Pro-Konnect

JULY 2011 Volume 1, Issue 1 1

Pro -Konnect Citadel of Profound Learning

LUCKNOW CHAPTER OF NIRC OF ICSI


Pro -Konnect I N S I D E

T H I S

I S S U E

Chairman’s Message 3

From the Editor’s Desk 4

Reminiscing about the past . . . 5

Video Conferencing: Annual General

Meeting 6

Life Insurance: A need or an Investment Option 8

Guest Speak 9

Whistle Blower Policy and CS 11

Corporate Social Responsibility: The

New Corporate Mantra

13

Budget 2011-12: Snapshot 16

Lucknow Chapter: Events till Date 19

Galleria: Lucknow Chapter in News 22

Limited Liability Partnerships will find few takers with the introduction of special tax pro-visions in the Budget. The Lim-ited Liability Partnership as a form of business organisation is a new entry into the Indian corporate world. The concept was popular in the US and

Europe for the past 25 years. India passed the Limited Liabil-ity Partnership Act in 2008 providing the legal frame work for the formation of LLP. The Act came into force on April 1, 2009.

The liability of the partners in the LLP is limited to their capi-

tal contribution. They will not be liable for debts and obliga-tions of the LLP, The LLP is separate from the partners; it has perpetual succession and the partner is like a share-holder in a company.

(continued on Page 17)

L i m i t e d l i a b i l i t y P a r t n e r s h i p : P a s t , p r e s e n t & F u t u r e

ability to all those involved in supplying or using financial data. XBRL stands for eXtensi-ble Business Reporting Lan-guage.

2. Who developed XBRL?

XBRL is an open, royalty-free software specification devel-oped through a process of collaboration between ac-countants and technologists from all over the world. To-gether, they formed XBRL In-ternational which is now made up of over 650 mem-bers, which includes global companies, accounting, tech-nology, government and finan-cial services bodies. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analyti-cal software tools and applica-tions. (continued on page 7)

It has been decided by the Min-istry of Corporate Affairs to man-date certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the exist-ing, (non converged) Account-ing Standards notified under the Companies (Accounting Standards) Rules, 2006.

The following class of compa-nies have to file the Financial Statements in XBRL Form only from the year 2010-2011 :-

All companies listed in India and their subsidiaries, includ-ing overseas subsidiaries;

All companies having a paid up capital of atleast Rs. 5 Crore or

a Turnover of atleast Rs 100 crore.

Additional Fee Exemption

All companies falling in Phase -I are permitted to file upto 30-09-2011 without any additional filing fee.

1. What is XBRL?

XBRL is a language for the electronic communication of business and financial data which is revolutionizing busi-ness reporting around the world. It provides major bene-fits in the preparation, analysis and communication of busi-ness information. It offers cost savings, greater efficiency and improved accuracy and reli-

XBRL: The New Age Filing


C h a i r m a n ’ s M e s s a g e

CS Amit Gupta Chairman, Lucknow Chapter

Dear Professional Colleagues,

Swami Vivekananda used to quote the kathopanishad dictum

“Uttisthata Jagrata Paraptavaran Nibodhata.” – “

Arise, Awake, and Stop not till the goal is reached”.

This inspirational quote, I believe, is what captures the essence of Lucknow Chapter of NIRC of ICSI(LCNIRC) future

action. The first step needed is arising. We have to overcome Inertia and inaction. A pro-active approach is needed for action

with vision. It automatically means one has the initiative. Action with vision is required as action without vision is passing

time and vision without action is meaningless. We have to make our Action plans by defining mission, goals, objectives, val-

ues, practices, and strategies from the vision statement.

Once inertia is overcome, the second step is to become wakeful. Awakening means becoming aware of the results to be

achieved. Goals have to be clearly identified. The environment has to be taken into account. The changes which are taking

place, in the environment are very essential. Continuous information / feedback is needed for achieving the excellent results.

Third point is persistence. i.e., stop not till the goal is reached. In the words of Churchill ,” Never Give Up, Never Never

Give Up, Never Never Never Give Up.” It is clear that winner never quits and quitter never succeeds. Thus we have to arise

awake and stop not till the goal is reached.

I, tookover the stewardship of LCNIRC in January, 2011 and since then I am making efforts to imbibe the above dictum at

LCNIRC with support of my colleagues/committee members. It makes me feel proud to be a part of this great legacy of Com-

pany Secretaries created by my predecessors and senior members, who had spent sleep less nights to bring our chapter in pre-

sent shape. I can not put their contribution in words, but I feel they would feel rewarded if we are able to take forward the

legacy created by them to new heights.

This e-newsletter is an attempt by our young members to connect various stakeholders including students, members, Corpo-

rates, Regulators and last but not the least the society. Therefore it is named as “Konnect”. I hope you will appreciate the

noble attempt by young CS. Please write to us at [email protected] with your view and suggestions to ensure that we em-

power you with the knowledge you seek.

Happy reading!!

In the pursuit of professional excellence. With best wishes,

CS Amit Gupta

Chairman, Lucknow Chapter


Dear Members, friends, faculty, students, alumni and well-wishers, Warm greetings to you all!! It gives me immense pleasure to present before you the first volume of our Lucknow chapter’s newsletter- PRO- KONNECT. It is a matter of pride that Lucknow chapter has completed so many years into the Oral coaching and in all these fruitful years it has achieved tremendous progress in almost all the areas of educa-tion. Even the last academic session saw it achieving wonderful laurels. It is through the medium of this publication that we hope to keep our readers abreast of all the development that are taking place in this School of Excellence. This edition illustrates the series of events that took place during the last academic session and it proudly brings forth the remarkable success of our faculty members, the academic scenario, the effective Training Orientation Programs & Student Induction Programs, Semi-nars, study circle meetings & accolade from other Institutes as well. ABOUT PRO-KONNECT Pro-Konnect: The Citadel of Profound Learning. Pro- Konnect is an arduous effort to steer you through a literary sojourn, which uncovers the Lucknow Chapter in all its vividness & splendor. The Lucknow Chapter of ICSI is pledged to the cause of perpetuating value based education. Poignant overtures denoting an undying spirit of academic perfection characteristically imbue the scholastic environ of the Lucknow Chapter. The management committee of the Lucknow Chapter is uniquely associated in the beneficent pursuit of educand’s personality enhance-ment. The pivotally crucial task of positively imprinting the pliable minds by a unanimous choice is a lecturer’s paramount concern. One supreme challenge lies in extricating our naïve youngsters from an entanglement of inane social values which have unfortunately come to hold one in present day society. Such a retrograde ideology is bound to desecrate the impressionable minds. The Lucknow Chapter owes unbroken commitment towards quelling such regressive ideas. The Pro-Konnect is an earnest attempt to fructify the dreams & aspirations of our budding writers. It is an embodiment of the manifold talents previously harboring in our exu-berant youth. Finally, it is an ode to their alma mater whose doting memory they will fondly treasure for times to come.

ACS NEETU ARORA Editor-in-chief

FROM THE EDITOR’S DESK...

• Focus on your potential instead of limitations. • Determine to know the truth about yourself. • Distinguish between who you are and what you do. • Find something you love to do and do it well, and then do it over

and over again. • Replace self-criticism with positive self-motivation on regular

basis. • Dare to be a little eccentric. • Make peace with your rivals and avoid thinking about them. • Replace fear of failure with a picture of yourself functioning and

living happily. • Integrate your body with the spirit. • Cultivate a friend circle that helps you to develop. • Live above neurotic guilt. • Don’t hesitate in refusing to allow rejection to keep you from

taking the initiative with people.

Rules for Building SELF CONFDENCE CS Amit Gupta

Chairman

CS Rajeev Kumar Vice Chairman

CS Sandeep Bansal

Secretary

CS Abha Sethi Tandon Treasurer

CS Anuj Tiwari

Director (Coaching)

CS Deepti Agarwal Bindal Member

CS Aditya Agarwal

Member

Prof. Balraj Chauhan, VC, RMLNLU, Lko Member (Co-opted)

Ms. Archana Agarwal, IAS

Member (Co-opted)

