See Yes -> Yes, ACS

KnowLaw on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India

noreply@blogger.com (See Yes Vj) — Mon, 23 Jan 2012 22:18:36 PST

Know Law

Labz Notification 10 of 2011

A written-cum-video initiative to know your corporate legal position as on date

Legal Queries???

What are restrictions in foreign inflow? What are the FDI compliances with RBI? What are the ECB compliances with RBI? What are the FCCB/GDR/ADR compliances with RBI? Is there any annual return with RBI like that under Company laws? What are the consequences of non-filing of returns with RBI? When you are falling under Automatic route of FEMA, is there any reporting requirement with RBI? What happens if the inflow is not under automatic route? Is SEZ mandated by RBI for such reporting? What is the reporting procedure? What are the legal requirements in India when foreign exchange is involved in a company’s capital account transaction?

Solution…

FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction

The compliances under Foreign Exchange Management Act (FEMA) arise, when there is an inflow or outflow of foreign exchange. When dealing with bank accounts situated outside India or in India, you might not realize the indirect effect on foreign exchange which mandate FEMA compliances. In India, most of the current account transaction mandates reporting arrangements, whereas certain capital account transaction require approvals from the Central Bank namely Reserve Bank of India.

FEMA being an ever changing law in India, the legalization of a transaction and its dealings is a voluminous task. The approvals, intimations & reporting have to be done keeping in mind the legal updated applied with practical skills. At Lawlabz we can facilitate the same for your company’s transactions. Read More...

Requirement under Indian laws on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India:

Whenever there is an issue, allotment, transfer or conversion of shares, an intimation or approval may be required under FEMA as an event based compliance requirement. This can happen in situations where there is an increase in the shareholding of the company or on induction of new shareholders or an investment is made into the company abroad or when there is transfer of shares in which one party is an Indian or when loans (External Commercial Borrowings) are converted into equity capital. Further, whenever arises an event under FEMA, it comes with a obligation to submit periodical returns as well on a monthly basis for loans related dealing, quarterly basis for FCCB/ADR/GDR related overseas issues and on a annual basis for equity related dealings. Further, there are ceiling limits of 7 days/15 days/30 days/60 days/180 days for various compliances mentioned above. Even further, there is a requirement of certification of procedural compliance of the transaction by a Company Secretary and a certification on valuation of shares through Discounted Cash Flow method by a Chartered Accountant. Any delayed filing beyond the prescribed period also amounts to violation of law which can invite actions from RBI. Hence, in such cases, there is a option of voluntary compounding of offences by disclosing the offence to RBI.

Myth buster on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India:

FEMA compliances are not a mere one-time requirement of reporting whenever there is a requirement of funding or investment or raising money in India or abroad but it goes beyond as a regular procedural requirement once, one of such transaction with a foreign country or foreigner is made. The entire business transaction shall be consulted with an expert as to its impact on automatic route or approval route and how it shall be proceeded with. It may happen, the transaction is under automatic route but as it is taken up by a large enterprise, it may fall under approval route that shall be duly considered. Whenever a foreign exchange transaction happens, it should be considered on a wholesome basis as to its requirements on foreign exchange laws, the accounting treatment of the transactions and the legality of it under the requirement of various corporate laws, industrial laws and sector-specific laws.

Caution point on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India!!!

As the requirements of FEMA are constantly changing as updated by RBI, one shall take caution to ensure whether the reporting requirement on a particular date is in the latest prescribed legal requirement in India. The transacting Indian company shall be in regular touch with their Authorised Dealer (the bank in India) who is responsible for conversion of foreign exchange till the time the bank gets a final confirmation from RBI as to the satisfaction of the legal compliance requirement. The Joint ventures or foreign collaborations shall give due consideration of this legal requirement as this involves a hefty penalty of 3 times of the amount involved or to take the route of compounding to safeguard from violations.

WATCH LAWLABZ VIDEO on FEMA Compliances, Event Based, Periodical returns to be filed based on the nature of transaction in India!!! (Click Here ):

At Lawlabz, we offer 360^O Personalized VIRTUAL Corporate Solutions by offering COMPLETE online legal support for your organization since its set-up as your entrepreneurial venture, during its management as a corporate entity or a manufacturing industry and closure of unwanted company’s which are not having any significant business of its own.

Legally Yours,

Happy Consulting with www.lawlabz.com

For Private Circulation Only. The copyright of this notification is retained by Lawlabz. Notwithstanding anything contained herein, this notification does not amount to opinion or consultation of any nature. One Pager

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For earlier newsletters of KnowLaw series of Lawlabz, Click this link

Download CS Exam Hall Ticket & revise for Company Secretary Foundation Executive & Professional Programme December 2011 exams with Updates

noreply@blogger.com (See Yes Vj) — Wed, 14 Dec 2011 00:34:42 PST

Assured of your time value for Exams (read this as below), enjoy passing… Awaiting your happy moments @ exam halls. Forget everything, its only you and your available memory is the best. So, whether you know the answer or not, just keep concentrating for the full 3 hours of every exam to …..(read enjoy passing). Direct link to download your Company Secretary Exam hall ticket/Admit Card using YOUR 14 DIGIT FULL Registration Number WITH MONTH YEAR: http://124.247.195.74/pdfconversion/ICSIAdmitCard_Html.aspx OR http://icsi.indiaeducation.net/index.htm OR

http://124.247.195.77/pdfconversion/ICSIAdmitCard_Html.aspx OR OR get CS Admit Card in E-mail from https://spreadsheets.google.com/spreadsheet/viewform?formkey=dF8zRExCeXJ0d1E4bnVXWWVKX2VGb2c6MQ

Download Updates FULL PAGE LINK DOWNLOAD: http://www.scribd.com/fullscreen/75516635?access_key=key-1hz1homqrx2yaedrn2sf

For anyother doubts, visit http://www.icsi.in/StudentEnrollmentStatus/WebForm1.aspx or www.icsi.in

FULL PAGE LINK DOWNLOAD: http://www.scribd.com/fullscreen/75516635?access_key=key-1hz1homqrx2yaedrn2sf

LearnLabz Company Secretary December 2011 Exam Revision & Updates

Open publication - Free publishing

Important Forms Fees Due Date Provisions on Income Tax, Service Tax, Companies Act, LLP Act for CS Executive & Professional Program exams–Download Book

noreply@blogger.com (See Yes Vj) — Sun, 25 Sep 2011 02:37:18 PDT

ICAI has recently issued Quick Insights on CA which covers elaborately the provisions of Income Tax & Service Tax. It will be helpful for preparation of following papers of CS Exams:

Tax Laws (Income Tax & Service Tax) for Company Secretary Executive Program
Advance Tax Laws & Practice for Company Secretary Professional Program

Download the material from http://220.227.161.86/24347quick_insight.pdf

Further the material also discusses crisp details on Companies Act, 1956 and Limited Liability Partnership Act, 2008 which are given as under:

Source: ICAI vide http://220.227.161.86/24347quick_insight.pdf

The materials are shared only for the purpose of study and no other purpose.

Company Secretary Hindi medium books on Law for CS Exam Preparation & Revision of Foundation, Executive & Professional Programme –Download Now

noreply@blogger.com (See Yes Vj) — Sun, 25 Sep 2011 05:20:58 PDT

As you are aware the Institute of Company Secretaries of India (ICSI) allows Students to write Company Secretary Exams in Hindi Medium, you can download books on certain laws for your easy preparation & revision in Hindi as provided for All India Bar Exams (AIBE).

