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ICSI - WIRC THE INSTITUTE OF Company Secretaries of India I N P U R S U I T O F P R O F E S S I O N A L E X C E L L E N C E Statutory body under an Act of Parliament ICSI - WIRC July-2017
ICSI - WIRC
THE INSTITUTE OF
Company Secretaries of IndiaI N P U R S U I T O F P R O F E S S I O N A L E X C E L L E N C E
Statutory body under an Act of Parliament
ICSI - WIRC
July-2017
Editor :
CS Amit Kumar Jain
Members :
CS Ankur Shah
CS Ashok Mishra
CS Bhumitra V. Dholakia
CS Hemant Pandya
CS Kaushik Jhaveri
CS Mayur Buha
CS Nehal Thaker
CS Piyush Bindal
CS Rahul Sahasrabuddhe
CS Y C Rao
1 Articles :
ii)
iii)
iv)
v)
Valuation & Registered Valuers as under companies Act
CS Sujata Chattopadhyay
Article on Goods & Service Tax (GST)
CS Kalidas Vanjpe
Company Mergers & Companies Act
CS Surendra U. Kanstiya
Place of effective management under Income Tax Act
CS A Sekar
3 e-Voting Services of NSDL
4 Gallery
5 Disclaimer
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Ex-Officio Member :
CS Prakash Pandya
CS Praveen Soni
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Chairman Message 3
2 Associates 23
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CS Prakash K PandyaChairman
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पा��वा�नमा�नॊ�तधना�म�� तत: सख ं ||ु
-�हतोपदेश
Dear Professional Colleagues,We have just seen yet another month full of activities and the main one being the students month. Students month was
celebrated by ICSI across the country in all chapters and Regions. It is commendable to note that some regions and
many chapters have kept student based activities on the all the days during the month.WIRC also has organized many
activities during the students month. Various competitions were organized and the Convocation in the Western Region
was also held in this month.
I feel immensely proud to communicate to you that Pune Chapter of WIRC stood at the top in terms of Students activities
during the month and was declared as the Winner. Bhubaneshwar and Kanpur Chapters has also been in the limelight in
terms of activities. Though all the regions performed exceptionally well during the students month; EIRO had an upper
hand in terms of performance and was declared as the Winner Region. I take this opportunity to compliment the
Winning Chapter and Regional Chairmen for the excellent performance which they have shown in the students month.
Today's students only turns out to be tomorrow's member and we at ICSI through its chapters and Region is doing an
exceptionally good job in celebrating the students month.
A premier event happened in the month of July is the Capital Market week and Mumbai is the city which was opted to
celebrate the Capital Market week in the western region. The Capital Market celebration was held at Mumbai on 22nd
July 2017 which has seen a galaxy of capital Market icons. Some of the icons who made the Capital Market
celebrations unique includes Mr.Ashish Kumar Chauhan, Chairman and Managing Director, BSE Limited, Shri Prashant
Saran, Former Whole time Member, SEBI, Shri J N Gupta, Former Executive Director, SEBI etc.
Knowledge imparts modesty. Through humbleness comes eligibility. Once eligible comes wealth. Wealth can be utilized to perform good deeds (dharma).
Good deeds lead to happiness-Hitopadesha
ICSI - WIRC
Inspite of being a monsoon period the Capital Market Celebrations has seen a jam packed audience. I compliment the
efforts taken by CS Mahavir Lunawat, Council Member for making the Capital Market week a success.
WIRC continue to organize Master Classes on topics of Contemporary relevance and in the last month we have
conducted Master Class on IBC.The program was well attended by the participants.
The Annual Regional Conference of ICSI-WIRC is tentatively planned in the month of November 2017 at Goa. We are
planning to have a professional treat during the Annual Regional Conference. The dates will be finalized by next month. I
request all the members to block their calendar for the Annual Regional Conference.
The Convocation of the Western Region was held on July 31,2017 in two different sessions. The awards for the
meritorious students were also distributed to all the scholors.Dr. J. N. Misra, CEO of Indian Institute of Banking and
Finance was the Chief Guest for the first session and Shri P.Venugopal, Secretary General, Insurance Institute of India
was the Chief Guest for the second session. Both the dignitaries shared their experience with the young generation
Company Secretaries. CS (Dr.) Shyam Agrawal, President, ICSI was also present during the occasion. Along with the
oath taking ceremony all the delegates also took oath of Swatch Bharat.
The Annual General Meeting of ICSI-WIRC was also held on the same day which was attended by members of the
region in good numbers. ICSI-WIRC had the privilege of organizing farewell to Shri A K Chaturvedi, Regional
Director(West),MCA on his retirement after serving the Ministry for several decades. All the members in the council
join me to wish Shri Chaturvedi to peaceful retired life.
We are moving to another month which is going to be packed with activities. I compliment all the committee chairman
who is working hard for the welfare of the region and development of profession and I assure them all the best possible
support from my side.
Members and students may write to me for all what ICSI-WIRC can do for you. ICSI-WIRC as in the past is committed to
deliver its best to its stake holders.
We will interact again through this mode in the coming month.With best wishesCS Prakash K. PandyaChairmanICSI-WIRC
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Business Valuation as defined by Black's Law Dictionary is 'A process and a set of procedures used to estimate the economic value of an owner.'The process and set of procedures in the Indian Context is well defined by numerous provisions and regulations set forth by a host of regulatory bodies and statutes charged with the regulation of Business Valuation, and include such heavy weights as: -
Ÿ The Reserve Bank of India;Ÿ ·The Securities and Exchange Board of India;Ÿ ·Stock Exchanges;Ÿ ·Companies Act, 2013;Ÿ ·Insolvency and Bankruptcy Code, 2016;Ÿ ·Income Tax Act, 1961
The regulatory framework governing Business Valuation seeks to regulate the discretion in the hands of the Valuer of how to arrive at a Valuation to an extent where Valuations adhere to certain stringent principles and provide Guidelines which assure a certain degree of consistency in Valuations irrespective of the Valuer, while retaining with the Valuer such amount of discretion as is necessary to bring about a true and fair valuation of a Business.
Given the fine balance of Discretion and Regulation, Valuation exhibits elements of both an Art and a Science.
Significance of the Valuer
Business Valuation is a multidisciplinary activity including within its scope, elements of finance, accounting, law, economics, management and other disciplines. Given the complexity of the task at hand and the significant financial and legal implications, experience should form the basis of choice while appointing a Valuation Expert.Not only does experience help develop the knowledge necessary to attain technical proficiency; it also cultivates the judgment that is a critical component of a good business valuation.The depth and breadth of that experience can also often times prove to be important.
