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FROM THE DESK OF CHAIRMAN

                 

                                                   

karmanyeva-adhikaraste ma phalesu kadachana’,

Be active, never be inactive, and don’t react to the outcome of the work.  Bhagwan Shri Krishna – The Bhagavad Gita

Dear Friends,

It has been more than three months since we have been facing the second wave of the pandemic, the scale and the deep impact of the second wave on economy, industry and livelihoods has been severe. The development of a vaccine was the silver lining in this problem and the vaccination of the entire world is the solution to this grave problem. The vaccination doesn’t absolve us from following Covid 19 instructions and protocols to stay safe, hence now it’s expected from us to maintain alertness by conducting ourselves in a manner befitting the needs of the present situation. With this humble submission I present to you, the June issue of ICSI EIRC Newsletter which I believe will help you in your pursuit of updating your knowledge resources and be your companion as you now step out to a new world after the easing of restrictions.

We started off this month with the observance of World Environment Day on June 05th, the day is commemorated to raise awareness about the environment and and to commit ourselves to protect the environment at all costs. At EIRC we asked all members, students, staff members to plant saplings at their homes or nearby parks and to click a photo doing the same and all photos were put up as a collage in the EIRC homepage. It was heartwarming to see all everyone joining in for the noble initiative.

We also observed the 33rd PCS day on 15th June 2021. PCS day is observed to mark the beginning of an era for the Institute of Company Secretaries of India as well as its members when the Company Secretaries in Practice, were accorded recognition for Certifying the Annual Returns under the erstwhile Companies Act, 1956.To commemorate the occasion this year, the ICSI HQ organised a webinar on a theme relevant to the present times “Sustaining the Challenging Times: Passion, Innovation & Technology”. Shri V Muraleedharan, Union Minister of State for External Affairs & Parliamentary Affairs, graced the occasion as the Chief Guest. At EIRC to commemorate PCS day, a series of webinars were organized during the week from 14th June to 19th June on various topics like Opportunities for Company Secretaries as Registered Valuers, Opportunities for Practising Company Secretaries, Overview of Recent Changes in the Companies Act, 2013, PPIRP and Judicial Pronouncements under IBC and on 19th June we felicitated senior practicing members acknowledging their contribution to this noble profession. Apart from these webinars we also organized a Virtual Panel Discussion on Roles, Responsibilities & Remuneration of Independent Director(s) vis-à-vis relevant Recent Amendments in the Companies Act, 2013 on 19th June and Webinar on Critical Discussion on IBC on Tuesday, 29th June, 2021.  I express my sincere gratitude to President and Vice-President ICSI for the representation made to MCA for extension of due-dates of Companies Fresh Start Scheme 2020 and E-Form DPT-3 which the MCA has accepted on 30th June 2021 providing a huge relief to our stakeholders. 

In our fight against this pandemic and to defeat the virus and to bolster vaccination among members, students and staff the EIRC tied up with Techno DAMA Hospitals and Lions Club Tollygunge by setting up vaccination camps and this move by the EIRC was appreciated by all.

At EIRC we are committed to grooming our students to be future ready professionals and we organised training programmes for the students like 04th and 05th Batch One Day Orientation Programme (ODOP) in virtual mode. The 04th Batch One Day Orientation Programme (ODOP) had an attendance of 382 participants which is a record in itself. We also have started our Class Room Teaching for CSEET July 2021 Exams and Executive Programme December 2021 exams.  It also gives me great pleasure to state that the Bhubaneshwar Chapter of the EIRC of ICSI had signed a MOU with Odisha State Open University for Academic Collaboration, the MOU signing ceremony was attended by CS Nagendra D Rao, President, ICSI.

The ICSI is empathetic to the needs of the students and recognizing that, the ICSI had decided upon various relaxations, the postponement of June 2021 Examinations being one of them, with the situations easing and the number of cases reducing, it was deemed fit that the Examinations may be conducted in August 2021. I also feel glad to share that from this month onwards the ICSI has decided that Graduates/Post Graduates can directly seek admission onto CS Executive Programme without appearing for the CSEET.

