Volume No.

XXIV
Student Company Secretary ISSN 0972-2874
June 2007

6
EDITORIAL CENTRAL COUNCIL ANNUAL SUBSCRIPTION Rs. 50
ADVISORY BOARD MEMBERS SINGLE COPY Rs. 5.00
Chairman President
Edited, printed and published by
S. Balasubramanian Preeti Malhotra(Ms.)
N.K. Jain for the Institute of
Vice-President
Members Company Secretaries of India,
Keyoor Bakshi
(In alphabetical order) 'ICSI House', 22, Institutional
Ajit Yadav Members Area, Lodi Road,
Brahm Avatar Agrawal(Dr.) (In alphabetical order) New Delhi - 110003
Girish Ahuja(Dr.) Ananthasubramanian S N Phone : 24617321-24,
G.P. Agrawal Anil Kumar Murarka 24644431-32, 41504444
G R Bhatia Ashok Chandra Grams : Compsec
Lalit Bhasin Biswa Behari Chatterjee Fax : 91-11-24626727
M S Sahoo Ghanshyam Dass E-mail : info@icsi.edu
Narayanaswamy T V Hanumanta Raju Datla Website : http://www.icsi.edu
Nesar Ahmad Harish Kumar Vaid Printed at Daily Tej Pvt. Ltd.
Pradeep Kumar Mittal Lalit Bhasin 8-B, Bahadurshah Zafar Marg,
Raj Kumar Agarwal (Dr.) Narasimhan B New Delhi
RakeshChandra Nesar Ahmad Phone : 42225134, 42225111
Renu Budhiraja(Ms.) Milind B Kasodekar The Institute is not in anyway
S K Verma(Dr. Mrs.) Pradeep Kumar Mittal responsible for the result of
Sanjay Grover S R Bansal any action taken on the basis
Sanjeev Kumar (Dr.) Sanjay Grover of the advertisements
V K. Agarwal Sridharan R published in this Bulletin.
Sudhir Babu C
Editor & Publisher Vinayak S Khanvalkar
N. K. Jain Y S Malik
Secretary & Chief
Executive Officer
N.K. Jain

HIGHLIGHTS
H I G H L I G H T S

From the President 03

Academic Guidance 05
Legal World 13
Student Services 16
Schedules of SMTPs/TOPs/ADPs 20, 28
News and Announcements 22
Students Quiz 27
EIRC Programmes 32

Student Company Secretary 1 June 2007

 Training Orientation Programme

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

Activities Session1 Session 2 Session 3 Session - 4

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

Student Company Secretary 2 June 2007

 From The President

Dont lower your expectations to meet your performance.

Raise your level of performance to meet your expectations.
Expect the best of yourself, and then do what is necessary to make it a reality.
Ralph Marston

Dear Students,
After undergoing the strenuous task of writing the examinations, you require a short break to
relax your mind and body allowing it to recharge and rejuvenate. By doing so you will feel better
and energetic to resume your daily activities and also devote more time towards your studies.

Friends, facing examinations is really tough whether it is professional or non professional. We

all have undergone this strenuous phase right from our school days. So dont think that you are the only one who is facing the
examinations. In fact, generations have appeared in the past for examinations and generations will be appearing in the future too.
The fact is one cannot do away with it nor can the students run away from the examinations. But over the years the word
examinations have triggered an insurmountable block in the minds of many a student who are appearing for to test himself or
herself at one examination or another.
There are several students who become anxious or nervous whenever they take exams though they are able to learn and
integrate information well, but because they are fearful, these students do not perform to the best of their potential. Examination
anxiety is almost universal. Getting stressed out before or during the exams has unnecessarily become natural. In fact, it is
unusual to find a student who doesnt approach the exams without anxiety or tension. As has been observed, examination
anxiety causes problems in some students, such as upset stomach, headache, loss of focus, fear, irritability, anger and even
depression and, yes, sleeplessness. Sometimes students because of the nervousness drop the idea of appearing in the
examinations even though they have prepared well fearing they wont be able to tackle it for one reason or another.
The solution is to cultivate a happy, pleasant and positive mind, a singing soul. The subjects of study are nothing but an
invitation to apply your mind. The happier, the more and more satisfied and the more delighted with itself your mind is, the study,
absorption, solution and expression come more easily and excellently to you. The tension, the nervousness and depression
come out of the negative, unhappy tendencies of mind. The self-confidence that is, by natures grace, your own vitality disappears
when mind is unhappy with itself. These tensions, etc come when the mind occupies itself with the bygone past or the untrue
future. If the present is clung to, there is nothing but happiness and creative untapped potential of the self. The present moment
is the gift of God, while the past and future are unreal creations of the woman/man. If the present is happy and creative, full of
concentration, the future that is nothing but the unfolding present is bound to be happy, successful, creative and satisfying.
Therefore one should cultivate the habit of being happily concentrated on the present. That will give one the ability to learn,
absorb, and create a stream of happy successes in examinations and in life.
To limit the examination anxiety/nervousness and perform better, well-organized and effective study habits are the key solutions.
All you need to do is to discipline yourself, stick to the planned timetable. This is one of the best ways to avoid the last-minute
preparation and the resulting anxiety. Cramming without having understood is one of the reasons for feeling anxious for going
blank before exams. If you have understood the lesson you have won half the battle, and now you only need to creatively
reproduce it. Remember there is no substitute for hard work coupled with discipline. Both are a potent combination for success in
any field.
It has been observed that high performers in any field have the single mindedness and the ability to be totally immersed in
whatever they do and hence win all the way. So to be a high performer, make it a habit to study regularly. Regular hours of
studying will surely result in getting better grades. Have clear realistic goals. Having clear goals give you a purpose to study
better. Set realistic goals that challenge you.
Once you have set your goal, then sit and plan on how you are going to achieve this goal, what actions are you going to take.
How much time will you spend on it? Pay attention to your weak areas. Question, analyze and make plans and follow them
faithfully.
Studying should be done in a balanced manner. Putting in extra and regular hours of study does not cause strain. Studying too
hard or studying continuously for long time creates mental tension and actually slows down learning and memory. Short breaks
will refresh the brain and will help you learn more. Set aside some time for recreation or entertainment.
Avoid negative attitude towards studies. Thinking about studies as dull, boring, hard, etc. will only add more difficulties in your

Student Company Secretary 3 June 2007

 From The President
learning process. Students who enjoy studying have always been among the toppers. Love your studies the way you love your
favourite music or sports. Give it the same attention and passion. The Three Ps of successful studying are: planning, preparation
and a positive attitude.
Friends, the Institute through its Regional Councils and Chapters organize various programmes to hone the communication
skills of its 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, I am pleased to inform
you that the Northern India Regional Council (NIRC) of the Institute is organizing 6th All India National Elocution Competition
on 7th July, 2007 at New Delhi. The topic for Chapters & Regional Rounds is Independent Directors from Different Functional
Areas are Necessary for Good Corporate Governance and the topic for National Round is SEZ is Necessary for Faster
Development of Indian Economy.
That apart, Jaipur Chapter of the Northern India Regional Council (NIRC) of the Institute is organizing an All India Essay
Writing Competition for the students on the theme Role of Company Secretary in the Emerging Scenario on 18th August,
2007 at Jaipur. The last date for receipt of the Essay is 14th August 2007. I advise you all to actively participate in these competitions.
The benefit will be immense.
I am equally pleased to inform you that the Eastern India Regional Council (EIRC) of the Institute is organizing its 22nd
Regional Students' Conference on 28th July 2007 at Kolkata on the theme Towards Broadening the Horizon. EIRC of the
Institute is also organizing All India Company Law Quiz programme for the students on 4th August 2007 at Kolkata. I advise you
to take part in these activities and benefit immensely.
The job of syllabus review is really to make the course curriculum for the next generation of Company Secretaries. It is a
futuristic work requiring anticipation and analysis of the happening things on an academic background. The purpose is to provide
the coming students a knowledge and skill input that would enable them to satisfy the expectations of a changing sect of industry
and business masters. The work of the Syllabus Review Committee set up by the Council was completed in May and the
Committee would be placing its report for consideration of the Council very soon.
I informed you in my previous communication that the 35th National Convention of Company Secretaries is being held on the
theme Excellence Through Business Value Addition on September 20-22, 2007 at B M Birla Auditorium, Jaipur. All out
efforts are being made to tie-up best possible faculty to make the deliberations in technical sessions quite educative and rewarding.
I advise you to ensure your participation at the Convention as a delegate. There is a special discount of Rs 500 for the students
of ICSI for attending the National Convention.
Friends, I conclude by stating that a winner is not one who never fails; but one who never quits. No one enjoys examinations.
Students loathe appearing for them; examiners rack their brains setting them; markers despair of ever finishing marking them.
But, rightly or wrongly, they are a necessary fact of life. So develop a positive attitude towards exams. Anxiety is just a part of the
game; do not allow it control you. Face the exams with confidence. Look at exams as a means developed to help you reach your
goal. It is a means to an end, not an end in itself. Have faith in yourself and maintain the I can do it attitude.
There are instances where students who were treated as dull or below average have achieved heights. As for instance, Edison
was not a bright student. He was labeled as slow learner by his teachers and was removed from school. But Edisons mother,
Nancy Elliot Edison, did not accept her son as dull. She motivated, encouraged, taught Edison to learn at his own speed and
style. She made him work and encouraged him at every step till he got the expected result. Edison got interested in learning. He
became a voracious reader. And at the age of 10, he had set up a laboratory in his basement. And ultimately the world got a Big
Genius. The so-called dull student became an achiever. Through love, patience and belief in her son, Nancy Edison transformed
Edison into a Genius from a dull student.

With best wishes,

Yours sincerely,

New Delhi (PREETI MALHOTRA)