Company Secretary Law Subjects in Hindi Medium:

कंपनी सेक्रेटरी परीक्षा के लिए केवल इतना "पढ़ें.
जैसा कि आप जानते हैं बार काउंसिल एक परीक्षा योग्य वकीलों, जो भारत भर में न्यायालयों मेंवकालत कर करने and रुचि रखते हैं के लिए ऑल इंडिया बार परीक्षा (AIBE) कहा जाता है. उस प्रयोजन के लिए, Rainmaker बार काउंसिल के साथ अद्भुत तैयारी सामग्री बनाया गया है. सामग्रीकाफी पर्याप्त महत्वपूर्ण प्रावधानों को कवर किया हैं. यह कंपनी सेक्रेटरी अंतिम कार्यक्रम और कंपनीसेक्रेटरी इंटर कार्यक्रम and सामान्य कानून and मसौदा कागज के लिए सबसे अच्छा संदर्भ सामग्री है, बस परीक्षा में अधिकतम अंक प्राप्त पढें. यह CS परीक्षा या किसी भी CA के / CWA परीक्षा जहाँ आपनीचे वर्णित कानूनों के अध्ययन के पहले संशोधन के लिए अच्छी मदद की:

Download Link for Hindi Law Book 1: http://www.barcouncilofindia.org/wp-content/uploads/2010/08/hindi-book-1-final.pdf

Download Link for Hindi Law Book 2: http://www.barcouncilofindia.org/wp-content/uploads/2010/08/hindi-book-2-final.pdf

गुजर का आनंद लें ...

Reference Materials for CS Foundation Programme (Hindi Medium)

In the above refer Chapter No. 4 for Elements of Business Laws paper.

Reference Materials for CS Executive Programme (Hindi Medium)

Module 1: General & Commercial Law (GCL): Chapter Nos. 1, 2, 3, 4, 6, 8, 11, 18.

Module 2: Company Law: Chapter No. 13.

Economic & Labour Laws: Chapter Nos. 14 & 17.

Reference Materials for CS Professional Programme (Hindi Medium)

Module 1: Company Secretarial Practice (CSP): Chapter No. 13.

Drafting, Appearances & Pleadings (DAP): Chapter Nos. 1,2,3,7.

The materials are shared only for the purpose of study and not for any other purpose.

For English Medium: http://yehseeyes.blogspot.com/2011/09/download-cs-reference-book-for.html

THOSE WHO ARE UNABLE TO DOWNLOAD FROM ABOVE, CAN READ PART I & II FROM BELOW:

Hindi Book Law Final

Hindi Book Law Final2

Download CS Reference Book for Foundation,Executive & Professional Program exams: Company Secretary Revision Materials

noreply@blogger.com (See Yes Vj) — Sun, 25 Sep 2011 05:19:19 PDT

As you are aware the Bar Council has an examination called All India Bar Exams (AIBE) for qualified lawyers who are interested in practising law in Courts across India. For that purpose, the Bar Council with Rainmaker has created wonderful preparatory materials. The content are ample enough to cover important provisions. It is the best reference material for Drafting paper in CS Professional Program and General Law in CS Executive Program, just read to get maximum marks in exams. It will of good help for Revision too before CS exams or any CA/CWA exams where you study the following laws:

Download Link for Book 1: http://www.barcouncilofindia.org/wp-content/uploads/2010/08/AIBEP1.pdf

Download Link for Book 2: http://www.barcouncilofindia.org/wp-content/uploads/2010/08/AIBEP2.pdf

Reference Materials for CS Foundation Programme

In the above refer Chapter No. 4 for Elements of Business Laws paper.

Reference Materials for CS Executive Programme

Module 1: General & Commercial Law (GCL): Chapter Nos. 1, 2, 3, 4, 6, 8, 11, 18.

Module 2: Company Law: Chapter No. 13.

Economic & Labour Laws: Chapter Nos. 14 & 17.

Reference Materials for CS Professional Programme

Module 1: Company Secretarial Practice (CSP): Chapter No. 13.

Drafting, Appearances & Pleadings (DAP): Chapter Nos. 1,2,3,7.

The materials are shared only for the purpose of study and not for any other purpose.

For Executive Program: http://yehseeyes.blogspot.com/2007/10/cs-inter-reference-materials.html

For Professional Program: http://yehseeyes.blogspot.com/2010/01/books-for-cs-professional-program-on.html

For Hindi Medium: http://yehseeyes.blogspot.com/2011/09/company-secretary-hindi-medium-books-on.html

THOSE WHO ARE UNABLE TO DOWNLOAD FROM ABOVE, CAN READ PART I & II FROM BELOW:

AIBEP1

AIBEP2

CS Results & how when to register for next level after passing Company Secretary Foundation Executive Professional Programme June 2011 exams–To do checklist

noreply@blogger.com (See Yes Vj) — Thu, 25 Aug 2011 03:28:37 PDT

The results of the CS Foundation Programme, Intermediate/Executive Programme and Professional Programme examinations of the Company Secretaries held in June, 2011 are scheduled to be declared at 11.00 Noon on 25^th August, 2011 and it released on time.

Result is available on the following servers.

CS Exam Result - June 2011 Session

Server 1 for Result and E-Marks Sheet for Foundation Programme and Executive Programme

Server 2 for Result and E-Marks Sheet for Foundation Programme and Executive Programme

Server 3 for Result and E-Marks Sheet for Foundation Programme and Executive Programme

Server 4 for Result

Server 5 for Result

List Of Toppers

HEARTIEST WISHES FOR EVERY ONE WHO HAS WON & IN THE PROCESS OF WINNING COMPANY SECRETARY EXAMS

When candidates who cleared this level can go to the next level of CS Exams? Candidates registered upto and including the month of August in a year are eligible for appearing in both the groups of the Executive Programme or all 4 modules of Professional Programme examination held in June of next year. So, its mandatory for you to submit prescribed forms before 1st September 2011 to appear for all modules in June 2012. You shall also complete Student Induction Programme (SIP), Executive Development Programme (EDP) and Professional Development Programme (PDP). Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html

Preserve your Mark sheets as NO more CS Pass Certificates for Foundation & Executive will be issued by ICSI on passing Company Secretary Exams but for Professional Program

Before visiting the nearest ICSI office, make sure you are ready with following things:

For Foundation passed:

Click here to register online for CS Executive Program Application -http://www.icsi.in and arrange for fees as per http://www.icsi.edu/LinkClick.aspx?link=http%3a%2f%2fwww.icsi.edu%2fwebmodules%2flinksofweeks%2fREVISION+OF+FEES.doc&tabid=528&mid=3166
Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
Register for Computer Training with Aptech or produce your Certificates to write Exemption exam:www.icsi.aptechtrainingsolutions.com
Enroll for Student Induction Programme (SIP), a 7 full day program with ICSI which shall be completed within 6 months. Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Collect & preserve your Marksheets as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Get your Bcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries
Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%
Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before August 2011.
Enjoy reading CS Executive Programme books Only This Much for Company, Economic, Labour & Securities Law from http://csbooks.learnlabz.com

For Executive passed:

Click here to register online for CS Executive Program Application -http://www.icsi.in OR Click here to download & fill CS Professional Program Application -http://www.icsi.edu/webmodules/student/final.doc and arrange for fees as per Apply for Executive Development Program (EDP) and find details from nearest ICSI -http://www.icsi.edu/webmodules/student/TopForm.doc (its a mandatory pre-requisite to commence CS Training). EDP is a 8 full day program offered at ICSI and your training will commence only on completion of this program. Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Collect & preserve your Marksheets as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Then, start sending emails & applications of RESUME for CS Training to
1. List of Company Secretaries in Practice Registered for Imparting Training
2. Registered Companies for Training
For 15-month CS Training related information, you can visit http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html
Start looking out for Professional Development Programs (PDP) as its mandatory to attend for 25 hours or you have the option to register for National Convention of ICSI.
Get your Mcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries
Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%
Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before 1st September 2011.
Enjoy reading CS Professional books for all law subjects @ http://csbooks.learnlabz.com

