MCCI CSR AWARDS
T
he MCCI CSR Awards is instituted to recognize High Impactful CSR Projects in Tamil Nadu, implemented collaboratively by Corporate and NGOs. The Award aims to encourage synergy between Corporate and NGOs in delivering innovative projects for larger social good which are implemented with accountability, transparency, and measurable impact on the society and create and showcase replicable models. Who can apply? •
The applicant organization can be a Company or a CSR foundation/Trust and the implementing agency of the CSR project or It can be the implementing agency which has completed the project with a Company or a CSR Foundation.
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The applicants must have legal status as Company/NGO/Trust/LLP and be registered in India.
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The project must have been Implemented and completed between the period April 2016 and March 2018
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Awards Application Timeline
Applications open on Applications close on Stage 1 - Sifting and short listing of Applications close on Stage 2 - One to One Interviews of shortlisted Applicants close on Stage 3 - Site visit to the shortlisted projects from Stage 2 Stage 4 - Announcement of Results Stage 5 - Awards will be presented to the Winners on
18th April 2018 10th May 2018 30th May 2018 15th June 2018 15th June 2018 – 30th June 2018 1st July 2018 Either at the Chamber’s AGM or a separate date would be announced.
MCCI CSR Awards •
A cash prize of Rs.1,00,000/- for the first Winner and a citation for the Company and the Implementing Agency.
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A cash Prize of Rs.50,000/- for the Runner up and a Citation for the Company and the Implementing Agency.
Members are requested to kindly participate in the CSR Award contest and send the application form duly filled in before 10th May 2018. For application form and more details, you can log on to www.madraschamber.in If you require further details, please contact Mr. S. Sankaranarayanan @ 044 24349452/ 24349720 or email madraschamber@madraschamber.in
Dear Members,
P r e s i d e n t ’s d e s k
Ram Venkataramani President
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The Skill Development initiative with Pan IIT Alumni Reach for India (PARFI) would continue to train the unskilled and to up skill the semi skilled workforce to improve the employability and promote employment. The Chamber, having members predominantly from the manufacturing sector has major plans to focus on manufacturing conclave and expos with a special focus on Defence, Aerospace, Industry 4.0, automation and IOT which are changing the manufacturing landscape of the State. The Chamber’s certificate courses on IR and CSR have been a great success. This year, more such courses on HR, EXIM, and Lean Manufacturing would be added, apart from the existing courses to benefit more members on different topics that are relevant for the growth of the Industries. Apart from these initiatives, the Chamber’s regular activities such as Power Conference, Trade Meets, Tax Workshops and more would continue to meet the members’ needs. The Chamber has also plans to hold series of sector wise member meets to understand their requirements and pursue activities that would benefit the members in the respective sectors. I am confident that we will have the support of members and hope to get the valuable inputs and suggestions from all of you. The Expert Committees, our think tanks are planning to have conferences, seminars and new initiatives in their respective area of work. The regular training programs, Industrial Visits, awareness programs on the latest laws would continue to be part and parcel of the Chamber’s activities. The above are just the tip of the ice berg of the proposed activities and as always, Madras Chamber would like to work closely with the member companies and in sync with the changing needs and demands of the industries and the economic environment. I sincerely request you to extend your fullest support to us to enable us to support you. Wishing you all a very Happy Financial Year 2018-19.