Business Valuation and the Companies Act, 2013
Keeping pace with modernization and the evolving needs of the corporate world, the erstwhile Companies Act, 1956 was replaced by the revamped and updated Companies Act of 2013. For the purposes of this article, we shall limit our discussion only to the aspects of Valuation under the Companies Act, 2013 and the Companies (Registered Valuers and Valuation) Rules, 2017.All aspects of Valuation have been covered in Chapter XVII of the Companies Act, 2013. The concept of 'Registered Valuer' was first introduced in the Draft Rules under Companies, Act, 2013 and was defined as a person registered as a Valuer under Chapter XVII of the Act.The Draft Rules were refined and detailed, and named the Companies (Registered Valuers and Valuation) Rules, 2017, which shall come into force with effect from July 15, 2017.
CS Sujata ChattopadhyayPractising Company Secretary
Valuation & Registered Valuers as under companies Act
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Chapter XVII of the Companies Act, 2013, comprises of solely section 247 which seeks to ensure Valuations are carried out by qualified persons of repute by mandating valuations made in respect of any property, shares, debentures, securities, or goodwill or any other assets or net worth of a Company or its liabilities under the provisions of the Act be made by a person having such qualifications and experience and registered as a Valuer.
Responsibilities of Registered Valuer and Punishment for Breach:
The second sub-section of section 247 goes on to enumerate the responsibilities of a Valuer as under:
The valuer appointed under shall:
(a) Make an impartial, true and fair valuation of any assets which may be required to be valued;
(b) Exercise due diligence while performing the functions as Valuer;
(c) Make the valuation in accordance with such rules as may be prescribed; and
(d) Not undertake valuation of any assets in which he has a direct or indirect interest or becomes so interested at any time during or after the valuation of assets.
Valuation, being as subjective as it is, will rarely allow for identical results when carried out on the same business by different Valuers, but so long as they are made on the basis of accepted principles of Valuation, the same cannot be impugned.
The third sub-section of section 247 is punitive in nature and makes a person who contradicts the provisions of the section liable to a fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees:The proviso to sub-sectiion 3 imposes a steeper penalty in cases where the valuer has contravened the provisions with the intention to defraud the company or its members, by making them liable to imprisonment for a term which may extend to one year and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
The final sub-section of section 247 lists out the consequences of being punished under sub-section 3 and reads as under:
Where a valuer has been convicted under sub-section (3), he shall be liable to:
(I) Refund the remuneration received by him to the company; and
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(i) Pay for damages to the company or to any other person for loss arising out of incorrect or misleading statements of particulars made in his report.
The heavy penalty levied on contravention of the provisions of this section accentuates the intent of the legislature to create a degree of stability and dependability in an otherwise volatile and dynamic activity.
Valuation and the Draft Companies (Registered Valuers and Valuation) Rules, 2017
The rules define Registered Valuers as valuers registered with the Registration Authority for carrying out valuation of assets belonging to a class or classes of assets.The rules specifically prohibit all such persons who are not Registered Valuers from practicing as Registered Valuers under any name, style, title or description; or holding themselves out as Registered Valuers either directly or by implication. The restrictions stem from the subjectivity of the nature of Business Valuations and to ensure a certain standard in the profession.
To become a Registered Valuer one must clear the Valuation exam conducted by the Registration Authority.Rule 6 lists out the criteria's for being eligible for registration as a Registered Valuer, they are:
(i) A post-graduate degree, in the specified discipline, from a University established, recognized or incorporated by law in India and at least three years of experience in the discipline thereafter; or
(ii) A Bachelor's degree, in the specified discipline, from a university established, recognized or incorporated by law in India and at least five years of experience in the discipline thereafter; or
(iii) Membership of a professional institute set up under an Act of Parliament and at least five years' experience after such membership.
The Explanation to rule 6 defines 'specified discipline' to mean:The specific discipline which is relevant for valuation of the class of asset for which the registration is sought and a valuation professional organisation recognised under these rules.
Guidelines Dictating Valuations:
So as to ensure certain standard guidelines are followed while making Valuations, the Rules under Rule 16 require Valuers to adhere to Valuation standards set forth by the Central Government from time to time and in the absence of such Valuation standards, Valuers are required to make Valuations as per:
Ÿ An internationally accepted valuation methodology;Ÿ Valuation standards adopted by any valuation professional organisation; orŸ Valuation standards specified by Reserve Bank of India, Securities and Exchange Board of India or any other
statutory regulatory body.
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Pivotal Role of Registered Valuers
The Companies Act, 2013 has introduced and made indispensible the role of the Registered Valuer by way of sections:
Section 62(1)(c) – Where a company having share capital proposes to increase its subscribed capital by the issue
of further shares other than by way of Rights Issue or a Scheme of Employee Stock Option, the price is to be determined
by the Valuation Report of a Registered Valuer
Section 192(2) – Non cash transaction for acquiring or sale of assets involving directors of the company or its
holding, subsidiary or associate company requires a resolution passed at the general meeting of the company, the
notice for which shall include the value of the assets involved calculated by a Registered Valuer.
Section 230(2)(c) (v) – An application for scheme of compromise or arrangement requires an affidavit which shall
include a Valuation report in respect of the shares and the property and all assets, tangible and intangible, movable and
immovable, of the company by a Registered Valuer.
Section 236(2) – Purchase of minority shareholding shall be at a price determined on the basis of Valuation by a
Registered Valuer
Section 281(1)(a) proviso – On a winding up order by the Tribunal or on appointment of Company Liquidator, such
Liquidator shall, within sixty days of the order, submit to the Tribunal a report, which shall include a valuation of the
assets by a Registered Valuer.
Section 305(2)(d) – Declaration of solvency in case of proposal to wind up voluntarily shall have no effect if
unaccompanied by a valuation report by a Registered Valuer, in cases where the Company has assets.
The Act has opened up a new area of practice which is both rewarding and challenging.Valuing businesses requires
understanding and analysis of a variety of complex factors including detailed technical knowledge of value drivers and
in-depth industry knowledge, these are skills having synergies with our existing skills.
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GST : A Game Changer
It is said that three things are inevitable: death, taxes and change. Ironically, in the new GST all these things are together. So you can imagine its effect.
Well, joke apart, the GST has ensured the death of so many central and state taxes and levies. It is a tax on supply of goods or services. Thirdly, it is not only changing the indirect tax law and mechanism of the country but it will also change how the business will be conducted in future.
By now readers must be knowing that GST will replace host of the central and state Acts and local levies like central excise, service tax, VAT, octroi, Local Body Tax etc. Contrary to the model concept of GST, it is not 'one nation one tax' concept in India. There is one Central GST Act and there will be different state Acts for GST. Although it is expected that there will be similar provisions in all these Acts, a state may have different provisions of its choice. Further, there will be different slabs for different goods and services starting from zero and nil rates and then 5%, 12%, 18% and going up to 28% and in some cases with additional surcharge. Thirdly, petroleum products, liquor etc are kept out of the purview of these Acts. In spite of these observations, it is going to be a game changer. In this article, instead of going into each and every provision of the GST, an attempt has been made to analyse a few important provisions of the same and how businesses are going to be affected with special reference to company secretary profession.