For Professional passed:

Collect & preserve your Marksheets & Pass certificates as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Pending Training you are eligible for Licentiate Membership of ICSI -http://www.icsi.edu/webmodules/student/Licentiate.doc and you will get Chartered Secretary (Members magazine) free of cost.
Complete your CS Training or Claim exemption from it following http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html
Complete RoC Training or Stock Exchange training, if applicable. Send e-mail to training2@icsi.edu to get the sponsorship letter.
Complete 25 hours PDP's, 15 full days MSOP’s, etc… in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Then, apply for the esteemed membership of ICSI following, http://yehseeyes.blogspot.com/2009/01/checklistformsfeesguide-to-apply-for.html

Are you not satisfied with your CS results? then apply for Verification of marks (casually called revaluation or re-counting) within 30 days from today (ie) within 30 days from declaration of CS results. For more details, visit http://yehseeyes.blogspot.com/2009/02/revaluation-retotalling-cs-marks.html

Enjoy passin... Of course, you can keep track of all updates, happenings and all about Company Secretaries by following http://yehseeyes.blogspot.com/ and Get See Yes -> Yes, ACS delivered by email

Company Secretary June 2011 exam question paper for CS (ACS) Professional Programme

noreply@blogger.com (See Yes Vj) — Mon, 13 Jun 2011 04:44:07 PDT

In the series of Question papers for CS Executive Programme and a video of solved Tax papers for Executive & Professional Programme, here comes June 2011 CS Professional Program question papers. CS Final.

Module 1:

COMPANY SECRETARIAL PRATICE.pdf

https://viewer.zoho.com/docs/zYbbaL

DRAFTING APPEARANCES AND PLEADINGS.pdf

https://viewer.zoho.com/docs/yZeec

Module 2:

Corporate Restructuring and insolvency.pdf

https://viewer.zoho.com/docs/rYd5di

Financial,Treasury and Forex Management.pdf

https://viewer.zoho.com/docs/zZyHh

Module 3:

ADVANCE TAX LAW AND PRATICCE.pdf

https://viewer.zoho.com/docs/kY6lg

Alliances,international Trade and Strategic management.pdf

https://viewer.zoho.com/docs/qYabaP

Module 4:

CORPORATE GOVERNANCE BUSINESS ETHICS AND SUSTAINABILITY.pdf

https://viewer.zoho.com/docs/mYc86

DUE DILIGENCE AND CORPORATE COMPLIANCE MANAGEMENT.pdf

https://viewer.zoho.com/docs/hZnSg

For all Old Question papers of ACS exams, visit http://yehseeyes.blogspot.com/2007/11/icsi-question-papers.html

Enjoy solving.

Solved Company Secretary Executive & Professional Program June 2011 Tax papers - credits: CS KK Agarwal

noreply@blogger.com (See Yes Vj) — Mon, 13 Jun 2011 04:50:50 PDT

Great efforts by Mr. CS KK Agarwal and my humble pranams for making learning a very interesting experience by resolving students expectations in a more quicker & responsible manner to understand the nuances of the subject with a panache!!!

See it, to believe it...

Solved Tax law for CS Executive Programme (June 2011)

Solved Direct & International Taxes for CS Professional Programme (June 2011)

Click here for Question papers: http://yehseeyes.blogspot.com/2011/06/company-secretary-june-2011-exam.html & http://yehseeyes.blogspot.com/2011/06/company-secretary-june-2011-exam_13.html

Enjoyed understanding...

Company secretary June 2011 exam question paper for CS (ACS) Executive Programme

noreply@blogger.com (See Yes Vj) — Mon, 13 Jun 2011 04:52:51 PDT

Glance through Company Secretary June 2011 exam questions papers now.

General &commercial law.pdf

https://viewer.zoho.com/docs/mcDdbS

Company cost &management Accounts.pdf

https://viewer.zoho.com/docs/ecBxdj

Tax laws.pdf

https://viewer.zoho.com/docs/gcFacdh

Company law.pdf

https://viewer.zoho.com/docs/ecCri

Economic &labour Laws.pdf

https://viewer.zoho.com/docs/bcDqm

Securities Law& Compliance.pdf

https://viewer.zoho.com/docs/ycEadG

This is in the series of Question papers for CS Professional Programme and a video of solved Tax papers for Executive & Professional Programme.

For all Old Question papers of ACS exams, visit http://yehseeyes.blogspot.com/2007/11/icsi-question-papers.html

Enjoy solving.

RBI's Annual Return extends beyond FDI & ODI to Foreign Assets & Liabilities, capturing reverse investments & info based on OFBV valuation

noreply@blogger.com (See Yes Vj) — Wed, 16 Mar 2011 02:03:39 PDT

New Annual Return on Foreign Assets & Liabilities

To be filed with RBI on or before 15^th July every year

Replacing the erstwhile requirement of filing Part B of FC-GPR

RBI has replaced Part B of the Form FC-GPR by a separate ‘Annual Return on Foreign Liabilities and Assets’ given as Annex-I. The return should be submitted by July 15 of every year to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. Further, the return should be submitted by all the Indian companies which have received FDI and/or made ODI abroad (i.e. overseas investment) in the previous year(s) including the current year. The Annex –II gives the concepts and definitions useful in filling the Annual Return on Foreign Liabilities and Assets. Remember, Part -A of FC-GPR remains as such.

Circular: A.P. (DIR Series) Circular No. 45 dated 15^th March 2011 and is applicable with immediate effect from July 2011 onwards. & Definitions.

This requirement is to enable International Monetary Fund (IMF) for the purpose of compiling information to be used in the compilation of India’s Balance of Payments (BoP), International Investment Position (IIP), Coordinated Direct Investment and Coordinated Portfolio Investment. Hence, the formats are ensured to collect such COMPREHENSIVE & DETAILED information with proper definitions for various aspects. Interestingly, apart from the Audited Financials which needs to be annexed to the Annual Return, there is only a certification by Authorised official of the company.

It has the following sections:

1. Section I: Identification Particulars

· Block 1A : Total Paid up Capital of Indian Company

· Block 1B : Free Reserves & Surplus and Retained Profit

2. Section II: FOREIGN LIABILITIES

Investments made under Foreign Direct Investment (FDI) scheme in India:

· Block 2A: Foreign Direct Investment in India (10% or more Equity Participation

· Block 2B: Foreign Direct Investment in India (Less than 10% Equity Holding

Portfolio and Other Liabilities to Non-residents (i.e. position with unrelated parties)

· Block 3A: Portfolio Investment

· Block 3C: Other Investments: (like External Commercial Borrowings)This Other investment is a residual category that includes all financial outstanding not considered as direct investment or portfolio investment (outstanding liabilities with Unrelated Parties).

3. Section –III: FOREIGN ASSETS

· Block 4: Direct Investment Abroad under Overseas Direct Investment Scheme

· Block 4A: Direct Investment Abroad (10 % or more Equity holding

· Portfolio and Other Assets Abroad (i.e., position with unrelated parties)

· Block 5A: Portfolio Investment Abroad

· Block 5B: Financial Derivatives (with non-resident entities only)

· Block 5C: Other Investment (Outstanding claims on Unrelated Parties)

· Block 6: Equity Capital, Free Reserves & Surplus of Direct Investment Enterprise Abroad

[Please report here the total equity, the equity held by your company and the total free reserves & surplus of those nonresident enterprises in each of which your company held 10 per cent or more shares on the reporting date].

