VOLUME NO.

XXIII 5 MAY 2006

EDITORIAL ADVISORY CENTRAL COUNCIL

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Edited, printed and published
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action taken on the basis of the
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SECRETARY & CHIEF EXECUTIVE OFFICER this Bulletin.
N. K. JAIN

H I G H L I G H T S
l From the President 03
l Academic Guidance 05
l Legal World 16
l Students Services 18
Addresses of Examination Centres for June, 2006 Exam. 21
l Schedule of Academic Development Programmes 23
l Schedule of Training Orientation Programmes 23
l Students Quiz 23
l SMTP Organised by HQ/RCs/Chapters 24
l News and Announcements 27

Student Company Secretary 1 May 2006

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

Activities Session1 Session 2 Session 3 Session - 4

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

Student Company Secretary 2 May 2006

 FROM THE PRESIDENT

"Happiness is like a butterfly;

the more you chase it, the more it will elude you,
but if you turn your shoulder to other things
it will come and sit softly on your shoulders ..."
Chris Walker
Dear Students,
In todays business climate we are experiencing more interest in professionalism. The only successful beings in any field,
including living itself, are those who have a professional viewpoint and make themselves and are professionals. Since you are
going to be the future professionals, it is important for you to develop the frame of mind that whatever you do, you are doing it as
a professional and move up the value chain by discovering happiness through inculcating professional standards in it. You have
to learn every aspect of the job carefully, discover what is needed and wanted and persist until the objective is achieved. Be
focused and clear-headed and always endeavour to provide high-quality services. This all will require a ceaselessly happy
frame of mind. Being at ease at the core and center of yourself, always peaceful, yet energetic and dynamic to no end in your
pursuit is the key to success and fulfillment.
With the June examinations knocking at the door, I am confident that you must be earnestly busy with the preparations to
complete the target and achieve the desired goal. I will not advise you how to prepare for the examinations as this aspect has
been dealt by me in my previous communications. But definitely my advise to you all would be that dont adopt a casual
approach towards the examinations. It is a fact that for every examination one has to prepare seriously. But when we talk of
professional examination, one has to prepare thoroughly as the standards set are higher and expectations from the candidates
are equally on a higher plinth. Let me point out that the written examination is the prevalent means of evaluating depth of
learning of the students. While writing the examinations, your aim should be to achieve excellence. Communicate your answers
effectively giving proper explanations and quote relevant legal provisions wherever necessary. Examiners while evaluating your
answer sheets have pointed out that though the students knew answers to the questions but the way of their presented was not
good. It implies that you should lay emphasis on improving your presentation as well as communication skills. Needless to
mention that good communication skills enable you to communicate your answers clearly leaving no room for any doubt or
confusion.
I am pleased to inform you that the Eastern India Regional Council of the Institute is organizing its 21st Regional Conference of
Student Company Secretaries on 15th July, 2006 at Kolkata. I am equally pleased to inform you that Bangalore Chapter of the
Institute is also organizing 7th National Students Conference on 30th July, 2006 at Bangalore. The theme of the Conference is
Emerging Areas in the Profession An insight. Eminent Faculty from the professional bodies and industry will address the
delegates. I advise you to take part in the Conference and benefit from the deliberations.
That apart, as you are aware, the Institute organises various programmes/competitions for the benefit of the students at National
level. In this context, I am pleased to inform you that SIRC of the Institute is providing an opportunity to the students to test their
knowledge on Company Law. It is organizing 6th All India Company Law Quiz on 12th August, 2006 at Chennai. I advise you all
to actively participate in this competition. The benefit will be immense.
Communication skills both oral and written are the hallmark in all walks of life and CS Professionals are not an exception.
Success of a professional depends more on his ability to communicate than any other skill. Professionals have to communicate
at various forums while discharging their professional responsibilities and they should be capable of communicating their viewpoint
clearly and effectively. In the emerging scenario, professionals need to strengthen these skills for increased effectiveness.
Taking cognizance of this desirable necessity, the EIRC of the Institute is organizing All India Essay Writing Competition for

Student Company Secretary 3 May 2006

students on the theme Company Secretary the Corporate Strategist. The last date for receipt of the essay by EIRC is 23rd June,
2006. I advise you all to participate in this Competition. An announcement of all these Competitions appears elsewhere in this
bulletin.
Further, CCRT, Navi Mumbai organises Residential Secretarial Modular Training Programme for those students who have
passed their CS Final examinations. In this context, I am pleased to inform you that CCRT is organizing 16th Residential Secretarial
Modular Training Programme (RSMTP) at ICSI- CCRT, Navi Mumbai commencing from 24th June to 9th July, 2006. In addition to
the subjects covered in any SMTP, there will be programes in the evening on topics of practical and general managerial
relevance. Registration will be on first-come-firstserved basis. The 16th Residential SMTP has been planned with special
emphasis on Management Subjects and time-tested and well-appreciated methodologies on imparting training including an
input on Yoga and Meditation in the morning hours. I advise you to avail of this unique opportunity. Attending Residential SMTP
at CCRT will be an experience by itself for you as it provides all the facilities enabling students to interact with the expert faculty,
senior academicians and corporate leaders.
The Institute has always made earnest efforts to secure new recognitions for its members, both in practice and in employment.
I am pleased to inform you that another break through recently in this area has been the recognition for pre-certification of e-
forms. You will appreciate that the consistent increase in recognitions conferred upon the practising members from several
authorities has thus consistently enhanced the domain area of Practising Company Secretaries.
I am pleased to inform you that the Institute has renewed its Memorandum of Understanding (MOU) with National Institute of
Small Industry Extension Training (NISIET) originally entered in the year 2003. The National Institute of Small Industry Extension
Training is an organization of the Ministry of Small Scale Industries, Government of India. I am sure the MOU will help both the
organizations in synergizing their capacities for the benefit of their stakeholders.
As informed to you earlier, the Institute is organizing 34th National Convention on the theme Reshaping the Profession Creating
New Niches on September 7-9, 2006 at Kolkata. I hope you must have noted the dates for attending the Convention. I advise
you to ensure your participation at the Convention as a delegate. An announcement containing details of the theme and sub-
themes is published in the May 2006 issue of the Chartered Secretary.
Friends, success and accomplishment are not limited to those who are lucky. They are available to anyone who chooses to be
disciplined, focused, persistent, committed, positive and enthusiastic. On this note, I would like to conclude and wish you best
of luck for June 2006 examinations.

