Creating Connections –Building Bridges…Together · 15-16 Success story of CS Neelam Jayesh...

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Transcript of Creating Connections –Building Bridges…Together · 15-16 Success story of CS Neelam Jayesh...

Page 1: Creating Connections –Building Bridges…Together · 15-16 Success story of CS Neelam Jayesh Desai 17-20 Recent updates -22 Recent Judgments 23 List of Incharge/Executive Officers
Page 2: Creating Connections –Building Bridges…Together · 15-16 Success story of CS Neelam Jayesh Desai 17-20 Recent updates -22 Recent Judgments 23 List of Incharge/Executive Officers

Creating Connections –Building Bridges…Together 1

Editor

CS Hitesh Kothari- Chairman, WIRC

Editorial Board (in alphabetical order)

CS Ankur Srivastava CS B V Dholakia CS Dipika Kataria (Ms.) CS Narendra Singh CS Piyush Bindal CS Rajkumar Adukia (Dr.) CS Riddhi Thakkar (Ms.) CS Umesh Ved

Publisher

Regional Director- ICSI WIRC

Contents

Page no. Particulars

2-3 Chairman Message 4 President message on Women's day 5-14 Article on (i) Analysis of Section 89 and 90 of the

Companies Act, 2013 (ii) Article on Relaxation to disqualified

directors; enrouting through High Court (iii)Article on Forte of Women –

Excellence 15-16 Success story of CS Neelam Jayesh Desai 17-20 Recent updates 21-22 Recent Judgments 23 List of Incharge/Executive Officers of

WIRC Chapters 24-32 WIRC and WIRC Chapter event chart 33-37 Photo Gallery 38-40 PMS Scheme 41 National PCS Conference announcement

Disclaimer: You are receiving this e-Newsletter since you are a member of ICSI. Views expressed in this newsletter are of authors and not necessarily of ICSI or WIRC of ICSI. ICSI or WIRC of ICSI does not verify authenticity of legal provisions contained in this newsletter. Neither authors, editors, publishers nor printers and distributers would be liable in any manner to any person by reason of any mistake or omission in this newsletter or for any action taken or omitted to be taken or advice rendered or accepted on the basis of this work. All rights reserved. All claims, disputes or complaints will be subject exclusively to jurisdiction of courts/ forums/ tribunal at Mumbai only.

WIRC of ICSI, 13, 56 & 57, Jolly Maker Chambers No. 2 (1st & 5th Floors), Nariman Point, Mumbai – 400021 e-mail: [email protected], Phone Nos. : 022- 61307900 / 61307901 / 61307902

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Dear Professional Colleagues, Let me salute all the Women on the occasion of Women’s Day-2018 and compliment all the Women Company Secretaries. March is generally considered as the month of activities across the globe and ICSI-WIRC is not an exception. It was a jam packed month in terms of its activities. WIRC celebrated Women’s Day in March which was attended by women Company Secretaries across the city. The Celebration was a package in terms of its contents. It had various sessions on Women empowerment, Medical attention required for women, medical camp, games, networking sessions and all. I compliment all the Co-ordinators particularly for their support and co-ordination. WIRC organized the most prestigious KMP Summit which was attended by KMPs of many Corporates and has also seen a galaxy of resource persons. It is noteworthy to note that the outcome of the deliberations were fruitful and we have forwarded the same to various regulators for their consideration. My compliments to CS Prakash K.Pandya, Summit Director and the staff members of WIRO for successfully organizing the summit. The Summit was aptly timed in the light of various robust and rampant changes taking place in the corporate world. WIRC yet again witnessed a successful Master Class Series on Company Law which was attended by good number of members from diversified age group. In the coming months we are planning for Master Class on various themes viz. GST, NCLT, Drafting of agreements and many more. I am happy to inform you that the Head office has identified Western Region to host the National Convention for Practicing Company Secretaries. We are expecting good number of delegates from across the country to attend the conference. Though the conference is designed for members in practice,I am sure that the members in employment will be at a loss, if they miss this opportunity. WIRC not only focusses on development of profession, but also the development of members in various walks. In view of this, the WIRC has organized a Cricket League jointly with Bhayender Chapter. Shri M V Chakranarayan, Regional Director, MCA-Mumbai was the Chief Guest. There were in total 20 including women teams. Various regulatory bodies, Regional Director, Ministry of Corporate Affairs, Western Region,

“Women are the mammoth reservoir of power and which has yet not been tapped.”-Anonymous

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Registrar of Companies, Mumbai, Official Liquidator, High Court, Mumbai, National stock exchanges and chapters had their teams participated in the event. I compliment the efforts taken by CS Manish Baldeva, Chairman, Bhayender Chapter and Mr. Manikchand Daga, Mr. Manoj Mimani, Mr. Shreyans Jain and Mr. Balkrishan Pradhan, coordinators for organizing the Cricket match smoothly and swiftly. The players opined that such types of events should be arranged frequently. The sessions of all the Knowledge Centres of WIRC has taken place at the prescribed time. It gives me happiness to inform you all that WIRC organized a felicitation to all the co-ordinators of Knowledge centres during the KMP Summit. CS S N Ananthasubramaniam, Past President who was present during the occasion handed over the appreciation certificates to all co-ordinators ofthe Knowledge centre. While the activities in the members segment was vibrant, the month of March was equally a happening month for students. The Unique Training Programme(UTP) which was conceptualized with the help of CS Shilpa Dixit, Chairperson, TEFC was very well received by the delegates. WIRC organized various student programmes including MSOP and a special placement Drive for trainees. WIRC has organized a motivation lecture by CS Suresh Thakurdesai, separately for professionaland executive level students on the theme Plan Prepare and Proceed (PPP) for CS Examinations. The students had abundant takeaway from the program. The meetings of Placement Committee and Post Membership Qualification Committee under the chairmanship of CS Ashish Garg, was held during the month at WIRC which discussed the road map for the year. The Professional Membership Scheme (For individual members, corporates and Knowledge Centre) is released and I request all the members and corporates to join the scheme. Friends, what is achieved is a drop and what has to be achieved is like an ocean. WIRC is committed with strong bondage to work for the development of profession, but we need your support, advice and guidance to move ahead in this direction. Please feel free to write to me you Out of Box ideas at [email protected]. Next month will witness many festivals and new year for some parts of the country. I wish all of you Happy Festive Days and waiting to meet you all in various programmes of ICSI-WIRC. Before I conclude I once again appreciate the efforts of all Women CS of country and it reminds me of a quote which I happened to read in a news paper on Women’s Day -“Empower woman, empower the human community. The base on which the world stands is a women.” Looking forward to interact with you next month through this window, I remain. Professionally Yours, CS Hitesh Kothari Chairman ICSI-WIRC

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CS Amita Desai Practicing Company Secretary, Mumbai [email protected] Analysis of Section 89 and 90 of the Companies Act, 2013 amended

under the Companies Amendment Act, 2017 (CAA 2017) (NOT YET MADE EFFECTIVE)

This article intends to analyze the amendmentsmade in section 89 and section 90 of the Companies Act, 2013 through the Companies Amendment Act, 2017 (CAA 2017) . The draft rules namely “The Companies (Beneficial Interest And Significant Beneficial

Interest) Rules, 2018” are also published on 15th

February 2018. Section 89 : Declaration in respect of beneficial interest in any share

Obligation of Declaration: Thissection provides that declaration need to be made in specific format of Form BEN-1 and 2 of the draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018within the specified time (30 days) by the following persons to the Company and the Company in turn give declaration to the office of the Registrar of Companies in Form BEN 3

a. any person whose name is registered in the Register of Members as holder of shares of the Companyin but who is holding the same

of the draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018:

as trustee

b. any person who is the holder of such

on behalf of someone who is actually the holder of beneficial interest in these shares ;

beneficial interest

c.

in the shares of the Company and the Company

in turn shall make a note of such declaration in the Register concerned and also file a return inwith the office of the Registrar of Companies within 30 days .