· Block 7: Contingent Foreign Liabilities

· Block 8: Employee Information of reporting Indian company

NEW CONCEPTS

Reverse Investment is defined and needs to be reported. It is when where the recipient of investment (being an Indian company) also holds LESS THAN 10% shares in the investor (in case of FDI into India). Same way, in case of ODI from India, the reverse investment is when the recipient of investment (being a foreign company) also holds LESS THAN 10% shares in the investor (being an Indian company).

Methodology for valuation of foreign liabilities and foreign assets:

• Debt securities should be valued at market price, while all other types of debt, viz., loan, trade credit, deposits, other accounts payable/ receivable should be valued at nominal value.

• For the valuation of the outstanding investment, use the corresponding endMarch/ end-December market price/exchange rate.

• For listed companies, the share price on the closing date of reporting period should be used for valuation of Equity.

• For unlisted companies, use the concept of "Own Funds at Book Value (OFBV)" for valuation of Equity, to have consistency in valuation. OFBV reflects the value of enterprise recorded in the book of Direct Investment Enterprise. To put in simple terms, OFBV is based on the books of the direct investment enterprise and can be seen on its balance sheet as shareholder‘s equity. The definition of OFBV contains paid-up capital, all types of reserves and net value of non distributed profits and losses (including result for the current year).

Example for OFBV:

Suppose company's paid up capital = Rs 250 lakh, with FDI 50 % (i.e. Rs 125 lakh)

Accumulated reinvested earnings = Rs 75 lakh

Revaluation of land & shares = Rs 159 lakh

Total = Rs 484 lakh

Therefore, Equity investment by foreign direct investor based on OFBV method is Rs 242 lakhs (50 per cent of Rs.484 lakh).

Enjoy filing Annual Return after reading the Definitions.

CS/CA/CWA/Law Students - the very last day to take Round-1 of OTM Challenge

noreply@blogger.com (See Yes Vj) — Mon, 28 Feb 2011 03:45:24 PST

OTM Challenge 2011

The reasoning behind this challenge is to groom and nurture Professional students of Company Secretary (CS), Chartered Accountant (CA), Cost Accountant (CWA), & LL.B/B.L by recognizing their capabilities and providing a platform for knowledge sharing & enrichment.

OnlyThisMuch (OTM) will provide various opportunities to the participants (selected) and the winners, which inter alia includes:

1. Opportunity to write and contribute to OTM by co-authoring OTM books

2. Opportunity to undergo Training (15 months training as indicated in CS course)

3. Opportunity to become a faculty (part-time or full-time) at Learn Labz

4. WIN Cash prizes, gift vouchers & goody bags

Results & prize distribution will be on 1st May 2011, 6 PM onwards.

OTM Challenge Schedule Round I of OTM challenge

(commences on 1^st Dec 2010 and closes on 28^th Feb 2011 @ 6 PM)

1. Choose the right answer challenge
2. Vision challenge
3. Unknown Challenge!!!

Click here & Take the Challenge Now

100 winners from India will be handpicked for Round II of OTM Challenge!

Results will be declared on our blog http://onlythismuch.blogspot.com on 15th March 2011.

Keep your friends informed and Enjoy challenging...

What next after Company Secretary December 2010 exam results by sms/website, how to apply for ACS Executive/Professional Programme online, revaluation, registration for SIP, EDP, PDP, MSOP by February 2011 & compulsory switchover from Final Old syllabus

noreply@blogger.com (See Yes Vj) — Thu, 24 Feb 2011 23:32:04 PST

The results of the CS Foundation Course, Intermediate and Final (Old Syllabus) and Foundation Programme, Intermediate/Executive Programme, and Professional Programme (New Syllabus) examinations of the Company Secretaries held in June, 2010 are scheduled to be declared at 12.00 Noon on 25^th February, 2011 and it released on time.

Result is available on the following servers.

1. Server 1 - Final Old / Foundation Programme / Executive Programme / Professional Programme Click here

2. Server 2 - Executive Programme / Final Old Click here

3. Server 3 - Foundation Programme / Professional Programme Click here

TAKE AWAY YOUR RESULT ON MOBILE - SMS
FINAL (OLD SYLLABUS) EXAMINATION DECEMBER 2010
SMS - Result<space>ICSIFINAL<space>ROLL NUMBER to 56263
Example: RESULT ICSIFINAL 123456 - Send it to 56263
FOUNDATION PROGRAMME (NEW SYLLABUS) EXAMINATION DECEMBER 2010
SMS - Result<space>ICSIFOUN<space>ROLL NUMBER to 56263
EXECUTIVE PROGRAMME (NEW SYLLABUS) EXAMINATION DECEMBER 2010
SMS - Result<space>ICSIEXEC<space>ROLL NUMBER to 56263
PROFESSIONAL PROGRAMME (NEW SYLLABUS) EXAMINATION DECEMBER 2010
SMS - Result<space>ICSIPROF<space>ROLL NUMBER to 56263

HEARTIEST WISHES FOR EVERY ONE WHO HAS WON & IN THE PROCESS OF WINNING COMPANY SECRETARY EXAMS

Candidates registered upto and including the month of Feburary in a year are eligible for appearing in both the groups of the Executive Programme or all 4 modules of Professional Programme examination held in June of next year. So, its mandatory for you to submit prescribed forms before 28th February 2011 to appear for all modules in December 2011. You shall also complete Student Induction Programme (SIP), Executive Development Programme (EDP) and Professional Development Programme (PDP). Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html

Preserve your Mark sheets as NO more CS Pass Certificates for Foundation & Executive will be issued by ICSI on passing Company Secretary Exams but for Professional Program

Before visiting the nearest ICSI office, make sure you are ready with following things:

For Foundation passed:

Click here to register online for CS Executive Program Application -http://www.icsi.in and arrange for fees as per http://www.icsi.edu/LinkClick.aspx?link=http%3a%2f%2fwww.icsi.edu%2fwebmodules%2flinksofweeks%2fREVISION+OF+FEES.doc&tabid=528&mid=3166
Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
Register for Computer Training with Aptech or produce your Certificates to write Exemption exam: www.icsi.aptechtrainingsolutions.com
Enroll for Student Induction Programme (SIP), a 7 full day program with ICSI which shall be completed within 6 months. Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Collect & preserve your Marksheets as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Get your Bcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries
Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%
Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before August 2011.
Enjoy reading CS Executive Programme books Only This Much for Company, Economic, Labour & Securities Law from http://csbooks.learnlabz.com

For Executive passed:

Click here to register online for CS Executive Program Application -http://www.icsi.in OR Click here to download & fill CS Professional Program Application -http://www.icsi.edu/webmodules/student/final.doc and arrange for fees as per Apply for Executive Development Program (EDP) and find details from nearest ICSI -http://www.icsi.edu/webmodules/student/TopForm.doc (its a mandatory pre-requisite to commence CS Training). EDP is a 8 full day program offered at ICSI and your training will commence only on completion of this program. Details in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Collect & preserve your Marksheets as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Then, start sending emails & applications of RESUME for CS Training to
1. List of Company Secretaries in Practice Registered for Imparting Training
2. Registered Companies for Training
For 15-month CS Training related information, you can visit http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html
Start looking out for Professional Development Programs (PDP) as its mandatory to attend for 25 hours or you have the option to register for National Convention of ICSI.
Get your Mcom degree too BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries
Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%
Get to know your subjects and classes schedules at http://csclasses.learnlabz.com
Start writing CC papers for eligibility Just write 1 CC paper for CS Executive/Professional/Foundation programme, instead of 3 CC papers per subject but to secure 40% marks and submit on or before February 2011.
Enjoy reading CS Professional books for all law subjects @ http://csbooks.learnlabz.com

