is not necessary to consider in this case whether the shareholders may be compelled by the company to refund the amount improperly paid as dividend out of capital. Even if the shareholders agree to refund the amounts received by them as dividend the original character of the receipt as dividend is not thereby altered. In ascertaining whether liability to pay Income-tax on dividend arose, a resolution of the company whereby payments made to the shareholders as dividend are to be treated as loans cannot retrospectively alter the character of the payment and thereby exempt it from liability which has already attached thereto. Before this Court two contentions were raised by counsel for the assesses : (1) that on the amount received by each of the asseseees tax was not eligible because it was not dividend at all, and (2) that what was declared and paid as dividend ceased to be such by virtue of the subsequent resolution. The first plea was not raised before the Tribunal, and on the question as framed it did not arise for decision on a reference under s. 66 of the Indian Income Tax Act. The jurisdiction of the High Court under s. 66 being advisory, they were concerned to give their opinion on questions which fairly arose out of the order of the Tribunal, and were in fact raised and referred. The question whether the payment made by the Company was not in the nature of dividend not having fairly arisen out of the order of the Tribunal, it cannot be raised in this Court as it could not in the High Court. In any event, we are of the opinion that payment made as dividend by a company to its shareholders does not lose that character merely because it is paid out of capital. Under the Income Tax Act, liability to pay tax attaches as soon as dividend is paid, credited or distributed or is so declared. The Act does not contemplate an enquiry whether the dividend is properly paid credited or distributed before liability to pay Tax attaches thereto. The answer to the second contention for reasons already set out by us must be in the negative. JABAL C.LASHKARI & ORS v. OFFICIAL LIQUIDATOR & ORS [SC] Civil Appeal Nos of 2016 (Arising out of S.L.P. (C) Nos of 2008) with batch of appeals Ranjan Gogoi & Prafulla C. Pant, JJ. [Decided on 29/03/2016]

39 e-bulletin 39 July 2016 Companies Act,1956 read with Bombay Rent Control Act company under liquidation secured creditors willing to pay rent for the leased land to the landlords landlords approached the court to evict the company from the land and return of the land whether their claim tenable Held, No. Brief facts : One Durgaprasad Lashkari (predecessor of the appellants) had leased out land admeasuring 35,772 sq. mtrs. in favour of one Bechardas Spinning and Weaving Mills Ltd. (subsequently known as Prasad Mills Ltd.) for a period of 199 years by a lease deed dated A secured creditor of Prasad Mills Ltd. had in the year 1984 filed a company petition seeking the winding up of the aforesaid Prasad Mills Ltd. While the company petition was pending some of the legal heirs of Durgaprasad Lashkari had filed a suit in the Small Causes Court seeking permanent injunction against the sale of assets of company more particularly the sale of the leased property. An order dated was passed by the learned Company Judge of the Gujarat High Court directing the winding up of Prasad Mills Ltd. and the appointment of an official liquidator. The official liquidator was directed to take charge and possession of all the assets of the company. An application was filed by another heir of Durgaprasad Lashkari in the winding up petition seeking direction to further prosecute the suit pending before the Small Causes Court. The learned Company Judge by order dated ordered that the suit may be withdrawn and instead directions may be sought from the Company Court for return of the leased property. Pursuant thereto a Company Application (C.A. No.462 of 1999) was filed by some of the heirs of Durgaprasad Lashkari for return of the leased property and also for orders restraining the official liquidator from selling/transferring the leased property. While the above Company Application was pending the building, superstructure, plant and machinery of the company was sold in a public auction. It appears that on an advertisement was issued by the official liquidator for the sale of the leased property. As against the aforesaid advertisement, the appellant had filed Company Application No.33 of 2004 for a declaration that the official liquidator had no right to sell the leased property. Another Company Application i.e. C.A. No.34 of 2004 was filed seeking permission from the Company Court to file a suit before the appropriate court for eviction of the official liquidator from the leased property. The learned Company Judge by a very elaborate order dated rejected all the three company applications. Aggrieved, the appellant and other legal heirs of Durgaprasad Lashkari filed three separate appeals before the Division Bench of the High Court. The High Court by a common order dated dismissed all the appeals on grounds and reasons that will be noticed shortly. It is against the aforesaid common order dated that the present appeals have been filed. Decision : Appeal dismissed. Reason : Before cataloguing the arguments advanced on behalf of the rival parties it will be apposite to take note of the reasoning of the High Court which had prompted it to arrive at the impugned conclusions recorded in the order under appeal. Section 12 of the Rent Act confers protection on a tenant who is regularly paying or is ready and willing to pay the rent. In the present case while there is no doubt that rent has not been paid, equally, there is no doubt that the secured creditors including the State Bank of India had all along been ready and willing to pay the rent and the reasons for non-payment appears to be (para 43 of the impugned order of the High Court) lack of communication by the official liquidator to the SBI of the precise amount of rent due. While there can be no doubt that mere readiness and willingness to pay without actual payment cannot enure to the benefit of the tenant in perpetuity what is required under Sub-

