PEER REVIEW AWARENESS WEEK 10-15 JUNE 2019 - ICSI

Monthly • Volume XXXVIII • Page 1-24 • No.06 • June, 2019

National Best Regional Council (2004, 2007, 2008, 2009, 2010, 2011, 2013, 2014, 2015 & 2016)

PEER REVIEW AWARENESS WEEK

10-15 JUNE 2019

NIRC-ICSI

NIRC - ICSI Newsletter | June 2019 2

From the Chairman

Chairman CS SARIN GURVINdER SINGh 9814685649

Vice-Chairman CS PANdEY SURESh 9968300649

Secretary CS GUPTA VIMAL KUMAR 9983324282

Treasurer CS dAGA SUSShIL 9829689999

Members(in alphabetical order)

CS GUPTA AMIT 9415005108

CS GUPTA BhUPESh 9815605702

CS GUPTA SURYA KANT 9711848828

CS hARBOLA hIMANShU 9818993836

CS KALIA SAURABh 9810979440

CS KOhLI MONIKA 9810480983

CS ShUKLA VINAY 9810624262

CS SUhAG dEVENdER 8130586611

Ex-officio Members CS ChAUdhARY VINEET K. 9811577123

CS ChAWLA N.P.S. 9958535300

CS GUPTA MANISh 9212221110

CS MEhTA hITENdER 9811510775

CS PANdEY RANJEET 9810558049

Regional Director ShRI K. C. KAUShIK 011-49343002

Research Associates dr. BhOLE ShANKAR SIKhWAL 9690144491

ThE REGIONAL COUNCIL

help desk of NIRC-ICSI011-49343000niro@icsi.edu

MEMBERS Of ExPERT AdVISORY for NIRC-ICSI Newsletter-Insight

CS Harish K. Vaid - 9810188683CS N.K. Jain - 9818348811CS Ilam C Kamboj - 9810198429CS G P Madaan - 9810530312CS (Dr.) S Chandrasekran - 9871529529CS P.K. Rustagi - 9811652010CS (Prof ) J P Sharma - 9910401777

MEMBERS Of EdITORIAL AdVISORY BOARd for NIRC-ICSI Newsletter-Insight

CS Shweta Dixit - 9891318222CS Harish Kumar - 9871042232CS Manoj Kumar - 9910688433CS Aishwarya Mohan Gahrana - 9650338103CS Divesh Goyal - 8130757966

Printed & Published by :Mr. K. C. Kaushik for and on behalf of Northern India Regional Council of the Institute of Company Secretaries of India 4, Prasad Nagar Institutional Area, New Delhi-110005; E-mail: niro@icsi.edu; Phones: 49343000; Fax: 25722662; Printed at : KT Printers 18/114 C, Street No.3, East Moti Bagh, Sarai Rohilla, Delhi -110007; Published at: NIRC-ICSI, 4, Prasad Nagar instl. Area, New Delhi.

dear Professional Colleagues,

Greetings from NIRC

“Professionalism is not about what work you do, it is about how well you do the work.”

As we all are aware that on 15 June, 1988, the Company Secretaries in Practice were accorded recognition for certifying the Annual Returns under the erstwhile Companies Act, 1956. This day (15th June) became the first mile stone in the development of the practising side of the profession of Company Secretaries in India.

NIRC had taken pleasure in celebrating this day as ‘PCS day’ and celebrated PCS week from 15.06.2019 to 22.06.2019. During this month ICSI has also observed the PEER REVIEW WEEK from 10-15 June 2019 to create the awareness about the Peer Review. NIRC is committed to create the awareness about the Peer Review among the members. Therefore, FAQ on PEER REVIEW is published in this edition of the News Letter to have handful information about the PEER REVIEW.

In continuous efforts to achieve the desired results one has to be updated all around and the professional world is full of challenges, as day-in and day-out lots of development and amendments are taking place. Keeping all this in the mind, NIRC-ICSI is providing best possible services to all the stakeholders either in form of the learning, capacity building and skill development opportunities by organising series of quality professional development programmes and by continuous improving infrastructure. Detailed efforts of the NIRC to achieve targets of the development are as under:-

From the Chairman

SKILL SET dEVELOPMENT Of ThE MEMBERS & STUdENTS:

During the month various programme were organised to improve professional, legal, management and representational Skills of students & members. Details of programme are listed separately.

Further under this endeavour your Regional Council has approved the “MASTER CLASSES SChEME” for all the chapters of NIRC-ICSI irrespective of the grading of the chapter. In this scheme any chapter may organise maximum two programmes (One on NCLT/NCLAT and second on Company Law) under this scheme on self-sustain basis and in case of deficit, maximum reimbursement from NIRC-ICSI will be limited to Rs. 25,000/- per programme. These steps not only improve the skill set of the members, but also steps towards the hand holding of the Chapters.

INfRASTRUTURE dEVELOPMENT:

NIRC has taken various steps to improve the Infrastructure of NIRC as well as of the chapters. Proposals of Allahabad, Alwar, Bhilwara, Jodhpur, Modinagar, Bareilly, Faridabad, Ghaziabad, Gurgaon were considered and recommended to the Head Quarter. Further to improve infrastructure of the NIRC detailed programme were approved by the Purchase, Infrastructure, Budget proposals were and Dispose-Off Committee of NIRC-ICSI . Further after the approval of the Regional Council and HQ, same will be implemented within 3-4 months .

TRAINING ANd PLACEMENT dEVELOPMENT:

Towards this initiative various student training programmes were undertaken during the month of June, 2019.Details of programmes is listed separately. Further during the month NIRC has organized one Campus Placement of Students for 15 Months Training/ Modified Training Structure.

BRANd BUILdING dEVELOPMENT:

Your Regional Council considered and deliberated on compulsory adoption of the SS-I for the Meetings of the Management Committees & sub committees of the Management Committees by all the Chapters of NIRC-ICSI for the Meetings scheduled with effect from 1stday of July, 2019 and recommendation to the ICSI HQ to make compulsory adoption of SS-I for the Meetings of all the Chapters and the Regions to ensure better compliances, transparency , good governance and smooth functioning of the Chapters and Regions .

Therefore, all the chapters of NIRC-ICSI were advised to

adopt SS-I for the Meetings of Management Committees & sub committees of the Management Committees which are scheduled with effect from 1st day of July, 2019 and recommendation was also send to the Council of ICSI to consider compulsory adoption of SS-I for the Meetings of all the Chapters and Regions to ensure better compliance, transparency, good governance and smooth functioning of Chapters and the Regions in Pan India. This is one of the major step taken by NIRC towards the Brand Building of ICSI.

hEALTh ANd SOCIAL SECURITIES dEVELOPMENT:

In order to encourage more and more members of the Institute under the security umbrella of CSBF, the NIRC has observed May 2019 as ‘CSBF Month’ throughout the Northern Region. All the chapters of NIRC- ICSI were sensitised and were requested to set-up camps during the programmes for enrolment and dissemination of information. The NIRC has also come out with informative brochures and detailed ppt on the subject.

Further, NIRC is planning to make the ICSI-NIRC Newsletter more informative and useful for our members. Hence, we take this opportunity to invite all of you to join hands with NIRC in this initiative and contribute articles on contemporary issues i.e. Legal Updates, FAQs and Checklists on various matters relating to the Corporate Laws for the purpose of publishing the same in the NIRC Newsletter. Please send your valuable suggestion(s) , if any at chairman.nirc@icsi.edu. or chairmannirc2019@gmail.com. Let’s take a pledge to take the Profession of Company Secretaries to greater heights and glories.

Lastly, I am concluding my address with the quote of one of the greatest actor, super star & living legend Mr. Amitabh Bachchan :

“As a professional, I cannot afford to be complacent.”

