Welcome to CS Students' Online Club. Our MISSION: "To create a online network of budding governance professionals". Our VISION: "To be a leading network of governance professionals, providing scope for knowledge and career development".

CSoC Members Count:
38,252
Latest topics
» Past Question Papers of CS Executive / Professional / Foundation Exam Upto December 2016 Session
Wed 1 Feb 2017 - 0:11 by rchgiri

» Direct & Indirect Tax Laws Updates & Select Cases for CS Executive/Professional December 2016 Examination
Wed 11 Jan 2017 - 16:59 by rchgiri

» Financial Treasury and Forex Management>Past Questions of 60 marks>CS Professional
Thu 5 Jan 2017 - 9:45 by rchgiri

» CS EP NS P2 Cost & Management Accounting > MCQ
Sat 8 Oct 2016 - 17:57 by rchgiri

» CS Professional / Executive Programme Guideline Answers upto June 2016 Exam
Sun 28 Aug 2016 - 16:49 by rchgiri

» Tips on "How To Face An Interview & Career Planning"
Tue 23 Aug 2016 - 9:55 by rchgiri

» SEBI Act, Rules, Regulations, etc.
Mon 1 Aug 2016 - 14:48 by rchgiri

» CS Dinesh Chandra Arora, New Secretary of ICSI
Thu 21 Jul 2016 - 15:34 by Club CEO

» Online Learning of CS Executive coaching classes
Wed 11 May 2016 - 23:11 by raviesm

» Service tax Reverse Charge Mechanism.
Mon 15 Feb 2016 - 21:51 by siva004

» Service tax credit on step ladder repair
Mon 15 Feb 2016 - 21:37 by siva004

» CS Mamta Binani elected as New President of ICSI & CS Shyam Agarwal elected as New Vice-President of ICSI for 2015-16
Tue 19 Jan 2016 - 12:08 by Club CEO

» CS PP Old Syllabus: P4: CRI: Questions & Answers >> Correct or Incorrect:
Sun 13 Dec 2015 - 20:28 by rchgiri

» The Companies Act, 2013: The Rules made thereunder, Circulars & Notifications Issued by MCA
Sat 5 Dec 2015 - 12:42 by rchgiri

» New CSoC Face Portal
Thu 8 Oct 2015 - 9:01 by Club CEO

» CS Trainees / Jobs
Wed 23 Sep 2015 - 14:36 by rchgiri

» General Notice to Club Members & Well-Wishers
Tue 8 Sep 2015 - 15:36 by Club CEO

» online coaching for cs professional old syllabus
Sun 6 Sep 2015 - 13:41 by rchgiri

» Automatic Switchover To Professional (New Syllabus 2012) From December, 2016 Session
Thu 3 Sep 2015 - 15:49 by rchgiri

» Can anybody tell Main object clause for Manufacture of machinery of Polyurethanes industry.
Wed 2 Sep 2015 - 14:59 by parul5986

Top posters
rchgiri (1527)
 
Club CEO (1158)
 
praveen999 (691)
 
Soundharya (591)
 
mione (424)
 
lalitha.purohit (283)
 
j.padiya (277)
 
Preetpal Singh (219)
 
Aswathy (193)
 
SANJAY SHARMA (176)
 


You are not connected. Please login or register

View previous topic View next topic Go down  Message [Page 1 of 1]

Club CEO

avatar
CSoC King
CSoC King
The Parliamentary Standing Committee on Finance is in favour of allowing Company Secretaries to be partners in Limited Liability Partnerships (LLP).

This was one of the recommendations made by the Standing Committee in a report tabled in the Lok Sabha on Tuesday.

It relates to the Company Secretaries Amendment Bill, 2010, and is expected to be taken up in the winter session of Parliament.

Limited Liability Partnership is a vehicle that can enable professionals from varied areas such as Law, Chartered Accountancy and Company Secretaryship, to come together and form a partnership that can offer holistic business solutions to a client. The liability of the partners in the LLPs is limited to their agreed contribution in the vehicle.

LLPs are common organisation structures in the western world, but have found favour in India only recently. In order to enable members of the Institute of Company Secretaries (ICSI) to form limited liability partnerships as defined by the LLP Act, 2008, the Company Secretaries Amendment Bill, 2010, seeks to amend the Company Secretaries Act, 1980.

Agreement

The Committee expressed agreement with the amendment proposals of the Bill to this end which inter-alia seek to add in the Act, the definitions of ‘firm', ‘partner', ‘partnership' and ‘sole proprietorship,' in line with the LLP Act, and recommend the same for consideration.

Recommendations made by the ICSI regarding the change in name of the institute and qualification of the Secretary did not find favour with the Ministry of Corporate Affairs (MCA).

The Ministry rejected the recommendation for the change in the name of the institute from Company Secretaries of India to Chartered Secretaries of India. This was on the grounds that after becoming a Republic in 1950, the Government does not issue ‘charters' with the exception of Chartered Accountants of 1949, which continues to follow the British practice.

Deletion of words

The ICSI wanted the Government to reinstate the words “the council shall appoint a Secretary who shall be a member of the Institute.”

The Ministry rejected the recommendation on the basis of the reasoning that the deletion of the words provides wider scope for the institute to appoint a more competent person than a member of the same institute.

The deleted words cannot be reinstated as similar provisions were made in the Chartered Accountancy (CA) and Cost and Works Accountancy (CWA) Acts in 2006, and the ICAI and ICWAI have not objected to the existing provisions.

Nevertheless, the decision to appoint a secretary rests with the Council and the Government will not interfere in that decision, it said.

Source: [You must be registered and logged in to see this link.]

http://www.csstudentsclub.com

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum