The Institute of Cost Accountants of India 12, Sudder Street, Kolkata - 700 016. CONFIDENTIAL Minutes of 276 th Meeting of the Council of the Institute held on Sunday, 22 nd July, 2012 at 11.00 a.m. at the Headquarters of the Institute at CMA Bhawan, 12, Sudder Street, Kolkata - 700 016. The following members were present: Shri M. Gopalakrishnan, President for the year 2011-2012 Shri Rakesh Singh, President for the year 2012-2013 Shri Suresh Chandra Mohanty, Vice-President for the year 2012-2013 Shri Amit A. Apte, Member Shri Sanjay R. Bhargave, Member Shri Pramodkumar V. Bhattad, Member Smt. Aruna V. Seman, Member Shri A. S. Durga Prasad, Member Shri A. Om Prakash, Member Dr. P.V.S.Jagan Mohan Rao, Member Dr. Sanjiban Bandyopadhyaya, Member Shri T.eA. Srinivasa Prasad, Member Shri Manas Kumar Thakur, Member Shri Hari Krishan Goel, Member Shri Sanjay Gupta, Member Shri K. Govindaraj, Government Nominee Shri Nandana Munshi, Government Nominee 1 i-:
Transcript
The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
CONFIDENTIAL
Minutes of 276th Meeting of the Council of the Institute held on Sunday, 22nd July, 2012 at
11.00 a.m. at the Headquarters of the Institute at CMA Bhawan, 12, Sudder Street,
Kolkata - 700 016.
The following members were present:
Shri M. Gopalakrishnan, President for the year 2011-2012
Shri Rakesh Singh, President for the year 2012-2013
Shri Suresh Chandra Mohanty, Vice-President for the year 2012-2013
Shri Amit A. Apte, Member
Shri Sanjay R. Bhargave, Member
Shri Pramodkumar V. Bhattad, Member
Smt. Aruna V. Seman, Member
Shri A. S. Durga Prasad, Member
Shri A. Om Prakash, Member
Dr. P.V.S.Jagan Mohan Rao, Member
Dr. Sanjiban Bandyopadhyaya, Member
Shri T.eA. Srinivasa Prasad, Member
Shri Manas Kumar Thakur, Member
Shri Hari Krishan Goel, Member
Shri Sanjay Gupta, Member
Shri K. Govindaraj, Government Nominee
Shri Nandana Munshi, Government Nominee
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
Shri Kaushik Banerjee, Additional Secretary attended the Meeting as Secretary of the Meetingby authority of the Council.
Leave of absence was granted to Shri Ashish Kumar, Shri G. Sreekumar and Shri A.K. Srivastava,Government Nominees who could not attend the meeting.
Thereafter, the proceedings of the meeting commenced.
Welcome Address by the President.
Shri M. Gopalakrishnan, President for the year 2011-12 welcomed the members to the 276th
meeting of the Council.
He then took up the agenda items for discussion.
276.1 Election of President under Section 12(1) of the Cost and Works AccountantsAct, 1959 as amended for the year 2012-13 (22nd July 2012 to 21st July, 2013).
Shri M. Gopalakrishnan, the Outgoing President, invited nominations for the postof President.
The name of Shri Rakesh Singh was proposed by Dr. Sanjiban Bandyopadhyaya,Council Member and seconded by Shri Hari Krishan Goel, Council Member, andhe was elected unanimously as President for the year 2012 -13.
Thereafter, it was:
"Resolved that Shri Rakesh Singh be and is hereby elected as President for theyear 2012 -13 to hold office from 22nd July, 2012 to zi" July, 2013."
All the members congratulated him on his election.
Shri Rakesh Singh then took the Chair and conducted the rest of the proceedingsof the meeting.
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276.2 Election of Vice-President under Section 12(1) of the Cost and WorksAccountants Act, 1959 as amended for the year 2012-13 (22nd July, 2012 to 21st
July, 2013).
Shri Rakesh Singh thanked the members for adopting the resolve of the Councilto elevate the Vice-President to the office of the President. The adoption of goodpractices and procedures as followed by the sister professional bodies for theelection to the high posts of President and Vice-President enhances our Council'sresolve to be democratic, transparent and avoids intervention of any kind.
Thereafter Shri Rakesh Singh, President, called for nominations for the post ofVice-President. The name of Shri Suresh Chandra Mohanty was proposed by ShriHari Krishan Goel, Council Member and seconded by Shri A. Om Prakash, CouncilMember. Since there was no other candidature for the post, Shri Suresh ChandraMohanty was elected unanimously as Vice-President for the year 2012 -13.
Thereafter, it was:
"Resolved that Shri Suresh Chandra Mohanty be and is hereby elected as Vice-President for the year 2012-2013 to hold office from 22nd July, 2012 to 21st July,2013."
All the members congratulated him on his election.
276.3 Constitution of Board of Discipline for the year 2012-13 (22nd July, 2012 to 21st
July, 2013).
The Council deliberated on the constitution of the Board of Discipline as perSection 21A (1) of the CWA Act, 1959 as amended and decided to constitute thesame as follows:
1. Shri Jugal Kishore Puri - Presiding Officer2. Shri A.S. Durga Prasad - Member3. One person designated under clause (c) of sub-section (1) of Section 16 -
Member.
Shri Kaushik Banerjee, Director (Discipline) will be the Secretary of the Board ofDiscipline.
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276.4 Constitution of Disciplinary Committee for the year 2012-13 (22nd July, 2012 to21st July, 2013).
A. Under the Cost and Works Accountants Act, 1959 as amended.
The Council constituted the Disciplinary Committee under Section 21B (1) oftheCost and Works Accountants Act, 1959 as amended in 2006 as follows:
1. Shri Rakesh Singh, President - Presiding Officer2. Shri M. Gopalakrishnan - Member3. Shri P.V. Bhattad - Member4. Shri Debashish Bandopadhyay - Nominee of Central Government5. Shri Alok Kumar - Nominee of Central Government
Shri Kaushik Banerjee, Director (Discipline) will be the Secretary of theDisciplinary Committee.
B. Prior to Commencement of the Cost and Works Accountants (Amendment)Act, 2006.
The Council constituted the Disciplinary Committee under Section 210 of theCost and Works Accountants Act, 1959 as amended in 2006 as amended in 2006as follows:
1. Shri Rakesh Singh, President - Chairman2. One member to be nominated by the Central Government from the amongst
the members nominated to the Council by that Government.3. Shri Manas Kumar Thakur - Member
Shri Rajendra Bose, Joint Director will be the Secretary of the Committee.
276.5 To consider constitution of Standing and Other Committees of the Council andBoards of the Institute for the year 2012-13 (22nd July, 2012 to 21st July, 2013).
The President and Vice-President were authorized by the Council to constitutethe Standing and Other Committees of the Council and Boards of the Institute.
The Standing and Other Committees of the Council and Boards of the Instituteconstituted for the year are annexed to the Minutes as Annexure 1.
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
276.6 To consider Election of Members of the Governing Body of the BenevolentFund for the Members of the Institute for the year 2012-13 (22nd July, 2012 to21st July, 2013).
The nomination to the Governing Body of the Benevolent Fund for the membersof The Institute of Cost and Works Accountants of India was made as follows:
Name
Shri Rakesh Singh, President Chairman
Shri Suresh Chandra Mohanty, Vice-President Member
276.7 To consider nomination of the employees' representatives and the Chairman ofthe Board of Trustees of the Employees' Provident Fund for the year 2012-13(22nd July, 2012 to 21st July, 2013).
The Board of Trustees of the ICWAI Employees' Provident Fund wasreconstituted as below:
Employer's Side Post Employees' Side
Shri Rakesh Singh, President Chairman
Shri Kaushik Banerjee Member Shri Kaushikmoy Mukhopadhyay
Shri R.N. Pal Member Shri Atanu Mukhoty
Shri Arnab Chakraborty Member Shri Gautam Chakraborty
Convener Shri Ashis Kumar Chowdhury
276.8 To consider nomination of the employees' representatives and theChairman of the Board of Trustees ofthe ICWAI Employees' Gratuity Fund.
The Board of Trustees of the ICWAI Employees' Gratuity Fund was reconstitutedas below:
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
Employer's side Post Employees' Side
Shri Rakesh Singh, President Chairman
Shri Kaushik Banerjee Member Shri Chhandak Latu
Shri R.N. Pal Member Shri Kaushikbrata Dutta
Shri Arnab Chakraborty Member Shri Sanjoy Roy Chowdhury
Convener Shri Ashis Kumar Chowdhury
276.9 To consider nomination of Central Council of the Institute as Directors on theboard of ICWAI Management Accounting Research Foundation as per Article28 of the Company for the year 2012-13 (22"d July, 2012 to 21st July, 2013).