CS G S SarinChairmanNIRC-ICSI

Article

Recently, it has come to the notice of various stakeholders that the Ld. Registrar of Companies, NCT of Delhi and Haryana (ROC) is not taking on record the Form SH-7 filed in respect of re-classification of authorised share capital of the companies stating the same invalid in law which implies that the Ld. ROC is of the opinion that the provisions of the Companies Act, 2013 does not allow re-classification of authorised share capital and hence the resolutions passed for reclassification of share capital are invalid. The said view taken by ROC has raised an interesting question of law for extensive debate and discussion.

The present Article is an attempt to discuss and analyse the law on subject and to reach a just and fair proposition of law, as was already in existence, under the provisions of Companies Act, 1956.

INTROdUCTION The Authorised Capital Clause in Memorandum of Association of a Company is one of the most important clauses as it denotes the maximum amount of capital that can be raised by a Company. Section 2(8) of the Companies Act, 2013 defines the ‘Authorised Capital’ as such capital which is authorised by the memorandum of a Company to be the maximum amount of share capital of the Company. Since the capital is a most important ingredient for running a Company, therefore, the provisions relating to authorised as well as other types of share capital have been provided in the all previous enactments including Companies Act, 1956. One of such provision provided under the Companies Act, 1956 was the power of a limited Company to alter its share capital which has been given under section 94 of the aforesaid Act. Since, the Companies Act, 2013 has adopted most of the provisions of the Companies Act, 1956, amending them to the extent necessary to cover the grey areas under the erstwhile Companies Act, 1956, it has also adopted the provisions of section 94 in new section 61 with certain changes.

COMPARISON - SECTION 94 Of ThE COMPANIES ACT, 1956 VS. SECTION 61 Of ThE COMPANIES ACT, 2013As stated herein above, Section 94 of the erstwhile Companies Act, 1956 provided the provisions relating to alteration of the authorised share capital of a Company. Section 61 of the Companies Act, 2013 is corresponding to section 94 of the erstwhile Companies Act, 1956 and hence provides the provisions relating to alteration of authorised share capital of a Company. On comparing the provisions of Section 61 of the Companies Act, 2013 with provisions of Section 94 of the erstwhile Companies Act, 1956, it can be concluded that provisions of both the sections are same barring certain changes. Both section 94 of the erstwhile Companies Act, 1956 and Section 61 of the Companies Act, 2013 have been reproduced herewith for ready reference:

Reclassification of Authorised Share Capital- the dilema Under the Act & Authorities

Ms. Preeti Arora | Practising Company Secretary | preetivarora@gmail.comMr. Ravi Kumar, ACS | Assistant Manager- En Pointe Adwisers LLP | ravi@enpointeadwisers.com

Section 94 of the Companies Act, 1956

Section 61 of the Companies Act, 2013

94. POWER OF LIMITED COMPANY TO ALTER ITS SHARE CAPITAL

(1) A limited company having a share capital, may, if so authorised by its articles, alter the conditions of its memorandum as follows, that is to say, it may –

(a) increase its share capital by such amount as it thinks expedient by issuing new shares;

(b) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;

(c) convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-up shares of any denomination;

(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;

(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

(2) The powers conferred by this section shall be exercised by the company in general meeting and shall not require to be confirmed by the Court.

(3) A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Act.

61. POWER OF LIMITED COMPANY TO ALTER ITS SHARE CAPITAL(1) A limited company having a share capital may, if so authorised by its articles, alter its memorandum in its general meeting to—

(a) increase its authorised share capital by such amount as it thinks expedient;

(b) consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares:*Provided that no consolidation and division which results in changes in the voting percentage of shareholders shall take effect unless it is approved by the Tribunal on an application made in the prescribed manner;(c) convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-up shares of any denomination;(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;

(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

(2) The cancellation of shares under sub-section (1) shall not be deemed to be a reduction of share capital.

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

Article

POSITION UNdER ThE PROVISIONS Of COMPANIES ACT, 1956 fOR RE-CLASSIfICATION Of AUThORISEd ShARE CAPITAL Re-classification of authorised share capital is one of way of alteration of authorised share capital which has been in existence since ages. The Companies used to pass a resolution under section 94(1)(e) of the Companies Act, 1956 thereby diminishing the amount of authorised share capital which have not been taken or agreed to be taken by any person and simultaneously increasing the authorised share capital under section 94(1)(a) of the Companies Act, 1956 with share capital of different class thus re-classifying their authorised share capital. The provisions in this regard were quite clear and even Ministry of Corporate Affairs (MCA) and the Registrar of Companies had admitted the above legal position and procedure. The above fact is quite clear from the fact that the concerned Registrar of Companies had taken the resolutions passed in this regard on record. Even the e-Form 5, which used to be filed for alteration of share capital, contains a check-box for re-classification, thereby allowing the companies to file intimation for re-classification of their authorised share capital.

In this regard, it is pertinent to go through one circular issued by the then Department of Companies Affairs (DCA) which was issued as follows:

“Query: A company passed two resolution under clauses (e) and (a) respectively of sub-section 94 diminishing the authorised capital by the cancellation of a class of its unissued shares and creating at the same time in lieu thereof unclassified shares of the same denomination. No increase in the original authorised share capital was thus affected. The question for consideration is whether the creation of such new shares, concurrently with the cancellation of certain unissued share capital of a company, should be deemed to be “increase” in the authorised capital of the company over the reduced authorised capital (due to cancellation of shares) and if so, whether the company should be called upon top pay registration fees thereof at the time of reporting the transaction in Form 5 and 6 of the Companies (Central Government’s) General Rules and Forms.

Answer: In such a transaction, so long as the original authorised capital, on which the company had already paid the prescribed fees under the Companies Act, is not exceeded, the Company should not be called upon to pay any further fees. It would, however, be required to file both Form Nos. 5 and 6 to facilitate completion of the records of the Registrar. (Circular No. 8/13(94)/59-PR, dated 12.2.1960).”

On perusal of the text of the above circular, it is blatantly clear that MCA had admitted the true legal position on section 94 (1)(e) and (a) of the Companies Act, 1956 and admitted that the re-classification of share capital is within the preview of section 94 of the Companies Act, 1956. It is worth to be noted here is that till the enactment of the Companies Act, 2013 and even after the enactment of the Companies Act, 2013, MCA has not issued any circular, notification or any other clarification which is contrary to the aforesaid legal position.

hAS ThE POSITION UNdER ThE COMPANIES ACT, 2013 ChANGEd??On perusal of the provisions of section 61 of the Companies Act, 2013, it becomes evident that the aforesaid legal provisions of section 94(1)(e) and section 94(1)(a) of the Companies Act, 1956 have been adopted

under section 61 (1) (e) read with section 61(1)(a) of the Companies Act, 2013 and hence, pursuant to the aforesaid provisions of the Companies Act, 2013 a Company may diminish the amount of its authorised share capital by cancelling shares which at the date of passing of resolution has not been taken by the share holders of the Company and may further increase the share capital by shares of any other kind. The said position has even been admitted by the MCA and ROC even after the commencement of Companies Act, 2013 as the provisions of section 61 (1) (e) read with section 61(1)(a) of the Companies Act, 2013 are similar to section 94(1)(e) and section 94(1)(a) of the Companies Act, 1956 and have been taking the Form SH-7 on record. Further, the e-Form SH-7, which is corresponding to Form 5, have the check-box ‘re-classification’ which itself shows the MCA admits the true legal position in this regard till date.

WhAT WAS TRUE EARLIER IS TRUE TOdAY ALSO!! However, recently the authorities have suddenly taken an adverse view, that too, without any clarification, circular or notification issued this regard and held that re-classification of share capital is not within the preview of the provisions of the Companies Act, 2013. The above stand of ROC does not stand against the provisions of section 61 of the Companies Act, 2013. It also seems that even the Ministry of Corporate Affairs too is not acquainted with the new sudden stand taken by the ROC otherwise, it would have revoked the earlier circular issued by it and have also amended the Form SH-7 in this regard.

