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1 New Companies Bill 2009 Please do read on Wed 16 Sep 2009 - 10:45

khushboo


Ranchi chapter has written letter to ICSI which is as follows:

Clauses concerning Company Secretaries:
1. Regarding Clause 178:
We are grateful that Company Secretary is there in Key Managerial Personnel (KMP). But it is ambiguous as to which Company will have KMP on its rolls. As per existing law, the mandatory appointment of Company Secretaries are there for a company with a paid up capital of Rs. 5 crores or more. Now prescription of appointments of three managerial personnel at a time in the proposed company Bill is impliedly for big sized companies. Will this clause help our nascent company Secretaries?

2. Clause 82 (Annual Return)
The mandatory requirement of certification by company secretaries either in practice or in employment should also have been included for one person and small Companies.

3. Recognition to Secretarial Standards (Clause 107)
In this connection, my earlier communiqué may please be referred to wherein the issue of corporate affairs standards made by the ICAI was raised. As per the news flashed in the business Standard ICAI is making an effort to make their standards mandatory.
Under these circumstances how do we feel that Secretarial Standards recommended by ICSI is going to be recognized? What representation we have sent to the Ministry in this regard?

4. Report on General Meetings (Clause 109)
How Company Secretaries are having scope into it? How the roles of Company Secretaries are defined?

5. Registered Valuers [Clause 219(2)]
There is no exclusive jurisdiction.

6. Appointment as Administrator (Clause 234)
This is also not an exclusive jurisdiction.

7. Company Liquidators (Clause 250)
This is also not an exclusive jurisdiction.

8. Professional assistance to Company Liquidator (Clause 266)
There is no exclusive rights.

9. Qualifications of Tribunal (Clause 370)
Experience of 25 years is too big, it should be around 10 years. Moreover we should also press our demand to include the Company Secretaries for the purpose of Income Tax Appellate Tribunal also.


Sir, still the exclusive jurisdiction of Company Secretary is not defined anywhere in the Company Bill and many of the Companies do not know as to what will be the role of a Company Secretary in a Company. The problem is still persisting because in financial segment for the practice of Central Excise, Income Tax etc., although we are empowered to appear before Tribunals also but these segments have remained untouched because of the de-motivation into these areas as the ICSI is not pressing it with relevant Ministry. We have used the word de-motivation because on the one hand we, the Company Secretaries claim to be the strategic planners and on the other hand we seek to be included in the return filers and preparers scheme.
Since the ICSI is taking arbitrary steps restricting towards only Company Law and not going into other areas of practice such as the income tax, Central Excise Tax, Economic Laws and other areas, the domain of practice therefore is restricted only upto the large Companies and instead of recognition to the profession of Company Secretaries it provides de-recognition because the common person still does not know the areas of Company Secretary as the ICSI is not hitting hard on these grounds.
Mr. President Sir, thank you for initiating such moves, but in our opinion we should enter into area of direct tax code also. That authority should be given to the member of Company Secretaries also for which in our view, a writ should be moved in High Court asking for mandamus for the Ministry of Finance to include Company Secretaries into these areas also. If this is done then, there would be effective work by the ICSI. Constitution of high powered committees in those areas and highlighting the matter in this manner does not state the value of our profession which has been taken away under demarking of section 383A. Sir, many States have authorized Company Secretaries to conduct VAT Audit. Company Secretaries are doing well in Central excise, Service Tax, FEMA and all economic and corporate laws. Under Direct Tax Code, which is in offing, should not there be the provisions including Company Secretaries in the definition of the Accountant so that they can be entitled to conduct tax audit also?
So the letter of the President on this count does not contain a good attempt but it adds on to the all members to wake up so that the value of this profession does not loose its lustre.
Mr. President Sir, the undersigned is thankful to you on behalf of the Ranchi Chapter for opening an insight but our agitation continues till the forum takes up the appropriate steps. If the forum fails to take steps, we would be free to take up the matter before Hon’ble Supreme Court or the before Hon’ble High Court by way of a PIL at Jharkhand High Court.



You are requested to please get united and extend your support else ________________ I dont think i need to say more

All CS/would be CS are requested to please wake up and stand for our rights

2 Re: New Companies Bill 2009 Please do read on Wed 16 Sep 2009 - 11:05

Club CEO

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CSoC King
CSoC King
Dear Club Member

Thanks for such very useful posting. The Club hereby extends its support to Ranchi Chapter, in protecting the rights of the glorius CS Profession.

"CS - The most Respected Corporate Governance Professional"

Regards

Web Executive
CSoC

http://www.csstudentsclub.com

3 Re: New Companies Bill 2009 Please do read on Wed 16 Sep 2009 - 14:12

madhurna


I ahve also sent emails to the ICSI regarding the New Companies Bill, 2009
An extract of the email is as follows depicting the Suggestions regarding the Bill

- There should be separate chapter on the Company Secretary in Employment as well as CS in practice which shall define the role of CS, powers, procedure for appointment, reappointment, liabilities etc.
- Instead of Annual Return and Compliance Certificate the concept of Secretarial Audit Shall be introduced in the bill, and this shall be mandatory to all types of companies irrespective of class, paid up capital and turnover. However after introducing Secretarial Audit the companies need not to file separate Compliance Certificate and Annual Return.
- Certification of all the Forms under MCA including Form I shall be an exclusive area of Practicing Company Secretary and no other profession. This being a core competency of PCS, MCA this time shall utilize our profession by giving it more responsibility.
- A much awaited recognition for Secretarial Standards has provided in the bill, however it is restricted to SS with respect to ‘General and Board Meetings’, the scope shall be extend to all SS issued by ICSI and the definition of SS shall be given U/s. 2 of the Act which is presently missing in the Bill, which shall be read as “Secretarial Standards shall be the Standards Issued by the Institute of Company Secretaries of India”.

4 Re: New Companies Bill 2009 Please do read on Wed 16 Sep 2009 - 22:19

csbbilu

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CSoC Smart User
CSoC Smart User
We can have a full picture only when the Rules are made public.

CS. Bilu

http://www.bblawclass.com

5 Re: New Companies Bill 2009 Please do read on Thu 17 Sep 2009 - 14:16

madhurna


I have received the following reply from the ICSI

Dear Mr. Madhur Nandkishor Agrawal





Thanks for your suggestions on Companies Bill, 2009 and LLP Act. The suggestions are being examined. We wish to inform you that elaborate and protracted efforts are on to obtain recognition under Maharashtra VAT Act,2002.




Regards,



(N K JAIN)

SECRETARY & CEO

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

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