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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 R Bhatia Anil Kumar Murarka 24644431-32, 41504444
Lalit Bhasin Biswa Behari Chatterjee Grams : Compsec
M S Sahoo Hanumanta Raju Datla Fax : 91-11-24626727
Narayanaswamy T V Harish Kumar Vaid E-mail : info@icsi.edu
Nesar Ahmad Lalit Bhasin Website : http://www.icsi.edu
Pradeep Kumar Mittal Narasimhan B Printed at Daily Tej Pvt. Ltd.
Raj Kumar Agarwal (Dr.) Nesar Ahmad 8-B, Bahadurshah Zafar Marg,
RakeshChandra Milind B Kasodekar New Delhi
Renu Budhiraja(Ms.) Pradeep Kumar Mittal Phone : 42225134, 42225111
S K Verma(Dr. Mrs.) S R Bansal The Institute is not in anyway
Sanjay Grover Sanjay Grover responsible for the result of
sanjeev Kumar(Dr.) Sridharan R any action taken on the basis
V K. Agarwal Sudhir Babu C of the advertisements
Vinayak S Khanvalkar published in this Bulletin.
Editor & Publisher Y S Malik
N. K. Jain Secretary & Chief
Executive Officer
N.K. Jain
HIGHLIGHTS
H I G H L I G H T S
As per Company Secretaries Regulations, 1982 (amended the significance and methodology of training, business
from time-to-time) every student apart from passing the final environment, corporate culture, communication and
examination of the Institute is also required to possess the behavioural aspects. Keeping in view the above factors, the
practical experience and undergo practical training or be Council of the Institute has decided that students requiring to
exempted therefrom before becoming eligible to the Associate undergo training should compulsorily attend five days Training
Membership of the Institute. Students who do not possess Orientation Programme (TOP) before they are sponsored for
practical experience are required to undergo compulsorily 15 training. It has also been decided that henceforth students
months Management/Apprenticeship training. will be sponsored for training in the companies or with company
Most of the students commencing training are not aware of secretaries in practice as per the following schedule.
Dear Students,
It is pleasing to see your smiling faces because when you smile every body smiles with
you. A smile is magical. It is a heavenly gift. It nourishes health of the body and the mind.
It is happily contagious too. Having achieved success in December 2006 examinations the results of which were
declared on 25th of February 2007 all over India, your joyfulness is a great satisfaction for us mainly because your hard
work has rewarded you and what is more, you have opted for this profession which is highly sought after in the present
dynamic competitive environment. I would like to congratulate you for achieving the desired success in the December
2006 examinations. Equally, I feel concerned for those students who have not been able to clear the examinations this
time what ever the reason may be. Well, they should not feel disheartened as reverses are common in a professional
examination. Taking this failure as a learning experience, they should identify the deficiencies and prepare earnestly
to clear the next examination successfully. As Conrad Hilton said, Success seems to be connected with action.
Successful people keep moving. They make mistakes, but they dont quit. They take their learnings and move on. So
you should also move on and that too with smiles simultaneously being serious with the analysis of your deficiencies
and shortcomings in the recent examination and look with cheer to your next attempt. Who knows; your success could
be more glorious!
There is neither harm nor a loss of prestige in admitting the mistakes or deficiencies. Doing so is constructive as it
enables you to work hard and fill up those deficiencies. We have been emphasizing repeatedly that in a professional
examination standards set are very high and the expectations from the students are equally on a higher pedestal. So
you have to work systematically as well as hard to come up to the expectations of professional standards. We all
believe that hard and honest work is the key to success. All great men rose to fame and fortune by dint of hard work.
The richest and the most powerful nations in the world are the most diligent and industrious. Let me point out honest
toil never goes unrewarded and the efforts of a man who labours hard are sure to be crowned with success, sooner or
later. Moreover, you should learn to love and get pleasure in the very work you are doing. This will give you happiness
of a lifetime.
You should feel proud that you belong to an Institute of national repute striving to achieve professional excellence.