Board of Governors

CS NEETU ARORA Editor-in-chief

EDITOR’S PICK


HINDSIGHT INTO LUCKNOW CHAPTER’S DIARY “There are few people who live in a dream world & there are some who face reality & then there are those who turn one into the other.” Shri Amit Gupta, the Chairman of Lucknow Chapter of NIRC of ICSI has proved it “Live your beliefs & you can turn the World around” He always believed in the saying of Michael Jordan – “Obstacles don’t have to stop you, if you run into a wall Don’t turn around & give up. Figure out how to climb it, go through it, or work around it“ He has acted as a person of strong beliefs & dynamic values & exactly similar to a waterfall channeling his own path. As I sit to pen down this chronicle, I need to mention that “Small opportunities are often the beginning of great Institutions”. This is what encouraged the Management Committee of Lucknow Chapter to shoulder the responsibility of arranging an array of events & seminars in just the first quarter of this session. The events itinerary started on a sound note with Republic Day celebrations on 26th January 2011. We don’t accomplish anything in this world alone…… & whatever happens is the result of teamwork which constitutes the tapestry of one’s life. The team members of Lucknow Chapter’s Management Committee have worked with so much zeal & enthusiasm that has actually added to the motivation for students in coming forward and taking the initiative to make the dreams come true. Nowadays, the ever increasing pressure of competition leaves very little time for everyone to pursue other equally important fortes in life. But the strong efforts made by Lucknow chapter in arranging the seminars & blending the professionals from all the 3 Institutes- ICSI, ICAI & ICWAI has proved that “Life is tough but one must always remember to be tougher” The seminar of critical issues in Company Law & Service Tax held at Hotel Comfort Inn on 11th February 2011 was a grand success only because each member, each dignitary & each student exhibited, believed & co-operated with true team spirit. 2011 breezed into full gear around the time of March as the events seemed to flurry around us. The most spectacular & crowning event of the section was the Felicitation Ceremony where the students were awarded for bringing great laurels & glory to the Lucknow Chapter. A shockwave of furore engulfed the students with a wave of bubbling zeal after a still & serious period of Examinations as the results were announced on 25th February 2011. All the winning students enjoyed to their heart’s content when they proved their mettle. The students who could not make up this time started working with the same spirit for clearing the examinations in next attempt. We are proud of the achievements, and it is our fervent hope that the students as well as Members will continue to strive for excel-lence in all spheres, by winning laurels for the chapter. The study circle meetings being organized by the Lucknow chapter have become one of the most eagerly awaited events of our calen-dar. Various Investor Awareness Programmes were organized with an objective to foster an atmosphere in which increased number of stu-dents give, gain & grow. The month of March celebrated as the “WORKSHOP MONTH” has really been a boon to all the students in grasping the knowledge in different spheres of the profession. The sessions in Student Induction Programmes (SIPs) held so far were planned to eliminate the flaws in students that could impede & prelude their academic growth. The “HOLI MILAN SAMAROH” cele-brated on 27th March 2011 marked as an event where all the members & students exchanged good wishes for creation of profes-sional harmony & excellence The kaleidoscope of events organized by the Lucknow chapter has itself proved that its continuous endeavor to provide the best to its students, Members and other stakeholders has taken it to new heights. I close this Diary with the message that IMPOSSIBLE means I’M POSSIBLE & with this belief set out to achieve the target before you. Looking forward to another lofty heights of achievements when we’ll raise the banner of Lucknow Chapter & see it flying high…………

ACS Neetu Arora Editor-in-chief

Reminiscing about the past . . .

Lighter side of the Profession

CS: Before I take this job tell me, are the hours long? Employer: No, only 60 minutes each

Young CS: Well, Dad now that I am starting my practice, can you give me some rules for success? Father: Always write your consultations illegibly but your bills clearly.


Background: Hitherto, shareholder’s meetings, except postal ballets, required physical presence of the participants either in person or through proxy. Similarly, directors were required to be present in Board / Committee meetings. Considering representations received from various Industry bodies, “green initiatives” and provisions of the Information Technology Act 2000 for legal validity of compli-ances under Companies Act, 1956 (the Act) through electronic mode, the Ministry of Corporate Affairs has issued circulars 27 - 281 to recognize participation of the shareholders / directors in the meetings of shareholders/ Board or Committee under the Companies Act, 1956 through electronic mode. Registrar of Company (ROC) has to issue a number of certificates bearing official seal under his signature as required under the Act. Hitherto, these certificates were issued physically. Thus “Green Initiatives” circular 292 was issued to enable the ROC to issue all cer-tificates electronically under digital signature. Participation by shareholders in general meetings: Circular 27 clarifies that a shareholder of the company may participate in meetings of shareholders under the provisions of the Act through Video Conference facility (VCF) provided by the company. VCF means audio-visual electronic communication facility employed to enables all persons participating in the meeting to communicate concurrently with each other without an intermediary, and to par-ticipate effectively in the meeting. 1. General circular No. 27 - 28 dated 20 May 2011 2. General circular No. 29 dated 20 May 2011 3. A company shall be resident in India in any financial year, if it is an Indian company or its place of effective management, at any

time in the year, is in India. In addition to normal procedure for holding general meeting provided under the Act, companies shall also comply with the following key requirements:- i. The notice of the meeting must inform shareholders regarding availability of participation through VCF, and provide necessary infor-mation to enable shareholders to access the same. ii. Provisions relating to time and place of dispatch of notices under section 13 of the Information Technology Act, 2000, may be ap-plicable for the purpose of notice period required under the Act or in the Article of Association of the company. iii The minutes of meeting shall be prepared by chairman/secretary. iv Chairman and Secretary shall be responsible for

a. Integrity of the meeting b. Availability of proper equipments for video conferencing c.Ensuring that only shareholder / proxy is attending the meeting through video conferencing facility

v. Chairman of the meeting and quorum required under section 174 of the Act shall be physically present at the place of meeting specified under the Act. vi. For a larger participation, listed companies may provide video conferencing facility at least at 5 (five) places in India. The choice of place should cover top 5 states with maximum number of members or at least 1000 members, whichever is higher. vii. For capturing accurate electronic voting, the company should use secured electronic platform provided by an agency duly ap-proved by Ministry of Corporate Participation by directors in meetings of Board / Committee of directors: Circular 28 clarifies that a director of the company may participate in meetings of Board / Committee under the provisions of the Act through Video Conference facility provided by the company. In addition to normal procedure for holding Board / Committee meeting under the Act, companies shall also comply with the following key requirements: i. Companies shall comply with no. i-iv in relation to general meeting (reading directors in place of shareholders) specified above. ii. In one financial year of the company, every director must personally attend at least one meeting of Board / Committee. iii.The notice of the meeting shall seek confirmation from each director whether he will attend the meeting physically or through Video Conferencing. In the absence of any confirmation, it will be presumed that he will physically attend the meeting. iv. At the start of the meeting roll call should be taken. Every participant through VCF shall state :

a. Full Name b. Location c. That he can clearly see and communicate with other participants d. That he will ensure that no other un authorised person is attending the meeting through Video Conferencing

v. After the roll call, Chairman / Secretary may certify existence of quorum. Quorum shall include directors participating through VCF also. vi. Roll call shall be made after each break and at the conclusion of the meeting to ensure presence of the quorum throughout the meeting. vii. The place of the meeting as required under section 288 shall be the place where the Chairman or Secretary is sitting. viii. The statutory registers required to be signed by the directors shall be deemed to have been signed by directors participating through Video Conferencing if they have given their consent to this effect in that meeting. ix. At the end of the meeting Chairman shall: a. Announce summary of decision taken in respect of each item on agenda and names of the consenting / dissenting directors. Video recording of this portion should be preserved for one year from conclusion of the meeting. b. Mode of attendance, whether physical or through Video Conferencing, of each director during last three meetings x. Within 7 days of the meeting, soft copy of the draft minutes of the meeting shall be circulated to the participating directors for their comments/confirmation. The minutes shall also disclose the particulars of the Directors who attended the meeting through VCF. ROC to issue Certificates with Digital Signature: In order to cut timelines and as another step towards "green initiative" circular No. 29 is issued to provide that all certificates and stan-dard letters issued by ROC will now be issued electronically under the Digital Signature of the Registrar of Companies. The Digital Cer-tificates are being developed and will be available for issue by 30 June 2011 in phased manner. Source: www.kpmg.com/in

Video Conferencing: Annual General Meeting


XBRL: The New Age Filing

(Continued from page 2) 3. What are the advantages of XBRL? XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision- making. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of report-ing in different countries and industries. 4. Who can benefit from using XBRL? All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial informa-tion supply chain can benefit, whether they are preparers, transmitters or users of business data. 5. What is the future of XBRL? XBRL is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, governments and other organisations. 6. Does XBRL benefit the comparability of financial statements? XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not compara-ble. Computers can process this information and populate both pre defined and customised reports. 7. Does XBRL cause a change in accounting standards? No. XBRL is simply a language for information. It accurately reflects data reported under different standards – it does not change them. 8. What are the benefits to a company from putting its financial statements into XBRL? XBRL increases the usability of financial statement information. The need of financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its pro-file. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. With full adoption of XBRL, companies can automate data collection. For example, data from different company divisions with differ-ent accounting systems can be assembled quickly, cheaply and efficiently. Once data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort. A company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders. 9. How does XBRL work? XBRL makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document. 10. How do companies create statements in XBRL? There are a number of ways to create financial statements in XBRL: 1. XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools

allow users to map charts of accounts and other structures to XBRL tags. 2. Statements can be mapped into XBRL using XBRL software tools designed for this purpose 3. Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software ven-

dor to use XBRL; third party products can achieve the transformation of the data to XBRL. 4. Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend

on its requirements and the accounting software and systems it currently uses, among other factors. 11. Is India a member of XBRL International? India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been created, to manage the operations of XBRL India. The main objectives of XBRL India are: 1. To create awareness about XBRL in India. 2. To develop and maintain Indian Taxonomies. 3. To help companies, adopt and implement XBRL. 12. What are XBRL Documents? An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents.