With best wishes,

Yours sincerely,

(H M Choraria)
choraria123@vsnl.net
Kolkata
May 16, 2006

Student Company Secretary 4 May 2006

 ACADEMIC GUIDANCE
ACADEMIC GUIDANCE
TAXATION
DIRECT AND INDIRECT TAXA
TAXATION-
AXATION-
LAW AND PRACTICE
LAW
STUDY UPDATES*
Students appearing in Direct and Indirect Taxation-Law and
Practice Paper of Final Examination may take note of the following
changes in the Direct Tax portion, made by the Finance Act 2005
applicable for June 2006 and December 2006 Examinations:
I. BANKING CASH TRANSACTION TAX
The concept of Banking Cash Transaction Tax has been introduced
by the Finance Act, 2005 by insertion of Chapter VII. It shall apply to
levy of tax on certain banking transactions entered into on or after the
1st day of June, 2005. Levy of this tax extends to whole of India
except the State of Jammu and Kashmir.
1. SECTION-94-DEFINITIONS
This Section gives the definition of various terms and expressions
used in the Chapter as below
(1) Appellate Tribunal means the Appellate Tribunal constituted
under section 252 of the Income-tax Act, 1961 (43 of 1961);
(2) Assessing Officer means the Income-tax Officer or Assistant
Commissioner of Income-tax or Deputy Commissioner of Income-
tax or Joint Commissioner of Income-tax or Additional
Commissioner of Income-tax who is authorised by the Board to
exercise or perform all or any of the powers and functions
conferred on, or assigned to, an Assessing Officer under this
Chapter;
(3) banking cash transaction tax means tax leviable on the taxable
banking transactions under the provisions of this Chapter;
(4) Board means the Central Board of Direct Taxes constituted
under the Central Boards of Revenue Act, 1963 (54 of 1963);
(5) person shall have the same meaning as in clause (31) of section
2 of the Income-tax Act, 1961 (43 of 1961) and includes an office
or establishment of the Central Government or the Government
of a State;
(6) prescribed means prescribed by rules made by the Board under
this Chapter;
(7) scheduled bank means the State Bank of India constituted under
the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank
as defined in the State Bank of India (Subsidiary Banks) Act,
1959 (38 of 1959), a corresponding new bank constituted under
section 3 of the Banking Companies (Acquisition and Transfer
of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the
Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1980 (40 of 1980), or any other bank being a bank included
in the Second Schedule to the Reserve Bank of India Act, 1934
(2 of 1934);
(8) taxable banking transaction means
(a) a transaction, being withdrawal of cash (by whatever mode)
on any single day from an account (other than a savings
bank account) maintained with any scheduled bank,
exceeding,
(i) twenty-five thousand rupees, in case such withdrawal
is from the account maintained by any individual or
Hindu undivided family;
(ii) one lakh rupees, in case such withdrawal is from the
account maintained by a person other than any
individual or Hindu undivided family; or
*Prepared by Yogindu Khajuria, Education Officer, The ICSI
Student Company Secretary
(b) a transaction, being receipt of cash from any scheduled
bank on any single day on encashment of one or more term
deposits, whether on maturity or otherwise, from that bank,
exceeding,
(i) twenty-five thousand rupees, in case such term deposit
or deposits are in the name of any individual or Hindu
undivided family;
(ii) one lakh rupees, in case such term deposit or deposits
are by any person other than any individual or Hindu
undivided family;
(9) words and expressions used but not defined in this Chapter and
defined in the Negotiable Instruments Act, 1881 (26 of 1881),
the Reserve Bank of India Act, 1934 (2 of 1934), the Banking
Regulation Act, 1949 (10 of 1949), the Income-tax Act, 1961 (43
of 1961), or the rules or regulations made thereunder, shall apply,
so far as may be, in relation to banking cash transaction tax.
2. SECTION-95-CHARGE OF BANKING CASH
TRANSACTION TAX
Section 95 makes a provision for charging of a tax called banking
cash transaction tax at the rate of 0.1 per cent of the value of each
taxable banking transaction entered into with any scheduled bank
and such tax shall be payable by the person who withdraws the cash
from a scheduled bank or purchases bank draft, bankers cheque,
etc. from a scheduled bank out of cash deposited with such bank or
receives cash on encashment of term deposit with a scheduled bank
or encashes a bearer cheque to whom the payment is made in cash
by the scheduled bank. However, no such tax shall be payable if the
amount of term deposit is credited to any account with bank. This
Section reads:
(1) On and from the commencement of this Chapter, there shall be
charged a banking cash transaction tax, in respect of every
taxable banking transaction entered into on or after the 1st day
of June, 2005, at the rate of 0.1 per cent of the value of every
such taxable banking transaction.
(2) The banking cash transaction tax referred to in sub-section (1)
shall be payable,
(i) in respect of taxable banking transaction referred to in sub-
clause (a) of clause (8) of section 94, by the individual or
Hindu undivided family referred to in sub-clause (i) or a
person referred to in sub-clause (ii) of said clause (a), from
whose account the cash is withdrawn from any scheduled
bank;
(ii) in respect of taxable banking transaction referred to in sub-
clause (b) of clause (8) of section 94, by the person who
receives the cash on encashment of term deposit or
deposits:
Provided that no banking cash transaction tax shall be payable if
the amount of the term deposit or deposits is credited to any account
with the bank.
3. SECTION 96-VALUE OF TAXABLE BANKING
TRANSACTION
Section 96 provides for the value of taxable banking transactions.
The value of a taxable banking transaction shall be
(i) the amount of cash withdrawn from a scheduled bank, or
(ii) the amount of cash deposited with a scheduled bank for purchase
of a bank draft or bankers cheque, etc., or
(iii) the amount of cash received on encashment of term deposit
with a scheduled bank.
As per this Section, the value of taxable banking transaction shall
be,
(i) in respect of taxable banking transaction referred to in sub-clause
(a) of clause (8) of section 94, the amount of cash withdrawn;
5 May 2006
 ACADEMIC GUIDANCE
(ii) in respect of taxable banking transaction referred to in sub-clause
(b) of clause (8) of section 94, the amount of cash received on
encashment of term deposit or deposits.
4. SECTION 97-COLLECTION AND RECOVERY OF
BANKING CASH TRANSACTION TAX
Section 97 provides for collection and recovery of banking cash
transaction tax by a schedule bank. The amount of banking cash
transaction tax collected by the scheduled bank has to be paid to the
credit of the Central Government by the fifteenth day of the month
following the month in which the banking cash transaction tax is
collected.
The Section reads:
(1) Every scheduled bank shall collect the banking cash transaction
tax from every person, being a person referred to in clause (i) or
clause (ii) of sub-section (2) of section 95 who enters into a
taxable banking transaction with that bank, at the rate specified
in section 95.
(2) The banking cash transaction tax collected during any calendar
month in accordance with the provisions of sub-section (1) shall
be paid by every scheduled bank to the credit of the Central
Government by the fifteenth day of the month immediately
following the said calendar month.
(3) Any scheduled bank, who fails to collect the tax in accordance
with the provisions of sub-section (1), shall, notwithstanding such
failure, be liable to pay the tax to the credit of the Central
Government in accordance with the provisions of sub-section
(2).
5. SECTION 98-SCHEDULED BANK TO FURNISH
PRESCRIBED RETURN
Section 98 provides for furnishing of prescribed return to the
Assessing Officer. As per this Section:
(1) Every scheduled bank (hereafter in this Chapter referred to as
assessee) shall, within the prescribed time after the end of each
financial year, prepare and deliver or cause to be delivered to
the Assessing Officer or to any other authority or agency
authorised by the Board in this behalf, a return in such form and
verified in such manner and setting forth such particulars as
may be prescribed, in respect of all taxable banking transactions
entered into during such financial year in the scheduled bank.
(2) Where any assessee fails to furnish the return under sub-section
(1) within the prescribed time, the Assessing Officer may issue
a notice to such assessee and serve it upon him, requiring him
to furnish the return in the prescribed form and verified in the
prescribed manner setting forth such particulars within such time
as may be prescribed.
(3) Any assessee who has not furnished the return within the time
allowed under sub-section (1) or sub-section (2), or having
furnished a return under sub-section (1) or sub-section (2),
discovers any omission or wrong statement therein, may furnish
a return or a revised return, as the case may be, at any time
before the assessment is made.
6. SECTION 99-ASSESSMENT
Section 99 contains provisions relating to assessment of the
taxable banking transactions and the banking cash transaction tax
payable or refundable on the basis of such assessment. It also
provides that no assessment shall be made after the expiry of two
years from the end of the relevant financial year. It also provides that
the amount refunded to the assessee should be returned to the person
from whom it was collected within the time laid down by rules. The
Section reads:
(1) For the purposes of making an assessment under this Chapter,
the Assessing Officer may serve on any assessee, who has
furnished a return under sub-section (1) or sub-section (3) of
Student Company Secretary
section 98 or upon whom a notice has been served under sub-
section (2) of section 98 (whether a return has been furnished or
not), a notice requiring him to produce or cause to be produced
on a date to be specified therein such accounts or documents or
other evidence as the Assessing Officer may require for the
purposes of this Chapter and may, from time to time, serve further
notices requiring the production of such further accounts or
documents or other evidence as he may require.
(2) The Assessing Officer, after considering such accounts,
documents or other evidence, if any, as he has obtained under
sub-section (1) and after taking into account any other relevant
material which he has gathered, shall, by an order in writing,
assess the value of taxable banking transactions during the
relevant financial year and determine the amount of banking cash
transaction tax payable or refundable on the basis of such
assessment:
Provided that no assessment shall be made under this sub-
section after the expiry of two years from the end of the relevant
financial year.
(3) Every assessee, in case any amount is refunded to it on
assessment under sub-section (2), shall, within such time as
may be prescribed, refund such amount to the concerned person
from whom such amount was collected.
7. SECTION 100-RECTIFICATION OF MISTAKE
Section 100 provides for rectification of mistakes apparent from
record of any order passed by the Assessing Officer within one year
from the end of the financial year in which the order sought to be
amended was passed. The Assessing Officer may rectify mistakes
either suo motu or at the instance of the assessee. Further, any
amendment which has the effect of enhancing an assessment or
reducing a refund or otherwise increasing the liability of the assessee
shall be made only after giving the assessee a reasonable opportunity
of being heard. This Section reads:
(1) With a view to rectifying any mistake apparent from the record,
the Assessing Officer may amend any order passed by him under
the provisions of this Chapter within one year from the end of
the financial year in which the order sought to be amended was
passed.
(2) Where any matter has been considered and decided in any
proceeding by way of appeal relating to an order referred to in
sub-section (1), the Assessing Officer passing such order may,
notwithstanding anything contained in any law for the time being
in force, amend the order under that sub-section in relation to
any matter other than the matter which has been so considered
and decided.
(3) Subject to the other provisions of this section, the Assessing
Officer may
(a) make an amendment under sub-section (1) of his own
motion; or
(b) make such amendment if any mistake is brought to his notice
by the assessee.
(4) An amendment, which has the effect of enhancing an
assessment or reducing a refund or otherwise increasing the
liability of the assessee, shall not be made under this section
unless the Assessing Officer concerned has given notice to the
assessee of his intention so to do and has allowed the assessee
a reasonable opportunity of being heard.
(5) Where an amendment is made under this section, an order shall
be passed in writing by the Assessing Officer.
(6) Subject to the other provisions of this Chapter, where any such
amendment has the effect of reducing the assessment, the
Assessing Officer shall make any refund, which may be due to
such assessee.
6 May 2006
 ACADEMIC GUIDANCE
(7) Where any such amendment has the effect of enhancing the
assessment or reducing the refund already made, the Assessing
Officer shall make an order specifying the sum payable by the
assessee and the provisions of this Chapter shall apply
accordingly.
8. SECTION 101-INTEREST ON DELAYED PAYMENT OF
BANKING CASH TRANSACTION TAX
Section 101 provides for payment of simple interest at the rate of
one per cent for every month or part of a month where the banking
cash transaction tax collected is not credited to the account of the
Central Government within the period specified in Clause 97. As per
this Section:
Every assessee who fails to credit the banking cash transaction
tax or any part thereof as required under section 97, to the account of
the Central Government within the period specified in that section,
shall pay simple interest at the rate of one per cent of such tax for
every month or part of a month by which such crediting of the tax or
any part thereof is delayed.
9. SECTION 102-PENALTY FOR FAILURE TO COLLECT OR
PAY BANKING CASH TRANSACTION TAX
Section 102 provides for imposition of penalty on the scheduled
bank responsible to collect banking cash transaction tax for its failure
to collect the tax or for the failure to credit the same to the account of
the Central Government. This Section reads:
Any assessee who
(a) fails to collect the whole or any part of the banking cash
transaction tax as required under section 97; or
(b) having collected the banking cash transaction tax, fails to pay
such tax to the credit of the Central Government in accordance
with the provisions of sub-section (2) of section 97, shall be liable
to pay,
(i) in the case referred to in clause (a), in addition to paying
the tax in accordance with the provisions of sub-section (3)
of section 97, or interest, if any, in accordance with the
provisions of section 101, by way of penalty, a sum equal to
the amount of banking cash transaction tax that it failed to
collect; and
(ii) in the case referred to in clause (b), in addition to paying the
tax in accordance with the provisions of sub-section (2) of
section 97 and interest in accordance with the provisions of
section 101, by way of penalty, a sum of one thousand rupees
for every day during which the failure continues, so, however,
that the penalty under this clause shall not exceed the amount
of banking cash transaction tax that it failed to pay.
10. SECTION 103-PENALTY FOR FAILURE TO FURNISH
PRESCRIBED RETURN
Section 103 provides for penalty for failure to furnish return under
Clause 98. The penalty in such cases will be one hundred rupees for
every day during which the failure continues.
According to this Section if an assessee fails to furnish in due
time the return which it is required to furnish under sub-section (1) of
section 98 or by notice given under sub-section (2) of that section, it
shall be liable to pay, by way of penalty, a sum of one hundred rupees
for every day during which the failure continues.
11. SECTION 104-PENALTY FOR FAILURE TO COMPLY
WITH NOTICE
Section 104 provides that any assessee who fails to comply with
notice issued under sub-clause (2) of clause 98, shall be liable to
penalty for every day during which the failure continues. This Section
reads:
If the Assessing Officer in the course of any proceedings under
this Chapter is satisfied that any person has failed to comply with a
notice under sub-section (1) of section 99, he may direct that such
Student Company Secretary
person shall pay, by way of penalty, in addition to any banking cash
transaction tax and interest, if any, payable by him, a sum of ten
thousand rupees for each such failure.
12. SECTION 105-PENALTY NOT TO BE IMPOSED IN
CERTAIN CASES
Notwithstanding anything contained in the provisions of section
102 or section 103 or section 104, no penalty shall be imposable for
any failure referred to in the said provisions if the assessee proves
that there was reasonable cause for the said failure:
Provided that no order imposing a penalty under this Chapter shall
be made unless the assessee has been given a reasonable
opportunity of being heard.
13. SECTION 106-APPLICATION OF CERTAIN PROVISIONS
OF ACT 43 OF 1961
The provisions of the following sections of the Income-tax Act,
1961, as in force from time to time, shall apply, so far as may be, in
relation to banking cash transaction tax as they apply in relation to
income-tax:
120,131,133A, 156, 178, 220 to 227, 229, 232, 260A, 261, 262, 265
to 269, 278B, 282 and 288 to 293.
14. SECTION 107-APPEALS TO COMMISSIONER OF
INCOME-TAX (APPEALS).
Section 107 provides for an appeal to the Commissioner of Income-
tax (Appeals) when the assessee denies its liability to be assessed
under this Chapter or against any order passed under clause 99 or
clause 100 by an Assessing Officer.
This Section reads:
(1) Any assessee aggrieved by any assessment order passed by
the Assessing Officer under section 99 or any order under section
100, or denying his liability to be assessed under this Chapter,
or by an order levying penalty under this Chapter, may appeal to
the Commissioner of Income-tax (Appeals) within thirty days from
the date of receipt of the order of the Assessing Officer.
(2) Every appeal under sub-section (1) shall be in the prescribed
form and shall be verified in the prescribed manner and shall be
accompanied by a fee of one thousand rupees.
(3) Where an appeal has been filed under the provisions of sub-
section (1), the provisions of sections 249 to 251 of the Income-
tax Act, 1961 (43 of 1961), shall, as far as may be, apply.
15. SECTION 108-APPEALS TO APPELLATE TRIBUNAL
Section 108 provides for appeal to the Appellate Tribunal against
an order passed by a Commissioner of Income-tax (Appeals) under
Clause 107. This section contains provisions relating to time-limit
and procedure for filing appeal before the Appellate Tribunal.
According to this Section:
(1) Any assessee aggrieved by an order passed by a Commissioner
of Income-tax (Appeals) under section 107 may appeal to the
Appellate Tribunal against such order.
(2) The Commissioner of Income-tax may, if he objects to any order
passed by the Commissioner of Income-tax (Appeals) under
section 107, direct the Assessing Officer to appeal to the
Appellate Tribunal against such order.
(3) Every appeal under sub-section (1) or sub-section (2) shall be
filed within sixty days of the date on which the order sought to be
appealed against is received by the assessee, or by the
Commissioner of Income-tax, as the case may be.
(4) Every appeal under sub-section (1) or sub-section (2) shall be in
the prescribed form and shall be verified in the prescribed manner
and in the case of an appeal filed under sub-section (1) shall be
accompanied by a fee of one thousand rupees.
(5) Where an appeal has been filed before the Appellate Tribunal
under sub-section (1) or sub-section (2), the provisions of sections
7 May 2006
 ACADEMIC GUIDANCE
252 to 255 of the Income-tax Act, 1961 (43 of 1961), shall, as far
as may be, apply.
16. SECTION 109-FALSE STATEMENT IN VERIFICATION,
ETC.
Section 109 provides for punishment, by way of imprisonment up
to a period of three years and with line, for submitting any statement
in any verification, account of statement which is false. This section
also provides that an offence punishable under this clause shall be
deemed to be non-cognisable within the meaning of the Code of
Criminal Procedure, 1973. This Section reads:
(1) If a person makes a statement in any verification under this
Chapter or any rule made thereunder, or delivers an account or
statement, which is false, and which he either knows or believes
to be false, or does not believe to be true, he shall be punishable
with imprisonment for a term which may extend to three years
and with fine.
(2) Notwithstanding anything contained in the Code of Criminal
Procedure, 1973 (2 of 1974), an offence punishable under sub-
section (1) shall be deemed to be non-cognizable within the
meaning of that Code.
17. SECTION 110-INSTITUTION OF PROCEEDINGS.
Section 110 provides that no prosecution shall be initiated for an
offence under Clause 109 except with the prior sanction of the Chief
Commissioner of the Income-tax.
As per this Section, a person shall not be proceeded against for
any offence under section 109 except with the previous sanction of
the Chief Commissioner of Income-tax.
18. SECTION 111-POWER TO MAKE RULES.
Section 111 confers powers on the Central Government to make
rules for the purposes of carrying out the provisions of this Chapter.
This section also provides that every rule made under this Clause
shall be laid before each House of Parliament. This Section reads:
(1) The Central Government may, by notification in the Official
Gazette, make rules for carrying out the provisions of this Chapter.
(2) In particular, and without prejudice to the generality of the
foregoing power, such rules may provide for all or any of the
following matters, namely:
(a) the time within which the return shall be delivered or caused
to be delivered to the Assessing Officer or to any other
agency and the form and the manner in which such return
shall be furnished under sub-section (1) or sub-section (2)
of section 98;
(b) the time within which the return shall be furnished on receipt
of notice under sub-section (2) of section 98;
(c) the time within which refund shall be made under sub-section
(3) of section 99;
(d) the form in which an appeal under section 107 or section
108 may be filed and the manner in which they may be
verified;
(e) any other matter which by this Chapter is to be, or may be,
prescribed.
(3) Every rule made under this Chapter shall be laid, as soon as
may be after it is made, before each House of Parliament, while
it is in session for a total period of thirty days which may be
comprised in one session or in two or more successive sessions,
and if, before the expiry of the session immediately following the
session or the successive sessions aforesaid, both Houses agree
in making any modification in the rule or both Houses agree that
the rule should not be made, the rule shall thereafter have effect
only in such modified form or be of no effect, as the case may
be; so, however, that any such modification or annulment shall
be without prejudice to the validity of anything previously done
under that rule.
Student Company Secretary
19. SECTION 112-POWER TO REMOVE DIFFICULTIES
Section 112 confers power on the Central Government to issue
orders for removal of any difficulty arising in giving effect to the
provisions of this Chapter. According to this Section:
(1) If any difficulty arises in giving effect to the provisions of this
Chapter, the Central Government may, by order published in the
Official Gazette, not inconsistent with the provisions of this
Chapter, remove the difficulty:
Provided that no such order shall be made after the expiry of a
period of two years from the date on which the provisions of this
Chapter come into force.
(2) Every order made under this section shall be laid, as soon as
may be after it is made, before each House of Parliament.
II. FRINGE BENEFIT TAX
The concept of Fringe Benefit Tax has been introduced by insertion
of new Chapter XII-H in the Income tax Act, 1961. This Chapter
contains 13 sections from section 115W to section 115 WL. Section
115W defines certain expressions used in this Chapter.
20. SECTION 115WDEFINITIONS
In this Chapter unless the context otherwise requires,
(a) employer means
(i) a company;
(ii) a firm;
(iii) an association of persons or a body of individuals, whether
incorporated or not;
(iv) a local authority; and
(v) every artificial juridical person, not falling within any of the
preceding sub-clauses :
Provided that any person eligible for exemption under Clause
(23C) of Section 10 or registered under Section 12AA or a political
party registered under Section 29A of the Representation of the People
Act, 1951 (43 of 1951) shall not be deemed to be an employer for the
purposes of this Chapter;
(b) fringe benefit tax or tax means the tax chargeable under
Section 115WA.
21. SECTION 115WA-CHARGE OF FRINGE BENEFIT TAX
Section 115WA provides that in addition to the income tax charged
under the Income-tax Act, an income tax called fringe benefit tax
shall be charged for every assessment year commending from 1st
April, 2006 in respect of fringe benefits provided or deemed to have
been provided by an employer to his employees during the previous
year. This Section reads:
(1) In addition to the income-tax charged under this Act, there shall
be charged for every assessment year commencing on or after
the 1st day of April, 2006, additional income-tax (in this Act
referred to as fringe benefit tax) in respect of the fringe benefits
provided or deemed to have been provided by an employer to
his employees during the previous year at the rate of thirty per
cent on the value of such fringe benefits.
(2) Notwithstanding that no income-tax is payable by an employer
on his total income computed in accordance with the provisions
of this Act, the tax on fringe benefits shall be payable by such
employer.
22. SECTION 115WB-FRINGE BENEFITS
Section 115WB to defines the term, fringe benefits. As per this
Section:
(1) For the purposes of this Chapter, fringe benefits means any
consideration for employment provided by way of
(a) any privilege, service, facility or amenity, directly or indirectly,
provided by an employer, whether by way of reimbursement
8 May 2006
 ACADEMIC GUIDANCE
or otherwise, to his employees (including former employee
or employees);
(b) any free or concessional ticket provided by the employer
for private journeys of his employees or their family
members; and
(c) any contribution by the employer to an approved
superannuation fund for employees.
(2) The fringe benefits shall be deemed to have been provided by
the employer to his employees, if the employer has, in the course
of his business or profession (including any activity whether or
not such activity is carried on with the object of deriving income,
profits or gains) incurred any expense on, or made any payment
for, the following purposes, namely:
(A) entertainment;
(B) provision of hospitality of every kind by the employer to any
person, whether by way of provision of food or beverages
or in any other manner whatsoever and whether or not such
provision is made by reason of any express or implied
contract or custom or usage of trade but does not include
(i) any expenditure on, or payment for, food or beverages
provided by the employer to his employees in office or
factory;
(ii) any expenditure on or payment through paid vouchers
which are not transferable and usage only at eating
joints or outlets;
(C) conference (other than fee for participation by the employees
in any conference).
Explanation.: For the purposes of this clause, any expenditure on
conveyance, tour and travel (including foreign travel), on hotel, or
boarding and lodging in connection with any conference shall be
deemed to be expenditure incurred for the purposes of conference;
(D) sales promotion including publicity:
Provided that any expenditure on advertisement,
(i) being the expenditure (including rental) on
advertisement of any form in any print (including
journals, catalogues or price lists) or electronic media
or transport system;
(ii) being the expenditure on the holding of, or the
participation in, any press conference or business
convention, fair or exhibition;
(iii) being the expenditure on sponsorship of any sports
event or any other event organised by any Government
agency or trade association or body;
(iv) being the expenditure on the publication in any print or
electronic media of any notice required to be published
by or under any law or by an order of a court or tribunal;
(v) being the expenditure on advertisement by way of signs,
art work, painting, banners, awnings, direct mail, electric
spectaculars, kiosks, hoardings, bill boards or by way
of such other medium of advertisement; and
(vi) being the expenditure by way of payment to any
advertising agency for the purposes of clauses (i) to
(v) above,
shall not be considered as expenditure on sales promotion
including publicity;
(E) employees welfare.
Explanation.: For the purposes of this clause, any expenditure
incurred or payment made to fulfill any statutory obligation or mitigate
occupational hazards or provide first aid facilities in the hospital or
dispensary run by the employer shall not be considered as expenditure
for employees welfare;
(F) conveyance, tour and travel (including foreign travel);
Student Company Secretary
(G) use of hotel, boarding and lodging facilities;
(H) repair, running (including fuel), maintenance of motorcars
and the amount of depreciation thereon;
(I) repair, running (including fuel), maintenance of aircrafts and
the amount of depreciation thereon;
(J) use of telephone (including mobile phone) other than
expenditure on leased telephone lines;
(K) maintenance of any accommodation in the nature of guest
house other than accommodation used for training
purposes;
(L) festival celebrations;
(M) use of health club and similar facilities;
(N) use of any other club facilities;
(O) gifts; and
(P) scholarships.
(3) For the purposes of sub-section (1), the privilege, service, facility
or amenity does not include perquisites in respect of which tax
is paid or payable by the employee.
23. SECTION 115WC-VALUE OF FRINGE BENEFITS
Section 115WC lays the value of fringe benefits in terms of
percentage of certain expenses specified in the proposed section
115WB, which shall be taken as fringe benefits for the purpose of
levy of fringe benefit tax. According to this Section:
(1) For the purpose of this Chapter, the value of fringe benefits shall
be the aggregate of the following, namely,
(a) cost at which the benefits referred to in clause (b) of sub-
section (1) of section 115WB, is provided by the employer
to the general public as reduced by the amount, if any, paid
by, or recovered from, his employee or employees:
Provided that in a case where the expenses of the nature
referred to in clause (b) of sub-section (1) of section 115WB
are included in any other clause of sub-section (2) of the
said section, the total expenses included under such other
clause shall be reduced by the amount of expenditure
referred to in the said clause (b) for computing the value of
fringe benefits;
(b) actual amount of contribution referred to in clause (c) of
sub-section (1) of section 115WB;
(c) twenty per cent of the expenses referred to in clauses (A)
to (K) of sub-section (2) of section 115WB;
(d) fifty per cent of the expenses referred to in clause (L) to (P)
of sub-section (2) of section 115WB.
(2) Notwithstanding anything contained in sub-section (1),
(a) in the case of an employer engaged in the business of hotel,
the value of fringe benefits for the purposes referred to in
clause (B) of sub-section (2) of section 115WB shall be
five per cent instead of twenty per cent referred to in
clause (c) of sub-section (1);
(b) in the case of an employer engaged in the business of
construction, the value of fringe benefits for the purposes
referred to in clause (F) of sub-section (2) of section 115WB
shall be five per cent instead of twenty per cent referred
to in clause (c) of sub-section (1);
(c) in the case of an employer engaged in the business of
manufacture or production of pharmaceuticals, the value of
fringe benefits for the purposes referred to in clauses (F)
and (G) of sub-section (2) of section 115WB shall be five
per cent instead of twenty per cent referred to in clause
(c) of sub-section (1);
(d) in the case of an employer engaged in the business of
manufacture or production of computer software, the value
9 May 2006
 ACADEMIC GUIDANCE
of fringe benefits for the purposes referred to in clauses (F)
and (G) of sub-section (2) of section 115WB shall be five
per cent instead of twenty per cent referred to in clause
(c) of sub-section (1);
(e) in the case of an employer engaged in the business of
carriage of passengers or goods by motorcar, the value of
fringe benefits for the purposes referred to in clause (h) of
sub-section (2) of section 115WB shall be five per cent
instead of twenty per cent referred to in clause (c) of sub-
section (1);
(f) in the case of an employer engaged in the business of