Since this is a completely new law, it will take a few years to settle down. Till that time, it is possible to have different interpretations in view of the complex nature of the law. This article gives my view points, as a student of law, which may be at variance with those of other experts. Hence, it is advised to consult the tax consultant for any specific issue the readers may have.
Before we proceed, it is important to look at a few relevant definitions.
Sec. 2(18) “business vertical” means a distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods or services which is subject to risks and returns that are different from those of the other business verticals.Explanation.––For the purposes of this clause, factors that should be considered in determining whether goods or services are related include––(a) the nature of the goods or services;(b) the nature of the production processes;(c) the type or class of customers for the goods or services;(d) the methods used to distribute the goods or supply of services; and(e) the nature of regulatory environment (wherever applicable), including banking, insurance, or public utilities2(52) “goods” means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply2(102) “services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form,
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CS Kalidas VanjpePractising Company Secretary
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currency or denomination, to another form, currency or denomination for which a separate consideration is charged;
7(1) “supply” includes––
(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;(b) import of services for a consideration whether or not in the course or furtherance of business;(c) the activities specified in Schedule I, made or agreed to be made without a consideration; and(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II.Schedule I, inter alia, includes instances such as permanent transfer of business, supply of goods and services between related parties, supply of goods from or to an agent by the principal or import of services from related party etc. Schedule II, inter alia, provides that the activities mentioned therein will be supply of goods or services as the case may be. They include transfer of title or right in goods (supply of goods), lease or tenancy or license etc of land or building ( supply of service), treatment or process (supply of service), transfer of business assets (goods or services based on the use at the destination), renting of immovable property or construction activity where even a partial consideration is received during construction period before completion certificate (service), temporary transfer or use or enjoyment of intellectual property rights (service), agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; and transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration (service). It also provides for composite supply and further provides that any Supply of goods by any unincorporated association or body of persons to a member thereof for cash, deferred payment or other valuable consideration will be treated as supply of goods.
Let's analyse how this entire exercise will be a game changer for the business segment as well the profession of company secretaries. There will be some negative impact on the profession of company secretaries but the hidden opportunities are huge. I will first point out the initial negative impact.
If you look at the various definitions given above, it is clear that the law is not that simple as it is made out to be. While I will not go through the other provisions, I am tempted to refer to filing and downloading various forms under GST between 10th and 20th of each month to give an idea of the compliance requirements. If you see the voluminous data to be uploaded, businessmen will have to engage additional manpower to take care of compliance. They may also require additional working capital to take care of timely tax payments and other business related issues. The unorgnised sector was doing business but a large portion was out of tax net. Now, GST will force them to come under the tax net. So in order to remain competitive, they will have to develop more management and financial skills.
There is also an apprehension that registered dealers may not deal with unregistered dealers in view of reverse charge provisions. Even in case of a registered dealer, who does not pay the tax on time, he may be blacklisted by his customers as they will not get input credit. Many experts have expressed their apprehension that this may force some of the businesses to close down.
If this apprehension comes true, it will indirectly affect the company secretaries. Today, majority of the company secretaries in practice are concentrating on rendering of routine secretarial services like filing of forms with Registrar of Companies for their clients which are predominantly
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from SME segment. If some of their clients are unable to cope up with the impact of GST and are eventually closed down, it will directly affect the earnings of the company secretaries. In any case, such company secretaries, who are engaged in rendering such routine services, have to be ready for increased competition as every month hundreds of new company secretaries are entering the profession and majority of them will be taking up such routine practice.
Some of these company secretaries may be having a gross value of supply of services below the threshold limit of Rs. 20 lakh per annum. They will have an option to get themselves registered voluntarily and comply with the provisions of GST law. This means additional investment in infrastructure and manpower required for compliance. They will never be able to take leave between 10th and 20th of each month in view of strict timelines! I can imagine their plight during filing season. If they choose to remain unregistered, some of the clients may resent paying tax under reverse charge and preparing invoices etc. This is just a possibility.
However, such company secretaries should not feel disheartened. There will be various opportunities which will be thrown open by this game changer.
The readers are already aware about various opportunities in the area of NCLT, bankruptcy, management consultancy, banking etc. Many senior members and experts have stressed the need for capacity building and creating of mega firms to take advantage of these opportunities. The provisions of GST may act as a catalyst in this process. The provisions in GST in relation to business vertical may facilitate the commercial understanding required for such mega firms. It talks about distinguishable component which is subject to different risks and returns as compared to other verticals. Many professional firms can now have different business verticals to carry out different activities in the firm like routine practice, tax practice, NCLT practice or practice as insolvency professional. The commercial understanding would be based on risk and return and since each business vertical would be a profit centre with separate maintenance of accounts etc., there may be lesser conflict ensuring longevity of the firm. Of course, it is up to the firm to obtain different registrations for each business vertical, but nonetheless, the concept can be borrowed for commercial understanding even within the single registration. A multi-locational firm can also be structured. For businesses also, this kind of arrangement will be very useful as they get all services under one roof. This will automatically ensure growth of the firm. With the pooling of resources, it will be easy to handle firm's GST work and compliance at lesser cost.
The second opportunity which I want to point out is a mixed one. It is both an opportunity as well as threat. In the pre-GST regime, many businessmen have floated various entities/companies to split their businesses into different units on paper just to keep the turnover below Rs. 1.50 crore so that they will be out of excise duty. Now under GST, such exemptions will not be available so the incentive to have different entities/companies will be gone. Rather, each entity/company will have to comply with GST requirements separately thereby increasing administrative costs. Hence, there is a possibility that these businessmen will consider merging of their entities/companies. While this may result in reducing the number of companies for filing work for company secretaries, there is a possibility that the amalgamation work may be entrusted to them if company secretaries handle this situation tactfully. They will get a decent fee for handling this assignment, although one time, but the more important advantage will be that the perception of the clients may change and more challenging assignments may flow to them in future.
While I have been talking about reduction of work due to possible closure of businesses, I also want to point out the huge opportunity available to company secretaries. Just as a few
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businesses may close down, there will be many-fold increase in the new registrations under GST. Many businesses, which were not under tax net earlier for various reasons, will be brought under the net and they will have to comply with the GST law. Company secretaries can take a pro-active initiative in convincing these entities to adopt a corporate structure and aspire for growth. Even if a small percentage of such new entities go for corporate structure, there will be huge work for company secretaries. Further, company secretaries can also add value to these clients by offering the services in the field of corporate planning, management consultancy, banking, taxation etc. Company secretaries can also design a blue print for growth of such entities and even hand-hold them up to the stage of SME listing and even beyond. These services will push the profession to a much higher level.