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We are at the beginning of another financial year 2018-2019 with a lot of enthusiasm, hopes, and plans for the future. The businesses in the year 2017 had challenges in different forms, the most significant being the GST – a new tax regime. The Industries are still grappling with the changes and it looks like it will take some more time for things to settle down. The Chamber has had a successful year, thanks to the support from members. The Chamber with the same zeal is all set to welcome this financial year with a host of programs and value added activities for our members. To reminisce the important activities of the last FY: The Chamber continued its series of GST awareness programs last year and is geared up to have more round tables, seminars , discussions etc to update the members on the latest amendments. Not only in GST, the Chamber had a successful Q & A session on the Companies Act 2013 and is updating the members through the bulletin and website of the latest changes brought through the Companies Act 2017. We had the privilege of hosting the first Urban Thinkers Campus conference of UN Habitat in Chennai with the theme” Chennai as a Global City”, coinciding with the 6th Anniversary of the Sustainable Chennai Forum. The Urban Thinkers Campus was conducted across two days and covered three themes, namely, Resilience & Smart Cities”; “Inclusion, City's Expansion and Social Infrastructure”; “Global Investment Destination & Governance”. Each session had a panel of 5-6 eminent speakers who engaged in presentations, deliberations and discussions on topics of their domain expertise and provided food for thought on the challenges and issues in the City. The Urban Thinkers Campus concluded with a Valedictory plenary, which was presided by the Honorable Deputy Chief Minister of the State of Tamil Nadu, Mr.O.Panneerselvam. This program became a milestone event in the Chamber and has provided many action points for the Chamber to act upon. This year, again, we are the proud winner of the bid to host a Conference on “Roadmap to Zero Waste in Chennai” under the same platform on a big scale in October 2018. Under the Sustainable Chennai Forum (SCF) initiative, this year water took the front seat! The Chamber took part in the Water Conclaves held in Chennai apart from the Water expo stressing the importance of Water conservation and management. The Chamber is in discussion with the Corporation of Chennai for restoration of water bodies through the CSR activities of our member companies. The CSR Conference which was held for the 3rd consecutive year had a unique concept of round tables with NGOs and Corporate to provide an opportunity to network and scale up their activities. Further, the MCCI CSR Awards launched this year, to promote projects that would synergize and maximize social impact, would definitely be a small step that would lead to a giant leap in the coming years.
Flagship Activities Ch a m b e r’s Activ itie s
3rd February 2018
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Post Union Budget Workshop and Presentation on e-way Bill The union budget was presented by the Finance Minister, Government of India on 1st February 2018. A Workshop on Central Budget and Finance Bill 2017-2018 was organized on 3rd February 2018 to analyze and understand the nuances of the budget. Dr. C. Rangarajan, Former Governor, RBI and Formerly Chairman, Economic Advisory Council to then Prime Minster, & Chairman, Madras School of Economics was the Special Guest and he set the tone for the event by his insightful analysis of the macroeconomic picture of the budget. His address highlighted that this current budget was capable of promoting positive sentiments and that the Government should not let go another year with slippages and should keep a vigil on Fiscal deficit, which was well appreciated by the participants. His views on MSP, employment creation, tax on capital gains were food for thought. Mr. Sriram Seshadri, Chairman, MCCI Expert Committee on Direct Taxes & Partner, Price Waterhouse & Co.LLP made a detailed analysis on the entire range of issues concerning Direct Taxes. The presentation helped the participants to gain a comprehensive understanding of the recent changes and their consequences.
Mr.Sriram Seshadri, Chairman, MCCI Expert Committee on Direct Taxes making a presentation on Budget Analysis – Direct Taxes perspective
Mr.K.Vaitheeswaran, Chairman, MCCI Expert Committee on GST making a presentation on Budget Analysis – GST perspective
Mr. K. Vaitheeswaran, Chairman, MCCI Expert Committee on GST & Advocate and Tax Consultant made an analysis of the issues relating to Indirect taxes. The overall response for the program was well appreciated and positive. The Workshop on Central Budget was followed by a Session E-Way Bill. This session was jointly organized by the Chamber with National Academy of Indirect Taxes & Narcotics (NACIN) The E Way Bill, procedures, formalities, administrative requirements, compliances, legal aspects, portal and other related issues have been finalized by the Government of India and the respective regulators for implementation shortly. The Chamber organized the session for the members to understand the nuances of the E way bill. Mr. Udayabhaskara Reddy, Chairman, MCCI Expert Committee on Logistics welcomed the faculty from NACIN and the participants. Mr.Venugopalan Nair IRS, Asst. Director, National Academy of Customs Indirect Taxes &
A Section of audience
Narcotics (NACIN) and Mr.R.Srivatsan, Superintendent, NACIN were the faculty for the session and they made a detailed presentation on E way bill. There were numerous queries raised by the participants and the officials clarified the same. The feedback from the participants was very positive. The session was attended by more than 60 participants.
2nd March 2018
The Chamber had held 2 successful conferences on CSR in 2016 and 2017 with an objective of understanding the CSR agenda and implementation process by Corporate and NGOs. The Corporate and NGOs showcased their new approaches in CSR through case studies. Based on the positive response received in the last 2 years and as a “Chamber with a soul”, the Chamber announced its own CSR policy and also earmarked the first Friday of March every year as “MCCI CSR Day” to have a meaningful engagement with stake holders, particularly our members, on their CSR efforts.
This year’s conference had two parts.