carriage of passengers or goods by aircraft, the value of
fringe benefits for the purposes referred to in clause (I) of
sub-section (2) of section 115WB shall be taken as Nil..
24. SECTION 115WD-RETURN OF FRINGE BENEFITS
Section 115WD relates to return of fringe benefits. This Section
reads:
(1) Without prejudice to the provisions contained in section 139, every
employer who during a previous year has paid or made provision
for payment of fringe benefits to his employees, shall, on or before
the due date, furnish or cause to be furnished a return of fringe
benefits to the Assessing Officer in the prescribed form and verified
in the prescribed manner and setting forth such other particulars
as may be prescribed, in respect of the previous year.
Explanation.: In this sub-section, due date means,
(a) where the employer is
(i) a company; or
(ii) a person (other than a company) whose accounts are
required to be audited under this Act or under any other
law for the time being in force, the 31st day of October
of the assessment year;
(b) in the case of any other employer, the 31st day of July of
the assessment year.
(2) In the case of any employer who, in the opinion of the Assessing
Officer, is responsible for paying fringe benefit tax under this Act
and who has not furnished a return under sub-section (1), the
Assessing Officer may, after the due date, issue a notice to him
and serve the same upon him, requiring him to furnish within
thirty days from the date of service of the notice, the return in the
prescribed form and verified in the prescribed manner and setting
forth such other particulars as may be prescribed.
(3) Any employer responsible for paying fringe benefit tax who has
not furnished a return within the time allowed under sub-section
(1) or within the time allowed under a notice issued under sub-
section (2), may furnish the return for any previous year, at any
time before the expiry of one year from the end of the relevant
assessment year or before the completion of the assessment,
whichever is earlier.
(4) If any employer, having furnished a return under sub-section (1),
or in pursuance of a notice issued under sub-section (2),
discovers any omission or any wrong statement therein, he may
furnish a revised return at any time before the expiry of one year
from the end of the relevant assessment year or before the
completion of the assessment, whichever is earlier.
25. SECTION 115WE-ASSESSMENT
(1) Where a return has been made under section 115WD,
(i) if any tax or interest is found due on the basis of such return,
after adjustment of any advance tax paid, any tax paid on
self-assessment and any amount paid otherwise by way of
tax or interest, then without prejudice to the provisions of
sub-section (2), an intimation shall be sent to the assessee
specifying the sum so payable, and such intimation shall
be deemed to be a notice of demand issued under section
Student Company Secretary
156 and all the provisions of this Act shall apply accordingly;
and
(ii) if any refund is due on the basis of such return, it shall be
granted to the assessee and an intimation to this effect shall
be sent to the assessee:
Provided that except as otherwise provided in this sub-
section, the acknowledgment of the return shall be deemed
to be an intimation under this sub-section where either no
sum is payable by the assessee or no refund is due to him:
Provided further that no intimation under this sub-section
shall be sent after the expiry of one year from the end of the
financial year in which the return is made.
(2) Where a return has been furnished under section 115WD, the
Assessing Officer shall, if he considers it necessary or expedient
to ensure that the assessee has not understated the value of
fringe benefits or has not underpaid the tax in any manner, serve
on the assessee a notice requiring him on a date to be specified
therein, either to attend his office or to produce, or cause to be
produced, any evidence on which the assessee may rely in
support of the return:
Provided that no notice under this sub-section shall be served
on the assessee after the expiry of twelve months from the end
of the month in which the return is furnished.
(3) On the day specified in the notice issued under sub-section (2),
or as soon afterwards as may be, after hearing such evidence
as the assessee may produce and such other evidence as the
Assessing Officer may require on specified points, and after
taking into account all relevant material which he has gathered,
the Assessing Officer shall, by an order in writing, make an
assessment of the value of the fringe benefits paid or payable
by the assessee, and determine the sum payable by him or refund
of any amount due to him on the basis of such assessment.
(4) Where a regular assessment under sub-section (3) of section
115WF is made,
(a) any tax or interest paid by the assessee under sub-section
(1) shall be deemed to have been paid towards such regular
assessment;
(b) if no refund is due on regular assessment or the amount
refunded under sub-section (1) exceeds the amount
refundable on regular assessment, the whole or the excess
amount so refunded shall be deemed to be tax payable by
the assessee and the provisions of this Act shall apply
accordingly.
26. SECTION 115WF-BEST JUDGMENT ASSESSMENT
(1) If any person, being an employer
(a) fails to make the return required under sub-section (1) of
section 115WD and has not made a return under sub-section
(3) or a revised return under sub-section (4) of that section,
or
(b) fails to comply with all the terms of a notice issued under
sub-section (2) of section 115WD or fails to comply with a
direction issued under sub-section (2A) of section 142, or
(c) having made a return, fails to comply with all the terms of a
notice issued under sub-section (2) of section 115WE,
the Assessing Officer, after taking into account all relevant material
which the Assessing Officer has gathered, shall, after giving the
assessee an opportunity of being heard, make the assessment of
the fringe benefits to the best of his judgment and determine the sum
payable by the assessee on the basis of such assessment:
Provided that such opportunity shall be given by the Assessing
Officer by serving a notice calling upon the assessee to show cause,
on a date and time to be specified in the notice as to why the
assessment should not be completed to the best of his judgment:
10 May 2006
 ACADEMIC GUIDANCE
Provided further that it shall not be necessary to give such
opportunity in a case where a notice under sub-section (2) of section
115WD has been issued prior to the making of an assessment under
this section.
27. SECTION 115WG-FRINGE BENEFITS ESCAPING
ASSESSMENT
If the Assessing Officer has reason to believe that any fringe
benefits chargeable to tax have escaped assessment for any
assessment year, he may, subject to the provisions of sections 115WH,
150 and 153, assess or reassess such fringe benefits and also any
other fringe benefits chargeable to tax which have escaped
assessment and which come to his notice subsequently in the course
of the proceedings under this section, for the assessment year
concerned (hereafter referred to as the relevant assessment year).
Explanation.: For the purposes of this section, the following shall
also be deemed to be cases where fringe benefits chargeable to tax
have escaped assessment, namely:
(a) where no return of fringe benefits has been furnished by the
assessee;
(b) where a return of fringe benefits has been furnished by the
assessee but no assessment has been made and it is noticed
by the Assessing Officer that the assessee has understated the
value of fringe benefits in the return;
(c) where an assessment has been made, but the fringe benefits
chargeable to tax have been under-assessed.
28. SECTION 115WH-ISSUE OF NOTICE WHERE FRINGE
BENEFITS HAVE ESCAPED ASSESSMENT
(1) Before making the assessment or reassessment under section
115WG, the Assessing Officer shall serve on the assessee a
notice requiring him to furnish within such period as may be
specified in the notice, a return of the fringe benefits in respect
of which he is assessable under this Chapter during the previous
year corresponding to the relevant assessment year, in the
prescribed form and verified in the prescribed manner and setting
forth such other particulars as may be prescribed, and the
provisions of this Chapter shall, so far as may be, apply
accordingly as if such return were a return required to be furnished
under section 115WD.
(2) The Assessing Officer shall, before issuing any notice under
this section, record his reasons for doing so.
(3) No notice under sub-section (1) shall be issued for the relevant
assessment year after the expiry of six years from the end of the
relevant assessment year.
Explanation.: In determining fringe benefits chargeable to tax which
have escaped assessment for the purposes of this sub-section, the
provisions of the Explanation to section 115WG shall apply as they
apply for the purposes of that section.
(4) In a case where an assessment under sub-section (3) of section
115WE or section 115WG has been made for the relevant
assessment year, no notice shall be issued under sub-section
(1) by an Assessing Officer, after the expiry of four years from
the end of the relevant assessment year, unless the Chief
Commissioner or Commissioner is satisfied, on the reasons
recorded by the Assessing Officer, that it is a fit case for the
issue of such notice.
29. SECTION 115WI-PAYMENT OF FRINGE BENEFIT TAX
Notwithstanding that the regular assessment in respect of any
fringe benefits is to be made in a later assessment year, the tax on
such fringe benefits shall be payable in advance during any financial
year, in accordance with the provisions of section 115WJ, in respect
of the fringe benefits which would be chargeable to tax for the
assessment year immediately following that financial year, such fringe
benefits being hereafter in this Chapter referred to as the current
fringe benefits.
Student Company Secretary
30. SECTION 115WJ-ADVANCE TAX IN RESPECT OF
FRINGE BENEFITS
(1) Every assessee who is liable to pay advance tax under section
115WI, shall on his own accord, pay advance tax on his current
fringe benefits calculated in the manner laid down in sub-section
(2).
(2) The amount of advance tax payable by an assessee in the
financial year shall be thirty per cent of the value of the fringe
benefits referred to in section 115WC, paid or payable in each
quarter and shall be payable on or before the 15th day of the
month following such quarter:
Provided that the advance tax payable for the quarter ending on
the 31st day of March of the financial year shall be payable on or
before the 15th day of March of the said financial year.
(3) Where an assessee, has failed to pay the advance tax for any
quarter or where the advance tax paid by him is less than thirty
per cent of the value of fringe benefits paid or payable in that
quarter, he shall be liable to pay simple interest at the rate of
one per cent on the amount by which the advance tax paid falls
short of, thirty per cent of the value of fringe benefits for any
quarter, for every month or part of the month for which the shortfall
continues.
31. SECTION 115WK-INTEREST FOR DEFAULT IN
FURNISHING RETURN OF FRINGE BENEFITS
(1) Where the return of fringe benefits for any assessment year under
sub-section (1) or sub-section (3) of section 115WD or in response
to a notice under sub-section (2) of that section, is furnished after
the due date, or is not furnished, the employer shall be liable to
pay simple interest at the rate of one per cent for every month or
part of a month comprised in the period commencing on the date
immediately following the due date, and,
(a) where the return is furnished after the due date, ending on
the date of furnishing of the return; or
(b) where no return has been furnished, ending on the date of
completion of the assessment under section 115WF,
on the amount of the tax on the value of fringe benefits as
determined under sub-section (1) of section 115WE or regular
assessment as reduced by the advance tax paid under section 115WJ.
Explanation 1.In this section, due date means the date specified
in the Explanation to sub-section (1) of section 115WD as applicable
in the case of the employer.
Explanation 2 .Where, in relation to an assessment year, an
assessment is made for the first time under section 115WG, the
assessment so made shall be regarded as a regular assessment for
the purposes of this section.
(2) The provisions contained in sub-section (2) to (4) of section 234A
shall, so far as may be, apply to this section.
32.SECTION 115WL-APPLICATION OF OTHER
PROVISIONS OF THIS ACT
Save as otherwise provided in this Chapter, all other provisions of
this Act shall, as far as may be, apply in relation to fringe benefits also.
ATTENTION STUDENTS!
Students writing answers to response sheets for the Test Papers
1/2006 to 5/2006 of paper Direct and Indirect Taxation Law and
Practice of Final course may please note that in Part A of all test
papers, they are required to write answer to Question No. 1, which
is compulsory and any one Question from the rest of the two
Questions i.e., either Question No. 2 or Question No. 3 respectively.
11 May 2006
 ACADEMIC GUIDANCE
FREQUENTLY ASKED QUESTIONS (FAQs)
ON PATENTS*
Intellectual property has assumed considerable importance in the
changing complex business world. As you are aware, the domain of
intellectual property is quite vast. Although intellectual property has
been discussed elaborately in the study material, nevertheless while
studying the subject, some fundamental questions/doubts keep on
agitating the minds of the students. To provide comfort to their agitating
minds, some FAQs on patents have been given herein below which
the students should read carefully. They will find the questions useful
and their questions/ doubts about the subject, if any, will be clarified.
A stated above, the domain of intellectual property is quite vast. At
present, we have covered patents only.
1. What is a Patent?
A patent is an exclusive right granted for an invention, which is a
product or a process that provides, in general, a new way of doing
something, or offers a new technical solution to a problem. In order
to be patentable, the invention must fulfill certain conditions. (See
answer to question No. 8)
2. What does a Patent do?
A patent provides protection for the invention to the owner of the
patent. The protection is granted for a limited period, generally 20 years.
3. What kind of Protection does a Patent offer?
Patent protection means that the invention cannot be commercially
made, used, distributed or sold without the patent owners consent.
These patent rights are usually enforced in a court, which, in most
systems, holds the authority to stop patent infringement. Conversely,
a court can also declare a patent invalid upon a successful challenge
by a third party.
4. What Rights does a Patent Owner have?
A patent owner has the right to decide who may - or may not - use
the patented invention for the period in which the invention is protected.
The patent owner may give permission to, or license, other parties
to use the invention on mutually agreed terms.
The owner may also sell the right to the invention to someone else,
who will then become the new owner of the patent. Once a patent
expires, the protection ends, and an invention enters the public domain,
that is, the owner no longer holds exclusive rights to the invention,
which becomes available to commercial exploitation by others.
5. Why are Patents necessary?
Patents provide incentives to individuals by offering them
recognition for their creativity and material reward for their
marketable inventions. These incentives encourage innovation, which
assures that the quality of human life is continuously enhanced.
6. What Role do Patents Play in Everyday Life?
Patented inventions have, in fact, pervaded every aspect of
human life, from electric lighting (patents held by Edison and Swan)
and plastic (patents held by Baekeland), to ballpoint pens (patents
held by Biro) and microprocessors (patents held by Intel, for example).
All patent owners are obliged, in return for patent protection, to
publicly disclose information on their invention in order to enrich
the total body of technical knowledge in the world. Such an ever-
increasing body of public knowledge promotes further creativity and
innovation in others. In this way, patents provide not only protection
for the owner but valuable information and inspiration for future
generations of researchers and inventors.
7. How is a Patent Granted?
The first step in securing a patent is the filing of a patent
application. The patent application generally contains the title of the
*Compiled by Archana Kaul, Assistant Director, The ICSI
Student Company Secretary
invention, as well as an indication of its technical field; it must include
the background and a description of the invention, in clear language
and enough detail that an individual with an average understanding
of the field could use or reproduce the invention. Such descriptions
are usually accompanied by visual materials such as drawings, plans,
or diagrams to better describe the invention. The application also
contains various claims, that is, information which determines the
extent of protection granted by the patent.
8. What kinds of Inventions can be protected?
An invention must, in general, fulfill the following conditions to be
protected by a patent. It must be of practical use; it must show an
element of novelty, that is, some new characteristic which is not
known in the body of existing knowledge in its technical field. This
body of existing knowledge is called prior art. The invention must
show an inventive step which could not be deduced by a person
with average knowledge of the technical field. Finally, its subject matter
must be accepted as patentable under law. In many countries,
scientific theories, mathematical methods, plant or animal varieties,
discoveries of natural substances, commercial methods, or methods
for medical treatment (as opposed to medical products) are generally
not patentable.
9. Who grants Patents?
A patent is granted by a national patent office or by a regional
office that does the work for a number of countries, such as the
European Patent Office and the African Regional Intellectual Property
Organization. Under such regional systems, an applicant requests
protection for the invention in one or more countries, and each country
decides as to whether to offer patent protection within its borders.
The WIPO-administered Patent Cooperation Treaty (PCT) provides
for the filing of a single international patent application which has
the same effect as national applications filed in the designated
countries. An applicant seeking protection may file one application
and request protection in as many signatory states as needed.
10. How can a patent be obtained worldwide?
At present, no world patents or international patents exist.
In general, an application for a patent must be filed, and a patent
shall be granted and enforced, in each country in which you seek
patent protection for your invention, in accordance with the law of
that country. In some regions, a regional patent office, for example,
the European Patent Office (EPO) and the African Regional Intellectual
Property Organization (ARIPO), accepts regional patent applications,
or grants patents, which have the same effect as applications filed,
or patents granted, in the member States of that region.
Further, any resident or national of a Contracting State of the Patent
Cooperation Treaty (PCT) may file an international application under
the PCT. A single international patent application has the same effect
as national applications filed in each designated Contracting State of
the PCT. However, under the PCT system, in order to obtain patent
protection in the designated States, a patent shall be granted by each
designated State to the claimed invention contained in the international
application. Further information concerning the PCT is available.
Procedural and substantive requirements for the grant of patents
as well as the amount of fees required are different from one country/
region to the other. It is therefore recommend that you consult a
practicing lawyer who is specialized in intellectual property or the
intellectual property offices of those countries in which you are
interested to get protection. A list of URLs and a directory of national
and regional intellectual property offices are available.
11. Where can I find patent information?
In order to search patent applications and granted patents, some
national or regional patent offices provide free-of charge electronic
databases via Internet. A list of URLs of web-based databases is
available:.
WIPO provides access to a comprehensive electronic database
12 May 2006
 ACADEMIC GUIDANCE
on published international patent applications filed under the PCT
system from 1978 to the present day in image format and to fully
searchable text of descriptions and claims for PCT International
Applications filed as from July 1998.
Wherever web-based databases are not available, patent
information may be consulted on paper, on microfilms or CD-ROMs,
at the national or regional patent offices.
Searchable Internet patent databases have significantly facilitated
the access to patent information. However, given the complexity of
patent documents and the technical and legal skills required, it is
advisable to contact a professional patent attorney if a high-quality
patent search is required.
WIPO Patent Information Services (WPIS) provides free-of-charge
services for users in developing countries who wish to obtain technical
search results in relation to their inventions.
12. How can I find the patent laws of various countries?
The Collection of Laws for Electronic Access (CLEA) provides
easy access to intellectual property legislation from a wide range of
countries and regions as well as to treaties on intellectual property
administered by WIPO.
Many national or regional patent Offices provide information
concerning national or regional legislation on their web sites. A list of
URLs of national and regional intellectual property offices are available.
13. Can I obtain a patent for my software-related invention?
Procedural and substantive requirements for the grant of patents
are different from one country/region to the other. In particular,
practices and case law regarding the patentability of software-related
inventions vary significantly in different countries. For example, in
some countries, inventions within the meaning of patent law must
have a technical character and software as such is not considered
a patentable invention, while in others, such requirements do not
exist, so that sofrware is generally patentable subject matter.
It is therefore recommend that you consult a practicing lawyer
who is specialized in intellectual property or the intellectual property
offices of those countries in which you are interested to get protection.
A list of URLs and a directory of national and regional intellectual
property offices are available.
On the other hand, computer programs may be protected under
copyright. However, according to a well-established principle, copyright
protection extends only to expressions, not to ideas, procedures,
methods of operation or mathematical concepts as such.
14. Can I discuss the details of my invention with a potential
investor before filing a patent application?
It is important to file a patent application before publicly disclosing
the details of the invention. In general, any invention which is made
public before an application is filed would be considered prior art
(although the definition of the term prior art is not unified at the
international level, in many countries, it consists of any information
which has been made available to the public anywhere in the world
by written or oral disclosure). In countries which apply the above
definition of the term prior art, the applicants public disclosure of
the invention prior to filing a patent application would prevent him/her
from obtaining a valid patent for that invention, since such invention
would not comply with the novelty requirement. Some countries,
however, allow for a grace period, which provides a safeguard for
applicants who disclosed their inventions before filing a patent
application, and the novelty criteria may be interpreted differently
depending on the applicable law.
If it is inevitable to disclose your invention to, for example, a
potential investor or a business partner, before filing a patent
application, such a disclosure should be accompanied by a
confidentiality agreement.
Student Company Secretary
FINANCIAL, TREASURY AND FOREX
TREASURY
MANAGEMENT (FINAL, GROUP II)
STUDY UPDATES*
DEPOSITORY SYSTEM - AN OVERVIEW
The Depository System functions very much like the banking
system. A bank holds funds in accounts whereas a Depository holds
securities in accounts for its clients. A Bank transfers funds between
accounts whereas a Depository transfers securities between accounts.
In both systems, the transfer of funds or securities happens without
the actual handling of funds or securities. Both the Banks and the
Depository are accountable for the safe keeping of funds and securities
respectively.
In the depository system, share certificates belonging to the
investors are to be dematerialised and their names are required to be
entered in the records of depository as beneficial owners. Consequent
to these changes, the investors names in the companies register
are replaced by the name of depository as the registered owner of
the securities. The depository, however, does not have any voting
rights or other economic rights in respect of the shares as a registered
owner. The beneficial owner continues to enjoy all the rights and
benefits and is subject to all the liabilities in respect of the securities
held by a depository. Shares in the depository mode are fungible and
cease to have distinctive numbers. The transfer of ownership changes
in the depository is done automatically on the basis of delivery v.
payment.
In the Depository mode, corporate actions such as IPOs, rights,
conversions, bonus, mergers/amalgamations, subdivisions &
consolidations are carried out without the movement of papers, saving
both cost & time. Information of beneficiary owners is readily available.
The issuer gets information on changes in shareholding pattern on a
regular basis, which enables the issuer to efficiently monitor the
changes in shareholdings.
The Depository system links the issuing corporates, Depository
Participants (DPs), the Depositories and clearing corporation/ clearing
house of stock exchanges. This network facilitates holding of securities
in the soft form and effects transfers by means of account transfers.
Following presentation about depositories reveal all about
depositories, its concepts and trading, i.e. models of depositories,
Depository functions, Legal linkage, depository participant, Registrars
and issuers, dematerialisation, rematerialisation, electronic credit in
new issues, trading system, corporate action
MODELS OF DEPOSITORY
l Immobilisation Where physical share certificates are kept in
vaults with the depository for safe custody. All subsequent
transactions in these securities take place in book entry form.
The actual owner has the right to withdraw his physical securities
as and when desired. The immobilization of fresh issue may be
achieved by issuing a jumbo certificate representing the entire
issue in the name of depository, as nominee of the beneficial
owners.
l Dematerialisation No Physical scrip in existence, only
electronic records maintained by depository. This type of system
is cost effective and simple and has been adopted in India.
DEMATERIALISATION
Dematerialisation is a process by which the physical share
certificates of an investor are taken back by the Company and an
equivalent number of securities are credited to his account in electronic
form at the request of the investor. An investor will have to first open
an account with a Depository Participant and then request for the
dematerialisation of his share certificates through the Depository
* Prepared and compiled by Sonia Baijal, Asst. Director, The ICSI.
13 May 2006
 ACADEMIC GUIDANCE
Participant so that the dematerialised holdings can be credited into l DP intimates the Depository
that account. This is very similar to opening a Bank Account. l Depository intimates Registrar/Issuer
Dematerialisation of shares is optional and an investor can still l DP sends certificates and DRF to Registrar/Issuer
hold shares in physical form. However, he/she has to demat the shares
if he/she wishes to sell the same through the Stock Exchanges. l Registrar/Issuer confirms demat to Depository
Similarly, if an investor purchases shares from the Stock Exchange, l Depository credits investor a/c
he/she will get delivery of the shares in demat form. REMATERIALISATION
DEPOSITORY FUNCTIONS l Client submits Rematerialisation Request Form (RRF) to DP
l Account opening l DP intimates Depository
l Dematerialisation l Depository intimates the Registrar/Issuer
l Rematerialisation l DP sends RRF to the Registar/Issuer
l Settlement l Registrar/Issuer prints certificates and sends to Investor
l Initial Public Offers (IPOs) corporate benefits l Registrar/Issuer confirms remat to Depository
l Pledging l Investors account with DP debited
LEGAL LINKAGE ELECTRONIC CREDIT IN NEW ISSUES
l Investor opens account with DP
ISSUE STD. LEGAL l Submits application with option to hold securities in depository
AGREEMENT giving DP-Id and Client-Id
DEPOSITORY l Registrar uploads list of allottees to Depository
STD. LEGAL
l Depository credits allottees account with DP
AGREEMENT
l Refunds sent by Registrar as usual
DP
STD. LEGAL TRADING SYSTEM
AGREEMENT l Separate quotes in Book Entry
INVESTOR l Trading Member to have Clearing Account with DP
l Settlement as per Settlement Calendar of Stock Exchange
DEPOSITORY PARTICIPANT l Trading can be introduced in any Stock exchange if settlement
Just as a brokers act an agent of the investor at the Stock is guaranteed
Exchange; a Depository Participant (DP) is the representative (agent) CORPORATE ACTIONS
of the investor in the depository system providing the link between l Dividends/cash benefits these benefits are directly forwarded
the Company and investor through the Depository. The Depository to the investors by the company or its registrar and transfer agent.
Participant maintains securities account balances and intimate the
status of holding to the account holder from time to time. According l Non-cash benefits, viz. Bonus, Rights Issue, etc. these benefits
to SEBI guidelines, Financial Institutions like banks, custodians, are electronically credited to the beneficial owners account
stockbrokers etc. can become participants in the depository. A DP is through Depository.
one with whom an investor needs to open an account to deal in shares BENEFITS OF DEPOSITORY SYSTEM
in electronic form. While the Depository can be compared to a Bank, In the depository system, the ownership and transfer of securities
DP is like a branch of that bank with which an account can be opened. takes place by means of electronic book entries. At the outset, this
The main characteristics of a depository participant are as under: system rids the capital market of the dangers related to handling of
l Acts as an Agent of Depository paper. The system provides numerous direct and indirect benefits, like:
l Customer interface of Depository Elimination of bad deliveries - In the depository environment, once
l Functions like Securities Bank holdings of an investor are dematerialised, the question of bad delivery
l Account opening does not arise i.e. they cannot be held "under objection". In the physical
l Facilitates dematerialisation environment, buyer of shares was required to take the risk of transfer
and face uncertainty of the quality of assets purchased. In a depository
l Instant transfer on pay-out environment good money certainly begets good quality of assets
l Credits to investor in IPO, rights, bonus
Elimination of all risks associated with physical certificates -
l Settles trades in electronic segment Dealing in physical securities have associated security risks of theft
REGISTRAR/ISSUER of stocks, mutilation of certificates, loss of certificates during
l Dematerialisation movements through and from the registrars, thus exposing the investor
l Confirmation of Beneficiary Holdings to the cost of obtaining duplicate certificates and advertisements,
etc. This problem does not arise in the depository environment.
l Corporate Actions Rights, Bonus, etc.
Immediate transfer and registration of securities - In the depository
l Reconciliation of Depository Holdings
environment, once the securities are credited to the investors account
l Rematerialisation on pay out, he becomes the legal owner of the securities. There is no
DEMATERIALISATION further need to send it to the company's registrar for registration.
l Investor opens account with DP Having purchased securities in the physical environment, the investor
has to send it to the company's registrar so that the change of
l Fills Dematerialisation Request Form (DRF) for registered shares
ownership can be registered. This process usually takes around three
l Investor lodges DRF and certificates with DP to four months and is rarely completed within the statutory framework