It was observed that as per Article 28 of ICWAI Management AccountingResearch Foundation, 3 Council Members are required to be nominated asDirectors on the Board of the Company in addition to Shri Rakesh Singh,President and Shri Suresh Chandra Mohanty, Vice-President of the Institute.After deliberations, it was decided that the following members will benominated to as Directors to the Board of Company in addition to the Presidentand Vice-President.
1. Shri M. Gopalakrishnan2. Shri A.S. Durga Prasad3. Smt. Aruna Vilas Soman
Accordingly, the following resolution was passed:
"Resolved that pursuant to Article 28 of Articles of Association of ICWAIManagement Accounting Research Foundation, the following members ofCouncil of ICWAI be and are hereby nominated as Directors on the Board of thecompany with effect from 22nd July, 2012:
1. Shri Rakesh Singh, President, The Institute of Cost Accountants of India2. Shri Suresh Chandra Mohanty, Vice-President, The Institute of Cost
Accountants of India3. Shri M. Gopalakrishnan, Council Member, The Institute of Cost Accountants
of India4. Shri A.S. Durga Prasad, Council Member, The Institute of Cost Accountants of
India
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
5. Smt. Aruna Vilas Soman, Council Member, The Institute of Cost Accountantsof India
"Resolved further that the following members of the company will continue asDirectors on Board of the company:
1. Shri Kunal Banerjee, being an eminent personality in accountancy andmanagement accountancy.
2. Dr. Asish Kumar Bhattacharyya, being an eminent personality in academicsand management accountancy."
276.10 Any other item with the permission of the chair.
Nomination to the Board/Assembly/Committees/Task Force of South AsianFederation of Accountants (SAFA) for the year 2012-13 (22nd July, 2012 to 21st
July, 2013).
The following members were nominated to the Board/ Assembly/Committees/TaskForce of South Asian Federation of Accountants (SAFA):
S. No Name of the SAFA Nomination from the InstituteBoard/Assembly /Committees/TaskForce
SAFA Board/Assembly Shrl Rakesh Singh, President1. Committee for Improvement in ~hri A.S. Durga Prasad
tT"ransparency, Accountability andGovernance
2. Committee on Accounting and Auditing ~hri Suresh C. Mohanty, Vice-PresidentStandards
3. Committee on Education, Training and ~hri A. Om PrakashCPO
4. Committee on Professional Ethics and ~hri Sanjay R. BhargaveIndependence
5. Committee on Quality Control Srnt. Aruna V. Soman
6. Committee on Professional Chairman - Shri T.C.A. Srinivasa Prasad~ccountants in Business
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7. Small & Medium Practices (SMP) Shri Hari Krishan GoelCommittee
8. ~ommittee on Harmonization of Fiscal Dr. Sanjiban Bandyopadhyaya~ Tariff Regimes in SAFA Region
9. Committee on Governmental and Shri Pramodkumar V. BhattadPublic Sector Enterprises Accounting
10. SAFA Summit Organizing Committee Shri Sanjay Gupta11. Task Force on Risk and Challenges to Shri M. Gopalakrishnan
Accounting Profession in the Region12. Task Force to Develop a Strategy to ~hri Manas Kumar Thakur
Combat Corruption.13. Task Force to review Constitution of ~hri Suresh C. Mohanty, Vice-President
SAFA
There being no other item for discussion, the meeting ended with a vote of thanks to the Chair.
fill&4 riJ ~.Rakesh~
President
Circulated to all members ofthe Council on 21st September, 2012.
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Annexure 1
276.5 To consider constitution of Standing and Other Committees of the Council and Boardsof the Institute for the year 2012-13 (22nd July, 2012 to 21st July, 2013).