June 14, 2007 president@icsi.edu

Student Company Secretary 4 June 2007

 Academic Guidance
ACADEMIC GUIDANCE
FINAL COURSE
INDIRECT - TAXATION
CONSEQUENTIAL CHANGES IN
SER VICE TAX LA
SERVICE LAWW TO GIVE EFFECT
TO FINANCE ACTACT,, 20071
On the Service Tax front, the Government has issued Notification
No. 23-32/2007-ST, dated 22nd May 2007 and other Notifications giving
effect to the amendment made through Finance Act, 2007 (for detailed
notifications see http://www.servicetax.gov.in ). All the aforesaid
Notifications are to come into force from 1st June 2007.
1.1 Secondary and Higher Education Cess : The Government has
levied 1% additional cess on the service tax payable on the tax-
able services. On the existing taxable services, such cess was
applicable from the date of enactment of Finance Act, 2007.
Whereas, such cess on the new services as well as on the expan-
sion of the existing services shall be applicable w.e.f. 1st June 2007.
There appears to be some confusion about the date of applicability
of this additional cess because the President had given the assent
to Finance Bill on 11th May 2007, whereas, the Finance Act, 2007
was published in the Gazette of India on 12th May 2007. There is
a view that it cannot be made applicable from the date of the
assent of the President because a law shall be effective only
from the date when it is notified or gazetted. Therefore, effective
date for the applicability of this additional cess shall be 12th May
2007. Further, as this is a separate cess it has to be charged
separately in the bill/ invoice and separate record is required to
be maintained. The assessee is required to deposit additional
cess under a separate code which has been notified as
00440252 which needs to be enacted separately on the challan.
2.2 Effective date of Service Tax for new Services: The
Government has notified 1st June 2007 as the date for applicability
of service tax on the new services introduced by the Finance Act,
2007 vide Notification No. 23/2007-ST. The Government has
introduced following seven new services by the Finance Act, 2007
on which, now, service tax shall be applicable from 1st June 2007:
a) Telecommunication service [section 65 (109a) read with
section 65(105)(zzzx)]
b) Mining service [Section 65(105)(zzzy)]
c) Renting of immovable property service [Section
65(105)(zzzz) read with section 65(90a)]
d) Service involved in the execution of a works contract
[Section 65(105)(zzza)]
e) Development and supply of content service [Section
65(105)(zzzzb) read with section 65(36c)]
f) Asset management including portfolio management and
all forms of fund management service [Section
65(105)(zzzzc)]
g) Design services [Section 65(105)(zzzzd) read with
section 65(36b)]
3.3 Effective date of applicability of Service Tax on the expan-
sion of existing Services: By the Finance Act, 2007, the Gov-
ernment has expanded the scope of a number of existing serv-
ices, service tax on such expansion of existing services shall also
be applicable from 1st June 2007 vide Notificatioin No. 23/2007-
Prepared by Balwant Kulkarni, Director (Academics and Professional
Development), The ICSI.
Student Company Secretary
ST. The following existing services are amended by the Finance
Act, 2007 to expand their scope:
a) Sale of space or time for advertisement [Section
65(105)(zzzm]
b) Rent-a-cab service [Section 65(20)]
c) Mandap keeper service [Section 65(66) and 65(67)]
d) Pandal or shamiana service [Section 65(77a)]
e) Event management service [Section 65(40)]
f) Manpower recruitment or supply service [Section
65(105)(k)].
g) Banking and other financial service [Section 65(105)(zm)
read with Section 65(12)]
h) Management consultants service [Section 65(105)(r)
read with Section 65(65)].
i) Consulting engineers service [Section 65(105)(g)]
j) Management, maintenance or repair service [Section
65(64)]
4.4 Service Tax on renting of Immovable Property for commer-
cial purposes: The Government has announced applicability of
service tax on the rent of immovable property. However, the Gov-
ernment has given concession to the extent of property tax actu-
ally paid in respect of such properties. Therefore, service tax is
liable to be paid on the rent received after deducting the property
tax paid vide Notification No. 24/2007-ST. In the said Notifica-
tion, the provision has also been made for pro-rata benefit of
property tax if the period for property tax and the rental period on
which service tax is paid, do not match. However, the provision
has also been made by amending the Service Tax Rules for mak-
ing the provision of self-adjustment of excess service tax paid on
account of non-availment of benefit of deduction of property tax,
if the same has not been paid before the payment of service tax.
Such benefit can be taken within one year from the payment of
property tax. Where the assessee has not availed the benefit of
concession of property tax then service tax so paid in excess can
be adjusted subsequently vide Notification No. 28/2007-ST.
5.5 Government has exempted the levy of Service Tax for Serv-
ices involved in the execution of Works Contract in relation
to construction of Port or other Port from the whole of Serv-
ice Tax: This exemption is similar to the exemption provided by
Notification No. 16/2005-ST from the levy of service tax under
the commercial or industrial construction service for construction
of Port which is now being omitted and replaced with Notification
No. 25/2007-ST (vide Notification No. 25/2007-ST and 26/2007-
ST).
6.6 Service Tax on the Services involved in the execution of
Works Contract: The Government has rationalised the levy of
service tax in respect of Works Contract which was subject to
State levy as well as Central levy and has the double taxation
effect. To remove this problem some provisions have been intro-
duced so that both State and Central, levy should not be levied
on more than the total transaction value. Whereas, earlier both
State and Central (VAT and Service Tax) were charged on much
more than the actual transaction value. However, this scheme
had been launched only for the specified service namely, con-
struction both commercial and residential as well as turnkey
project and benefit has not been extended to the remaining types
of Works Contract such as repair and maintenance.
a) Composition Scheme: The Government has introduced
the Works Contract for Payment of Service Tax Rules,
2007 for providing easy mechanism to discharge the
service tax liability in respect of the services covered
under the category of Works Contract. Under these rules,
which have the overriding effect over Section 67 and the
Service Tax Valuation Rules, it has been provided that a
5 June 2007
 Academic Guidance
person liable to pay service tax in relation to Works
Contract services, has the option to pay service tax at
an amount equal to 2% of the gross amount charged for
the Works Contract, instead of paying service tax at the
normal rate. Further, it has also been provided under
the rule that the gross amount on which the service tax
shall be payable under the Composition Scheme shall
not include the VAT/ Sales Tax paid on the goods involved
in the execution of Works Contract. Further, under the
said rules, it has also been provided that those assessee
who opt for the Composition Scheme shall not be eligible
to take the credit of excise duty and education cess paid
on any input used in the execution of such Works
Contract. Under the said rules. It has been further
provided that assessee has to opt this option in respect
of each Works Contract in the beginning itself and it
cannot be changed (pl see Notification No. 32/2007-ST).
b) Valuation of Services involved in the execution of
Works Contract: The Government has amended the
Service Tax (Determination of Value) Rules, 2006 for
determination of value of services involved in the
execution of Works Contract by introducing rule 2A under
the said rules. The service providers who does not opt
for the Composition Scheme and wishes to pay the tax
at the normal rate has the option to pay service tax at
the normal rate on the value of service involved in the
execution of Works Contract. The value of such services
shall be determined in the manner prescribed in the said
rules. As per the said rule, value of services involved in
Works Contract shall be the gross amount charged for
the Works Contract after deducting the value of the goods
involved in the said Works Contract. However, VAT/ Sales
Tax paid on such Works Contract shall not be included
in the gross amount so charged. The said rule has further
prescribed that where the assessee has paid VAT/ Sales
Tax on the value of the goods involved in such Works
Contract, same value shall be taken as the value of goods
for the determination of value of services by deducting
from the gross amount charged for Works Contract (pl
see Notification No. 29/2007-ST).
7.7 Export of Service Tax and Import of Service Tax: The Gov-
ernment has made the consequential changes in the respective
rule of export and import of services to incorporate the new serv-
ices introduced by the Finance Act, 2007. However, the Govern-
ment has also made a significant change in the Export of Serv-
ices Rules, 2007 by which now it is mandatory that for every
taxable service, which is exported, receipt has to be issued only
in convertible foreign currency. Prior to the said amendment, the
receipt in convertible foreign currency was mandatory only for
those services which were provided outside India. In other words,
the services which were provided in India but treated as export of
services, there was no mandatory requirement that the receipt
should be in convertible foreign currency. [pl see Notification No.
30-31/2007-ST].
BANKING AND INSURANCE LAW AND PRACTICE
PROTECTED DISCLOSURES SCHEME
FOR PRIVATE SECTOR AND FOREIGN
BANKS2
Introduction
Disclosure of information in the public interest by the employees of
an organisation is increasingly gaining acceptance by public bodies
for ensuring better governance standards and probity / transparency
2. Compiled by: Saurabh Jain, Education Officer, The ICSI.
Student Company Secretary
in the conduct of affairs of public institutions. Large scale corporate
frauds had necessitated, internationally, various legislative measures
for safeguarding public interest, through enactments such as
Whistleblower Protection Act in USA and Public Interest Disclosure
Act in UK. In the Indian context, the Government of India had passed
a resolution on April 21, 2004 authorizing the Central Vigilance
Commission (CVC) as the Designated Agency to receive written
complaints or disclosure on any allegation of corruption or of misuse
of office and recommend appropriate action. The jurisdiction of the
CVC in this regard is restricted to employees of the Central Government
or of any corporation established by it or under any Central Act,
Government companies, societies or local authorities owned or
controlled by the Central Government.
The Reserve Bank of India vide its press release no. 2006-2007/
1423 dated April 18, 2007 introduced the Protected Disclosures
Scheme for Private and Foreign Banks operating in India to improve
governance and increase probity in these lending institutions. The
scheme has been formulated broadly on the lines of Government of
India Resolution dated April 21, 2004 authorising the Central Vigilance
Commission (CVC) as the designated agency to receive written
complaints or disclosure on any allegation of corruption or misuse of
office by any employee of the Central Government or of any corporation
established by it or under any Central Act, government companies,
societies or local authorities owned or controlled by the Central
Government and recommend appropriate action. The salient features
of the Scheme are as under:
Scope and Coverage
As Public Sector Banks and Reserve Bank of India (since it is an
entity established under Central Statute) have already been brought
under the purview of Government of India scheme, with a view to
avoid duplication, this Scheme would cover all private sector and foreign
banks operating in India.
The complaints under the Scheme would cover the areas such as
corruption, misuse of office, criminal offences, suspected / actual fraud,
failure to comply with existing rules and regulations such as Reserve
Bank of India Act, 1934, Banking Regulation Act 1949, etc. and acts
resulting in financial loss / operational risk, loss of reputation, etc.
detrimental to depositors interest / public interest.
Under the Scheme, employees of the bank concerned (private
sector and foreign banks operating in India), customers, stake holders,
NGOs and members of public can lodge complaints.
Anonymous / pseudonymous complaints will not be covered under
the Scheme and such complaints will not be entertained.
Reserve Bank of India (RBI) will be the Nodal Agency to receive
complaints under the Scheme. RBI would keep the identity of the
complainant secret, except in cases where complaint turns out to be
vexatious or frivolous and action has to be initiated against the
complainant.
The institution against which complaint has been made can take
action against complainants in cases where motivated / vexatious
complaints are made under the Scheme, after being advised by RBI.
An opportunity of hearing will, however, be given by the concerned
bank to the complainant before taking such action.
Final action taken by RBI on the complaint will be intimated to the
complainant.
Procedure for lodging the complaint under the
Scheme
The complaint should be sent in a closed / secured envelope.
The envelope should be addressed to The Chief General Manager,
Reserve Bank of India, Department of Banking Supervision, Fraud
Monitoring Cell, Third Floor, World Trade Centre, Centre 1, Cuffe
Parade, Mumbai 400 005. The envelope should be superscribed
Complaint under Protected Disclosures Scheme for Banks.
The complainant should give his / her name and address in the
6 June 2007
 Academic Guidance
beginning or end of the complaint or in an attached letter. In case of
an employee making such complaint, details such as name,
designation, department, institution and place of posting etc. should
be furnished.
Complaints can be made through e-mail also giving full details as
specified above. For this purpose, a specific e-mail address has been
created.
The complainant should ensure that the issue raised by him involves
dishonest intention/moral angle. He should study all the relevant facts
and understand their significance. He should also make an effort, if
possible, to resolve the issue through internal channels in order to
avoid making the complaint.
The text of the complaint should be carefully drafted so as not to
give any details or clue to complainants identity. The details of the
complaint should be specific and verifiable.
In order to protect the identity of the complainant, RBI will not issue
any acknowledgement of receipt of the complaint and the complainants
are advised not to enter into any further correspondence with the RBI
in their own interest. RBI assures that, subject to the facts of the case
being verifiable, it would take necessary action, as provided under the
scheme. If any further clarification is required, RBI will get in touch
with the complainant.
If the complaint is accompanied by particulars of the person making
the complaint, the RBI shall take the following steps:
a) If necessary, it would ascertain from the complainant whether he
was the person who made the complaint or not.
b) The identity of the complainant will not be revealed unless the
complainant himself has made the details of the complaint either
public or disclosed his identity to any other authority.
c) If the identity of the complainant is concealed, RBI shall make
discreet inquiries to ascertain if there is any basis for proceeding
further with the complaint.
d) Either as a result of the discreet enquiry, or on the basis of com-
plaint itself without any inquiry, if RBI is of the opinion that the
matter requires to be investigated further, RBI may consider call-
ing for the comments / response from the Chairman / Chief Ex-
ecutive Officer of the concerned bank.
e) After obtaining the response of the concerned bank and / or on
the basis of an independent scrutiny conducted / ordered by RBI,
if RBI is of the opinion that the allegations are substantiated, the
RBI shall recommend appropriate action to the concerned bank.
These shall, inter alia, include the following:
1. Appropriate action to be initiated against the concerned offi-
cial.
2. Appropriate administrative steps for recovery of the loss
caused to the bank as a result of the corrupt act or mis-use
of office, or any other offence covered by the Scheme.
3. Recommend to the appropriate authority / agency for initia-
tion of criminal proceedings, if warranted by the facts and
circumstances of the cases.
4. Recommend taking corrective measures to prevent recur-
rence of such events in future.
5. Consider initiating any other action that it deems fit keeping
in view the facts of the case.
If any person is aggrieved by any action on the ground that he is
victimized due to filing of the complaint or disclosure, he may file an
application before the RBI seeking redressal in the matter. RBI shall
take such action, as deemed fit. In case the complainant is an employee
of the bank, RBI may give suitable directions to the concerned bank,
preventing initiation of any adverse personnel action against the
complainant.
Either on the basis of application of the complainant or on the
basis of information gathered, if the RBI is of the opinion that either
Student Company Secretary
the complainant or the witnesses in the case need protection, the RBI
shall issue appropriate directions to the concerned bank.
The system evolved herein shall be in addition to the existing
grievances redressal mechanism in place. However, secrecy of identity
shall be observed, only if the complaint is received under the scheme.
In case RBI finds that the complaint is motivated or vexatious, RBI
shall be at liberty to take appropriate steps.
In the event of the identity of the informant being disclosed inspite
of RBIs directions to the contrary, the RBI shall be authorized to initiate
appropriate action as per extant regulations against the person or
agency making such disclosure. RBI may also direct such person or
agency to suitably compensate the complainant.
Framing of Protected Disclosure policy by banks
All private sector and foreign banks operating in India may frame a
Protected Disclosures Scheme duly approved by their respective
Boards of Directors, keeping in view the broad framework given above.
The policy should clearly lay down norms for protection of identity of
employees making disclosures under the scheme and safeguarding
them from any adverse personnel action. The role and responsibilities
of the Board of Directors may also be well defined in dealing with the
complaints received under the scheme. The Board, or a committee of
Directors of the Board may be made responsible for monitoring the
implementation of the scheme. Banks may factor suggestions of the
unions / associations of officers / employees before framing such a
policy. Suitable mechanism should be put in place to make newly
recruited employees of the bank aware of the existence of such a
scheme in the bank.
FINANCIAL MANAGEMENT
REPORT
1 REPOR T ON CURRENCY AND
FINANCE- 2005-063
THEME: DEVELOPMENT OF FINANCIAL MARKETS
AND ROLE OF THE CENTRAL BANK
The Reserve Bank of India released its Report on Currency and
Finance 2005-06 on 31st May,2007.. The theme of the Report is
Development of Financial Markets and Role of the Central Bank.
This report can be seen as continuation of several themes addressed
in the previous years, the theme in last years report being The
Evolution of Central Banking in India. Some of the major highlights of
the Report are as under :-
The Report for 2005-06 comprises nine chapters. Chapter I
introduces the theme of the report. As a prelude to the substantive
theme based discussions, Chapter II of the Report titled as Recent
Economic Developments provides an analytical account of
macroeconomic developments in the Indian economy during 2005-
06, 2006-07 and 2007-08 so far (wherever data are available). Chapter
III - Money Market covers the role of the money market, international
experience in operating procedures, evolution of the Reserve Banks
liquidity management operations and money market developments in
India. As a way forward, it also makes suggestions for further
developing the money market. Chapter IV titled as Credit Market
deals with the significance of the credit market, institutional structure
and policy developments relating to the credit market in India and
trends in credit in India. The chapter also makes suggestions for further
strengthening the role of the credit market in India. Chapter V titled
as Government Securities Market after discussing the role of the
government securities market and international experiences relating
to the government securities market, deals with the policy
developments and an assessment of government securities market
in India. Chapter VI - Foreign Exchange Market delineates the various
aspects of the foreign exchange market in India. Chapter VII - Equity
and Corporate Debt Market deals with the developments and key
3. Source : RBI Press Release : 2006-2007/1642 dated 31-05-2007.
7 June 2007
 Academic Guidance
issues relating to the equity market and the private corporate debt
market in India. Chapter VIII titled as Financial Market Integration
covers concept and dimensions of financial market integration, policy
measures enabling market integration in India and domestic financial
markets integration in India. The final Chapter of the Report - Overall
Assessment presents some final reflections on the key issues for
further developing the various segments of the financial market in
India.
Theme of the Report
Although financial markets in India have existed for a long time,
they remained relatively underdeveloped for a variety of reasons until
the early 1990s. Financial markets in India before the early 1990s
were marked by administered interest rates, quantitative ceilings,
statutory pre-emptions, captive market for government securities,
excessive reliance on central bank financing, pegged exchange rate,
and current and capital account restrictions. As a part of structural
reforms in the early 1990s, wide-ranging reforms were introduced in
the Indian financial sector, including in financial markets. Reforms in
the financial markets encompassed all segments - the money market,
the credit market, the government securities market, the foreign
exchange market, the equity market and the private corporate debt
market. The development of financial markets in India has been
pursued to bring about a transformation in the structure, efficiency
and stability of markets as also to facilitate integration of markets.
The emphasis has been on strengthening price discovery, easing of
restrictions on flows or transactions, lowering of transaction costs,
and enhancing liquidity and efficiency. As a result of various reform
measures, the structure of financial markets has witnessed a
remarkable change in terms of financial instruments traded in various
segments of the financial market, and market participants. Although
various segments of the financial market, in general, have certainly
become deeper and more liquid, there is still some way to go before
all the segments of the financial market are fully developed. Whereas
it has always been the endeavour of the authorities to develop financial
markets, the need for developed financial markets has never been felt
as strongly as at this point of time. The need for sustaining higher
economic growth, improving the transmission mechanism of monetary
policy, developing a diversified financial system, maximising the gains
from financial integration and minimising its costs, and preparing for
smooth capital account convertibility, all point to the need for continuing
sustained and perhaps accelerated efforts at developing financial
markets in India.
In order to strengthen the understanding of the structure of the
Indian financial markets and to identify the substantive issues that
need to be addressed, the theme of this Report for 2005-06 has been
selected as Development of Financial Markets and Role of the Central
Bank. The Report undertakes an in-depth analysis of various segments
of the financial market in India in terms of inter-temporal development,
cross-country comparison, highlighting the current major issues and
the policy initiatives. The thrust of the Report is to assess the outcome
of various policy measures and to explore the way forward for
developing the financial markets in India further.
Various measures suggested in this Report set out only the broad
direction in which reforms in the financial markets could move in future.
Their implementation would need careful sequencing in tune with the
evolving domestic and global developments. The implementation of
measures suggested would also be contingent upon the development
of appropriate market infrastructure and market players. Participants
in financial markets are exposed to various risks. These risks, therefore,
need to be managed carefully. In view of this, it would be necessary
to develop market players who understand the risks and have the
wherewithal to manage them. The transferring of risks to those market
participants who do not understand them and do not have the capacity
to manage them could have serious implications for the financial
system. The pace and sequencing of measures could, therefore, be
calibrated keeping in view the degree of comfort in moving forward in
a credible way.
Student Company Secretary
Recent Economic Developments
The Indian economy continued to exhibit robust macroeconomic
performance during 2006-07. Industrial production maintained its
momentum with growth accelerating to double digit during 2006-07,
propelled by strong growth in manufacturing. A significant feature of
the industrial sector performance has been the continued high growth
rate of the capital goods sector. The growth in the services sector
accelerated during the first three quarters of 2006-07 mainly led by
the sub-sectorstrade, hotel, transport and communication and
financing, insurance, real estate and business services.
Notwithstanding the delayed start, the overall performance of the
South-West Monsoon turned out to be close to normal. On the whole,
the Indian Economy is expected to grow at a robust pace.
Headline inflation remained at an elevated level from November
2006, driven mainly by primary food articles and manufactured
products. Consumer price inflation remained above the WPI inflation
throughout the year, mainly reflecting the higher impact of higher food
prices in the consumer basket. During 2006-07, the Reserve Bank
managed liquidity with a judicious mix of the available tools, viz., liquidity
adjustment facility (LAF) and issuance of securities under the market
stabilisation scheme (MSS). In order to ensure effective liquidity
management, the Reserve Bank in March 2007 modified and put in
place an augmented programme of issuance under the MSS with a
mix of Treasury Bills and dated securities in a more flexible manner.
The approach to liquidity management, however, continued to ensure
that appropriate liquidity was maintained in the system to meet the
legitimate requirements of credit for productive purposes, consistent
with the objective of price and financial stability.
Financial markets remained orderly, barring brief spells in November
and mid-December 2006 and in mid-March 2007, when call money
rates moved up to high levels due to liquidity frictions. The equity
market also encountered brief spells of volatility during May-June 2006
and February/March 2007. Barring these episodes, financial markets
were stable. Financial institutions, especially scheduled commercial
banks, witnessed improved business and financial performance during
2005-06, underpinned by robust macroeconomic fundamentals. Public
finances of both the Centre and the States as per revised estimates
showed improvement on the back of buoyancy in both tax and non-tax
revenue, which more than offset the higher expenditure.
The external sector continued to reflect dynamism with strong
growth in merchandise exports of goods and services. The balance of
payments position remained comfortable, despite high and volatile
international crude oil prices during the most part of the year. Large
capital flows continued much in excess of the current account deficit,
resulting in substantial net accretion to foreign exchange reserves.
The Reserve Bank in its Annual Policy Statement for 2007-08
placed real GDP growth at around 8.5 per cent. Headline WPI inflation
was 5.4 per cent y-o-y, as on May 5, 2007 as compared with 5.7 per
cent at end-March 2007.
Money Market
The money market is a key component of the financial system as
it is the fulcrum of monetary operations conducted by the central bank
in its pursuit of monetary policy objectives. Money markets in India
have evolved over time spawning new instruments and participants
with varying risk profiles in line with the changes in the operating
procedures of monetary policy. Along with the shifts in the operating
procedures of monetary policy, the liquidity management operations
of the Reserve Bank have also been fine-tuned to enhance the
effectiveness of monetary policy signalling. The increasing financial
innovations in the wake of greater openness of the economy
necessitated the transition from monetary targeting to a multiple
indicator approach with greater emphasis on rate channels for monetary
policy formulation. Accordingly, short-term interest rates have emerged
as a key instrument of monetary policy since the introduction of LAF,
which has become the principal mechanism of modulating liquidity
conditions on a daily basis.
8 June 2007
 Academic Guidance