Student Company Secretary 14 May 2006

 ACADEMIC GUIDANCE
of two months thus exposing the investor to opportunity cost of delay
in transfer and to risk of loss in transit. To overcome this, the normally
accepted practice is to hold the securities in street names i.e. not to
register the change of ownership. However, if the investors miss a
book closure the securities are not good for delivery and the investor
would also stand to loose his corporate entitlements.
Faster disbursement of non cash corporate benefits like rights,
bonus, etc. Depository system provides for direct credit of non
cash corporate entitlements to an investors account, thereby ensuring
faster disbursement and avoiding risk of loss of certificates in transit.
Reduction in brokerage by many brokers for trading in
dematerialised securities - Brokers provide this benefit to investors
as dealing in dematerialised securities reduces their back office cost
of handling paper and also eliminates the risk of being the introducing
broker.
Reduction in handling of huge volumes of paper and periodic
status reports to investors on their holdings and transactions, leading
to better controls.
Elimination of problems related to change of address of investor,
transmission, etc. - In case of change of address or transmission of
demat shares, investors are saved from undergoing the entire change
procedure with each company or registrar. Investors have to only
inform their DP with all relevant documents and the required changes
are effected in the database of all the companies, where the investor
is a registered holder of securities.
Elimination of problems related to selling securities on behalf
of a minor - A natural guardian is not required to take court approval
for selling demat securites on behalf of a minor.
Student Company Secretary
BANKING AND INSURANCE
RBI GOVERNOR ANNOUNCES
ANNUAL POLICY STATEMENT FOR
STA
THE YEAR 2006-07*
Dr. Y. Venugopal Reddy, Governor, RBI, in a meeting with Chief
Executives of banks on April 18, presented the Annual Policy
Statement for 2006-07.
Some of the major highlights of the Policy are as under :
l Focus on credit quality and financial market conditions for
maintaining macro economic, in particular, financial stability.
l Monetary and interest rate environment enabling growth
momentum consistant with price stability.
l Bank Rate, Reverse Repo Rate, Repo Rate and Cash Reserve
Ratio kept unchanged.
l GDP growth projection for 2006-07 at 7.5-8.0 per cent.
l Inflation to be contained within 5.0-5.5 per cent during 2006-07.
l M3 projected to expand by around 15.0 per cent for 2006-07. In
normal circumstances, the policy preference would be for
maintaining a lower order of money supply growth in 2006-07.
l Deposits projected to grow by around Rs. 3,30,000 crore for
2006-07.
l Adjusted non-food credit projected to increase by around 20 per
cent, implying a calibrated deceleration from a growth of around
30 per cent ruling currently.
l Appropriate liquidity to be maintained to meet legitimate credit
requirements, consistent with price and financial stability.
l Ceiling interest rate on non-resident (external) rupee deposits
raised to US dollar LIBOR/SWAP plus 100 basis points.
l Ceiling interest rate on export credit in foreign currency raised to
LIBOR plus 100 basis points.
l Provisioning for standard advances raised to 1.0 per cent for
personal loans, capital market exposures, residential housing
beyond Rs. 20 lakh and commercial real estate loans.
l Risk weight on exposures to commercial real estate raised to
150 per cent.
l Exposure to venture capital funds treated as part of capital market
exposure and assigned with higher risk weight of 150 per cent.
l 'When issued' market in Government securities announced.
l Primary Dealers to be permitted to diversify their activities.
l Barring the emergence of any adverse and unexpected
developments in various sectors of the economy and keeping in
view the current assessment of the economy including outlook
for inflation, the overall stance of monetary policy at this juncture
will be:
l to ensure a monetary and interest rate environment that enables
continuation of the growth momentum consistent with price
stability while being in readiness to act in a timely and prompt
manner on any signs of evolving circumstances impinging on
inflation expectations.
l to focus on credit quality and financial market conditions to
support export and investment demand in the economy for
maintaining macroeconomic, in particular, financial stability.
l to respond swiftly to evolving global developments.
Compiled by V.P. Sharma, Joint Director. The ICSI
15 May 2006
 LEGAL WORLD
LEGAL WORLD
Compiled by T.K.A. Padmanabhan, FCS, Advocate, New Delhi.
CORPORATE LAWS
LW(S) 28.05.2006
MANISH MOHAN SHARMA & ORS v. RAM BAHADUR THAKUR
LTD & ORS [JT 2006 (3) SC 544] Ruma Pal & Dalveer Bhandari,JJ.
[Decided on 21.3.2006]
Companies Act,1956-Section 634A-Enforcement of CLB order-
CLB passing an order in terms of family settlement arrived at by
warring groups - Order not given effect to - One group approached
the CLB for the enforcement of the order while other group
demanding recall of the same- CLB refused to enforce its order-
Whether CLB is right in refusing to enforce its order- Held, No.
Brief Facts: There were disputes between MMS group and CBS
group of the company and with the intervention of the CLB a family
settlement was arrived at and the same was reduced in the order of
the CLB. However, the family settlement was not implemented. MMS
group approached the CLB to enforce the order while CBS group
sought the recalling of the same. The CLB refused to enforce its
order by rejecting the application. The Patna High Court rejected the
appeal of the MMS group. Against the order, MMS group appealed to
the Supreme Court.
Decision: Appeal allowed. Remanded to CLB for enforcement.
Reasons: We note that the Memorandum of Family
Agreement(MOFA) and Transfer Document were the outcome of the
commendable and determined efforts on the part of the Company
Law Board to bring to an end disputes between the parties in a manner
which would have been in the interest of the respondent no.1 given
the impasse between the two blocks of share holders and saved the
parties a lot of unnecessary harassment, expenditure and acrimony.
We also sought to bring to an end the dispute by proposing measures
which might be acceptable to both. However, such resolution does
not appear to be possible. Therefore it must be left to the Company
Law Board to execute its order dated 19th August, 1999 in accordance
with the settled principles of law and in terms of the opinion expressed
by us in this judgment. The impugned decisions of the Company Law
Board and the High Court are for the reasons earlier stated set aside.
The appeals are allowed and the matter remanded to the Company
Law Board for completing the implementation of the order dated
19th August 1999 by executing the same.
LW(S) 29.05.2006
SMAYANALLUR POWER INVESTMENT PVT LTD V. COVENTA
ENERGY INDIA (BALAJI) LTD & ANR [(2006) 130 COMP CAS 21
(MAD)] R.Balasubramanian,J. [Decided on 12.8.2005]
Companies Act,1956-Holding and subsidiary companies- Lifting
of the corporate veil of subsidiary- pre-emptive rights in AoA-
waiver of pre-emptive right - Holding company selling entire
shareholding of its subsidiary- Subsidiary is the 76% shareholder
in a JV company in India- AoA of JV company contained pre-
emptive clause-The other JV partner participating in the bid-
Effect of such sale is transferring the shareholding control in JV
company- Whether holding company can sell shareholding of
its subsidiary- Held, No. Whether the other JV partner can enforce
its pre-emptive right- Held, No
Brief Facts: The petitioner [referred to as AC] and the first respondent
[referred to as BC] were the joint venture partners in the JV company
Madurai Power Corporation Ltd in which AC held 23.36% and BC
held 76.64%. BC was the wholly owned subsidiary of one holding
company [referred to as HC] and this HC was in turn a wholly owned
subsidiary of a USA company. The articles of association of the JV
company granted pre-emptive rights to parties in the event of sale by
one party. The HC circulated a confidential information memorandum
Student Company Secretary
in which it purported to transfer its holdings in BC. AC responded to
this memorandum and submitted its bid. When the next stage of the
bid to commence, AC alleged that by such sale of the holdings in BC
by its holding company, BC in fact tries to sell its shareholding in
MPCL against its preemptive rights and sought injunction against
such sale. On the other hand BC and the JV company contended
that AC had waived its preemptive rights by participating in the bid.
Decision: Injunction refused.
Reason: The confidential information memorandum of the holding
company it had referred to itself as the owner and operator of various
power projects in India and China. The holding company itself was
the wholly owned subsidiary of a company in the United States of
America. There was scope to infer that B and the holding company
constituted a single economic unit and though they were separate
legal entities for practical purposes the activities of B were fully
controlled by the holding company. By the intended transfer of B as
an entire entity, the shareholding of B in MPCL was to be transferred.
What B could not do, the holding company also could not do. The
rights and obligations of B under the shareholders agreement and
the articles of association of MPCL were binding on the holding
company.
However, A knowing the contents of the confidential information
memorandum, knowing its rights under the pre-emption clause and
with full knowledge of the property offered for sale, participated in the
transaction. By such conduct it had waived its pre-emptive rights.
Therefore, it was not entitled to the order it sought.
LW(S) 30.05.2006
SATYASHREE BALAJI WIRES & CABLES (P) LTD., IN RE: [(2006)
71 CLA 231 (CLB) S.Balasubramanian, Chairman. [Decided on
23.11.2005]
Companies Act,1956-Section 17- Shifting of registered office from
Orissa to Tamil Nadu- No objections from any one except State
of Orissa- Reason for objection was loss of revenue to the State-
Whether shifting could be confirmed- Held,Yes.
Brief Facts: The petitioner company sought to transfer its registered
office from the State of Orissa to State of Tamil Nadu and filed a
petition for confirming the shifting before the CLB. The State of Orissa
objected to the shifting of registered office on the ground that it would
result in loss of revenue to the State.
Decision: Shifting confirmed.
Reason: While the decision to shift the registered office of the
company to another state being a domestic matter rests with
shareholders ,the company is the best judge of how to run its business
more economically or conveniently or where to locate the registered
office for efficient running of the business, as held in various decisions
of the courts. Where the CLB is satisfied that the company has
complied with the prescribed procedure, it is only appropriate to
presume that the interests of the concerned parties are taken due
care of.
In the instant case neither any member nor any creditor of the
company had raised or filed any objection to the companys proposal.
The ROC has no objection to the companys proposal for alteration
of situation clause of MoA. Therefore, the proposal of the company
has to be confirmed.
LW(S) 31.05.2006
V.THANGAVEL v. ASSOCIATED BUSINESS CREDITS LTD & ORS
[(2006) 71 CLA 250 (CLB)] K.K.Balu,Vice-Chairman. [Decided on
12.9.2005]
Companies Act,1956- Section 46(1)- Resignation of director
company later wound up- No Form No.32 was filed by the company-
Resigned director petitioning the CLB- whether company under
liquidation could be directed to file the form-Held, No. Whether
Official Liquidator should file the Form No.32- Held, yes.
16 May 2006
 LEGAL WORLD
Brief Facts: The applicant was one of the directors of the respondent
company and had resigned from the office. No Form 32 was filed.
Subsequently the company was ordered to be wound up and came
under the Official Liquidator. The petitioner filed a petition before the
CLB seeking directions that the company should be directed to file
the required Form.No.32.
Decision: Petition allowed by directing the OL to file the Form No.32.
Reason: A company has a statutory duty in terms of Section 303(2)
to file with the Registrar of Companies a return in Form.No.32 with
respect to any change among its directors. Where the company has
been ordered to be wound up, this statutory duty shall fall upon the
official liquidator, who will fulfill it with the leave of the winding up
court as , in such cases, provisions of section 446(1) shall be attracted.
Accordingly petition disposed of.
GENERAL LAWS
LW(S) 32.05.2006
MADAN AGGARWAL v. STATE & ANR [128 (2006) DLT 74]
J.P.Singh, J. [Decided on 24.1.2006]
Negotiable Instruments Act,1881- Section 138 & 141-Dishonour
of cheque- Company Secretary- Whether a Company Secretary
can be prosecuted for the dishonour of a cheque issued by a
company- Held, No.
Brief Facts: The accused No.1 was granted financial assistance for
procuring raw material. The accused No.1 issued a cheque as part
payment of its pecuniary liability in favour of the complainant where
the said cheque was signed by accused Nos. 2 and 3 for and on
behalf of accused No.1 .The said cheque was dishonoured because
the accused had closed the account. The complainant filed a complaint
before the court arraying the directors and company secretary of the
accused company as accused. The trial court took cognizance of the
offence against the company and its directors but dropped the
proceedings against the company secretary. The petitioner directors
challenged the summons and sought quashing of the same.
Decision: Petition dismissed.
Reason: Learned Counsel for the petitioner has submitted that in
this very matter, the proceedings against the Company Secretary
were dropped. The learned Counsel for the respondent has submitted
that there is no dispute about it. In my view, the role of the Company
Secretary is distinguishable and he is a mere employee of the
company. He was neither a Director nor signatory to the cheque.
The view that the Company Secretary has no active role in the passing
of resolutions and the policy decisions of the company for seeking
financial assistance or issuing cheques and he is rather an outsider
and mere employee of the company. In this case he is not a signatory
to the cheque , therefore, he is rightly dropped from the proceedings.
But the said criterion, facts and circumstances are not attracted in
the case of present petitioner.
TAX LAWS
LW(S) 33.05.2006
MAHABIR VEGETABLE OILS PVT LTD & ORS v. STATE OF
HARYANA & ORS [JT 2006 (3) SC 544] S.B.Sinha &
P.K.Balasubramanyan, JJ. [Decided on 10.3.2006]
Haryana General Sales Tax Act,1973 and rules framed there
under- Rule 28A- Industrial policy announcing tax holidays-
Petitioner investing in solvent extraction Plant- Amendment in
tax exemption provision- Petitioner denied tax benefit under the
amended provision- Whether principle of estoppel applies against
the State Held,Yes.
Brief Facts: The appellants had solvent extraction plants in the state
of Haryana. In pursuance to the Industrial Policy for 1988-1997 of the
State, sales tax exemption was granted for units set up in backward
Student Company Secretary
areas and the Sales tax law and rules included specific provisions to
carry out the objects of the Industrial Policy. The State later amended,
from time to time, provisions regarding sales tax exemptions and in
1996 Rule 28A ( which granted tax exemption for new industrial units)
was also amended. The appellants made huge investments in land
and building during 1996 when the exemption provision was in
operation. However, the trial production and commercial production
were commenced in 1997. The appellants applied for tax exemption
and the State rejected their application based on the amendments
made in 1996. The appellants filed a writ petition before the High
Court raising promissory estoppel against the State but their writ was
dismissed. Then the appellants appealed to the Supreme Court.
Decision: Appeal allowed.
Reason: It is not in dispute that when the appellants herein started
making investments, Rule, 28A was operative. Representation
indisputably was made in terms of the said Rules. The State , as
noticed hereinbefore , made a long term Industrial Policy. From time
to time it makes changes in the policy keeping in view the situational
change. The State intended inter alia to grant incentive to include
industrial units by way of waiver and /or deferment of payment of
sales tax where for Rule 28A was made. The sales tax laws enacted
by the State, as noticed hereinbefore, contain a provision empowering
the State to grant such exemption.
It is beyond any civil that the doctrines of promissory estoppel
operates even in the legislative field. It is true that the State issued a
notification on or about 3.1.1996 expressing its intention to amend
the rules. By reason thereof, however, the State neither stated nor
could it expressly state, that the rules shall stand amended . It is now
well settle principle of law that draft rules for the purpose of taking a
decision in certain matters, can also be taken subject to certain
conditions(See Union of India Through Govt. of Pondicherry and
Another v. V. Ramakrishnan and others, JT205(9) SC 422).
The promises/representation made by way of a statute, therefore,
continued to operate in the field. It may be true that the appellants
altered their position only from August, 1996 but it has neither been
denied nor disputed that during the relevant period, namely, August,
1996 to 16.12.1996 not only they have invested huge amounts but
also the authorities of the State sanctioned benefits, granted
permissions. Parties had also taken other steps which could be taken
only for the purpose of setting up of a new industrial unit. An
entrepreneur who sets up an industry in a backward area unless
otherwise prohibited, is entitled to alter his position pursuant to or in
furtherance of the promises or representations made by the State.
The State accepted that equity operated in favour of the entrepreneurs
by issuing Note 2 to the notification dated 16.12.1996 whereby and
where under solvent extraction plant was for the first time inserted in
Schedule III , i.e. in the negative list.
It is fundamental rule of law that no statute shall be construed to
have a retrospective operation unless such a construction appears
very clearly in the terms of the Act, or arises by necessary and distinct
implication. A retrospective effect to an amendment by way of a
delegated legislation could be given, thus only after coming into force
of sub section (2A) of Section 64 of the Act and not prior thereto. By
reason of Note 2, certain rights were conferred. Although there lies a
distinction between vested rights and accrued rights as by reason of
a delegated legislation, a right cannot be taken away. The
amendments carried out in 1996 as also the subsequent amendments
made prior to 2001, could not, thus , have taken away the rights of
the appellant with retrospective effect.
For the reasons aforementioned, the impugned judgment cannot
be sustained which is set aside accordingly. The appeals are allowed
and the matter is remitted to the Director of Industries to consider the
matter afresh.
17 May 2006
 STUDENTS SERVICES
STUDENTS SERVICES
REGISTRATION AND POSTAL TUITION
1. CANCELLATION OF REGISTRATION
Registration of students registered upto and including June, 2001
stands terminated on expiry of five-year period on 31st May, 2006
leading to the following immediate consequences :
(a) Supply of Student Company Secretary bulletin will be
discontinued from June, 2006 onwards.
(b) Response sheets will not be accepted even if submitted and
coaching completion certificates will not be issued (after the
expiry of registration period)
They are advised to apply for registration de novo/extension of
registration as per the guidelines published in this bulletin.
(Students whose registration was valid upto February, 2006
are however, eligible to appear in June, 2006 examination without
seeking extension of registration/ registration de-novo subject
to fulfilling other requirements laid down in the regulations.)
2. CHANGE OF ADDRESS
Change of address, if any, should be intimated to the Institute by
sending a separate letter in this regard. While intimating the change
in their mailing address, the students are advised to invariably quote
the PIN CODE number alongwith the student registration number,
name and full postal address with city, state in capital letters.
PIN CODE is required to be mentioned for quick delivery of
the mail. Students may, therefore, check up the computerised
mailing address as printed on the Student Company
Secretary bulletin. In case, it does not carry or carry the wrong
PIN CODE number, the same may be intimated immediately
quoting student registration number and full postal address
with Postal Index Number so that it could be incorporated in
the computerised mailing list.
3. STUDENTS IDENTITY CARD
All the students appearing in the examination must hold Identity
Card in the manner prescribed by the Institute, if not already obtained