40 e-bulletin 40 July 2016 section (2) of Section 12 is a notice in writing by the landlord raising a demand of rent and only on the failure of the tenant to comply with such notice within a period of one month that the filing of a suit for recovery of possession is contemplated. The service of notice giving an opportunity to the tenant to pay the unpaid rent is the first chance/opportunity that the Rent Act contemplates as a legal necessity incumbent on the landlord to afford to the tenant. Admittedly, in the present case, no such notice as contemplated by Section 12 (2) has been issued by the landlord; at least none has been brought to our notice. In such a situation, the readiness and willingness of the tenant to pay the rent, though may have continued for a fairly long time without actual payment, will not deprive the tenant of the protection under the Rent Act. Though the order of the High Court in para 43 of the impugned judgment has been placed before the Court as an order under Section 12(3)(b) of the Rent Act we do not find the said order to be of the kind contemplated by Section 12(3)(b) inasmuch as not only the order does not mention any specific rent which has to be tendered in Court but what is encompassed therein is a direction to the official liquidator to let the State Bank of India know the precise amount that is required to be paid on account of rent and, thereafter, to pay the same to the official liquidator where after it has been left open for the lessors to withdraw the said amount from the official liquidator. Such an order by no stretch of reasoning would be one contemplated under Section 12(3) (b). In the aforesaid situation, the finding of the High Court that the landlord is not entitled to seek eviction on the ground of non-payment of rent under Section 12 of the Bombay Rent Act cannot be said to be so inherently infirm so as to require the interference of this Court. This will bring the Court to a consideration of the liability of the official liquidator to a decree of eviction on the ground contemplated under Section 13(1) (e) of the Bombay Rent Act. As already discussed in a preceding paragraph of the present order, the non obstante clause of Section 13 (1) overrides only the other provisions of the Bombay Rent Act and is also subject to the provisions of Section 15, which deals with sub-letting and transfer, though overrides the provisions contained in any other law, is subject to any contract to the contrary. Though in the present case the lease deed (clause 7) is capable of being read as permitting sub-letting and not assignment what has been held in the present case by the High Court, by virtue of the decision of this Court in Laxmidas Bapudas Darbar v. Rudravva 2001 (7) SCC 409, is that in view of the limited operation of the non obstante clause in Section 15 of the Bombay Rent Act, unlike Section 21 of the Karnataka Act, the provisions of the Transfer of Property Act [Section 118 (o)] will not become irrelevant to the relationship between the parties in which event assignment may also be permissible notwithstanding the specific content of clause 7 of the lease deed in question. However, we need not dwell on this issue at any length or would also be required to consider the efficacy of the arguments of the learned Additional Solicitor General on the strength of the two Privy Council decisions mentioned above i.e. Hans Raj vs. Bejoy Lal Sel and Ram Kinkar Banerjee vs. Satya Charan Srimani, AIR 1939 PC 14 inasmuch as from Company Application No. 34 of 2004, which deals with the claim of the appellants for eviction of the official liquidator from the leased property, what is clear and evident is that the case of sub-letting of the leased premises on which basis eviction has been prayed for is not sub-letting/assignment by the official liquidator but assignment of the leased premises to Prasad Mills by the original managing agents in whose favour the initial lease was executed by the predecessors of the present owners. The ground of unauthorized and impermissible assignment by the official liquidator on the strength of the notice/advertisement for disposal of the leased land thereby making the said authority liable for eviction is an argument advanced only at the hearing of the appeals before us. That apart the said argument overlooks the fact that the assignment was only sought to be made by the advertisement/notice issued and did not amount to a completed action on the part of the official liquidator so as to attract the relevant provisions of the Bombay Rent Act dealing with the consequential liability for eviction. Such argument also belies the injunctive/prohibitory relief sought