As a result of various policy initiatives, there has been a significant
transformation of the money market, in terms of instruments,
participants and technological infrastructure. Various reform measures
have resulted in a relatively deep, liquid and vibrant money market.
The changes in the money market structure and monetary policy
operating procedures in India have been broadly in step with
international experience and best practices.
Notwithstanding the considerable progress made so far, further
development of the money market calls for more measures. Direct
regulation in the form of prudential limits on borrowing and lending in
the call money market would need to graduate to a system, where
such limits are taken care of by banks own internal system of ALM
framework. Greater efforts would be required to expedite development
of the term money market. Furthermore, there is a need to consider
broad-basing the pool of underlying collateral securities for repo
transactions. This would not only facilitate liquidity management but
also promote the development of underlying debt instruments. The
requirement of rating for issuing CP could potentially be made more
flexible. Finally, liquidity forecasting techniques need to be further
refined for proper assessment of liquidity conditions by the Reserve
Bank.
Credit Market
In India, credit markets have, historically, played a key role in
allocating savings towards productive purposes. There has been a
profound transformation of the credit market since the early 1990s.
Prior to initiation of financial sector reforms, credit institutions operated
under a regulatory framework characterised by barriers to entry,
administered interest rates, pre-emption of resources through high
statutory liquidity ratio (SLR) and cash reserve ratio (CRR), and
allocation of resources through mechanisms such as maximum
permissible bank finance (MPBF) and selective credit controls. Credit
institutions suffered from several inefficiencies such as high
intermediation cost, low profitability and high non-performing assets
(NPAs). Against this backdrop, financial sector reforms were initiated
in the early 1990s in a phased manner to move away from a financially
repressed regime to a liberalised regime through measures such as
deregulation of interest rates, entry of new private sector banks,
enhanced presence of foreign banks, reduction in statutory pre-
emptions, introduction of prudential norms, strengthening of accounting
standards and disclosure norms, and permitting banks to raise capital
from the market. These measures have subjected the financial
institutions to market discipline, enhanced competition, and provided
productivity and efficiency gains. The reforms have also strengthened
the banks risk assessment techniques, thereby increasing the role of
interest rates in allocating the resources while simultaneously
enhancing the transmission of monetary impulses.
Although a wide range of credit institutions operate in the country,
the relative significance of banks, already the predominant players in
the credit market, has increased further due to the conversion of two
major development finance institutions (DFIs) into banks. It is
noteworthy that, after witnessing some deceleration in the late 1990s,
credit extended by banks has expanded rapidly beginning 2002-03.
Robust macroeconomic performance, revival of investment demand,
moderation in interest rates and decline in NPAs appear to have
contributed to rapid credit expansion. A welcome development has
been large credit expansion to the agriculture sector in the last few
years, reflecting the impact of various policy measures. As a result,
credit intensity of the agriculture sector (credit to agriculture as
percentage of sectoral GDP) has increased in recent years. On the
other hand, growth in credit to industry during the 1990s and the current
decade so far has been somewhat lower than that in the 1980s. This
could be attributed partly to alternative avenues of financing available
to industry such as external commercial borrowings and domestic and
international capital markets. Internal generation of funds, facilitated
by strong corporate profitability, has also improved significantly in recent
years. There has been a sharp increase in medium and long-term
bank credit to industry, which is largely for the project related activity.
Student Company Secretary
This suggests that banks are filling the gap created by conversion/
merger of two DFIs into banks. Credit growth to the SSI sector, which
decelerated sharply during 1999-2004, also picked up from 2004-05.
Credit intensity of the industrial sector, on the whole, has increased in
the current decade so far (up to 2005-06). A key factor underlying the
rapid expansion of credit since 2002-03 has been the emergence of
demand for housing and personal loans, facilitated by benign interest
rate environment, fiscal benefits, increase in income levels and growing
competition in the banking sector. Total household credit now
constitutes almost one-fourth of total bank credit. In view of growing
volume of retail credit, the interest rate channel of monetary policy is
likely to have a greater influence on private consumption and economic
activity in the country.
While credit flows to agriculture and the SME sector have increased
in recent years, the need is to further increase the flow of credit to
these sectors. To facilitate increased access to formal channels of
credit and to enable the credit market to play an important role to
sustain the growth process, several issues need to be addressed.
The Self-Help Group-Bank linkage programme, which has become
quite popular in recent years, is expected to gain further ground with
the NABARD taking up a programme for intensification of these
activities in 13 identified states. Although micro-finance activities should
be commercially viable, it is reported that some micro-finance
institutions (MFIs) are charging very high interest rates, which could
prove to be counter-productive in the long run. While informality of
micro-finance structure is important, NABARD and banks need to build
appropriate indigenous/local safeguards against such practices and
in their relationship with MFIs.
An important issue facing the SME sector is that it is perceived as
more risky and hence banks charge relatively high rate of interest and
insist on collateral. The Credit Information Act, 2005 has been enacted
and the rules and regulations there under have also been notified.
This will facilitate the formation of credit information companies in the
country. This, in turn, will improve the quality of credit, reduce the
transaction cost and improve the flow of credit to the SME sector.
Independent rating of borrowers will also help to avoid the collateral
requirement. Concerted efforts therefore need to be made to popularise
rating. Credit penetration in the country also needs to be increased.
A major issue in increasing credit penetration is the collateral that
banks insist on for extending loans. Banks need to consider alternative
ways to reduce the dependence on collaterals. Another major issue
is the high transaction cost in rural areas. Banks need to look into low
cost delivery alternatives offered by IT. However, while introducing IT
based products, banks need to keep in view low level of literacy and
technology orientation and awareness about IT based products in rural
areas. Banks have been introducing complex products in recent years.
Some households might also be availing credit beyond what they can
easily service. It would, therefore, be very useful to establish credit
counseling institutions for educating individuals to assess their credit
demand and credit management in order to mitigate the bankruptcy risk.
Although banks have been given the freedom to determine their
lending rates, the principles followed by banks in fixing their Benchmark
Prime Lending Rate (BPLR) are viewed as opaque. The concept of
arriving at the BPLR needs to be looked into with a view to making it
very transparent.
Government Securities Market
The government securities market has gained importance in most
countries in the overall financial system in recent years. The
government securities market in India has evolved over the years.
Several measures have been initiated since the early 1990s to develop
a deep and liquid government securities market for reducing the costs
of government market borrowings, to provide appropriate benchmarks
for pricing other financial instruments and to conduct monetary policy
in a flexible manner. The switchover to auction based system of
issuance of government securities in the early 1990s was a major
step towards development of the government securities market. The
9 June 2007
 Academic Guidance
investor base has become more voluntary and diversified. Taking into
account market preferences, new instruments with innovative features
have been introduced from time to time. Technological developments
have enabled the introduction of screen-based anonymous trading
and reporting platform. This has enabled dissemination of (a) trading
information with a minimum time lag, (b) electronic bidding in primary
auctions and (c) efficient order matching. Furthermore,
operationalisation of the CCIL has ensured guaranteed settlement of
trades, imparting considerable stability to the government securities
market. The strategy of consolidation of government securities mainly
through re-issuances has led to the build-up of critical mass in key
maturities, facilitating the emergence of market benchmarks. The
operation of a system of market intermediaries in the form of PDs has
facilitated the Reserve Banks smooth withdrawal from the primary
market from April 1, 2006 as per the FRBM stipulations.
The size of the government securities market during the post-reform
period has grown in tandem with the growth in market borrowings of
both the Central and the State Governments. The weighted average
cost of market borrowings declined consistently, which enabled
elongation of weighted average maturity of primary issuances. The
Government has been raising progressively higher share of market
borrowings through re-issuances under the strategy of passive
consolidation of debt. Reflecting the effectiveness of various measures
to develop the market, turnover in the secondary market has increased
manifold over the years before declining in 2004-05 and 2005-06. The
holding pattern of government debt shows some shift from banks to
non-banks, reflecting a progressive diversification of investor base.
Notwithstanding the substantial progress in the government
securities market, certain issues need to be addressed for its further
development. While the strategy of passive consolidation has improved
liquidity, there is a need to pursue the strategy of active consolidation
by way of buyback of illiquid securities and issuances of liquid
securities, as has already been announced. The investor base needs
to be widened to counter the possible reduction in the captive investor
base. Illiquidity in State Government securities affects the cost of
borrowing for the State Governments. Therefore, there is a need to
extend measures taken for enhancing liquidity in Central Government
securities to State Government securities as well.
Foreign Exchange Market
The Indian foreign exchange market has operated in a liberalised
environment for more than a decade after the introduction of reforms
initiated in the early 1990s. A cautious and well-calibrated approach
was followed while liberalising the foreign exchange market with an
emphasis on the need to safeguard against potential financial instability
that could arise due to excessive speculation. The approach to
liberalisation adopted by the Reserve Bank has been characterised
by greater transparency, data monitoring and information dissemination
and to move away from micro management of foreign exchange
transactions to macro management of foreign exchange flows. The
emphasis has been to ensure that procedural formalities are minimised
so that individuals are able to conduct hassle free current account
transactions and exporters and other users of the market are able to
concentrate on their core activities rather than engage in avoidable
paper work. Banks have significant autonomy to undertake foreign
exchange operations. In order to deepen the foreign exchange market,
several products have been introduced and new players have entered
the market.
Full convertibility on the current account and extensive liberalisation
of capital account transactions have resulted in a large increase in
transactions in the foreign exchange market. They have also enabled
the corporates to hedge various types of risks associated with foreign
currency transactions. The impact of reform initiatives is clearly
discernible in terms of improved depth and efficiency of the market.
Moving forward, further initiatives towards developing the Indian
foreign exchange market need to be aligned with the external sector
reforms, particularly the move towards further liberalisation of capital
controls, for which a fresh roadmap has been provided by the
Student Company Secretary
Committee on Fuller Capital Account Convertibility (FCAC). The
agenda for the future should, therefore, include introduction of more
instruments, particularly derivative products, widening of participants
base, further relaxations in the criteria of underlying to include
economic exposures (i.e., exposures which may not relate directly to
foreign exchange transactions but are affected by movements in
exchange rates), commensurate regulations along with the
entrenchment of modern risk management systems and improved
customer service. Reforms in the foreign exchange market will also
have to be harmonised with the evolving macroeconomic environment
as well as the development of other segments of the financial market,
particularly the money, the equity and the government securities
markets. They will also have to be harmonised with the evolving needs
of the real economy.
Equity and Corporate Debt Market
The Indian equity market has witnessed a significant improvement
since the reform process began in the early 1990s and is now
comparable with the international best markets. There has been a
visible improvement in trading and settlement infrastructure, risk
management systems, efficiency and levels of transparency in the
equity market. The transaction cost has declined and volatility has
also been contained. Nevertheless, the role of the Indian capital market,
equity as well as debt, in the domestic economic activity continues to
be relatively less significant. Savings of the household sector in the
form of shares and debentures and units of mutual funds remain at
relatively low levels, reflecting households preference for safe and
contractual instruments as opposed to capital market-based
instruments. The size of the public issues segment has remained small
as corporates have tended to prefer the international capital market
and the private placement market, apart from relying on internal sources
and bank credit. The corporate bond market, in particular, has remained
underdeveloped, reflecting a variety of factors such as absence of a
reliable and liquid yield curve, high cost of issuance and lack of liquidity
in the secondary market.
A growing economy like India requires risk capital and long-term
resources for enabling the corporates to choose an appropriate mix of
debt and equity. Long-term resources are particularly important for
financing infrastructure projects. A well-functioning domestic capital
market is also necessary to enable the banking sector to raise
necessary capital from the market to sustain its growing operations.
Furthermore, a well-functioning bond market can also enhance the
effectiveness of the monetary transmission mechanism. On the supply
side too, rising income levels and savings would require alternative
investment options, including equity and corporate debt.
Reforms in the equity market need to focus on developing strong
domestic institutional investors, adherence to international best
practices in corporate governance and reduction in time and cost for
floating public issues. Mutual funds penetration in the country also
needs to increase to attract a larger share of household savings in
financial assets. Promoters continue to hold a large portion of equity
in the companies. Concentrated ownership prevents the broad
distribution of gains from the equity market development, with
implications for the functioning of the corporate governance framework
and protection of rights of minority shareholders.
The market development process for bonds in India is likely to be
a gradual process as has been experienced in other countries. The
corporate debt market would require a large number of investors and
large sized issues to function effectively. As in the case of government
securities market, the problem of small size of issues will have to be
addressed by bringing about more discipline in issuances and
consolidation through re-issuances. The role played by market players
such as primary dealers in developing the government securities
market may need to be replicated through an appropriate institutional
framework in the corporate bond market. Counterparty guarantee for
settlement of trades to reduce counterparty and settlement risks would
promote secondary market activity in corporate bonds. Increased
availability of structured financial products such as mortgage and asset-
10 June 2007
 Academic Guidance
backed securities can also encourage the development of the corporate
bond market.
Financial Market Integration
Domestic financial market integration in India has been largely
facilitated by wide-ranging financial sector reforms introduced since
the early 1990s. Financial markets in India have acquired greater depth
and liquidity. In the process, various market segments have also
become better integrated over the years. Sharp improvement in
correlations between the reverse repo rate and money market rates in
recent years implies enhanced effectiveness of monetary policy
transmission mechanism. A high degree of correlation between long-
term government bond yield and short-term Treasury Bills rate indicates
the significance of term-structure of interest rates in the financial
markets. The integration of the foreign exchange market with the money
and the government securities markets has facilitated liquidity
management by the Reserve Bank. However, the equity market has
relatively low correlation with other market segments. Evidence
suggests that growing integration amongst various financial market
segments in India has been accompanied by lower volatility of interest
rates.
There is evidence of Indias growing international integration through
trade and cross border capital flows. Indias trade and financial links
with Asia are also growing amidst recent initiatives taken to promote
regional cooperation. Emerging Asia has become the growth centre
of the world due to shifting of production base to the region. This is
likely to stimulate greater financial integration in the region. Indias
financial integration within the region and with the international financial
markets is likely to increase in future in view of its robust growth
prospects. In order to strengthen the process of integration across
various segments, some further measures may be needed. These
relate to development of the term money, the corporate debt markets
and the secondary markets in CDs and CP. It is to be recognised that
the international financial integration involves several benefits as well
as risks, especially, the contagion. This underlines the need for
appropriate risk management strategies as also greater coordination
and information sharing among central banks to prevent the
transmission of adverse developments abroad to the domestic
economy and markets.
Overall Assessment
The Reserve Bank, like other central banks, has taken a keen
interest in the development of the money, the credit, the government
securities and the foreign exchange markets in view of their critical
role in the transmission mechanism of monetary policy. The approach
has been one of simultaneous movement on several fronts, graduated
and calibrated, with an emphasis on institutional and infrastructural
development and improvements in market microstructure. The pace
of the reform was contingent upon putting in place appropriate systems
and procedures, technologies and market practices. There has been
close co-ordination between the Reserve Bank and the Government,
as also with other regulators, which helped in orderly and smooth
development of the financial markets in India.
Initiatives taken by the Reserve Bank and other regulatory
authorities have brought about a significant transformation in the
working of the various segments of the financial market. Domestic
financial markets have transited from a highly administered system
marked by administered interest rates, credit controls, and exchange
control to a system dominated by market-determined interest rates
and exchange rate and price based instruments of monetary policy.
These developments, by improving the depth and liquidity in the
domestic financial markets, have contributed to better price discovery
of interest rates and exchange rates. Markets have grown in size and
depth over the years, paving the way for flexible use of indirect
instruments. Greater depth and liquidity and freedom to market
participants have also increased the integration amongst the various
segments of the financial market. Increased integration not only leads
to more efficient dispersal of risks across the spectrum but also
increases the efficacy of monetary policy impulses. In a world of
Student Company Secretary
integrated financial markets, monetary policy operates not only through
the conventional interest rate channel but also through the exchange
rate and other asset price channels of monetary transmission, thereby
strengthening the impact of monetary policy on the real economy and
inflation. Concomitantly, with growing liberalisation, deregulation and
integration with global financial markets, policy initiatives have ensured
that domestic financial markets and market participants are in a position
to absorb unanticipated and large shocks that can emanate from global
developments so that financial stability is maintained in the country
while supporting the growth. The Indian experience demonstrates that
the development of markets is an arduous and time-consuming task
that requires conscious policy actions and effective implementation.
2 BRIEF SUMMARY OF THE REPORT
OF THE HIGH POWERED EXPERT COMMITTEE
ON MAKING MUMBAI AN INTERNATIONAL
FINANCIAL CENTRE4
India has made considerable progress on services exports,
particularly in high skill areas like software. This suggests a natural
progression to export of financial services. Most financial services are
internationally tradeable and termed international financial services
(IFS). Their production is concentrated in a handful of international
financial centres (IFCs). In India, Mumbai has been the hub of almost
all the major developments in the financial sector. Moving towards the
export of financial services from India is synonymous with developing
Mumbai as an IFC.
2. The report of the High Powered Expert Committee (HPEC) finds
that there is a qualitative difference between finance-related BPO
- which is a low revenue support function - and the production of
IFS itself, and recommends that India must aspire for the latter.
3. Establishing an IFC involves seven elements:
(1) An extensive network of domestic and international financial
firms with an extensive range of domestic and international
clients;
(2) High level human capital;
(3) World class telecommunications;
(4) State of the art IT systems;
(5) A sophisticated open financial system with a full range of
financial products and world class levels of liquidity and
market efficiency;
(6) A system of financial regime governance which matches glo-
bal best practices; and
(7) A large and rapidly growing economy that is globalising rap-
idly and thus requires IFS.
4. The HPEC report envisages a first phase (2007-2012) where
Mumbai connects Indias financial system to the worlds financial
markets. This will mimic what IFCs like Frankfurt or Tokyo do for
their respective national economies. In the second phase (2012-
2020), the HPEC recommends that Mumbai must develop the
capacity to join London, New York and Singapore as one of the
premiere IFCs of the world.
5. The HPEC report identifies six advantages that India has in
establishing an IFC:
A. Hinterland advantage: India has witnessed rapid GDP growth
and even more rapid growth of cross-border flows on both the
current account and the capital account. Cross-border flows
inevitably induce demand for IFS. The HPEC estimates that in
2005 IFS purchases by India amounted to roughly $13 billion. By
2015, these are estimated to rise to between $50 billion and $70
4. Reproduced from RBI Press Release.
11 June 2007
 Academic Guidance
billion a year. This has two implications. If India does not proceed
on establishment of an IFC, these revenues will go to other IFCs.
Conversely, if India chooses to move forward towards an IFC,
this natural hinterland advantage would assist this process.
B. Human capital: India has four strengths in human capital: (1)
the extensive use of English; (2) generations of experience with
risk-taking and financial trading, (3) strengths in IT and
mathematics, (4) the prominent role that individuals of Indian origin
play in the global financial firms from which India would require
FDI for establishing an IFC.
C. Location: Mumbai is well located in terms of time zones, with an
overlap of a few hours with London, while being able to
communicate with all of Asia and Europe throughout the trading
day. There is no other IFC in Indian Standard Time.
D. Democracy and Rule-of-Law: India has sound foundations of
freedom of speech, democracy, and rule of law.
E. Mindshare: Indias high GDP growth, the success with BPO,
and the success of Indians worldwide has given India considerable
mindshare amongst global financial firms.
F. Strong securities markets: India has world class exchanges
which rank 3rd and 5th in the world by number of transactions.
6. These advantages imply that India has a superior starting point
on the movement towards export of financial services, compared
with the nascent beginnings of software export from India.
However, the HPEC has identified two classes of constraints which
hold India back. They lie in the areas of financial sector policy
and urban economics.
7. The two strategic weaknesses of finance are missing markets
for debt, currency and derivatives, and the inadequate universe
of institutional investors. An IFC requires a full range of traded
instruments, with high levels of liquidity, with all prices being linked
up to each other through arbitrage. A large proportion of the key
financial products of an IFC are either absent in India, or the
markets are illiquid and inefficient with weak arbitrage. The size,
sophistication and flexibility of and the competitive pressures
operating on large financial firms in India are highly inadequate.
The HPEC report argues that these deficiencies are caused by
three core weaknesses: (a) Poor levels of competition; (b)
Compartmentalisation of the financial system and (c) Barriers to
innovation.
8. The strategy proposed in the report for achieving an IFC comprises
ten elements:
(i) Reducing the debt/GDP ratio, and reforming the monetary
policy regime;
(ii) New approaches on public debt financing;
(iii) Creation of the Bond-Currency-Derivatives market nexus;
(iv) Financial market integration with a shift away from the exist-
ing segmented approach;
(v) A shift from the present over-prescriptive rules-based regu-
lation towards principles-based regulation;
(vi) Capital account convertibility;
(vii) Reforms to taxation of IFS and financial transactions;
(viii) Inducing greater competition and innovation;
(ix) Improving the performance of the legal system; and
(x) Opening up to IFS support services infrastructure.
9. The final area where a great emphasis is called for is the task of
bringing Mumbai up to world standards of urban infrastructure
and urban governance, so that it attracts the best and brightest
immigrants from all countries of the world.
Student Company Secretary
10. The HPEC observes that in the early 1990s, the concept of a
globally competitive Indian manufacturing sector was considered
an impossible dream. Yet the leadership embarked on the re-
moval of domestic entry barriers, trade barriers and barriers to
FDI. As a result, Indian consumers have benefited from being
able to buy world-class goods, and Indian manufacturing exports
have risen geometrically.
11. In identical fashion, IFS export from India appears far-fetched
today. The identical program of removing domestic entry barri-
ers, removing trade barriers and removing barriers to FDI will
achieve the identical result. While generating enormous export
revenues for India, this will give the Indian economy the benefits
of higher GDP growth when savings are intermediated into in-
vestment by a world-class financial system.
CLARIFICATION REGARDING HINDI MEDIUM
Queries are often being received by the Institute with regard to the
option of medium for pursuing the Company Secretaryship Course.
It is clarified that the students may opt for pursuing the course
in English/Hindi medium. However, the study material at present is
available in English medium only. In any case, the students can
enjoy the facility of submitting their response sheets to the test
papers under the Postal Tuition Scheme in English or Hindi medium.
Similarly, they can opt to write the Institutes main examination in
English or Hindi Medium.
As regards writing of examination, the option is to be exercised
while filling up the examination form as and when the students intend