It is also worth to be noted that the circular mentioned herein above is still relevant in the present scenario as there is no such material change in the provisions of section 61 of the Companies Act, 2013 which leads the stakeholders to deviate from the established legal procedure and practice under the erstwhile Companies Act, 1956. In this regard, provisions of section 465(2)(c) of the Companies Act, 2013 is worth to be noted pursuant to which any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure or existing usage, custom, privilege, restriction or exemption shall not be affected, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from, the repeal enactments. Since the practice of re-classification of authorised share capital has been continued under the new Act also and the same has even been admitted by MCA till date, accordingly, the same can not be revoked in an arbitrary manner.

CONCLUSIONIt is evident & from our interpretation of the law as done above that re-classification of share capital under the Companies Act, 2013 is allowed and valid. The stands and steps taken by the Authorities lately is not valid and legal in law as it can not suppress the legal provisions of the Companies Act, 2013 and circular issued by DCA under the erstwhile Companies Act, 1956. Further, without prejudice to the above stated discussion, it is worth to be noted that the Form SH-7 does not require the approval of the concerned ROC. The ROC concerned has to take the same on record only what has been intimated to it by the Company concerned. Accordingly, even if the concerned ROC considers the resolution as invalid, it would have taken the same on record and would have initiated prosecution for passing wrong resolution and let the judicial authority decide the issue. In view of the same, action of the ROC is required to be rectified by the MCA immediately and the true legal position in this regard is required to be protected in favour of the stakeholders.

Article

Short Summary:

In this editorial author discussing about Provisions of loan from shareholders by Private Limited Company, Process of acceptance of loan from shareholder, Treatment of such loan in dPT-3, Balance Sheet etc.

There are many ambiguity in the corporate and professionals about treatment of Loan from shareholder, whether considered as deposit or not?

Section/ Rules Involved:

Section 73 Prohibition on Acceptance of Deposit and relevant rules

Section 179 Power of Board of Directors and relevant rules

Important - Circular/ Notification Involved:

Exemption Notification Dated 05th June, 2015Exemption Notification Dated 13th June, 2017

Forms Involved:

MGT-14 Within 30 days of passing of resolution, if required

DPT-3 Every year till 30th June

Extract of section/ Rules/ Circular shall be mentioned at the end of the articor link shall be provided for the same.

PROVISIONS – LOAN fROM ShAREhOLdER: PRIVATE LIMITEd COMPANIES

Under Companies Act, 1956 it was allowed to accept loan from the Shareholders and such loan considered as non-deposit.

Under Companies Act, 2013 since 01st April, 2014 it was not allowed to accept deposit from shareholder

MCA issue Exemption notification for Private Limited

Companies on 05th June, 2015 states that:

“Chapter V, clauses (a) to (e) of sub-section (2) of section 73, Shall not apply to a private company which accepts from its members monies not exceeding one hundred per cent, of aggregate of the paid up share capital and free reserves, and such company shall file the details of monies so accepted to the Registrar in such manner as may be specified.”

MCA issue Exemption notification for Private Limited Companies on 13th June, 2017 states that:

“Chapter V, clauses (a) to (e) of sub-section (2) of section 73, Shall not apply to a private company which fulfils all of the following conditions ; namely-

(a) which is not an associate or a subsidiary company of any other company

(b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and

(c) such a company has no default in repayment of such borrowings subsisting at the time of accepting deposits under this section.”

however, one can opine thatS. No.

date from - To

Provisions

1 01-04-2014 05-06-2015 Not allowed to accept loan from shareholders

2 05-06-2015 13-06-2017 Allowed to accept loan from shareholders upto 100% of paid up share capital and free reserve (subject to exemption of some compliances)

2 13-06-2017 Continue… Allowed to accept loan from shareholders any limit if fulfill three conditions mentioned above.

Provision – Acceptance of Loan from Shareholders Specifically Private Limited Companies

AYUSh GUPTA | PCS, dELhI | ayush@amgcorpavenues.com/pcsayushgupta@gmaill.com

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

Article

PROCESS – ACCEPTANCE Of LOAN fROM ShAREhOLdER: If private limited company wants to accept loan from the shareholders then such company have to follow the following below mentioned procedure.

STEP-1

To check whether company falls in exemption limit of 05.06.2015 or 13.06.2017 to calculate the amount which such company can accept from shareholders.

STEP-2

� To Hold a Meeting of Board of Director u/s 179(3)

� To Pass Board Resolution for Borrowing

� To issue notice for calling of General Meeting u/s 73(2)

STEP-3

� To Hold a Meeting of Shareholders u/s 73(2)

� To Pass ordinary resolution to accept loan from shareholder

STEP-4

Company shall file e-form DPT-3 for such loan at the time of acceptance of same.

STEP-5

� Company shall file e-form DPT-3 every year for such loan on or before 30th June.

A. TREATMENT–LOAN fROM ShAREhOLdER:

As per provisions mentioned above Private Limited Company can accept loan from shareholders subject to exemption of compliance of Section 73(2) provision (a) to (e).

However, such loan from shareholder is no where mentioned under exemption list of definition of Deposit.

first:

Therefore, one can opine that,

Loan received from shareholder shall be considered as deposit for Private Limited Company. However, such PVT Company can accept the same subject to above mentioned exemptions.

Second:

� Every year while filing e-form DPT-3 Company has to show such loan in category of Deposit;

� Company have to select remote button no. 2 or 4

� Company has to attach certificate of Statutory Auditor for the same.

B. CONSEQUENCIES:

a) Fine on Contravention on Section 73:

The company shall,

� in addition to the payment of the amount of deposit or part thereof and

� the interest due,

� be punishable with fine which shall not be less than one crore rupees or twice the amount of deposit accepted by the company, whichever is lower rupees but which may extend to ten crore rupees; and

� every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees,

b) Punishment for non filing of DPT-3: Rule 21

The Company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which the contravention continues

Yuva Corporate Membership Scheme

NORTHERNINDIAREGIONALCOUNCIL

The NIRC of ICSI has come out with a unique

Corporate Membership for Young Members of ICSI.

The whole idea behind the scheme was to build the

capacity of our young members and to give them a

fair chance to attend the seminars of professional

interest at a reasonable cost. The scheme is named as

YUVA Corporate Membership Scheme of NIRC-

The YUVA Corporate Membership Scheme for

young members of NIRC of ICSI is open for

members of the Institute from Northern Region who

have been awarded the membership on or after 1st

January, 2017 and is open for the Year 2019-20

(June'19 to May'20). Only First 300 members will be

enrolled for the YUVA Corporate Membership

Scheme. Anyone becoming a member under the

Scheme shall be entitled to the following benefits:

· Separate Programs will be organised under this

Scheme at NIRC - ICSI Auditorium only.

· To attend all the paid programs as may be

organised by NIRC for Young Members by self

only (Except workshop and residential programs)

at NIRC Auditorium, ICSI- NIRC Building free of

charge throughout the year 2019-20.

· Minimum 12 Programs will be organised under

this Scheme on the topic of Professional interest

and soft skills.

· Credit hours will be given to only those members

who joins the program upto 10.30 a.m.

· Following other benefits of regular Corporate

Members Scheme, for the year 2019-20 will also

be extended to the members as under:

· Invitation for New Year Celebration and Dinner

free of cost.

· Concessional fee will be charged for the State

Conferences and other residential programs as

may be organized by the NIRC during the year.

The fee structure for the corporate membership for

young members for financial year 2019-20 is as

under:

Your Regional Council has decided that Rs.100/- per

member who joins the NIRC Corporate Membership

Scheme for the year 2019-20 will be contributed to

Company Secretaries Benevolent Fund (CSBF) to

increase the corpus of the CSBF.

The payment for YUVA Corporate Membership can

be made through following options:

Note: It requested that after making the payment,

please complete the form by clicking on the below

mentioned link. The relevant information is being

requested to enable NIRO to update the records and

also to issue YUVA corporate membership number

of NIRC-ICSI.