at the time of seeking registration. For obtaining the Identity Card,
students are advised to obtain a proforma from the Headquarters/
Regional Offices of the Institute and send it again to the Institute duly
filled up and attested as per instructions given in the prospectus/
registration letter.
Students who have so far not obtained Identity Cards are advised to
write to the Institute immediately. The students should carry their Identity
Cards without fail for appearing in the Institutes examination. If the Identity
Card already issued has been lost or mutilated, student should send a
request for obtaining duplicate Identity Card together with the mutilated
Identity Card/Identity Card proforma duly filled in and attested together
with Rs. 50/- towards duplicate Identity Card fee.
4. COMPULSORY ENROLMENT FOR FINAL
COURSE
Students who have passed/completed both groups of Intermediate
examination are advised to seek compulsory enrolment for undergoing
coaching for the Final course on payment of Rs.4200/- towards postal
tuition fee.
Please note that a student is admitted to the final examination
only after a minimum period of nine calendar months has elapsed
since his/her passing the Intermediate examination and subject to
completion of coaching and fulfillment of other requirements.
5. ISSUE OF ADMISSION CERTIFICATES FOR
JUNE, 2006 EXAMINATION
The admission certificates for June, 2006 examination to all the
Student Company Secretary
eligible students have been dispatched by ordinary post.
Simultaneously, the Admit Card Extracts have also been uploaded in
the website of the Institute viz. www.icsi.edu.
All the students are hereby advised to carefully check up the
particulars viz. Name, Centre, Medium, Group, Exemptions granted,
etc. shown in the Admit Card Extracts which are available on the
website of the Institute. If they come across any discrepancy, it should
at once be brought to the notice of Mr. T P Balasubramanian, Admn.
Officer for verification/ rectification.
While the requests for duplicate Admission Certificates are
promptly being attended to by the Headquarters, students may, as
per their convenience, also download Admit Card Extract from the
website of the Institute which alongwith the Student Identity Card
issued by the Institute would be equally valid for appearing in the CS
Examinations.
Alternatively, the students may approach Regional /Chapter/
Satellite Chapter Offices for issue of duplicate Admission Certificates
from 26th May, 2006 onwards.
6. CLARIFICATION REGARDING PAPERWISE
EXEMPTION
(a) The paperwise exemption is granted only on the basis of specific
request received in writing from a registered student along with
the attested photocopies of marks sheets for all parts of the
Degree/examination (on the basis of which the paperwise
exemption is sought) and the exemption fee @ Rs. 100/- per
paper. It is one time payment and not to be remitted for availing
of paper wise exemption in every session of examination during
the validity of registration period.
(b) The application for claiming paperwise exemption must reach
the Institute on or before the last date for submission of enrolment
application i.e. 25th March and 25th September for June and
December examinations respectively and with a late fee of Rs.
100/-, the application can be accepted upto 9th April and 10th
October respectively.
(c ) The paperwise exemption once granted holds good during the
validity of registration period or passing/completing the
examination, whichever is earlier.
(d) The paperwise exemption is cancelled only on receipt of a specific
request in writing from the student concerned on or before the
last date for submission of the enrolment application. If any
candidate appears in the exempted paper(s) of examination
without receiving the written confirmation from the Institute, but
by making personal representation, appeal, request, etc., at the
Examination Centre at the last moment, his/her appearance in
such paper(s) shall automatically be treated as cancelled.
(e) It may be noted that candidates who apply for grant of paper
wise exemption or seek cancellation of paper wise exemption
already granted, before the last date of submission of enrolment
applications for a particular examination, must see and ensure
that they receive written confirmation from the Institute at least
15-20 days prior to the commencement of the examination.
Candidates who would presume automatic grant or cancellation
of paper wise exemption without obtaining written confirmation
on time and absent themselves in any paper(s) of examination
and/or appear in the exempted paper(s) would do so at their
own risk and responsibility and the matter will be dealt with as
per the above guidelines.
(f) Exemption once cancelled on request in writing shall not be
granted again under any circumstances.
(g) The candidates who have passed either group of the
Intermediate/Final examination under the old syllabus, may claim
the paperwise exemption in the corresponding subject(s) of new
syllabus indicating the basis of exemption as APO in the
appropriate column of the enrolment application.
18 May 2006
 STUDENTS SERVICES
(h) In case the paperwise exemption has already been granted on
the basis of qualification or the candidates is eligible for grant of
exemption on the basis of securing 60% or more marks, a
photocopy of the letter/marks-sheet issued by the Institute should
be enclosed with the enrolment application while claiming such
exemption, failing which the same may not be granted for the
ensuing examination.
(i) No exemption fee is payable for availing paperwise exemption
on the basis of APO or on the basis of securing 60% or more
marks in the Institutes examination.
(j) Paperwise exemption fee is payable only when the exemption is
to be availed on the basis of qualification(s) specified for the
purpose.
7. IMPORTANT
While making any correspondence regarding examination, the
students are advised to quote the following particulars for taking
prompt action :
(i) Name in full (ii) Student Registration number (iii) Stage of
examination (Intermediate/Final) (iv) Group opted (v) Centre opted
(vi) Particulars of fee remitted, i.e. Demand Draft (printed) number,
date , amount, name of the bank and its branch (vii) Date and mode
of despatch of enrolment application and their complete address with
PIN code, telephone number, mobile number or e-mail address.
In case of any specific problem/complaint regarding registration,
post-registration, students services and postal/oral coaching, students
may contact personally or write to Sohan Lal, Joint Director and for
academic guidance and suggestions, if any, students may write to
V K Aggarwal, Principal Director, at the Institutes address.
UNIFORMITY IN SIGNATURES
It has been observed that some of the enrollment applications/
letters received from the students are either unsigned or bear
different signatures from time to time.
All the students are, therefore, advised to maintain uniformity
in their signatures on all the correspondence with the Institute
including students identity card, enrolment application and
attendance sheet provided in the examination hall at the time of
writing the examination.
Attention Students!
REVISION OF EXAMINATION FEE FROM DECEMBER, 2006
The Examination Fee stands revised from December, 2006
session of examination as under :
1. Foundation Exam. : Rs. 875 (Lumpsum)
2. Intermediate Exam. : Rs. 900 (Per Group)
3. Final Exam. : Rs. 750 (Per Group)
EXAMINATI0N
1. JUNE, 2006 EXAMINATION
The next examination for the Foundation Course, Intermediate
and Final, scheduled in June, 2006, will be held from Friday, the 02nd
June, 2006 to Saturday, the 10th June, 2006 as per the Time-Table
and Programme published on the last cover page of this issue,
The addresses of the examination centers are published elsewhere
in this bulletin for general information.
2. USE OF CALCULATORS IN EXAMINATIONS
Candidates are allowed to use their own battery operated noiseless
and cordless pocket calculators with not more than 6 functions, 12
digits and 2 memories. Exchange or lending/borrowing of calculators
among students will not be allowed in the examination hall.
Student Company Secretary
3. HINDI AS OPTIONAL MEDIUM FOR WRITING
THE FOUNDATION, INTERMEDIATE AND FINAL
EXAMINATIONS
Candidates are allowed to use Hindi as an optional medium for
writing all papers of the Foundation (except: English & Business
Communication paper), Intermediate and Final examinations on
the following conditions:
(i) option of Hindi Medium for writing the examination is to be
exercised for all papers of an examination OR a particular group
of examination, and not for any individual paper(s) in the
enrolment application form each time for appearing in the
examination;
(ii) option of medium for writing examination once exercised is
irrevocable for that particular session of examination;
(iii) answer books of candidates who write part of papers/answers in
one medium and the remaining part in other medium are liable
to be cancelled without any notice;
(iv) candidates who have exercised option of Hindi medium in their
examination enrolment form for writing Foundation examination
and Group-I of Intermediate examination will be provided
Question Papers printed both in English and Hindi version
(except for English & Business Communication paper,
which will be printed/required to be answered in English
only). The Question Papers for Group-II of the Intermediate
examination and all papers of Final examinations will be printed
in English version only;
(v) if a candidate writes his/her answers in Hindi medium without
exercising such an option in the enrolment application form, he/
she may not be given credit for his/her answers;
(vi) candidates opting Hindi medium for the examination must write
HINDI MEDIUM in bold letters on the top of the cover page of
Answer Book No.1, 1B, as the case may be; and
(vii) candidates opting Hindi medium for the examination may write
answers to practical questions, headings, quotations, technical
and legal terms, sections, rules, etc., in English medium.
4. IMPORTANT INSTRUCTIONS TO EXAMINEES
Candidates enrolled for appearing in the June, 2006
examinations are advised to carefully read and observe the
Instructions to Examinees printed on the Admission Certificate
(Roll Number) and enclosures there to, and also on the Question
Papers and Answer Books. However, attention of candidates is
especially invited to the following instructions:
(i) on receipt of Admission Certificate (Roll No.), first of all, the
candidates must verify carefully the entries appearing therein.
Discrepancy/error, if any, in the Admission Certificate concerning
spellings of his/her name, stage of examination and examination
centre; medium of writing the answers, subject of examination
in which exemption was sought/shown, etc., should, at once, be
brought to the notice of Shri Sohan Lal, Jt. Director (Students
Services) well on time before commencement of the examination;
(ii) candidates are required to bring daily to the Examination Hall
their Admission Certificates and Student Identity Cards failing
which they may not be allowed admission to the Examination
Hall and/or to appear in the examination;
(iii) before attempting to write answers in the answer books,
each candidate must write his/her Roll Number on the special
slip affixed to Answer Book Nos. 1, 1-B and 1-C, date of
examination, stage of examination, name of the paper, etc.
against the relevant columns on the first page of the main
answer books and also on the top of Question Paper.
(iv) candidates must attempt questions in accordance with the
19 May 2006
 STUDENTS SERVICES
directions given on each Question Paper. If the questions
are attempted in excess of the prescribed number, only the
questions attempted first upto the required numbers will be
valued and awarded marks and the remaining questions will
be ignored;
(v) Questions relating to graph/prcis should be attempted only on
graph/prcis sheets appended as last page to the Answer Book
wherever required. Do not write roll number on the Graph/Prcis
Sheets and additional Answer Book No. 2. The additional answer
book(s) used, if any should be fastened along with the main
answer book. Candidates who fail to observe this instruction will
be penalised.
(vi) each question should start on a fresh page and sub-
question(s) be attempted consecutively;
(vii) while attempting a fresh question/sub-question, candidates
should distinctly mention respective question number against
the answer in bold capital letters with coloured sketch pen/
different colour ink and underline the same (e.g. ANS. TO Q.
NO. 3(A) on the left-hand side margin of the answer book and
also simultaneously mark (X) in the table provided on the cover
page against the respective question number;
(viii) candidates must not, for any reason whatsoever, tear out any
page(s) from the Answer Book or leave any blank page or unused
spaces in between the pages. If such spaces are left score them
out. If a candidate uses more than one answer book, he/she
should, indicate on the cover page of main answer book, the
total number of answer books used;
(ix) candidates are expected to write precise and to the point
answers to questions set in for the examinations in neat
and legible handwriting citing relevant provisions of the Act/
rules quoting case laws, etc., in support of the answers
wherever applicable;
(x) no candidate shall leave/be allowed to leave the Examination
Hall; (i) within first one hour of commencement of
examination, (ii) during last 15 minutes of examination
timing, (iii) without signing the attendance sheet, and (iv)
without properly handing over his/her answer books to the
Invigilator on duty;
(xi) a few minutes prior to the time of conclusion of examination
or before handing over the answer books to the supervisory
staff, candidates must re-check and ensure that they have
filled up relevant particulars on the cover page of Answer
Book Nos. 1, 1-B and 1-C, as the case may be, and properly
tied up all the additional answer book(s) No.2 along with
the main answer book;
(xii) candidates should strictly adhere the instructions being
given by the Invigilator(s)/Supervisors in the Examination
Hall;
(xiii) candidates are strictly forbidden to carry with them into the
Examination Hall any book or printed/handwritten material,
notes, pager, mobile phone, etc., OR to talk or converse
inter se with other candidates in the Examination Hall;
(xiv) candidates are strictly forbidden to copy from the answer papers
of any other candidate nor allow their answers to be copied nor
give nor attempt to give nor obtain nor attempt to obtain irregular
assistance of any description. It will be the responsibility of each
and every candidate to ensure that his/her answers are not copied
by another candidate. Failure to do so will invite stern disciplinary
action and penalty for adoption of unfair means;
(xv) no candidate shall, leave his/her seat in the examination
Student Company Secretary
hall during the course of examination without the specific
permission of the Invigilator on duty for any reason
whatsoever;
(xvi) on completion of examination or expiry of the prescribed
examination timing, the answer book must be handed over
immediately to the Invigilator on duty and Invigilators
signatures be obtained in the relevant column of
acknowledgement printed on the Admission Certificate in
token of handing over the answer books;
(xvii) it shall be the personal responsibility of the candidate
concerned to properly hand over his/her answer book(s) to
the Invigilator on duty in the Examination Hall and obtain
acknowledgement therefor. Any representation regarding
omission to handover the written answer book(s) or not
obtaining the acknowledgement from the Invigilator at the
time of handing over his/her answer book(s) for any reason
whatsoever will not be entertained after the conclusion of
that particular session of examination;
(xviii) candidates are warned that any attempt to misbehave in any
manner or create disorderly scene in and around the examination
hall or harass or bodily harm the staff deployed for the conduct of
examination will be viewed seriously and severely punished; and
(xix) any attempt or act of violation of Instructions to Examinees
shall be viewed seriously and entail disciplinary action under the
Company Secretaries Regulations, 1982.
NOTIFICATION
ICSI NO. 1 OF MARCH, 2006
MERIT-CUM-MEANS ASSISTANCE SCHEME, 1983
In pursuance of para 13 of the Merit-cum-Means Assistance
(Company Secretaryship Course) Scheme, 1983, as amended
upto 18th February, 2005, applications are invited to reach the
Institute in the prescribed form on or before 25th May, 2006 for
award of 15 numbers of financial assistance each for Intermediate
and Final course of the company secretaryship from students
who fulfil the eligibility criteria laid down under the said scheme.
According to the scheme, a candidate applying for assistance
should have passed Foundation or Both Groups of the
Intermediate examination without exemption in any paper, at one
sitting, in the first attempt in December, 2005 examination. The
income of such a candidate, if employed or is having an
independent source of income, should not be more than
Rs.1,00,000 per annum and if he/she is dependent on his/her
parents/guardian/spouse whether partially or wholly, the combined
income from all sources should not be more than Rs.1,50,000
per annum.
Prescribed application form together with a copy of the Merit-
cum-Means Assistance (Company Secretaryship Course)
Scheme, 1983 can be obtained from the Institute free-of-cost by
sending a self-addressed envelope of 23cms. x 11 cms. size
duly affixed with postage stamp worth Rs.10/-. Applications not
made on the prescribed forms and/or without supporting
documents, incomplete applications, applications not fulfilling the
eligibility criteria laid down under the scheme or applications not
reaching the Institute on or before 25th May, 2006 are liable to
be rejected.
BY ORDER OF THE COUNCIL
File No.207:Exams:2006
New Delhi 110 003. (N. K. JAIN)
Dated, the 01st March, 2006 Secretary & CEO
20 May 2006
 STUDENTS SERVICES
COMPANY SECRETARIES EXAMINATION - JUNE, 2006 S. EXAMINATION CENTRE ADDRESS
ADDRESSES OF EXAMINATION CENTRES NO. CENTRE
S. EXAMINATION CENTRE ADDRESS 18. DELHI (SOUTH) SUMMER FIELDS SCHOOL, KAILASH
NO. CENTRE COLONY, NEW DELHI - 110048
1. AGRA ST. JOHNS COLLEGE, M. G. ROAD 19. DELHI (WEST) D.L.DAV MODEL SCHOOL, BN-
AGRA - 282 002 BLOCK, SHALIMAR BAGH,
2. AHMEDABAD SHRI H K ARTS COLLEGE ASHRAM DELHI - 110088
ROAD, AHMEDABAD - 380009
20. DUBAI CONSULTATE GENERAL OF INDIA
3. ALLAHABAD COLONELGANJ INTER COLLEGE DUBAI.
51, TAGORE TOWN
ALLAHABAD-211 002 21. ERNAKULAM ST. ALBERTS COLLEGE
BANERJI ROAD, ERNAKULAM
4. AMBALA SHRI ATMANAND JAIN COLLEGE KOCHI - 682018
JAIN COLLEGE ROAD, AMBALA CITY,
HARYANA-134002 22. FARIDABAD VIDYA MANDIR PUBLIC SCHOOL
SECTOR 15-A, FARIDABAD 121 007
5. AURANGABAD MANIKCHAND PAHADE LAW
COLLEGE, SAMARTH NAGAR, 23. GHAZIABAD SHAMBHU DAYAL (P.G.) COLLEGE
AURANGABAD-431 001 OPP. M.M.G. HOSPITAL, G. T. ROAD
6. BANGALORE ST JOSEPHS INDIAN HIGH SCHOOL, GHAZIABAD - 201001
NEAR MALLYA HOSPITAL 24. GURGAON ALPINE CONVENT SCHOOL, BEHIND
2 GRANT ROAD JALVAYU TOWERS, SECTOR 5
BANGALORE - 560001 GURGAON - 122003
7. BAREILLY MANOHAR BHUSHAN INTER 25. GUWAHATI GUWAHATI COMMERCE COLLEGE
COLLEGE, NAINITAL ROAD
R. G. BARUAH ROAD,
BAREILLY-243 001
GUWAHATI - 781021
8. BHILWARA SMT.SUSHILA DEVI MATHUR KANYA
MAHAVIDYALAYA, MAHILA ASHRAM, 26. HYDERABAD WESLEY POST GRADUATE
PATHIK NAGAR, BHILWARA - 311001 COLLEGE, 145 Mc INTYRE ROAD
OPP. ANAND THEATRE
9. BHOPAL GOVT. MLB GIRLS COLLEGE, SECUNDERABAD - 500003
(NR. GOVT. S.V. POLYTECHNIC
COLLEGE), BHOPAL462 002. 27. INDORE DEVI AHILYA ARTS & COMMERCE
COLLEGE,8/1, USHA GANJ, JAORA
10. BHUBANESWAR B. J. B. (AUTONOMOUS) COLLEGE
LEWIS ROAD, BHUBANESWAR- COMPOUND, INDORE - 452001
751014 28. JAIPUR UNIVERSITY COMMERCE COLLEGE
11. CHANDIGARH I.S. DEV SAMAJ GIRLS SENIOR JAWAHAR LAL NEHRU MARG
SECONDARY SCHOOL, SECTOR JAIPUR - 302004
21-C, CHANDIGARH - 160022 29. JAMMU GOVT. SPMR COLLEGE OF
12. CHENNAI (SOUTH) DR. MGR JANKI COLLEGE OF ARTS COMMERCE, CANAL ROAD,
& SCIENCE FOR WOMEN, SATYA OLD UNIVERSITY CAMPUS,
BAMA MGR MALIGAI 11 & 13 JAMMU - 180001
DURGABAI DESHMUKH RD.
30. JAMSHEDPUR MRS. K.M.P.M. INTER COLLEGE
RA PURAM, CHENNAI - 600028
MAIN ROAD, BISTUPUR
13. CHENNAI (WEST) ANNA ADARSH COLLEGE FOR JAMSHEDPUR - 831001
WOMEN, A-1, SECOND STREET,
9 TH MAIN ROAD, ANNA NAGAR 31. JODHPUR ONKARMAL SOMANI COLLEGE OF
CHENNAI 600 040. COMMERCE, OPP. KAMLA NEHRU
NAGAR, 1ST PULIA, CHOPASANI
14. COIMBATORE PSG COLLEGE OF ARTS & SCIENCE
CIVIL AERODROME POST, ROAD, JODHPUR - 342009
COIMBATORE - 641014 32. KANPUR KANPUR VIDYA MANDIR MAHILA
15. DEHRADUN GOVERNMENT GIRLS INTER (PG) MAHAVIDYALAYA, 7/147,
COLLEGE, 22, RAJPUR ROAD, SWAROOP NAGAR, KANPUR-
DEHRADUN - 248001 208002.
16. DELHI (EAST) NUTAN VIDYA MANDIR SENIOR 33. KOLKATA SVS VIDYALAYA 160-A,
SECONDARY SCHOOL, G.T.B. (NORTH-SVS) CHITTARANJAN AVENUE
ENCLAVE, DILSHAD GARDEN, KOLKATA 700 007.
DELHI - 110093 Allocation of Examinees
17. DELHI (NORTH) JVSD GIRLS SR. SEC. SCHOOL (i) Morning Session All examinees enrolled for Foundation
D-II LINK ROAD (NEAR BAGGA Examination
PETROL PUMP-HANUMAN STATUE), (ii) After-Noon Session All examinees enrolled for Both Groups
KAROL BAGH, NEW DELHI - 110005 of Intermediate Examination