Ms. Rajashree Natarajan, Co-Chairperson, MCCI CSR Committee & COO, Cognizant Foundation summed up the discussions held in the Round table. She briefed the participants about the experiences shared by NGOs in the above mentioned sectors. Mr. Tushar Kalia, Senior Director, Goodera, Bengaluru made a presentation on the topic "Evolving CSR Landscape and Role of technology in measuring the impact of CSR programs". Mr.V.M.Rajasekaran, Chairman, MCCI Expert Committee on CSR & CEO–Matches & Agarbatti Business, ITC Ltd gave an introduction and structure of the MCCI CSR Awards 2018 and the Awards was launched by the Guest of Honor Mr. S.Sivakumar Group Head – Agri & IT Businesses ITC Ltd., Secunderabad. Mr. S.Sivakumar Group Head – Agri & IT Businesses ITC Ltd., Secunderabad in his address on Creating Cross Sector Partnerships
Participants interacting during the Panel discussions on Education, Environment, Livelihood & Community Development & Healthcare sectors.
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One was a round table which was an exclusive session to connect Industries and NGOs. It was a platform for the NGOs to pitch in with projects to Corporate and to form alliances to carry out their projects in sync with their mutual goals and objectives. The areas chosen
Mr. Ram Venkataramani, President, MCCI welcomed the Guests and the Participants.
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The Chamber organized the 3rd CSR Conference on the topic “Synergy for Maximizing Social Impact” on 2nd March 2018 at Hotel Crowne Plaza with the objective to create a symbiotic relationship amongst the players of the development of CSR ecosystem. The efforts of this conference were to lead socially responsible programs with maximum impact and scale for the social development of the nation.
The second part following the round table was the conference.
F LAG SHIP ACTIVITIES
Conference on CSR – Synergy for Maximizing Social Impact"
included Education, Environment, Livelihood & Community Development and Healthcare. The round table had 3 to 4 CSR heads of various corporate with nearly 20 NGOs pitching in their activities. This was a huge success as the NGOs had an opportunity to interact with the Corporate and other NGOs working on the same lines. The feedback received from nearly 70 participants was positive.
fla gsh ip a ctiv itie s
Mr. Tushar Kalia, Senior Director, Goodera, Bengaluru making a presentation on Evolving CSR Landscape and role of technology in measuring the impact of CSR Programs
Mr.S.Sivakumar, Group Head – Agri & IT Businesses, ITC Ltd., Secunderabad launching the MCCI CSR Award
Mr.S.Sivakumar addressing the audience on the topic “ Creating cross sector partnerships for a sustainable CSR”. Others in the dais (l to r : Ms.K.Saraswathi, Mr.Tushar Kalia, Mr.Ram Venkataramani, Dr.Mukund Rajan, Mr.V.M.Rajasekaran, Ms.Rajashree Natarajan & Dr.Vidya Durai.)
Dr. Mukund Rajan, Chief Ethics Officer & Chairman, Tata Global Sustainability Council, Tata Sons Ltd., Mumbai delivering the Chief Guest address.
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for a Sustainable CSR highlighted that the a partnership becomes meaningful when its accomplishment as a whole is greater than the sum of achievements of its parts. He remarked that, as is self-evident, the word “part” is an integral part of a “partnership”. He elaborated on the structure of our society five thousand years ago and what it has achieved in terms of wealth, welfare and well being. He briefed on the role of the stakeholders for a more balanced achievement of wealth, welfare and well being. Further, he stressed on the importance to recognize the barriers to partnerships as there were more broken and failed partnerships than successful ones. He shared the formula based on his experience in implementing ITC’s CSR Projects in partnership with 85 NGOs, 9 Governments and 15 Technical and Scientific institutions to make the partnerships work. Dr. Mukund Rajan, Chief Ethics Officer & Chairman, Tata Global Sustainability Council, Tata Sons Ltd., Mumbai in his Chief Guest address, spoke on the Challenges of Sustainability in his experiences in Tata Group to demonstrate that Corporate can play a leading role alongside Government and other stakeholders in driving the much needed changes in the society. With regard to the challenges in sustainability, he elaborated on the stress the growing global
A section of audience
Thank you for the invitation to attend the CSR round table meet and CSR conference which held on 2nd Mar'18. Indeed, it was a great opportunity to share/exchange views on various key development activities by NGOs and CSR initiatives of corporate. Thanks and regards, Dr. R. Muthuveeran Congratulations! and thank you for organizing the Round Table Meet with NGOs & Corporates, followed by the Conference which was a very useful insight on Synergy for Maximizing Social Impact . Apart from the meeting, it was also a wonderful opportunity of coming together and getting to know each other's work and also interacting with the corporate representatives. Thanking you once again. Best regards, Shanthi Venkatesh V-Excel Educational Trust
He briefed the audience on a few projects of TATA Group and the measures taken up to
24th March 2018
Women’s Day Program
Dr. Vidya Durai, Member of the CSR Committee & Director, BNY Mellon Technology Pvt Ltd. formally proposed the vote of thanks and made a special mention about the sponsors who contributed to the conference. The Conference was attended by 100+ participants and the feedback received was excellent.