For enrolment form, please visit

www.icsi.edu/niro& also go to link:

https://docs.google.com/forms/d/1APq3iMqbrh7l

beWODp74a6-viB7-ftMOtDIEUxJUKAE/edit

With Regards,

YUVA Corporate Membership Scheme of NIRC-ICSI for Young Members for the year 2019-20

Parculars

Amount upto 15/07/2019

AmountA�er 15/07/2019

For Members including PCS

Rs.3,000/- Rs.3,500/-

(The above all amounts are inclusive of GST)

(GSTIN 07AAATT1103FZ2) (Pan No. AAATT1103F)

Opon Mode Remarks

CS G.S. SARINCHAIRMAN, NIRC- ICSIMobile: 9814685649

CS SURESH PANDEYVICE-CHAIRMAN, NIRC-ICSI

& CHAIRMAN- PCS COMMITTEE-NIRCMobile: 9968300649

CS VIMAL GUPTASECRETARY NIRC-ICSIMobile: 9983324282

CS SUSSHIL DAGATREASURER NIRC-ICSI

Mobile: 982968999

https://m.p-y.tm/icsineww

CSBF & New Chapters of NIRC-ICSI

COMPANY SECRETARIES BENEVOLENT fUNdMEMBERS ENROLLED REGIONWISE AS LIFE MEMBERS OF THE COMPANY SECRETARIES BENEVOLENT FUND DURING THE PERIOD OF 28/05/2019 TO 25/06/2019S. No. LM. No. AdM. dT. NAME MEMBER No. 1 13346 30/05/2019 MS. MANSI AGARWAL ACS - 489322 13347 30/05/2019 MS. RIYA JAIN ACS - 449423 13348 30/05/2019 MS. NIDHI AGARWAL ACS - 185904 13351 31/05/2019 MR. RITURAJ RASTOGI ACS - 488175 13353 31/05/2019 MR. MUKESH GOYAL ACS - 282266 13357 06/06/2019 MR. NIKHIL KALRA FCS - 94987 13358 06/06/2019 MS. SHRUTI SINGHAL ACS - 570108 13363 12/06/2019 MR. SHANTANU KUMAR ACS - 482909 13364 12/06/2019 MR. ANKIT KUMAR SINGH FCS - 965310 13365 12/06/2019 MR. ADITYA KESHARWANI ACS - 5120811 13366 14/06/2019 MR. DEVENDRA KUMAR ACS - 5900112 13367 14/06/2019 MR. MOHD SHARIQ ACS - 4779813 13368 18/06/2019 MR. UTKARSH GARG ACS - 5675514 13372 20/06/2019 MR. AMAN GUPTA ACS - 46784

NOTICE

Date: 20th June, 2019

Sub. : Newly elected office bearers of the Gorakhpur Chapter of NIRC of the ICSI.

This is to inform that NIRC-ICSI has added new feather in its cap by creating a chapter at Gorakhpur. The first meeting of the Management Committee of the Patiala Chapter of NIRC of the ICSI on 18th day of June, 2019.

We congratulate the newly elected office bearer of the Gorakhpur Chapter of NIRC of the ICSI. The details of the newly elected office bearers are as under:

S.N. Designation Name Mob. No. Email ID

1 Chairman CS SURENDRA PRATAP SHAHI 9889231212 fcssurendrashahi1@gmail.com

2 Vice Chairman CS RAGINI GUPTA 9721199640, 7905093657

pcsraginigupta@gmail.com

3 Secretary CS RAHUL GOEL 9312586087 rahulgoel2011@yahoo.in

4 Treasurer CS SANJAY KUMAR JAISWAL 9889933669 jaiswal.sanjayk@yahoo.com

The details of other Management Committee Members are as under:

S.no Name Contact Number E-mail id

1 CS SAMREEN ZAMAN 9792325855 samreenzaman.7@gmail.com

2 CS B. HARE RAM 9559140767 rammalhotra.div@gmail.com

3 CS SHYAMA GOEL 7408056143 tulsyan.shyama9@gmail.com

CS G S Sarin Chairman, NIRC-ICSI

NOTICE

Date: 14th June, 2019

Sub. : Newly elected office bearers of the Patiala Chapter of NIRC of the ICSI.

This is to inform that NIRC-ICSI has added new feather in its cap by creating a chapter at Patiala. The first meeting of the Management Committee of the Patiala Chapter of NIRC of the ICSI on 12th day of June, 2019.

We congratulate the newly elected office bearer of the Patiala Chapter of NIRC of the ICSI. The details of the newly elected office bearers are as under:

S.N. Designation Name Mob. No. Email ID

1 Chairman CS Jaspal Singh Dhanjal 9646107777/9646121777 cspunjabpower@yahoo.com

2 Vice Chairman CS Ravinder Kumar 9872819908 ravindermukhi@yahoo.com

3 Secretary CS Jasvir Singh 9646120712 csiasvir@vahoo.in

4 Treasurer CS Khaminder Sharma 9115151000 khaminder@gmail.com

The details of other Management Committee Members are as under :

S.N. Name Mob. No. Email ID

1 RAJNI JINDAL 9646747421 rajni.j87@gmail.com

2 Indergurpreet Singh 9781667670 indergurpreets667@gmail.com

3 Yogita 9779711292 yogita84.cs@gmail.com

CS G S Sarin Chairman, NIRC-ICSI

FAQs on Peer Review

Guidelines for Peer Review of Attestation Services by Practicing Company Secretaries

FAQs on Peer Review 1. What is Peer Review?

Ans. Peer Review is a process used for examining the work performed by one’s equals (peers) and to understand the systems, practices and procedures followed by the Practice Unit and to give suggestions, if any, for further improvement.

2. To whom all would Peer Review be applicable? Ans. Peer Review is applicable to all Practicing Company Secretaries.

3. What is the meaning of Practice Unit? Ans. Practice Unit means members in practice, whether practicing individually or a firm of Company Secretaries.

4. What are the practice areas covered under the scope of Peer Review? Ans. The Review would only be in respect of the following services::

a. Signing of Annual Return pursuant to Section 161(1) of the Companies Act, 1956

b. Certification/ Signing of Annual Return pursuant to section 92 of the Companies Act, 2013

c. Issue of Compliance Certificate pursuant to Section 383A(1) of the Companies Act, 1956

d. Issuance of Secretarial Audit Report in terms of Section 204 of the Companies Act, 2013

e. Issue of certificate of Securities Transfers in compliance with the Listing Agreement with Stock Exchanges

f. Certificate of reconciliation of Capital as per SEBI Circular dated Dec. 31, 2002

g. Conduct of Internal Audit of Operations of Depository Participants

h. Certification under Clause 49 of Listing Agreement

5. Whether the concept of Peer Review exists for CMA's and CA's? Ans. The Institute of Chartered Accountants of India has a mechanism of Peer Review of their Members in Practice.

6. What are the advantages of the Peer Review to the Practice Unit (PU)? Ans. It is expected to A) enhance the quality of attestation services. B) enhance credibility and provide competitive

advantage. C) provide a forum for Guidance and knowledge

sharing.

7. How much will it cost me to get Peer Reviewed? Ans. You shall pay to the Peer Reviewer the fee of Rs. 10,000/- (inclusive of TA/DA and any out of pocket expenses) as may be prescribed by the Peer Review Board from time to time.

8. What is the frequency of Peer Review? Ans. Initially, each Practice Unit would be required to be peer reviewed at least once in every five years.

9. How will I be selected for Peer Review? Ans. You may apply to be peer reviewed or it may be done through random selection by the Peer Review Board.

10. If I have been Peer Reviewed can I disclose this on my website? Ans. Only the fact of being Peer Reviewed can be stated. However, neither the Certificate nor the Peer Review Report may be given on the website.

11. Can I become a Peer Reviewer? Ans. Any member of the Institute who fulfills the following criterion may apply to be empanelled as a Peer Reviewer- (a) possesses at least 10 years of post

membership experience

FAQs on Peer Review

(b) is currently in practice as a Company Secretary.