Student Company Secretary 21 May 2006

 STUDENTS SERVICES
S. EXAMINATION CENTRE ADDRESS S. EXAMINATION CENTRE ADDRESS
NO. CENTRE NO. CENTRE
34. KOLKATA ANGLO-ARABIC SECONDARY 50. PONDICHERRY BHARATHIDASAN GOVT. COLLEGE
(NORTH-AASS) SCHOOL, 46/7, MAHTMA GANDHI FOR WOMEN, MAHATMA GANDHI
ROAD, KOLKATA 700 009 ROAD, MUTHIALPET,
Allocation of Examinees PONDICHERRY- 605003
(i) Morning Session All examinees enrolled for Final 51. PUNE MIT JUNIOR COLLEGE, MIT SCHOOL
Examination CAMPUS, 127/1/A PAUD ROAD
(ii) After-Noon Session (a) All examinees enrolled for Group-I of PUNE - 411038
Intermediate Examination 52. RAIPUR SCHOOL OF STUDIES IN
(b) All examinees enrolled for Group-II COMPUTER SCIENCE, PT. RAVI
of Intermediate Examination SHANKAR SHUKLA UNIVERSITY
35. KOLKATA JODHPUR PARK BOYS SCHOOL RAIPUR - 4920010
(SOUTH JPBS) JODHPUR PARK, KOLKATA 700 068. 53. RAJKOT SHRI SSRB MAHILA HOME SCIENCE
Allocation of Examinees: All Stages All Examinees. COLLEGE, LT. M.J. KUNDALIYA
36. LUCKNOW NATIONAL P.G. COLLEGE, 2, RANA ENGLISH MEDIUM MAHILA COMM.
PRATAP MARG, LUCKNOW - 226001 COLLEGE, KASTURBA ROAD. OPP.
JAIN DERASAR, RAJKOT - 360001
37. LUDHIANA GOVT. COLLEGE FOR BOYS, CIVIL
LINES, LUDHIANA-141001 54. RANCHI D.A.V. JAWAHAR VIDYA MANDIR
SHYAMALI, POST DORANDA,
38. MADURAI THE AMERICAN COLLEGE, NEW RANCHI - 834002
BUILDING (GROUND FLOOR),
TALLAKULAM POST , MADURAI - 55. SHIMLA S.D. SENIOR SECONDARY SCHOOL
625002 SHIMLA - 171001
56. SURAT SPB VANIJYA VIDYA BHAWAN, SIR
39. MANGALORE SHRI DHARMASTHALA
KP COLLEGE OF COMMERCE
MANJUNATHESWARA, LAW
CAMPUS, ATHWA LINES,
COLLEGE, KODIALBAIL
JAWAHARLAL NEHRU MARG, SURAT
MANGALORE - 575003
- 395001
40. MEERUT N.A.S. COLLEGE, E.K. ROAD 57. THANE K. G. JOSHI COLLEGE OF ARTS, N.G.
MEERUT - 250002 BEDEKAR COLLEGE OF COMM.
41. MUMBAI (CG) SYDENHAM COLLEGE OF CHENDANI BUNDAR ROAD, THANE-
COMMERCE AND ECONOMICS 400601
B. ROAD, CHURCHGATE, MUMBAI- 58. TRIVANDRUM GOVT. ARTS COLLEGE , THYCAUD
400020 POST, THIRUVANANTHAPURAM -
42. MUMBAI (GTK) SMT. PN DOSHI WOMENS COLLEGE 695014
OF ARTS, RATAN BAUG, CAMA LANE 59. TIRUCHIRAPALLI ST. JOSEPHS COLLEGE
GHATKOPAR (WEST), MUMBAI - (AUTONOMOUS), BRITTO HALL,
400086 MAIN GUARD GATE, TEPPAKKULAM
43. MUMBAI (JOG) GOVT. OF MAHARASHTRA I.Y. (POST), TIRUCHIRAPALLI - 620002
COLLEGE OF ARTS, SCIENCE AND 60. UDAIPUR M.V. SHRAMJEEVI COLLEGE, JRN
COMMERCE, JOGESHWARI (EAST) RAJASTHAN VIDYAPEETH, NEAR
MUMBAI - 400060 TOWN HALL, UDAIPUR - 313001
44. MYSORE SBRR MAHAJANA PRE-UNIVERSITY 61. VADODARA M.S. UNIVERSITY OF BARODA
COLLEGE, JAYALAKSHMIPURAM FACULTY OF LAW, NEAR RAILWAY
MYSORE - 570012 STATION, SAYAJIGANJ, VADODARA-
390002
45. NAGPUR HISLOP COLLEGE, TEMPLE ROAD,
CIVIL LINES, NAGPUR - 440001 62. VARANASI MAHATAMA GANDHI KASHI,
VIDYAPEETH, UNIVERSITY
46. NASHIK BYK COLLEGE OF COMMERCE, CAMPUS, VARANASI 221 001
COLLEGE ROAD, NASHIK - 422005
63. VIJAYAWADA SATAVAHANA COLLEGE,
47. NOIDA GOVERNMENT INTER COLLEGE SITARAMAPURAM, ELURU ROAD
V 1, SECTOR 12, NOIDA - 201301 VIJAYAWADA 520 002
48. PANAJI S.S.DEMPO COLLEGE OF 64. VISAKHAPATNAM DR. V. S. KRISHNA GOVERNMENT
COMMERCE AND ECONOMICS DEGREE COLLEGE, MADDILAPALEM
SERRA BUILDING (NEAR A.I.R.), VISAKHAPATNAM - 530013
ALTINHO, PANAJI - 403001
65. YAMUNA NAGAR D.A.V. COLLEGE FOR GIRLS,
49. PATNA MAGADH MAHILA COLLEGE, NORTH JAGADHARI ROAD, YAMUNA
GANDHI MAIDAN, PATNA - 800001 NAGAR - 135001

Student Company Secretary 22 May 2006

 SCHEDULE OF ACADEMIC DEVELOPMENT PROGRAMMES (ADP)
Every student of the Institute who has been sponsored for 15 months training with effect from 01.07.2004 either in a company or under a Company
Secretary in Practice is compulsorily required to attend and complete 25 Hours Academic Development Programmes (ADP). The duration of each
ADP would be eight hours and those who have attended three such programmes would be deemed to have attended 25 Hours ADP.
Fee Rs. 250/- per participant per ADP.
The Schedule of ADPs proposed to be organized by Regional Councils/Chapter is as under :
Organised by Day & Date Venue of the Contact Address
Programme
EIRC of 20.05.2006 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 20.05.2006 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Bldg., Plot No. 4, Prasad
the ICSI Nagar Institutional Area, Rajendra Place, New Delhi-110005 Tel. : 25763090/
25767190 Fax No. : 25722662 (Code No. 011) E-mail : niro@icsi.edu/icsi@eth.net
Mangalore 18.06.2006 Chapter Programme Co-Ordinator, Mangalore Chapter of SIRC of the ICSI, Grace Towers,
Chapter of SIRC Premises 2nd Floor, Bejai, Mangalore -575004 Tel. :2216482 STD. : 0824
of the ICSI
The schedule of other ADPs proposed to be organised by EIRC, NIRC & SIRC is as follows :
EIRC : (i) 26.08.2006 (ii) 18.11.2006 NIRC : (i) 15.07.2006 (ii) 02.09.2006 (iii) 07.10.2006 SIRC : (i) 18.11.2006

SCHEDULE OF TRAINING ORIENTATION PROGRAMMES (TOP)

Organised by Day & Date Venue of the Programme Contact Address
EIRC of 04.07.2006 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI to Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
08.07.2006 22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 19.06.2006 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Bldg., Plot No. 4, Prasad
the ICSI to Nagar Institutional Area, Rajendra Place, New Delhi-110005 Tel. : 25763090/
23.06.2006 25767190 Fax No. : 25722662 (Code No. 011) E-mail : niro@icsi.edu/
icsi@eth.net
Chandigarh 21.05.2006 To be announced Secretary, Chandigarh Chapter of NIRC of the ICSI, GGDSD College, Sector-
Chapter of NIRC to 32C, Chandigarh-160047 Tel. : 0172-2661840
of the ICSI 25.05.2006
The schedule of other TOPs proposed to be organized during 2006, 07 is as under : EIRC : (i) 10.10.2006 to 14.10.2006 NIRC : (i) 26.09.2006
to 30.09.2006 SIRC : (i) 05.09.2006 to 09.09.2006 (ii) 08.01.2007 to 12.01.2007 Bangalore Chapter : 04.09.2006 to 08.09.2006

ATTENTION STUDENTS!
Applicability of Latest Finance Act and other changes for
Company Secretary June 2006 Examination.
DIRECT TAXES
All the students may kindly note that for the June 2006 Examination
session, in respect of Direct Taxes, the applicable Assessment
Year shall be 2006-07 (Previous year 2005-06).
Thus, they are advised to study Finance Act, 2005 for June
2006 examination. Further, as per the syllabus, students are
required to update themselves about all the Circulars,
Clarifications, Notifications issued by CBDT & Central Government,
which come in to effect on or before six months prior to the date of
the respective Examination.
Gift Tax Act has been excluded from the scope of examination
from June 1999 session onwards unless otherwise informed.
INDIRECT TAXES
Students appearing in the Tax Laws (Indirect Tax portion to the
extent of topics covered in the syllabus) and Direct and Indirect
Taxation-Law and Practice (Indirect tax portion) paper of the
Intermediate and Final Courses respectively may please take note
of the following changes applicable for June 2006 Examination:
1. All changes made by the Finance Act, 2005.
2. All Circulars, Clarifications/Notifications issued by CBE&C/
Central Government which became effective six months prior
to the date of examination.
STUDENTS QUIZ
PRIZE QUERY
A Delhi resident entered into an agreement for the purchase
of an immovable property situated at Gurgaon. The agreement
was entered into at Delhi and the consideration was paid at
Delhi and the contract spelt out that the Courts in Delhi will
have jurisdiction for any dispute arising in respect of the said
agreement. Can a suit for specific performance of the contract
be filed in Delhi?
CONDITIONS
1. Answer should not exceed one page typed in double space.
The answer sheet should contain the name, registration number
and address of the student.
2. Last date for receipt of answer is 16th June, 2006.
3. Two prizes (a first and a second) in kind will be awarded to the
best answers and the names of the contributors will be published
in the Bulletin.
4. The envelope should be superscribed Students Query, May 2006
and addressed by name to N.K. Jain, Secretary & Chief
Executive Officer, The Institute of Company Secretaries of
India, ICSI House, 22, Institutional Area, Lodi Road, New
Delhi-110003.

Student Company Secretary 23 May 2006

 SMTP ORGANISED BY H.Q./REGIONAL COUNCILS/CHAPTERS
ELIGIBILITY OF PARTICIPANTS : ICSI final passed candidates. SMTP COURSE CONTENTS: Module I-Filling and Filing of Forms under the
Companies Act, 1956. q Module II-Practical and Procedural Aspects of Convening and Conducting Board Meetings & Annual General Meetings
and Related Aspects. q Module III-Managing Public Issues. q Module IV-Loan Documentation, Joint Ventures & Foreign Collaborations, Raising
Finance through EURO Issues and Export & Import Procedures and Documentation. q Module V-Practical and Procedural Aspects relating
to Appearance before CLB/Under SICA, Consumer Protection Act and Case Studies in RTP/UTP. In addition, the participants would be exposed
to case studies and mock board/general meeting, etc.
Organised by Dates & Duration Venue of Programme Contact Address
EIRC of 19.07.2006 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI to Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
05.08.2006 22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 30.05.2006 NIRC Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Bldg., Plot No. 4, Prasad
the ICSI to Nagar Institutional Area, Rajendra Place, New Delhi-110005 Tel. : 25763090/
15.06.2006 25767190 Fax No. : 25722662 (Code No. 011) E-mail : niro@icsi.edu/
icsi@eth.net
SIRC of 26.07.2006 SIRO Premises Deputy Director, SIRC of the ICSI, SIRC-ICSI House, No. 9, Wheat Crofts
the ICSI to Road, Nungambakkam, Chennai-600034 Tel. :044-28279898/28268685
11.08.2006 Fax No. : 044-28268685 E-mail : icsisirc@md3.vsnl.net.in/siro@icsi.edu
WIRC of 24.06.2006 ICSI-CCRT, Plot No. 101 Joint Director, WIRO of the ICSI, 13, Jolly Maker Chambers No. 2, First Floor
the ICSI to Sector - 15, Institutional Nariman Point, Mumbai-400021 Tel. : 22047580/22021826/
09.07.2006 Area, CBD Belapur, 22844073/22047569 Fax No. : 022-22850109 E-mail : wircicsi@vsnl.com/
Navi Mumbai-400614 wiro@icsi.edu
CCRT of 24.06.2006 ICSI-CCRT Programme Co-ordinator, SMTP, CCRT of the ICSI, Plot No. 101, Sector-15
the ICSI to Plot No. 101, Sector 15 Institutional Area, CBD Belapur, Navi Mumbai-400614 Tel. : 27577814-16
09.07.2006 Institutional Area (STD Code : 022) Fax No. : 022-27574384 E-mail : ccrt@vsnl.com
(Residential CBD Belapur
SMTP) Navi Mumbai-400614
The schedule of other SMTPs proposed to be organised by NIRC, SIRC & Bangalore Chapter during 2006 is as under :
NIRC : (i) 01.07.2006 to 19.07.2006 (ii) 01.08.2006 to 19.08.2006 (iii) 04.09.2006 to 20.09.2006
SIRC : 12.09.2006 to 28.09.2006 Bangalore Chapter : 11.09.2006 to 27.09.2006

STATUS OF TRAINING
(Period from 01-04-2006 to 30-04-2006)
15 Months Training with Company/Company Secretary in Practice and 03 Months & 15 days Practical Training
STAGE-I STAGE-II
Biodata of the students sent to the companies/company Students sponsored for training
secretaries in practice for consideration
APPLICATIONS CASES
Pending Received Forwarded for Pending Pending Received No. of students Pending
Training as on during the consideration as on as on during who have been actually as on
Type 31.03.06 month (upto 30.04.06) 30.04.06 31.03.06 the month taken for training 30.04.06
(upto 30.04.06)
15 Months in NIL 40 40 NIL 06 37 27 16
Companies
15 Months with NIL 12 12 NIL 08 25 33 NIL
CS in Practice
3 Months in NIL 38 38 NIL
Company/
15 Days in
Optional Area
2. Exemption
1. Number of applications pending as on 31.03.2006 : NIL
2. Number of applications received for exemption : 26
3. Number of exemptions granted : 26
4. Number of pending applications as on 30.04.2006 : NIL

Student Company Secretary 24 May 2006

LIST OF THE COMPANIES REGISTERED FOR IMPARTING LIST OF PRACTISING MEMBERS REGISTERED FOR THE
TRAINING DURING THE MONTH OF MARCH, 2006 PURPOSE OF IMPARTING APPRENTICESHIP TRAINING
Sl. Region Training Stipend DURING THE MONTH OF MARCH, 2006
No. Period (Rs.)
1. VIJAY BABAJI KONDALKAR PCSA-1336
Northern Region
D.S.Constructions Ltd. 15 and 03 3000-4000 202, Midas Enclave, A-wing
C-66, South Extension-II Months Practical Dadiseth Agyari Road,
New Delhi-110049 Training Near Babulin Naka
C & C Constructions (P) Ltd. 15 Months 6500 Malad (West), MUMBAI-400064
C1/B, Jay Plaza, Clear View Building Training 2. R. VENKATASUBRAMANIAN PCSA-1337
Old DLF Colony, Near Sector-14
C-95, IInd Floor
Gurgaon-122001
Colony Main Road,
S.E.Investments Limited 15 Months Suitable
Thillai Nagar, TRICHY-620018
Block No. 54, Sanjay Place Training
Agra-282002 3. SUNDARAM VESUDEVAN PCSA-1338
BSL Scaffolding Limited 15 and 03 Suitable B/204, Parijat, 90 Feet Road
Manisha, 4th Floor Months Practical Thakur Complex, Kandivli (East)
75-76, Nehru Place Training MUMBAI-400101
New Delhi-110019
AVIVA Life Insurance Co. 15 Months Suitable 4. SACHIN PREMJI CHHADAWA PCSA-1339
India Pvt. Ltd. Training 27/2, Pragnya, Revenue Colony
5th Floor, JMD Regent Square SANGLI
Gurgaon-Mehrauli Road
Gurgaon-122001 5. DEVENDRA SONI PCSA-1340
Jagaran Prakashan Limited 15 and 03 Suitable C/o Devs Guest House
Jagaran Building Months Practical New Pali Road, Bhagat Ki Kothi
2, Sarvodaya Nagar Training JODHPUR-342001
Kanpur-208005
6. NARAYAN SHIVSHANKAR PAREKH PCSA-1341
Western Region
C-4, Rajabahadur Mansion
Deutsche Asset Management 15 and 03 Suitable 2nd Floor, 20 Ambalal Doshi
(India) Pvt. Ltd. Months Practical Marg, Fort,
222, Kodak House Training
Dr. D.N.Road, Fort MUMBAI-400023
Mumbai-400001 7. SANJAY SHRINGARPURE PCSA-1342
Mumbai Integrated SEZ Limited 15 Months Suitable C-4, Rajabahadur Mansion
SKIL House, 209 Training 2nd Floor, 20 Ambalal Doshi
Bank Street Cross Lane
Marg, Fort
Fort, Mumbai-400023
MUMBAI-400023
NMSEZ Development Co.Pvt. Ltd. 15 Months Suitable
SKIL House, 209 Training 8. POONAM CHAND JAIN PCSA-1343
Bank Street Cross Lane Ground Floor, 1369, Maliwara
Fort, Mumbai-400023 Baidwara, Nai Sarak
Atlanta Limited 15 Months Suitable DELHI-110006
101, Shree Ambashanti Chambers Training
Opp. Leela Hotel, Andheri-Kurla Road 9. MOHAN RAM GOENKA PCSA-1344
Andheri (East), Mumbai-400059 46BB, Ganguly Street
Mattel Toys (I) Pvt. Ltd. 15 and 03 5000 4th Floor (R. No. 6)
Phoenix House, B-Wing Months Practical KOLKATA-700012
4th Floor, 462, Senapati Bapat Marg Training
Lower Parel, Mumbai-400013 10. PRAKASH KAMATH PCSA-1345
IndiaCom Limited 15 Months Suitable No. 71, Chinmayee, 4th Main
Herms Heritage, 1st Phase Training 1st Cross, Domlur, 2nd Stage
Opp. To MSEB Substation BANGALORE-560071
Shastri Nagar, Pune-Nagar Road
Pune-411006 11. PRASHANT KUMAR PCSA-1346
CHANGE IN ADDRESS OF THE COMPANY REGISTERED Q.No. L5/18, Road No. 4
FOR IMPARTING BOTH 15 AND 03 MONTHS PRACTICAL Farm Area, Kadma
TRAINING JAMSHEDPUR-831005
From : Indian Petrochemicals Corporation Ltd.
P.O. Petrochemicals, District: Vadodara-391346, Gujarat 12. T.K. SATAPATHY PCSA-1347
To: Indian Petrochemicals Corporation Ltd. 2nd Floor, Bishal Commercial
C/o Reliance Industries Limited, 3rd Floor, Maker Complex, Cuttack Road
Chambers IV, 222, Nariman Point, Mumbai-400021 BHUBANESWAR-751006