13. Which taxonomies developed for Indian reporting requirements? Where can I find the taxonomies? Taxonomies for Indian companies are developed based on the requirements of 1. Schedule VI of Companies Act, 2. Accounting Standards, issued by ICAI 3. SEBI Listing requirements. Taxonomies for Manufacturing and service sector (referred as Commercial and Industrial, or C&I) and Banking sector, is ac-knowledged by XBRL International. These taxonomies are available at http://www.xbrl.org/in/ 14. Where can more information be found about XBRL? Please visit www.xbrl.org . Also Ministry of Corporate Affairs would be shortly developing its webpage on XBRL with list of contact persons for training purposes. 15. What are XBRL Documents? An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents. 16. What is Taxonomy? Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, the basic XBRL properties and the interrelationships amongst the concepts. It includes terms such as net income, EPS, cash, etc. Each term has specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definitional relationships among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user. 17. What is meant by extending taxonomy? Taxonomy is extended to accommodate items/relationship specific to the owner of the information. Taxonomy extension therefore can be a) Modification in the existing relationships b) Addition of new elements in the taxonomy c) Combination both a & b 18. Are Taxonomies based on any standards? Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by the companies. Accordingly, de-pending on the requirements of every country, there can be country-specific taxonomies.

Source: www.mca.gov.in

If you are looking to get a policy for yourself, you will surely want to determine if you really need it. Obviously, most people will want and need life insurance, however, the decision of getting the policy is not as simple as it seems. Basically, Life insurance is a type of monetary coverage that a person invests in to ensure that in the event of his demise, his loved ones or any other dependents will be financially secure and stable. Generally, life insurance is a necessity if a particular person is the sole income generating member of a family. The life insurance will then be activated if that particular person’s life ends. The beneficiary, in this case, the family is entitled to the monetary coverage which the deceased paid for while he was live. Here are some things to consider that can help in deciding whether a life insurance policy is suitable for you: First of all, if you have de-pendents - The first question is to be asked to one self. Life insurance policy is typically a more positive label that is being used. If you have dependents, think about it, this policy is really death insurance since only your beneficiaries will be entitled to it in the misfortunate event of your untimely demise. This being said, life insurance life insurance is only a real necessity if you have dependents who will be named as beneficiaries that you will want to be taken care for. If you need protection of loved ones from baggage & if you have loans, mortgages etc, then in the event of your demise, then your family or dependents will assume these obligations. Obviously, you really do not want to leave them with this burden, right? Well, you can as-suage these worries by taking on a life insurance policy with coverage large enough to accomplish these financial obligations. If you want to avail tax benefits - Life insurance is excluded from Estate Tax, yes, this is absolutely a benefit of taking Life Insurance pol-icy. Whatever your family or dependents receive upon your demise from the life insurance policy is non-taxable. Hence you can actually elimi-nate the estate tax obligations by transferring most of your assets into this policy. Life insurance can also cover the bereavement or final expenses of your cremation / burial. This will at least enable your family to breathe a sigh of relief when it comes to these somewhat large expenses. All these factors should be enough to help you make the decision. In reality the only reason why you should not purchase a life insurance policy is if you plan to be single for the rest of your life or if you have access to an elixir of eternal life.

CS Parakh Tandon Sahara India Life Insurance Co. Ltd.

Life Insurance: A need or an Investment Option


Guest Speak

Shri H. N. Singh Rajpoot, FCS AICWA, MIMA, M.A. (Eco.), LLB, BSc. serving as General Manager of Legal & Secretarial, Compliance Officer and Company Secretary of Ceat Ltd. Mr. Rajpoot has ex-perience of more than 31 years in Corporate Laws, Finance & Commercial Functions. He has worked in Senior Position in Organisations like National Textile Corporation Ltd., The Pradeshiya Industrial & Investment Corporation of U. P. Limited (a State Financial Institution) & RPG Group Companies. He is presently, working as a Company Secretary & General Manager-Legal / Secretar-ial of CEAT Limited. He was member of Finance & Banking Committee of PHD Chambers of Com-merce & Industry. Secretary/ Chairman of Kanpur and Lucknow Chapters of the Institute of Company Secretaries of India and Vice Chairman of Professional Development Committee of Northern India, Regional Council of The Institute of Company Secretaries of India, New Delhi. He is Director of Atlantic Hold-ings Limited, Basic Tele-Services Limited, Brabourne Enterprises Limited, CHI Investments Limited, Duncan Insurance Agency Limited, e-RPG Ventures Limited , Ice Stone Coffee & Desserts Limited, Instant Holdings Limited, Malabar Coastal Holdings Limited, RPG Paging Services Limited , RPG Telephone Limited. He has Membership of following Committees Brabourne Enterprises Limited CHI Investments Limited, Instant Holdings Limited , RPG Paging'Services Limited, RPG Telephone Limited.

We had an opportunity to interview Shri H N Singh Rajpoot. We talked about his past struggles in the field, some learning experiences, mantra of success and happiness and much more. So, here we go... 1. First of all I just want to know about your journey in this profession like how you got started in? Being a science graduate at relevant time, choosing CS as a career was not by design. It so happen that while doing CWA, I came in contact with few senior CS students. Exchange of views between us about the future of CS profession convinced me that CS with CWA will be a very rewarding career. Hence, I joined CS PROFESSION also. I am happy to tell you that I took a right decision. 2. You had been associated as Chairman of Lucknow Chapter in the past and had been among few who were instrumental in taking this to height. Share some of your experience of those old days. How Chapter was developed? I have great belief in mythology which teaches us TO DISCHARGE our obligation to our PARENTS, TEACHERS & THE SOCIETY - which shape our personality and career to a grater extent - and have added THE 4TH INSTITUTION, MY PROFESSION. This belief has developed a passion in me to do whatever I can do for the above INSTITUTIONS - as a token for what I have got in my life from these INSTITUTIONS. When I moved to Lucknow in 1987, the Lucknow Chapter did not have the student activities. I was more than con-vinced that without student activities, neither the Chapter can progress, nor we will be doing justice to the profession if we do not work on accelerated enrolment of students. So, I and few of my friends focused on this area. It was a matter of satisfaction that, the Chapter in succeeded in enrolling more 350 student in oral coaching in a single session. I will be failing in my duty if I do not recognize the guidance and cooperation received from the seniors – viz Late Shri OP Seth and Shri SP Gupta – who helped me and my colleagues, particularly Mr. SS Sharma and Rajiv Kumar, to work on increased activities for the members too. Overall, it was very satisfying experience of working for the Chapter for a good period of 7 years. 3. Please tell me something about your current job profile & area you are working on? Currently, I am working for RPG Enterprise conglomerate and have twin portfolios; one - Company Secretary / General Manager- Legal of CEAT Limited and two- Team Leader of Group’s Centre of Excellence on Legal & Secretarial functions. I play a very active role on Group level mergers and acquisitions activities, synergies, knowledge sharing and knowledge management in the Group. 4. Why only CS? There were so many options to choose from. Why you opted for CS as your profession? How does it make you different from others? As mentioned above, I joined CS profession on evaluation of the best career options which I had then. Nevertheless, I will like to share a secret with you, as a child, I wanted to join Air Force post 1971 war with Pakistan, but had no one to guide me as I hail form rural area of Bundelkhand and I was the first in my family to come out and to go for college / university level education. The dream hence remain un-fulfilled. 5. What is your favourite pastime? / What do you do in your free time? Reading, playing with children, chatting with relatives and friends. 6. What are your personal beliefs on current events & happenings in our profession/ in the world? I do not have much knowledge about overseas developments in our profession, except that in most developed countries, the CS job is integrated with para legal responsibilities. The requirements and compliances are much simpler than under the Indian Companies Act, not only in developed countries such as USA, UK and Europe but also in neighboring countries viz Sri Lanka and Pakistan.

CS H N Singh Rajpoot


7. What’s your vision of a perfect society? An environment where every individual has a respect for the other individual, and is concerned for every individual who comes in his contact, irrespective of the religion and caste of that individual. 8. Tell me how a person as a CS of an Organization should work upon his ability to work under pressure/ what’s your management style? A CS should always be a leader who has the followers, not by his dictating but by respect for his managerial skills and qualities – to name few; leading form the front, business focus, concern for the followers / team and lastly the ability to manage the work environ-ment. I believe and practice the style of decision taking by the whole team ( I do have a meeting with my all team members every month and decide the written action plan for the next month in this meeting only with responsibility of each member and target date), which auto-matically brings the commitment of all the team members to mutually decided action plan. If you are a senior member of a committed team, there is no problem in handling any situation. It happens automatically without any pressure. 9. What changes do you find in the approach of a CS of 80s & a CS of 21st Century? The regulatory environment today is very complex, dynamic and challenging as compared to 3 decades ago and, needs different skills to manage it. I must say, the young members of the profession are much talented and have requisite ability and a great enthusiasm to handle their responsibilities with much ease. They are competent enough to manage the today’s environment and ability to reach a height much faster with ease, provided that they get a right opportunity at right time. 10. What obstacles do you find in the present working environment? I will name a few - complex compliance requirement, intense competition. 11. What's your own definition of happiness? I feel most happy when i have accomplished something i planned to do. I want to live in the present and enjoy it without much concern for what will happen in future. 12. Isn't it hard to stay fit & fine always? How do you manage that? Yes, it has become imperative to be fit – both physically and mentally. I am able to manage it through positive attitude and teachings of the holy book “Bhagwadgita”. 13. What would you like to offer as an advice for us / your juniors/ the next generation CS? I have only one advice to give, a CS has to have the ability of performing multi tasks and also the ability to manage dynamic work envi-ronment with positive attitude as today, CS can not afford to be compliance officer only. 14. Any thing else that you want to share? Nothing, as the questionnaire is very well drafted. It has already covered all the relevant points relating to the profession and CS as an individual. My compliments to you for the same.