12. Will the information disclosed by me be kept

confidential by the reviewer? Ans. The Peer Reviewer is bound by a Confidentiality Agreement with the Peer Review Board. If the Reviewer misuses the information disclosed by you he may be subject to disciplinary action by the Institute.

13. If I am Peer Reviewed and it is found that I have not maintained adequate records, will I be liable for any disciplinary action? Ans. No.

14. Is the Peer Reviewer exposed to any liability? Ans. The reviewer, by virtue of carrying out the peer review shall not incur any liability other than the liability arising out of his own conduct under the Code of Conduct under the Company Secretaries Act, 1980 and Regulations framed thereunder as well as under the relevant clauses of these Guidelines.

15. After the Peer review of my records do I get any protection from disciplinary proceedings under the Code of Conduct? Ans. No. Peer Review is only a broad examination of the systems and procedures followed by the Practice Unit. The fact that you have been Peer Reviewed does not provide immunity from Disciplinary Action. However, neither Institute nor the Reviewer can file any complaint in respect of deficiencies observed during the course of Peer Review. (Refer Cl. 18 of the Guidelines for details)

16. What do I do if I am not satisfied with the Report of the Peer Reviewer? Ans. You may refer your case to the Peer Review Board.

17. If I am selected for Peer Review is it mandatory for me to offer myself for Peer Review? Ans. Yes

18. Do I need to disclose the records of my clients to the reviewers? Ans. No

19. A) Can any of my clients ask the Institute to get me peer reviewed?

Ans. Yes B) Who will pay the cost of such Peer Review? Ans. The client shall pay the cost of such Peer Review.

20. Will ICSI be issuing any Certificate after Peer review? Ans. Yes.

21. Will ICSI put up the names of the PU which have undergone PR on ICSI website?

Ans. Yes

22. What are my obligations as a Practice Unit? Ans. Refer Cl. 12 of the Guidelines

23. Can I volunteer to get Peer Reviewed?

Ans. Yes 24. I have been Peer Reviewed once, will I be Peer

Reviewed again? Ans. Yes, if the Peer Review Board so decides.

25. Can I choose my Peer Reviewer?

Ans. The Peer Review Board would send you a panel of atleast three reviewers and you may choose any one name out of the panel sent to you.

26. Can I reject all the reviewers mentioned in the

panel and ask for another reviewer from the same State or region? Ans. Yes.

27. If I want a Peer Reviewer from out side my State

or region what should I do? Ans. You may make a special request to the Peer Review Board to provide names of such Peer Reviewers. However, in such a case you would have to bear the extra cost that would be incurred for TA / DA etc.

28. If I am not satisfied with the order of the Peer

Review Board can I appeal to the Council? Ans. Yes. You may appeal against the Order of the Peer Review Board to the Central Council of the Institute. (Refer cl. 17.3 of the Guidelines)

29. Can I refuse to get myself Peer Reviewed? Ans. No. Any refusal to get Peer Reviewed shall be a misconduct under the Code of Conduct.

******

Functional Committees

List of members of MSOP Committee - 2019S. No. Name Membership No. Mobile No. Emai id

1 CS DevenDer Suhag F9545 8130586611 devendercs@gmail.com2 viShamber Shokeen F-5702 9811937212 cs.vishushokeen@gmail.com3 mihir kumar Puraiyar F-6055 9899659901 mihir@suncityprojects.com4 TejaSvi DixiT F-7164 9999797056 tejasvidix@gmail.com5 SaTiSh ParaShar F-9491 9416818490 csskparashar@gmail.com6 jayanTi Sharma a-22180 7838473544 jayantics.perfect@gmail.com7 rohiT mehTa F-7905 9811535184 csrohit@hotmail.com8 ramDev Singh jeTmal F-7766 9229471808 ramdevcs@gmail.com9 jogeShwar mohanTy a-23247 8527090920 yogeshmohanty@gmail.com

10 mayank vaShiShT a-48820 9868957787 mayank@vmacs.in11 Prem munjal a-35146 8329242955 co.secy.prem@gmail.com12 nuPur agarwal a-53846 9896783825 aggarwaltanu1@gmail.com13 rameSh Singh a-42992 9772672680 rameshsinghr@gmail.com14 Sunil kumar a-52739 9868387825 cssunil.a1@gmail.com15 abhimanyu rajPurohiT F-8051 9310048341 acsabhi21677@yahoo.com

ChAPTER dEVELOPMENT COMMITEESL. NAME Of ThE MEMBER MEMBERShIP NO. MOBILE NO. EMAIL ID OF THE MEMBER1 CS SUSSHIL DAGA F9567 9829689999 cs.susshil@gmail.com2 CS PRAVEEN YADAV A22423 9660110572 praveenyadavcs@gmail.com3 CS TAPISH KHANDELWAL A39533 9024038332 tapishkhandelwal93@gmail.com4 CS ANKIT RANA A43144 7737472466 csankitrana@gmail.com5 CS KAVITA SHARMA A45675 7615051017 bhkavi999@gmail.com6 CS NIKITA TANEJA A34938 9717104350 tanejanikita72@gmail.com7 CS RAHUL KUMAR VERMA A46036 9660630663 cs.rahulkverma@gmail.com8 CS NARAYAN DAGA F10125 9351257709 csnarayandaga@gmail.com9 CS PRERNA JAIN A45908 9460719768 prernajain3005@gmail.com

10 CS DEEPENDRA SINGH MAJAWAT A53958 9782766466 cs.dsingh92@gmail.com11 CS DILIP CHOUDHARY A47140 9718674379 dilip241@gmail.com12 CS ABDUL QADIR A47721 9582268067 csabdulquadir@gmail.com13 CS GAURAV KUMAR A51503 9050406122 csgk54@gmail.com14 CS MAYANK JAIN A56028 9911602895 mayankj939@gmail.com15 CS KAMAL AGARWAL A42574 9468403569 cskamalaggarwal1990@gmail.com

List of Members of Corporate Law Committee - 2019S.NO NAME Of MEMBER MEMBERShIP No. MOBILE NO MAIL Id

1 gurvinDer Singh Sarin F4025 9814685649 chairmannirc2019@gmail.com2 khuShvinDer Singhal F3586 9914030030 kvsinghal@winsomegroup.com3 vaibhav guPTa a46458 9876929371 vaibhav.gupta456@gmail.com4 mohiT Saluja F9620 9914558709 csmohitsaluja@gmail.com5 babiTa jain F3824 9335115227 jainbabita06@gmail.com6 navneeT arora F3214 9810328141 aroranavneet@rediffmail.com7 arvinDer Singh kinDra F3521 9810408240 arvinderkindra@gmail.com8 SP Singh Chawla a35295 9911338808 spsinghchawla@hotmail.com9 maST ram F3823 9417264876 mrchechi21@rediffmail.com

10 ShariQ mailk a22293 9990725720 ms.malik@acreindia.co11 mukeSh Sharma F2554 9988883017 mukeshsharma.sharma5@gmail.com12 SuDhir ananD F7050 9419181543 anands_cs@rediffmail.com13 ParminDer Singh baThla F4391 9814117434 bathla7@gmail.com14 SuDharShan Sharma F4756 9418000661 sk6_4@yahoo.co.in15 aShok kinra F2428 9873409600 cs.ashoksingh@gmail.com

LIST Of MEMBERS Of PCS COMMITEES. NO. NAME OF THE MEMBER MEMBERSHIP No. MOBILE NO. EMAIL ID OF THE MEMBER

1 mr. SureSh PanDey F7776 9968300649 pcsska@gmail.com; cs.sureshpandey@gmail.com2 mS. Priyanka khanDelwal F9915 9711746648 pkansalandassociates@gmail.com3 mr. naveen Shree PanDey F9028 9990756359 naveen4567.shreel@gmail.com4 mr. kamiT jain a50978 9461873700 cskamitjain@gmail.com5 mr. DebabraTa Deb naTh F7775 9311343299 dn_debabrata1981@yahoo.com6 mr. SaChin khurana F10098 9540407575 sachinkhuranacs@gmail.com7 mr. gaurav keSwani a41159 9953933882 gaurav_keswani@ymail.com8 mr. noor mohammaD a48670 9990520092 noor.mohd.khan@hotmail.com9 mr. rahul Sharma a49969 7530871488 rahulbansi1995@gmail.com