41 e-bulletin 41 July 2016 for in the Company Applications, as already noticed, insofar as the contemplated sale/transfer/assignment of the leased property by the official liquidator is concerned. The arguments advanced on the strength of the provisions of Section 19 of the Bombay Rent Act would also stand answered on the above basis. Insofar as liability under Section 13(1) (k) of the Bombay Rent Act is concerned what is to be noticed is the requirement of unjustified non-user for a period exceeding 6 months which evidently is not be attracted to the present case in view of the pendency of the liquidation proceedings. That apart, Clause 5 of the lease deed which deals with non-user of the leased land does not contemplate eviction on account of such non-user but merely entitles the lessor to receive rent for the period of such nonuser of the land. The mere fact that the company has been ordered to be wound up cannot be a ground to direct the official liquidator to handover possession of the land to the owners inasmuch as the company in liquidation continues to maintain its corporate existence until it stands dissolved upon completion of the liquidation proceedings in the manner contemplated by the Companies Act. In the present case it has been repeatedly submitted before this Court by both sides that presently revival of Prasad Mills is a live issue pending before the Gujarat High Court, a fact which cannot be ignored by this Court in deciding the above issue against the appellants. For the aforesaid reasons we affirm the order of the High Court. GENERAL LAWS EITZEN BULK A/S v. ASHAPURA MINECHEM LTD & ANR [SC] Civil Appeal Nos of 2016 (Arising out of SLP (C) Nos of 2011) with two connected appeals Fakkir Mohamed Kalifulla & S.A. Bobde, JJ. [Decided on 23/05/2016] Arbitration and Conciliation Act, 1996 seat of arbitration was London and governing law of the contract was English law foreign award execution thereof in India whether Indian courts have jurisdiction to entertain the challenge to the execution of foreign award Held, No. Brief facts: The dispute in these appeals, arises out of the Contract of Affreightment dated (hereinafter referred as `the Contract ). Eitzen Bulk A/S of Denmark (hereinafter referred to as `Eitzen ) entered into the contract with Ashapura Minechem Limited of Mumbai (hereinafter referred to as `Ashapura ) as charterers for shipment of bauxite from India to China. The Charter party contained an Arbitration Clause under which the seat of arbitration was London and the governing law was English law. Disputes having arisen between the parties, the matter was referred to Arbitration by a sole Arbitrator. The Arbitration was held in London according to English Law. Ashapura Minechem was held liable and directed to pay a sum of 36,306,104 US$ together with compound interest at the rate of 3.75 % per annum. In addition they were directed to pay 74,135 US$ together with compound interest at the rate of 3.75% per annum and another sum of 90, Pounds together with compound interest at the rate of 2.5% per annum vide Award of the Sole Arbitrator dated When Eitzen sought to enforce the award in India, Ashpura moved Gujarat High court and Bombay high court for the stay of the execution of award on the ground that Part 1 of Indian Arbitration and Conciliation Act, 1996 is not excluded. Gujarat High Court stayed the execution while Bombay High court refused to stay the proceedings holding that Part 1 of Indian Arbitration and Conciliation Act, 1996 excludes Indian courts to interfere in the execution.