We convey our special thanks to Sir for sparing his valuable time and sharing some wonderful experiences with us!

LUCKNOW CHAPTER OF NIRC OF ICSI STARTING ORAL C O A C H I N G C L A S S E S F O R STUDENTS OF PROFESSIONAL PROGRAAME. STUDENTS WHO INTENDS TO TAKE UP ORAL COACHING MAY GET THEMSELVES REGISTERED FOR THE SAME .


Whistle blowing has been defined as “the disclosure by the member of the organization of any illegal, immoral or illegitimate practice under the control of their employer, to the concerned authorities in the organization in order to effect an action. Whistle blowers basically are those who expose / disclose unethical and corrupt practice of their co-workers for the benefit of all stake-holders & society at large. In India, corruption needs no introduction. When it comes to corporate, the statistics for white collar crimes keep shooting every year leading to an uncontrolled increase in personal use of company funds, misappropriation & frauds at different levels. There exists no provision for corporate whistle blower in India, except in Clause 49 of the Listing Agreement & therefore it is limited to public servants or in works connected with Central Government. Whistle blowing policy should be mandatory Corporate Governance tool for all types of companies- public as well as private. This will cer-tainly ensure the mantra of transparency in all companies. Apart from rectifying the flaws under the WB Bill, it is pertinent to award crimi-nal punishment. The law should be modeled on the lines of SOX Act, 2002 which has effectively protected whistle blower. Provisions should be designed for the protection of RTI activists and safeguard should be made in case the whistle blower perceives a threat to life or intimidation to family members. In case of any unnatural death of such whistleblower, activists, intermediaries should begin suo moto & should be probed by competent authorities. The competent authorities should be continuously monitored as it can be subjected to full disclosure. It should be incumbent on the au-thorities to file complete reports to Income Tax Department. A database of complaints should also be maintained. The procedure should be time bound as was suggested in the original draft. A provision for incentives to the whistle blower should also be made. Monetary incentive will surely go a long way in motivating the whistle blower. The competent authority should not only give a mouth to speak but also the teeth to bite. Company Secretary being a principal officer of an organization is envisaged with a duty to adhere & comply with all the policies including the aforesaid & acting as a whistle blower if the situation calls for.

ACS Neetu Arora Company Secretary, Wealth Mantra Limited

Brain Storm

• HP- Compaq Merger was challenged in Court by one of the largest shareholders of HP. Who was the guy? • What was Accenture previously known as? • Expand WIPRO • What is the full form of YAHOO? • Infosys has decided to make a public offering without listing in which country? • Which company has done an in house advertisement in Air Deccan? • Which bank was the main funding partner of Ambani when he started out? • Recently which company has acquired ColorPlus? • Which Indian company is the largest producer of Denim in the world? • Which product/service was promoted with the phrase “let your fingers do the walking?” • “Nobody cares as much” is the tagline of which firm? • The bat is the registered trademark of which drinks company? • Which the worlds biggest mutual funds company? • What is nicknamed as the “Great Lady Of 43rd Street”? • Which car name translates as “people’s car?”

Answers

• Walter Hewlett • Andersen Consulting • West Indian Vegetable Products

Limited • Yet Another Hierarchical Officious

Oracle • Japan

• NDTV • Syndicate • RAYMOND • Arvind Mills • YellowPages

• Taj Hotels, Resorts and Palaces • Bacardi • Fidelity • New York Times • Volkswagen

Whistle Blower Policy and CS


Merely because the appellant had consumed alcohol did not mean that the driver of the vehicle did not need to drive the vehicle cautiously Rudra versus Divisional Manager, National Insurance Co. Ltd. & another (Supreme Court) Motor Vehicles Act, 1988 — section 166 — claim petition under — the Tribunal concluded that merely because the appellant had consumed alcohol did not mean that the driver of the vehicle did not need to drive the vehicle cautiously. Thus, the accident oc-curred due to the rash and negligent driving of the offending vehicle as a result of which the appellant sustained injuries. The Tribu-nal awarded total compensation amounted to Rs.40,000/- with interest @ 8% p.a. — the High Court enhanced the compensation to Rs.1,48,200/- with interest @ 6% p.a. — appeal for enhancement of compensation — the doctor assessed whole body disability at 29% and also stated that the nature of disability is such that the appellant cannot work as a coolie or do any other manual work — the impugned judgment of the High Court modified, awarding Rs.3,00,000/- with interest of 6% p.a. on the enhanced sum — appeal allowed — no costs. SUPREME COURT OF INDIA (G.S. SINGHVI & ASOK KUMAR GANGULY, JJ.) Rudra Appellant(s) versus Divisional Manager, National Insurance Co. Ltd. & another Respondent(s) Motor Vehicles Act, 1988 — section 166 – Compensation Enhanced JUDGMENT Ganguly, J. 1. Application for deletion of respondent No.2 from the array of parties is allowed. 2. Leave granted 3. On 15.12.2002, at about 1.30 pm, the appellant was walking on the road when a BMTC bus (bearing No. KA-01-A-3638) came in high speed and dashed against the appellant, as a result of which the appellant sustained multiple injuries and was admitted in hospital for operation and treatment. 4. The appellant was aged 25 years and was working as a coolie. He filed a claim petition under Section 166 of the Motor Vehicles Act, 1988 claiming Rs.4 lacs as compensation with interest @ 18%. He also claimed that he was earning a monthly income of Rs.4000/- p.m. 5. Apparently, when the appellant was admitted to hospital immediately after the accident, he wasconscious and well oriented and his breath smelled of alcohol. Hence, the respondent contended that the accident occurred solely due to the negligence of the ap-pellant. 6. However, the Tribunal did not accept this argument of the respondent. It held that merely because the appellant had consumed alcohol did not mean that the driver of the vehicle did not need to drive the vehicle cautiously. Thus, the Tribunal concluded that the accident occurred due to the rash and negligent driving of the offending vehicle as a result of which the appellant sustained inju-ries.7. The Tribunal concluded that as the appellant was a coolie, his daily earnings would be Rs.100/- per day, as the appellant’s claim that he was earning Rs.4000/- p.m. was unsupported by documentary evidence. The Tribunal considered the fact that the appellant had been in hospital for at least a month and, therefore, it awarded an amount of Rs.3000/- towards loss of income dur-ing treatment period. The doctor had assessed disability of the appellant’s left lower limb at 58% and that of the whole body at 29%. Considering the nature of the injuries (fracture of the ankle and foot), it awarded Rs. 15,000/- towards pain and suffering, Rs.2000/- towards medical expenses, and Rs.3000/- towards nourishment. The Tribunal also awarded global compensation of Rs. 15,000/- towards loss of amenities as the appellant could not normally carry out his occupation with the weight of the body on it. Thus, total compensation amounted to Rs.40,000/-, payable at 8% p.a. rate of interest. 8. On appeal before the High Court of Karnataka, the Court took the view that assessment of disability by the doctor of the left lower limb at 58% and the whole body at 29% appeared to be a bit of an exaggeration. Thus, it reassessed the whole body disability at 15% for calculating compensation payable towards loss of future income. Accordingly, adopting a multiplier of 18 since the appel-lant was aged 25 years, it computed loss of future income (which had not been awarded by the Tribunal at all) at Rs.97,200/- (Rs.3000 X 12 X 18 X 15/100). However, it enhanced compensation for pain and suffering to Rs.20,000/-, Rs.5000/- for convey-ance, nourishing food and attendant charges, Rs.9000/- towards loss of income during period of treatment (taking income of appel-lant at Rs.3000/- p.m. for 3 months). Accordingly, the award of the Tribunal was modified and compensation was enhanced to Rs.1,48,200/-, with interest at 6% p.a. 9. Still dissatisfied with the compensation amount awarded, the appellant filed the present appeal before this Court. Having gone through the records and after hearing the parties, we are of the view that the appeal deserves to be allowed. 10. When the doctor had assessed whole body disability at 29%, and the same was accepted by the Tribunal, the High Court erred in rejecting the same and instead of presuming disability of 15% of the whole body. Hence, we re-compute loss of future income by considering disability at 29%, which amounts to Rs.1,87,920/- (Rs.3000 X 12 X 18 X 29/100). 11. The doctor, in his evidence, has also stated that the nature of disability is such that the appellant cannot work as a coolie or do any other manual work. Hence, we award compensation for loss of amenities to Rs.40,000/-, for pain and suffering to Rs.30,000/-, for medical expenses to Rs. 10,000/- and for conveyance, nourishment and attendant charges to Rs.20,000/-. 12. The break-up of compensation is as follows: Pain and sufferingRs.30,000/- Loss of amenitiesRs.40,000/- Medical expensesRs. 10,000/- Conveyance, nourishment and attendant chargesRs.20,000/- Loss of future incomeRs.1,87,920/- Loss of income during treatmentRs.9,000/- TOTALRs.2,96,920/- 13. Thus, total compensation amounts to Rs.2,96,920/-, which is rounded off to Rs.3,00,000/-. The impugned judgment of the High Court is hereby modified, awarding Rs.3,00,000/- with interest of 6% p.a. on the enhanced sum, payable from the date of the claim petition till realization. 14. The appeal is accordingly allowed.