The Penalty upon failure to declare: (a) If either the registered owner (trustee) or the beneficial owner of such Shares fails to make a declaration as required without any reasonable cause, he shall be punishable with fine which may extend to Rs.50,000 and where the failure is a continuing one, with a further fine which may extend to Rs.1000/-for every day for which the failure continues.

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(b) If company fails to file required return in 30days ( earlier 270 days grace period was allowed), the company and every officer in default shall be punishable with fine which shall not be less than Rs. 500/-but may extend to Rs. 1,000/-and if the failure is continuing one with a further fine which may extend to Rs. 1,000 for every day for which failure continues.

Surprisingly in Section 89 or 90 of the CA 2013 there is no definition mentioned about what is beneficial interest in the shares, for which these obligations were arising. Now under the CAA 2017 the definition is inserted by inserting Sub-Clause (10) as follow : Section 89 sub section (10) reads :

For the purposes of this section and section 90, beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to—

(i) exercise or cause to be exercised any or all of the rights attached to such share; or (ii) receiveor participate in any dividend or other distribution in respect of such share.". With this amendment in Section 89, beneficial interest is defined now.

Section 90-Register of Significant Beneficial Owner in a Company

Company Law Committee has noted that the complex corporate structure is used to hide the real owner behind the transactions. CLC has suggested having definition of “Beneficial Interest” and “Significant Beneficial Owner”

1.

. Accordingly definition of Beneficial Interest is inserted in Section 89 and the definition of Significant Beneficial Owner is inserted in new substituted Section 90.

“Significant Beneficial Owner”(SBO) means-every individual who acting alone or together, or through one or more person or trust, including trust and persons resident outside India, holds beneficial interest of not less than 25%or such other percentage as may be prescribed by the Central Government, in the shares of the Company or right to exercise or actual exercising of significant influence or control (* as defined in clause (27) of Section 2 of the Companies Act 2013) over the company. Section 2 (27) defines Control in an inclusive definition that it shall include the right

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to

appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders agreements or voting agreements or in any other manner;

2. Declaration : Such Significant Beneficial Owner need to make a declaration to the Company in Form BEN-4

of the draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018), in 30 days from the date of the commencement of rules, specifying in details his nature of interest, reason for not registering the shares in his name, date of acquisition of shares, direct or indirect percentage of voting rights and such other particulars as prescribed in the rule. The draft rules are published but not yet notified.

3. Register of interest: Every Company to maintain Register of interest declared by any person or changes made therein as aforesaid. The Register shall be in Form BEN-6

of the draft Companies (Beneficial Interest and Significant Beneficial Interest)Rules, 2018 and shall contain details like name of the beneficial owner, address, email , Date of Birth and Father, Mother or Spouses name, particular of shares in detail.

4. Inspection of Register:

Register of Interest shall be open to inspection by any member of the company on payment of fees as may be prescribed, the draft Rules prescribe the same of not exceeding Rs.50/-.

5. Filing of return by Company of SBO: The Companyshall file return of SBO of the company and changes therein, with the Registrar in Form BEN-5

of the draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018.

6. Notice by Company: The Company shall give notice inForm BEN-7of the draft Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018to any person whom the company knows / have reasonable cause to believe

( i) he is a significant beneficial owner of the company ; (ii) he

that

is having knowledge of the identity of a significant beneficial owner or another person likely to have such knowledge; or

(iii) he was a significant beneficial owner in past 3 years

And he is not registered

7.

with the company as SBO, as required under this section.

Notice of Reply by the said Person :Such person as mentioned above in point 6 shall give the information to the company within 30 days

of receipt of such notice from the Company.

8. Application to Tribunal by the Company :If the person fails to provide information / information is not satisfactory, the company shall apply to Tribunal (NCLT) within a period 15 days of the expiry of period specified in the Notice, for an order directing that the shares in question be subject to restriction with regard to transfer of interest, suspension of all right attached to the shares like receiving of dividend or exercising

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of voting right or any other.

9. Powers of Tribunal: Tribunal may after giving opportunity of being heard , make such order restricting the rights attached with the shares with in a period of 60 days of receipt of Application

or such other period as may be prescribed.

10. Application for relaxation : The company or the person aggrieved by the order of Tribunal may make an application to Tribunal

for relaxation or lifting of restrictions imposed by the Tribunal.

11. • If a person fails to make declaration, fine is not less that Rs. 1 Lac upto Rs. 10 Lac

and In case of continuing default, further fine of Rs. 1,000 per day.

Penalty for Non-Declaration/ Non-Filing of Return/ Non-Maintenance of Register:

• If the company fails to maintain register / file return/ denial for inspection, company and officer in default shall be punishable with fine which shall not be less than Rs. 10 lac upto Rs. 50 Lac and in case of continuing default, further fine of Rs. 1,000 per day.

• If any person willfully furnishes any false or incorrect information or surpasses any material information of which he is aware in declaration made shall be to action under section 447 of the CA 2013 which is for the Punishment for fraud.

Proposed Exception to SBO As per Rule No. 8 of draft Rules on the Companies ( Beneficial Interest and Significant Beneficial Interest ) Rules, 2018, exception is provided to the Registered Owner from declaration and to the Company for filing of return & maintaining Register, if the Registered Owner is : a) A Body Corporate whose equity shares are listed on any stock exchange or a

Wholly-Owned Subsidiary of such Body Corporate; and b) Foreign Listed Companies. CONCLUSION: Section 90 is completely substituted for bringing more transparency to members and provides that the members can also take inspection of such register. In past the companies were prevented from taking on record any notice of trust on its Register of Members.

Now for the first time 'Beneficial Interest' is defined for section 89 and 90 , which is very wide as it covers all kind of direct or indirect rights or entitlement of any person alone or together with any other person . “Significant Beneficial Owner”

Draft Rules and Forms for this section has been published by MCA on 17th

February 2018 which are yet to be notified. It will be interesting to see how the corporate filing will be evolved and this declaration sustain the law of secrecy.

is also defined under section 90 and the company has been provided with the right to send Notice to such SBO and also file an application to NCLT (Tribunal) to find SBO of the company, if it knows or has reasonable cause to believe about any person having SBO or having knowledge of identity of SBO or who is SBO since past three years and who is not registered as SBO with the company.

