Posts Tagged ‘ICSI’


Shri S. N. Ananthasubramanian, a Fellow Member of the Institute of Company Secretaries of India (ICSI) has been elected as the President of the Institute w.e.f 19th January 2013. Shri Harish K. Vaid, also a Fellow Member of the Institute, has been elected as the Vice President.

Shri Ananthasubramanian has been in practice as a Company Secretary at Thane since 1991. He has contributed to the visibility and growth of the profession as member of ICSI-WIRC between 2001 and 2006. As its Chairman in 2005, he was actively associated in ICSI-NSE Collaboration towards the inclusion of Corporate Governance Module in National Certificate in Financial Markets (NCFM) and as its Secretary, facilitated the formation of Thane Chapter of ICSI in 2003. Shri Ananthasubramanian was a member of various Committees of the Council of the ICSI including the Core Group for formulating the ICSI-Vision 2020.

Shri Harish K. Vaid has been a Member of various Committees on Corporate Laws constituted by ASSOCHAM, Confederation of Indian Industries and PHD Chambers of Commerce & Industry. He is also on the board of various listed and unlisted companies.

Source: Press Information Bureau.


Shri M. S. Sahoo, an officer of the Indian Economic Service (IES) and also a Fellow Member of the Institute of Company Secretaries of India (ICSI) has taken over as the Secretary of the ICSI w.e.f today. Shri Sutanu Sinha, also a Fellow Member of ICSI, has taken over as the new Chief Executive of the Institute from today.

Shri Sahoo has over three decades of rich work experience in self-employment, private sector, public sector, regulator and government in varied functional areas such as reforms, policy, regulations, research and analysis. He has also served as a Whole Time Member of the Securities and Exchange Board of India (SEBI) during 2008-11.

Before assuming the office of the Chief Executive, Shri Sutanu Sinha was heading the Academics & Professional Development Directorate of the ICSI. He has over twenty five years of professional experience in the Company Secretarial and Corporate Functioning.

Source: Press Information Bureau.


General Circular No. 33/2012, No. HQ/MCA/Digitized/ARBS/2009-Pt-2, dated 16.10.2012

You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandatedvideMinistry of Corporate Affairs Notification GSR No: 748(E), dated 05.10.2011. The e-forms were duly certified by CA/CS/CWA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.

2. A random scrutiny of XBRL filing of financial statements by few companies to MCA for FY 2010-11 reveals significant variations in disclosures in published results and the XBRL filings due to ‘incorrect’ mapping of disclosures. It has been observed that few disclosures were ‘mapped/tagged’ with incorrect accounting concept despite availability of appropriate element in taxonomy. It has also been observed that provisions of “Block Text tagging” and/or “Footnote” have been inappropriately used to report disclosures, like subsidiary details, related party transactions, Director’s Report, etc., even when appropriate elements were available in the taxonomy for such disclosures. Few instances of “incorrect” tagging of XBRL documents are provided at Annexure-I.

3. Such filing are inaccurate and do not adequately represent true and fair view of the state of affairs of the company as per section 211 of the Companies Act, 1956. Such XBRL filings, apart from being misleading, also dilute the effectiveness of XBRL for stakeholders’ usage relating to the companies. It is unfortunate that professionals have certified the authenticity of such incorrect data, for which they are liable to be penalized. Such lapses defeat the very purpose of introducing XBRL filings which are meant to elicit more detailed and refined information as to the affairs of companies. Please note that XBRL filings are being minutely scrutinized to see if similar mistakes also appear in a larger sample.

4. It is bounden duty of Institutes to direct its members to take necessary steps to improve the quality of XBRL filing for FY 2011-12 to be undertaken by its members. The Institute may conduct further trainings, issue guidelines, etc. so that such quality related issues are appropriately resolved.

5. This may be accorded high priority.

Annexure-I 

GENERAL XBRL FILING ERRORS

Errors Observation
Cash Flow Statement not tagged
The Cash Flow Statement for FY 2010-11 is available in the Audited Financial Statements (PDF file). However, the same has not been tagged in XBRL financial statements filed at MCA portal.

 

Information of all subsidiaries not provided in XBRL financial statements Information about one Subsidiary has been tagged in XBRL financial statements whereas the Company had nine Subsidiaries.
Information of all related party transactions not provided in XBRL financial statements Related Party Disclosures have not been tagged in XBRL financial statement.
Parenthetical (additional disclosures) information not tagged in XBRL financial statements Aggregate Market Value of Investments not provided by way of footnote. Additional information on Issued, Subscribed & Paid up Share Capital not explained by way of footnote.
Footnotes not tagged in XBRL financial statements. Footnotes on Share Capital, Secured Loan, Reserve and Surplus, unsecured loan-Fixed deposits, Investments, Fixed Assets, Security deposit, etc. have not been tagged. Footnote on “Investments” has not been given.
Different presentation in PDF and XBRL filings The Annual Report presented before the shareholders the figures were presented in Rs. Thousands whereas in the XBRL documents the figures were provided in Rs. Lakhs.
Incorrect usage of Footnote Director’s Report provided by way of footnote whereas separate tags are available for tagging of Directors’ Report. Similarly, for Auditors’ Report, Significant Accounting policies, Unsecured Loan, Current Liabilities, etc. Footnote has been incorrectly used.