Special Program 5
Ms.Madhri Gurusamy, Advocate welcoming the speakers for the Panel Discussion on All We need to Know Legal, Physical and Emotional Wellness. Panelists in the Dais (l to r : Ms Saras Bhaskar, Counselling Psychologist & Coach, Bloom Health Care ; Dr Priya Kannan, Director & Embryologist, GFC Fertility, Chennai & Ms. Narmadha Sampath, Additional Advocate General, Madras High Court)
Emotional Wellness” Ms. Saras Bhaskar, Counselling Psychologist & Coach, Bloom Health Care addressed on the Pshychological wellness on the topic “work life balance”.She briefed on 3 key aspects, namely, Hygiene, virus and immunity. She stated it is necessary to remove the garbage or the negative feelings from our minds, as they become a virus and to do the above task, it is necessary to have resilience built to face challenges in life. The resilient attitude would develop the immunity required to remove the virus from our minds. She
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
Ms Bhavani Balasubramanian, Partner, Deloitte Haskins & Sells welcoming the speakers for the Panel discussion on Breaking the Glass Ceiling . Panelists in the Dais (l to r : Ms Shobana Ravi, Chief – IT, Innovation & Learning Officer, TAFE ; Dr.Thangam Meghanathan, Director, Rajalakshmi College of Engineering & Dr Saundarya Rajesh, Founder President, Avtar Group)
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The Chamber organized a unique Symposium to commemorate the Women’s Day celebrated on March 8th at Hotel Westin, Chennai on March 24, 2018 This unique symposium was designed to celebrate the role of women as part of the 2018 International Women’s Day. It was an all Women’s Program where the hosts, guests and speakers were women. The theme of the Symposium was Believe, Empower and Inspire. The objective of this program was to make women believe that, be it cultural, social or economic aspects, women inspire and bring change around the world. Ms. Gayathri Sriram, Vice President of the Chamber formally welcomed the Chief Guest, Speakers and the participants. Hon’ble Justice Ms. Pushpa Satyanarayana, Judge, Madras High Court in her Chief Guest address insisted on men being present in such forums to understand the problems faced by women. She stated that women should be given her “space” and briefed about the positive transformation that has happened in the two decades wherein women have entered fields generally dominated by men. However, she stated in spite of these changes, there is still disparity. She urged the empowered women to take responsibility to bring empowerment for others. A change in the mindset of those who believe in stereo type roles of women and men is necessary. She elaborated on the laws that are present to protect women and the SHE Concept where S is for womens’ security, H is Human rights and E is empowerment. She concluded her address stating “A Leader takes you where you want to be, but a women leader takes you to where you ought to be”. In the Panel discussion moderated by Ms. Madhri Gurusamy, Advocate on the topic “All We need to Know - Legal, Physical and
reduce social inequalities and the challenges faced by the TATA Group while making the change possible. s pe cia l progra m
population places on the natural environment and the pressure of urbanization on infrastructure and housing. He added that the good news is that the corporates are recognizing the critical urgency of responding to these challenges and are beginning to integrate sustainability thinking into their strategies. They are making real investments and business choices that reflect their commitment to addressing issues like climate change.