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CS Anjali Gorsia Practicing Company Secretary, Nagpur [email protected]

RELAXATION TO DISQUALIFIED DIRECTORS; ENROUTING THROUGH HIGH COURT

BACKGROUND

Therefore Condonation of Delay Scheme 2018 was a Scheme introduced by Central Government as an golden opportunity for the non-compliant defaulting companies to rectify the default, which was operational from January 1 to March 31, 2018, scheme to be complied within 3 months.

: In this article, we will discuss about the order passes recently in the Month of March, 2018, by Bombay High Court where disqualified directors of strike off companies are allowed to avail relaxation through E-CODS Scheme resulting into removal of disqualification of directors from their status.

All companies registered in India including private limited company, one person company, limited company, section 8 company and others are required to file annual financial statements and annual return with the Ministry of Corporate Affairs each year. Consequently any non-filing of these documents is constructed as an offence under the provisions of the Companies act, 2013 and rules thereunder, which simultaneously results in disqualification of director under section 164(2) read with section 167 (1) of the Companies Act, 2013 on account of company in absence of filing of annual financial statements and annual return for continuous period of three years financial years.

On notification of provisions of section 164(2) read with section 167 (1) of the Companies Act, 2013, many companies defaulted in filing of annual financial statements and annual return, and to rectify same, MCA further introduced a Company Law Settlement Scheme 2014, (CLSS) and opportunity to defaulting companies to rectify their defaults within 3 months period from August to October, 2014.

In addition to same, MCA identified in September 2017 around 2.09 Lacs companies and associated 3,09,614 Directors which were recently disqualified u/s 164(2) by the Ministry of Corporate Affairs for continuing default in filing company annual return, which as a result vacation of office u/s 167 of the Act, 2013. Simultaneously many companies were standing strike off under section 248(5) of the Companies Act, 2013 if the company is not carrying business or operation for a period of two immediately preceding financial years and has not made any application to obtain a status of dormant company. Consequently performance of company became tough.

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Simultaneously many companies were standing strike off under section 248(5) of the Companies Act, 2013 if the company is not carrying business or operation for a period of two immediately preceding financial years and has not made any application to obtain a status of dormant company. Consequently

Considering the aforesaid scenarios only following solutions were available with companies of directors for the removal of disqualification

If its Defaulting Company: To apply for E-CODS Scheme available thereafter for 3 months from January 1 to March 31, 2018,

Either to file application before NCLT for REVIVAL of Strike of Companies

and thereafter complying with E-CODS Scheme.

If its Strike off Companies:

Or To file writ application with HIGH COURT for removal of disqualifications of directors.

In regards to aforesaid, provisions and consequence thereupon, two judgements were passed in Bombay High Court and Delhi High Court respectively, synopsis of same elaborated herein:

BOMBAY HIGH COURT: Writ petition no 148 of 2018 and other Writ Petitions CORAM: SHANTANU S. KEMKAR & M.S.KARNIK, JJ Order Dated 22nd March, 2018

Grounds Common issue by different petitioners were raised before Bombay High

Court: Challenging Disqualification of Directors under Section 164(2) of the Companies Act, 2013 as a consequences of non-filing of annual financial statements and annual return with the Ministry of Corporate Affairs for consecutive three years i.e. 2013-14, 2014-15 and 2015-16 vide notification dated 07.09.2017, thereby further resulting in freezing of DIN and DSCs of Directors and Bank Accounts of Companies thereof

Facts Two Types of Companies were Involved in the matter: 1. Those who never filed annual financial statements and annual

return since incorporation of company and 2. Those who file and subsequently stopped filing

Which attracted disqualification thereof and simultaneously they wre strike off as per section 248(1) of the Companies Act, 2013

In all petitions filed jointly, it was submitted and admitted that none of the Companies which has been struck off are in position to revive the companies by filing application before “NCLT” as per section 252 of the Companies Act, 2013. As the same has not carried business and was liable to strike off. Petitioners thereof prayed for:

To extend benefits of the CODS Scheme-2018 to “Strike off” Companies further, as they are on board of companies which are active and running

To allow voluntary Strike off of Companies under Section 248(2) of the Companies Act, 2013, as they are further reluctant to carry their business as going concern

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They relied on decision of order dated 21/12/2017 passed by the Learned Single Judge of the Delhi High Court in the case of Trilokchand M. Kothari &ors. Vs. Union of

India &ors. W.P.(C) No. 11381 of 2017 However Learned Counsel of respondents argued that:

Company ought to have applied for “Dormant Status” under section 455 of the Companies Act, 2013 or should apply for “Strike off” ‘Status, if they were not carrying Business

He contended that once default is admitted, same should be penalized. Further he relied on decision of the Apex Court in the case of State of J & K Vs. A.R.

Zakki reported in 1992 Supp (1) SCC 548, which stated that the Court cannot amend or direct the Government to amend either law or subordinate legislation.

After considering the submissions of learned counsels of Petitioners and Respondents thereof; Considering the facts: the petitioners will not revive the company of which they were directors and that they would take steps under Section 248(2) of the said Act in consonance with the directives contained in Writ Petition (C) 11381 of 2017 of the Delhi High Court in the case of Trilokchand M. Kothari & ors. Vs. Union of India &ors. as also in the case of Sandeep Jain & anr. Vs. Union of India (supra) and availment of benefits of CODS Scheme 2018. Judgment has been passed that: The petitioners to take following immediate steps:

Company shall file the below mentioned documents and application with Registrar of Companies in hard copies.

a) The petitioner may file all the requisite returns in relation to the company to avail

the CODS-2018. (All the pending documents required to be filed with ROC with additional fees)

b) The petitioner may also file the necessary resolutions for voluntarily striking off the name of the Company as required under Section 248(2) of the Act. (Documents of voluntary Strike off Company) [The removal of Company from the Register u/s 248(1) would be deemed as striking off the Company /s 248(2), and application under CODS-2018 would be sympathetically considered by the Registrar.]

c) The petitioner would also make a necessary application under CODS-2018 along with the requisite charges. (CODS form with fees Rs. 30,000/-)

If any director of struck off Company want to avail the benefit of CODS-2018 or want to remove its disqualification can file a writ petition in Hon’ble High Court for the same can rely on this cases.