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Click here to download the complete text of the above Circular in PDF Format- General Circular No. 33/2012 dated 16.10.2012.

Source: Ministry of Corporate Affairs.


Good Corporate Governance is essentially about Effective & Responsible Leadership -Dr. M.Veerappa Moily

Union Corporate affairs Minister Dr. M. Veerappa Moily has underlined the need to bring in such a good corporate Governance that is essentially about effective and responsive leadership which calls for integrity, transparency and accountability. Dr. Moily was addressing the 2nd ICSI CORPORATE GOVERNANCE WEEK here in at New Delhi today. The minister said in the dynamic global environment good governance has assumed considerable importance and it is an essential requirement for socio economic development and a tool for inclusive growth. Also the reputation of corporates contributes 75% to success of Good Governance. He complimented the Institute of Company Secretaries of India for this initiative and said that ICSI has always demonstrated its commitment to corporate governance and is playing a leaders role in promoting good corporate governance practices amongst corporate India.

Dr. Moily said his ministry has always been in the forefront to facilitate corporate growth and at the same time putting in place an enlightened regulatory environment that ensures sustainable, equitable and inclusive development. It also ensures best corporate governance and practices for the purpose of accountable, responsible and transparent system of corporate governance.

He said the National Policy on Corporate Governance which is being drafted by committee headed by Mr. Adi Godrej to provide a world class corporate administration framework to facilitate growth of corporate sector in the country. Also, the Competition Amendment Bill has been drafted and is under the consideration of Group of Ministers head by the Finance Minister. The Minister said for the ease of doing business in India a committee is being formed consisting of members from all the relevant sectors concerned directly or indirectly with doing business in our country. The aim is to have a measurable target in terms of improvement in the rankings within a period of next 3 to 5 years.

Dr. Moily ensured that the New Companies Bill 2011 will be passed soon and will be instrumental in enlightening the regulator environment for better sustainability. He once again stressed on the need for economic stability & progress intertwined with Corporate Social Responsibility.

The other prominent speakers included Shri Nesar Ahmad , President ,The Institute of Company Secretaries of India (ICSI), Mr. Sunil Kant Munjal, Joint Managing Director ,Hero Motorcorp Ltd, Mr. U Venkataraman ,CEO –Currency Derivatives Segment and Whole Time Director ,MCX Stock Exchange, Shri P K Mittal, Council Member, ICSI, Shri Rajiv Bajaj , Chairman Northern India Regional Council and Shri N K Jain, Secretary & CEO of ICSI.

The Institute of Company Secretaries of India (ICSI) has observed the 2nd ICSI CORPORATE GOVERNANCE WEEK on the theme ‘Good Governance For Sustainability’, from August 27th to August 31st 2012 across the Country. The idea behind the ICSI Corporate Governance Week is to create awareness, propagate the best practices of corporate governance and mainstream corporate responsibility in the social fabric.

Source: Press Information Bureau.

 

 

 


Gazette Notification GSR 534(E) dated 14/07/2011- Clarification Regarding

Notification, dated 16.08.2012

[F. No. 14/11/2012-CL-VII]

To,

All Regional Directors,

All Registrars of Companies,

The Institute of Company Secretaries of India,

The Institute of Chartered Accountants of India,

The Institute of Cost Accountants of India,

I am directed to refer to the Gazette Notification No. GSR 534(E) dated 15th July, 2011 whereby companies were exempted from obtaining the approval of the Central Government for payment of remuneration exceeding the limits imposed by the Companies Act, 1956 in respect of the managerial persons not having any interest in the capital of the company and not related to the directors or promoters thereof.

In this regard, a number of representations have been received from stakeholders pointing to the corporate practice of allocating shares by way of qualification shares and/or shares under any scheme for allotment of shares to the employees of the company including under Employees’ Stock Option Plan (ESOP).

It is hereby clarified that any employee of a company holding shares of the company up to 0.5% of paid up share capital thereof under any scheme formulated for allotment of shares to such employees including under Employees’ Stock Option Plan or by way of qualification shares are also covered under the category of persons not having any interest in the capital of the company in terms of the Ministry’s notification GSR 534(E) dated 14.07.2011.

Click here to download the complete text of the above Notification in PDF Format- Notification, dated 16.08.2012.

Source: Ministry of Corporate Affairs.