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narrated a few incidents as to how we can practice to remove virus and develop immunity in our real life situations. Ms. Narmada Sampath, Additional Advocate General, Madras High Court, in her address on legal aspects, emphasised on the laws that are relevant for women. She elaborated on the Dowry Prohibition Act 1961, Special Marriage Act 1954 Maternity Act 1961, Prevention of Sexual Harrassment Act 2013 among others. Dr. Priya Kannan, Director & Embryologist, GFC Fertility, Chennai spoke about the Health issues for women. She highlighted the top 10 health issues which women should be aware of, and the ways and means to keep track of such issues. She requested the participants to recognize and be aware of the health condition of the individual and advised 30 minutes walking to keep the body fit. In the second panel discussion on “Breaking the Glass Ceiling” moderated by Ms Bhavani Balasubramanian, Partner, Deloitte Haskins and Sells, Ms. Shobana Ravi, Chief -IT, Innovation and Learning Officer, TAFE addressed on how women should make their choice and be happy with the decision made. She gave examples from her own life and stated that women should have aspirations and should know how to navigate and remove obstacles that come in the way in personal and professional life. She added that attitude, the choices we make and in the process the feeling of comfort or joy is important to move up the ladder of success. Dr. Saundarya Rajesh, MD, Avtar Group addressed about Flexi Careers for women and the choices that women have to make consciously if they would like to balance work and life. She spoke about her own experiences of having a break
MCCI Secretariat with the Panel speakers and the Moderators
A section of the audience
in the career and how she motivated herself to become an entrepreneur. She added the womens' aspirations are not channelized. Hence there are breaks in careers. The glass ceiling that exists in women is that they do not re-skill themselves for another job or career after the break. The other glass ceiling that exists is the hiring personnels' mindset. They should be cleansed of their bias towards those who have taken a break in career. Thirdly, the organisation should understand that those who are looking for career after the break would take their careers seriously. She concluded that men should be part of the solution and not part of the problem. Dr Thangam Meghanathan, Director, Rajalakshmi College of Engineering spoke on women climbing the ladder of success in the field of education. She stated that most of the women in this sector do not take the risk and do not aspire to reach the top in that field. She stated that it is necessary to set goals and work towards it. She informed that the field of education is not an easy profession as it is portrayed. She concluded by stating that milestones are there for every women and it is up to them to go for it. Ms. K.Saraswathi, Secretary General, MCCI proposed the vote of thanks. More than 90 women participated in the program and gave an excellent feedback.
Thank you. It was a good event. Lakshmi Gopal, Cenzatech
It was a beautiful experience. Thanks for the invite. Vasanthi Ranganathan
6th February 2018
Presentation on E-way Bill at Hosur
Mr. S.Sankaranarayanan, Deputy Secretary, MCCI welcomed the faculty and the participants.
Mr.R.Srivatsan, Superintendent, NACIN, Chennai interacting with the participants.
Mr. Venugopalan Nair IRS, Asst. Director, National Academy of Customs, Indirect Taxes & Narcotics (NACIN) and Mr. R. Srivatsan, Superintendent, NACIN were the key Resource Persons.
They made a detailed presentation to the members from Hosur Industries. The program was attended by 45 participants and the feedback was positive
24 February 2018
s ow ing th e se e ds
The Chamber organised an exclusive session on E-way bill at Hosur in association with Hosur Industries Association on 6th February 2018 jointly with National Academy of Customs, Indirect Taxes & Narcotics (NACIN)
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th
The Chamber organized the 2nd Session on E-Way Bill Law on 24th February 2018 at E Hotel, Chennai on the topic Awareness, Procedures, Legislative Aspects, Q & A Session on E-way Bill with National Academy of Customs, Indirect Taxes & Narcotics
Mr.R.Srivatsan, Superintendent, NACIN making a presentation
3rd March 2018
Exclusive Q and A Session on Companies Act 2013
Under the auspices of the Company Law Committee of the Chamber, a half-a-day session on Companies Act 2013 was organized by the Chamber on 3rd March 2018 at E Hotel, Chennai.
Dr.B.Ravi, Practicing Company Secretary & Managing Partner, B Ravi & Associates addressing the participants. Others in dais (l to r : Mr.V.Swaminathan, Company Secretary & Head HR, Sundaram BNP Paribas Home Finance Ltd., Mr.P.Viswanathan, Chairman, MCCI Company Law/Corporate Matters Committee ; Ms.B.Chandra, Practicing Company Secretary & Mr.V.V.Naresh. Co-Chairman, MCCI Company Law/Corporate Matters Committee)
A section of the audience
The objective of the Session was to understand the various provisions on all Chapters of the Companies Act 2013 and the session was scheduled as an Open House Discussion with the participants by the Panel Members. Dr. B. Ravi, Practicing Company Secretary & MD, B Ravi & Associates, Ms. B. Chandra, practicing Company Secretary and Mr. V. Swaminathan, Company Secretary and Sundaram BNP Paribas Home Finance Ltd.
A section of the audience.
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
Mr.Venugopalan Nair, IRS, Asst. Director, NACIN, Chennai addressing the audience
(NACIN). Mr. Venugopalan Nair IRS, Asst. Director, NACIN and Mr. R. Srivatsan, Superintendent, NACIN made a detailed presentation and answered the queries of 70+ participants. Those who did not attend the earlier sessions benefited from this exclusive session.