to appear in the examination. This option is to be exercised on group
wise basis and not on individual paperwise basis. Answering to test
papers and writing examination partly in English and partly in Hindi
medium is not permissible.
ATTENTION STUDENTS!
Applicability of Latest Finance Act and other changes for
Company Secretaries December 2007 Examination.
DIRECT TAXES
All students may note that for the December 2007 Examination
session, in respect of Direct Taxes, the applicable Assessment
Year shall be 2007-08 (Previous year 2006-07).
Thus, they will have to study Finance Act, 2006 for December
2007 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 6 months prior to the date of
the respective Examination.
Gift Tax Act has been excluded from the scope of examination
from December 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 take note of the
following changes applicable for December 2007 Examination:
1. All changes made by the Finance Act, 2006.
2. All Circulars, Clarifications/Notifications issued by CBE&C/
Central Government which became effective six months prior
to the date of examination.
12 June 2007
 Legal World
LEGAL WORLD
Compiled by T.K.A. Padmanabhan, FCS, Advocate, New Delhi.
CORPORATE LAWS
LW(S) 33.06.2007
WHALE STATIONERY PRODUCTS LTD. v. UNION OF INDIA [(2007)
75 SCL 351 (DEL)], Badar Durrez Ahmed, J. [Decided on 31.01.
2007]
Companies Act, 1956- Section 4-Holding-subsidiary relationship-
Common director- Whether holding-subsidiary relationship is
created- Held, No.
Brief Facts: The Government of India had imposed a ban on
commercial business /dealing by all departments/ministries/offices of
Government with Delhi Paper Products Company Pvt. Ltd (DPCPL)
and its subsidiaries for 10 years. As one of the directors of D Ltd was
also a director in the petitioner company it was also black listed as a
subsidiary of DPCPL for 10 years without giving an opportunity of
hearing. The petitioner company challenged this treatment meted out
to it.
Decision: Petition allowed. Government directed to hear the
petitioners.
Reasons: The question as to whether the petitioner was subsidiary
of DPCPL could not be decided merely on the basis of one of the
directors being allegedly common to the said companies. The exercise
for determining as to whether the petitioner companies were
subsidiaries of DPCPL or not had to be undertaken in the context of
provisions of section 4.
For that purpose, it would be necessary to obtain the submissions
and statements of the petitioner companies. The question of blacklisting
is a serious one and it is well settled that before any person or company
is blacklisted in respect of dealings with the Government, that person
or company must be provided an opportunity of hearing. That can
only be done in the instant case. Accordingly, the impugned orders
were set aside for want of following the principles of natural justice. It
was open to the respondents to issue a show cause notice to the
petitioners.
LW(S) 34.06.2007
REHABILITATION INDUSTRIES CORPORATION LTD., IN RE [(2007)
137 Comp Cas 136(Cal)], Sanjib Banerjee, J. [Decided on
22.12.2006]
Companies Act, 1956- Section 433(a)- Winding up petition by the
company- Company outlived its purpose - Whether eligible for
winding up- Held, Yes.
Brief Facts: The appellant, a Government company incorporated
and promoted by the Central Government, inter alia , for the
establishment of industries and enterprises to provide employment to
displaced persons from erstwhile East and West Pakistan and
repatriates from the then Burma and Ceylon was funded by the Central
Government in furtherance of the cause for which it was set up. In a
petition to the Company court, the company sought its winding up on
the ground that by passage of time it had outlived its purpose and did
not carry on any business and the strength of the staff was brought
down by offering a voluntary separation scheme supported by the
Central Government. The petition was opposed by several persons
having various interest in the company such as the workmen, the
landlord, the sub tenants, a lessee, a claimant in an arbitration
proceeding, a creditor, etc. The State Government though not opposed
to the winding up order nevertheless sought the reversion of the land
made available by it to the company upon an order of winding up
being passed. A writ petition was filed questioning the authority of the
Central Government to declare closure of the company. The question
was referred to the Industrial Disputes Tribunal and it was held that
the Central Government had the authority to issue the notice seeking
Student Company Secretary
its closure. On a Writ petition by the employees who had not opted
under the scheme, liberty was granted to those employees to opt if
the scheme was revived by the Central Government. The Central
Government declined to extend the scheme to the employees who
had not opted earlier. The question as to whether such employees
should be offered the benefit of the scheme was pending consideration
in a writ petition. Based on the annual accounts a reference was made
by the company to the Board for Industrial and Financial Reconstruction
under the Sick Industrial Companies (Special Provisions) Act, 1985.
Most of the facts set out in the winding up petition remained
uncontroversial and it was not in dispute that the company had no
funds.
Decision: Petition allowed.
Reasons: None of the objectors would be prejudiced if the
companys operations were closed down limiting its work. If the order
of winding up were declined, the employees would neither have any
work nor be able to effectively enforce any legitimate claim against
the company. The rights and the liabilities of the company would remain
with it despite an order of winding up and could be enforced against
the official liquidator. The State Government would get the land from
the official liquidator if it were entitled to. The rights of the tenants or
the sub-tenants would not be extinguished upon the company being
wound up. The Central Government being the promoter of the company,
the workers had the added protection and in the pending proceedings
under article 226 of the Constitution of India, their right to opt under
the scheme may be considered. The latest audited balance sheet
being proof enough of the companys insolvency, sufficient grounds
are made out, apart from section 433(1) of the Act, for the company to
be wound up.
GENERAL LAWS
LW(S) 35.06.2007
TRISTAR CONSULTANTS v. CUSTOMER SERVICES INDIA PVT.
LTD. & ANR. [139(2007) DLT 688; (2007) 75 SCL 487 (Del)], Pradeep
Nandrajog, J [Decided on 5.3.2007]
Civil Procedure Code, 1908- Liability of director of a company-
Suit for damages alleging breach of contract by a company-
Director impleaded as one of the defendants Trial court struck
out the name of the director- Whether proper- Held, Yes.
Brief Facts: Petitioner was a proprietary concern carrying on
business of providing human resources facilitation by locating right
candidates suitable for top-level managerial positions. The respondent
company through its director negotiated and concluded a written
contract. As per the said contract, petitioner was to identify and
recommend to the respondent company, after interviewing, suitable
candidates. The company later cancelled the contract. The company
agreed to pay some post-cancellation compensation to the petitioner.
Alleging that the said agreement was not honored, suit was filed against
the company and the director. The trial court struck down the name of
the director from the array of parties and continued the suit against
the company. The petitioner filed a revision petition before the high
court challenging the dropping of the proceedings against the director.
Issue: Under what circumstances and on what pleadings, a director
of a company can be made liable for the breach of contract made by
the company?
Decision: Petition dismissed.
Reasons: Order 1 Rule 3 of the Code of Civil Procedure requires
that where right relief in respect of or arising out of the same act or
transaction or series of acts of transactions is alleged to exist against
various persons whether jointly, severally or in the alternative and if
separate suits were brought against such persons, common questions
of law or fact would arise, such persons may be joint in one suit as
defendants. Sub-rule (2) of Rule 10 of Order 1 permits a Court, at any
stage of the proceedings, either upon or without any application of
either party to strike out a person improperly joined as a defendant.
13 June 2007
 Legal World
In a suit for recovery of money, only such persons can be impleaded
as defendants against whom averments are made which, on proof
would entitle the plaintiff to a decree whether jointly or severally or in
the alternative against the said persons named as defendants. The
other facet of the aforesaid proposition of law is that there must be a
cause of action disclosed against a person impleaded as a defendant.
It is settled law that a company is a juristic person. Therefore, a
company has to act through a living human being. The board of
directors, collectively, takes decisions on behalf of the company. An
individual director has no power to act on behalf of a company of
which he is a director, unless there is a specific resolution of the board
of directors of the company giving specific power to him/her, or, where
the articles of company confer such a power.
Directors of companies have been described as agents, trustees
or representatives of the company because of the fact vis--vis the
company they act in a fiduciary capacity. They perform acts and duties
for the benefit of the company. Thus, directors are agents of the
company to the extent they have been authorized to perform certain
acts on behalf of the company. But directors of a company owe no
fiduciary or contractual duties or any duty of care to third parties who
deal with the company.
Directors of a company are referred to as agents of the company
in the context of their fiduciary duty to the company and therefore if
they derive any personal benefit while purporting to act on behalf of
the company, they will be liable to the company and its shareholders.
But the directors cannot be treated as acting as agents of the company,
in the conventional sense of an agent, vis-a- vis third parties.
LW(S) 36.06.2007
N.RANGACHARI v. BHARAT SANCHAR NIGAM LD [(2007) 137
Comp Cas 198 (SC); JT 2007 (6) SC 292], Tarun Chatterjee &
P.K.Balasubramanyan, JJ. [Decided on 19.04.2007]
Negotiable Instruments Act, 1881-Sections 138 & 141- Dishonour
of cheque- Offence by company-Honorary chairman of the
company has been impleaded- Petition for quashing the complaint
by him dismissed by the High Court- whether the High Court was
correct- Held, Yes.
Brief Facts: The respondent filed a complaint under section 138
of the Negotiable Instruments Act, 1881, (NI Act) against a company
and its directors (the appellant being one of them), stating, that accused
Nos.2 and 3 were its directors, that they were in charge of and
responsible to the company for conduct of business of the company
and that they were jointly and severally liable for the act of the company.
The appellant moved the High Court under section 482 of the Code of
Criminal Procedure, 1973 seeking the quashing of the complaint
contending that he was nominated as honorary chairman without any
remuneration by the investors and promoters of the company, that he
was never assigned any of the companys financial or other business
activities or entrusted with any job or business activities or entrusted
with any job or business nor constituted a signing authority, that he
had resigned when problems between the promoters and investors
started developing , that the two cheques in question were dated after
the appellant had effectively resigned and that he had not signed those
cheques. The High Court held that the court could not decide the
pleas put forward by the appellant in a petition filed under section 482
of the Code of Criminal Procedure and that the complaint disclosed
adequate material for proceeding against the appellant in terms of
section 138 read with section 141 of the Negotiable Instruments Act.
On appeal to the Supreme Court.
Decision: Petition dismissed.
Reasons: A person normally having business or commercial
dealings with a company would satisfy himself about its
creditworthiness and reliability by looking at its promoters and board
of directors and the nature and extent of its business and its
memorandum or articles of association. Other than that, he may not
be aware of the arrangements within the company in regard to its
management, daily routine, etc. Therefore, when a cheque issued to
Student Company Secretary
him by the company is dishonored, he is expected only to be aware
generally of who are in charge of the affairs of the company. It is not
reasonable to expect him to know whether the person who signed the
cheque was instructed to do so or whether he has been deprived of
this authority to do so when he actually signed the cheque. Those are
matters peculiarly within the knowledge of the company and those in
charge of it. So, all that a payee of a cheque that is dishonored can be
expected to allege is that the persons named in the complaint are in
the charge of its affairs. The directors are prima facie in that position.
An allegation in the complaint that the named accused are directors
of the company itself would usher in the element of their acting for and
on behalf of the company and of their being in charge of the company.
On the other elements of an offence under section 138 being satisfied,
the burden is on the board of directors or the officers in charge of the
affairs of the company to show that they are not liable to be convicted.
In the instant case, reading the complaint as a whole, the allegations
in the complaint are that at the time when the two dishonored cheques
were issued by the company, the appellant and another were the
directors of the company and were in charge of the affairs of the
company. It was not proper to split hairs in reading the complaint so
as to come to a conclusion that the allegations as a whole were not
sufficient to show that at the relevant point of time the appellant and
the other were not alleged to be persons in charge of the affairs of the
company. The complaint referred to the point of time when the two
cheques were issued, their presentment, dishonour and failure to pay
in spite of notice of dishonour. The contentions sought to be raised by
the appellant can only be dealt with after the conclusion of the trial.
TAX LAWS
LW(S) 37.06.2007
FANTACY SALES CORPORATION v SALES TAX INSPECTOR
[(2007) 8 SST 33(KER)], K.Balakrishnan Nair, J [Decided on
8.03.2007]
Kerala Value Added Tax Act, 2003 - Section 47 (16A)-Collection of
tax in advance- Tax-evasion prone goods- Collection of tax in
advance at the check post- Whether unconstitutional- Held, No.
Brief Facts: The Commissioner of Commercial Taxes issued a
circular, directing officials to collect sales tax in advance at the border
check post at the time of import of certain evasion prone commodities
into the State. On the representation of the dealers, further clarifications
were issued regarding the collection of sales tax in advance and on
the basis of the said circulars, two consignments of the petitioner dealer
were detained at the check posts and it was called upon to pay tax in
advance thereon. The petitioner sought to quash the said circulars by
filing a writ petition in the High Court.
Decision: Petition dismissed.
Reasons: According to the petitioner the provision of section
47(16A) only authorizes the Commissioner to issue circulars to demand
tax after the taxable event, that is the sale of goods, but before the
appointed day for payment of tax by the dealer. The provision is
introduced to prevent evasion of tax. If the interpretation that tax can
be demanded only after the sale takes place is accepted, the very
purpose of the section will be defeated and the provision will become
meaningless. If evasion of tax is to be prevented, the same can be
done only by demanding tax in advance before the occurrence of the
taxable event. It the above interpretation is accepted, the same will
render the provision ineffective to prevent evasion of tax. So, the golden
rule of interpretation has to be followed. In the light of this rule, section
47(16A) has to be read as authorizing the Commissioner to direct
payment of tax before the taxable event takes place. Otherwise, the
purpose of the subsection, namely, prevention of evasion of tax will be
defeated. Therefore, the above said circulars had to be held intra virus
of Section 47 (16A).
Though the amount demanded in the instant case was described
as advance tax, it was in effect a payment in advance towards the tax
14 June 2007
 Legal World
that may become payable in future. The Apex Court in the case of
State of West Bengal v. E.I.T.A. India Ltd. (2003) 5 SCC 239 upheld
the power to demand advance payment towards tax when the goods
are brought to the state, that is, before the taxable event, namely, the
sale. The decision of the Supreme Court in State of Rajasthan v.
Rajasthan Chemists Assn. (2006) 6 SCC 733 reiterated the well settled
position that the taxable event is the sale of goods. It also further lays
down that the actual sale price alone could be the basis for levying
tax. In the instant case also, the taxable event was the sale. The actual
tax will be assessed only after the sale takes place and that too, based
on sale price. But in the case of evasion prone goods, it is difficult to
trace the goods and in some cases, the dealer also, after they cross
the border. So, the consignee dealer of the goods has to be tied down
to them to avoid tax evasion. Therefore, advance collection is made
towards tax. To avoid evasion of tax, enactment of such provisions is
constitutionally permissible. The interpretation given to sub-section
(16A) of section 47 that is authorizing collection of tax in advance will
not make it unconstitutional. When the statute authorizes issuance of
such circulars, there is nothing illegal with the impugned circulars.
LABOUR & INDUSTRIAL LAWS
LW(S) 38.06.2007
HAMDARD (WAKF) LABORATORIES v. DY. LABOUR COMMISS-
IONER [JT 2007 (6) SC 329], S.B.Sinha & Markandey Katju, JJ, Dt.
27.04.2007
Industrial Disputes Act, 1947- Termination of workmen- Industrial
dispute raised- Reinstatement awarded with 50% back wages-
Bonus was included in the wages- Whether inclusion of bonus in
wages is correct- Held, No.
Brief Facts: In a labour dispute, the Labour Commissioner passed
an award reinstating 17 workmen with 50% of back wages. Bonus
was also included in the wages. The appellant employer contended
that bonus is not part of wages.
Decision: Appeal allowed.
Reasons: The Labour Court in its award directed reinstatement of
17 workmen on the original post and pay scale. No increment was
granted; no continuity of service was directed. What was directed was
payment of 50% of the back wages/allowance while considering the
question of back wages.
Definition of wages within the meaning of the Act does not include
bonus. It, however, includes allowance. Payment of Bonus Act also
excludes bonus for the purpose of calculating the amount of bonus to
be determined in terms of Section 10 thereof. Bonus may be a deferred
wage but the same must be construed in a different context. When
used in the context of back wages and that too 50% of it, the same
would not include back wages. It is expected that had the Labour
Court intended to include the same, he would have explicitly said so.
Even now, under the Payment of Wages Act, bonus does not come
within the purview of wages.
CONSUMER PROTECTION & COMPETITION LAWS
LW(S) 39.06.2007
INDUSIND BANK LTD & Ors. v. VIMAL MITTAL & ORS. [II (2007)
CPJ 161 (NC)], Justice M.B.Shah (President) & Mrs.Rajalakshmi
Rao (Member). [Decided on 9.4.2007]
Consumer Protection Act, 1986- Deficiency in service-
dematerialization of shares- Investor depositing the shares with
participant bank- Participant informing the depository- Delay in
conversion into dematerialized form- Whether depository is liable
for negligence - Held, Yes.
Brief Facts: In this case the appellant bank is the Participant,
National Securities Depository Ltd is the Depository and the
respondents were the investors. The Respondents filed a complaint,
Student Company Secretary
before the State Commission, against the appellants alleging delay in
dematerializing their shares. It was contended that share certificates
of Rolta India Ltd. which, they had sent to the Indusind Bank Ltd. for
dematerialization, were dematerialized after undue delay. It was
contended that as dematerilialized form would normally take about 15
days time which could be extended to 30 days in the event of very
large number of shares submitted for conversion into dematerialized
form. It was alleged that for no fault of the complainants, the conversion
of the shares was considerably delayed for one reason or the other
and it was belatedly done. The State Commission, after considering
the contentions allowed the complaint and awarded compensation.
Against the order of the State Commission the appellants appealed to
the National Commission. The decision rendered with respect to the
Depositorys appeal is digested here.
Decision: Appeals dismissed
Reasons: Under sections 4,5,10 and 16 of the Depositories Act,
1996 any person, who intends to dematerialize the share certificates,
can avail the services of Depository through Participants. For this a
Depository enters into an agreement with one or more participants as
its agent as contemplated under Section 4(1) of the Depositories Act,
1996. Hence, Participant is an agent of the Depository for the demat
purposes. In these set of circumstances, it cannot be said that
Depository comes into picture only after shares are dematerialized
and information is given to the Depository to that effect. For
dematerialization the shareholder has to approach the Participant who
is registered as agent with the Depository, i.e. to say, for
dematerialization depositories function through its agents. For being
appointed as a participant, a person is required to file an application in
a prescribed form as provided by SEBI (Depositories and Participants)
Regulations, 1996. Regulation 16 thereof provides that an applicant
has to file an application in Form-E, through each Depository in which
the applicant proposes to act as a participant. Considering this aspect,
Participant acts only as an Agent of the Depository.
Further, Section 16 of the Depositories Act, 1996, specifically
provides that where the loss has occurred to the beneficial owner due
to the negligence of the Participants, the Depository shall indemnify
such beneficial owner. That means for the negligence in discharge of
duties by the participant, the Depository, namely, the NSLD, is required
to pay the amount to the beneficial owner and, thereafter, recover the
same from the Participant, namely, Indusind Bank.
In this view of the matter, the order passed by the State Commission
holding the NSLD jointly liable, cannot be said to be erroneous on this
point. Therefore, there is no substance in the appeals filed by the NSLD.
ATTENTION STUDENTS!
TRAINING
It has been observed that the students opting for undergoing 15
months training with Company Secretaries in whole-time Practice are
submitting the Contract of Apprenticeship and other relevant
documents and registration fees to the Institute after a considerable
period of time.
As per the Training Guidelines, the students should submit the
underlisted documents within 15 days from the commencement of
training to enable the institute to take their training on record with
effect from the date of execution of Contract.
(i) Contract of Apprenticeship in duplicate on a non-judicial stamp
paper of requisite value as applicable to the particular State,
where the contract is executed.
The Contract should be executed by both the parties
viz., the trainee and the Company Secretary in whole-
time Practice.
(ii) Statement of Particulars to be submitted in duplicate for reg-
istration as a trainee (Part A & B).
(iii) Rs. 50/- being the Registration Fee.
If the aforesaid documents/information is not received within
the stipulated time, the training shall not be taken on record.
15 June 2007
 Student Services
STUDENT SERVICES
REGISTRATION AND POSTAL TUITION
Cancellation of Registration
Registration of students registered upto and including July, 2002
stands terminated on expiry of five-year period on 30th June, 2007
leading to the following immediate consequences :
(a) Supply of Student Company Secretary bulletin will be dis-
continued from July, 2007 onwards.
(b) Response sheets will not be accepted even if submitted and
coaching completion certificates will not be issued (after the
expiry of registration period)
(c) They are advised to apply for registration de novo/extension
of registration as per the guidelines published in this bulletin.
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.
E-MAIL ADDRESS OF THE STUDENTS
Those students who are having e-mail address may communicate
the same to the Students Services Section at dss@icsi.edu which
will facilitate quick and economic communication from the Institutes
side. The e-mail address may be sent in the following format.
Name : on time and absent themselves in any paper(s) of examination
Registration No. :
E-mail Address : risk and responsibility and the matter will be dealt with as per the
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
Student Company Secretary
his/her passing the Intermediate examination and subject to completion
of coaching and fulfillment of other requirements.
5. 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 De-
gree/examination (on the basis of which the paperwise exemp-
tion 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 valid-
ity 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
and/or appear in the exempted paper(s) would do so at their own
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.
(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.
6. Exemption from Computer Training
A student can be exempted from undergoing the course on the
basis of his existing qualification/degree in the computer field and
qualifies the need of Course Contents Syllabus as scheduled by NIIT
16 June 2007
 Student Services
for C.S. Students, subject to the condition that he or she enrolls himself/
herself for an online exemption test (to be conducted by NIIT) from
any of the NIIT Center on all India basis and successfully clears the
test.
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.
In our endeavour to provide prompt and efficient services to the
student community, the overall status of all the registered students
of the Institute has been uploaded to the website of the Institute
viz. www.icsi.edu. The information can be accessed as under:
F Visit the Home Page
F Click on the tab 'Overall Status' under the
Group 'Students'
F Enter Full Registration Number
F Press Tab Key
F Wait for the name to appear on the adjacent
field
F Click on the tab 'Go'
The students may verify the particulars contained therein viz.
Student's Name, Father's Name, Date of Birth, Qualification, Paper-
wise Exemption (if any), Complete Postal Address with City, State
and Pin Code, Postal/Oral Coaching Status, etc. In case, they
come across any discrepancy and/or need any clarification/
additional information/service, a written request may be sent to
us by E-Mail as per the details given below:
1. Query regarding Registration Status/
Issue of Study Material, etc. for
(a) Intermediate Course ss_reg@icsi.edu
(b) Foundation Course ss_fond@icsi.edu
(c) De-novo/Extension/Final Enrollment ss_post@icsi.edu
2. Query regarding non-receipt of ss_misc@icsi.edu
Registration Letter/ldentity Card/
Student Company Secretary Bulietin/
CS Foundation Course Bulletin, etc.
3. Query regarding paperwise exemption ss_enrol@icsi.edu
4. Query regarding Coaching ss_coaching@icsi.edu
Completion Certificate/Suggested
Answers and Response Sheet status
5. Query regarding issue of Admission dss@icsi.edu
Certificate/Roll No. for Examinations, etc.
Student Company Secretary
EMPANELMENT OF PRIVATE
COACHING CENTRES FOR
CONDUCTING ORAL COACHING
CLASSES FOR CS STUDENTS ON
BEHALF OF THE INSTITUTE
In a path-breaking initiative, the Council of The
Institute of Company Secretaries of India has decided
to empanel Private Coaching Centres for conducting
the Oral Coaching Classes for the students undergoing
CS Course on behalf of the Institute. At present, the
Institute is conducting the Oral Coaching Classes on its
own through its Regional Councils/ Chapters/ Satellite
Chapters.
This landmark decision will undoubtedly have a far
reaching impact on the entire Oral Coaching System
under the Company Secretaryship Course and it
provides a golden opportunity to reputed Coaching
Centres in the private sector to get associated with one
of the premier professional institutes in India constituted
under Company Secretaries Act, 1980, functioning
under the administrative jurisdiction of Ministry of
Company Affairs, Government of India.
The Institute invites applications from interested
institutions for conducting Oral Coaching Classes for CS
Students under the aforesaid Scheme. The Regional
Councils/ Chapters/ Satellite Chapters of the Institute
scattered all over India have been authorized to
scrutinize and forward the applications to Headquarters
after preliminary assessment of infrastructure, etc. in the
respective areas along with their recommendations. For
format of application, comprehensive guidelines and
modus operandi of the Scheme, please visit the
Institutes website www.icsi.edu OR send an
application directly to:-
Shri Sohan Lal, Joint Director
The Institute of Company Secretaries of India
ICSI House
22, Institutional Area , Lodi Road,
New Delhi 110 003
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.
17 June 2007
 ONLINE REGISTRATION FOR FOUNDATION/REGULAR COURSE