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CS Dipika Kataria Member - Focus Newsletter Editorial Board Practicing Company Secretary, Indore [email protected]

1. For her family

FORTE OF WOMEN –EXCELLENCE

As per many studies, a woman has number of wires in her brain which are very closely connected to each other. A woman has many parts in her life, some are naturally allotted and some she has to create herself. Why society has given females a different pace. In this era where we have females in galaxy, on peaks of highest mountains, in the sky, under the water and are working better than males like you and me, then why we need to give a second thought when we talk about the upliftment of a female. The reason is she is still bounded by her thoughts and her own mental barriers. The life of a working female can very easily divided in following four parts:

2. For her children 3. For society 4. For self

FOR FAMILY The first and foremost important part of females is her family. When she wakes up, she has to think what everyone in family is going to eat, what they are going to wear, what they has to carry in Tiffin, what belongings they has to carry before leaving house for their school, colleges or offices. Is this only her responsibility to think about this? Not always. It is and it should be her choice. If she has arranged for a maid to take care of all this jobs, it doesn’t means she don’t care for her family but it means that she needs time to do more for them beyond this routine. She can do this but she has to make this realize to her family also that if she is not cooking foods by her own, it doesn’t mean she don’t care about their taste, rather she wants her family to have a different taste and enjoy it with them. Her excellence will remain as it is. FOR CHILDREN A child is a one who gives miracle experience to the life of a women. A women is a complete one only after giving birth to a baby, her second life comes in existence. But what when she leave her children with their grant parents or in a crèche. Is her work or profession is more important than life of her child. The answer is no. She just want to give her children a better life. A father strives for the bread and butter of his family but if a mother adds into it, it will definitely secure more the future of the children.

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Here again it is not a easy task especially in Indian families. So what to do not to take a blame for ourselves that we are not taking care of our children or taking care of them. Very simple, just spend some time with them daily. The time when no phone calls, no work pressure, no other world.... it's just you and your soul (your child). Also it is very much required to make your children independent and make them able to identify what is right and what is wrong for them. FOR SOCIETY Here comes the strongest force that sets up tags for the personality of every human being, specially females. This force will never let you what you actually want to do. The most common statement "you should have done this to avoid the present problem". But they don't know you are the one who had already resolved many problems before hand. Society expects a lot from you. If you are housewife, you are very hardworking as you are managing homes. But if you are working, you have to just pack your bags and move out for your interest. To be an ideal you have to complete your homely assignments and then only you are allowed to work outside. The best way to manage society is to IGNORE. The genes of females are naturally very strong and she can ignore all this expectations if she decides so. But it doesn't mean ignore your obligations for the society. Being part of the society, it is your moral responsibility to contribute for its betterment, to carry your traditions and rituals to next generation, to give back the respect to the society you gained from it. Remember.......The glory of justice and the majesty of law are created not just by the Constitution - nor by the courts - nor by the officers of the law - nor by the lawyers - but by the men and women who constitute our society - who are the protectors of the law as they are themselves protected by the law. FOR SELF This is the most ignorant part of the life of a female. She starts her day with managing things and arranging daily requirements of other but she never think that all this is a waste if she ignore herself. The mental and physical health of the female member expresses the strength of the family. It is not a very much tough task to be healthy. It is just a matter of awareness. Retain your hobbies and take out just 45 minutes of the day for exercise and meditation and all is set well. CONCLUSION Yes it is the Forte of women to do all the work with excellence but she need support of her family, children, friends, society, office colleagues and most important the life partners, the soul mates. She tries to do all things in perfect manner, so please appreciate her once in a month at least. To conclude this message for all females reading this - "Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness." For others - Women are made to be loved, not understood.

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CS Neelam Desai Company Secretary

IL& FS Financial Services Ltd.

In Pursuit of Knowledge: A memoir of CS Neelam Desai

Ms. Neelam attributes her success to dedication, hard work, commitment and subject knowledge. She reminisces, “The journey of a Company Secretary encompasses learning to unlearn and relearn. According to her, the CS profession demands considerable thought process and understanding of various regulations and rules, interpreting the law and implementing it in different situations.

She believes that there has been a sea change in the CS profession now and then in 1992 when she started her career. She feels that the change is in terms of advanced information technology, perception of the profession, considerable number of women opting for this profession, and recognition of a need for better Corporate Governance by all the stakeholders

During her professional journey she has surpassed many challenges at the personal and professional fronts. She believes that her determination, self-driven approach, hard work, commitment, faith and support of her Supervisors and family helped her to sail through all hurdles

As a Company Secretary, she handled remarkable assignments viz. conclusion of IPO in eight days during the year 1994, which was a record in a corporate history, successful takeover of a company by MNC, launch of maiden Infrastructure Debt Fund in the shortest record time period etc. According to her, CS profession has given her multifaceted role and responsibilities. Passion for perfection and timely completion of assignment has always given her a sense of job enrichment and satisfaction. Apart from the regulatory assignments, the primary responsibilities of a Company Secretary is also to promote good Corporate Governance Practices. The Company Secretary function demands shouldering multi-disciplinary responsibilities towards the Board, the company, stakeholders and the regulators.

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She believes that due to a competitive time and higher professional expectation, challenges are bound to be there. However, being a woman it does not prevent her from accepting the challenges and fulfilling professional responsibilities. She firmly believes that ownership of responsibility, dedication and depth of the subject are the strengths which could overweigh any barriers.

She feels there has been a remarkable change in people’s approach and viewpoint for a Women’s role in an organization. Women are instinctively caring, multitaskers, dedicated and largely have meticulous approach. These basic qualities of women help them in execution of functional responsibilities effectively and efficiently.

Since women shoulder multiple responsibilities, socially as well as professionally, it is important to have a good work-life balance through qualitative time distribution, detailed and thoughtful planning. Women professionals also need to invest their time in enhancing their intellectual strength and fitness so as to be always agile and precocious

She concludes with her guidance to the younger generation- “Life and time are the best teachers. Nobody can teach you than your life itself. Respect the present time, don’t take it for granted”

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Complied by CS Swati Bhatt

Practicing Company Secretary

[email protected]

Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018

1. Acquisition and Transfer of Property in India by a Non-Resident Indian or an Overseas Citizen of India:- An NRI or an OCI may (a) acquire immovable property in India other than agricultural land/ farm house/ plantation property: Provided that the consideration, if any, for transfer, shall be made out of (i) funds received in India through banking channels by way of inward remittance from any place outside India or (ii) funds held in any nonresident account maintained in accordance with the provisions of the Act, rules or regulations framed thereunder. Provided further that no payment for any transfer of immovable property shall be made either by traveler’s cheque or by foreign currency notes or by any other mode other than those specifically permitted under this clause. (b) acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as defined in section 2(77) of the Companies Act, 2013; (c) acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property (a) in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or (b) from a person resident in India; (d) transfer any immovable property in India to a person resident in India; (e) transfer any immovable property other than agricultural land/ farm house/ plantation property to an NRI or an OCI. 2. Acquisition of Immovable Property for carrying on a permitted activity:- A person resident outside India who has established in India in accordance with the Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business) Regulations, 2016, as amended from time to time, a branch, office or other place of business for carrying on in India any activity, excluding a liaison office, may -