Last but not least, GST consultation and representation before tax authorities will be another area where company secretaries can make an impact. As mentioned above, the law is complex and new and hence there will be a lot of litigations, classification issues due to different rates and tax demands etc. Since this is an altogether new law, there is a level playing field as everyone is at the same level. Company secretaries, with the help of their legal knowledge and management expertise, can guide the clients in a much better and effective way. I have not mentioned the GST filing outsourcing work here purposely, because if we enter this area, it will be akin to ROC filing where there is hardly any value addition. Hence, it is better to concentrate on niche area. Company secretaries should remember one quote- “I see problems as opportunities in work-clothes”.
Another important aspect is the definition of the term 'person'. It is a wide definition. It not only includes all business orgnisations but also includes educational institutions, charitable institutions, Co-operative societies including cooperative housing societies. Thus, it offers mind boggling opportunities. Company secretaries can expand their horizon much beyond the corporate sector by offering value added services according to the needs of the clients.
To sum up, GST is not only a game changer for the business sector and economy but also for the profession of company secretaries. It is up to us how we gear up ourselves and kick ourselves up the value chain.
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Company Mergers and Competition Act, 2002
CS Surendra U Kanstiya, Practising Company Secretary
Mergers under Companies Act, 2013
1. Pursuant to the provisions of section 230(3) of the Companies Act, 2013 read with Rule 6 and 7 of the Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016, a company is required to send notice giving details
of the compromise or arrangement to the company's members, creditors and debenture holders. Section 230(5) read
with Rule 8 requires the company to send a copy of the said notice (i) to the Central Government, the Registrar of
Companies, the Income-tax authorities, in all cases; (ii) to the Reserve Bank of India, the Securities and Exchange
Board of India, the competition commission of India, and the stock exchanges, as may be applicable; and (iii) to other
sectoral regulators or authorities, as required by Tribunal.This paper deals with the circumstances where the said
notice is required to be given to the Competition Commission of India.
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Section 230(5)2.1 Section 230(5) reads as under:(5) A notice under sub-section (3) along with all the documents in such form as may be prescribed shall also be sent tothe CentralGovernment, the income-tax authorities, the Reserve Bank of India, the Securities and Exchange Board, theRegistrar, the respective stock exchanges, the Official Liquidator, the Competition Commission of India establishedunder sub-section (1) of section 7 of the Competition Act, 2002, if necessary, and such other sectoral regulators orauthorities which are likely to be affected by the compromise or arrangement and shall require that representations, itany, to be made by them shall be made within a period of thirty days from the date of receipt of such notice, fallingwhich, it shallbe presumed that they have no representations to make on the proposals. (emphasis added)
2.2 Rule 8 provides for giving of the notice in Form No. CAA.3 in such cases. However, in case, this Form is being given
to the Competition Commission of India, the companies will have to comply with the applicable provisions of the
Competition Act, 2002 as well.
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When should the notice be given to the Competition Commission of India ?
3. Merger regime under the Competition Act, 2002 is termed as 'Combination Regulation'. A combination is
objectionable under the Act, only if it causes or is likely to cause an appreciable adverse effect on competition
within the relevant market in India. Section 5 covers the transaction relating to the acquisition of assets etc.,
acquiring of control; and mergers. Transactions relating to the mergers or amalgamation are covered by section
5(c) of the Act.Section 5 also prescribes the financial thresholds attracting the notification requirements.
According to section 5(c) any merger or amalgamation in which -
(i) the enterprise remaining after merger or the enterprise created as a result of the amalgamation, as the case
may be, have,—
(A) either in India, the assets of the value of more than Rs.2,000 crores or turnover more than Rs.6,000 crores;
or
(B) in India or outside India, in aggregate, the assets of the value of more than 1000 million US dollars, including
at least Rs.1,000 crores in India, or turnover more than 3000 million US dollars, including at least Rs.3,000
crores in India; or
(ii) the group, to which the enterprise remaining after the merger or the enterprise created as a result of the
amalgamation, would belong after the merger or the amalgamation, as the case may be, have or would have,—
(A) either in India, the assets of the value of more than Rs.8,000 crores or turnover more than Rs.24,000 crores;
or
(B)in India or outside India, in aggregate, the assets of the value of more than 4 billion US dollars, including at
least Rs.1,000 crores in India, or turnover more than 12 billion US dollars, including at least Rs.3,000 crores in
India.
Exemptions
4.1Numerous exemptions are available to mergersunder the competition regime in India and therefore a merger
matter need not be notified to the Competition Commission if it is entitled to any of the following exemptions. As
a result, the company should not send notice in Form No. CAA.3.
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4.1.1Target exemption: A merger or amalgamation where the value of assets being acquired, taken control of,
merged or amalgamated is not more than Rs.350crores in India or turnover of not more than Rs.1000 crores in
India is exempt from approval norms.
4.1.2Part merger: Where a portion of an enterprise or division or business is being acquired, taken control
of,merged or amalgamated with another enterprise, the value of assets of the said portion or division or
businessand or attributable to it, shall be the relevant assets and turnover to be taken into account for the purpose
ofcalculating the thresholds under section 5.
4.1.3Banking company: a banking company in respect of which the Central Government has issued anotification
under section 45 of the Banking Regulation Act, 1949, is exempt from complying with the provisionsof sections 5
and 6 of the Competition Act, 2002.
4.1.4 Merger within the same group: According to Regulation 4 of the Competition Commission of India
(Procedure in regard to the transaction of business relating to combination) Regulations, 2011, categories of
combinations mentioned in Schedule I are ordinarily not likely to cause an appreciable adverse effect on
competition in India and therefore notice need not normally be filed. Schedule I also includes transactions in the
nature of mergers. Accordingly exemption is available to a merger or amalgamation of two enterprises where one
of the enterprises has more than 50% shares or voting rights of the other enterprise, and/or merger or
amalgamation of enterprises in whichmore than 50% shares or voting rights in each of such enterprises are held
by enterprise(s)within the same group. Of course, such transaction should not result in transfer from joint control
to sole control.
Inter connected transactions
5. According to Regulation 9(4), where the ultimate intended effect of a business transaction is achieved by way
of a series of steps orsmaller individual transactions which are interconnected one or more of which may amount
to acombination, a single notice, covering all these transactions, shall be filed by the parties to thecombination.
Moreover, according to Regulation 5(9), where, in a series of steps or individual transactions that are related to
each other, assets are beingtransferred to an enterprise for the purpose of such enterprise entering into an
agreement relating to anacquisition or merger or amalgamation with another person or enterprise, for the
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purpose of section 5 of theAct, the value of assets and turnover of the enterprise whose assets are being transferred
shall also beattributed to the value of assets and turnover of the enterprise to which the assets are being transferred.
Hence due care needs to be taken while handling such cases.
Filing norms
6. In addition to sending notice in Form No. CAA.3, the companies to a merger or an amalgamation are required to
jointly file the notice in Form I or Form II, as the case may be. Such form, complete in all respect, should be filed with
the prescribed filing fee (Rs.15 lakhs in case of Form I and Rs.50 lakhs in case of Form II). The Form needs to be filed
within 30 days of approval of the proposal relating to merger or amalgamation, by the board of directors of the
companies concerned with such merger or amalgamation. Late filing or non-filing of the applicable form may result in
to penal consequences under section 43A which reads as under:
43A.If any person or enterprise who fails to give notice to the Commission under sub-section(2) of section 6, the
Commission shall impose on such person or enterprise a penalty which may extend to one per cent of the total
turnover or the assets, whichever is higher, of such a combination.