10 mS. mamTa a37374 9582259745 mamtasingh1189@gmail.com11 mr. akShay Sharma a39891 8769162514 akshaysharmacs5520@gmail.com12 mr. maniSh kumar a43111 9999448138 csmanishsohal@gmail.com13 mr. rohiT a39749 8285363737 csrohitsingla@gmail.com14 mS. SheeTal a38958 9999606783 cssheetalsharma@gmail.com15 mr. niTeSh kumar ranga a33166 7791917770 ranganitesh@gmail.com

Functional Committees

LIST Of MEMBERS -PROfESSIONAL dEVELOPMENT ANd PROGRAM CO-ORdINATION COMMITTEE fOR ThE YEAR 2019S. No. Name Membership No- Mobile Number Email- ID

1 CS HIMANSHU HARBOLA F-9357 919818993836 himanshu@corporatejuris.com2 CS SUNNY GUPTA A-47092 918130653333 cssunnygupta@gmail.com3 CS AMAN ARORA A-47612 919999900328 aman6743@gmail.com4 CS GAURAV KUMAR A-51503 919050406122 csgk54@gmail.com5 CS SACHIN MAVI A-46773 919540918315 cssachinmavi@gmail.com6 CS ANU KADIAN A-48502 918053833166 anu.kadian19@gmail.com7 CS PAWAN KUMAR A-41760 918130749833

919958090022pawanmakkarcs@gmail.com

8 CS RAHUL BHARDAWAJ A-49985 919717371836 rahulbhardwajcs@gmail.com9 CS JATIN SINGHAL F-9716 +919815147282,

+919815979257jatinsinghal@gmail.com

10 CS DEEPANSHU KAPOOR A-44492 919015027372 919996320532

cs.dkapoor@gmail.com

11 CS AKASH JAISWAL A-48496 919868592330 csjaiswalakash@gmail.com12 CS MANISH THAKUR A-50969 9178383324415 csmanishthakur@gmail.com13 CS YASHASVI PAREEK A39220 9414817929 yash961992@gmail.com14 CS SHREYS KUMAR BHATT A41634 9799906166 shreys63@gmail.com15 CS VARUN MEHRA A47520 9509844137 csvarun91@gmail.com

List of Members of TEfC Committee - 2019S. No. Name Membership No. Mobile No. Emai id

1 SURYAKANT GUPTA 9250 9711848828 cssuryagupta@gmail.com2 PARIDHI GARG 37983 8860820812 paridhi17garg@gmail.com 3 ARCHIT AGGARWAL 30928 9899690496 csarchitagarwal@gmail.com 4 MANU GARG 22058 9540719606 csmanugarg@gmail.com5 KANCHAL PAL SINGH 32064 7032967431 kpsjadon@live.com6 AYUSH PIPALWA 56032 7827626209 ayushpipalwa@gmail.com7 AKSHAY PARMANI 48665 9929702224 akikesar@gmail.com8 ANKIT BHATIA 9175 9953034314 csankitbhatia@gmail.com 9 RUBINA VOHRA 9277 9899687050 rrassociatenoida@gmail.com

10 ANKIT TYAGI 51715 7838874104 csankittyagi@gmail.com 11 NITIN RAWAT 9050 9953753054 csnitinrawat@gmail.com 12 ANKIT SHARMA 29206 9899375929 Ankit.Sharma@go-mmt.com13 PRATIBHA SABHARWAL 29484 9899988863 pratibha@stellr-net.com 14 JAGRITI MEHNDIRATTA 53506 9654531936 mehndirattajagriti@gmail.com15 AKASH GOEL 48800 9953672781 akash@startup-movers.com

List of members of Women Empowerment Committee - 2019S.No. Name Membership No. Phone No. E-mail Address

1 MONIKA KOHLI F5480 9810480983 monikakohli@gmail.com2 PAYAL M PURI A16068 9810428024 payalmpuri@yahoo.co.in3 NEHA GUPTA A42443 7840071184 nehahemantgupta714@gmail.com4 ANJALI KALRA ACS 30734 9899566272 anjalikalra1991@gmail.com 5 DIVYA BAJPAI A54054 8375877464 divyabajpaidb@gmail.com6 SHIKHA AGGARWAL F5980 9811386565 shikhaa_cs@yahoo.co.in7 MANJU LAUR A28844 9711994042 manju@pramanadvisors.co.in8 PALLAVI TRIPATHI A51796 8860979738 tripathi.pallavi90@gmail.com9 PALLAVI CHHABRA A46578 9999646831 chhabra.pallavi01@gmail.com

10 SONAL KHURANA A48922 7042403754 src.sonal@gmail.com 11 MINAL AGGARWAL A26710 9818039002 agarwal_minal@yahoo.com12 RICHA RAWAT A43831 9873484564 richarawat86@gmail.com13 GEETIKA MONGA A43218 9811871859 geetikamonga.cs@gmail.com14 ANJALI YADAV F2268 9810655161 anjaliyadavpcs@gmail.com15 NEHA TANWAR A51746 9582831319 nehatanwar0704@gmail.com

List of Members of YME & Placement Committee - 2019S. No. Name Membership No. MOBILE NO MAIL ID

1 MS. VINAY SHUKLA F4082 9810624262 vinayshukla@whitespan.in2 MS. TRISHNA CHAUDHARY A46441 8587838407 tanisha2154@yahoo.com3 MR. ANUJ KUMAR A37093 9015092124 csanujkumar@gmail.com4 MR. VARUN KAPOOR A37377 9899110705 pcsvarunkapoor@gmail.com5 MS. DEEPIKA SHARMA A42137 csdeepika42137@gmail.com6 MR. NITIN JAISWAL F9038 9971485540 fcsnitin@gmail.com7 MR. MOHAMMAD KHALID A34335 9654631686 cskhalid01@gmail.com8 MR. LOKESH SHARMA A50553 8947875639 cslokesh9@gmail.com9 MS. ANKU KHANNA A12813 9811316885 ankukhanna@theattorneys.co

10 MS. RAGINI GUPTA A41782 9721199640 pcsraginigupta@gmail.com11 MR. GYANENDRA SINGH A55064 8496020501 gyanendra_singh@hotmail.com12 MR. PARMINDER SINGH KALSI A41652 9988129967 parminderkalsi29@yahoo.com13 MR. SHUBHAM KATYAL A53748 7669997669 shubhamkatyal37@gmail.com14 MS. NAMRATA SOMANI A48615 9694262878 namrata.somani100@gmail.com15 MR. HIMANSHU GUPTA A43859 9999158843 himanshug876@gmail.com

Compliance Checklist

COMPLIANCE ChECKLISTfROM 01ST JULY, 2019 TO 31ST JULY, 2019

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

Acts/Regulations etc. Compliance due date

To whom to be submitted

GST Compliances1. A return to be filed by the e-commerce operators who are required to

deduct TCS (Tax collected at source) under GST containing the details of supplies effected through e-commerce platform and amount of TCS collected on such supplies in Form GSTR 8

Goods and Services Tax Rules, 2017

GST Act 10th July GST Authority

For taxpayers with Annual turnover of more than Rs. 1.5 Cr who opt for monthly return filing instead of Quarterly return filing for the month of June, 2019 in form GSTR-1

For filing monthly return having summary of inward and outward supplies for the month of June, 2019 in form GSTR-3B

For filing GST Return by Non-resident taxable person for the month of June, 2019 in form GSTR-5

For filing GST Return by Non-resident taxable person for the month of June, 2019 in form GSTR-5A

For taxpayers with Annual turnover upto Rs. 1.5 Cr. who opt for quarterly return for the quarter of June, 2019 in form GSTR-1