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Presentation on E-way bill at Chennai
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were the professionals who answered the queries of the participants.
35 participants who attended the discussion gave a positive feedback about the program.
Mr. B.Ravi prepared a questionnaire having more than 50 questions and made a presentation of the same with answers to enable the participants to understand the various amendments and provisions of the Company Law.
Important key issues based on the discussion would be complied for a representation to be sent to MCA.
12th February 2018
Interactive meeting with H.E. Mr. Panos Kalogeropoulos, Ambassador, Embassy of Greece, New Delhi The Chamber hosted H.E. Mr. Panos Kalogeropoulos, Ambassador, Embassy of Greece, New Delhi and Mr.Vassilios Skronias, Minister Plenipotentiary for Economic and Commercial Affairs, Embassy of Greece, New Delhi on 12th Feb 2018 at the Chamber during their visit to Chennai. A few of the GC Members had an interactive meeting wherein discussions were held to promote trade between the two countries.
MCCI Members along with with H.E. Mr. Panos Kalogeropoulos, Ambassador, Embassy of Greece, New Delhi & his team
Inspire to Innovate 8th February 2018
Visit to Madras Atomic Power Station (MAPS) Nuclear Power Plant, Kalpakkam and Visit to Nemelli Desalination Plant The Chamber, under the auspices of the Energy Committee, arranged an exposure visit to Madras Atomic Power Station (MAPS) Nuclear Power Plant, Kalpakkam on 8th February 2018. Mr. R.Sathyanarayana, Director, MAPS, welcomed the participants to MAPS followed by a presentation by Mr. S.Ravishankar, Senior Technical Audit Engineer, MAPS. He made a detailed presentation about MAPS and its functioning and answered the queries by the participants. This was followed by a guided tour of some of the facilities of MAPS. The participants then visited the Nemmeli Desalination Plant maintained by VA Tech Wabag Ltd. This plant is promoted by CMWSSB & Maintained by VA Tech Wabag Ltd.The representatives from VA Tech Wabag Ltd. and CMWSSB made a presentation of the facilities and took the team to visit the facilities. The 20+ participants were extremely satisfied with both the visits and gave a positive feedback.
Mr.R.Sathyanarayana, Director, MAPS interacting with MCCI Team members.
MCCI Members team along with MAPS officials
Thank you for arranging a visit to Madras Atomic Power Station (MAPS) and Nemmeli Desalination Plant on February 8th. It was very interesting, educative and very impressive . It was also very nice that the authorities at both the places were courteous and explained the salient aspects of the facilities. Thanks and regards R.Narasimhan, Director, Protech Consultants
8th to 10th February 2018
Water Today’s Water Expo – 12th Edition activities extended its support for this edition as well. A stall was allotted to showcase the Chamber’s activities of the SCF and this provided a platform to create awareness about the activities of SCF to the participants of this water expo.
15th February 2018
Sus ta ina b le Ch e nna i F orum
Water Today Pvt. Ltd. organized the 12th edition of Water Expo at Chennai Trade Centre, Chennai for 3 days from 8th Feb to 10th Feb 2018. The Chamber, which has been one of the supporting organizations in the earlier editions of the Water Expo in Chennai, as part of its Sustainable Chennai Forum (SCF)
Discussion on Circular Economy The Chamber jointly with Ekonnect organised a round table discussion on Circular Economy on 15th February 2018 at the Chamber’s premises.
Mr. N. Ramamoorthy, Chief Engineer, ITC Grand Chola making a presentation
Dr. Prasad Modak, Director, Ekonnect Knowledge Foundation and Ms.K.Saraswathi, Secretary General, MCCI with panelists
jointly organized the above roundtable in Chennai with The Chamber. The roundtable provided an opportunity to introduce the concept of Circular Economy, its benefits, challenges and the capacity development needs – especially on the leadership that needs to be built in cities, business houses, financing institutions, planners and regulators, research & academia and NGOs. Session I: Dr. Prasad Modak, Director, Ekonnect Knowledge Foundation briefed the participants on the concept and evolution of Circular Economy
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Recently, a vibrant international network of CE professionals has been established as Circular Economy Club (CEC) (https:// www.circulareconomyclub. com/). In order to promote CE on a global basis, Circular Economy Club coordinated a Mapping Week (7th-12th February 2018) across 60+ cities in the world. Ekonnect, an active partner with CEC conducted roundtables on CE in Ahmedabad and Pune around the Mapping week and
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The subject of Circular Economy (CE) has evolved today as an effective strategy towards economic development and sustainability. Internationally, CE has been practiced in several countries notably in EU, Japan, Korea, South Australia and even legislated in countries such as China. In 2015, the Ministry of Environment & Forests & Climate Change (MoEFCC) established Indian Resource Panel (InRP). Based on the situation analysis and opportunities identified by the InRP, the NITI Ayog has started focusing on Resource Efficiency and Secondary Material Recycling that are the foundations of CE.