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(a) acquire any immovable property in India, which is necessary for or incidental to carrying on such activity; Provided that (i) all applicable laws, rules, regulations or directions for the time being in force are duly complied with; and (ii) the person files with the Reserve Bank a declaration in the form IPI as prescribed by Reserve Bank from time to time, not later than ninety days from the date of such acquisition. (b) transfer by way of mortgage to an authorised dealer as a security for any borrowing, the immovable property acquired in pursuance of clause (a). Provided no person of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Hong Kong or Macau or Nepal or Bhutan or Democratic People’s Republic of Korea (DPRK) shall acquire immovable property, other than on lease not exceeding five years, without prior approval of the Reserve Bank. 3. Purchase/ sale of Immovable Property by Foreign Embassies/ Diplomats/ Consulate Generals:- A Foreign Embassy/ Diplomat/ Consulate General may purchase/ sell immovable property in India other than agricultural land/ plantation property/ farm house provided (i) clearance from Government of India, Ministry of External Affairs is obtained for such purchase/ sale, and (ii) the consideration for acquisition of immovable property in India is paid out of funds remitted from abroad through banking channels. 4. Joint acquisition by the spouse of an NRI or an OCI:- A person resident outside India, not being a Non-Resident Indian or an Overseas Citizen of India, who is a spouse of a Non-Resident Indian or an Overseas Citizen of India may acquire one immovable property (other than agricultural land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse. Provided that (i) The consideration for transfer, shall be made out of (i) funds received in India through banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank; (ii) No payment for any transfer of immovable property shall be made either by traveler’s cheque or by foreign currency notes or by any other mode other than those specifically permitted under this clause; (iii) Provided that the marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the acquisition of such property; (iv) Provided further that the non-resident spouse is not otherwise prohibited from such acquisition.

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5. Acquisition by a Long-Term Visa holder:- A person being a citizen of Afghanistan, Bangladesh or Pakistan belonging to minority communities in those countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who is residing in India and has been granted a Long Term Visa (LTV) by the Central Government may purchase only one residential immovable property in India as dwelling unit for self-occupation and only one immovable property for carrying out self employment subject to the following conditions: (a) the property should not be located in and around restricted/ protected areas so notified by the Central Government and cantonment areas; (b) the person submits a declaration to the Revenue Authority of the district where the property is located, specifying the source of funds and that he/ she is residing in India on LTV; (c) the registration documents of the property should mention the nationality and the fact that such person is on LTV; (d) the property of such person may be attached/ confiscated in the event of his/ her indulgence in anti-India activities; (e) a copy of the documents of the purchased property shall be submitted to the Deputy Commissioner of Police (DCP)/ Foreigners Registration Office (FRO)/ Foreigners Regional Registration Office (FRRO) concerned and to the Ministry of Home Affairs (Foreigners Division); (f) such person shall be eligible to sell the property only after acquiring Indian citizenship. However, transfer of the property before acquiring Indian citizenship shall require prior approval of DCP/FRO/FRRO concerned. 6. Repatriation of sale proceeds:- (a) A person referred to in sub-section (5) of Section 6 of the Act, or his successor shall not, except with the general or specific permission of the Reserve Bank, repatriate outside India the sale proceeds of any immovable property referred to in that sub-section; (b) In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in India by an NRI or an OCI, the authorised dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied, namely: (i) the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of his acquisition or the provisions of these Regulations; (ii) the amount for acquisition of the immovable property was paid in foreign exchange received through banking channels or out of funds held in Foreign Currency Non-Resident Account or out of funds held in Non-Resident External account; (iii) in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties. (c) In the event of failure in repayment of external commercial borrowing availed by a person resident in India under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time, a bank which is an authorised dealer may permit the overseas lender or the

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security trustee (in whose favour the charge on immovable property has been created to secure the ECB) to sell the immovable property on which the said loan has been secured only to a (by the) person resident in India and to repatriate the sale proceeds towards outstanding dues in respect of the said loan and not any other loan. 7. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries:- No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau or Democratic People’s Republic of Korea (DPRK) without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years. Provided this prohibition shall not apply to an OCI. Explanation: For the purpose of this regulation the term “citizen” shall include natural persons and legal entities. 8. Prohibition on transfer of immovable property in India:- Save as otherwise provided in the Act or Regulations, no person resident outside India shall transfer any immovable property in India:- Provided that (i) The Reserve Bank may, for sufficient reasons, permit the transfer, subject to such conditions as may be considered necessary. (ii) A bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this behalf, permit a person resident in India or on behalf of such person to create charge on his immovable property in India in favour an overseas lender or security trustee, to secure an external commercial borrowing availed under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time. (iii) An Authorized Dealer in India being the Indian correspondent of an overseas lender may, subject to the directions issued by the Reserve Bank in this regard, create a mortgage on an immovable property in India owned by an NRI or an OCI, being a director of a company outside India, for a loan to be availed by the company from the said overseas lender. Provided (a) the funds shall be used by the borrowing company only for its core business purposes overseas; (b) in case of invocation of charge, the Indian bank shall sell the immovable property to an eligible acquirer and remit the sale proceeds to the overseas lender. (iv) A person resident outside India who has acquired any immovable property in India in accordance with foreign exchange laws in force at the time of such acquisition or with the general or specific permission of the Reserve Bank may transfer such property to a person resident in India provided the transaction takes place through banking channels in India and provided that the resident is not otherwise prohibited from such acquisition.

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Complied by CS Ajay Kumar

Practicing Company Secretary

[email protected]

1. Where pending winding up petition is transferred by the High Court to the Tribunal but operational creditor does not submit information as required by rule 5 of the Transfer of Pending Proceeding Rules, the petition cannot be treated as an application under section 9 – TRANSPARENT TECHNOLOGIES (P.) LTD. V. MULTI TRADE [2018] 142 CLA 518 (NCLAT)

A BIRD’S EYE VIEW: RECENT JUDGEMENTS ON COMPANY LAW

CORPORATE INSOLVENCY RESOLUTION PROCESS

2. Where the appellant failed to bring on record any evidence to suggest that the

money was disbursed against consideration for the time value of money, the appellant was rightly held to be not a financial creditor – DR. B V S LAKSHMI V. GEOMETRIX LASER SOLUTIONS (P.) LTD. [2018] 142 CLA 321 (NCLAT)

3. Company court has no jurisdiction in relation to proceedings under code which overrides the provisions of the Companies Act, 1956. No injunction can be granted by the High Court against a corporate debtor for institution of proceedings in the Tribunal – JOTUN INDIA (P.) LTD. V. PSL LTD. (HIGH COURT- MUMBAI)

4. INITIATION BY CORPORATE APPLICANT

Where applicant company and corporate debtor were co-ventures in an offshore oil and gas exploration Block and payments to be made by corporate debtor towards cost for development of said block was actually paid by appellant company on its behalf and corporate debtor failed to repay same, amount incurred by appellant fell within scope of ‘financial debt’ – GUJRAT STATE PETROLEUM CORPORATION LTD. [2018] 145 SCL 317/[2017] (NCLT- Allahabad)