Student Company Secretary 18 June 2007

Student Company Secretary 19 June 2007
 SCHEDULE OF ACADEMIC DEVELOPMENT PROGRAMMES (ADP)
Every student of the Institute, who has been sponsored for 15 months training either in a company or under a Company Secretary in Practice is
compulsorily required to attend and complete 25 Hours Academic Development Programme (ADP). The duration of each ADP would be eight hours
and those who have attended three such programmes would be deemed to have attended 25 Hours ADP.
Fee Rs. 250/- per participant
The Schedule of ADPs proposed to be organized by the Regional Councils/Chapter is as under :-
Organised by Date of the Venue of the Contact Address
Programme Programme
NIRC of 21.07.2007 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Bldg., Plot No. 4, Prasad
the ICSI Nagar Institutional Area, New Delhi-110005 Tel. : 25763090/25767190/25816593
Fax No. : 25722662 (STD Code No. 011) E-mail : niro@icsi.edu/icsi@eth.net
SIRC of 18.08.2007 SIRO Premises Deputy Director, SIRC of the ICSI, ICSI-SIRC Building, No. 9, Wheat Crofts
the ICSI Road, Nungambakkam, Chennai-600034 Tel. : 044-28279898/28268685 /28222212
Fax No. : 044-28268685 E-mail : icsisirc@md3.vsnl.net.in/siro@icsi.edu
Hyderabad 07.07.2007 Chapter Programme Coordinator, The ICSI-Hyderabad Chapter, # 6-3-609/5,
Chapter Premises Anand Nagar Colony, Khairatabad, Hyderabad-500004 Tel. : 23399541/
23396494 Fax No. : 23325458 E-mail : hyderabad@icsi.edu

The schedule of other ADPs proposed to be organised by NIRC, SIRC & Hyderabad Chapter during 2007 is as under :
NIRC : (i) 18.08.07 (ii) 15.09.07 (iii) 13.10.07 (iv) 17.11.07 (v) 15.12.07 SIRC : (i) 15.11.07 Hyderabad Chapter : (i) 11.08.07

ATTENTION ALL STUDENTS APPEARING IN THE CS INTERMEDIATE EXAMINATIONS

FROM JUNE, 2007 SESSION ONWARDS
COMPULSORY COMPUTER TRAINING SCHEME
In the Company Secretaries Regulations, 1982, for regulation 40, the following regulation shall be substituted, as published in the Gazette of India(Extra
Ordinary) vide Notification No. ICSI/710/1(M)/1 dated 3rd May, 2006.
40 Admission to the Intermediate Examinations -
No candidate shall be admitted to the Intermediate examination unless he/she :-
- (a) is a registered student and produces a certificate from the head of the coaching administration ( by whichever name designated) to the effect that he has
undergone satisfactorily a course of postal or oral tuition for the Intermediate examination; and
- (b) has successfully completed computer training program as may be specified from time to time by the Council and in the manner so specified or
exempted there from;
- (c) applies with such examination fee as may be determined by the council from time to time so as to reach the Secretary, in accordance with the
directions given by the Council.
In terms of the aforesaid amendment in the Company Secretaries Regulations, 1982, all students are required to successfully undergo a Compulsory
Computer Training Programme for becoming eligible for appearing in the CS Intermediate Examinations from June, 2007 examinations onwards.
The Institute, in compliance of the aforesaid amendments, has tied up with M/s NIIT through which 70 hours of computer training shall be provided to the
students/members of the Institute in all Centres of NIIT all over the country. To undergo this course, a student/member has to approach any NIIT Centre on
all India basis. To take admission, he/she has to deposit the requisite fees at the respective NIIT Centre and fulfill the formalities as per the requirements of
the Computer Training Centre.
The list of NIIT Centres including detailed course contents, module details and topic-wise time duration etc. have been published on the website of the
ICSI i.e. www.icsi.edu under FAQ.
Salient features of the course in brief : -
Title of the Course Understanding Information Technology in Corporate Environment.
Duration of the Course 70 Hours
Fee Rs.3000 per participant for General Category & Rs.2500 per participant for SC/ST Category
Note : Service Tax as per the GOI rules applicable from time to time shall be paid in actual by the participant
A student can be exempted from undergoing the course on the basis of his existing qualification/degree in the computer field subject to the conditions that
he or she enrolls himself/herself for an online exemption test (to be conducted by NIIT) at any of the NIIT Centre on all India bases and successfully clears the
test. A fee of Rs.450 plus Service Tax, etc. per student is payable for online test which is applicable for a maximum of TWO attempts within a period of one
month.
The Course is open to all the students and members of the ICSI.
Computer Training will be compulsory and pre-requisite for all the students intending to appear in the Intermediate Examination from December, 2007
session onwards. No student will be allowed to appear at the Examination to be held from December, 2007 session onwards unless he/ she successfully
completes the Computer Training.
The students who would be declared passed in June 2007 session of Intermediate examination but have not completed the compulsory computer training,
are also required to successfully undergo the computer training for becoming eligible for appearing in the final stage of CS examination.
Student Company Secretary 20 June 2007
 Student Services
EXAMINATION NOTIFICATION
ICSI NO. 4 OF JUNE - 2007
1. DECLARATION OF JUNE, 2007 EXAMINATION
RESULTS In pursuance of para 11 of the Merit Scholarship (Company
The results of the Foundation Course, Intermediate and Final Secretaryship Course) Scheme 1983, the following students have
examinations of the company secretaries held in June, 2007 are been awarded `Merit Scholarships for the Intermediate and Final
scheduled to be declared at 4.00 P.M. on 25th August, 2007. As in the Courses on the basis of their meritorious performance in the
past, the results will be displayed simultaneously on the Notice Boards Foundation and Intermediate Examinations of `company
at the Institutes Headquarters, Offices of the Regional Councils and secretaryship held in December, 2006:
Chapters, and Examination Centres. The results will also be available Sl. Name of the Student Registration. No.
on Institutes Website www.icsi.edu on 25th August, 2007 from 4.00
P.M. onwards for information of all concerned. No.
FOR INTERMEDIATE COURSE
NOTIFICATION
ICSI No.3 of June, 2007 1. ABHISHEK MUKHERJEE ER0253703/03/2007
In accordance with the Merit-cum-Means Assistance (Company 2. ANANTA SANGEET KUMAR (MS.) WR0469889/02/2007
Secretaryship Course) Scheme, 1983, as in force, the following
students have been selected for award of Merit-cum-Means 3. CHIRAG DILIP MEHTA ER0249891/02/2007
Assistance for Intermediate and Final Courses on the basis of 4. SAKSHI WASSON (MS.) NR0528221/03/2007
results of Foundation and Intermediate Examinations, December,
2006 and fulfilling the eligibility criteria : 5. ABHISHEK KAILASH RATHI ER0252482/02/2007
6. SAMVIT DURGA SR0379301/02/2007
Sl. Name of the Student Student Regn. No.
No. 7. RAJ KARNANI ER0250607/02/2007
8. HARSHA AGARWAL (MS.) ER0250821/02/2007
FOR INTERMEDIATE COURSE
9 ARUNA N R (MS.) SR0381482/02/2007
1. Mohammad Anas Asif NR0522257/02/2007
2. Junaid Imtiyaz Bhat NR0529921/04/2007 10. PALAK VIJAY SHAH (MS.) WR0472278/02/2007
3. Asim Ahmed Rizvi NR0522262/02/2007 11. MINAL ROSELLA SEQUEIRA (MS.) WR0472215/02/2007
4. Aakanksha Bhatnagar (Ms.) NR0526844/03/2007 12. ABHAY RUIA ER0250983/02/2007
5. Karishma Mehrotra (Ms.) NR0526851/03/2007 13. RAHUL R RANKA SR0380193/02/2007
6. Swati Arora (Ms.) NR0520951/02/2007 14. MADHUSUDAN MUNDHRA ER0250797/02/2007
7. Sushant Subhash Gavade WR0472539/02/2007 15. ARHAM BENGANI ER0251762/02/2007
8. Sandeep Kumar Karn ER0252376/02/2007
FOR FINAL COURSE
9. R Swetha (Ms.) SR0385086/04/2007
1. DIPAK DAGA ER0229781/02/2006
10. Runjhun Jain (Ms.) WR0476026/04/2007
2. AASHTA CHOUDHARY (MS.) ER0233250/02/2006
FOR FINAL COURSE
3. UTSAV K PRAKASH SR0342175/11/2005
11. Sarika Jain (Ms.) NR0477301/02/2006
4. SWETA BAJAJ (MS.) ER0230643/02/2006
12. Neha Pankaj Agrawal (Ms.) WR0425238/02/2006
13. Rambabu Pathak ER0229955/02/2006 5. PRERNA AGARWAL (MS.) ER0230845/02/2006
14. Jatin NR0455725/08/2005 6. MOHIT KEJRIWAL ER0230770/02/2006
15. Sumeet Rameshwar Sabu WR0429240/02/2006 7. POONAM PREMCHAND WR0399836/06/2005
16. Rajiv Kumar Bansal NR0477910/02/2006 CHOPRA (MS.)