GST Act 31st July GST Authority

Income-tax Related Compliances2. Contractor’s Bill / Advertising / Professional service Bill - TDS collected for

the previous month Section 194J (June, 2019)Section 194CSection 194J

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

3. Monthly payment of TCS (June, 2019)

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

4. TDS from Salaries for the previous month (June, 2019) Section 192 Income-tax Act, 1961 07th July Income Tax Authorities

5. Deposit TDS from salaries for the previous month in Challan No.281 (June, 2019)

Section 192 Income-tax Act, 1961 07th July Income Tax Authorities

6. Advance Tax Payment Section 211 Income tax Act, 1961 15th July Income Tax Authorities7. Quarterly TDS return Section 195 Income-tax Act, 1961 &

Income-tax Rules, 196215th July Income Tax Authorities

File TCS quarterly statement for quarter April – June, 2019 Section 200(3) Income tax Act, 1961 15th July Income Tax AuthoritiesIssue TDS Certificate Section 203 Income Tax Act, 1961 30th July Income Tax AuthoritiesQuarterly issuance of Certificate of collection of tax at source (TCS) Form No. 27D

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

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

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

Deposit of Income Tax - Self-assessment tax Section 140A Income Tax Act, 1961 31st July Income Tax AuthoritiesRBI Related Compliances

Quarterly submission by Deposit taking Non-Banking Financial Companies for the details of Assets and Liabilites (Form NBS- 1)

DNBS (PD).CC.No.03/03.02.02/2015-16 dated November 26, 2015

Master Circular 15th July RBI

Quarterly submission by Deposit taking Non-Banking Financial Companies and Residuary Non-Banking Company for Capital Funds, Risk Assets, Asset Classification etc. (Form NBS- 2)

Quarterly submission by Deposit taking Non-Banking Financial Companies for Statutory Liquid Assets (Form NBS- 3)

Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for Capital Funds, Risk Assets, Asset Classification (Form NBS- 7)

Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above for the details of Assets and Liabilites (Form NBFCs- ND-SI 500cr)

Quarterly submission by Securitisation Companies / Reconstruction Companies for Details of Assets acquired / securitized / reconstructed (Form SC/RC)

Compliance Checklist

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

Acts/Regulations etc. Compliance due date

To whom to be submitted

Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs. 500 crore and above for Short Term Dynamic Liquidity (Form ALM-1)

Quarterly submission by Non-Banking Financial Companies (NBFCs) not accepting/holding public deposits and having asset sizes of Rs.500 crore and above and Deposit taking Non-Banking Financial Companies for Branch Details (Form Branch Info return)

Quarterly submission by Residuary Non-Banking Company for Statutory Liquid Assets (Form NBS3A)

Reporting of actual transactions of ECB in form ECB-2 within 7 working days (June)=

ECB Rules FEMA, 1999 09th July RBI through Authorized Dealer

Annual Return on foreign assets and liabilities by Indian companies. A.P (DIR Series) Circular No. 45

FEMA Act, 1999 15th July RBI

Economic, Industrial & Labour Law Related CompliancesMonthly payment of Provident Fund (PF) (Non Corporate) (a) Paragraph 38 of

Employees Provident Funds Scheme, 1952

(b) Section 418 of the Companies Act, 1956

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

15th July Provident Fund Authorities Trustees of Provident Fund

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

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

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

15th July Provident FundCommissioner

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

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

iii) File monthly return of members joining service during the month of June (Form no. F4(PS))

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

15th July Provident FundCommissioner

Payment of ESI contribution for the previous month Regulation 31 Employees’ State Insurance Act, 1948 andEmployees State Insurance (Gen.) Regulations, 1950

21st July ESIC Authorities

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

Paragraph 38 of Employees’ Provident Act, 1952

Employees Provident Funds and Misc. Scheme, 1952

25th July Provident Fund Authorities

Stock Exchange / Listing ComplianceStatement of giving the number of Investor Complaints pending at the beginning of the Quarter those received during quarter, disposed during quarter and those remaining unresolved at the end of quarter

Regulation 13 SEBI (Listing Obligations and Disclosure Requirements) 2015

21st July Stock Exchange

Quarterly Corporate Governance Compliance Certificate/Report Clause 27(2) SEBI(Listing Obligations and Disclosure Requirements) 2015

15th July Securities & Exchange Board of India

Submission of Shareholding Pattern as at the end of the previous quarter Clause 31 SEBI(Listing Obligations and Disclosure Requirements) 2015

21st July Securities & Exchange Board of India

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

30th July (within 30

days from the end of the Quarter)

Securities & Exchange Board of India

Note: While every care has been taken in the preparation of this Compliance Check List for the Month of July, 2019, to ensure its accuracy at the time of publication, NIRC – ICSI assumes no responsibility for any errors which despite all precautions, may be found therein. Members are requested to check the latest position with the original sources before acting upon on the information published in this newsletter. Neither this Newsletter nor the information contained herein constitutes a contract or will form the basis of a contract. The material contained in this document does not constitute/ substitute professional advice that may be required before acting on any matter.

News from the NIRC

S.No date Program Chief Guest/Speaker Present

112.06.2019 to 13.06.2019

26th Batch of 2 Days Induction Program

Faculties & Students of ICSI

2 14.06.2019Professional Development Program (PDP)

317.06.2019 to 19.06.2019

27th Batch of 3 Days e-Governance Program

4 17.06.2019Inaugural Function of 293rd Batch of MSOP

Guest of honour: Ms. Mannu Khandelwal, Associate Director, TMF Group;

CS G. S. Sarin, Chairman, NIRC-ICSI, CS Suresh Pandey, Vice-Chairman, NIRC-ICSI, CS Susshil Daga, Treasurer, NIRC-ICSI, CS Surya Kant Gupta, Regional Council Member and students.

5 21.06.2019International Yoga Day Celebration

Shri Navin Kumar Bhagel, Centre Manager & Practioner in Yoga & Naturopathy, Aarogyam Research Foundation, Noida,

CS G.S.Sarin, Chairman, NIRC-ICSI, SC Surya Kant Gupta, Regional Council Member

6 22.06.2019

Seminar on the theme - " LODR - Contemporary Issues & Ways Ahead"

Guest Speakers: CS Sidheshwar Bhalla, Partner –Business Advisory Services, BDO India LLP, CS Savithri Parekh, Joint CS & Compliance Officer, Reliance Industries Ltd.

CS Ranjit Pandey, President, ICSI, CS Manish Gupta, Council Member, ICSI, CS Vineet Kumar Chaudhary, Council Member, ICSI, CS Hitender Mehta, Council Member, ICSI, CS G.S.Sarin, Chairman, NIRC-ICSI, CS Surya Kant Gupta, Regional Council Member and students.

7 22.06.2019 Celebration of PCS Day

distinguish Guest: CS R Krishnan, Past President, ICSI , CS Harish Vaid, Past Vice-President, ICSI, CA Anil Gupta, Council Member, ICSI, CS (Dr) S. Chandrasekaran

CS Ranjit Pandey, President, ICSI, CS Manish Gupta, Council Member, ICSI, CS Vineet Kumar Chaudhary, Council Member, ICSI, CS Hitender Mehta, Council Member, ICSI, CS G.S.Sarin, Chairman, NIRC-ICSI, CS Suresh Pandey, Vice-Chairman, NIRC-ICSI, CS Surya Kant Gupta, Regional Council Member and students.