5. PROVISIONS OF THIS CODE TO OVERRIDE OTHER LAWS Financial creditor could have approached NCLT for initiating corporate insolvency resolution process even when proceedings with respect to computation of debt liability of corporate debtor were pending adjudication before DRT – ANANDRAM DEVELOPERS (P.) LTD. V. NATIONAL COMPANY LAW TRIBUNAL. [2018] 145 SCL 375 (MADRAS)

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6. COMPROMISE AND ARRANGEMENT Transferee company need not hold any meeting with its creditors or members where merger is not affecting the rights of applicant shareholders or creditors- HOUSING DEVELOPMENT FINANCE CORPORATION LTD. [2017] 141 CLA 513 (NCLT)

7. TRANSFER OF SHARES While there is no specific provision under which the Tribunal can give direction to issue duplicate shares, refusal to issue duplicate shares after Board of directors is satisfied about their loss, can be challenged before the Tribunal- SUNIL SETIN V. SYMPHONY LTD. [2017] 140 CLA 15 (NCLT- AHEMDABAD)

8. EXTRAORDINARY GENERAL MEETING It was not open to the Single Judge to injunct or interdict at the interlocutory stage the notice for holding EGM for removal of plaintiff from directorship – JAI KUMAR ARYA V. CHHAYADEVI [2018] 142 CLA 365 (HIGH COURT – NEW DELHI)

9. INVESTIGATION INTO AFFAIRS OF COMPANY BY SERIOUS FRAUD INVESTIGATION OFFICE Where Central Government has not formed opinion on the necessity of investigation by the SFIO, the issue is to be remitted back to the Central Government to do the needful – MEDAK DIOCESE OF CHURCH OF SOUTH INDIA TRUST ASSOCIATION V. UNION OF INDIA, REP. BY THE SECRETARY TO GOVERNMENT, MINISTRY OF CORPORATE AFFAIRS. [2018] 142 CLA 343 (HIGH COURT - ANDHRA PRADESH AND TELNGANA)

10. ARRANGEMENT OR COMPROMISE As long as fraud element is not present, the Tribunal is not supposed to recalibrate the business decision of any company- CHINA DEVELOPMENT BANK CORPORATION V. RELIANCE COMMUNICATION LTD. [2018] 142 CLA 535 (NCLT- MUMBAI)

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Sr. No.

List of Incharge/Executive Officers of WIRC Chapters

Chapter name Chapter In-Charge Contact No.

e-mail id of Chapter In Charge

1 Ahmadabad CS Ketan Bhalgamiya

079-30025334/35 [email protected]

2 Aurangabad

Mr. Subhash Bappi Sinha 0240-2451124 [email protected]

3 Bhayander Ms. Krutika Kargutkar 022-28183888 [email protected]

4 Bhopal Ms. Amita Malviya 0755-2577139 [email protected]

5 Dombivali Mr. Kamal Kumar Soni - [email protected] 6 Goa Mr. Vasant Kerkar 0832-2435033 [email protected]

7 Indore CS Pravin Gupta 0731-4248181 [email protected]

8 Kolhapur Ms. Archana Sawant 0231-2659498 [email protected]

9 Nagpur Mr. Sudhakar 0712-2453276

[email protected]

10 Nashik Mr. Amit Kumar 0253-2509989 [email protected]

11 Navi Mumbai Ms. Lacchmi Bhatt 022-27577816 [email protected]

12 Pune Mr. Anil Tale

020-24263228/0341 [email protected]

13 Raipur

Mr. Prafulla Kumar Dash 0771-3267784 [email protected]

14 Rajkot Mr. Aritra Karmakar 0281-3059646 [email protected]

15 Surat Mr. Goutam Karmakar 0261-2463404 [email protected]

16 Thane Ms. Kavita Chavan

022-25891333-3793 [email protected]

17 Vadodara Mr. Amit Kumar Nagar 0265-2331498 [email protected]

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WIRC EVENT CHART

Program on Women’s Day Celebration Date Saturday, March 10, 2018

Venue Krishna Palace Hotel, 96/98, Sleater Road, Nana Chowk, Mumbai, Maharashtra

Topics Program on Women’s Day Celebration

Chief Guest / Speakers Ms. Ashwini Chube, Founder, Unicorn Insight, Mumbai, Ms. Prachi Parekh, Chartered Accountant, Mumbai, Dr. Sujata Dalvi, Gynecologist, Global HospitalMumbai, Ms. Jayshree Katkar, Sr. General Manager – HR, Deepak Fertilisers and Petrochemicals Corporation Ltd, Navi Mumbai

Delegates 40 participants

Borivali Knowledge Centre Session on Companies (Amendment) Act and CODS Date Sunday, March 11, 2018

Venue AC Auditorium Gokhale Education Society's Shri Bhausaheb Vartak Arts, Commerce and Science College, Gokhale Mahavidhyalaya Marg, Off Gorai Road, Near Pangat Restaurant, Borivali West Mumbai-400091

Topics Companies (Amendment) Act and CODS

Chief Guest / Speakers CS Amita Desai, Practicing Company Secretary, Mumbai

Delegates 69 Participants

Dadar Knowledge Centre Session on FDI and Other Forms of Foreign Investments Date Friday, March 16, 2018

Venue City light Banquets, 4th Floor, City light Cinema, Ashford Chambers, L. J. Road, Matunga (West), Mumbai 400 016

Topics FDI and Other Forms of Foreign Investments

Chief Guest / Speakers Dr. CA Anup Shah (P.P. Shah & Co. Chartered Accountants)

Delegates 46 Participants

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Andheri Knowledge Centre Session on Related Party Transactions (Legal Provisions & Implications) & Opportunity for CS Mastering in IndAS (RPT & Accounting Standards –AS18 & INDAS 24 &Pricing Methodology) Date Sunday, March 25, 2018

Venue Andheri Recreation Club, Harmony Hall, Opp. Bhavan's College Campus, Near Navrang Cinema & Vrindavan, Restaurant, Andheri (West), Mumbai. Near Azad Nagar Metro Station

Topics Related Party Transactions (Legal Provisions & Implications) & Opportunity for CS Mastering in IndAS (RPT & Accounting Standards –AS18 & INDAS 24 &Pricing Methodology)

Chief Guest / Speakers CS S Sudhakar, Vice President -Corporate Secretarial, Reliance Industries Ltd., IFRS Mayur Choksi Chartered Accountant

Delegates 71 Participants

Master Class on Company Law Date March 24 to 28, 2018

Venue KES College, Bhulabhai Desai Rd, Kandivali West, Mumbai, Maharashtra – 400 067

Topics Master Class on Company Law

Chief Guest / Speakers CS S Sudhakar, Vice President -Corporate Secretarial, Reliance Industries Ltd., CS Surendra Kanstiya Practicing Company Secretary, CS Amita Desai, Practicing Company Secretary, CS Rahul Sahasrabudhe, Practicing Company Secretary