BY ORDER OF THE COUNCIL 8. AMRITA JAIN (MS.) ER0230871/02/2006

File No.207:Exams:D2006 ( N K JAIN ) 9. TARUN MALIWAL NR0441570/02/2005
New Delhi 110 003 SECRETARY & CEO 10. PRATIK DROLIA ER0230436/02/2006
Dated the 11th June, 2007 11. ANKIT MATHRAN ER0231316/02/2006
12. SHAILY GUPTA (MS.) ER0233372/02/2006
ATTENTION STUDENTS
13. PANKAJ AGARWAL ER0230441/02/2006
REVISED STUDY MATERIAL
Students may note that 2007 series of Company Secretarial Practice 14. RAHUL AGARWAL ER0230765/02/2006
for Intermediate - Group II (Revised upto March 2007) is available. 15. MITALI RAKESH BHANSALI ER0221924/08/2005
The procedures, forms, checklist etc. covered in the (MS.)
aforesaid study material have been revised keeping in view
the changes necessitated by virtue of introduction of the BY ORDER OF THE COUNCIL
concept of MCA-21 and e-forms. Students are advised to read ( N K JAIN )
the latest study material and keep themselves updated with latest File No.205:Exams:D/2006 SECRETARY & CEO
amendments/changes.
New Delhi - 110 003.
Information in this regard is also appearing on the website of
the Institute. Dated the 11th June, 2007