As you may be aware pursuant to resignation of one of the member of the 13th Council of the Institute of Company Secretaries of India elected from the EIRC, one seat has became vacant. Accordingly, election process for filling such casual vacancy has been initiated and election is scheduled to be held on 24th September 2O21 at all places except Kolkata. The election at Kolkata is scheduled on two consecutive days, i.e., on 24th and 25th September 2021. The official Gazette Notification about filling of the casual vacancy is published in the Newsletter.

There were a lot of regulatory changes in the Company Law, Securities Laws during the month of May-June 2021 and I have tried to enlist some important changes which are as follows:

  • Clarification on offsetting the excess CSR spent for FY 2019-20
  • The Companies (Incorporation) Fourth Amendment Rules, 2021
  • The Investor Education and Protection Fund Authority (Accounting, Audit,
  • Transfer and Refund) Amendment Rules, 2021
  • Format of compliance report on Corporate Governance by Listed Entities
  • Circular on Relaxation in compliance with requirements pertaining to AIFs and VCFs
  • Relaxation from compliance to REITs and InvITs
  • Notification under the Bilateral Netting of Qualified Financial Contract Act, 2020
  • Business responsibility and sustainability reporting by listed entities
  • SEBI (Listing Obligations and Disclosure Req.) (Second Amendment) Regulations, 2021
  • Consultation Paper on Segregation and Monitoring of Collateral at Client level
  • SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021
  • SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2021
  • SEBI (Intermediaries) (Second Amendment) Regulations, 2021
  • Compilation of Informal Guidance-SEBI (Prohibition of Insider Trading) Regulations, 2015
  • Thresholds for the purposes of Significant Economic Presence - Rule 11UD
  • Income-tax (16th Amendment) Rules, 2021
  • Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021

We have also organised online Career Awareness Programmes (CAP) at M.C. Kejriwal Vidyapeeth, Vivekananda College Thakurpukur ,Panchthupi Haripada Gouribala College, Subhash Chandra Bose Centenary College and Kendriya Vidyalaya, Ballygunge  in the month of June 2021 by CS Ankita Dey, Dr Tapas Kr Roy, Regional Director, ICSI-EIRO,  Mr. S.Sreejesh, Assistant Director, ICSI-EIRO, Ms Lachhmi Bhatt, Assistant Director, ICSI-EIRO & Ms Uma Banik Joarder, Sr Executive Assistant virtually. They informed the students about the CSEET, ICSI Course Curriculum, ICSI Students Education Fund, the fee concession given to reserved classes, ICSI E-Learning and the flexibility of the CS course in terms of possibility of studying wherever a student wants to in India. Detailed information about the career options as a Company Secretary (CS) was provided to the students. The response of the students and teachers were encouraging.

As you are all aware that the CS Benevolent Fund (CSBF) has been set up for members requiring financial support in times of distress. Now medical reimbursement limits under CSBF for those affected by Covid-19 have been enhanced w.e.f. 1st May, 2021. Members and / or their declared dependents who have tested COVID positive and have incurred expenses related to treatment for COVID in hospital (private/government/ military) or under home quarantine/isolation shall be eligible for reimbursement (the slabs and other details are available on www.icsi.edu)

Lastly, I would request all our professional friends to abide by the norms and restrictions as informed by the Government, please get vaccinated at the earliest without any further delay, make people aware about vaccines and stop mis-information on vaccines and curb vaccine hesitancy, maintain social distancing norms intact on your part and request others in your vicinity to do the same in bolstering our fight against this ominously omnivorous pandemic. Stay Safe and Take Care.

With warm Regards,

CS Sudhir Kumar Banthiya,

Chairman, EIRC of ICSI

E-Mail – sudhirbanthiya@rediffmail.com

Kolkata, 30th June 2021