So while pursuing your CS Course, your endeavour should be to aim for excellence. The task is not easy. It requires
diligence, in-depth study followed by constant updation of your knowledge. While preparing for the examination, apart
from reading Study Material, Bare Acts and References, you should also read Chartered Secretary, Student Company
Secretary Bulletin, Economic dailies and other professional journals to supplement your knowledge and keep yourselves
abreast of the latest developments. Reference to questions asked in the previous examinations would also be beneficial.
Guideline Answers and Suggested Answers published by the Institute will certainly help you to have an idea as to how
your answers are to be presented. Practice makes a man perfect. Hence you should practice writing answers on your
own and then compare them with the Guideline and Suggested Answers.
Besides, as you are aware, the Institute has set up Oral Coaching Centers at almost all important cities /towns of
our country to provide classroom teaching facilities. I advise you to join Oral Coaching Classes to supplement your
home study programme. Further, attending Oral Coaching Classes will provide you an opportunity to interact with the
Yours sincerely,
INTRODUCTION a base of 6% growth in the previous year. The Economic Survey points
Under pressure from sensitive inflationary build-up while being out low investment, imbalance in fertilizer use, low seeds replacement
allured by gratifying growth rate leading to buoyancy in revenue rate, a distorted incentive systems and a low post-harvest value addition
generation, the Finance Minister had an unenviable task in framing as the causal factors.
the Union Budget 2007-08. The major indicators in the pre-budget Poor agricultural performance could complicate maintenance of
Economic Survey were like the following: price stability with supply-side problems in essential commodities. India
has the potential to become a food mart to the world if post-harvest
Indicators 2005-06 2006-07 value addition through food processing industry and integration of the
GDP growth 9.0% 9.2% supply chain from the farm gate to the consumers plate are achieved.
But the budget could have taken much more positive measures to
Contribution by Services 55.10% of GDP achieve this.
Productivity in the agricultural sector has been stagnant. Rising
Contribution of Agriculture 18.5% of GDP nominal wages to agricultural labour feed into inflation. Hence drastic
Contribution by Mfg. 26.4% of GDP measures to increase agricultural productivity are required. Rising
wages in the manufacturing sector can be absorbed by higher
GD Capital Formation 33.8% of GDP 31.5% of GDP productivity. Therefore, raising agricultural productivity is necessary
to have inclusive growth with lower inflation. Agriculture and
Rate of Inflation 6.7% infrastructure particularly in rural areas, therefore, needed to be the
focal points of the budget. The funding of projects in these areas being
Average Inflation 5% made more attractive fell upon the budget as a major expectation.
Growth rate of M3 17% 21.1% Looking at declining contribution of agricultural sector, the Finance
Minister has introduced welcome measures to increase farm credit,
Foreign Exchange Reserves USD 165.3 USD 185.1 better irrigation facilities, accelerated rural development, water
billion Billion harvesting and effort to re-incarnate the green revolution of 1960s. In
order to sharpen the effectiveness of fertilizer subsidy he has initiated
Tax to GDP ratio 10.3% 11.2% the pilot programme for delivering the subsidy directly to the farmer.
But the budget has missed the opportunity to frame measures to add
The dynamics of the economy under constant pressure for various value in the supply chain as pointed out earlier.
kinds of reforms and the humdrum of the crying needs of the common
man require a different kind of marshalling. A budget that will balance IMPORT DUTIES
the different forces and factors, demands and drivers and the contrast The target was to have parity with the Asean Peak Import Duty
of growth without inflationary pressures was the need of the hour. His level of 8%. It was expected that the budget would bring down peak
dream budget of 1997 had become a constant reminder of heavy import duty from 12.5% to 10% if not to 8%; the Finance Minister has
expectations from the Finance Minister. Agriculture was proving to be fulfilled the expectation. But sharper cuts in customs duties on specific
a drag on economic growth and a push factor for the unwanted inflation. commodities like chemicals and plastics, coking coal, edible oils, prime
Declining productivity in agriculture required intensive and extensive steel etc. were prompted more by inflationary pressures than by fiscal
inputs and resources that would help agriculture to add value in order rationale. The Finance Minister could have, perhaps, taken into account
to bring down the inflationary pressures and also to achieve its potential. the time gap the domestic industry needs to adjust to the opening up
Expectations created by continuing integration of the economy with of the Indian economy.
the world economy called for substantive doses of investment and FINANCIAL SECTOR
upgradation in education and health care sectors.