42 e-bulletin 42 July 2016 We thus have, on the one hand, the decision of the Gujarat High Court holding that a Court in India has jurisdiction under Section 34 to decide objections raised in respect of a Foreign Award because Part I of the Arbitration Act is not excluded from operation in respect of a Foreign Award and on the other, a decision of the Bombay High Court holding that Part I is excluded from operation in case of a Foreign Award and thereupon directing enforcement of the Award. The decisions of the Gujarat High Court are questioned by Eitzen by way of SLP (C) Nos /2011. The decisions of the Bombay High Court are questioned by Ashapura by way of SLP (C) Nos /2016. Interim order dated passed by the High Court of Judicature at Bombay in Notice of Motion No of 2009 in Arbitration Petition No. 561 of 2009 is under challenge in appeal arising out of SLP (C) No of Decision : Bombay High Court s decision upheld. Reason : Thus, the main question on which contentions were advanced by the learned counsel for the parties is whether Part I of the Arbitration Act is excluded from its operation in case of a Foreign Award where the Arbitration is not held in India and is governed by foreign law. Clause 28, which is the Arbitration Clause in the Contract, clearly stipulates that any dispute under the Contract is to be settled and referred to Arbitration in London. It further stipulates that English Law to apply. The parties have thus clearly intended that the Arbitration will be conducted in accordance with English Law and the seat of the Arbitration will be at London. The question is whether the above stipulations show the intention of the parties to expressly or impliedly exclude the provisions of Part I to the Arbitration, which was to be held outside India, i.e., in London. We think that the clause evinces such an intention by providing that the English Law will apply to the Arbitration. The clause expressly provides that Indian Law or any other law will not apply by positing that English Law will apply. The intention is that English Law will apply to the resolution of any dispute arising under the law. This means that English Law will apply to the conduct of the Arbitration. It must also follow that any objection to the conduct of the Arbitration or the Award will also be governed by English Law. Clearly, this implies that the challenge to the Award must be in accordance with English Law. There is thus an express exclusion of the applicability of Part I to the instant Arbitration by Clause 28. In fact, Clause 28 deals with not only the seat of Arbitration but also provides that there shall be two Arbitrators, one appointed by the charterers and one by the owners and they shall appoint an Umpire, in case there is no agreement. In this context, it may be noted that the Indian Arbitration and Conciliation Act, 1996 makes no provision for Umpires and the intention is clearly to refer to an Umpire contemplated by Section 21 of the English Arbitration Act, It is thus clear that the intention is that the Arbitration should be conducted under the English law, i.e. the English Arbitration Act, It may also be noted that Sections 67, 68 and 69 of the English Arbitration Act provide for challenge to an Award on grounds stated therein. The intention is thus clearly to exclude the applicability of Part I to the instant Arbitration proceedings. This is a case where two factors exclude the operation of Part I of the Arbitration Act. Firstly, the seat of Arbitration which is in London and secondly the clause that English Law will apply. In fact, such a situation has been held to exclude the applicability of Part I in a case where a similar clause governed the Arbitration. In this clause 28 in the present case must be intended to have a similar effect that is to exclude the applicability of Part I of the Indian Arbitration and Conciliation Act since the parties have chosen London as the seat of Arbitration and further provided that the Arbitration shall be governed by English Law. In this case the losing side has relentlessly resorted to apparent remedies for stalling the

43 e-bulletin 43 July 2016 execution of the Award and in fact even attempted to prevent Arbitration. This case has become typical of cases where even the fruits of Arbitration are interminably delayed. Even though it has been settled law for quite some time that Part I is excluded where parties choose that the seat of Arbitration is outside India and the Arbitration should be governed by the law of a foreign country. We are thus of the view that by Clause 28, the parties chose to exclude the application of Part I to the Arbitration proceedings between them by choosing London as the venue for Arbitration and by making English law applicable to Arbitration, as observed earlier. It is too well settled by now that where the parties choose a juridical seat of Arbitration outside India and provide that the law which governs Arbitration will be a law other than Indian law, part I of the Act would not have any application and, therefore, the award debtor would not be entitled to challenge the award by raising objections under Section 34 before a Court in India. A Court in India could not have jurisdiction to entertain such objections under Section 34 in such a case. TAX LAWS C.C.E., RAIGAD v. ISPAT METALLICS INDUSTRIES LTD & ORS [SC] Civil Appeal No of 2008 with Civil Appeal No.8557 of 2015 A.K. Sikri & Rohinton Fali Nariman, JJ. [Decided on 06/05/2016] Central Excise Act procurement of common raw material under a tripartite agreement transfer of materials between sister concerns whether the transaction is a sale liable to duty afresh Held, No. Brief facts : Ispat Industries Limited (hereinafter referred to as the IIL ) and Ispat Metallics Industries Ltd. (hereinafter referred to as the IMIL ) are sister concerns having factories adjacent to each other. The principal raw material for manufacture for both these companies is iron ore pellets. The said pellets were purchased from Mandovi Pellets and Essar Steel Limited. These were carried to the factory of IIL. Credit was availed by IIL of the duty paid on the entire quantity so procured. As and when required by the sister company IMIL, pellets were transferred through a conveyor from IIL s plant to IMIL s premises under cover of an invoice and on reversing an amount equal to the Cenvat credit availed on inputs that were so transferred. In addition to such invoices, IIL also raised debit notes on IMIL for recovering actual expenditure incurred by it in relation to the procuring of such iron ore pellets, such as bank commission, interest, etc. The commissioner considered the above transfer as sale and imposed duty while the Tribunal reversed the decision and held that the transaction was a transfer between sister concerns and not a sale. Revenue appealed to the Supreme Court. Decision : Appeal dismissed. Reason : The Tribunal being the last forum of appreciation of facts has held that transfer of iron ore pellets by IIL to IMIL was not a sale of goods but was only a transfer of raw materials procured under the Tripartite Agreement between the two of them and the supplier of the said pellets. This is a pure finding of fact and the appellant has not been able to dislodge this finding of fact. This being the case, the application of the circular of becomes important. A reading of this circular makes it clear that a distinction is made between inputs on which credit has been taken which are removed on sale, and those which are removed on transfer. If removed on sale, transaction value on the application of Section 4(1) (a) of the valuation rules is to be looked at.