Delegates 48 Participants

KMP Summit Date Saturday, March 31, 2018

Venue Rooftop Rendezvous, The Taj Mahal Palace

Topics KMP Summit

Chief Guest / Speakers Shri M.K. Shrawat, Member (Judicial), NCLT, Mumbai , CS Atul Mehta, Past President, ICSI, Mr. Kailashnath Adhikari, Managing Director ,Governance Now, Dr. V. Shunmugam, Head – Research, Multi Commodity Exchange, CS Atul Juvle, Legal Counsel and Company Secretary, Schindler India Pvt. Ltd., CS MS Mani, Partner, Deloitte India, Mr. Amol Joshi,Head – Finance Accounts, L & T Finance Holdings Limited, Mr. Sandeep Tatke, Director Finance – India Subcontinent, DSV Air & Sea Pvt Ltd, Mr. Ketan K. Ved, Partner, Deloitte India, CS Kalidas Ramaswami, Company Secretary & Chief Compliance, ACC LimitedCS Jyoti Tandon,Executive Director and Head of Compliance – India and Company Secretary, Nomura Financial Advisory and Securities (India) Private Ltd., CS Ramesh Shenoy, Consultant, Reliance Infrastructure Ltd., CS Prakash K. Pandya,Practicing Company Secretary, CS S. N. Ananthasubramanian, Past President, ICSI

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CHAPTER EVENT CHART

Ahmadabad Chapter

Seminar on The Power of She (Soaring Heights of Empowerment) for female member on International Women’s Day Date March 08, 2018

Venue Hotel Pride Plaza Bodakdev Ahmedabad

Topics Half Day Seminar on The Power of She (Soaring Heights of Empowerment) for female member

Chief Guest / Speakers Chief Guest: Smt. Vibhavari Dave, Minister of State, Department of Women & Child Development, Government of Gujarat

Delegates 100 Participants

2 Days Residential Seminar Date March 10 & 11, 2018

Venue Hotel Cambay Sapphire, Gandhinagar

Topics Economy Governance by Governance Professionals

Chief Guest / Speakers Chief Guest: CS Makarand Lele, President, The ICSI

Faculty: Mr. Suresh Patel, CS Manoj Hurkat, CS Narayan Shankar, CS Pavan Kumar Vijay & CA Avinash Poddar

Delegates 184 Participants

Interactive Lecture Meet on “Cyber Law” Date March 16, 2018

Venue Ahmedabad Chapter Premises

Topics Interactive Lecture Meet on “ Cyber Law”

Chief Guest / Speakers Faculty: Advocate Manan Thakkar

Delegates 79 Participants

Seminar on Constitution & Labour Laws: An attempt to Reform Date March 18, 2018

Venue L J School of Law, Ahmedabad

Topics Constitution & Labour Laws: An attempt to Reform

Chief Guest / Speakers Faculty: Advocate Colin Gonsalves

Delegates 28 Participants

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National Conference on Corporate Bond Market Date March 23, 2018

Venue Hotel Hyatt, Vastrapur, Ahmedabad

Topics National Conference on Corporate Bond Market

Chief Guest / Speakers Faculty: Shri J. K. Dash

Delegates 32 Participants

Seminar on Decoding Companies Act and Insolvency Law Date March 30, 2018 Venue Ahmedabad Management Association, Vastrapur, Ahmedabad

Topics Decoding Companies Act & Insolvency Law

Chief Guest / Speakers Faculty: CS Dipti Mehta, Adv.(CS) G.P. Madan, CS Ravi Kapoor & Mr. Snehal Desai

Delegates 170 Participants

Seminar on Insolvency & Bankruptcy Code & Companies (Amendment) Act, 2017 Date March 31, 2018 Venue Kalpatru Power, Gandhinagar

Topics Insolvency & Bankruptcy Code & Companies (Amendment) Act, 2017

Chief Guest / Speakers Faculty: CS Umesh Ved, CS Manoj Hurkat, CS M. C. Gupta & CS Arvind Gaudana

Delegates 71 Participants

Series on Drafting of Legal Document Date March 31, 2018 Venue Ahmedabad Chapter Premises

Topics Series on Drafting of Legal Document

Chief Guest / Speakers Faculty: Advocate Pankaj Agrawal

Delegates 42 Participants

Aurangabad Chapter

Celebration of International Women Day on “Empowering Women through Entrepreneurship Development : Steeping Up for Inclusive India” Date Friday, 9th March, 2018

Venue The Salt, Meeting Hall, (MGM Sports & Health Club), N-6, CIDCO, Aurangabad (MH)

Topics “Empowering Women through Entrepreneurship Development : Steeping Up for Inclusive India”

Chief Guest / Speakers Ms. Gauri Mirashi, Founder Member of CRT, Aurangabad (MH)

Delegates ―Target / Total capacity ―Actual attendance

25 Nos 29 Nos

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Goa Chapter

Program on Women’s Day Celebration, 2018 Theme: “Empowering Women through Entrepreneurship Development: Stepping up for Inclusive India” Date 10th March, 2018

Venue Goa Chapter, Panaji, Goa.

Topics Women Empowerment through Entrepreneurship & Prevention of Sexual Harassment of Women at Workplace

Chief Guest / Speakers CA Pallavi Salgaocar, Dr. Jennifer Lewis e Kamat & Smt. Chandan Chowdhary

Delegates

Target attendance – 30 Actual attendance - 20

Indore Chapter

Women's Day Celebration on "Empowering Women through Entrepreneurship Development: Stepping up for Inclusive India" Date 08.03.2018

Venue Hotel Lemon Tree, Indore

Topics Women's Day Celebration on "Empowering Women through Entrepreneurship Development: Stepping up for Inclusive India"

Chief Guest / Speakers Dr. Priyanka Mokshmar Advocate Mini Ravindran Dr. Nisha Bano Siddiqui Mrs. Sadhana Bhandari

Delegates ―Target / Total capacity ―Actual attendance

70 62

Holi Milan & Faag Utsav Date 10.03.2018

Venue ICSI Indore Chapter, Indore

Chief Guest / Speakers CS Anurag Gangrade CS Pinky Shrivastava CS Manoj Bhandari CS Dipika Kataria CS Kamlesh Joshi

Delegates ―Target / Total capacity ―Actual attendance

50 39

Mock Board Meeting & AGM Date 21.03.2018

Venue ICSI Indore Chapter

Topics Mock Board Meeting Mock AGM

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Chief Guest / Speakers CS Dipti Sharma CS Pankaj Gupta

Delegates ―Target / Total capacity ―Actual attendance

50 37

Mock Interview & CV Writing Date 28.03.2018

Venue ICSI Indore Chapter

Topics Mock Interview CV Writing

Chief Guest / Speakers Dr. Nivtri Mishra Dr. Dhara Pandey

Delegates ―Target / Total capacity

―Actual attendance

50 07

Navi Mumbai Chapter

Seminar on "Corporate Frauds & Investigation" Date 25.03.2018

Venue IIBM (Western College), Sector- 9, Sanpada, Navi Mumbai- 400 705

Topics Corporate Frauds 'Legal Analysis' and Investigations with Respect Corporation Frauds

Chief Guest / Speakers Mr. Soumit Nikhra, Practise Head- CIP, AZB and Partners Mr. Padmaraj Venkatappa, Compliance Professional, Novatris Ltd.