Case law


'Every Corporate has a special continuing responsibility towards the people of the area in which it is located and in which its employees and their families live' - J R D Tata CSR is a new terminology, but it’s hardly a new concept. Way back in 3 BC, Kautilya’s dealt with the management of people, power com-merce, taxations, standardization of weights and measures, and more peace. The concept of Corporate Social Responsibility (CSR) aims at both to examine the role of business in society and to maximize the positive societal outcomes of business activity. The ratio of CSR being practiced in developed countries is more than in developing countries. Corporate Social responsibility (CSR), also known as corporate responsibility, corporate citizenship, responsible business, sustainable responsible business (SRB), or corporate social performance, is a form of corporate self-regulation integrated into a business model. Ideally, CSR policy would function as a built-in, self-regulating mechanism whereby business would monitor and ensure its adherence to law, ethical standards, and international norms. Business would embrace responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, business would proactively promote the public interest by encour-aging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality. Es-sentially, CSR is the deliberate inclusion of public interest into corporate decision-making, and the honoring of a triple bottom line: Peo-ple, Planet, and Profit. Glimpse of CSR Initiatives and Green Measures by Indian Corporates For the benefit of globalization and technology to reach the poor, the private sector, philanthropic institutes and individuals should coop-erate and establish partnership with government institutions. This would lift millions of our people out of the poverty, provide them with opportunities and make them participate in the process and progress of globalization. Long referred to as a company’s soul food, corpo-rate social responsibility is finally being taken seriously by Indian Inc as they embark on a gamut of philanthropic activities. Many large corporate houses are taking up projects — along with the help of the government — which are 'green' to promote the cause of sustainable development. The Indian corporate sector spent US$ 6.31 billion on social expenditure during 2007-08, up from US$ 3.68 billion spent during the pre-vious fiscal. The Steel Authority of India Ltd (SAIL), country's largest steel company, spent US$ 21.05 million on CSR last year. Tata Steel Ltd. runs a 850-bed hospital and rural projects in 800 villages around Jamshedpur. Last year, it spent about US$ 31.58 million as part of its annual revenue expenditure. Coca-Cola India has undertaken US$ 25–30 million a year project on water conservation, and the project "Elixir of life" to provide drinking water to nearly 30,000 school children. Coca-Cola India won the 'Golden Peacock Global Award for Corporate Social Responsibility – 2008' for these initiatives. Arcelor Mittal will spend about US$ 500 million as part of its CSR initiatives in Jharkhand and Orissa. BHEL has joined hands with a UN body 'Global Compact' (The United Nation's Global Compact is a partnership between the UN, the busi-ness community, international labour bodies and non-government organisations (NGOs) to partner with global corporate houses for greater focus on corporate social responsibility. Tata Motors and space agency ISRO are likely to launch the prototype of the world's cleanest vehicle that will run on hydrogen and leave behind nothing more than a trail of water vapour. Bajaj Auto, Ashok Leyland, Tata Motors, Mahindra & Mahindra and Eicher Motors have come together to develop hydrogen-blended com-pressed natural gas (HCNG)-run vehicles to tackle the problem of rising pollution. Pepsico India has signed the CII-Code for Ecologically Sustainable Business Growth recently, and in so doing it has committed to de-crease the consumption of natural resources and promote ecologically sustainable growth in the group. Its water conservation initiative has resulted in saving over 2.4 billion litres of water annually, bringing down the consumption by 40 per cent since 2005.The effluent discharge has also decreased by 60 per cent. Likewise, the company has brought down the generation of sludge in effluent treatment plants (with over 25 per cent reduction in one year alone) through the use of bio-enzymes. At the community level, the waste-to-wealth initiative has developed zero solid waste centres that helps more than 2, 00,000 community members all over the country. Reliance Power (R-Power) is planning an investment of over US$ 12.63 billion for renewable and alternative energy resources such as hydroelectric, wind, solar and fuel cell-based power. The company is planning to generate about 5,000 MW from hydroelectric energy and most of the projects would come up in water-abundant north-eastern states. The Indian Paints Industry too is making its products more environmentally friendly by opting for water-based paints and making it car-cinogen-free. Infosys Technologies Limited has always been on the forefront of philanthropic activities. As a part of its CSR activities, some of the ma-jor CSR initiatives undertaken are: Education for all, Community development and Children of Lesser GOD, rural upliftment and helping the physically challenged. Infosys is actively involved in various community development programs. Infosys promoted, in 1996, the Info-sys Foundation as a not-for-profit trust to which it contributes up to 1%PAT every year. Additionally, the Education and Research Depart-

Corporate Social Responsibility: The New Corporate Mantra


ment (E&R) at Infosys also works with employee volunteers on community development projects. Infosys leadership has set examples in the area of corporate citizenship and has involved itself actively in key national bodies. They have taken initiatives to work in the areas of Research and Education, Community Service, Rural Reach Programme, Employment, Welfare activities undertaken by the Infosys Foundation, Health care for the poor, Education and Arts & Culture. ITC Limited partnered the Indian farmer for close to a century. ITC is now engaged in elevating this partnership to a new paradigm by leveraging information technology through its trailblazing 'e-Choupal' initiative. ITC is significantly widening its farmer partnerships to embrace a host of value-adding activities: creating livelihoods by helping poor tribals make their wastelands productive; investing in rainwater harvesting to bring much-needed irrigation to drylands empowering rural women by helping them evolve into entrepreneurs; and providing infrastructural support to make schools exciting for village children. Through these rural partnerships, ITC touches the lives of nearly 3 million villagers across India. Mahindra & Mahindra. The K. C. Mahindra Education Trust was established in 1953 by late Mr. K. C. Mahindra with an objective to pro-mote education. Its vision is to transform the lives of people in India through education, financial assistance and recognition to them, across age groups and across income strata. The K. C. Mahindra Education Trust under takes a number of education initiatives, which make a difference to the lives of deserving students. The Trust has provided more than Rs. 7.5 Crore in the form of grants, scholarships and loans. It promotes education mainly by the way of scholarships. The Nanhi Kali project has over 3,300 children under it. We aim to increase the number of Nanhi Kalis (children) to 10,000 in the next 2 years, by reaching out to the underprivileged children especially in rural areas. INDIAN OIL CORPORATION (IOC). As per Indian Oil CSR is “A Cornerstone of our Enduring Success”. Their mission is “to help enrich the quality of life of the community and preserve ecological balance and heritage through a strong environment conscience”. Indian Oil has been taking concrete action to realize its social responsibility objectives, thereby building value for its shareholders and customers. Besides this it is also aim at developing techno- viable and environment –friendly product and service for the benefit of customer at the same time maintaining high standard of safety and environment protection. Every year a fixed amount from its profit goes for social and environment welfare across the country. Indian Oil has concentrated their programs for women, education, health, family, welfare etc. Along with this Indian Oil is also been forefront in case of national emergencies. Few of the initiative is providing petrol/diesel station dealerships and LPG distributorships to beneficiaries from among Scheduled Castes, Scheduled Tribes, physically handicapped, ex-servicemen, war widows, etc. and also kisan seva Kendra. In case of environment it has favored for green fuel. It is the firm resolve of Indian Oil people to move beyond business, touch every heart and fuel a billion dreams. INTEL INDIA. Plantation and cultivation activities taken up by INTEL INDIA and recycling used products also acts as a step towards mini-mizing wastes. NIKE. As one of the first corporations NIKE to have a Vice-President for Corporate Responsibility and to publish an annual CSR Report, and establish its brand as representative of a much more committed corporate citizen. CSR Initiatives - Rural Development Rural development is attracting major CSR initiatives from various corporates. Airtel has tied up with Indian Farmers Fertiliser Cooperative Limited (IFFCO) to reach farmers directly. Farmers will receive free voice messages twice daily on farming techniques, weather forecasts, dairy farming, rural health initiatives, fertilizer availability, loan informa-tion and market rates. Additionally, farmers can also call a dedicated helpline, manned by experts from various fields, to get answers to their queries. Reliance Communications has introduced low tariff initiative like the Grameen Programme for rural subscribers. SREI Sahaj e-Village Ltd will set up 25,000 IT kiosks to be known as common service centres (CSC) across West Bengal, Bihar, Orissa, Assam, Uttar Pradesh and Tamil Nadu, by 2010. HDFC has started a 'village adoption' scheme to improve the investment climate in Indian villages. DCM Shriram provides information services through its chain of Krishi Vikas Kendras, which have now evolved into Hariyali Kisan Ba-zaars. Hindustan Petroleum has started community kitchen programmes in some Indian villages. ICICI Bank Ltd. The Social Initiatives Group (SIG) of ICICI Bank Ltd works with a mission to build the capacities of the poorest of the poor to participate in the larger economy. The group identifies and supports initiatives designed to break the intergenerational cycle of poor health and nutrition ensure essential early childhood education and schooling as well as access to basic financial services. Thus, by promoting early child health, catalyzing universal elementary education and maximizing access to micro financial services, ICICI Bank believes that it can build the capacities of India’s poor to participate in larger socio-economic processes and thereby spur the overall development of the country. The SIG works by understanding the status of existing systems of service delivery and identifying critical knowledge and practice gaps in their functioning. It locates cost effective and scalable initiatives and approaches that have the potential to address these gaps and supports research to understand their impact. This is undertaking collaboration with research agencies, non-governmental organisations (NGOs), companies, and government departments, local stakeholders and international organisations. It has launched ambitious rural banking and agri-business initiative. The Byrraju Foundation's GramIT programme has generated a rural BPO model.