STANDING COMMITTEES
Quorum (4)ChairmanMemberMemberMemberMemberMemberMemberSecretary
The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
5. Training & Educational Facilities Quorum (3) 6. Professional Development Quorum (5)Committee Committee
1. Shri Srinivasa Prasad, T.eA. Chairman 1. Shri Bhargave, S.R. Chairman2. Shri Om Prakash, A. Member 2. Shri Gopalakrishnan, M. Member3. Shri Ourga Prasad, A.S. Member 3. Shri Ourga Prasad, A.S. Member4. Smt Soman, Aruna V. Member 4. Shri Bhattad, P.V. Member5. Shri Gupta, Sanjay Member 5. Shri Goel, H.K. Member6. Shri Thakur, Manas Kumar Member 6. Dr. Bandyopadhyaya, Sanjiban Member7. Shri Govindaraj, K. (Government Member 7. Shri Sreekumar, G. Member
Nominee) (Government Nominee)Shri R.N. Pal {Sr. Director-Studies} Secretary 8. Shri Goyal, B.B. {Co-opted} Member
Shri J.K. Budhiraja {Director - PD} Secretary
7. Journal Committee Quorum (3) 8. Continuing Education Quorum (3)1. Shri Om Prakash, A. Chairman Programme Committee2. Shri Srinivasa Prasad, T.eA. Member 1. Shri Goel, H. K. Chairman3. Shri Goel, H.K. Member 2. Shri Om Prakash, A. Member4. Dr. Jagan Mohan Rao, P.V.S. Member 3. Shri Bhargave, S.R. Member5. Shri Bhattad, P.V. Member 4. Smt. Soman, Aruna V. Member6. Shri Gupta, Sanjay Member 5. Shri Bhattad, P.V. MemberShri Rajendra Bose {Joint Director- Secretary 6. Dr. Bandyopadhyaya, Sanjiban MemberR&J} Shri D. Chandru {Director-CEP} Secretary
9. Research & Publications Quorum (4) 10. Members' Facilities & Services Quorum (3)Committee Committee
1. Shri Thakur, Manas Kumar Chairman 1. Smt. Soman, Aruna V. Chairman2. Shri Ourga Prasad, A.S Member 2. Dr. Jagan Mohan Rao, P.V.S. Member3. Shri Bhargave, S.R. Member 3. Shri Goel, H. K. Member4. Shri Bhattad, P.V. Member 4. Shri Apte, Amit Member5. Shri Gupta, Sanjay Member 5. Shri Thakur, Manas Kumar Member6. Shri Srinivasa Prasad, T.eA. Member Shri Pradipta Gangopadhyay Secretary7. Dr. Bhattacharyya, Asish K. {Co- Member {Deputy Director-Membership}
opted}Dr. D.P. Nandy {Director-R&J} Secretary
11. Regional Councils & Chapters Quorum (3) 12. WTO & International Quorum (5)Co-ordination Committee Affairs Committee
1. Shri Bhattad, P.V. Chairman 1. Shri Gupta, Sanjay Chairman2. Dr. Jagan Mohan Rao, P.V.S. Member 2. Shri Ourga Prasad, A.S. Member3. Smt. Soman, Aruna V. Member 3. Shri Bhargave, S. R. Member4. Shri Goel, H.K. Member 4. Shri Bhattad, P.V. Member
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
5. Dr.Bandyopadhyaya,Sa~iban Member 5. Shri Om Prakash, A. Member6. Shri Thakur, Manas Kumar Member 6. Shri Srinivasa Prasad, T.C.A. MemberShri S.R.Saha (Director-Finance) Secretary 7. Shri Thakur, Manas Kumar Member
13. Direct Taxation Committee Quorum (5) 14. Cost Audit and Assurance Quorum (5)1. Dr. Bandyopadhyaya, Sanjiban Chairman Standards Board2. Shri Gopalakrishnan, M. Member 1. Shri Mohanty, S.c., Vice- Chairman3. Shri Om Prakash, A. Member President4. Shri Bhargave, S.R. Member 2. Shri Gopalakrishnan, M. Member5. Smt. Soman, Aruna V. Member 3. Dr. Jagan Mohan Rao, P.V.S. Member6. Shri Gupta, Sanjay Member 4. Shri Apte, Amit Member7. Shri Thakur, Manas Kumar Member 5. Shri Gupta, Sanjay Member8. Shri Kumar, Ashish (Government Member 6. Dr. Bandyopadhyaya, Sanjiban Member
Nominee) 7. Shri Goyal, B.B. (Advisor Cost, Member9. Shri Rajaratnam, S. (Co-opted) Member MCA)Shri Chiranjib Das (Dy. Director- Secretary 8. Smt. Munshi, Nandana MemberStudies) (Principal Director, Commercial