Delegates ―Target / Total capacity

―Actual attendance

N/A 27

Pune Chapter

“ FULL DAY SEMINAR ON “DUE DELIGENCE” Date 03.03.2018

Venue Hotel Coronet, Pune.

Topics Due Diligence

Chief Guest / Speakers Adv. Manoj Wad and CS Pawan G Chandak

Delegates 92

FULL DAY SEMINAR ON “WOMEN’S DAY” Date 08.03.2018

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Venue Coronet Hotel, Pune.

Topics Empowering Women through Entrepreneurship Development: Stepping up for inclusive India”

Chief Guest / Speakers Chief Guest: CS Makarand Lele, President ICSI Speakers: Ms. Neha Deshpande, Adv. Vaishali Bhagwat, Ms. Zelam Chaubal and Dr. Medhatai Samant

Delegates 61

FULL DAY SEMINAR ON “CORPORATE RESTRUCTURING” Date 17.03.2018

Venue Hotel Ramee Grand, Pune

Topics Corporate Restructuring

Chief Guest / Speakers CS C.S. Kelkar, CS Vinayak Khanvalkar, CS Kishor Padke

Delegates 93

FULL DAY SEMINAR ON “RELATED PARTY TRANSACTIONS” Date 24.03.2018

Venue Hotel Ramee Grand, Pune.

Topics Related Party Transactions

Chief Guest / Speakers CS R Balakrishnan & CA Shreedhar Pathak

Delegates 60

CELEBRATION OF 45TH FOUNDATION DAY Date 24.03.2018

Venue Pt. Jawaharlal Nehru Sanskrutik Bhavan, Pune.

Topics 45th FOUNDATION DAY CELEBRATIONS.

Chief Guest / Speakers CS MAKARAND LELE, HON’ PRESIDENT – ICSI, CS OMKAR DEOSTHALE, CS ROHIT GOKHALE, CS SHILPA DIXIT, CS DEVENDRA DESHPANDE

Delegates 130

FULL DAY SEMINAR ON “ENVIRONMENTAL LAWS, RERA & IBC” Date 31.03.2018

Venue Hotel Ramee Grand, Pune.

Topics Environmental Laws, RERA & IBC,.

Chief Guest / Speakers CS Milind Kasodekar, Adv. Prarartak Pathak & Adv. Bhoumick Vaidya

Delegates 41

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Surat Chapter

Women's Day Celebration on Reiterating Nari Shakti in New India : A Lead for Accomplishment Date 08.03.2018

Venue Agrasen Bhavan, Citylight, Surat

Topics Reiterating Nari Shakti in New India : A Lead for Accomplishment

Chief Guest / Speakers Advocate Poonam Mishra

Full day seminar Date 17.03.2018

Venue Hotel Lords Plaza, Delhi Gate, Surat

Chief Guest / Speakers CS Narayan Shankar CS Praveen Soni

Thane Chapter

FIVE LECTURE SERIES ON COMPANY LAW-1st Lecture Date Sunday, February 25, 2018

Venue ICSI – THANE CHAPTER

Topics Critical Issues pertaining to Interpretation of Definitions and Incorporation of Companies with specific reference to Chapter I and II of the Companies Act, 2013 Critical Issues pertaining to Companies Incorporated Outside India with a specific reference to Chapter XXII and Government Companies with reference to Chapter XXIII

Chief Guest / Speakers CS NILESH PRADHAN, Practising Company Secretary CS K.VENKATARAMAN, Practising Company Secretary

Delegates 42- Members & 5- Students

FIVE LECTURE SERIES ON COMPANY LAW-2nd Lecture Date Sunday, March 4, 2018

Venue ICSI – THANE CHAPTER

Topics Master Class on various avenues of Finances for Corporates with specific reference to Chapter III, IV and V of the Companies Act, 2013

Chief Guest / Speakers CS Makarand Joshi, Practicing Company Secretary

Delegates 33- Members & 19- Students

FIVE LECTURE SERIES ON COMPANY LAW-3rd Lecture Date Sunday, March 11, 2018

Venue ICSI – THANE CHAPTER

Topics Critical Issues pertaining to Chapter IX Account of Companies & Chapter X Audit and Auditors of Companies Act 2013.

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Critical Issues pertaining to Companies Amendment Act 2017

Chief Guest / Speakers CS S. Sudhakar, VICE-PRESIDENT (CORPORATE SECRETARIAL) RELIANCE INDUSTRIES LIMITED CS Gaurav Pingle, Practising Company Secretary

Delegates 48- Members & 34- Students

FIVE LECTURE SERIES ON COMPANY LAW-4th Lecture Date Saturday, March 17, 2018

Venue ICSI – THANE CHAPTER

Topics Compromise, Arrangement and Amalgamations under Companies Act, 2013, Section [ Chapter XVI Prevention of Oppression and Mismanagement] and Advocacy Skills

Chief Guest / Speakers CS Prachi Manekar- Wazalwar Practising Advocate CS Satyan Israni, Practising Advocate

Delegates 47- Members & 24- Students

FIVE LECTURE SERIES ON COMPANY LAW-5th Lecture Date Sunday, March 25, 2018

Venue ICSI – THANE CHAPTER

Topics Critical Issues pertaining to Meetings, Appointment and Remuneration of Directors with specific reference to Chapter XI, XII and XIII of the Companies Act, 2013 Critical Issues in Management and Administration of Company Records with specific reference to Chapter VII and Declaration of Dividend Chapter VIII of the Companies Act, 2013

Chief Guest / Speakers CS Savithri Parekh, Senior Vice President Legal and Secretarial, Pidilite Industries Ltd.

Delegates 47- Members & 32- Students

Vadodara Chapter

Panel Discussion on “Empowering Women through Entrepreneurship Development: Stepping Up for Inclusive India” Date Thursday, the 8th March, 2018

Venue Vadodara Chapter of WIRC of ICSI, Vadodara

Topics Panel Discussion on “Empowering Women through Entrepreneurship Development: Stepping Up for Inclusive India”

Chief Guest / Speakers CS Swati Bhatt, Member, ICSI - WIRC CS Susheela Maheshwari, Vice-Chairperson, ICSI - Vadodara Chapter CS Minal Shah. Practicing Company Secretary, Vadodara

Delegates 27

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WIRC

ICSI-WIRC CS CRICKET LEAGUE Hosted by Bhayander Chapter

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Other Activities/initiatives by WIRC

Unique Training Program An initiative by WIRC Campus Placement

86th Management Skills Orientation Programme Meeting With IP Professionals Program

WIRC Chapters

Ahmadabad

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Aurangabad

Bhayander

Goa

Indore

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Navi Mumbai

Pune

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Surat

Thane

Vadodara

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“CS Benevolent Fund is a collective effort towards extending the much needed financial

support to the community of Company Secretaries in times of distress Let us lend support and join for noble cause.”

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