For Professional passed:

Collect & preserve your Marksheets & Pass certificates as per http://yehseeyes.blogspot.com/2010/06/preserve-your-mark-sheets-as-no-more-cs.html
Pending Training you are eligible for Licentiate Membership of ICSI -http://www.icsi.edu/webmodules/student/Licentiate.doc and you will get Chartered Secretary (Members magazine) free of cost.
Complete your CS Training or Claim exemption from it following http://yehseeyes.blogspot.com/2008/05/icsi-15-months-managementapprentice.html
Complete RoC Training or Stock Exchange training, if applicable. Send e-mail to training2@icsi.edu to get the sponsorship letter.
Complete 25 hours PDP's, 15 full days MSOP’s, etc… in http://yehseeyes.blogspot.com/2010/02/newcstrainingsipedpmsoppdpparttimeicsic.html
Then, apply for the esteemed membership of ICSI following, http://yehseeyes.blogspot.com/2009/01/checklistformsfeesguide-to-apply-for.html

Those who not able to clear CS Final in Old Syllabus. If you have not cleared CS Final in this attempt, then you have to mandatorily switch over to the New Syllabus for your next attempt and details of exemptions you will get can be found from http://thisisvj.googlepages.com/CSSyllabus.pdf. More details as below.

Enjoy passin... Of course, you can keep track of all updates, happenings and all about Company Secretaries by following http://yehseeyes.blogspot.com/and Get See Yes -> Yes, ACS delivered by email

Take OTM Challenge – All India Competition from OTM 2011

All students who are pursuing CS Final are hereby informed that from next examination onwards ( i.e. June 2011 session onwards ) institute’s examination will be conducted under new syllabus only.

As such all concerned students may note that w.e.f. 26^th February 2011 all students who are presently in Final ( old syllabus ) will be compulsorily switched-over to Professional Program ( i.e. under new syllabus ).

Students who have already passed any subject of Final ( under old syllabus ) may note that they will be eligible for exemption in corresponding subjects under new

syllabus as per details mentioned below :


Sl No	FINAL ( old Syllabus )	Subject Code	PROFESSIONAL PROGRAM ( New Syllabus )	Subject Code
1	Advanced Company Law and Practice ( ACLP)	131	Company Secretarial Practice ( CSP)	231
2	Secretarial Practice relating to Eco. Laws and Drafting & Conveyancing ( SPRELDC)	132	Drafting, Appearances and Pleadings ( DAP)	232
3	Secretarial, Management and System Audit ( SMSA)	133	Due Diligence & Corp. Compliance Mgt. ( DDCCM)	237
4	Financial, Treasury and Forex Management ( FTFM)	134	Financial, Treasury and Forex Management ( FTFM)	233
5	Corporate Restructuring Law and Practice (CRLP)	135	Corporate Restructuring and Insolvency ( CRI)	234
6	Banking and Insurance – Law and Practice ( BILP)	136	Governance, Business Ethics and Sustainability ( GBES)	238
7	WTO-International Trade, Jt. Venture and Foreign Collaborations ( WTO-ITJVFC)	137	Strategic Mgt, Alliances and International Trade ( SMAIT)	235
8	Direct and Indirect Taxation – Law and Practice ( DITLP)	138	Advanced Tax Law and Pracice ( ATLP)	236
9	Human Resources Mgt & Industrial Relations ( HRMIL)	139	Governance, Business Ethics and Sustainability ( GBES)	238

Take OTM Challenge – All India Competition from OTM 2011

Company Secretary exemption for B.Com B.Sc LL.B M.B.A CWA M.C.S degree students from CS Foundation, Executive & Professional Program exams in General law, Accounts, Tax & Financial Management - ICSI

noreply@blogger.com (See Yes Vj) — Wed, 16 Feb 2011 04:11:08 PST

The Company Secretary course gives exemption from certain levels/subjects of its Foundation, Executive & Professional Programmes for candidates who are Graduates or Post Graduates or Professionals. Understand complete details about CS from here and enjoy passing.

WHAT FOR 10/+2 STUDENTS

You need to start from CS Foundation Programme. Get your scholarship based on your school marks from 10&12th Standard Marks for 100% Company Secretary Course fees, says ICSI by Students Education Fund Trust scheme-60/75/90%.

You can also get your B.Com & M.Com degrees alongside completion of Company Secretary Course. Find details in BCom CS Executive & MCom CS Professional programme is possible -IGNOU & ICSI offers this mutli-degrees for Company Secretaries.

Find complete details about CS course from Download Company Secretary Course kit for ACS exams with complete details about registration, fees, cut off dates, procedures, exemption, etc...& all CS students - Update your email ids now to get free Student Company Secretary magazine in your Inbox.

EXEMPTION FROM FOUNDATION PROGRAMME OF ICSI

Graduates in any discipline (like B.Com, B.A, B.B.A) except Fine Arts, irrespective of percentage or division of marks or medium of examination are exempted from passing the Foundation Programme and eligible for direct registration for the CS Executive Programme exams. Certain non-commerce graduates like B.Sc also are given exemptions but requested to write CC papers of Foundation Programme.

EXEMPTION FROM INDIVIDUAL PAPERS OF THE EXECUTIVE PROGRAMME EXAMINATION

In pursuance of the powers conferred on it under clause(3) of the regulation 42 of the company Secretaries Regulations, 1982, the Council of the Institute of the Company Secretaries of India has decided that a candidate shall be exempted from the following paper(s) of the Executive Programme examination if he / she possesses the qualification(s) specified against each paper, having secured 50% or more marks in the aggregate (whether in a full time college or though correspondence from a recognised University) and applies for exemption on or before last date for enrolment for the examination paying requisite exemption fee as may be determined by the Council from time to time.

1. General and Commercial Laws:

M.A / M.B.A. (Corporate Secretaryship) or Degree in Law (three years or five years integrated LL.B or B.L) from a recognized University / Institute either constituted under an Act of Parliament or approved by AICTE.

2. Company Accounts, Cost and Management Accounts:

M.A. (Corporate Secretaryship) / M.Com / M.B.A (with Advanced Accountancy as one of the subjects at graduation / post – graduation level and with full paper in Cost Accounting / Management Account / Financial Management at M.A. (Corporate Secretaryship) / M.Com / M.B.A. level having secured 50% marks in the subject concerned) from a recognized University / Institute either constituted under an Act of Parliament or approved by AICTE.

3. Tax Laws:

M.A / M.B.A. (Corporate Secretaryship) from a recognized University / Institute either constituted under an Act of Parliament or approved by AICTE.

EXEMPTION FROM INDIVIDUAL PAPERS OF THE FOUNDATION, EXECUTIVE & PROFESSIONAL PROGRAMME EXAMINATION

Professionals who are qualified Cost Accountants (ICWAI) or grad CWA’s, are eligible to get exemption from CS Foundation programme and certain practical related papers in CS Executive & Professional program exams. Details in Paper-wise ICSI Exemption for ICWAI Passed Students.

Enjoy exempting.

Tax law, Company law, Economic & Labour law Updates for June 2011 Company Secretaries exam as on February 2011 - ICSI Bulletin

noreply@blogger.com (See Yes Vj) — Wed, 16 Feb 2011 01:02:47 PST

CS Bulletin updation for Tax law (Assessment year & updates), Company law (Additional Filing Fees), Economic & Labour law (Competition law case) for June 2011 Company Secretaries exam as on February 2011. Do read for both Company Secretary Executive & Professional Programme exams.