Student Company Secretary 21 June 2007

 News and Announcements
NEWS AND ANNOUNCEMENTS
INSTITUTE NEWS
Programme on Career as a Company Secretary on
ETV
Two interviews of Preeti Malhotra, President, the ICSI (each
of six minutes duration) on Career as a Company Secretary" were
telecast on Eenadu TV(ETV) on 28.4.2007 and 1.5.2007 during
the Career show Yuva Bharat telecast across India viz.
ETV(Gujarati), ETV(M.P), ETV(U.P), ETV(Bihar), ETV(Rajasthan),
ETV (Bangla), ETV (Marathi) at 9.30 A.M. The programmes were
telecast on ETV (Telugu), ETV(Oriya) & ETV (Urdu) at 10.30 A.M.
while on ETV (Kannada) at 8.00 A.M. on both the above dates.
The programmes were coordinated by Dr. Amita Ahuja, Director
(Public Relations & Corporate Communication) of the Institute.
EASTERN INDIA REGIONAL COUNCIL
Meeting of the President and the Vice-President of the
ICSI with the Students
On 14.4.2007 a meeting of Preeti Malhotra, President and Keyoor
M. Bakshi, Vice President of the ICSI with the students of the Institute
was organized at ICSI-EIRC Auditorium, Kolkata.
Meeting of OTS Faculty with the Chairman TEFC
On 5.5.2007 the Training and Educational Facilities Committee
(TEFC) of EIRC of the Institute organised a meeting with the faculty of
Oral Tuition conducted by the EIRC at its premises. The faculty
members shared their valuable views and experience in the meeting.
It was decided to encourage the students with information in respect
of development taking place in the CS profession and the efforts being
taken by the Institute. A detailed write up containing the above
information was also provided to the faculty. Anjan Kumar Roy,
Chairman TEFC of EIRC requested the faculty members to spread
the information about CS course in any forum or gathering they may
speak at. He also requested to make them available as a speaker in
the Career Awareness Programme. The faculty members took interest
in associating themselves with the e-learning project and gave their
views and suggestions in respect of the syllabus of the company
secretaryship course. The meeting was interactive and proved to be
fruitful.
Eighteenth Training Orientation Programme
Inaugural Session: The inaugural session of the 18th Training
Orientation Programme conducted by the Regional Council was held
on 22.5.2007. Sixty-two candidates enrolled for the said programme.
The programme was inaugurated by Ujjwal Roy, Registrar of
Companies, West Bengal. In his address he said that practice makes
a man perfect. Every professional be it a doctor, an advocate must
have undergone training to be able to learn the practical ways of his
trade. He added that the TOP will motivate the students to utilize the
training to the fullest. He also wished them all the best for their
forthcoming studies and examinations. Earlier Anjan Kr. Roy, Chairman
TEFC of EIRC delivered the welcome address and conducted the
proceedings of the inaugural function. He spoke on development and
growth of the profession and also about the various services being
offered by the Institute.
Subrata Kr. Ray, Chairman EIRC highlighted the role played by
professionals in supporting the stupendous growth achieved by the
Corporate Houses. He was of the opinion that such orientation
programmes will be of immense use for the students in grooming their
right attitude towards working in the industrial house.
Guest of Honour, Amit Kumar Sen, Former Central Council Member
the ICSI and Managing Director, East India Pharmaceuticals Works
Ltd. in his address said that pleasing personality and right professional
attitude is the need of hour, for promoting career with Corporate Houses;
Student Company Secretary
and he was hopeful that inputs provided in such orientation programme
will go a long way in giving a meaningful shape to the career of the
students of the ICSI. He wished them all the best for their forthcoming
studies and examinations.
Mukesh Chaturvedi, Secretary, EIRC while concluding shared some
practical tips with students for grooming their personality in a more
acceptable way to Corporate Houses.
Valedictory Session: At the valedictory session Anjan Kumar Roy,
said that mere study is not enough some sharpening of skills is also
necessary. Such Orientation Programmes help the students in this
regard.
Subrata Kr. Ray, while speaking on the occasion advised the
students to inculcate professional attitude right from the beginning.
He exhorted the students to develop professional orientation right from
the stage of studies.
Hariram Garg, Managing Director, Assian Tea & Exports Ltd. was
the Chief Guest on the occasion who delivered the valedictory address
and distributed the TOP Completion Certificates to all eligible students.
Garg in his address stated that new scenario gives stress on self-
regulation, which needs scrutiny at some stage. He advised the
students to keep themselves updated on day to day basis. He also
offered his best wishes to all the students on the occasion.
The participants performed cultural programme which was
acclaimed by all the dignitaries present.
Forty-ninth Secretarial Modular Training Programme
On 23.4.2007 the 49th SMTP conducted by the Regional Council
was inaugurated. Forty-eight participants enrolled for the programme.
Anjan Kr. Roy, Chairman, TEFC of EIRC conducted the proceedings
of the inaugural function. He spoke on development and growth of the
profession and also about various services being offered by the
Institute.
B.B. Chatterjee, Council Member, the ICSI in his address highlighted
the role being played by the professionals and the need for a greater
awareness campaign about the Corporate Culture and Corporate
Legislations. He was of the opinion that SMTP will be of immense use
for the students in grooming their right attitude towards working in the
industrial houses. He also mentioned that sincerity, devotion, hard
work will definitely bring good results.
The programme was inaugurated by Kishore Shah, Managing
Director, Smifs Capital Services Ltd. and Chief Guest of the session.
Shah in his address said that pleasing personality and right professional
attitude is the need of the hour for promoting career with Corporate
Houses, and was hopeful that inputs provided in such training
programme will go a long way in giving a meaningful shape to the
career of the students of the ICSI. He wished them all the best for
their forthcoming studies and examinations.
On 8.5.2007 at the valedictory session Anjan Kr. Roy in his address
said that mere study is not enough, some sharpening of skills is also
necessary. Such Training programme helps the students in this regard
and the students should be modest enough to seek knowledge.
Subrata Kr. Ray, Chairman, EIRC advised the students to inculcate
professional attitude right from the beginning. He exhorted the students
to develop professional orientation right from the stage of studies.
Anil Murarka, Council Member, the ICSI said that the participants
had reached their first milestone by crossing the big hurdle of passing
the CS Final examination and now they all have a good future and will
have to deliver the goods to reach other milestones. He stressed on
the importance of SMTP to get practical exposure to interact with their
peers and faculties and get their doubts cleared.
Chief Guest G.K. Mukherjea, Managing Director & CEO, Transafe
Services Ltd. Kolkata in his address said that new scenario gives
stress on self regulation which needs scrutiny at some stage. He
advised the students to keep themselves updated on day to day basis.
He also offered his best wishes to the students present on the occasion.
22 June 2007
 News and Announcements
Training Completion Certificates were also distributed by the Chief
Guest to the eligible students.
Earlier, the participants at the beginning organized a cultural show
where they performed songs, light jokes, etc., enjoyed by the dignitaries
present.
Best Participant Award: On the concluding day of the Training
Programme one Impact Session was organised during which the
subjective knowledge/communication skill of participants was assessed
by a panel of judges when participants were asked to speak on any
topic selected by them by picking up slips. The judges comprised of
Anjan Kumar Roy and S.M. Gupta, Past Chairman, EIRC. Utpal
Mukherjee, Administrative Officer, EIRO coordinated the event. The
participants present were asked to cast vote in favour of the candidate
who in their opinion was fit to be awarded as Best Participant. By
giving due weightage to the above, the name of Best Participant of
49th SMTP was decided. The Best participant was duly recognized by
the Council and those who stood second and third position were also
rewarded.
Social Programme: On 1.5.2007 during the programme the
participants organized a Get together cum Picnic at IBIZA Resort cum
Club, Diamond Harbour Road. The programme was found very effective
and meaningful in developing friendship, fellow feeling amongst the
participants. The planning and implementation part of the programme
was very good. The participants formed among themselves an
organizing committee with proper delegation of the job, which resulted
in a very effective social programme. There were lots of amusement
games viz. Musical Chair, Badminton, Table Tennis, Cricket etc. where
the participants actively took part and enjoyed.
Sixteenth Training Orientation Programme
Inaugural Session: The inaugural session of the 16th Training
Orientation Programme conducted by the Regional Council was held
on 6.2.2007. The programme was inaugurated by S. Gangopadhyay,
past President, the ICSI. In all 56 participants enrolled for the said
programme.
Anjan Kr. Roy, Chairman, TEFC of EIRC in his welcome address
stated that the company secretaries get the unique opportunity to
interact with the Board of Directors of a company, shareholders. He
said that before a student commences training he should be able to
appreciate the corporate culture and need an attitudinal transformation
from being a student to a professional. The programme is supposed
to groom them accordingly.
Subrata Kr. Ray, Chairman EIRC advised the students to keep
themselves abreast with latest amendments to be able to meet
professional challenges. He narrated some experience of his early
days in the profession to boost the moral of the participants. Ray
advised the students to be humble enough to accept their ignorance
and learn while undergoing training.
Ashok Kr. Pareek, Vice Chairman, EIRC emphasized the need for
training for building a sound professional. He advised the students to
take note of what will be taught and interact with the faculties to clear
their doubts during the programme. He also assured the participants
for imparting Management Training after TOP in his organization.
B.B. Chatterjee, Council Member, the ICSI in his address requested
all participants to grasp the contents of the sessions to the maximum
extent possible because this will help them to their attitudinal
adjustment. He also offered them his best wishes for their future
career.
S. Gangopadhyay, stated that the CS curriculum is able to build a
solid backbone of knowledge in the students, what is required to give
a final touch in the making of a professional is the training. Practice
makes a man perfect. He said that pleasing personality and right
professional attitude is the need of hour. He urged the participants to
utilize the TOP platform to equip themselves for their forthcoming
training days. Mamta Binani, Treasurer, EIRC spoke about the concept
of the TOP and advised the students to be humble enough to accept
Student Company Secretary
their ignorance and learn while undergoing training.
Valedictory Session: On 20.2.2007 at the valedictory session of
the SMTP Subrata Kr. Ray while delivering his address said that mere
study is not enough, some sharpening of skills is also necessary. He
also felt that students should be careful in writing correct English.
Such Orientation Programmes help the students in this regard and
the student should be modest enough to seek knowledge and there is
no short cut to hard work.
H.M. Choraria, Past President, the ICSI was the Chief Guest who
distributed the Training Completion Certificates to all the eligible
students. He advised the students to keep themselves updated on
day to day basis and also offered his best wishes to all the students
on the occasion.
Career Awareness Programmes
From 28.5.2007 to 30.5.2007 the Regional Council organised a
visit of Mukesh Chaturvedi, Secretary, EIRC and Santanu Mukherjee,
Executive Officer, EIRO to Ranchi and Jamshedpur Chapter. Among
other programmes one Career Awareness Programme was conducted
at a Private Study Centre in Ranchi. Students were apprised of the
company secretaryship course and its prospects.
Two more Career Awareness Programmes were held in
Jamshedpur one at Ashish Mittals Prime Chartered Academy, and
the other one at Jain classes, the two reputed coaching centres of
Jamshedpur. Institutes Corporate Film was screened before full house
of students. Mukesh Chaturvedi, Secretary-EIRC, Pramod Kumar,
Secretary, Ranchi Chapter; Natarajan, Treasurer, Ranchi Chapter and
Santanu Mukherjee, Executive Officer, EIRC of the ICSI gave
presentation explaining about the company secretaryship course. The
students were provided with leaflets giving detailed information about
the CS course. The queries raised by the students were replied suitably
by the speakers. Jain classes expressed their willingness to start
coaching classes for CS at Jamshedpur.
BHUBANESWAR CHAPTER
Career Fair - 2007
From 26.4.2007 to 3.5.2007, the Chapter participated in the Capital
Education Fair-2007 at the exhibition ground, Bhubaneswar. The stall
provided to the Chapter was well decorated with leaflets, pamphlets,
flexi banners highlighting the career prospects and employment
opportunities of CS course. Cut-outs of press releases and other
newspaper advertisements were also displayed at the stall. During
the fair students and their parents visited the ICSI stall and were
explained about the CS course. Brochures on CS course were
distributed among the students and parents who visited the stall.
NORTHERN INDIA REGIONAL COUNCIL
Twenty-sixth Training Orientation Programme
On 23.4.2007 the 26th Training Orientation Programme (TOP)
conducted by the Regional Council was inaugurated at NIRC-ICSI
Prasad Nagar, New Delhi.
A.K. Srivastava, Executive Officer, NIRO in his address said that
the five days Training Orientation Programme is focused on the
attitudinal grooming and personality development of the participants
before sending them to the companies for training. He mentioned that
the programme is designed for a specific purpose i.e., before start of
training, students should be given some basic training about the
working culture in the organization, positive attitude and how to carry
oneself.
S. Koley, Secretary NIRC, congratulated the participants for passing
their examination and for being eligible for the TOP. He briefed them
about the training requirements. He shared his experiences when he
was a student. He also shared his experience during his training days
at various companies. He gave various tips regarding how to improve
the knowledge base, how to face the problems in a positive way, how
to keep the motivation level high etc. He advised the participants to
23 June 2007
 News and Announcements
identify the objective and make efforts in the right direction. He
mentioned that there is a difference between the academics and its
practical applicability. The correct approach is to identify the difference,
reason for difference and then adequate steps are to be taken to sort
out the difference.
On 27.4.2007 at the valedictory session of the Training Orientation
Programme S.Koley while congratulating the participants for their
successful completion of Training Orientation Programmme also took
feedback and suggestions from them. He gave assurance to the
participants that on the basis of their suggestions and feedback, the
program can further be improved. He also shared his practical
experience with the participants and also distributed training completion
certificates to them.
Valedictory Session of 105th SMTP
On 28.3.2007 at the valedictory session of the 105 th SMTP
conducted by the Regional Council and held at NIRC-ICSI, New Delhi,
Chief Guest B.B. Patnaik, CMD, National Seeds Corporation Ltd. in
his address thanked NIRC for giving him the opportunity to interact
with the participants. He shared his practical experience with the
participants and mentioned that learning is a continuous process, which
never ends. Regular updation is the need of the hour. He stressed on
the positive attitude, positive thinking, professional ethics etc. He
offered his best wishes to the participants for their upcoming career
and also distributed SMTP Completion Certificates and Medals to the
participants. Manu Jain and Rajesh Sharma were adjudged as the
best participants.
Earlier Ashu Gupta, Chairperson, SMTP Committee in her welcome
address said that it is a matter of pride that all the participants would
become the members of the ICSI within few days. She then
emphasized that now it is the responsibility of all of them together to
take the profession to newer heights. She offered her best wishes to
the participants for their upcoming career.
S. Kumar, Senior Director, Training, Membership & Legal of the
ICSI briefed the Chief Guest about the C.S. course, training
requirements etc. While explaining the purpose of SMTP he said that
it is to create confidence, develop contacts with senior faculties and to
create batch hood concept amongst the participants. He also
mentioned that the institute is holding residential SMTPs at CCRT-
ICSI and the Institute is planning the same for Regional Councils also.
He emphasized on soft skill requirements and updation on a regular
basis.
Satwinder Singh, Chairman, NIRC in his welcome address
explained the concept and reason of introduction of SMTP. He
emphasized on soft skills and mentioned that in order to compete with
other professionals soft skills are required. He invited suggestions
from the participants to improve the SMTP further. He stressed that
excellence is a journey towards perfection, which never ends. He asked
the participants to excel in their respective fields. He appealed to the
participants to contribute to the benevolent fund and not to treat it as
burden but a benevolence. He extended his best wishes to the
participants.
Hundred and Sixth SMTP
On 3.4.2007 the 106th SMTP conducted by NIRC at ICSI-NIRC
Building was inaugurated by the Chief Guest Anup K. Srivastava,
Director(Personnel), Indian Airlines Ltd., H.S. Grover, Satwinder Singh
followed by others. Anup K. Srivastava said that these types of
programs are very important to develop ones personality. He said
that as the things are changing very fast, one has to keep pace with
the changes taking place. He explained the contents of the program
which includes among others personality development topics and which
is a welcome step. Since working in an organization is teamwork and
only interpersonal skills in the organization pays a lot, therefore, the
grooming participants in this area also will go in a long way to develop
their prosperous career.
Ashu Gupta, Chairperson, SMTP Committee explained that SMTP
is an excellent program and during this 15 days program, confidence,
Student Company Secretary
self-reliance, bondage and interaction with the experienced faculties
can be gained. She reminded that seniors have taken the profession
to newer heights and now it is their duty to keep the flag of the Institute
high as now onwards they will be the torch bearers of the profession.
Satwinder Singh, Chairman, NIRC briefed the chief guest about
SMTP, Management Training and about the company secretaryship
course. He informed him that at NIRC level Labour Law Committee
has been constituted to propose to the government to have Labour
Law Audit mandatory. He pointed out that this is one of the fields
where Company Secretaries can have specialization. He quoted that
Excellence is a journey towards perfection which never ends. He
stressed that excellence in the respective fields is the need of the
hour. He offered his best wishes to the participants.
S. Kumar, Sr. Director, Training, Membership & Legal of the ICSI
suggested the participants to interact with the faculties and to develop
rapport with them. He informed the Chief Guest about the CS course
and the requirements under the Companies Act, 1956. He also touched
upon the training requirements of the CS course. He suggested the
participants to read the modules given to them and also the economic
dailies, journals etc. At the end, he offered his best wishes to the
participants.
On 20.4.2007 at the valedictory session of the SMTP Chief Guest
Manoj K Arora, Director, Ministry of Company Affairs mentioned that it
is a solemn occasion and that the batch concept is possible only during
these type of programs. The objective of these programs is the
development of soft skills as they are as important as the technical
skills. He discussed briefly the objective of the Ministry and the
amendments those are in process. He said that they are moving
towards compliance management where noncompliance will be difficult.
He encouraged the participants to go with the idea of creating positive
compliance environment in the company. He said that government is
looking for high degree of ethics from the professionals.
Abhishek Mittal and Mamta Chawla were adjudged as the best
participants of the 106th SMTP. At the end SMTP completion
certificates and medals were also distributed by the Chief Guest.
Hitender Mehta, Vice Chairman, NIRC, asked the participants about
their experience during the 15 days program. He explained that the
relevance of the program is not only interaction with the senior faculties
but also to create a batch concept.
Satwinder Singh briefed the Chief Guest about the SMTP Program.
He mentioned that since CS is a distant learning program, the emphasis
during this program is on the different communication skills group
discussion, project-preparation etc. He mentioned that ICSI is making
lots of efforts to give value addition to personality of CS. He stressed
that right attitude and competent professional skills are the key to
success. He said that failures are the stepping-stones for success.
Nesar Ahmad, Council Member, the ICSI said that it is the last leg
of training program. He shared his experience when he was undergoing
his SMTP. He mentioned that it is a transitory phase and lots of
amendments are taking place now and that they are in the compliance
regime. He said that in this competitive environment the continuous
updation is the need of hour. He apprised the participants about the
syllabus review process going on in the Institute and called for
suggestions from the participants on the same. At the end he offered
his best wishes to the participants.
Ashu Gupta, asked the participants about their experience during
the 15 days program. She mentioned that learning is a continuous
process; in this competitive environment one has to update himself.
She appealed to the participants to become the corporate member of
the NIRC. She pointed out that a number of new areas like LLP, IPR,
Service tax, competition law are available for company secretaries.
Career Awareness Programmes
The Regional Council organized a number of Career Awareness
Programmes as per the details given hereunder:
On 28.3.2007 the Career Awareness Programme was held at Laxmi
24 June 2007
 News and Announcements
Bai College, Delhi; On 4.4.2007 at Bhatnagar International School,
New Delhi; on 9.4.2007 at Delhi Public School, Dadri, UP; On 17.4.2007
the Career Awareness Programmes were held in Gurgaon at Chiranjiv
Bharati School, CCA School, Rotary Public School; on 19.4.2007 at
Don Bosco School, New Delhi; on 21.4.2007 at Army Public School,
New Delhi. On 24.4.2007 again in Gurgaon at Rao Ram Jeevan DAV
Public School, Rao Lal Singh Sr. Secondary School, Raman Munjal
Vidya Mandir School; on 26.4.2007 a Career Fair was held at Ramjas
School New Delhi; on 28.4.2007 the Career Fair was held at DL DAV
Public School, New Delhi; on 30.4.2007 the Career Fair was held at
DAV School, New Delhi, Career Awareness Programmes were held in
Gurgaon at Ryan International School, Lord Jesus Public School and
Ajanta Public School.
Nesar Ahmad, Council Member, the ICSI, Ranjeet Pandey, Regional
Council Member, NIRC, S. Koley, Secretary, NIRC, J.K. Bareja FCS,
Hitender Mehta, FCS, Vishal Arora, ACS, Neetu Goel, ACS, Shailesh
Jain, ACS, A.K. Srivastava, Executive Officer, NIRO, Alka Arora,
Education Officer, NIRO, Suneel Keswani, Corporate Trainer and K.K.
Narula, Administrative Officer, NIRC addressed the students numbering
around 2000 taken together in the programmes held in all the aforesaid
schools/institutions.
In the above Institutions, the students were apprised about the
mode of registration in the CS course, syllabus, structure of the course
and also the avenues available to the profession both in employment
and in practice. Pamphlets explaining Career in Company
Secretaryship Course were distributed to the students.
CHANDIGARH CHAPTER
Oral Coaching Classes for December 2007
Examinations
From 7.7.2007 the Chapter proposes to conduct Intermediate
and Final Course Oral Coaching Classes for December 2007
examinations of the Institute. The classes will be held between
5.30 and 7.30 P.M. Fee: Rs.4,000/- per Group of Intermediate
or Final. The classes will be held subject to enrolment of
sufficient number of students. For details contact the Chapter
Office at GGDSD College, Sector 32-C, Chandigarh, between
11.00 A.M. & 7.00 P.M.on all working days.
JAIPUR CHAPTER
Training Orientation Programme
On 24.4.2007 the 5 days Training Orientation Programme
conducted by the Chapter was inaugurated by Girish Goyal, Chapter
Chairman. In his address Girish Goyal informed about the series of
Chapter activities held during the past couple of months and the
programmes to be organized in the coming months. He also highlighted
the importance of TOP and shared the subjects to be covered and
also the faculties for the training programme. He stressed for
professional, social and family values and advised the participants to
observe code of conduct based on ethics and values.Forty six
candidates participated in the programme.
On 28.4.2007 the valedictory session of the TOP was organised.
Girish Goyal in his address congratulated the successful participants
for completion of their 5 days TOP and wished them bright future
towards placement, society, family etc. He expressed his pleasure
that out of 46 participants 37 were girls. B.K. Sharma, member, NIRC
explained the opportunities available to the company secretaries in
the present dynamic environment.
The coordinator of the programme Yogesh Sachdeva and Shayam
Agarwal declared the winner for best participant award. Girish Goyal
and B.K. Sharma presented mementoes to all the participants along
with certificates.
KANPUR CHAPTER
Eighth Training Orientation Programme (TOP)
On 20.3.2007 the 8th Training Orientation Programme(TOP) was
organized by the Chapter for the students who completed their Intermediate
Student Company Secretary
/ Final stage of Company Secretaryship Course. There were 16 students
enrolled for the programme. The programme was inaugurated by Shravan
Kumar Vishnoi, Chapter Secretary along with Manish Kumar Pandey,
Ajai Kumar Sharma, Somya Agarwal and K.L. Kushwaha, officials of the
Chapter. On the occasion students were advised to learn from the practical
experience of the reputed company secretary.
On 24.3.2007 the valedictory session of the TOP was held at the
Chapter premises. TOP Certificates were distributed amongst the
participants by Vineet Tripathi, Chapter Chairman. Group discussion
and presentation competition was held during the 5 days TOP and
Arvind Singh for group discussion and Simpy Bhatia for presentation
were adjudged 1st among the participants.
SOUTHERN INDIA REGIONAL COUNCIL
Career Exhibition
From 11.5.2007 to 13.5.2007 the SIRC of the ICSI participated in
Education and Job Exhibition at Arignar Anna Arangam, Kanchipuram.
An exclusive stall was put up by SIRC of the ICSI where Institutes
Brochures, pamphlets, posters and other publications were displayed
for dissemination of information about the CS course among the visitors.
A number of prospective students and public visited the ICSI stall who
were provided with necessary information about the company
secretaryship course and were also apprised about stages of course,
course fee, subjects, training requirements, oral coaching classes and
various facilities including library, reading room and placement assistance
being offered by the Institute. Brochures and pamphlets explaining the
company secretaryship course were issued to the visitors.
Live-phone-in Programme
On 14.5.2007 an hour long live-phone in programme on Career
as Company Secretary was telecast between 12.00 Noon and 1.00
P.M. in Jaya TV a popular television Channel in Tamil Nadu. S.
Diraviam, Chairman, ICSI-SIRC and Sarah Arokiaswamy, Deputy
Director, ICSI-SIRO, Chennai participated in the programme and
replied a number of telephonic queries raised from various parts of
Tamil Nadu including calls from abroad. They clarified the queries
regarding admission procedure, course fee, curriculum, examinations,
coaching, training and various facilities being offered by the Institute
and the Regional Office. The impact of the programme was enormous
since not only during the entire course of the programme the calls
were received but even after its conclusion.
Career Fair - Vazhikatti 2007
From 20.4.2007 to 22.4.2007 the SIRC of the ICSI participated in
Vazhikatti 2007 an education and career guidance expo organized by
Dinamalar a leading Tamil daily at Wesley School, Royapettah,
Chennai. The SIRC of the ICSI had put up an exclusive stall where
Institutes brochures, pamphlets, posters and other publications were
displayed for the visitors. Information about the company secretaryship
course was widely disseminated by explaining in a detailed manner
and the visitors were counseled regarding stages of course, course
fee, subjects, training requirements, oral coaching classes and various
facilities including library, reading room and placement assistance being
provided by the Institute. A number of students and parents visited
the ICSI stall. Brochures and pamphlets were issued to the visitors.
Career Awareness Programme - Write up on CS Course
An elaborate write up about company secretaryship course was
released by SIRO of the ICSI in Daily Thanthi in its supplement issue
Vetri Nitchayam (Sure Success) in April 2007 issue. Daily Thanthi,
a leading Tamil daily in the State of Tamilnadu organized a programme,
Sure Success for the 10 and 10+2 students at various places like
Madurai, Chennai, Trichy, and Coimbatore in Tamilnadu. The booklet
was circulated among the students and participants in the above
programme. The article was quite informative and useful to the students
and in response to the above article a number of queries were received
from the public.
25 June 2007
 News and Announcements
COIMBATORE CHAPTER
Educational Fair - 2007
From 11.4.2007 to 13.4.2007 the Chapter participated in the
Educational Fair organised by DINAMALAR - a leading Tamil Daily.
Around 100 Educational Institutions participated in the Fair. Nearly
4000 students and academicians visited the Fair. An audio-visual
presentation about the Institute and the career prospects was
displayed. The Chairman, Management Committee and other
members actively participated in the Fair by their presence at the ICSI
stall. Members explained about the Course and the career prospects
for the profession of company Secretaries to parents, students and
faculties who visited the stall. Information brochures explaining
information about the CS Course, Foundation and Intermediate levels
were distributed at the Fair.
Function in Honour of First Rank Holder of the December
2006 Examination
On 25.4.2007 the Chapter organized a function in honour of R.
Anand, hailing from Coimbatore Chapter the First Rank Holder in Final
December 2006 session,. R. Anand was an active student of the
Chapter and Members honoured him by presenting mementoes and
wished him good luck in his professional career.
HYDERABAD CHAPTER
Tenth Academic Development Programme
On 13.5.2007 the Hyderabad Chapter of the Institute organized its
10th Academic Development Programme on Mock Exercise with regard
to Presentation before CLB/NCLT/NCDRC/MRTPC etc. at its premises.
A.Visweswara Rao, Chapter Secretary welcomed the students and
explained the importance of the CLB, NCLT etc. and introduced the
speaker to the students. P.Ravi Prasad, Partner, J. Sagar Associates
- Advocates & Solicitors dwelt upon various areas including types of
tribunals like Debt Recovery Tribunals (DRTs), Monopolies and
Restrictive Trade Practices Commission (MRTPC), Board for Industrial
and Financial Reconstruction(BIFR),Company Law Board(CLB),
Securities Appellate Tribunal(SAT), Appellate Tribunal under FEMA
etc. their jurisdiction, landmark judgments, the SARFAESI Act, 2002,
the emergence and the dominance of the Tribunals, the constitution
of the Bench, powers and rights to investigate and enquire etc. The
subject matter of the discussion was substantiated by a Power Point
presentation and a paper at the end. The programme was extremely
educative, informative and interesting. The case laws, landmark
judgments and the practical aspects of the law were discussed and
explained. The programme was well received by the students and
there was a lively interactive session.
Parents Meet
On 20.5.2007 the Chapter organized a Parents Meet of 60th Batch
of Oral Coaching Students at its premises. S.S.Marthi, Chapter Chairman
welcomed the parents/spouses of the students and apprised them about
the Chapter activities and role and functions of Company Secretary.
Rajnish C Popat, Chairman Oral Coaching & Students Facilities
Committee of the Chapter explained the purpose of organizing a parents
meet and advised the parents to provide moral support
and encouragement to their children to become a Company Secretary
at the earliest possible. He further informed that Committee conducts
various student related programmes like quiz programme, special and
refresher classes, debate, mock session, company visits, personal
counseling, etc for the benefit of the students for which parents should
encourage their children to attend such programmes. Thereafter S.Rama
Krishnan, former Chairman of the Chapter explained about employment
opportunities & scope of practice in the profession of Company
Secretaries. S.S. Marthi, clarified/replied the doubts and queries raised
by the parents and further agreed to implement certain suggestions
given by them. The Faculty Members also spoke on the occasion.
MYSORE CHAPTER
Prize Distribution and 27th Foundation Day Celebration
On 11.3.2007 the Chapter celebrated its 27th Foundation Day at
Student Company Secretary
Mysore. The Day long programme titled Umang saw active
participation by the students of the Mysore and Bangalore Chapters
and had an exciting itinerary of quiz on Company Law, mock stock
market, Management game and session on Creative Skills by R. Sai
Prakash of Chennai.
Pradeep Mehta, Chairman, CII-Mysore Zone and also a Member
of the Institute was the Chief Guest of Honour of the Foundation Day
who while congratulating the students for making Company
Secretaryship a Career choice emphasized the need for integrity, being
a team player, having core competency, finance sense, taking failure
in ones stride, to have fire in the belly attitude, smartness and a cross-
cultural exposure. He said that these were pointers that he had gathered
from his 25 years of industry experience. Successful students of the
ICSI examinations held in June & December 2006 were given merit
prizes, sponsored by the Mysore Chapter and Adarsha Charitable Trust.
The winners of the Essay Competition on How to Overcome the
Menace of Terrorism which was organized by the Mysore Chapter for
the general public, received prizes on the occasion. Pradeep Mehta,
was also honoured on taking over as the Chairman of the CII-Mysore.
The day concluded with a cultural extravaganza presented by the
Spectrum Team, the students gathering of the Mysore Chapter of the
ICSI.
WESTERN INDIA REGIONAL COUNCIL
AHMEDABAD CHAPTER
Fourth Training Orientation Programme
From 24.4.2007 to 28.4.2007 the Chapter conducted its 4th Training
Orientation programme (TOP). Thirty-one participants completed the
programme.The sessions were arranged at the Chapter office with
complete facilities of dais, OHP, LCD Projector, Laptop and Audio
system.
Inaugural Session: The programme was inaugurated by Chirag
Shah, Chapter Chairman. Priyamvad Bhatt, Administrative Officer of
the Chapter was the Programme Co-ordinater. Participants were urged
to derive maximum benefit out of the programme for personal and
professional grooming.
Valedictory Session: Rahul Shah, Manager-Finance, (Infrastructure)
Mundra Port and Special Economic Zone Limited (an Adani Group
Enterprise) was the Chief Guest at the valedictory session. There was
also a presentation from him on Future of Company Secretary. The
participants then were awarded the course completion certificates.
INDORE CHAPTER
Eleventh Training Orientation Programme
From 12.4.2007 to 16.4.2007 the Chapter successfully organised
its 11th Training Orientation Programme at its premises. Twenty eight
students participated in the programme. P.K. Kutumbale, Member of
the ICSI was the Chief Guest. He with M.K. Apte, Chapter Chairman
inaugurated the programme. M.K. Apte while addressing the
participants explained the importance of the Guru Shishya Parampara.
The programme was co-ordinated by Ashish Karodia, Chairman
of Programme Development Committee & Bhupendra Maheshwari,
Chairman, Students Committee.During the 5 days of the programme
various faculties from different fields delivered the lectures on the topics
prescribed by the Institute which were as under:
The topics Future Prospects and Office Culture were dealt with by
M.K. Apte, Chapter Chairman. Kailash Sharma, Founder Director &
Trainer of Study Center at Indore dealt with Self Assessment. Amiya
Pahare, Professor, Govt. College, Dewas dealt with Writing of
Curriculum Vitae & Interview Techniques. Manju Mundra, Practising
Company Secretary discussed Usefulness of Reading Newspaper;
Chaya Gupta, Teaching Faculty at PT and PCS Member discussed
Personality Development Dress Code & How to Carry Oneself and
also File Management; Time Management was dealt with by Pankaj
Kothari, Teaching Faculty; Atul Goyal, Visiting Faculty for MBA at IMS,
Indore dealt with Group Discussion; Dr. Arvind Jain, Teacher, dealt
26 June 2007
 News and Announcements
with Communication Skill; Sandesh Yashlaha, Member of the Institute inspired the participants. Thereafter Chief Guest issued Course
and Secretary, MP Stock Exchange Indore discussed Organization Completion Certificates to the participants. All the participants shared
Structure, Role and Functioning of Stock Exchange/SEBI, RBI and their views one by one.
DRT; Rajendra Kewlia, Past Chapter Treasurer and Vice Chairman THANE CHAPTER
discussed the topic How to Qualify Professional Examination and
Meaning of professional; Ashok Mishra, ACS and faculty at Indore INTERMEDIATE GROUP II ORAL COACHING
discussed the topics Usefulness of Professional Development CLASSES
Programmes and Managing Under Crisis; Neelesh Gupta, Practising
Company Secretary discussed the topic Significance of Training and W.e.f. 2.7.2007 the Chapter intends to commence next batch
Drafting of Minutes, Notices & Resolution; Ajit Jain, PCS and Past of Oral Coaching Classes for Intermediate Group II students.
Chairman of the Chapter dealt with the topic Code of Conduct. For further details contact the Chapter Office at 206, Swastik
At the valedictory session D.M. Neema, Asst. Director, Industrial Plaza, 2nd Pohkran Rd (Subash Nagar), Prior to Voltas Ltd., Thane
health and Safety was the Chief Guest. While addressing the (W) 400 601.Phone:25444479;e-mail: rrajguroo@yahoo.co.in
participants he explained the key for successful practical life and
LIST OF THE INSTITUTES IMPARTING ORAL COACHING
FACILITIES TO THE CS STUDENTS APPEARING IN
INTERACTIVE SMS QUERY FOUNDATION, INTERMEDIATE AND FINAL EXAMINATIONS
UNDER PUBLIC/PRIVATE PARTNERSHIP SCHEME
FACILITIES FOR THE BENEFIT OF S. Name & Address of Validity for CS Session
STUDENTS No. Empanelled Institutions of Examination
The Institute has launched the following interactive SMS query EASTERN INDIA REGIONAL COUNCIL
facilities for the benefit of students whereby the student can get /
submit information related to his mobile number, address, status 1. Institute for Inspiration & Self December07 & June08
of Roll no., CC and e-mail address. Development Session of CS
1-B-200/1, Sector-III, Examinations.
How to use this facility? Salt Lake City
To avail this service, the students have to send a SMS at Kolkata-700 016
9891240000. Contents of this SMS should contain the matter in WESTERN INDIA REGIONAL COUNCIL
any one of the following input format along with the respective
students Registration number. Incase of SEML service, the 2. Career Classes December07 June08
student has also to provide email address in addition to his / her 303, Shalimar Corporate Center Session of CS
registration number. 8, South Tukoganj Near Hotel Examinations.
Balwas Indore (M.P)
The Purpose and input format of using these facilities are
mentioned below: 3. Institute of Management December07 & June08
Training & Research Session of CS
1. SREG Artha Complex, 2nd Floor Examinations.
Using this, students can register their mobile number. The Near IMA House and Tapdiya
mobile from which the SMS would be sent will be registered as Terrace, Off. Adalat Road
Aurangabad-431 001 (M.S)
the mobile number of the student.
SOUTHERN INDIA REGIONAL COUNCIL
Input format (E.g.) SREG WU0098769/09/2003
2. SADD 4. Mohans Institute of Company December07 & June08
Secretaries, Sreyas, Session of CS
Using this, the student can know their address as per Institutes
Chettiparambil Lane Examinations
Records. Thekkumbhagam Tripunithura
Input format (E.g.) : SADD WU0098769/09/2003 Ernakulam (Distt.) Kerala-682301
3. SEML
Using this, the student can register the email address with the
STUDENTS QUIZ
Institute for communication with ICSI through e-mail.
PRIZE QUERY : A company owned many units. Each unit
Input format (E.g.) : SEML WU0098769/09/2003 is a profit centre. The company prepared its final accounts
abc@yahoo.com consolidating the accounts of all units. One unit of the
4. SROL company, A, rendered certain services to another unit, B, of
the company and raised a debit note on the latter for the
Using this, the student can know the details like roll number services so rendered. Is unit A liable to pay service tax on the
and examination centre. services rendered by it to unit B?
Input format (E.g.) : SROL WU0098769/09/2003 CONDITIONS : 1. Answer should not exceed one page typed in
5. SCCN double space. The answer sheet should contain the name,
registration number and address of the student. 2. Last date for
Using this, the student can know the details of Coaching receipt of answer is 16th July, 2007. 3. Two prizes (a first and a
Completion Certificate No. and date. second) in kind will be awarded to the best answers and the names
Input format (E.g.): SCCN WU0098769/09/2003 F 1 of the contributors will be published in the Bulletin. 4. The envelope
should be superscribed Students Query, June 2007 and addressed
Where SCCN is the code for the service, N is the code used by name to N.K. Jain, Secretary & Chief Executive Officer, The
for Final, I is the code used for Intermediate and F is the code Institute of Company Secretaries of India, ICSI House, 22,
used for Foundation and 1, 2 and 3 for group. Institutional Area, Lodi Road, New Delhi-110003.