Conclusion
7. The authority to the Commission to levy a maximum penalty of 1% of the total turnover or the assets, whichever is
higher should act as a deterrent yet it is seen that in a number of cases, corporates have ignored or delayed the filing,
resulting in to imposition of huge penalties. Of course, Commission has sufficient discretion to consider the conduct
of the Parties and the circumstances of the case to arrive at an appropriate amount of penalty and Commission has
generally taken lenient view. Yet the fact remains that costs are required to paid for undesirable litigation which can be
avoided by having a competition compliance programme in place.
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Place of effective management under Income Tax Act
CS A SekarPractising Company Secretary
PLACE OF EFFECTIVE MANAGEMENT (POEM) UNDER INCOME TAX ACT, 1961Relevance of Residence under Income Tax Act (IT Act) with respect to a companyThe taxability of income of a company under the IT Act is different with respect to a company resident in India and company not resident in India. The relevant provisions are contained in Section 5 of the IT Act under the head Scope of Total Income. The position is briefly summarized below :-
From the above it can be readily seen that with respect to income accruing or arising outside India, the taxability of such income would clearly depend upon the residence of the company. The Concept of Residence under IT Act with respect to a company is governed by Section 6(3). Accordingly,
A company is said to be a resident in India in any previous year, if— (i) it is an Indian company; or(ii) its place of effective management, in that year, is in India.Explanation.—For the purposes of this clause "place of effective management" means a place where key management and commercial decisions that are necessary for the conduct of business of an entity as a whole are, in substance made.]
It is very clear that an Indian company (meaning a company registered in India) is clearly a resident.
Until 2015, the only manner in which a foreign company could be deemed to be an Indian tax resident was if the control and management of its affairs were “wholly” situated in India during the concerned financial year. And such cases were very few.
Finance Act, 2015 replaced the test of “Control and management of affairs “wholly” (which was objective) with a more subjective but substantive test of “Place of Effective Management” (POEM). However, in the absence of guidance in the form of rules until 2017, the applicability of this test has been postponed to 1st April, 2017.
As regards applicability, Circular No. 08 of 2017 dated 23rd February, 2017 has made it clear that the POEM guidelines will apply only to a company whose turnover or gross receipts for a financial year is more than Rs. 50 Crores.Having understood the PROSE of residence, let us now get into the CONCEPT of POEM
Nature of Income with respectto the relevant Previous Year (FY)
Taxability for aResident Company
Taxability for aNon Resident company
Income received or deemed tobe received in India Taxable Taxable
Income accrues or arises or deemedto accrue or arise in India Taxable Taxable
Income accrues or arises outside India Taxable Not Taxable
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Concept of POEM
The idea of introducing the POEM test has been to align the Indian Taxation law on residence of company with India's double taxation avoidance agreements and with the OECD's Model Tax Convention. The concept of POEM is the subject matter of a detailed circular No. 06 of 2017 issued by CBDT dated January 24, 2017.
In the following paragraphs, a brief summary is attempted :-
a) Active and Passive Companies :-
Distinction is made between active and passive foreign companies. An active foreign company is not treated as a resident if certain conditions are fulfilled. A passive foreign company is treated as a resident.
A foreign company qualifies as an active foreign company if all the following conditions are satisfied: -i) Passive income is less than 50% of its total income. Passive Income covers income from transactions where both the purchase and sale of goods is between related parties, as well as income from royalty, dividend, capital gains, interest, and rent. The guidelines provide a carve-out with respect to interest income of regulated banking companies and public financial institutions, which are not considered as passive income.
ii) A company that fails any of the above conditions is considered a passive foreign company.Ÿ Less than 50% of the value of the company's total assets are situated in India.Ÿ Less than 50% of the company's employees are Indian residents. Employees include persons who perform
tasks similar to those performed by employees, even though such persons are not directly employed by the company.
Ÿ Payroll expenses incurred on Indian resident employees are less than 50% of the company's total payroll expenses.
b) Conditions to be fulfilled by an Active foreign company for not being treated as resident
If a majority of its board meetings are held outside India, unless it is established that its board is “standing aside” and not exercising its powers of management and such powers are being exercised by some other person resident in India.
If a company can objectively satisfy that it is an active foreign company, and a majority of its board meetings are held outside India, the burden of proof to establish that its Board is 'standing aside' falls shifts to the tax authorities.
The guidelines clarify that merely because a company's board follows general and objective principles of global policy of its group, laid down by the company's parent with respect to administrative functions, such as payroll, supply chains, etc., it does not by itself result in the board being considered as 'standing aside.'
c) Determination of POEM for Passive Foreign Companies
In cases of companies other than those that are engaged in active business outside India, the determination of POEM would be a two stage process, namely:-
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(i) First stage would be identification or ascertaining the person or persons who actually make the key management and commercial decision for conduct of the company's business as a whole.
(ii) Second stage would be determination of place where these decisions are in fact being made.
The place where these management decisions are taken would be more important than the place where such decisions are implemented. For the purpose of determination of POEM, it is the substance which would be conclusive rather than the form.
The cited circular provides certain guiding principles for determining POEM :-
1) Location where Company's Board meets regularly :- The location where the board of the company regularly meets and makes decisions for the company may be construed as the POEM, provided that the board retains its authority to govern the company and itself takes key management and commercial decisions, i.e., such authority is not de facto delegated by the board to someone else. If the minutes of the Board Meeting are maintained at a location outside India, it appears to be a sufficient to establish that the Place of Management is outside India.
2) Board Delegation to Committee : If the Board delegates some of its authority to a committee consisting of key members of senior management, the location where such members are based, and where the committee formulates and develops key strategies and policies for mere formal approval by the board will often be considered to be the company's POEM.
The guidelines define 'senior management' as persons who are generally responsible for formulating key strategies and policies of the company and overseeing their implementation on an ongoing basis. These persons may include managing director or CEO, financial director or CFO, chief operating officer, and heads of various divisions or departments.
3) Location of head office : The location of the head office is considered an important factor in determining POEM, and is to be determined considering certain factors including :
Ÿ Location where the company's senior management and support staff are based and which is held out to the public as its headquarters.
Ÿ In case of a more decentralised company, the place where the senior management is predominantly based, normally returns to after travel, or meets when formulating key strategies or policies would be considered the head office.
Ÿ Where senior management permanently operate from different locations, and participate in meetings via telephone or video conferencing, the location of the highest level of management such as the MD or Finance Director will be considered as the head office.
Ÿ In case of a highly decentralized company where it is not possible to determine location of Head office, the head office would not be of much relevance in determining POEM.