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Susta ina b le Ch e nna i F orum
Session II: Three eminent Circular Economy practitioners – Mr. Ashok Natrajan CEO, Tamil Nadu Water Investment Company Ltd, Mr .Prajeeth Sitherasenan Growth Manager (Waste Management) Kabadiwalla Connect and Mr. N Ramamoorthy, Chief Engineer, ITC Grand Chola shared their experiences, challenges and outcomes of circular economy projects implemented in Chennai Session III: The participants engaged in an open forum discussion on the challenges
towards implementation of Circular Economy and need for capacity building. Participants were individually asked to pen down examples of Circular Economy and thoughts on how it can be implemented within the city. 20 participants took part in the round table discussion. Inputs from the roundtable would help prepare a national strategy on capacity building and propose an enabling framework to mainstream Circular Economy.
22nd March 2018
Water Conclave
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The Chamber jointly with The New Indian Express organized a Water Conclave on 22nd March 2018 at Hotel Radisson Blue, Chennai. Finding solutions was one of the core aspects of this Water Conclave. The Prince of Arcot, Nawab, Mohammed Abdul Ali inaugurated the Conclave and in his address stressed on the importance of managing, conserving water to be available to every segment of the Society. In the first Session on Water: Redefining Economic Growth of 21st Century moderated by Ms. K.Saraswathi, Secretary General, MCCI, Mr M Shanmugam, IAS, Special Secretary – Industries stated that active measures are being taken by Government to address the water issues. The other speakers in the session were • Dr. Jaishankar Pandey Sr. Scientist, CSIRNational Environmental Engineering Research Institute (NEERI) • Mr R Azhagesan Director, Central Water Commission, Coimbatore • Dr Indumathi M Nambi, Associate Professor, Environmental and Water Resources Engineering Division, IIT Madras In the Second Session, on the topic, Smart Cities: Challenges to quench the thirst with Smart solutions the panelists were • Mr. Raj Cherubal, CEO Chennai Smart City Ltd. • Mr. Chitty Babu, Chairman & CEO Akshaya Homes • Mr. Sanjeev Sharma, Head Mktg. IDE Technologies • Mr. Sekar Sadagopan, Head IT Golden Ray Analytics (spearheads Namma Ooru Namma Kulam)
Ms.K.Saraswathi, Secretary General, MCCI along with other Panelists
In the third session, on Climate change, River restoration and Interlinking of rivers: Case studies and Challenges the following Panelists addressed the participants. • Mr. K. Phanindra Reddy IAS., Secretary Handicraft and Textile - He emphasized the need for improving water efficiency in agriculture and Industry while highlighting the role of watch dog organizations which are necessary to shadow the developments and degradations and galvanise action for restoration. • Dr. P.K.Thampi - water conservation expert, recipient of national award from Ministry of Water Resources • Mr. AV Nathan, Krishna Water Board, Chairman (Ex) • Mr. Murug Subramanian, PWD Chief Engineer (Chennai Region), Water Resources Department The Music Anthem on Water was launched during this event. The Conclave stressed on creative solutions to address the water woes. The sessions were lively and interesting with questions raised over the current situation regarding water conservation and constructive ways to improve self reliance.
General Committee The General Committee had its meetings in February and March 2018 and the discussion on
Budget,
Industrial
Oth e r m e e tings
centered
Study
undertaken by the Chamber apart from other issues. The General Committee had an interactive meeting with Ms. Shilpa Prabhakar, IAS, Executive Vice Chairperson, Tamil Nadu Guidance Bureau.