44 e-bulletin 44 July 2016 However, where the goods are entirely transferred to a sister unit, it is reasonable to adopt the value shown in the invoice on the basis of which Cenvat Credit was taken by the assessee i.e. the invoice of the supplier of the pellets to the assessee. As it is clear that the present is a case of transfer and not sale of pellets, no infirmity can be found with the Tribunal s judgment, which only follows the circular dated In addition, the Tribunal was also correct in holding that post manufacturing expenses cannot be loaded on to the amount equal to the duty of excise leviable on such goods as this amount would, then, cease to be an amount equal to the duty of excise but would be something more. On both these counts therefore, we find that the Tribunal is justified in its finding on law, which is based on its finding of fact that the present is a case of transfer and not sale. This being the case, it is unnecessary to consider any of the other submissions made by the learned counsel including the point of limitation. The appeals are, accordingly, dismissed. ***

45 e-bulletin 45 July 2016 Student-ICSI Academic CONNECT Students may clarify their subject specific academic queries related to study material between 2.00 p.m. to 3.00 p.m. on all working days (Monday- Friday) at Students may also write their academic queries on ह ह ( ह २.०० ३.०० ) ह ई- academics@icsi.edu ह Dear Students, We are pleased to share that with a view to update the students on important developments on daily basis, the Institute has initiated News Headlines on the Academic corner of the Institute s website Students are requested to take advantage of this new initiative. Our best wishes for all your endeavors. Team ICSI

46 E-BULLETIN 1 January 2016 e-bulletin 46 July 2016 Examination 1. DECLARATION OF JUNE, 2016 EXAMINATION RESULTS The results of Professional Programme (Old/ New Syllabus) and Executive Programme examinations held in June, 2016 are tentatively to be declared in the month of August, The date of declaration of the result would be announced on the website of the Institute ( The results along with individual candidate s subject-wise break-up of marks would be made available on Institute s website after the declaration of results. 2. ISSUING OF MARKS-SHEETS OF JUNE, 2016 EXAMINATION According to the decision taken by the Institute, the dispatch of Result-cum-Marks Statements for Executive Programme Examination in physical form has been discontinued. Instead formal E-Result-cum-Marks Statements for Executive Programme Examination June, 2016 would be uploaded on the website: for downloading by the students for their reference, use and records. However, the Result-cum-Marks-Statements of Professional Programme would continue to be issued in physical form. 3. ANNOUNCEMENT REGARDING MERIT SCHOLARSHIP AND MERIT-CUM-MEANS ASSISTANCE IN RESPECT OF JUNE, 2016 EXAMINATIONS ATTENTION STUDENTS APPEARED IN JUNE, 2016 EXAMINATIONS The Institute awards Merit Scholarships and Merit-cum-Means Assistance to students for pursuing Executive Programme and Professional Programme on the basis of their meritorious performance in the examinations and on merit-cum-need basis on their passing Foundation Programme and Executive Programme examinations respectively, as per the criteria stipulated under the Merit Scholarship (Company Secretaryship Course) Scheme, 1983 and Merit-cum-Means Assistance (Company Secretaryship Course Scheme), MERIT SCHOLARSHIP In pursuance of para 7 of the Merit Scholarship (Company Secretaryship Course) Scheme, 1983, 25 numbers of scholarships are awarded each for Executive Programme and Professional Programme Course per session only to registered students, purely in order of merit, from amongst the candidates who appeared and passed in all the subjects of their respective examination, at first attempt, in one sitting, without claiming exemption in any subject, on all-india basis and subject to fulfilling other terms and conditions as stipulated in the said scheme. Accordingly, students who pass the Foundation Programme/Executive Programme Examination in June, 2016 and fulfill the conditions prescribed under the guidelines are eligible for award of Scholarship.