ICSI Directorate of Academic & Professional Development

The Commission found that these practices constituted abuse by Intel of its dominant position on the x86 CPU market that harmed consumers throughout the European Economic Area. By undermining its competitors ability to compete on the merits of their products, Intel’s actions undermined competition & innovation. The CCI has also ordered Intel to cease ongoing abusive practices immediately.

A brief analysis of Intel case under Competition Act, 2002:

In the above mentioned case the relevant market is ‘Relevant Product Market’ and to be more specific, ‘Computer Chip Market’.
The dominance is abused on the grounds of ‘Denial of Market Access’ which is listed as one of the grounds of abuse of dominance, u/s. 4(2)(c) of Competition Act, 2002.

Enjoy passing!!!

Can a Company Secretary student whose registration is valid up to February 2011 appear for June exams & Download CS Exam Timetable

noreply@blogger.com (See Yes Vj) — Tue, 25 Jan 2011 03:31:32 PST

Registration Validity for June 2011 CS Exams

Students whose registration is valid up to February 2011 ( i.e. students registered in March 2006 ) are, however, eligible to appear in June 2011 Company Secretary examination without seeking extension of registration / registration de-novo subject to fulfilling other requirements as laid down in the regulations.

Understand about New Examination Centres at Jabalpur,Salem & Sonepat

CS Exam Timetable for June 2011 exams

Download CS June, 2011 Examination Table for Foundation, Executive & Professional Program exams

Enjoy passing.

Download Company Secretary Course kit for ACS exams with complete details about registration, fees, cut off dates, procedures, exemption, etc...& all CS students - Update your email ids now to get free Student Company Secretary magazine in your Inbox

noreply@blogger.com (See Yes Vj) — Wed, 16 Feb 2011 04:59:17 PST

All about CS: OnlyThisMuch. The information are given in detail hereunder for your complete understanding about Company Secretaryship Course or CS Course or ACS exams or by whatever name it is called. This will enable you to join ICSI and become a Company Secretary, a coveted corporate legal professional. If you are already a professional, do share this information to all for the benefit of budding students and Company Secretaries. Enjoy sharing.

Understand all about Company Secretary Course in India & Important Announcements for 2011 by ICSI

Important cut-off dates
General Information students must know
Guidelines for seeking extension of CS Course registration & de novo
Concession in Registration Fees / Examination Fees for Physically Handicapped Students:
How to get CS Student Identity (Id card)
Regarding Paper wise exemption in CS exams based on qualification
Compulsory Computer Training & Exemption
Submission of CC papers
ICSI Students Education Fund Trust & financial assistance for handicaps & others
Fees of ICSI for various services including registration, examination
Complete address of ICSI
Telephone numbers of Company Secretary Institute
Useful links for Company Secretary Exam preparation
Download CS Information Kit
More details in http://yehseeyes.blogspot.com/search/label/CS%20Course%20details
Download Company Secretary Course Brochure

Update your email id & address to get Student Secretary Magazine

Those students who are having e-mail address may communicate the same to the Student Services Section (giving reference of their name & registration no.) at naveen.kumar@icsi.edu, which will facilitate quick and economic communication from the Institute’s side. You will start receiving Student Company Secretary in email only if your correct email address is available with ICSI.

PIN CODE is required to be mentioned for quick delivery of the mail. Students may, therefore, check up the computerised mailing address as printed on the ‘Student Company Secretary’ bulletin. In case, it does not carry or carry the wrong PIN CODE number, the same may be intimated immediately quoting student registration number and full postal address with Postal Index Number so that it could be incorporated in the computerised mailing list.

CHANGE IN FREQUENCY OF DESPATCH OF STUDENT COMPANY SECRETARY BULLETIN:

As per the existing system, the Student Company Secretary Bulletin is dispatched by post to all active regular students on monthly basis.

Keeping in view the changing times, the Council of the Institute has decided that the Student Company Secretary Bulletin ( in physical form ) will be sent to the students on bi-monthly basis (once in two months), instead of on monthly basis, w.e.f. January 2011. However, the academic inputs as is being covered in the Student Company Secretary Bulletin will be uploaded on the website of the Institute, viz., www.icsi.edu and the same will also be sent through e-mail on monthly basis. With this arrangement, it is expected that the students will get updated contents promptly with the latest academic developments. All students are advised to take a note of it.

Enjoy registering, passing & practising.

CS Course details with Cut off dates details fees exemption de nova registration timelines & all about Comp...

Source: http://www.scribd.com/full/47522720?access_key=key-ij6yvlnfihe1lm4899q or e-bulletin of Directorate of Student Services January2011 of ICSI

Learnlabz on FEMA for Company Secretary exam revision (CS Executive & Professional Program), understand Foreign Exchange Management Act, 1999

noreply@blogger.com (See Yes Vj) — Mon, 03 Jan 2011 08:03:39 PST

Learnlabz distributed Company Secretary Exam revision DVD’s outside CS Exam Centres at Chennai and it was nice to get students reviews out of the Exam hall.

We were glad that lot of CS exam writers used OnlyThisMuch books and thier feedback after writing the exams was remarkable.

Enjoy watching the same VIDEO online now…. (Playlist contains 8 videos)

Source: www.youtube.com/learnlabz or http://www.youtube.com/view_play_list?p=D7FE18DDD7B99345

Do share your listening and recapitulating experience!!!

OTM Challenge 2011 is on…Take your challenge now…

Enjoy passing.

OnlyThisMuch Book Release Event Videos with my Guru Sreevathson & Mentor MR Venkatesh & all about the joyous moments of OTM for CS Executive Program

noreply@blogger.com (See Yes Vj) — Mon, 13 Dec 2010 09:00:14 PST

The most memorable OnlyThisMuch book release event started with a blessing speech by our Mentor Mr. MRV who described OTM as an Indian Thaali and went on with Mr. Sreevathson releasing the book, followed by an awe-inspiring speech and what not of the joy….:)))

More Videos in http://www.youtube.com/onlythismuch

Photos of the event:

Enjoy all the videos together in a playlist from http://www.youtube.com/watch?v=FxWqN_ql4RM&feature&p=4761E2F32ABA5D49&index=0&playnext=1

Do say if you like it in http://www.facebook.com/pages/OnlyThisMuch/171985196164559

OTM Challenge is on…

File @ SEBI Regional office for Issue size UPTO 100 crores for prescribed States with New Delhi, Ahmedabad, Chennai & Kolkata

noreply@blogger.com (See Yes Vj) — Tue, 07 Dec 2010 08:34:29 PST

SEBI extends the role of its Regional offices to accept applications for public issues under ICDR regulations vide CIR/CFD/DIL/9/2010 dated 13th October 2010

When issue size is 100 crores or less

SEBI, New Delhi office for Companies proposed to be listed in Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Uttar Pradesh, Chandigarh, Delhi & Uttarakhand

SEBI, Kolkata office for Companies proposed to be listed in Assam, Bihar,
Manipur, Meghalaya, Nagaland, Orissa, West Bengal, Tripura, Arunachal Pradesh, Mizoram & Jharkhand

SEBI, Chennai office for Companies proposed to be listed in Andhra Pradesh, Karnataka, Kerala, Tami Nadu & Puducherry

SEBI, Ahmedabad office for Companies proposed to be listed in Gujarat & Rajasthan.

For other states & when issue size is more than 100 crores

At SEBI Bhawan, Mumbai.

Merchant Bankers are accordingly advised to file the draft offer documents / offer documents with the concerned office of SEBI, based on the estimated issue size accordingly.

Download Notification.