It aims to employ rural people in the ITES (IT-enabled services) industry, and to create profit for the entrepreneurs or cooperatives run-ning the BPOs. India Inc has joined hands to fine-tune all its activities falling under CSR. For this, it has set up a global platform to showcase all the work done by Indian firms. Confederation of Indian Industry (CII) and the TVS Group have collaborated to form the CII-TVS Centre of Excellence for Responsive Corporate Citizenship. The outfit, based in Chennai, will provide consultancy services and technical assistance on social development and CSR. CSR AND GLOBALIZATION Globalization has changed corporate social responsibility, the boundaries between domestic and foreign industry and between in-house and out-houses activities which had led corporate to view from both political and economic view. On one side multinational company have taken the role of state and thus they should behave responsibly and on the other hand they need to have corporate social behavior in order to protect their image. CONCLUSION “The business of business is business.” This view eschews corporate social responsibility for the maximisation of profits, whereby society would be the indirect beneficiary of market capitalism. CSR has been an important part of any organization to be successful. Organiza-tion in present world cannot be successful without taking into account the social responsibility. CSR has been a vital component for any organization to have perpetual success and to create brand. The three pillars of CSR are environment, society and commerce. Together, these create long-term sustainable development. The practice of CSR is subject to much debate and criticism. People are much into confusion and misconception. Proponents argue that there is a strong business case for CSR, in that corporations benefit in multiple ways by operating with a perspective broader and longer than their own immediate, short-term profits. Critics argue that CSR distracts from the fundamental economic role of businesses; others argue that it is nothing more than superficial windowdressing; others yet argue that it is an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations. All these are nothing but ways of escaping responsibilities and order. Responsi-bilities should be accepted and performed in all the four directions. In nut shell CSR reflects the values, the changing cultural norms of society in the practices, policies, structures and philosophies of the company. This reflects what's happening in the rest of society and connects back to the foundations of the society you are part of. This is what gives a company the social legitimacy required, the right to exist. People frequently get confused and say the only business of busi-ness is to make money for the shareholders. But you have to first have the right to exist. Only then can you make money for your share-holders. Thus CSR is win win sitaution for all. Subir Kumar

LL.M. IV Semester Dr. Ram Manohar Lohiya National Law University, Lucknow

1) What are you doing? Ans. : Business. Tax : PAY PROFESSIONAL TAX! 2) What are you doing in Business? Ans. : Selling goods. Tax : PAY SALES TAX!! 3) From where do you get Goods? Ans. : From other State/country Tax : PAY CENTRAL SALES TAX, CUSTOM DUTY & OCTROI! 4) What are you getting in Selling Goods? Ans. : Profit. Tax : PAY INCOME TAX! 5) How do you distribute profit ? Ans : By way of dividend Tax : Pay dividend distribution Tax 6) Do you manufacture goods? Ans. : Yes, at Factory. Tax : PAY EXCISE DUTY! 7) Do you have Office / Warehouse/ Factory? Ans. : Yes Tax : PAY MUNICIPAL & FIRE TAX! 8) Do you have Staff? Ans. : Yes Tax : PAY STAFF PROFESSIONAL TAX! 9) Doing business in Millions? Ans. : Yes Tax : PAY TURNOVER TAX! Ans : No

Tax : Then pay Minimum Alternate Tax 10) Are you taking out over 25,000 Cash from Bank? Ans. : Yes, for Salary. Tax : PAY CASH HANDLING TAX! 11) Where are you taking your client for Lunch & Dinner?

Ans. : Hotel Tax : PAY FOOD & ENTERTAINMENT TAX! 12) Are you going Out of Station for Business? Ans. : Yes Tax : PAY FRINGE BENEFIT TAX! 13) Have you taken or given any Service/s? Ans. : Yes Tax : PAY SERVICE TAX!

14) How come you have such a fat bank balance? Ans. : Gift on birthday. Tax : PAY GIFT TAX! 15) Do you have any Wealth? Ans. : Yes Tax : PAY WEALTH TAX! 16) Do you go out to have fun? Ans. : Yes. Cinema or Resort. Tax : PAY ENTERTAINMENT TAX! 17) Have you purchased House? Ans. : Yes Tax : PAY STAMP DUTY & REGISTRATION FEE ! 18) How do you Travel? Ans. : Car. Tax : PAY SURCHARGE! 19) Any Additional Tax? Ans. : Yes Tax : Pay educational, additional educational & surcharge on all the central govt.'s tax !!! 20) Were you ever later in paying tax? Ans. : Yes Tax : PAY INTEREST & PENALTY! 21) INDIAN :: Can I Die Now?? Ans :: Wait we are about to launch the funeral tax!!!

Shabha Parveen Student

Tax : On a Lighter note


Tax Reforms * Direct Taxes Code to be effective from Apr 1, 2012 * GST Bill also to be introduced * NSDL chosen technology partner for GST Implementation * Scheme proposed for quicker refund of Service Tax * To introduce self-assessment in customs for fast clearance * PSUs to issue tax-free bonds worth Rs 300 bn in 11-12 Direct Tax * MAT raised to 18.5% * Special Economic Zones to come under MAT * I-T exemption for senior citizens upo Rs 250,000 * To introduce simpler returns form for presumptive tax * Investment-linked deduction for affordable housing projects * Tax sop for Rs 20,000 investment in infra bond stays * Low withholding tax of 5% for notified infra funds * I-T deduction for infra bond invest extended by 1 year * Foreign dividend tax rate cut to 15% for Indian cos Agriculture, Animal Husbandry * National Food Security Bill to be tabled this year * Farm credit flow target Rs 4.75 trln in 11-12FY12 * Proposal to promote organic farming * Rs. 3 bn allocated to increase nutri-cereals production * Rs. 3 bn for animal-based protein production * Rs. 3 bn rupee to bring 60,000 hectares under palm oil plantation * To provide Rs 3 bn to raise vegetable production * Rs 4 bn to Eastern states for green revolution *Rs 3 bn to promote pulses production, mkting * Aim to easing bottlenecks in fruits, vegetables, poultry supply chain * Approval to set up 15 more mega food parks in FY12 * TO increase foodgrain warehousing facility by 4 mn tn by Mar 2012 Indirect Tax * Peak rate for customs duty unchanged in FY12 * Long-term commitment to reduce customs duty to ASEAN levels

Budget 2011-12: Snapshot

* Base rate on excise duty raised from 4% to 5% * Central excise duty rate unchanged at 10% * To levy central excise duty of 10% on branded garments * 1% central excise duty on 130 new items * Service tax raised on international air travel by Rs. 250 and on local air travel by Rs. 50 * No service tax on services provided by one individual to other individuals * Service tax to be levied on investment services by Insurance Companies * Excise duty exemption for equipment used in warehouses * Service tax levied on Hotel stay costing above Rs. 1000/ day * 1% excise duty on diapers, sanitary napkins * No excise duty on equipment for ultra mega power plants * Fuel cells to get concessional excise duty in 2011-12 * To replace excise with ad valorem duties for cement FY12 * Basic customs duty on farm machinery cut to 2.5% from 5% * Net revenue gain from indirect tax proposals Rs 73 bn in FY12 * Exempts cinematographic films from excise duty * 1% excise duty on branded jewellery Infrastructure * Fertiliser sector investment to be given infra status * Takeout financing plan implemented in 7 infra projects * PPP model for creating successful public infrastructure model * Allocation of Rs 2.14 trn for infra sector in 2011-12 Miscellaneous * To introduce public debt management Bill in FY11 * To table bill to enable RBI to grant more banking licenses * Rs 100 mn rupees to Delhi School of Economics * National Knowledge Network to link 1,500 institutes by Mar 2012 * Rs 50 bn to SIDBI for refinancing small firms in 2011-12 * Central electronic registry to prevent loan scams * New series of coins with Indian rupee symbol soon * To amend the Indian Stamp Act

Obstacles, Goals, Success . . .