47 e-bulletin 47 July 2016 MERIT-CUM-MEANS ASSISTANCE In pursuance of para 8 of the Merit-cum-Means Assistance (Company Secretaryship Course) Scheme, 1983, 25 numbers of financial assistance are awarded each for Executive Programme and Professional Programme Course per session only to registered students. According to the scheme, a candidate has to apply in the prescribed form which can be downloaded from Institute s website: OR obtained from the Institute free of cost by sending a self-addressed stamped envelope, and submit his/her application within the specified date as notified from time to time. Any candidate applying for financial assistance should have passed the Foundation Programme/Both the Modules of Executive Programme Examination, at first attempt, in one sitting, without claiming exemption in any subject. If the candidate is employed or having an independent source of income, in that case his/her income should not be more than Rs. 2,40,000 per annum and if he/she is dependent on his/her parents/guardian/spouse, then the combined income from all sources should not be more than Rs. 3,60,000 per annum and also subject to fulfilling other terms and conditions as stipulated in the said scheme. A separate notification inviting applications for award of Merit-cum-Means Assistance is being published elsewhere in this issue.

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75 e-bulletin 75 July 2016 Attention: Students CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE FOR STUDENTS The Institute launched the Corporate Compliance Executive Certificate in terms of Chapter IVA (Regulation 28A & 28B) of the Company Secretaries Regulations, 1982 on 4th October, ELIGIBILITY FOR AWARD OF CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE A person who is currently registered as a student of the Company Secretaryship course of the Institute; has completed at least one group of the Intermediate/Executive Programme Examination of the Company Secretaryship Course, and has completed a training of Six months under Regulation 28A of the Company Secretaries Regulations, 1982, which may include skill oriented practical /class room training for two weeks. PROCEDURE An eligible student may apply for award of Corporate Compliance Executive Certificate by submitting an application in specified format (available on the website of the Institute after making payment of a fee of Rs (two thousand only), either in cash (at counters of the Institute across the county) or by way of Demand Draft in favour of The Institute of Company Secretaries of India payable at New Delhi. STATUS OF HOLDER OF CORPORATE COMPLIANCE EXECUTIVE CERTIFICATE The student who is awarded Corporate Compliance Executive Certificate of the Institute shall be entitled to use the descriptive letters Corporate Compliance Executive. The grant of Certificate of Corporate Compliance Executive Certificate shall not confer on the Corporate Compliance Executive the rights of a member, nor entitle him to claim membership of the Institute. VALIDITY OF CERTIFICATE The Corporate Compliance Executive certificate is valid for a period of three years (financial years) and is renewable on completion of four Programme Credit Hours (PCH) and payment of requisite fee as the Council may determine from time to time. OTHER DETAILS The student shall have to complete the course of Corporate Compliance Executive Certificate including the training requirements within the registration period. The student having awarded the Corporate Compliance Executive Certificate may continue to pursue the regular Company Secretaryship course if he so desires. Except to the extent provided in this Chapter IVA (Regulations 28A & 28B) of the Company Secretaries Regulations, 1982 or as decided by the Council from time to time, regulations in Chapter IV and VI relating to Registered Students and Examinations shall mutatis-mutandis apply to the Corporate Compliance Executive Certificate Course. A student after having awarded the Corporate Compliance Executive Certificate shall secure four Programme Credit Hours (PCH) for renewal of Corporate Compliance Executive Certificate. There shall be no exemption from training. Brochure and application form are available at CCEC section on website of the Institute For queries please write at ccec@icsi.edu or contact on phone number