Audit, CAG)9. Shri Awasthi, P.K. [Joint Chief Member
(Finance), CERC]10. Shri Vasudevan, P. (General Member
Manager, RBI)11. Shri Narasimha Murthy, K. Member12. Shri Muraliprasad, S.A. Member
(Director, Sam ConsultancyServices)
13. Two representatives of MemberIndustry Associations /Professional Institutes
Shri J.P. Singh (Addl. Secretary) Secretary
15. Infrastructure & Information Quorum (4) 16. ICAI(CMA)-ICAI-ICSI Co- Quorum (3)Technology Committee ordination Committee
1. Shri Durga Prasad, A.S. Chairman 1. Shri Singh, Rakesh, President Chairman2. Shri Gopalakrishnan, M. Member 2. Shri Om Prakash, A. Member3. Shri Om Prakash, A. Member 3. Dr. Jagan Mohan Rao, P.V.S. Member
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
4. Smt. Soman, Aruna V. Member 4. Shri Bhargave, S.R. Member5. Shri Apte, Amit Member 5. Shri Apte, Amit Member6. Shri Gupta, Sanjay Member 6. Shri Srinivasa Prasad, T.CA. Member7. Shri Srinivasa Prasad, T.CA. Member 7. Shri Srivastava, A.K. MemberMrs. Anita Singh (Joint Director-IT) Secretary-IT (Government Nominee)Shri KushalSengupta (Dy. Director- Secretary- Shri S.c. Gupta (Director Admin.- SecretaryFinance) Infrastructur Delhi Office & PR)
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17. Committee for Accounting Quorum (3) 18. Indirect Taxation Committee Quorum (5)
Technicians 1. Shri Thakur, Manas Kumar Chairmanl. Shri Apte, Amit Chairman 2. Shri Gopalakrishnan, M. Member2. Smt. Soman, Aruna V. Member 3. Shri Bhargave, S.R. Member3. Dr. Bandyopadhyaya,Sanjiban Member 4. Shri Apte, Amit Member4. Shri Om Prakash, A. Member 5. Shri Goel, H.K. Member5. Dr. Jagan Mohan Rao, P.V.S. Member 6. Dr. Bandyopadhyaya, Sanjiban MemberShri L. Gurumurthy, {Director-CA T} Secretary 7. Shri Kumar, Ashish Member
(Government Nominee)8. Shri Raveendran, P. (Co-opted) MemberShri Chiranjib Das (Dy. Director- SecretaryStudies)
19. Corporate laws Committee Quorum (3) 20. Cost & Management Quorum (4)
1. Dr. Jagan Mohan Rao, P.V.S. Chairman Accounting Committee2. Smt. Soman, Aruna V. Member 1. Shri Ourga Prasad, A.S. Chairman3. Shri Apte, Amit Member 2. Shri Gopalakrishnan, M. Member4. Dr. Bandyopadhyaya,Sanjiban Member 3. Shri Bhargave, S.R. Member5. Shri Goel, H.K. Member 4. Shri Apte, Amit MemberShri Dibbendu Roy (Dy. Director- Secretary 5. Shri Goel, H.K. MemberPO) 6. Shri Thakur, Manas Kumar Member
1. Shri Gopalakrishnan, M.2. Shri Bhargave, S.R.3. Shri Apte, Amit4. Shri am Prakash, A.5. Dr. Bandyopadhyaya, Sanjiban6. Shri Goyal, B.B.7. Nominee of MCA8. Nominee of DGFT9. Dr. Bhattacharyya, Asish K. (Chairman, Board of Advanced Studies)10. Dr. Gandhi, Sailesh (Professor, 11M,Ahmedabad)11. Shri Muraliprasad, S. A. (Director, Sam Consultancy Services)12. Shri Vasudeva, S.C (FCA)13. Shri Mukhopadhyay, A.K. (Tata Motors Ltd.)14. Shri Ganesan, Murali (ITC Ltd.)15. Nominee of the Institute of Chartered Accountants of India16. Nominee of the ICSI17. Nominee of ASSOCHAM18. Nominee of CII19. Nominee of CCI
Quorum (8)ChairmanMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMemberMember
(Council Member -ICAI)(Council Member - ICAI)(Council Member - ICAI)(Council Member - ICAI)(Council Member -ICAI)(Advisor Cost, MCA)
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The Institute of Cost Accountants of India12, Sudder Street, Kolkata - 700 016.
20. Nominee of TRAI21. Nominee of SEBI22. Nominee of PNGRB23. Nominee of CBEC24. Nominee of CBOT25. Nominee of FICCIShri J. P. Singh (Addl. Secretary)