“If you have made mistakes, even serious ones, there is always another chance for you. What we call failure is not the falling down, but the staying down." What is success? Is it an accomplished objective like a target met on time, an exam cleared or a marriage proposal answered af-firmative? For all the times you stood strong, with sparkling eyes, dazzling smile that screams to the world that, “I made it” , you shout out loud that I succeeded. But what if you see a very successful person with flourishing business, loving family and great estate just leaving everything suddenly and retiring to an aloof place? May be you call him crazy but that man is happy. There is only one success in life- To live your life in your own way. No other person, your family, friends nor the society can or should define it for you. It’s your mental state of an accomplishment, a celebration of your achievement. For all the times you have seen obstacles, all the times you failed, you might have realized that it made you stronger? What you are today is not only because of the “x” number of times you succeeded, but also the “y” number of times you lost. All those failures, those circumstances, the weaknesses, all those times you stood at odds against the world, surely did have a positive purpose which was to bring you face to face with the reality- the real you, the real potential you have, the real strength and the real people in your life” “The major reason for setting a goal is to make you accomplish it. What it makes of you will always be the far greater value than what you get.” It is not enough to take steps which may some day lead to a goal; each step must be a goal in itself and a step likewise. And remember the goal once accomplished should be celebrated, cherished and then a new goal should be set, for life is to move on. The day you success gets to your head, your life stops. To enjoy a holiday you need to have some job that you put off for a while. For life is not jus work or vacation but a combination of work and play. And the most important thing to know is that the journey is always more important than the goal. It’s the effort that counts, a full hearted effort. Enjoy the journey as you enjoy the accomplishment. The obstacles are not there to confuse or break you; they are simply there so that once when you reach the cliff and look at the path you travelled, you could proudly say to your self- The Goal Was worth Achieving!! Work hard, learn from failures, fall but do rise up and celebrate success. But never forget: ‘When the best scholar comes to write against thy name, he writes not whether you won or lost, but how you played the game.’


Limited liability Partnership: Past, present & Future

(...continued from page 2) LLP is a hybrid between a company and a partnership. The law provided an alternative to the traditional partnership with unlimited personal liability on the one hand and statute-based governance structure of the limited liability company on the other, to enable professional expertise on entrepreneurship initiative to combine, organise and operate in a flexible, innovative and efficient manner. A lot of research and debate had gone into the introduction of the concept of LLP in India. The Abid Hussian Committee of 1997, the Naresh Chandra Committee of 2003 and the Irani Committee later on in 2007 had all unanimously recommended the introduction of the LLP in India. LLP enjoys a pass-through status for purposes of taxation in the UK. There is no ceiling on the number of part-ners in the LLP. Tax implications The tax implications of the LLP were looked into by Finance Act, 2009. It will be taxed like the ordinary partnership firm. The share of the partners in the LLP will be tax-free. There is no joint and several liabilities for the individual partner. The partner in an LLP will not be affected by misconduct of other partners. The law also ensures that conversion of a general partnership firm to LLP will be tax-neutral even after conversion. Of course, the law was silent on payment of Stamp duty. A problem confronting the Corporate India related to the levy of the Minimum Alternate Tax. At a time when companies were looking forward to find a way out from MAT, the LLP came as a boon. The law provided that MAT will not be applicable to LLPs. Since the LLP is not treated as a company, there can be no question of applying MAT to a firm. Nor is it possible to levy Dividend Distribution Tax and corporate surcharge on LLP. LLP being treated as a firm for taxation had the following tax advantages over a company under the Income-Tax act: (1) it is not subject to Minimum Alternate Tax; (2) it is not subject to Dividend Distribution Tax; and (3) it is not sub-ject to surcharge LLP came as a dream come true for the Indian companies. New provisions The dream has been shattered by Finance Bill 2011. A new Chapter XII-BA is now introduced in the Income-Tax Act containing spe-cial provisions relating to the LLPs. It is now laid down that where the regular income tax payable for the previous year by the LLP is less than the Alternate Minimum Tax payable for such previous years, the adjusted total income shall be deemed to be the total income of such LLP and it shall be liable to pay income tax on such total income at the rate of 18.5 per cent. The adjusted total in-come is defined as the total income before giving relief for Chapter VI-A deductions. MAT credit will be available to the extent of the excess of the Alternate Minimum Tax paid over the regular income tax. The tax credit shall be allowed to be carried forward to ten successive assessment years. The amendment takes effect from Aril 1, 2012. Why did the Government tinker with the LLP law so soon after its introduction in the last two years? The Memorandum accompany-ing the Finance Bill 2011 explains that the object behind the amendment is to preserve the tax base vis-à-vis profit-linked deduc-tions. There is no sudden change in the law in this regard between 2010 and 2011 to warrant the amendment. Legal pundits have pointed out that AMT is not on book profits, but effectively on gross total income. The amendment will affect LLPs having profit from businesses enjoying tax holiday. Book profit adjustments for levy of AMT will be different from adjustments for MAT.

The Spirit The road is long ahead, the path is arduous, the odds are insurmountably mammoth and the probability staggeringly low. The dreams are higher than the highest of them and deeper than the deepest of them, the aspirations to succeed beyond the wildest of dreams and unfathomable of imaginations. The chances are impossibly grim, the prospects are exceedingly bleak. The trail is not easy and certainly not a bed of roses. The resolve refuses to die and becomes tougher by the moment. The tenacity is audacious, to compel my heart, nerve and sinew to serve me even after they are gone, with nothing to hold on to, except the voice, which says: Hold on. Even after being bent and broken, determined to be in a better shape. All ready to stoop and re-build with my worn-out tools. Thus, I with a firm heart, unbreakable spirit and steel determination, am persistent to beat the odds and accomplish the unaccomplished. Ready to venture into uncharted waters and unexplored bastions. After all, that’s what human evolution is all about and I am, but, an embodiment of the man’s relentless quest for “Life, liberty, and the pursuit of happiness”

Mohd. Ozair Management Trainee


Lucknow- from being termed as “Constantinople of the East” to becoming an up and coming metropolitan, it has been a long jour-ney. Already acclaimed as one of the few cities to have such architectural splendour and cultural affluence, the famous Rue de Haz-ratganj bears a mute testimony to the ever changing face of Lucknow. And past year, it witnessed its own transformation. From its own ashes, rose the phoenix of the “New Old” Hazratganj. About 200 years old, it was paved in 1810 by Nawab Saadat Ali Khan housing Lucknow’s first bank, first fire station, first ice factory and first dedicated English movie theatre- Mayfair. It is one of the oldest avenues still in operation throughout the world. It was a quaint market with "Love Lane" for those who loved music, perfumes and poetry. Back in Raj days, British officials, Nawabs, and Zamindars would go for leisurely walks in the market. Called as Queen's Way, the entry of common Indians was banned. A place revered by one and all, Hazratganj Boulevard gradually came to be known as Ganj. And thus evolved the term Ganjing, more hep with the Generation X, basically meaning hanging out, taking a stroll, gorging on delicacies or window shopping. The early post independence era Ganj housed India Coffee House, Regal Theatre, Filmistan (Now Sahu Cinema), Rajana, Kwality's Ice Cream, Chaudhary, Jone Hing, Jabbar's Coffee Joint, Mayfair Picture Hall, Mayfair Ballroom (having an all wooden dance floor, where evening soirees were held for the elite page-3) and of course Benbows Icecream. In 2010, people came together to revive the lost glory & splendour and thus started the renovation of the pride of Lucknow. Lined with Victorian era lamps, stone paved walking plazas, benches, fountains, buildings in a uniform crème and pink, signages in black and white, a multi-level modern car parking and waste-bins it has become country’s most beautiful shopping area, looking as glorious as it looked in the days of its glorious past. The Famous Love Lane. Sounds somewhat amazing? The legend goes back to the Raj days. Back in those days, there wasn’t a place where the British couples could have a hand-in-hand romantic walk. So the then couples would walk up & down on one the side lanes which later came to be known as Love Lane. The term caught on, and has continued since then. With the warmth of its past grandeur restored and the new transformed look, Hazratganj can truly be said to be a Symposium of the old and the new in Lucknow. I don’t think it would be too farfetched a proclamation or an overstatement, if I compare it with some of the famous roads, avenues, streets world over like, The Strip in Las Vegas, Champs-Élysées in Paris, Abbey Road in London, 42nd Street in New York, Orchard Road in Singapore, Pennsylvania Avenue in Washington D.C., Rajpath in New Delhi and Nariman Point in Mumbai. However, what remains to be seen is whether Lucknowites will value this cultural and architectural heritage? As it is, we Indians are known to be least civic. We litter the streets, deface our monument and yet remain proud of it. People should realise that it is our city, our home and it’s our responsibility to keep it spic and span. Two hundred years after it was born, Hazratganj has turned into a colourful version of its own sepia image. It’s a sad painful truth that the city's old world charm and famed etiquette is fading away. I think we need to revive that long lost tehzeeb just like the re-vival of our favourite place, and not to mention we also need to preserve one of the jewels of Lucknow- our beloved Ganj.