Student Company Secretary 27 June 2007

 SMTP ORGANISED BY H.Q./REGIONAL COUNCILS/CHAPTERS
ELIGIBILITY OF PARTICIPANTS : ICSI final passed candidates. SMTP COURSE CONTENTS : Module I-Filling and Filing of
Forms under the Companies Act, 1956. G Module II-Practical and Procedural Aspects of Convening and Conducting Board
Meetings & Annual General Meetings and Related Aspects. G Module III-Managing Public Issues. G Module IV-Loan
Documentation, Joint Ventures & Foreign Collaborations, Raising Finance through EURO Issues & Export and Import Procedures
and Documentation. GModule V-Practical and Procedural Aspects relating to Appearance before CLB/Under SICA, Consumer
Protection Act and Case Studies in RTP/UTP. In addition, the participants would be exposed to case studies and mock board/
general meeting, etc.

Organised by Duration of the Venue of Programme Contact Address

Programme

SIRC of 18.07.2007 SIRO Premises Deputy Director, SIRC of the ICSI, ICSI-SIRC House, New No. 9, Wheat
the ICSI to Crofts Road, Nungambakkam-600034 Tel. : 044-28279898/28268685/
03.08.2007 E-mail : siro@icsi.edu/icsisiro@md3.vsnl.net.in.

Hyderabad 18.07.2007 Chapter Programme Coordinator, The ICSI-Hyderabad Chapter, # 6-3-609/5,

Chapter to Premises Anand Nagar Colony, Khairatabad, Hyderabad-500004 Tel. : 23399541/
03.08.2007 23396494 Fax No. : 23325458 E-mail : hyderabad@icsi.edu
CCRT of the 22.09.2007 CCRT Programme Coordinator, CCRT of the ICSI, Plot No. 101, Sector-15,
ICSI to Premises Institutional Area, CBD Belapur, Navi Mumbai-400614 Tel. : 022-
07.10.2007 27577814/ 15/16 Fax No. : 022-27574348 E-mail : ccrt@vsnl.com,
(19th Residential ccrt@icsi.edu
SMTP)

The schedule of other SMTPs proposed to be conducted by NIRC, SIRC and Bangalore Chapter during 2007 is as under:
NIRC : (i) 18.09.07 to 05.10.07 (ii) 28.11.07 to 14.12.07 SIRC : (i) 18.09.07 to 04.10.07 Bangalore Chapter : 10.09.07 to
27.09.07

SCHEDULE OF TRAINING ORIENTATION PROGRAMMES (TOP)

Organised by Duration of the Venue of the Programme Contact Address
the Programme

EIRC of 10.07.2007 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur
the ICSI to 1st Lane, Near Beck Bagan Nursing Home, Kolkata-700019
Tel. : 22832973/14.07.2007 22816541 Fax No. : 033-22816542
E-mail : eiro@icsi.edu
NIRC of 09.07.2007 NIRO Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Building, Plot No. 4,
the ICSI to Prasad Nagar, Institutional Area, New Delhi-110005 Tel. : 25763090/
13.07.2007 25767190, 25816593 Fax : 25722662 (STD CODE : 011)
E-mail : niro@icsi.edu/icsi@eth.net
Kanpur Chapter 26.06.2007 Chapter Premises Kanpur Chapter of NIRC of the ICSI, 118/90, "GUMTI PLAZA"
of NIRC of the to Kausalpuri, Gumti, No. 5, Kanpur-208012, Tel. 0512-2296535 Fax
ICSI 30.06.2007 : 0512-2212767, E-mail : kcics@sancharnet.in & kanpur@icsi.edu
Hyderabad 03.09.2007 Chapter Programme Coordinator, The ICSI-Hyderabad Chapter, # 6-3-609/5,
Chapter to Premises Anand Nagar Colony, Khairatabad, Hyderabad-500004 Tel. :
08.09.2007 23399541/ 23396494 Fax No. : 23325458 E-mail :
hyderabad@icsi.edu

The schedule of other TOPs proposed to be organised by NIRC, Kanpur Chapter, SIRC & Bangalore Chapter during 2007 is as under:
NIRC : (i) 06.08.07 to 10.08.2007(ii) 10.09.07 to 14.09.07 Kanpur Chapter : (i) 10.09.2007 to 14.09.2007, SIRC : (i) 08.10.07 to
12.10.07 Bangalore Chapter: (i) 03.09.07 to 07.09.07

Student Company Secretary 28 June 2007

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 Secretary ship course, the Institute is organizing an all
India Essay Writing Competition for students on the following theme:

"Role of Company Secretary in the Emerging Scenario"

You are invited to write an Easy 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/CD should also be sent along with the Essay. ALTERNATIVELY
The Essay could be sent as an attachment in Word File and E- mailed to jpricsi@datainfosys.net the subject being," Student Essay
Writing Competition 2007".
Please mention your Name, registration No. stage of course, complete postal address with Pin code, telephone/ mobile no, fax number,
E-mail address, if any. The essay must be your own original work and not to be copied form 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 2007."
Shri Girish Goyal, Chairman,
Jaipur Chapter of NIRC of The Institute of Company Secretaries of India,
A-5/A, Institutional Area, Jhalana Doongri, Jaipur-302004.
Best Essay chosen by the Committee/Panelist will be suitably rewarded and published in Institute's publication.

LAST DATE FOR RECEIPT OF ESSAY BY JAIPUR CHAPTER OF NIRC OF THE ICSI IS 14TH AUGUST 2007.

STATUS OF TRAINING
(Period from 01-05-2007 to 31-05-2007)
15 Months Training with Company/Company Secretary in Practice and 03 Months & 15 days Practical Training
STAGE-I STAGE-II
Biodata of the students sent to the companies/company Students sponsored for training
secretaries in practice for consideration
APPLICATIONS CASES
Pending Received Forwarded for Pending Pending Received No. of students Pending
Training as on during the consideration as on as on during who have actually as on
Type 30.04.07 month (upto 31.05.07) 31.05.07 31.04.07 the month taken for training 31.05.07
(upto 31.05.07)
15 Months in 08 38 36 10 18 84 77 25
Companies

15 Months with 04 34 33 05 30 106 121 15

CS in Practice

3 Months in NIL 71 71 NIL

Company/
15 Days in
Optional Area

2. Exemption
1. Number of applications pending as on 30.04.2007 : 22
2. Number of applications received for exemption : 39
3. Number of exemptions granted : 46
4. Number of pending applications as on 31.05.2007 : 15

Student Company Secretary 29 June 2007

LIST OF THE COMPANIES REGISTERED FOR EASTERN
IMPARTING TRAINING DURING THE MONTH OF RDB Industries Limited 15 Months 3000
APRIL, 2007 Bikaner Building 8/1, Lal Bazar Training
Region Training Stipend Street, Kolkata-700001
Type (Rs.)
Kolkata West International City Pvt. Ltd. 15 Months 5000
NORTHERN "Chowringhee Court" Training
Atlas Cycles (Haryana) Limited 15 Months Suitable 1st Floor, 55 & 55/1, Chowringhee
IInd Floor, Mata Sundri Lane Training Road, Kolkata-700071
New Delhi-110002
Insight Share Brokers Limited 15 Months Suitable
Cairn India Limited 15 Months 7000 CK-15, Sector-II, Salt Lake City Training
3rd & 4th Floor, Orchid Plaza, Training
Kolkata-700091
Suncity Sector-54, Gurgaon-122002
Canon India Private Limited 15 Months Suitable VISA Steel Limited 03 Months Suitable
2nd Floor, Tower A & B Training HLL Building, 2nd Floor Practical Training
Cyber Greens, DLF Phase-III 9, Shakespeare Sarani
Gurgaon-122002 Kolkata-700071
Shailja Finance Limited 15 Months Suitable VC Corporate Advisors Pvt. Ltd. 15 Months 4000-
Plot No. J-1, Block B-1 Training 31 Ganesh Chandra Avenue Training 5000
Mohan Co-Op. Industrial Area
2nd Floor, Suit No. 2 C
Mathura Road, New Delhi-110044
Kolkata-700013
Chokhani International Limited 15 Months Suitable
"Chokhani House" D-3/2 Okhla Training Shrachi Burdwan Developers Pvt. Ltd. 15 Months Suitable
Industrial Area, Phase-II, Shrachi Towers, 686, Anandapur, Training
New Delhi-110020 E.M. Bypass, R.B. Connector
Bonanza Portfolio Limited 15 Months 5000 Junction, Kolkata-700107
4353/4C, 1st Floor, Ansari Road, Training
Darya Ganj, New Delhi-110020 Tantia Constructions Ltd. 15 Months Suitable
Block-EP, Plot-Y 6, Sector-V Training
WESTERN
Saltlake City, Kolkata-700091
Birla VXL Limited 15 Months Suitable
Aerodrome Road, Jamnagar-361006 Training SOUTHERN
Gujarat
SFO Technologies Pvt. Ltd. 15 Months 5000
Mastek DC Offshore Development 15 Month Suitable Plot No. 37, Cochin Special Training
Co. Pvt. Ltd. Training Economic Zone, Kakkand
Fairmont, Level-2, Hiranandani
Kochi-682037
Business Park, Powai,
Mumbai-400076 M. FAR Hotels Limited 15 Months Suitable
Kalpataru Properties Pvt. Ltd. 15 Months Suitable NH 47 By-Pass Training
101, Kalpataru Synergy Training Kundannur Jn. Cochin-682304
Opp. Grand Hyatt, Santacruz (East) Uniply Industries Limited 15 Months Suitable
Mumbai-400055
No. 52, Harleys Road, Kilpauk Training
Gini & Jony Limited 15 Months Suitable Chennai-600010
A-601, Citi Point, Andheri Kurla Road, Training
Andheri (East), Mumbai-400059 CHANGE IN NAME OF THE COMPANIES IMPARTING 15 AND
Horizon Infrastructure Ltd. 15 Months Suitable 03 MONTHS PRACTICAL TRAINING
8-J, North Stand, Wankhede Training From : Phoenix Overseas Limited
Stadium, D Road, Churchgate
To : Focus Energy Limited
Mumbai
3rd Floor, Gopala Tower
ACE Refractories Limited 15 Months Suitable
25, Rajendra Place
Ground and 1st Floor Training
Thapar House, Temple Road New Delhi-110008
Civil Lines, Nagpur-440001 From : Cholamandalam Investment and Finance Co. Ltd.
Hindustan Construction Co. Ltd. 15 Months Suitable To : Cholamandalam DBS Finance Ltd.
Hincon House, Lal Bahadur Shastri Training Dare House, 1st Floor
Marg, Vikhroli (West) No. 2, N.S.C. Bose Road, Chennai-600001
Mumbai-400083
From : Hindustan Ciba-Geigy Limited
Mumbai Metro One Pvt. Ltd. 15 Months Suitable
E-4 (i), 3rd Floor, MIDC Area To : Novartis India Limited
Marol, Andheri (East) Sandoz House, Shivsagar Estate,
Mumbai-400093 Dr. Annie Besant Road, Worli,Mumbai-400020

Student Company Secretary 30 June 2007

LIST OF PRACTISING MEMBERS REGISTERED FOR ASHITA KAUL PCSA-1476
THE PURPOSE OF IMPARTING APPRENTICESHIP 105-B, Raheja Nest Complex,
TRAINING DURING THE MONTH OF APRIL, 2007 Chandivali Farm Road, Chandivali
B BHANU REKHA PCSA-1469 Andheri-E, Mumbai-400072
New No. 8, Old No. 9, F-3, Aravind Flats MUKTA SHAILESH KULKARNI PCSA-1477
Visweswarapuram, Mylapore, Chennai-600004 39, Shreekrupa, Swastishri Society
VANDANA ARUN PCSA-1470 Karve Nagar, Pune-411052
B-2/211, Safdarjung Enclave RAJAT KUMAR JALAN PCSA-1478
New Delhi-110029 39 B, Kankurgachi, 2nd Lane, 3rd Floor
APARNA PARICHARAK PCSA-1471 Kolkata-700054
Anandi Niwas, 3rd Floor, Behind Kadambari R RAMAKRISHNA GUPTA PCSA-1479
Bldg. L.B.S. Road, Naupada 101, Sapthagiri Residency, Chikoti Gardens
Thane (W)-400602 1-10-98/A, Begumpet, Hyderabad-500016
POURNIMA M THAKUR DESAI PCSA-1472 RAHUL SAINI PCSA-1480
C-1/1, S No. 14, Shanti Vihar, Anand Nagar, 38, IInd Floor, Maharaja Arcade
Pune-411041 Near Nandan Cinema, Garh Road,
ANJALI ANANT BAVARE PCSA-1473 Meerut-250002
490/12 B, Jaldeep Apartment, PREM KUMAR BAFANA PCSA-1481
Near KCC Bhavan, Kasba Peth 14 N D Mukherjee Road, 3rd Floor
Pune-411011 Howrah-711101
PARAS MITTAL PCSA-1474 AMRUTA AVINASH MAJUMDAR PCSA-1482
26/R U Block, Pttam Pura C-201, Swami Puram, 2160/B
New Delhi-110088 Sadashiv Peth, Opp. S P College Ground
PRATIK SHAH PCSA-1475 Pune-411030
D/12, Riddhi Avenue CHS Ltd. SEEMA AGARWAL PCSA-1483
TPS III Rd, Next to Shree Krishna Hotel 142, Napier Road Colony,
Chikuwadi, Borivli (West), Mumbai-400092 Part-II Thakur Ganj, Lucknow-226003

Attention Students!

SUBSCRIPTION TO CHAR TERED

CHARTERED
SECRETAR
SECRETAR
ARYY
Students may perhaps be aware that the Institute has been bringing out a monthly journal Chartered Secretary
for corporate professionals for the last over thirty-five years. The journal is rated to be one of the best professional
journals consistently maintaining high standards in providing Government notifications, legal decisions and analytical
and informative articles. The journal is not only important for corporate professionals, members of the Institute and
lawyers but is equally important for students for keeping them well informed about the latest changes and
developments.This in turn will not only help the students to write their examinations well but will also help them to
step into the professional world with confidence. The Legal World section provides all the latest and important
cases, the From the Government column provides changes/ amendments in various statutes/Laws/Rules etc.
and the Articles section provides informative and analytical articles on contemporary topics.
The concessional annual subscription of the journal is Rs. 300/- for the Registered Students of the Institute.
It is in the interest of the students to subscribe to the Journal. Students interested in receiving the monthly journal
Chartered Secretary may send a Demand Draft favouring the Institute of Company Secretaries of India for an
amount of Rupees 300/- and forward the same to :

Joint Director (Publications)

The Institute of Company Secretaries of India
22, Institutional Area, Lodi Road, New Delhi-110003.

Student Company Secretary 31 June 2007

 7TH ALL INDIA COMPANY LAW QUIZ-2007

EASTERN INDIA REGIONAL COUNCIL

Eastern India Regional Council of The Institute of Company Secretaries of India is organizing the 7th All India Company Law Quiz Programme
for students on Saturday, the 4th August, 2007 at EIRO of the ICSI, 3A, Ahiripukur 1st Lane , Kolkata 700019
It will be a three tier programme

l Chapter Level l Regional Level l National Level

All the Regional Councils/Chapters/Satellite Chapters in the first instance would organize Company Law Quiz programme for the
students at their level. Students who have passed the Final CS Examination but undergoing training shall not be eligible to participate in the
competition. The winners from each Chapter level event consisting of not more than two students would be participating in the Regional
Level programme. One team consisting of two winning contestants from each Region would be participating in the National Level event to
be held in Kolkata on Saturday, 4th August, 2007. The Chapter should conduct Preliminary round on or before 16th July, 2007 and Regional
Councils should conduct the Semi final round on or before 23rd July, 2007. After the Semi final round the Regional Councils are requested
to send the details of the students representing their Regional Council (Names, Registration No. passport size photographs alongwith
marks obtained) for the National round to be held at EIRC of the ICSI latest by 26th July, 2007.

A rolling Shield would be presented to the winner of the National level event at the 35th National Convention of the Institute scheduled to
be held at Jaipur from 20th to 22nd September, 2007 without payment of Delegate fee. Moreover, a Certificate of Participation would also
be issued to all the participants of the National Company Law Quiz by EIRC.

For further details, interested students may contact their concerned Chapter/Regional Council

EASTERN INDIA REGIONAL COUNCIL

Organizes its

22ND REGIONAL STUDENTS' CONFERENCE

THEME : "TOWARDS BROADENING THE HORIZON"
Venue : Bharatiya Bhasa Parishad, 36A, Shakespeare Sarani, Kolkata - 700017
Day & Date : Saturday, 28th July, 2007
Timing : 09.00 AM to 6.00 PM
Faculty : Eminent faculty from Government, Management Consultant and Sr. Members of the Profession will address.
Participation Fee : Rs 500/- per student
FOR ENROLMENT CONTACT :
Executive Officer/Administrative Officer-EIRO of The ICSI,
3A, Ahiripukur 1st Lane, Kolkata-700019, Tele: 033-22871873, 22816542 [M] 9231972411
NOTES :
1. Students of ICSI are invited to write and send papers on the topics covered by the Technical Sessions to EIRO of the ICSI by E-Mail
Address: eiro@icsi.edu
2. The papers to be presented at the Conference will be by a panel of experts.
3. The best paper writer will be duly recognized at the Conference.
4. The selected papers will be published in the Souvenir. The papers may please be arranged to be sent at the earliest to EIRO.
5. Interested students may register themselves as early as possible.

Student Company Secretary 32 June 2007