76 e-bulletin 76 July 2016 Attention: Students LICENTIATE - ICSI Regulation 29 & 30 under Chapter-V of the Company Secretaries Regulations, 1982 provides for Licentiate ICSI. ELIGIBILITY FOR AWARD OF LICENTIATE ICSI A person who - has completed the Final examination or Professional Programme examination conducted by the Institute may, within six months from the date of declaration of results in which he has passed the Final examination or Professional Programme examination can apply for enrollment as a licentiate - the Council, however, may condone the delay in applying for licentiateship by any person for reasons to be recoded in writing. PROCEDURE An eligible student may apply for enrollment as Licentiate ICSI by submitting an application in prescribed form ST-8 alongwith annual subscription of Rs. 1000/- in cash (at counters of the Institute across the country) or by way of Demand Draft in favour of The Institute of Company Secretaries of India payable at New Delhi along with copies of date of birth, professional programme pass certificate and graduation certificate/ foundation pass certificate duly attested by any member of the Council/Regional Council/Satellite Chapter of the Institute or any Officer of the Institute. STATUS OF LICENTIATES - The person enrolled as a Licentiate of the Institute shall be entitled to use the descriptive letters Licentiate ICSI to indicate that he has qualified in the Final examination or Professional Programme examination of the Institute. - The grant of licentiateship shall not confer on such licentiate any rights of a member nor entitle him to claim any form of membership of the Institute or its Regional Council or Chapter, as the case may be. - The licentiate may be permitted to borrow books from the library of the Institute, Regional Council or Chapter or participate in the activities of the Institute, its Regional Council or Chapter as the case may be, subject to such conditions as may be imposed by the Council, Regional Council or Chapter, as the case may be. VALIDITY OF CERTIFICATE - A licentiate shall not ordinarily be eligible to renew his enrolment for more than five years after passing the Final Examination or Professional Programme examination. OTHER DETAILS - The Licentiate will be provided Chartered Secretary Journal of the Institute free of cost. - The student enrolled as a Licentiate ICSI may apply for ACS Membership on attaining the eligibility for ACS by surrendering his Licentiateship. - A Licentiate may apply in the prescribed form for exemption from training requirements (except MSOP) along with the requisite documents of work experience. emsop can be undergone through online mode by the eligible candidates for acquiring ACS Membership. - The annual licentiate subscription becomes due and payable on the first date of April every year and nonpayment of annual subscription on or before the thirtieth of June of a year shall disentitle the person to use the descriptive letters Licentiate ICSI from 1st July of that year, until his annual subscription for the year is received by the Institute. - The name of the person so disentitled shall be published in the Journal. For queries, please write at licentiate@icsi.edu or contact on phone number ***

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82 e-bulletin 82 July 2016 Programme to be conducted on the eve of JULY, 2016 as Students Month by SIRC Sl.No. Activities to be undertaken Date of the event 1 Commencement of Class Room Teaching for Executive Programme for December 2016 examination Student-Parent Induction Programme Van Mahotsav Divas (Plantation of tress) 4 Career Awareness Programme at St.Joseph College, Cuddalore 5 Commencement of Class Room Teaching for Professional Programme (week-end) for December 2016 examination Campus Placement programme Commencement of Class Room Teaching for Foundation Programme for December 2016 examination th Moot Court Competition Chennai Round days e-governance programme to Students Study Circle Meeting Webcast programme for students on important topics from examination point of view Oral Coaching Faculty Meeting Swachh Bharat Abiyan Soft skills development Programme for students July, Issue of Press Release on CS Olympiad 16 Full time Class Room Teaching for Executive Programme for June 2017 examination

83 e-bulletin 83 July 2016 Class Room Teaching at SIRC The Institute of Company Secretaries of India Southern India Regional Office is commencing Oral Coaching Classes for Executive Programme Both Modules for December 2016 examination from 7th July, 2016 Executive Programme : Date of commencement: Module-II (Morning) Fees Module-I (Evening) Fees : Rs.5600 : Rs.6100 For further details please contact: SIRC OF THE ICSI 9, Wheat Crofts Road Nungambakkam, Chennai Phone: (044) , siro@icsi.edu Class Room Teaching at SIRC The Institute of Company Secretaries of India Southern India Regional Office is commencing Oral Coaching Classes for Professional Programme for December 2016 examination from 9th July, ALL MODULES : WEEK-END CLASSES (Saturdays and Sundays) FOR DECEMBER 2016 EXAMINATION Date of commencement: Fees: Rs.6100/- per module For further details please contact: SIRC OF THE ICSI 9, Wheat Crofts Road Nungambakkam, Chennai Phone: (044) , siro@icsi.edu;

84 e-bulletin 84 July 2016

85 e-bulletin 85 July 2016

86 e-bulletin 86 July 2016