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4) Physical Location of Meetings : The use of modern technology impacts the place of effective management in many ways. Therefore physical location of board meeting or executive committee meeting or meeting of senior management may not be where the key decisions are in substance being made. In such cases the place where the directors or the persons taking the decisions or majority of them usually reside may also be a relevant factor.
5) Decisions through circular resolutions :- In case of circular resolution the factors like, the frequency with which it is used, the type of decisions made in that manner and where the parties involved in those decisions are located etc. are to be considered. It cannot be said that proposer of decision alone would be relevant but based on past practices and general conduct; it would be required to determine the person who has the authority and who exercises the authority to take decisions. The place of location of such person would be more important
6) Shareholder Decisions :- The decisions made by shareholder on matters which are reserved for shareholder decision under the company laws are not relevant for determination of a company's place of effective management. Such decisions may include sale of all or substantially all of the company's assets, the dissolution, liquidation or deregistration of the company, the modification of the rights attaching to various classes of shares or the issue of a new class of shares etc. These decisions typically affect the existence of the company itself or the rights of the shareholders as such, rather than the conduct of the company's business from a management or commercial perspective and are therefore, generally not relevant for the determination of the POEM.
However, the shareholder's involvement can, in certain situations, turn into that of effective management. This may happen through a formal arrangement by way of shareholder agreement etc. or may also happen by way of actual conduct. As an example if the shareholders limit the authority of board and senior managers of a company and thereby remove the company's real authority to make decision then the shareholder guidance transforms into usurpation and such undue influence may result in effective management being exercised by the shareholder. Therefore, whether the shareholder involvement is crossing the line into that of effective management is one of fact and has to be determined on case-to-case basis only.
7) Routine Operational Decisions :- It may be clarified that day to day routine operational decisions undertaken by junior and middle management shall not be relevant for the purpose of determination of POEM. The operational decisions relate to the oversight of the day-to-day business operations and activities of a company whereas the key management and commercial decision are concerned with broader strategic and policy decision. In certain situations it may happen that person responsible for operational decision is the same person who is responsible for the key management and commercial decision. In such cases it will be necessary to distinguish the two type of decisions and thereafter assess the location where the key management and commercial decisions are taken.
8) Secondary factors :- If the above factors do not lead to clear identification of POEM then the following secondary factors can be considered :- (i) Place where main and substantial activity of the company is carried out; or (ii) Place where the accounting records of the company are kept.
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9) All relevant factors to be considered and not in isolation :- The determination of POEM is to be based on all relevant facts related to the management and control of the company, and is not to be determined on the basis of isolated facts that by itself do not establish effective management, as illustrated by the following examples:
(i) The fact that a foreign company is completely owned by an Indian company will not be conclusive evidence that the conditions for establishing POEM in India have been satisfied.
(ii) The fact that there exists a Permanent Establishment of a foreign entity in India would itself not be conclusive evidence that the conditions for establishing POEM in India have been satisfied.
(iii) The fact that one or some of the Directors of a foreign company reside in India will not be conclusive evidence that the conditions for establishing POEM in India have been satisfied.
(iv) The fact of, local management being situated in India in respect of activities carried out by a foreign company in India will not , by itself, be conclusive evidence that the conditions for establishing POEM have been satisfied.
(v) The existence in India of support functions that are preparatory and auxiliary in character will not be conclusive evidence that the conditions for establishing POEM in India have been satisfied.
10) No Single principle is decisive :- No single principle will be decisive in itself. The various principles covered above are not to be seen with reference to any particular moment in time rather activities performed over a period of time, during the previous year, need to be considered. In other words a “snapshot” approach is not to be adopted. Further, based on the facts and circumstances if it is determined that during the previous year the POEM is in India and also outside India then POEM shall be presumed to be in India if it has been mainly /predominantly in India
Two Step Approval process
The guidelines prescribe that the tax authorities should undertake a two-step approval process to initiate a POEM challenge.
The assessing officer is required to obtain a prior approval of the jurisdictional Principal Commissioner or Commissioner of Income Tax, as the case may be.
Further, if the assessing officer arrives at a finding that the company's POEM is in India, such finding must be approved by a collegium of three members consisting of the Principal Commissioners or the Commissioners, as the case may be, to be constituted by the Principal Chief Commissioner of the region concerned Revenue officials, and the concerned company must be given an opportunity of being heard by the collegium.
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CONCLUSION :-
Determination of tax residence is the first step towards determining tax incidence and therefore should be free from any ambiguity or uncertainty.
The guidelines contain a significant shift to Corporate Residency test and emphasis on substance over form. This by itself can lead to lot of ambiguities from a tax payer point of view as multiple principles are prescribed and their application with different objectives could lead to different interpretations.
Certainty in taxation is a basic tenet of taxation which when ensured will go a long way in improving India's ranking in “Ease of Doing Business”. To some extent strengthening of the Advance Ruling Mechanism can help, but how far the Authority for Advance Ruling, as existing in the present form will be able to cope up with the pace of POEM determination on a year to year basis.
Greater safeguards may be a solution in the form of having an approving panel to be is chaired by a sitting or former High Court judge, accompanied by one tax official and an academician or scholar as in the case of invocation of GAAR, unlike the present provision for POEM which consists of all tax officials only who are generally not prone to take a position different from that of an Assessing Officer.