Download CS Admit Card for December 2010 Exams - Take print of Hall Ticket for Foundation Executive & Professional Company Secretary Exams now

noreply@blogger.com (See Yes Vj) — Fri, 17 Dec 2010 01:24:35 PST

Hope you would have got your Admit Card or Hall tickets for CS Foundation Programme, CS Executive Programme or CS Professional Programme exams by now.

The CS Admit Card issued by ICSI gives you the details of Roll Number, Examination centre and the details of the exams that you are allowed to write along with the Date of the Exams and the exemptions granted.

So, its the time to wish all the best!!! Just be confident of your preparations now, irrespective of how much you have studied. Just make sure, you spend 3 hours of your time for every exam with 100% concentration and every exam is independant of each other. The performance of one exam has connection to the performance in the other exam. So, simply give your best for each & every exam. Its Only This Much!!!

Refresh your exam knowledge by participating in Quiz from http://onlythismuch.blogspot.com

For those, who have not got the same, not to panic! there is a very easy way to download, which is valid for Exams too from ICSI site itself. Just you have to know your ICSI registration number. (Enter Either Registration number or Roll Number) 17 Digit Registration No (Third character is Zero and not "O") or 9 digit numbers followed by / month (2 digit) / year (4 digit) and you will get your Admit Card Extract.

Now, click here to get your Admit Card Click here to download ICSI Hall Ticket for December 2010 exams using http://www.icsi.edu:8888/AdmitCard/LoginScreen.aspx [New Website Link]

The other option would be log in to your www.icsi.in

Company Law Easy Exit Scheme Version 2.0 is back!!! Rush to close your companies now (1st January to 31st January 2011)

noreply@blogger.com (See Yes Vj) — Mon, 06 Dec 2010 08:39:41 PST

Closure of defunct companies by ROC

COMPANY LAW EASY EXIT SCHEME under The Companies Act, 1956:

The Ministry of Corporate Affairs, has announced an EASY EXIT SCHEME to facilitate the defunct company to get rid of it. The scheme has made very simple for the exit of the defunct company without much effort.

In the normal circumstances closing of a company may take several years and may need to spent lakhs of rupees.

Please contact us immediately for filing the application, for closure of your defunct company, if any at the earliest and avail this golden opportunity.

The opportunity may come once in blue moon. So do ACT IMMEDIATELY and get rid of your defunct company once for all without any future litigation for non compliances.

The Scheme is valid from 1st January to 31st January 2011.

After the closure of the scheme, it is expected that ROC may take actions on those companies who continue to default the compliances.

Take the opportunity immediately.

For assistance, you may also contact:

044-24340416

Reach us @ 7/13, South Boag Road, T.Nagar, Chennai, 600017

Mail us: solutions@lawlabz.com

Keep closing!!!

Download New Easy Exit Scheme Notification

No preferential allotment to promoter for 1 year on warrant failure, Be a retail investor UPTO 2 lakhs, Advertise filing of offer documents, Uniform allotment in offer to public, Asks company to decide whether partly/fully paid shares - SEBI ICDR 4th Amendment 2010

noreply@blogger.com (See Yes Vj) — Mon, 06 Dec 2010 08:15:05 PST

SEBI Issue of Capital & Disclosure Requirements - ICDR (Fourth Amendment) Regulations, 2010: The amendment includes postal insurance funds as QIB, increases retail investor limit to 2 lakhs [ie, those who will fall in the 35% in net offer category], mandates company to advertise filing of offer documents, clarifies on pending convertible securities before IPO, as usual puts extra responsibility on Merchant banker to certify on advertisements issued in all types of media, unifies allotment in offer to public as 50%-35%-15% (for QIB-Retail-Others), issue to give either part payment or full payment option to investors (& not both) and finally clarifies on eligibility of Preferential Allotment to Promoters or Promoters Group (i.e) if they have sold shares within past 6 months or if they have failed to exercise warrants issued within past 1 year, then such promoters/promoters group becomes ineligible for preferential allotment.

Retail investors/reservation to employees limit extended

Reg 2(ze) “retail individual investor” means an investor who applies or bids for specified securities for a value of not more than Rs. 2 lakhs (erstwhile limit was Rs. 1 lakh).

Reg 2(zf) “retail individual shareholder” means a shareholder of a listed issuer, who applies or bids for specified securities for a value of not more than Rs. 2 lakhs.

Reg 42(4): The reservation on competitive basis to any employee shall not exceed Rs. 2,00,000/- (erstwhile limit was Rs. 1,00,000)

Reg 2(zd) “Qualified Institutional Buyer” (QIB) has 12 items now:

“(xii) insurance funds set up and managed by the Department of Posts, India.”

In addition to SEBI, Stock Exchange & Merchant banker who publish draft offer documents in their website, the company shall publish the same in dailies

New Reg 9(3): The issuer company either on the date of filing the draft offer document with SEBI or on the next day shall make a public announcement in one English/Hindi/Regional daily newspaper with wide circulation about the fact of filing of draft offer document with SEBI and inviting public comments.

Reg 26(5): IPO can be made with FULLY PAID outstanding convertible securities which are required to be converted on or before the date of filing of prospectus.

Same allocation even if minimum public shareholding is 10/25%Reg 43(2): Allocation in net offer to public category shall be:

UPTO 50% to QIB
Atleast 35% to Retail Investors
Atleast 15% to Non-Institutional Investors

(irrespective of whether the offer is made under Rule 19(2)(b) or not [i.e, even if minimum public shareholding is 10%])

Hence, the erswhile limits of 60%, 30%, 10% will not apply.

Make it fully paid or partly paid & not both

New Reg 54(7): “The issuer shall give only one payment option out of the following to all the investors -

(a) part payment on application with balance money to be paid in calls; or
(b) full payment on application:

Provided that where the issuer has given the part payment option to investors, such issuer shall obtain the necessary regulatory approvals to facilitate the same.”

Now, Merchant banker shall also certify the Public communications, publicity materials, advertisements and research reports in all medias

New Reg 60(14): “The merchant bankers shall submit a compliance certificate in the format specified in Part D of Schedule XIII, for the period between the date of filing the draft offer document with SEBI and the date of closure of the issue, in respect of news reports appearing in any of the following media:
(a) newspapers mentioned in sub-regulation (3) of regulation 9;
(b) major business magazines;
(c) print and electronic media controlled by a media group where the media group has a private treaty/shareholders’ agreement with the issuer or promoters of the issuer.”

Conditions for Preferential Allotment made more stringent

“Explanation: Where any person belonging to promoter(s) or the promoter group has sold his equity shares in the issuer during the 6 months preceding the relevant date, the promoter(s) and promoter group shall be ineligible for allotment of specified securities on preferential basis”.

New Reg 72(3): Where any person belonging to promoter(s) or the promoter group has previously subscribed to warrants of an issuer but failed to exercise the warrants, the promoter(s) and promoter group shall be ineligible for issue of specified securities of such issuer on preferential basis for a period of one year from the date of expiry of the tenure/cancellation of the warrants.

Download the SEBI ICDR 4th Amendment 2010 issued vide No. LAD-NRO/GN/2010-11/19/26456 dated 12th November 2010

Only This Much Challenge - theres more to OnlyThisMuch for CS Books, is open now, Take the OTM challenge right away!!!

noreply@blogger.com (See Yes Vj) — Wed, 01 Dec 2010 22:58:30 PST

OTM Challenge

- there’s more to only this much!!!

View Point

The reasoning behind this challenge is to groom and nurture CS/CWA/CA/LL.B students by recognising their capabilities and providing a platform for knowledge sharing & enrichment.