In addition to the important legislative measures now before
On a first reading of the budget speech and measures announced Parliament, Government proposes to take a number of initiatives in
by the Finance Minister, it is difficult to evaluate all his policies and banking and insurance.
prescriptions in the light of the tormenting objective of sustaining growth Government proposes to acquire RBIs equity holding in State Bank
sans inflation. A birds eye view of the advances towards this objective of India. A sum of Rs.40,000 crore has been provided for this purpose,
that are major gains and shortfalls beating the expectations that are but the transaction will be deficit neutral to the Government.
the pains flowing from this budget is the aim of this article.
The Differential Rate of Interest (DRI) scheme provides finance at
FRBM ACHIEVEMENTS a rate of 4 per cent to the weaker sections of the community engaged
in gainful occupations. It is proposed to raise the limit of the loan from
Particulars Target Actual
Rs.6,500 to Rs.15,000 and the limit of the housing loan from Rs.5,000
Fiscal deficit 3.8% of GDP 3.7% of GDP to Rs.20,000 per beneficiary.
Regional Rural Banks (RRBs) have emerged as the third arm for
Revenue deficit 2.1% of GDP 2.0% of GDP delivering rural credit, and the RRBs are willing to take on greater
The Fiscal Responsibility and Budget Management Act set the responsibilities. The Committee on Financial Inclusion, chaired by Dr.
targets for reduction in the fiscal deficit and revenue deficit and thus C. Rangarajan, also made certain recommendations concerning RRBs.
far the Finance Minister has bettered his own projections. Thus, he It is therefore, proposed to:
has more than satisfied the reform enthusiasts at least on this count. l ask RRBs to undertake an aggressive branch expansion pro-
AGRICULTURE gramme and, in 2007-08, open at least one branch in the 80
uncovered districts of the country;
The lag in the agricultural sector is one of the major concerns that
the budget has addressed. Agriculture grew only at 2.7% in 06-07 on l extend the Securitisation and Reconstruction of Financial Assets
Attention Students!
ATTENTION STUDENTS!
VACANCY
Applicability of Latest Finance Act and other changes for
MANAGEMENT TRAINEES Company Secretaries June 2007 Examination.
15 MONTHS DIRECT TAXES
A leading NSE Member, NSDL depository and Management All students may note that for the June 2007 Examination session,
Consultancy Company is seeking to recruit management in respect of Direct Taxes, the applicable Assessment Year shall
trainees. The Company holds the leading position in its market be 2007-08 (Previous year 2006-07).
with a national and multinational client base with offices
across India. Thus, they will have to study Finance Act, 2006 for June 2007
examination. Further, as per the syllabus, students are required
The selected candidates will be provided exposure in Corporate to update themselves about all the Circulars, Clarifications,
laws, Holding of Meetings, Preparation of Minutes, Capital Notifications issued by CBDT & Central Government, which come
in to effect on or before 6 months prior to the date of the respective
Market and SEBI/NSE issues, Share Transfer etc. Examination.
The Company seeks to recruit 2 Management Trainees & Gift Tax Act has been excluded from the scope of examination
Attaractive stipend will be offered. from June 1999 session onwards unless otherwise informed.
INDIRECT TAXES
INMACS LTD Students appearing in the Tax Laws (Indirect Tax portion to the
503-504, Chiranjiv Tower extent of topics covered in the syllabus) and Direct and Indirect
Taxation-Law and Practice (Indirect tax portion) paper of the
43, Nehru Place
Intermediate and Final Courses respectively may take note of the
New Delhi-110019 following changes applicable for June 2007 Examination:
Ph : 26223712/26226933
1. All changes made by the Finance Act, 2006.
Interested Candidates may kindly fax/send resumes to 2. All Circulars, Clarifications/Notifications issued by CBE&C/
Mr. Vivek Gupta. Fax : 26223014 Central Government which became effective six months prior
Email : inmacs.legal@gmail.com or vivekgupta@inmacsindia.com to the date of examination.
On 31.1.2007 an Academic Development Programme for the A.S. Chauhan, Executive Officer, Modinagar Chapter explained the
students was organised. The programme was inaugurated by the stage of examination, eligibility criteria, registration procedure etc.