(Contributed by CS A Sekar)
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MS. KRUPABEN KAMLESHBHAI SHAMS. KHUSHBU SAURABH JOMS. TANVI ROHAN SHAH MS. POONAM SHARMA MR. DHARMENDRA JAGDISHBHAI MAKWANA MR. ASHISH VIVEKANAND MISHRA MR. SANJAYKUMAR RADHESHYAM VISHWAKARMA MS. SAMPADA SACHIN SAWANT MR. PAWAN BISANI MS. HIMALI DILIP MEHTA MR. PATEL BRIJESHKUMAR SATISHBHAI MS. SHRINALI MUKESHBHAI PATEL MR. PARITHOSH RAI MR. HIMANSHU S K GUPTA MS. SRASHTI JAIN MS. BHAGVANI NISHABEN TOLARAM MS. AYESHA DHANESH JAIN MS. SHALINI SUDIP BOSE MR. AMITKUMAR DILIPKUMAR MEHTA MS. NEHA NAGNATH MULE MR. BHAVESH RAMCHAND THADANI MS. SHIKHA SINGH MR. ARUN KUMAR KOTHARI MS. SHIKHA GULERIA MR. ANKIT VIJAY AGRAWAL MR. DHAKAN HEMANG BHAGWANDAS MR. PRAKASH DAULAT GUNA MR. KALPESH VISHWANATH HARIYAN MS. KALYANI RAJENDRA VAZE MS. KIRAN MANOJKUMAR SHARMA MR. SANKET WAMAN LONDHE MR. KAUSTUBHSHRINIVAS RAHALKAR MS. SWATI DULICHAND KESHREE MR. DEVANSH CHETAN SARVAIYA MS. KASHMI PRAVIN SAKARIA MR. NASIR KHAN MR. GANGANI BHARAT KUMAR BECHARBHAI MR. SAURABH BHASKAR MS. MAYURI BIPINBHAI RUPARELIYA MS. DENISE JANICE PEREIRA MR. ANIS THAER ALI ATTAR MS. POOJA MAHESH GOHIL MS. NIKITA PARASKUMAR MATA MR. SUMIT JAYANT KUMAR MEHTA MR. ANUJ KIRANBHAI PATEL MS. DIVYA OMPRAKASH NAI MS. RUCHIKA ASHOK KONDE MR. PRITESH KISHORE JHAVERI MS. VAIDEHI DHARMENDRA SINH CHUDASAMA MS. FATEMA AAMIR FATEHI
ACS - 51335ACS - 51336ACS - 51337 ACS - 51338 ACS - 51339 ACS - 51340 ACS - 51341 ACS - 51343 ACS - 51352 ACS - 51353 ACS - 51354 ACS - 51355 ACS - 51356 ACS - 51357 ACS - 51358 ACS - 51359 ACS - 51360 ACS - 51361 ACS - 51363 ACS - 51365 ACS - 51366 ACS - 51367 ACS - 51384 ACS - 51390 ACS - 51408 ACS - 51409 ACS - 51410 ACS - 51411 ACS - 51412 ACS - 51413 ACS - 51414 ACS - 51415 ACS - 51416 ACS - 51417 ACS - 51418 ACS - 51419 ACS - 51420 ACS - 51421 ACS - 51422 ACS - 51423 ACS - 51424 ACS - 51425 ACS - 51435 ACS - 51436 ACS - 51437 ACS - 51438 ACS - 51445ACS - 51446 ACS - 51447 ACS - 51448
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186 MR. TEJAS PATEL ACS - 51502 WIRC
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Associates
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MR. RUPANI DHAVAL VIRAL MR. HARDIK JAYANTILAL VADGAMA MR. ANKUSH UTTAMRAO PATIL MS. KIRTI ARVIND BAVISKAR MR. NIKHIL DEOKI NANDAN JAJODIAMS. PURNIMA VINOD TRIPATHI MR. VAIBHAV VILAS DANDAWATE MS. HIRAL MADHUSUDAN ASHAR MS. DIMPLE SUNIL GANDHI MS. NIKITA PAWAN AGRAWAL
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ACS - 51532ACS - 51533ACS - 51534ACS - 51535 ACS - 51536 ACS - 51537ACS - 51538 ACS - 51539ACS - 51540 ACS - 51541
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MR. VIJAYKUMAR DIPAKKUMAR THAKKAR MS. KALPITA DAMODAR POOJARY MR. DHARAN ANUP GUDHKA MR. MITUL SURESHBHAI BHALANMR. BHUMIT MAHENDRA DHAROD MS. PRIYA SANJAY MAHESHWARI MS. NOORIYAH KARIMI MS. SAYALI SUBHASH DEHERKAR MS. MEENAL SURESH BARHATE MS. SONALI CHETAN GOR MS. SAPNA ANIL KUMAR BHAGCHANDANI MS. KOMAL RAJESH SHARMA MS. PRANJALI DIxIT MR. DEEPESH VIRESHWAR SINGH MR. TAHA ZOHAR MATKAWALA MS. KRUPA ATUL GANDHI
ACS - 51551ACS - 51552ACS - 51553ACS - 51554ACS - 51555ACS - 51556ACS - 51557ACS - 51558ACS - 51559ACS - 51560ACS - 51561ACS - 51562ACS - 51563ACS - 51564ACS - 51565ACS - 51566
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253255260261
MR. PRADEEP KUMAR SHARDA MR. ANIKET ARUN KOKANE MS. AGARWAL NIKITA RAJENDRA MS. SHEETAL RAMKISHAN MUNDHRA
ACS - 51569 ACS - 51571 ACS - 51576 ACS - 51577
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MS. PARVANI RADHIKA JAGDISHKUMAR MS. SNEHA SHRIDAYAL SONIMR. GOVIND MUKUND MANE MS. SHREYA MUKUND PATHAK MR. ROSHAN GULABRAO KALMEGH MR. AJINKYA PRADEEP NAMJOSHI MS. SAMINA BEE MS. RADHIKA PATKAR MR. MOIZ ALI MR. RAMRAJ SINGH THAKUR MS. DAVE KRUPA KIRANKUMAR MS. CHAURASIA ARTI AYODHYA PRASAD
ACS - 51628 ACS - 51629 ACS - 51630ACS - 51631 ACS - 51632 ACS - 51633ACS - 51634ACS - 51635ACS - 51636 ACS - 51637ACS - 51638 ACS - 51641
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337338339340341342343344345346347354380381382383384385386387388389390391392393394395396402403
MS. ANISHA SUNIL ATTAL MS. MADHU BABULAL MAHESHWARI MS. POOJA JITENDRA VAKHARIA MR. SIDDHARTH KUMAMS. KALPANA UDAI KUMARI MS. NIKITA VIJAY SALPE MS. NEETU THAWARDAS LALWANI MS. POOJA VERMA MR. ISHAN MILIND PADHYE MR. PRANAV SHRIPAD PATHAK MS. AVANI KARAN SINGH CHAUDAMS. POOJA SAGAR TIWARI MR. DEEP MAHENDRA SHAH MR. ANURAG DINESH SHARMA MS. SHRUTI NARENDRA AGARWAL HEMANT KARLEKAR MS. KRITHIKA RAGHU MS. ANUSHREE JAIN MS. AARTI NANJIBHAI PARMAR MR. HEMANT KISAN AUTI MR. SHRIKANT TANAJI CHAVAN MR. PALASH JAIN MS. DEEPIKA DEVJIOBHAI PATEL MS. ZILL PANKAJ SHAH MS. KOMAL RAJESH JAIN MS. CHETALI CHANDRAPRAKASH JAIN MS. RITIKA AGRAWAL MS. VIDULA VIJAY KULKARNMR. RAHUL KUMAR JAIN MS. NEHA CHATURVEDI MR. SUNIL SHARMA