Student Company Secretary 25 May 2006

 MIND POWER AD

Student Company Secretary 26 May 2006

 NEWS AND ANNOUNCEMENTS
NEWS AND ANNOUNCEMENTS
INSTITUTE NEWS
INTERVIEW OF SECRETARY & CEO ABOUT CS
PROFESSION
N.K. Jain, Secretary & CEO, the ICSI was interviewed by CNBC
(Aawaz). The focus was on syllabus review, e-learning initiatives
and placement of members of the Institute. The brief report was
telecast on CNBC (Aawaz) during News Bulletins aired on
24.3.2006.
PANEL DISCUSSION ON GYAN DARSHAN II
On 28.3.2006 an hour long live panel discussion on Corporate
Restructuring was telecast on Gyan Darshan-II between 2.30
and 3.30 P.M. U.K. Chaudhary (Past President, the ICSI) Senior
Advocate & B.K. Kulkarni, Director (Academics) of the Institute
participated in the deliberations. Members and students used the
toll free number for interactive teleconferencing with the panelists.
A number of telephone calls were received from Delhi, Bangalore,
Kolkata and Bhubaneswar.
Both the programmes were coordinated by Dr. Amita Ahuja,
Director, Public Relations & Corporate Communication of the
Institute.
EASTERN INDIA REGIONAL COUNCIL
THIRTEENTH TRAINING ORIENTATION PROGRAMME
The Regional Council organized its 13th Training Orientation
Programme at Kolkata from 4.4.2006 for a period of five days. The
programme was inaugurated by H M Choraria, President, the ICSI.
Forty students enrolled for the said programme.
Santosh Kr Agrawala, Chairman, TEFC, EIRC, in his welcome
address mentioned the importance of the Training before a candidate
undergoes Management/Apprenticeship Training. Company Secretary
has only direct access to deal matters with Board of Directors and
Managing Director of the Company. He informed the participants to
take maximum benefit and to acquire knowledge by interacting with
the faculties, raising queries during the course of training. Also he
emphasized the need of Dress Code, Time Management, Accuracy,
Updating of knowledge which are essential now a days in any
organization.
Amit Kr Sen, Council Member, the ICSI, in his address gave the
reference of those days when ample scope viz. books, training, class
room facilities, Library etc. were not available. Now a days the Institute
is providing a lot of opportunities to the students by conducting training
programmes where they can exchange their views and enrich their
knowledge.
H M Choraria, advised the participants to update themselves in
the changing scenario, otherwise it will be difficult to meet the
challenges up to the expectation of the organization. He mentioned
that the participants should interact with the faculties to clear their
doubts during the course of training programme. He advised the
participants to use the Library to get relevant books as reference for
their preparation for the examination. Choraria also asked the students
to attend the programme being organized by the Regional Council as
far as possible to update themselves about the current affairs. He
also conveyed his best wishes for the success of the participants.
Subrata Kr Ray, Vice-Chairman, EIRC, in his concluding address
requested the participants to show regards to the senior members of
the profession and they should be careful about the spelling and
before they write they should check the subject matter otherwise wrong
presentation will create bad impression which will also affect the image
of the profession.
On 8.4.2006 at the veledictory session of the said programme
Student Company Secretary
Mahesh Shah, Past President, the ICSI was the Chief Guest. Rajesh
Poddar, Chairman, EIRC and S K Agrawala, Chairman, TEFC were
present on the said occasion. The participants organized a cultural
show which was enjoyed by everyone.
S K Agarwala in his address mentioned that being a Company
Secretary in an organization a candidate is required to have sincerity,
commitment and can shoulder any kind of responsibility for effective
execution of his duties. He is responsible to the Board of Directors in
one hand and on the other front he is required to handle the
shareholders grievances to their satisfaction. Citing the example of
posting Dividend to the shareholders, he emphasized that posting
date should be made immediately after he date of AGM so as to
reach them on time.
Mahesh Shah, in his address advised the participants to accept
any kind of job as a challenge and to execute it within schedule. He
requested the participants to involve themselves in the Institutes
activities regularly which will not only help them to get knowledge but
also develop the fellowship. Shah distributed Training Completion
Certificates and conveyed his best wishes for their success in future.
Rajesh Poddar, inhis concluding address advised the participants
to acquire knowledge to accept challenges in their professional career
effectively.
MEETING WITH PRESIDENT, VICE-PRESIDENT &
SECRETARY & CEO OF THE INSTITUTE
On 16.03.2006 the Regional Council organized a Students Meeting
with President H M Choraria, Vice-President. Preeti Malhotra and
Secretary & CEO N K Jain of the Institute at ICSI-EIRC Premises. At
the outset, Rajesh Poddar, Chairman EIRC introduced the dignitaries
and advised the students to attend programmes organized by the
Institute to update themselves and also enrich their knowledge. Preeti
Malhotra, in her address mentioned that lot of new areas are being
opened and the Institute is also providing opportunities to the students
by providing trainings for their benefit and further development in their
professional field. N K Jain, in his address advised the students to
read journals, Economic dailies, Student Company Secretary also
Chartered Secretary for their updation. He said that due to liberalization,
new opportunities are coming and in future a number of scopes would
be available for which he said that students should put in their best
efforts to grab the same. H M Choraria, said that Institute has given lot
of facilities which earlier days were not available and it is the
responsibility of the students to equip themselves by utilizing those
opportunities to build up their future professional career. A number of
queries raised by the students were replied by the dignitaries.
NORTHERN INDIA REGIONAL COUNCIL
EIGHTH ACADEMIC DEVELOPMENT PROGRAM
(ADP)
On 1.4.2006, the 8th Academic Development Program for the
students, was conducted by the Regional Council at ICSI-NIRC
Building, New Delhi. The Academic Development Programme was
attended by 107 students.
Suman Kumar Singh, Company Secretary, SMC Global Securities
Ltd took a session on An Overview of Securities Market and S.
Koley, Regional Council Member, NIRC took a session on An
Overview of MCA-21.
S. Koley, provided his best wishes to the participants at the
valedictory session also and distributed programme completion
certificates to all the eligible students.
NINTH ACADEMIC DEVELOPMENT PROGRAM (ADP)
On 15.4.2006, the 9 th Academic Development Program for
students,organized by the Regional Council and attended by 100
students was held at ICSI-NIRC Building, New Delhi.
Nesar Ahmad, Central Council Member, the ICSI took a session
on Merger & Amalgamation - Legal & Practical Aspects whereas
27 May 2006
 NEWS AND ANNOUNCEMENTS
Rajiv Goel, Advocate took a session on Takeover, SEBI Takeover
Code. Atul Mittal, Regional Council Member, NIRC took a session
on Joint Venture & Foreign Collaboration.
At the valedictory session of the academic development
programme, Atul Mittal, distributed programme completion certificates
to all the eligible students and also wished them the best of luck in all
their endeavour.
VISIT OF STUDENTS OF SALWAN PUBLIC SCHOOL,
GURGAON TO NIRC
On 25.4.2006, students of class XII of Salwan Public School,
Gurgaon along with their teachers visited the Regional Office. Jyoti
Chaudhary, Academic Counsellor of the School also accompanied
them. J.K. Bareja, Chairman, Career Awareness Committee of NIRC
and A K Srivastsva, Executive Officer, NIRC addressed the visiting
students and teachers on Career in Company Secretaryship. On the
spot queries were also replied and on the occasion the 1CSI corporate
film was screened.
TWENTY FIRST TRAINING ORIENTATION
PROGRAMME (TOP)
On 27.03.2006 the 21st TOP conducted by the Regional Council
was held at ICSI-NIRC Auditorium, New Delhi.Punit K. Abrol,
Chairman NIRC briefed the participants about CS course and informed
them that they have chosen a right career i.e. Company Secretaryship.
He reminded the participants that it is not the qualification but its the
way the qualification is used, which is very important. Its necessary
to aim high. The size of the achievement is directly proportional to
the size of the dream. India is a big country with vast potential for
professional services. We should be proud to be a part of this
profession. It may not be easy in the beginning but when we keep
doing, things start becoming easy. The Chairman invited the
participants to express their views on TOP.
On 31.03.2006 at the Valedictory session G.P. Madaan
congratulated the participants on their completion of the program and
invited suggestions from them for improvements. He also distributed
the training completion certificates.
TALK ON BUDGET FOR STUDENTS
On 04.03.2006 a talk on Budget for the students was held at ICSI-
NIRC Auditorium,New Delhi. J.K. Bareja explained the changes to
the students. He welcomed the changes in Section 80C and tax
benefits in bank deposits. He elaborated on the details of budget
changes including FBT, MAT and the concept of tax return preparers.
Hitender Mehta made the presentation on indirect taxes. He
highlighted the changes in Customs, Excise and Service Tax. On
Service Tax he felt that the scheme of settlement should be extended
to Service Tax also. The presentation was followed by question-answer
session. The program was attended by around 100 students.
CAREER AWARENESS PROGRAMME
On 20.03.2006 the Regional Council conducted a career
awareness programme at Shaheed Bhagat Singh (Evening) College,
Shekh Sarai, New Delhi. The programme was addressed by Yogesh
Gupta, R K Tulsian both members of the Institute and A K Srivastava,
Executive Officer of the Regional Office. Attended by around fifty
students during the career awareness programme they were apprised
about the mode of registration, syllabus, structure of the course,
avenues available to the profession both in employment and in
practice. Pamphlets explaining the career in company secretaryship
course were also distributed to the students.
HUNDRED AND FIRST SMTP
On 3.3.2006 the Regional Council conducted its 101st SMTP at
ICSI NIRC Auditorium, New Delhi. The programme was inaugurated
by Chief Guest Pavan Kumar Vijay, Past President, The ICSI.Hitender
Mehta conducted the programme. Deepak Kukreja elaborated on the
importance of the training. He laid emphasis on the growing
opportunities of the profession. He advised the participants to learn
Student Company Secretary
through the interaction with the faculty during the training session.
Pavan Kumar Vijay spoke at length on the importance of change.
He made it clear that a qualification without updation makes one
outdated. Since change is inevitable one should be prepared to
embrace it. MCA-21 is an example of change. What was relevant
yesterday may not be valid today. Population growth was a bane
yesterday. Now it is considered a boon today. One should also be
capable of visualizing the future scenario. With the developments
taking place, India and China will be most prosperous. We should
change our perception with the change of times. Now management
is interested more in output rather than the input in terms of No. of
hours. Vijay also emphasized the role of a CS. Today. C.S. should
think as a professional not as a mere compliance officer. A company
secretary is a co-ordinator in the company. The bottom-line is value
addition to the employer. Opportunities are unlimited. One should
have the vision and ability to grab them.
Nesar Ahmad, Central Council Member, the ICSI edified the efforts
of the participants to reach the last leg of the training. He stressed on
the need and importance of training. Many a time it becomes necessary
to unlearn certain things to learn something very important. He advised
the participants to remain closer to the institute to update themselves.
In his brief talk, G.P. Madaan, Immediate Past Chairman,
impressed upon the participants that there are enormous
opportunities. He focused on sincere updation and devotion. To be
successful, one has to be realistic and practical. Updation is the hall
mark of professional success.
At the valedictory session of the SMTP held on 22.3.2006 Chief
Guest Vimla Yadav, Member, Company Law Board impressed upon
the participants that learning is a regular phenomenon and advised
them to inculcate a sense of dedication in the profession. Hard work
with sincerity will always yield good results. Training completion
certificates were also distributed by the Chief Guest.
Earlier, S. Kumar, Sr. Director (TML) of the Institute briefed the
Chief Guest about the C.S. Course and training programmes. He
also elaborated on the importance of the training. He said that updation
is an ongoing process and advised the participants to attend the
programmes of the Institute regularly. He urged them to contribute to
benevolent fund for the benefit of the members.
Preeti Malhotra, Vice President, the ICSI in her special address
apprised the participants of the activities chalked out for the students
as well as for members. She laid emphasis on development of soft
skills. She was happy to announce that the institute is going to
implement e-learning programme and also hoped to introduce Labour
Law Audit. MCA-21 project, new Company law with a thrust on self
regulation are going to benefit the profession in a big way.
Multidisciplinary firms with CAs and others are now possible. Limited
liability partnership further opened up the opportunities. All these will
help in the growth of the profession.
ALLAHABAD SATELLITE CHAPTER
CAREER COUNSELLING PROGRAMME
On 15.4.2006 the Satellite Chapter conducted a Career
Counselling Programme. The programme was chaired by I. A. Khan,
Satellite Chapter Chairman. About 50 students attended the
programme and asked queries about the profession of company
secretaries. Anil Kumar, Satellite Chapter Secretary replied the queries
of the students and also informed the prospects of the profession.
Bal Krishna Misra, Treasurer, Parul Bhargava, Coaching Director &
Shivani Deora, Member were also present in the programme and
guided the students.
JAIPUR CHAPTER
VALEDICTORY FUNCTION OF SMTP
On 21.03.2006 the Valedictory function of the SMTP which was
inaugurated on 5.03.2006, was organized at the Chapter premises.
The Chief Guest of the Valedictory function was B C Meena, Registrar
28 May 2006
 NEWS AND
of Companies, Rajasthan. Gagan Mittal, Chapter Chairman elaborated
on the importance of the training. He said that updation is an ongoing
process and advised the participants to attend seminars and study
circle meetings regularly.
B C Meena, distributed the SMTP Completion Certificates to the
participants. He also advised them to inculcate a sense of dedication
to the profession and wished good luck to the participants.
INAUGURATION OF TRAINING ORIENTATION
PROGRAMME ( TOP)
On 19.04.2006 the 5 DAY Training Orientation Programme
organized by the Chapter was inaugurated by Vijay Khoobchandani,
Official Liquidator, Rajasthan. Gagan Mittal Chapter Chairman
appraised the participants about the importance and significance of
the Training Programme. Vijay Khoobchandani stated that training
should be oriented towards practical application of the knowledge.
The TOP was of five days duration and eminent faculty member were
invited to cover the topics as per the guidelines of the Institute.
ORAL COACHING CLASSES
On 19.04.2006 the Oral Coaching Classes conducted by the Chapter
for Foundation and Intermediate Course commenced at the Chapter
Premises. On this occasion Gagan Mittal, Chairman and other Managing
Committee Members were also present to greet the students.
KANPUR CHAPTER
CAREER FAIR
On 15 and 16.04.2006 a career fair was organized at Pamela Lawn,
Kakadeo, Kanpur. The Kanpur Chapter of the Institute participated in
the career fair. The fair was inaugurated by Ajai Kapoor, MLA Govind
Nagar, Kanpur. The ICSI Kanpur Chapter put up a stall which was
decorated through Banners, posters, small hording and ICSI Publications.
ICSI Corporate film was screened throughout the day for two days at the
fair. About 115 students showed interest and raised queries on various
issues which was suitably replied by the Chapter staff.
Arvind Kumar Bhargava, Chapter Chairman explained the role of
Company Secretary and also briefed the visitors about the role of
The Institute regulating the profession of the Company Secretaries.
SOUTHERN INDIA REGIONAL COUNCIL
ORAL COACHING CLASSES FOR FOUNDATION/
FINAL LEVELS OF CS COURSE FOR DECEMBER
2006 EXAMINATIONS
SIRC of the ICSI proposes to conduct Oral Coaching Classes
for Foundation and Final (Gr.I & Gr.III) of the CS course as per
details given below :
Stage Date of Timings Fees Last Date for
Commen- receipt of
cement application
Foundation 10.7.2006 9.00 A.M. to Rs.3000/- 03.7.2006
(Morning) 11.00 A.M
Foundation 10.7.2006 4.00 P.M. to Rs.3000/- 03.7.2006
(Evening) 6.00 P.M
Final Group I 03.7.2006 6.00 P.M. to Rs.3,200/- 27.6.2006
(Evening) 8.00 P.M
Final Group III 03.7.2006 6.00 P.M. to Rs.3,200/- 27.6.2006
(Evening) 8.00 P.M per group
For further details contact :
SIRO of the ICSI, NewNo.9, Wheat Crofts
Road,Nungambakkam, Chennai 600 034 .
Phone : (044) 28279898; 28268685.
E-Mail : siro@icsi.edu; icsisirc@md3.vsnl.net.in
Student Company Secretary
ANNOUNCEMENTS
CAREER EXHIBITION
On 1 and 2.4.2006 the Regional Council participated in a Career
Exhibition organized by the Times of India - Education Times at Rani
Meyyammai Hall, Chennai. An exclusive stall was put up by SIRO
where Institutes brochures/pamphlets, publications were displayed.
Details about company secretaryship course were provided to the
visitors in an interactive environment. Brochures explaining the
Foundation and Intermediate Course were also issued.A number of
students with parents/public visited the stall.
COMMENCEMENT OF ORAL COACHING CLASSES
On 18.4.2006 the Regional Council commenced Intermediate
Group-I (Morning Session) Oral Coaching Classes at ICSI-SIRC
House, NO.9, Wheat Crofts Road, Nungambakkam, Chennai for
December 2006 examinations.
HYDERABAD CHAPTER
ORAL COACHING CLASSES THROUGH
INTERACTIVE LEARNING
Fresh classes for Final Courses will be conducted for
December, 2006 Examination, as per the following schedule,
at The ICSI- Hyderabad Chapter , # 6-3-609/5, Anandnagar
Colony, Khairatabad, Hyderabad - 500 004
Course Timings Fees Rs. Venue No. of Lectures
for each group
Final 7.00 AM to 2750 The ICSI- 42 lectures each
Group-I, 9.00 AM per Hyd. of 2 hrs duration
II & III group Chapter
Final 6.30 PM to 2750 The ICSI- 42 lectures each
Group-I, 8.30 PM per Hyd. of 2 hrs duration
II & III group Chapter
Date of Commencement of Classes: 19.6.2006.
Interested Candidates are advised to deposit the fee by Challan
at The ICSI Hyderabad Chapter by 16.06.2006.
The Students who undergo Oral Coaching, and obtain the
Coaching Completion Certificates after passing the eligibility
tests need not to submit the response sheets under postal
tuition scheme. For further details contact the The-ICSI
Hyderabad Chapter. Contact No(s) : 040-23399541, 040-
23396494, Fax:040-23325458,e-mail: hyderabad@icsi.edu
MADURAI CHAPTER
CAREER COUNSELLING PROGRAMMES
From 14.04.2006 to 16.04.2006 the Chapter participated in the
Career Fair at Tuticorin conducted by the Futura Trust, Tuticorin
conducted at Ramiah Kalyana Mandapam Tuticorin. Students from
various colleges and schools in and around Tuticorin attended the
programme. The parents of the students also visited the fair. Many
students and their parents visited the stall of Madurai Chapter of the
ICSI. Brochures were issued to them. The details of the course and
opportunities available were fully explained to them by T. Raja, Office-
in-Charge of the Chapter office. Visitors of the stall showed keen
interest in knowing about the CS course. Prospectuses were sold to
them. Many colleges in and around Tuticorin expressed their desire
to conduct career counseling program in their colleges and they were
also interested in getting accredited center to impart the Company
Secretary course. THE HINDU, the daily newspaper gave a wide
coverage about the program.
Again on 16.04.2006 the Chapter conducted another career
awareness program at Sivakasi Chartered Accountants Association
hall. R.R. Ganasekaran, Managing Committee member gave detailed
information about the course to the audience. Nearly 50 students
and their parents attended the program. Brochures were issued to
the audience. Gnanasekaran replied the queries raised by the
students and the parents. He elaborated the course, syllabus, fees
29 May 2006
 NEWS AND ANNOUNCEMENTS
structure, and facilities available at the Chapter and at the Institute
Head-quarters, examination pattern, employment opportunities to the
students etc.
WESTERN INDIA REGIONAL COUNCIL
INAUGURATION OF ORAL COACHING CLASSES
On 20.04.2006 the Oral Coaching Classes conducted by the
Regional Council at ICSI-MKES Management Research Institute Oral
Coaching Centre,Malad (West), Mumbai for CS Foundation and
Intermediate Courses for December 2006 session were inaugurated
by Antony Paul, Joint Director, of the Regional Office. Paul in his
address emphasized the importance of continuous and serious
painstaking study for the CS Course till one attains the objective of
passing the CS examination at the earliest opportunity and become
full-fledged Company Secretary. He also called upon the students
the need for personal and professional development so that one can
become a very useful person for the society. He also added that with
present globalization and competition, more and more opportunities
are coming up for Company Secretaries in non traditional areas such
as WTO and IPR, Economic Legislations, Securities Laws, Corporate
Governance, Cyber Laws, Service Tax, etc. He also explained the
rules of Oral Coaching Classes; requirements for obtaining Coaching
Completion Certificates; various dates of commencement of
Examination, Filing of Examination Forms; Declaration of Examination
Results; and authorities at ICSI, H.O. to be contacted for Training
and for other purposes. He further said that students can avail library
facilities at WIRC and participate in programmes being organised by
the WIRC of the ICSI.
SIXTY- NINTH SMTP
From 18.03.2006 to 02.04.2006 WIRC organized its 69 th
Secretarial Modular Training Programme at ICSI-CCRT, Navi Mumbai.
In all 24 candidates enrolled and successfully completed the 15 days
programme.
The programme was inaugurated by Vijayan Menon, Registrar of
Companies, Maharashtra, Mumbai. In his address he stressed on the
importance of acquiring various soft skills very much required by the
present day professionals and the need for keeping oneself updated in
the relevant areas of professional work. He also took the opportunity to
explain the salient features of e-filing procedures under e-governance
project of MCA 21. Earlier, Arvind D Gaudana, Chairman WIRC in his
welcome address while congratulating the participants for clearing Final
CS examination hoped that they will gain much knowledge about the
practical aspects of professional work from experts/faculties who would
be addressing them in various technical sessions. A Lahiri, Dean CCRT,
also addressed the gathering. Antony Paul, Joint Director CCRT who
acted as the course co-ordinator, explained the structure and modality
of the 15 days Training Programme.
In the fifteen days Training Programme, senior and experienced
Company Secretaries and other professionals/experts addressed the
participants on various subjects such as Corporate Governance,
ADR,GDR,Forex Management, MCA 21 & e-Filing/Digital Signatures,
Managerial Remuneration, Service Tax & Central Excise, Take-over
& De-listing, Prevention of Insider Trading, Buy Back of Shares, Merger
& Amalgamation, Corporate Restructuring, practical aspects of Board/
Annual General Meetings, soft skills for Personal & Professional
Development,etc. Participants were also exposed to practical and
procedural aspects of working of Company Secretary especially
convening and conducting of Annual General and Board Meetings
and appearance before CLB/NCLT. During the programme visits to
Share Registrars, Depositories and Stock Exchange were also
organized.
On 31.03.2006, participants were divided into three groups who
presented their group projects on the following Topics: Initial Public
Offer (IPO), Intellectual Property Rights (IPR) and Corporate
Governance.
Out of the above three project presentations, the presentation on
Student Company Secretary
IPO was adjudged as the best one. Namita Mirchandani was selected
as Best Presenter and Shantanu M Gharoure as the Best Participant
of the whole programme.
On 02.04.2006 at the valedictory session of the SMTP, Chief Guest
V S Rao, Regional Director,CLB, Western Region in his address,
emphasized the importance and need for observance of Code of
Conduct by the professionals and compliance of applicable Rules &
procedures. Earlier V Sithapathy, Chairman Professional
Development Committee of WIRC in his address, exhorted the
participants to enroll for Company Secretaries Benevolent Fund and
also urged to take full advantage of various Professional Development
Programmes being conducted by WIRC and its Chapters. Course
Completion Certificates were also given to the participants by the
honorable Chief Guest of the SMTP.
TIMES EDUCATION BOUTIQUE 2006
On 22 and 23.04.2006 the Regional Council participated in
educational exhibition and informative seminar titled THE TIMES
EDUCATION BOUTIQUE 2006 at The Regent (Taj Land End )
Mumbai. (Which was organized by the EDUCATION TIMES (TIMES
GROUP). The Times Education Boutique was the bouquet of
opportunities for the budding professionals to select and choose
preferred careers. The Seminar and career exhibition focused on
Foreign/Indian Education Institutes, Business Schools, Universities,
Private and Autonomous Institutions, IT based industries and
Educational consultants, banks, Education Loans, IT/Software/
Hardware/Multimedia Training Institutes, Immigration and placement
consultants and much more.
The event as promised was a unique exhibition cum conference
aimed at presenting not only traditional courses but has focused on
areas which students are looking forward to. Top Experts from various
disciplines were invited to address topical concerns that students
normally face. It was a unique opportunity to interact one-to-one with
the visitors which helped to enlighten them about the scope and
prospects of Company Secretaryship Course. The Times Education
Boutique 2006 was supported by national promotors in the print Media,
outdoor Media, Radio etc. The success of the event could be assessed
by the fact that 20,000 visitors were registered.
ICSI stall had received the highest attention of students parents
and visitors. During the exhibition various queries raised by the
students and their parents were clarified. On both days of the exhibition
overwhelming response was received from one and all, Leaflets,
brochures and prospectus on Company Secretaryship were distributed
to the students and guided on various academic aspects of the
Company Secretary Course regarding registration, Examination,
Coaching,Training etc.
P.Bhaskara Rao, Joint Director(W), Antony Paul, Joint
Director(CCRT) and former Central Council Member Pramod S. Shah,
Regional Council Members V. Sithapathy and Ragini Chokshi several
other Practicing Company Secretaries like Tushar Sridharan, Tanvi
Kulkarni and Shilpa Joshi explained about the Company Secretaries
course.
THIRTEENTH TRAINING ORIENTATION PROGRAMME
From 10.04.2006 to 14.04.2006 the Regional Council conducted
its 13th Training Orientation Programme for CS Intermediate passed
students at ICSI-CCRT, Navi Mumbai. On the First day, Antony Paul,
Joint Director-CCRT,who was the Course Co-ordinator explained the
objectives behind the TOP. In the inaugural session, A Lahiri, Dean,
CCRT and V Sithapathy,Chairman Professional Development
Committee,WIRC addressed the participants. A galaxy of Company
Secretaries, experts/professionals and consultants addressed the
participants on various topics, such as Code of Conduct,
Communication and Presentation Techniques, Professional
Interviews, MCA-21/e-Filing/Digital Signatures,Office Culture,
Organisation Behaviour,Drafting of Minutes, Notices,Resolutions,
Structure of CLB,ROC office, Stock Exchanges, SEBI, RBI etc.One
session on Group Discussion with practical tips and examples was
30 May 2006
 NEWS AND ANNOUNCEMENTS
also arranged.The Course Co-ordinator explained the procedure for
applying for Management/Apprenticeship Training and other
requirements for applying for membership of the Institute.
In the last techinical Session, Ragini Chokshi, Chairperson Training
& Educational Facilities Committee of WIRC delivered a special lecture
on Disaster Management. A Lahiri, was the Guest of Honour at the
valedictory session. In all 57 students completed the programme
successfully
AHMEDABAD CHAPTER
CAREER AWARENESS PROGRAMME
On 1.3.2006 a career awareness programme about CS course
was conducted for the benefit of the students at Ahmedabad. Over
150 students were informed about the CS course and future prospects
of the profession.Umesh Ved, Secretary, WIRC explained at length
about the enrolment criteria and various subjects of the course. Chirag
Shah, Secretary and Chairman Programme Committee of the Chapter
replied the queries during the question answer session. The Institutes
film on Career as Company Secretary was also screened for the
students on LCD Projector.
PUNE CHAPTER
ACADEMIC DEVELOPMENT PROGRAMME
From 23.03.2006 to 25.03.2006 for the first time a three days
continuous Academic Development Programme for the students
undergoing training was organised by the Chapter. In all 20 students
attended the ADP which included presentations, group discussions,
personality development workshop as well as technical sessions.
MEETING WITH OTC FACULTY MEMBERS
On 24.03.2006 as a regular feature, a meeting with the faculty
members of Foundation and intermediate Oral coaching Classes of
the Chapter was organised at the Chapter premises. The said meeting
was attended by faculty as well as the managing committee members
and was followed by dinner. The objective of the meeting was to
interact with the faculty members, understand their problems,
suggestions and convey the expectations of the Managing Committee THE COMPETITION ACT ACT,, 2002
members and students to them. IELIL-INTERMEDIATE/FSPELDC-FINAL
THANE CHAPTER The students are informed that the following Sections of the
ORAL COACHING CLASSES FOR INTERMEDIATE Competition Act, 2002 are applicable for June, 2006 examination:
(GROUP II) STUDENTS Short Title, Extent and Commencement (Section 1), Definitions
W.e.f. 3.7.2006 the Chapter proposes to commence the (Section 2), Establishment of Commission (Section 7), Composition
next batch of Oral Coaching Classes for Intermediate (Group of Commission (Section 8), Selection of Chairperson and Other
II) students. For further details contact the Chapter Office at Members (Section 9), Terms of Office of Chairperson and Other
206, Swastik Plaza, 2nd Pohkran Road (Subash Nagar) Prior Members (Section 10), Resignation, Removal and Suspension of
to Voltas Ltd., Thane (W) 400601. Phone : 25444479. Chairperson and other members (Section 11), Restrictions on
E-mail : rrajguroo@yahoo.co.in Employment of Chairpersons etc. (Section 12), Financial and
Administrative Powers of Member-Admininstration (Section 13),
Salary etc. of Chairperson and Other Members (Section 14),
TRAINING DIARY Vacancy etc. not to invalidate proceedings of Commission (Section
Every student sponsored for 15 months' training either in a 15), Appointment of Director General (Section 16), Registrar and
company or under a company secretary in practice, is essentially Officers of Commission (Section 17), Benches of Commission
required to maintain a Training Diary brought out by the Institute. (Section 22), Distribution of Business of Commission (Section 23),
Appearance before Commission (Section 35), Competition
The trainees are required to record all activities/jobs undertaken Advocacy (Section 49), Finance, Accounts and Audit (Sections 50,
on daily basis in the Training Diary during the entire period of 51, 52 and 53), Miscellaneous (Sections 54, 55, 56, 57, 58, 59, 60,
training. The Training Diary can be purchased from the Headquarters 61, 62, 63, 64 and 65).
and the Regional Offices located at EIRC, NIRC, SIRC, WIRC and
also at the Chapter Offices at Ahmedabad, Bangalore, Chandigarh, Students are advised to refer these Sections if any question is
Jaipur, Hyderabad and Pune. The cost of a Training Diary is Rs. posed on the Competition Act, 2002. A comparison of the provisions
100/-. The Training Diary is being sent to students by Un-registered of the MRTP Act, 1969 and the provisions of the Competition Act,
and Registered post only at the following rates. 2002 is desirable to highlight the changes inserted by the
Competition Act, 2002.
1. Unregistered Parcel = Rs. 40/- per diary
Since all the Sections of the Competition Act, 2002 have not
2. Registered Parcel = Rs. 55/- per diary
come into force till now, the students may refer to provisions of
Students are advised to maintain the Diary as per the Training MRTP Act, 1969. However, credit will be given to the students if
Guidelines and submit the same to the Training Department along they also refer the provisions of the Competition Act, 2002, while
with the Training Completion Certificate. answering the questions based on MRTP Act, 1969.