OTM will provide various opportunities to the participants (selected) and the winners, which inter alia includes:

1. Opportunity to write and contribute to OTM by co-authoring in OTM books

2. Opportunity to undergo Training (15 months training as indicated in CS course)

3. Opportunity to become a faculty (part-time or full-time) at Learn Labz

4. WIN Cash prizes, gift vouchers & goody bags

Know about OTM

Such activities will nourish their minds & enrich their knowledge, making them a confident & successful professional and will also provide them an opportunity to meet like-minded professionals.

So what are you waiting for...Take the OTM challenge 2011 right away from http://onlythismuch.blogspot.com/2010/12/so-what-are-you-waiting-for.html

About OTM Challenge & Click here to Take Round-I of OTM Challenge or E-mail

SEBI interprets whether offer to 50 or more persons amounts to public & thereby mandates listing under Companies Act, irrespective of intention to list its securities with Stock Exchange - reading together Section 55A with 73

noreply@blogger.com (See Yes Vj) — Sun, 28 Nov 2010 19:29:12 PST

On 24th November 2010, it happened!!! SEBI, the watch dog of Indian Capital Market did its part of research on Companies Act to understand the powers which are already vested with it and has come out [barking :-)] with brilliant interpretations.

SEBI takes a re-look on

Section 55A, 56, 60B, 67, 73 & 81(1A) of Companies Act, 1956

DIRECTIONS UNDER SECTIONS 11(1), 11(4)(b), 11A(1)(b) AND 11B issued under SEBI ACT, 1992 READ WITH REGULATION 107 OF SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS - ICDR) REGULATIONS, 2009 IN THE MATTER OF ISSUANCE OF OPTIONALLY FULLY CONVERTIBLE DEBENTURES (OFCD) BY SAHARA INDIA REAL ESTATE CORPORATION LIMITED (SIREC) AND SAHARA HOUSING INVESTMENT CORPORATION LIMITED (SHICL). Lets refer SIREC & SHICL as “Company”.

The Company’s point of view

a. OFCD issuance of SIRECL and SHICL do not come under the purview of SEBI as Section 55A of the Companies Act, 1956 delegates the administrative power to SEBI only with respect to the listed public companies and those public companies which are intending to get their securities listed in India. Since the said companies have stated in the RHP filed with the RoC that, they do not intend to get the OFCDs listed in any stock exchanges in India or abroad, the issuance of OFCDs does not come under the purview of SEBI.
Note: OFCD is a security and is convertible into Equity Shares and is not in the nature of “Non-Convertible Debt Security”.

b. Issuance of OFCDs was made on private placement basis and is restricted to a select group (however large, they may be), it ceases to be an offer to the public.
c. When securities are issued to more than 50 persons, by following the procedure laid down under Section 60B of the Companies Act, 1956, by circulation of information memorandum and filing of Red Herring Prospectus (RHP) with the RoC, it would not be necessary to list the securities so offered and the issue shall remain outside the purview of SEBI.

What did SEBI analyse?

a) Whether the impugned OFCD offers have been made to the public and if so, whether listing of the OFCDs, so offered, is mandatory?
b) Whether Section 60B of the Act provides “an alternative route” for raising capital without complying with Section 73 of the Act and other SEBI requirements, as contended by the companies?

What does Companies Act say?

Section 67: The essence of this section is that “who can apply for securities in response to invitation shall be checked to determine whether it is an offer to public” and lays certain criteria for that.

The said Section explicitly states that any reference in the Act or in the articles of a company to offering (or inviting to subscribe) for shares or debentures to the public shall be construed as including a reference to offering them (or inviting them to subscribe) to any section of the public, whether selected as members or debenture holders of the company concerned or as clients of the person issuing the prospectus or in any other manner.

Provisio to Section 67(3) as summarised by SEBI: Even if an issue is made by way of private placement to 50 or more persons, it would be deemed to be a public issue (“deemed to be a public issue”) irrespective of whether it was offered to public at large or to just a section of the public chosen, in whatever manner.

Further, any further issue of capital, even pursuant to a resolution made under Section 81(1A) of the Act (dealing private placement to select group of persons), is subject to the provisions of Part III of the Act (dealing with Prospectus), if the offer is made to 50 persons or more.

The filing of a prospectus under the Act signfies the intention of the issuer to raise funds from the public. – SEBI infers!!!

Whether listing is mandatory for all public issues?

As per Section 73(1) of the Act, every company intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an application to one or more recognized stock exchanges for permission for (listing of) the shares or debentures intending to be so offered to be dealt with in a stock exchange or each such stock exchange.

As per Section 73(2) of the Act, where any listing permission is not applied, as observed in the present case, the companies are required to refund all the money received as subscription within the stipulated time.

The intention of the companies to list or not is immaterial as it is mandated by the Act – SEBI infers!!!

SEBI Order analyses Section 55A & Section 73

The words “intend to get their securities listed” in Section 55A(1) (b) of the Act (which gives the power to SEBI) is clearly synonymous with the words “intend to offer their securities to public” (as per Section 73), as law mandates compulsory listing in case of public issues and specifies that any condition to waive this requirement is void [as per Section 73(4)].

If to 50 or more persons, then to 1000 or more persons!!!

Once the company is mandated to list, it shall comply with the requirements of SEBI ICDR regulation as the debentures are convertible into Equity. Reading Section 67 with ICDR:

Once the issuer decides to offer its securities to 50 or more persons, then the issue is an offer to public at large, complying with the provisions prescribed in the ICDR Regulations which mentions that an issuer shall not make an allotment pursuant to a public issue if the number of prospective allottees is less than 1000, to ensure there is sufficient liquidity in the scrip post listing.

In such case, it shall file RHP with SEBI atleast 30 days in advance before filing the same with RoC – SEBI infers!!!

SEBI tooks pains to highlight the clauses of ICDR not complied with, in this link:

http://www.sebi.gov.in//cmorder/SaharaAnnexure.pdf

SEBI also claims the Prospectus filed by the company is not fully adequate with requisite legal information. On analysing the above mentioned violation of Companies Act & some other observations by SEBI on the financials had issued an ad interim, ex-parte Order vide WTM/KMA/CFD/316/11/2010.

The Company claims unlisted companies cannot come under the purview of SEBI

The company deems the order as imprudent and irrational vide its RESPONSE as this order created a confusion among public that Sahara’s IPO is rejected (which is not at all the case though!!!). Further, in the interest, image and goodwill of entire Sahara India Pariwar, the company has disclosed the details in its RESPONSE.

SEBI’s Order: WTM/KMA/CFD/316/11/2010

Sahara’s Response: RESPONSE

This case may give an answer to the BERMUDA TRIANGLE of what if issue to 50 or more persons but less than 1000 persons.

Will the company take the Writ route to re-examine the jurisdiction of SEBI with respect to Section 55A read with Section 73?
Believe, this cannot have the same HAPPY ENDING with Consent Order at later stages.

We shall await for the Securities Appellate Tribunal’s (SAT) interesting response.

OnlyThisMuch 3rd edition Book Release along with exam winning tips to readers [event invite]

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SEBI interprets whether offer to 50 or more persons amounts to public & thereby mandates listing under Companies Act, irrespective of intention to list its securities with Stock Exchange - reading together Section 55A with 73

Section 55A, 56, 60B, 67, 73 & 81(1A) of Companies Act, 1956

The Company’s point of view

What did SEBI analyse?

What does Companies Act say?

Whether listing is mandatory for all public issues?

SEBI Order analyses Section 55A & Section 73

If to 50 or more persons, then to 1000 or more persons!!!

SEBI tooks pains to highlight the clauses of ICDR not complied with, in this link:

The Company claims unlisted companies cannot come under the purview of SEBI

OnlyThisMuch 3rd edition Book Release along with exam winning tips to readers [event invite]