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MS. NEELAM BHARDWAJ MR. VIVEK SURYAKANT MUDHOLKAR MS. RASHMI RAMESH BHUTADA MS. BANSI MUKESH MEHTA MS. PRERANA RAMPRAKASH JOSHI MS. MITALI PRAKASH PITRODA MS. GITANJALI AMIT TELANGE MS. ANKITA RAMESH GOKANI MR. SANKET BHUPENDRABHAI TRIVEDI MR. MIHIR HITESH PATEL MS. DEEPIKA UMESH AGRAWAL MS. RADHIKA DHOOLSHANKAR SHRIMALI MS. NIKITA DAVE MR. KAPIL GOPLANI MS. JYOTI RAVINDRA MULEY
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Member Admitted
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SH. PANKAJMS. AVANIMR. ADWAIT SH. ASISHSH. NITIN MS. LABDHI MS. RUPALI MRS. SHILPAMS. SHWETASH. DARAYUSMS. NIDHIMRS. MONIKASH. YOGESH
FCS - 9219FCS - 9220FCS - 9224FCS - 9225FCS - 9227FCS - 9229 FCS - 9230 FCS - 9232FCS - 9246FCS - 9248FCS - 9251FCS - 9253FCS - 9257
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GUPTA MONARCH SUNIL NARAYAN RAMCHANDRA HASMUKHLAL NITIN GAURANGVASANTPARVEZHITESHAURAVKHAKRE
GANDHIKULKARNI
PETHE SHAH ABHYANKAR PAREKH MORE
Restored
512151936
AAAAA
1773711716145201556529906
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RAKESH PODDARASHISH ARVINDBHAI SHAH DEEPAK BHIM RAO SHADAMBIKARSUDARSHAN MOHATTA KISHORE PITCHUMANI IYER
A/F
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MS. RUCHI SUNIL BHANDARI MR. DHARAM PRAFULKUMAR JOSHI MS. BHUMIKA JOGENDRA SINGH RAJPUT MS. NAMRATA JAIN MS. POOJA SONI MR. UMESH VIDYADHAR CHINCHAWADE MR. LELE CHINMAY MOHAN MR. RAHUL GIRDHARILAL AGRAWAL MR. CHIRAYU NAYANKUMAR SHAH MR. VINIT RAMAN PATIL SH. S V KULKARNI MR. DIPAKKUMAR MOHANLAL SANGHANI MS. TARU JAIN SH. AMIT UTTAM SURASE MR. JIGAR KANAKCHANDRA TRIVEDI MR. RAHUL RUPLAL SHAHMS. PRIYANKA VIJAYKUMAR SINGRODIAMR. GAURAV GOYAL MR. NILESH SUBHASH AWALE MR. GANESH DATTATRAYA JOSHI MR. VAIBHAV YASHWANT JACHAK MR. DHRUVAL ALKESHBHAI PATEL MR. ROHIT RAJENDRA GANDHI
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Certificate of Practice
Certificate of Practice
24252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475
MS. RUGVEDA SUDHIR WAGH MR. SUSHILKUMAR RAMCHANDRA PATIL MR. VIVEK ASHWIN MARU MS. DIKSHITABEN CHITRANJANKUMAR PANDIT MR. JENISH SANJAYBHAI DOSHI SH. ARJUN SURYANARAYAN AMANCHI MS. POOJA TAPAN KENI SH. MANDAR MADHAV RANADE MS. MANASI ABHAY SATHEMR. PRASAD SHAILESH DAVDA MS. PUJAN NARAYANLAL RAVAL101 MR. PALASH JAIN MR. RAHUL INDERSINGH RATHORE 106MS. BHAVINI SHAILESHKUMAR RAJANI 107 MS. ANURADHA SHASHI RUNGTA MS. KHYATI GIRISHBHAI SHAH MR. VINEET RAMOO PAREEK MS. PRIYA ABHISHEK TAPARIA MS. ASMITA NIRAV KATHROTIA MS. PADMAJA PRASHANT KULKARNI MR. THARU RAJESH LAxMAN MS. RACHANA BAWASKAR MR.THUMMAR JAYESH VINUBHAIMS. SWATI SHARMA MR. RAJKUMAR CHANDULAL GUPTA MS. KOMAL HARDIKKUMAR PATELMS. VIBHAKUMARI RAMESH KUMAR DAVE MS. ANKITA HANSMUKHDAS SETHI MS. BHAGYASHREE LALIT NAWANI MS. SHIKHA JAGDISH BAJAJ SH. ROHIT SHRIPAD KARULKAR MR. VICKEY KANAIYALAL PATEL MR. ATUL RADHESHYAM JAISWAL MR. SACHIN VISHWAS KATKAR MR. GAURAV SOMABHAI MAHYAVANSHI MR. TEJAS ASHOK SHINGEWAR SH. V RAVIKUMAR MR. PRERAK PIYUSHKUMAR THAKKAR MR. KIRANKUMAR JAGDISHKUMAR VAGHELA MS. KHUSHI RAJENDRA BHATT MS. JIMISHA PARTH DAWDA SH. SHRIDAR VIJAY PHADKE SH. ANANT SHRIPAD GUDE MRS. HIMALI TEJAS TRIVEDI MS. PATEL ANISHA INDRAVADANBHAI MR. DHANANJAY SHAM KULKARNI MR. SAVALIYA NILESHKUMAR SHANTIBHAI MR. ASHISH SANJEEV JOSHI MS. MAYURI BIPINBHAI RUPARELIYA MS. NAMRATA RAHUL HIREMATH MR. PARTH PARESHBHAI SHAH MS. KRUPABEN KAMLESHBHAI SHAH
ACS - 50612 ACS - 51006 ACS - 39559ACS - 46057ACS - 50447FCS - 8887 ACS - 50880ACS - 19022 ACS - 39771ACS - 43915 ACS - 49420 ACS -50724 ACS -50710ACS -51162ACS -40889 ACS-42442ACS-49730 ACS-50884 ACS-51014 ACS-45101ACS-46513 ACS-50134 ACS-51028 ACS- 42834 ACS-43015 ACS-51302 ACS-39410 ACS-42466 ACS-48988ACS - 51031 FCS - 7155ACS - 45565 ACS - 50308 ACS - 39421ACS - 44895 ACS - 50698FCS - 4568 ACS - 50940 ACS - 39229ACS - 51011ACS - 43853FCS - 7867 ACS - 7219 ACS - 32336ACS - 49153 ACS - 50806ACS - 51007ACS - 51139 ACS - 51422ACS - 43265ACS - 48591ACS - 51335
WIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRCWIRC
Sr.No. Name Memb No. Regn
185061851118514185171852318529185321853518536185381853918542 18546 18547 18548 18549 18556 18562 18563 18570 18571 18572 18574 18581 18582 18593 18595 18596 18599 18600 18601 18603 18605 18607 18608 18614 18615 18616 18617 18620 18621 18622 18623 18624 18629 18631 18632 18633 18634 18638 18640 18643
Cop
Sr.No. Name Memb No. Regn Cop
1844818450184511845218453184541845518456184571846118464184681847518482184831848418485184881849018491184951850118504
25Source from Chartered Secretaries July 2017 Journal
ICSI - WIRC
26Source from Chartered Secretaries July 2017 Journal
Cancelled
12
MR. SANJIV VIJAY NAIDU MR. YOGESH DATTARAM WAINGANKAR
ACS 44728 ACS 39914
WIRCWIRC
Sr.No. Name Memb No. Regn
1657814879
Cop
ICSI - WIRC
27
ICSI - WIRC
GALLERY
28
ICSI - WIRC
29