824.06.2019 to 28.06.2019

12th Batch of 5 Days Skill Development Program

Faculties and Students of ICSI

924.06.2019 to 28.06.2019

13th Batch of 5 Days Skill Development Program

Faculties and Students of ICSI

NEWS fROM ThE NIRC

NEWS fROM ChAPTERSThe Chapters of NIRC-ICSI organised the following programs:

ChAPTER dATE NAME Of ACTIVITES ChIEf GUEST/SPEAKER PRESENT

Allahabad 22.06.2019 HALF DAY SEMINAR On Topic: “Voluntary Liquidation” Speaker: CS BABITA JAIN Members of the Allahabad Chapter of ICSI

Jaipur

15.06.2019 PCS Day Celebrations

GuestsCS Yogesh SharmaCS Manoj MaheshwariCS Pradeep PinchaSpeakersCA Gaurisa Sonkia CA Mohit PatniCA Ravi MamodiyaSpeakers

CS Rahul Sharma - Chairman, Vice-Chairman, Secretary, Treasurer and other Members of Managing Committee of Jaipur ChapterAppx. 70 Members & Students of Jaipur Chapter

6.21.2019 Yoga Day Celebrations CS Varsha ChoudharyDr. Rajesh Gupta

CS Rahul Sharma - Chairman, Vice-Chairman, Secretary, Treasurer and other Members of Managing Committee of Jaipur Chapter Appx. 70 Members & Students of Jaipur Chapter

Agra 6.16.2019 PCS Day Celebration (half day event)

Chief Guest – CS Ranjeet Pandey, President of ICSISpeaker – CS Manish Gupta, Centre Council Member

Members and Student.

Bhilwara 15.06.2019

1. PCS Day Celebration2. Study Circle Meeting on “Emerging Areas of CS Practice”

Speaker: -CS Sanjay Somani (Chairman) 30

Jodhpur

02.06.2019 Career Fair - Chairperson & Executive Officer.

15.06.2019 PCS Day Celebration CS Deepak Arora & CS Susshil Daga

Shri Suresh Rathi (Owner Suresh Rathi Securities Pvt. Ltd.)

21.06.2019 Yoga Day - Chairperson, Executive Officer & Staff30.06.2019 (Scheduled) Half Day Seminar & PDP CS Manoj Kumar Purbey &

CS Anang Shandilya Chairperson, & Executive Officer, Mr. Yushwant Gupta,

Karnal-Panipat

15.06.2019 Annual General Meeting CS Satish Kumar (Chairman)

CS Satish Kumar (Chairman),CS Prabhjot Kaut (Vice-Chairperson)CS Sanjay Bansal (Treasurer)CS Sumit Grover , CS Devesh Uppal,CS Sonal Malik, CS Neha Rani

22.06.2019 STUDY CIRCLE MEETING CS SUSSHIL DAGATREASURER, NIRC

CS Prabhjot Kaur (Vice Chairperson)CS Sumit Grover (MC Member), CS Sonal Malik (MC Member)CS Devesh Uppal (MC Member) & 16 other CS Members

24.06.19 CAREER AWARENESS PROGRAM

CS Manish Juneja, CS Sumit GroverCS Devesh Upppal

CS Manish Juneja, CS Sumit GroverCS Devesh Upppal, CS Jagriti MehndirataMr. Deepak Gupta ( Chapter Incharge)

Gurgaon 15.06.2019 PCS Day Celebrations

Chief Guest - Shri S.P. Kumar – ROC(CRC, Manesar)Speakers: 1. CS Ashok Tyagi – PCS2. CS Sanjay Gupta – CCO & CS (Interglobe Aviations Ltd.)

CS Hitender Mehta – Central Council MemberCS Monika Kohli – Regional Council MemberCS Rajender Kumar – Deputy ROC(CRC, Manesar)CS Deepak Kukreja – Past Regional Council MemberCS Mohit S. Nigam – Chairman, Gurgaon ChapterCS Vikas Yadav – Secretary , Gurgaon ChapterCS Sahil Gaur – Treasurer, Gurgaon ChapterCS Ram Sahay – Managing Committee Member, Gurgaon ChapterCS Abhinav Agarwal – Managing Committee Member, Gurgaon ChapterCS Ilam Kamboj – Senior Member, Gurgaon ChapterOther Members

News from Chapters

ChAPTER dATE NAME Of ACTIVITES ChIEf GUEST/SPEAKER PRESENT

Faridabad 04.05.2019

Interactive Session & Panel Discussion on Corporate Restructuring u/s 230 to 240 of Companies Act 2013 on Saturday, 4th May, 2019

CS Sumit Garg, Principal Associate, DMD Advocates & CS Awanish Dwivedi, Practising Company Secretary

19.05.2019

Meeting of RC Members with MC Members- FBD and officials of FBD Chapter on 19.05.2019 regarding Building Infrastructure at 3:30 pm onwards

CS Vinay ShuklaCS Devender SuhagCS Himanshu HarbolaMC Members of FBDOfficials of FBD

22.06.2019

Celebration of PCS Week / Day on New emerging area for Company Secretaries -NCLT-Practice & Procedures

CS Sharad RajwanshiFCS,LLB 25

21.06.2019 International Yoga Day Celebrated

CS Atul Arora, Chairman of FBD Chapter 20

Bareily 16.06.2019

Half Day Seminar on the occasion of PCS DayTopic – Valuation & Insight of Valuation for Company Secretaries

CS Raghav Agarwal

CS Rituraj RastogiCS Mohd Waseem KhanCS Priya AgarwalCS Ambuj GuptaCS Tanuj YadavCS Harshita SharmaCS Mansi AgarwalCS Ankit AgarwalCS Manoj Kr AgarwalCS Kshitij TandonCS Nimit AgarwalCS Ankit AgarwalCS Neharika SinghCS Nidhi Agarwal

Ajmer 15.6.2019 PCS Day cum Half Day Seminar

Chief Guest: Honourable Shri Bhagirath Choudhary, MP

Guest of honor: Honourable Shri Vasudev Devnani, MLA Guest Speaker: CS Ravinder Kumar Kaswan

Members and Students of Ajmer Chapter of NIRC of the ICSI

Ludhiana 21.06.2019Study Session Meeting cum Celebration of PCS Week & International Yoga Day - 66 (Members)

Modinagar29.06.2019 ANNUAL GENRAL MEETING

29.06.2019 STUDY CIRCLE MEETING ON

Ghaziabad06.15.2019 Celebration of PCS Day CS Munish Sharma Members = 19

Students = 07

06.21.2019 Celebration of Yoga Day CS Shruti Garg Members = 04Students = 07

Forthcoming Programme

ChAPTERS Of NIRC-ICSIAgra, Ajmer, Allahabad, Alwar,

Amritsar, Bareilly, Bhilwara, Bikaner,

Chandigarh, Dehradun, Faridabad,

Ghaziabad, Gurgaon, Jaipur,

Jalandhar, Jammu, Jodhpur, Kanpur,

Karnal-Panipat, Kota, Lucknow,

Ludhiana, Meerut, Modinagar, Noida,

Shimla, Sonepat, Srinagar, Udaipur,

Varanasi & Yamuna Nagar.

Corporate Sponsorship Scheme

Images

Glimpes of 293rd MSOP at NIRC

International Yoga Day 2019

Glimpes of Seminar on LodR and PCS day Celebration held on 22.06.2019 at hotel Shangri La Eros, New delhi

PEER REVIEW AWARENESS WEEK 10-15 JUNE 2019 - ICSI

Documents

Transcript of PEER REVIEW AWARENESS WEEK 10-15 JUNE 2019 - ICSI

report from the ESHRE ICSI Task Force

Direct Tax) MODULE 1- PAPER 4 - ICSI

Structured Peer-to-Peer Systems

Peer-to-peer semantic coordination

The state of peer-to-peer network simulators - CiteSeerX

cMagazine - ICSI

Peer feedback

IVF – ICSI – TESA Information - Trianglen Fertility Clinic

Counteracting free riding in Peer-to-Peer networks

Software agents for peer-to-peer video streaming

NIRC news letter.pmd - ICSI

SECRETARIAL AUDIT, COMPLIANCE MANAGEMENT ... - ICSI

Knowledge = Power - ICSI

Peer-to-Peer Information Access and Retrieval

Student Company Secretary ISSN 0972-2874 - ICSI

INFO CAPSULE SERIES 11 COVER.cdr - ICSI

Attacks on Peer-to-Peer Networks - CiteSeerX

SCSMARCH2009.pdf - ICSI

Directorate of Student Services - ICSI

ICSI-EIRC NEwSlEttER