Student Company Secretary 31 May 2006

 ONLINE REGISTRATION FOR FOUNDATION/REGULAR COURSE

Student Company Secretary 32 May 2006

Student Company Secretary 33 May 2006
 ALL INDIA ESSAY WRITING COMPETITION FOR STUDENTS
Communication skill-both oral and written have always been the hallmark of successful professionals. In the emerging scenario
the professional need to further strengthen these capabilities for increased effectiveness.
Taking cognizance of this desirable necessity amongst the students of Company Secretaryship course, the Institute is organizing an All
India Essay Writing Competition for students on the Following theme:

"Company Secretary the Corporate Strategist"

You are invited to write an Essay in English on the above topic in not more than 2000 words. The Essay should be neatly typed in double
space and preferably a floppy should also be sent along with the Essay. ALTERNATIVELY
The Essay could be sent as an attachment in Word File and e-mailed to eiro@icsi.edu with the subject being "Student Essay Writing
Competition 2006",
Please mention your Name, Registration No., Stage of course, complete postal address, telephone/fax number, E-mail Address, if any.
The essay must be your own original work and not to be copied from any source. In case, any material has been quoted, it must be
specifically mentioned and its source should be clearly stated.
In case the essay is being sent by post the same should be sent at the following address, duly sealed in a cover marked "Students Essay
Writing Competition - 2006 "
Sri S K Agrawala, Chairman, Training & Educational Facilities Committee
Eastern India Regional Council of The Institute of Company Secretaries of India
3A, Ahiripukur 1st Lane, Kolkata-700019
Best Essay chosen by the Committee/Penalist will be suitably rewarded and published in Institute's publication.

LAST DATE FOR RECEIPT OF THE ESSAY BY EIRC OF THE ICSI IS 23rd JUNE, 2006

BANGALORE CHAPTER
"Sheriff Chambers", 3rd Floor, Rear Block, 14, Cunningham Road, Bangalore-560052

7th NATIONAL STUDENTS' CONFERENCE

Theme : Emerging Areas in the Profession-An Insight Faculty : Eminent Faculty from the Professional
and Industry would address the delegates
Day & Date : Sunday the 30th July, 2006
Fees : Rs. 100/- per delegate (for local students)
Time : 9.00 AM to 6.00 PM
Rs. 200/- per delegate (inclusive of
Venue : Institution of Agricultural Technologies lodging for one day for outstation
No. 15, Queens Road, Bangalore-560052 students on first-come-first served basis)

For Enrolment and further information, please contact :

Ms. Sangeetha Flora
Executive Officer
The ICSI-Bangalore Chapter
"Sheriff Chambers", 3rd Floor, Rear Block, 14, Cunningham Road, Bangalore-560052
Tel. No (S). : 22286574 & 22287158 Telefax : 22261861 E-mail : bangalore@icsi.edu

Student Company Secretary 34 May 2006

 6TH ALL INDIA COMPANY LAW QUIZ

SOUTHERN INDIA REGIONAL COUNCIL

is organizing an
All India Company Law Quiz for Students
on
Saturday, the 12th August, 2006
at
ICSI-SIRC House, 9, Wheat Crofts Road, Nungambakkam, Chennai - 600004.
It will be a three tier programme :
l Chapter Level l Regional Level l National Level
All the Chapters/Satellite Chapters in the first instance would organize Company Law Quiz Programme for the students at their level. The
winners from each Chapter level event consisting of not more than two students would be participating in the Regional Level Programme
to be held at their respective Region. One team consisting of two winning contestants from each Region would be participating in the
National Level event to be held at Chennai on 12th August 2006.
A rolling shield would be presented to the winner team of the national level event at the National Convention. The winner team, who would
be invited to attend the 34th National Convention of the Institute scheduled to be held at Kolkata from 7-9, September 2006 without
payment of Delegate Fee, but have to make their own travel and stay arrangements. A Certificate of Participation will be issued to all the
participants of the National Level Event by SIRC.
For further details, interested students may contact their concerned Chapter/Regional Council
(Regional Level Programme of SIRC to select the best two students to represent SIRC at National Level event
will be held on 11th August 2006 at ICSI-SIRC House, 9, Wheat Crofts Road, Nungambakkam, Chennai-600004.

EASTERN INDIA REGIONAL COUNCIL

Organizes its

21ST REGIONAL CONFERENCE OF STUDENT

COMPANY SECRETARIES
15th July, 2006 (Saturday)
from 09.00 AM to 6.00 PM
at
The Senator Hotel, 15, Camac Street, Kolkata - 700017
Participation Fee : Rs. 300/- per student
For enrolment contact :
Executive Officer - EIRO of the ICSI
3A, Ahiripukur Ist Lane, Kolkata - 700019
Tele : 033-22832973, 22816541/42
E-mail ; eiro@icsi.edu

Student Company Secretary 35 May 2006

 COMPULSORY SWITCHOVER TO NEW SYLLABUS - FINAL COURSE
1. All students are required to appear in the Final Examination to be held in June, 2006 under the New Syllabus only.
2. Their Student Registration Code Nos. have also been changed from CG/EG/NG/SGIWG to CR/ER/NR/SR/WR and the identity cards
already issued to them will hold good under the new syllabus as well.
3. With a view to mitigate the hardship to the students who have already passed any one Group of the Final Examination under the Old
Syllabus that they will have to appear in more number of papers on switch over to the New Syllabus, the Council reconsidered and
decided that a candidate at the Final Level shall be exempted on the basis of having passed/secured exemption in papers under the
syllabus specified in Part - III of Schedule CCA on switch over to the new syllabus specified in Part - III of Schedule CCB and the
following scheme of exemption shall be applicable to him:
Papers passed/exempted under the syllabus specified Exemption from papers under the syllabus specified
in Part - III of Schedule CCA in Part-III of Schedule CCB
1 Financial Management Financial, Treasury& Forex Management
2 Management Control and Information Human Resource Management and Industrial Relations
3 Corporate Tax Management - Direct Taxes Direct & Indirect Taxation - Law & Practice
4 Corporate Tax Management - Indirect Taxes Banking & Insurance-Law & Practice
5 Corporate Laws & Practice - I Advanced Company Law & Practice
6 Corporate Laws & Practice - II Corporate Restructuring -Law & Practice
7 Corporate Laws & Practice - III Secretarial Practice relating to Economic Laws and
Drafting and Conveyancing
8 Secretarial and Management Audit Secretarial, Management & System Audit
4. As per the revised scheme of exemptions approved as above, a student who has passed Group I or Group - II of the Final Examination
under the Old Syllabus comprising of four papers will be exempted from the four papers under the New Syllabus and shall be required
to appear in the remaining papers as per the following details:
TABLE OF CORRESPONDING EXEMPTIONS (FINAL)
Particulars of the Group Passed under Papers in which the student shall be Remaining Papers in which student will
Old Syllabus entitled for the Exemption under the be required to appear under the New
New Syllabus (as per revised scheme) Syllabus (as per revised scheme)
Group-I Group-II Group-I
1. Financial Management 1. Financial Treasury & Forex Management 1. Advanced Company Law & Practice
2. Management Control & Information 2. Banking & Insurance Law and Practice 2. Secretarial Practice relating to
3. Corporate Tax Management Group-III Economic Laws and Drafting &
Direct Taxes 1. Direct & Indirect Taxation Conveyancing
4. Corporate Tax Management Law & Practice 3. Secretarial Management & Systems
Indirect Taxes 2. Human Resource Management Audit
and Industrial Relations Group-II
1. Corporate Restructuring
Law & Practice
Group-III
1. WTO-International Trade, Joint Ventures
& Foreign Collaborations
Group-II Group-I Group-II
1. Corporate Laws & Practice-I 1. Advanced Company Law & Practice 1. Financial, Treasury and Forex
2. Corporate Laws & Practice-II 2. Secretarial Practice relating to Economic Management
3. Corporate Laws & Practice-III Laws and Drafting & Conveyancing 2. Banking & InsuranceLaw & Practice
4. Secretarial & Management Audit 3. Secretarial Management & Systems Audit
Group-II Group-III
1. Corporate Restructuring 1. WTO-International Trade, Joint
Law & Practice Ventures & Foreign Collaborations
2. Direct and Indirect Taxation
Law & Practice
3. Human Resource Management
and Industrial Relations
5. Students who have completed coaching for both groups of the Final Course under the Old Syllabus will be exempted from undergoing
coaching in all the three groups under the New Syllabus. However, students who have completed coaching in a single group/subject(s)
will also be eligible for the corresponding exemption as per table given under para (3) above.
6. All the students of Final Old Syllabus (Under the Compulsory Switchover Category) will be enrolled for June 2006 session of Examination
as per the above guidelines. The paper wise exemption(s) will be printed & mentioned on the Admit Card as well as in the Attendance
Sheet. In case of any discrepancy, the same may be brought to the notice of the Institute immediately or may contact Sohan Lal, Joint
Director or T.P. Balasubramanian, Administrative Officer on Tele No. 41504444 Extn. 511/515.

Student Company Secretary 36 May 2006

 ATTENTION STUDENTS
Several queries are being received in the Institute regarding
applicability of certain Acts/Amendments relevant for the June
2006 examination. Students may note that all the course
contents given in the syllabus are applicable. However, certain
Acts which are given in the syllabus, have undergone changes/
amendments during the recent past. The Acts that have
undergone changes that are applicable for June 2006
examination as well as the changes that are not applicable for
the said examinations have been mentioned herein below for
the information of the students:
ISLRFM :
CHANGE APPLICABLE
Revised Clause 49 of Listing Agreement
ICL :
CHANGES APPLICABLE
1. Companies (First Amendment) Act, 2002.
2. Sections 2 and 6 of Companies (Second Amendment)
Act, 2002.
3. Revised Clause 49 of Listing Agreement.
4. Highlights of Concept Paper on Company Law
5. Highlights of Dr. J.J.Irani Committee Report on
Company Law
CHANGES NOT APPLICABLE
1. New e-Forms prescribed under Companies (Central
Govt.s) General Rules and Forms (Amendment) Rules,
2006
2. Companies (Amendment) Bill, 2006.
ICSP :
CHANGES APPLICABLE
1. Companies (First Amendment) Act, 2002.
2. Sections 2 and 6 of Companies (Second Amendment)
Act, 2002.
3. Revised Clause 49 of Listing Agreement.
4. Highlights of Concept Paper on Company Law
5. Highlights of Dr. J.J.Irani Committee Report on
Company Law
CHANGES NOT APPLICABLE
1. New e-Forms prescribed under Companies (Central
Govt.s) General Rules and Forms (Amendment)
Rules, 2006.
2. Companies (Amendment) Bill, 2006.
IELIL :
CHANGES APPLICABLE
1. Monopolies and Restrictive Trade Practices Act, 1969
& Competition Act, 2002. (Provisions mentioned else
where in this issue)
2. Patent Act, 1970 as amended by the Patents
(Amendment) Act, 2005 & Patents (Amendment)
Rules, 2005
3. Foreign Trade Policy 2004-09
4. Money Laundering Act, 2002
5. Copyright Act, 1957 as amended by Copyright
(Amendment) Act, 1999.
6. Foreign Exchange Management Act, 1999, Rules &
Regulations as amended upto December 31, 2005.
7. Trademarks Act, 1999 and Trade Mark Rules, 2002.
FSPELDC:
CHANGES APPLICABLE
1. Monopolies and Restrictive Trade Practices Act, 1969
Student Company Secretary
& Competition Act, 2002 (Provisions mentioned else
where in this issue)
2. Patents Act, 1970 as amended by the Patents
(Amendment) Act, 2005 and Patents (Amendment)
Rules, 2005.
3. Foreign Trade Policy 2004-09
4. Money Laundering Act, 2002
5. Copyright Act, 1957 as amended by Copyright
(Amendment) Act, 1999.
6. Foreign Exchange Management Act, 1999, Rules &
Regulations as amended upto December 31, 2005.
7. Trademarks Act, 1999 and Trade Mark Rules, 2002.
FACLP:
CHANGES APPLICABLE
1. Companies (First Amendment) Act, 2002.
2. Sections 2 and 6 of Companies (Second Amendment)
Act, 2002.
3. Revised Clause 49 of Listing Agreement
4. Highlights of Concept Paper on Company Law
5. Highlights of Dr. J.J.Irani Committee Report on
Company Law
CHANGES NOT APPLICABLE
1. New e-Forms prescribed under Companies (Central
Govt.s) General Rules and Forms (Amendment) Rules,
2006.
2. Companies (Amendment) Bill, 2006.
FSMSA:
CHANGES APPLICABLE
1. Companies (First Amendment) Act, 2002.
2. Sections 2 and 6 of Companies (Second Amendment)
Act, 2002.
3. Revised Clause 49 of Listing Agreement.
4. Highlights of Concept Paper on Company Law
5. Highlights of Dr. J.J.Irani Committee Report on
Company Law
CHANGES NOT APPLICABLE
1. New e-Forms prescribed under Companies (Central
Govt.s) General Rules and Forms (Amendment) Rules,
2006.
2. Companies (Amendment) Bill, 2006.
3. Company Secretaries (Amendment) Act, 2006
FCRLP :
CHANGES APPLICABLE
1. Companies (First Amendment) Act, 2002.
2. Sections 2 and 6 of Companies (Second Amendment)
Act, 2002.
3. Revised Clause 49 of Listing Agreement
4. Highlights of Concept Paper on Company Law
5. Highlights of Dr. J.J.Irani Committee Report on
Company Law
CHANGES NOT APPLICABLE
1. New e-Forms prescribed under Companies (Central
Govt.s) General Rules and Forms (Amendment) Rules,
2006.
2. Companies (Amendment) Bill, 2006.
NOTE: Sick Industrial Companies (Special Provisions) Act, 1985
is also applicable as the Sick Industrial Companies (Special
Provisions) Repeal Act, 2003 has not yet been notified and
hence has not become effective.
37 May 2006
 AD TARIFF OF STUDENT COMPANY
SECRETARY

Student Company Secretary 38 May 2006