Chairman of the Chapter Girish Goyal. In his welcome address Girish Queries raised by the participants were also replied suitably. Brochures
Goyal described that the students are important for the Institute. He containing brief details on the company secretaryship course were
EIRC of 23.04.2007 EIRO Premises Executive Officer, EIRO of the ICSI, ICSI-EIRC Bldg., 3-A, Ahiripukur 1st
the ICSI to Lane, Near Beck Bagan Nursing Home, Kolkata-700019 Tel. : 22832973/
09.05.2007 22816541 Fax No. : 033-22816542 E-mail : eiro@icsi.edu
NIRC of 18.06.2007 NIRC Premises Executive Officer, NIRC of the ICSI, ICSI-NIRC Building, Plot No. 4, Prasad
the ICSI to Nagar Institutional Area, New Delhi-110005 Tel. : 25763090/25767190/
04.07.2007 25816593 Fax : 25722662 (STD Code : 011) E-mail : niro@icsi.edu/
icsi@eth.net.
Chandigarh 06.05.2007 To be announced Secretary, Chandigarh Chapter of NIRC of the ICSI, GGDSD College, Sector
Chapter of to 32-C, Chandigarh-160047, Tel. : 2661840 (STD Code 0172)
NIRC of the 20.05.2007
ICSI
SIRC of 18.07.2007 SIRC Premises Deputy Director, SIRC of the ICSI, ICSI-SIRC House, New No. 9, Wheat Crofts
the ICSI to Road, Nungambakkam-600034 Tel. : 044-28279898/28268685/
03.08.2007 E-mail : siro@icsi.edu/icsisiro@md3.vsnl.net.in.
Hyderabad 10.04.2007 Chapter Premises Programme Co-ordinator, Hyderabad Chapter of SIRC of the ICSI
Chapter of to #6-3-609/5, Anand Nagar Colony, Khairatabad, Hyderabad-500004
SIRC of 26.04.2007 Tel. : 23399541/23396494 Fax : 23325458 (STD Code : 040)
the ICSI E-mail : hyderabad@icsi.edu
CCRT of the 14.04.2007 CCRT Programme Coordinator, CCRT of the ICSI, Plot No. 101, Sector-15,
ICSI to Premises Institutional Area, CBD Belapur, Navi Mumbai-400614 Tel. : 022-27577814/
29.04.2007 15/16 Fax No. : 022-27574348 E-mail : ccrt@vsnl.com, ccrt@icsi.edu
(18th Residential
SMTP)
The schedule of other SMTPs proposed to be conducted by NIRC, SIRC & 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.
STATUS OF TRAINING
(Period from 01-02-2007 to 28-02-2007)
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 31.01.07 month (upto 28.02.07) 28.02.07 31.01.07 the month taken for training 28.02.07
(upto 28.02.07)
15 Months in 15 14 20 09 04 49 47 06
Companies
2. Exemption
1. Number of applications pending as on 31.01.2007 : 05
2. Number of applications received for exemption : 48
3. Number of exemptions granted : 33
4. Number of pending applications as on 28.02.2007 : 20
GROUP-I
04.06.2007 Secretarial, Management Financial Accounting Tax Laws
GROUP-I
Monday and Systems Audit
05.06.2007 Financial, Treasury Elements of Business Laws Management Information Systems
Tuesday and Forex Management and Management & Corporate Communication
06.06.2007 Corporate Restructuring Information Systems and Company Law
Wednesday Law and Practice Quantitative Techniques
07.06.2007 Banking and Insurance Company Secretarial Practice
GROUP-II
Thursday Law & Practice
08.06.2007 World Trade Organisation
Friday International Trade, Economic, Labour and
Joint Ventures and Industrial Laws
Foreign Collaborations GROUP-II
09.06.2007 Direct and Indirect Securities Laws and Regulation
Saturday TaxationLaw and of Financial Markets
Practice
GROUP-III
10.06.2007 Human Resources
Sunday Management and
Industrial Relations
Delhi.
SECRETARIES OF INDIA
MODE OF PAYMENT
FOR PROMPT REPLY