Mohd. Ozair

Management Trainee, Wealth Mantra Limited

Ganj, O’ Ganj !!!

Quote - Unquote: The Art of War

Every battle is won before it is ever fought. A leader leads by example not by force.

Opportunities multiply as they are seized.

Know the enemy and know yourself; in a hundred battles you will never peril. The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.

The expert in battle seeks his victory from strategic advantage and does not demand it from his men.

If words of command are not clear and distinct, if orders are not thoroughly understood, the general is to blame. But if his orders are

clear, and the soldiers nevertheless disobey, then it is the fault of their officers.

Speed is the essence of war. Take advantage of the enemy's unpreparedness; travel by unexpected routes and strike him where he has taken no precautions.

What the ancients called a clever fighter is one who not only wins, but excels in winning with ease.


LUCKNOW CHAPTER ‐ EVENTS TILL DATE

DATE PROGRAM CHIEF GUEST / SPEAKERS ATTENDED BY

26.01.2011 Republic Day Celebrations Chairman Members & students.

05.02.2011 CORPORATE GOVERN-ANCE IN U.K. – Lessons for India

Prof. John Murray, Prof. Balraj Chauhan, Vice Chancellor, Dr. RMLNLU, CS R K Porwal, CA Pankaj Bhargava, CA Reena Bhar-gava, Mr. P Muthusamy, Mr. Subha-sis Brahma, Prof. Umesh Kumar, Prof. U P Singh, Prof. D P S Rathore

CS Rajeev Kumar, CS Sandeep Bansal, CS Deepti Agarwal Bindal, CS Anuj Tiwari, CS Manoj Kumar Bhagat, CS Dileep Dixit, CS C P Shukla, CS Abha Sethi Tandon, CS Dharmendra Verma, CS Sonam Gupta, CS Anupam Srivastava, CMA O P Saxena, CMA, Mahendra Singh, CMA Shailendra Paliwal, CMA Vikas Srivastava, CMA Shah-nawaz Khan, CMA Pareek, CMA Ubaidullah, CMA Aman Malviya, CA Sujay Kapoor, Members & stu-dents of ICSI, ICAI, ICWAI and stu-dents of Dr. RMLNLU, Lucknow

11.02.2011 Critical Issues in Company Law & Service Tax

CS Navneet Sehgal, IAS, Secretary, Government of U.P., CS Nesar Ahmad, Vice President ICS I, Prof Balraj Chauhan VC, Dr. Ram Mano-har Lohia National Law University, Lucknow & Dr. R S Chandel, Addl Commissioner Service Tax, Lucknow, CS Ranjeet Pandey, Chairman, NIRC of ICSI, CS Bimal Jain, Mr. Ajay Gupta, Mr. Sanjay Gupta.

Delegates from Scooters India Limited, Eldeco Housing, Wealth Mantra Limited, Technical Associ-ates, K M Sugar Mills Limited, PTC Industries, U P Asbestos Limited & Big Apple. CS Anuj Srivastava, CS Manoj Bhagat, CS Pragyesh Singh & Past Chairman of LCNIRC of ICWAI – CMA Aman Malviya, CMA Sudhanshu Dwivedi & Senior members like CS V Natrajan, CS Satendra Kohli. Members & stu-dents of ICSI, ICAI, ICWAI, from Lucknow, Kanpur & Agra.

14.02.2011 Kavi Sammelan – Dhai Aakhar Prem Ke

Dr. Dinesh Sharma, Mayor, Lucknow, Mr. R K Mittal, Retd. IAS, Mr. Jayant Krishna, Regional Head, TCS, Mr. Jogesh Singh Sodhi, DRM, Shri Gulab Chandra, DGM, Aakashvani, Lucknow.

Members & students

05.03.2011 Budget 2011-2012 Dr. Rakesh Gupta (Ex. ITAT mem-ber), CS J K Mittal

Members & students of ICSI, ICAI, ICWAI

06.03.2011 Intellectual Property Rights – Practice Area

CS R K Porwal Members & students of ICSI, ICAI, ICWAI

09.03.2011 Investor Awareness Pro-gram in association with National Stock Exchange(NSE)

Jt. Managing Director of NSE Ms. Chitra Ramakrishna



12.03.2011 VAT– Practice Setup CS Rajeev Kumar, CS S B Agar-wal, Assocham, Mr. Mishra, For-mer Deputy Commisioner VAT


13.03.2011

Right to Information Act CMA Sudhansu Dwivedi, UPPCL, CS Abha Sethi Tandon, UPJVNL


18.03.2011 Deduction of Tax at Source

CS A K Gupta PTC Industries Members & students of ICSI, ICAI, ICWAI

19.03.2011 Soft Skills in Information Technologies

Faculty from APTECH Members & students of ICSI, ICAI, ICWAI

26.03.2011 Cost Audit – Records & Audit CMA Hemendra Soni, CMA Vasudev Vasundani, Tata Mo-tors.


27.03.2011 Foreign Direct Investment, Statutory Records in Com-pany Law, HOLI MILAN & Fe-licitation of Merit Holder CS Students

Mr. DPS Rathore, (Former Re-gional Director, RBI, Lko , CS S K Pandey, Sahara India, CS Anuj Srivastava, Sahara India


27.03.2011 Investor Awareness Program in association with Ministry of Corporate Affairs

CS S K Pandey, Sahara India, Mr. D P S Rathore, Former Regional Director, RBI, CS Anuj Srivastava,


09.04.2011 Study Circle - Recent changes in MCA-21

CS Ajay Trivedi, CS & Compliance Officer, UP Asbestos Limited, CS Alok Tandon, Senior officer from MCA, New Delhi


30.4.2011 Web casted seminar on capi-tal market – challenges & opportunities

Chairman Members & students of ICSI

30.04.2011 Investor Awareness Pro-gramme

CS R K Porwal, Past Chairman, LCNIRC

Members & students of ICSI

14.05.2011 Study Circle- Recent changes in MCA-21.


21.05.2011 Web casted seminar on "XBRL - An Emerging Profes-sional Opportunity"


27.05.2011 Initial Public Offer – Concepts & Opportunities

CS B. Narasimhan, Central coun-cil Member

Members of ICSI

27.05.2011 Initial Public Offer – Con-cepts & Opportunities

Vice President, Karvy Computer-share P Ltd,Mumbai

Members of ICSI

05.06.2011 Investor Awareness Pro-gramme

Shri S L Chandwani, Past Chair-man, IIA Raebareilly, Shri Y K Gupta, Chairman, IIA

Members of ICSI






INVESTOR AWARENESS PROGRAM organized by Lucknow Chapter of NIRC in association with MINISTRY OF CORPORATE AFFAIRS on

Sunday, June 5th, 2011 at Hotel Surya, Rae-bareilly

Shri Y K Gupta, Chairman, IIA CS Amit Gupta

lighting the Lamp and an-swering the

queries of the participants.

Critical Issues in Company Law & Service Tax Organized by Lucknow Chapter.

Chief Guest CS Navneet Sehgal, IAS

Guest of Honour: Mrs. Suchitra Sharma, Commissioner, Central Excise, Lucknow

Prof. Balraj Chauhan, Vice-Chancellor, Dr. RMLNLU CS NEsar Ahmad, Former President, NIRC

CS Bilmal Jain

Galleria: Lucknow Chapter’s News in Pictures


Galleria: Lucknow Chapter’s News in Pictures

Seminar on Practical Aspects of various Corporate Laws

F E L I

C I T A T I

O N

C E R E M O N Y


FORTHCOMING STUDY CIRCLE MEETING Kindly note that Study Circle meetings are being organized every second Saturday of the month. Volunteers are requested to give their names for acting as group leader for respective topic/discussion.

Topic DEVELOPING SKILLS IN MS OFFICE

Date August 13, 2011

Day Saturday

Timings From 5.00 PM to 7.00 PM

Venue Lucknow Chapter

Disclaimer: All efforts have been taken to make the news letter up to date and the information has been obtained from sources deemed to be reliable; still the Institute/Chapter does not take responsibility for any omission or error in respect of information obtained in the News Letter. Views expressed by authors are their own and not necessarily of Institute/ Chapter. Institute/ Chapter nor the authors shall be liable for any error or inaccuracy in the articles or contents reproduced. . The contents of this News Letter are only for general information or use of members of The Institute of Company Secretaries of India only.

LUCKNOW CHAPTER OF NORTHERN INDIA REGIONALCOUNCIL OF

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA 1/157, Vivek Khand, Gomti Nagar, Lucknow - 226 010 Tel: +91 522 4109382, 2392684 Mob: +91 9415005108

E-mail: [email protected]

Articles are invited from the Members/ Students for publication in forthcoming issues All articles submitted will be subjected to peer review and published once accepted for publication. Kindly send the articles along with your Photograph at [email protected] . We wel-come further suggestions to ensure that we empower you with the knowledge you seek.

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