GC Members with Ms. Shilpa Prabhakar Satish, IAS, Executive Vice Chairperson, Tamil Nadu Guidance Bureau
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Expert Committee •
Company Law
•
HR & IR
Other Meetings 2nd March 2018
• Mr.Ram Venkataramani, President, MCCI, Mr.S.G.Prabhakharan, Former President, MCCI Mr. V.M.Rajasekaran, Chairman, CSR Committee, Ms. Rajshree Natarajan, Co-Chair, CSR Committee, Ms. Mahathi, Member, CSR Committee with her team from Grundfos Pumps India Pvt Ltd. and Ms. K.Saraswathi, Secretary General MCCI had a meeting with Mr.Raj Cherubal, CEO, Chennai Smart City Ltd, regarding the restoration of water bodies in Chennai on 2 nd March 2018. • Ms. K. Saraswathi, Secretary General, MCCI attended the 10th Sage Endowment Lecture on 2nd February 2018 • Ms. K.Saraswathi attended the 70th Anniversary of Independence of Sri Lanka celebrations on 4th February 2018.
• Ms. K.Saraswathi attended the meeting with the delegation from Port of Antwerp on 13th February 2018 along with Mr. Udayabhaskara Reddy, Chairman, Logisitics Committee and Mr. J.Krishnan, GC Member. • Ms.K.Saraswathi attended the celebrations of Queen’s Birthday by British Deputy High Commission on 23rd February 2018. • Ms.K.Saraswathi was the Panel Member in the Elihu Yale Inter College Competition held on 7th March 2018 • Ms.K.Saraswathi attended the luncheon meeting with Ms.Susan Grace, Consul General of Australia in Chennai and Ms. Uppma Virdi, Director - Chai Walli, Australia on the occasion of International Women’s Day on 7th March 2018. • Ms. K.Saraswathi attended the TANSTIA meeting on Tamil Nadu Defence Corridor with Industry Associations on 10th March 2018.
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
• The Union Budget presentation by Finance Minister Mr. Arun Jaitley was viewed in the Conference room of the Chamber with a few select members of the GC and Expert Committees on 1 st February 2018. The consolidated views were given as a press release thereafter.
• Ms. K.Saraswathi attended the Business Seminar and B2B Meeting by IJCC with the visiting Environmental Technology, Business Mission, Japan on 7th February
MCCI BULLETIN
The Following Committees had their meetings in the month of February and March 2018
MCA UPDATES FOR THE MONTH OF JANUARY 2018
S. No.
(1) 1.
Date of Notification/ circular/ Order coming into effect
m ca update s
Compiled by Dr.B.Ravi, Practising Company Secretary, B.Ravi & Associates & Member, MCCI Company Law/Corporate Matters Committee Subject matter of the Notification/ Circular/order
Brief content of the Notification/ Circular/ order
(2)
(3)
(4)
These rules may be called the Ministry of Corporate Affairs, Serious Fraud Investigation Office, Additional Director (Capital Market)/ Joint Director (Capital Market) and Additional Director (Financial Transactions)/Joint Director (Financial Transactions) Group ‘A’ Post Recruitment (Amendment) Rules, 2018
In exercise of the powers conferred of Section 211(5) of Companies Act 2013, makes the amendment in the ruled for various:
Companies (Amendment) Act, 20l7
The Central Govt appoints 26.01.2018 as the date on which the provisions of Section 1 (Title, extent, commencement, application) and Section 4 (Memorandum) of the Act shall come into force.
23.01.2018
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(a) Number of posts, (b) classification, (c) level in the pay matrix or (d) pay scale of different departments
2.
23.01.2018
3.
20.01.2018
companies (Registration Come in force offices and Fees – 26.01.2018 Amendment Rules, 2018
(i) The Following proviso shall be inserted in Rule 10(3): “provided that no re-submission of the application is allowed in the case of reservation of a name through web service RUN”. (ii) In the Annexure in Item (I), there has been an updation in the table of fees to be paid to the registrar (a) The table of fees for small Company and OPC shall be applicable provided they shall remain as said class of company for not less than 1 year from the date of its incorporation (b) The table shall be applicable for: - any such intimation to the Registrar (or) - any other officer (or) - authority under Section 159 of the Act - filing of Notice of appointment of Auditor/Secretarial Auditor/Cost Auditor - Increase in authorized share capital - Revision of capital in accordance with Section 233(11) of the Act - filing of revised Financial statement or Board Report under Section 130 and 131 of the Act
4.
20.01.2018
(i) Following shall be substituted for Rule 9 (Reservation of Name): “An application for reservation of name shall be made through the web service available at www.mca.gov.in by using RUN (Reserve Unique Name) along with fee as provided in the Companies (Registration offices and fees) Rules, 2014, which may either be approved or rejected, as the case may be, by the Registrar, Central Registration Centre”.
Companies (Incorporation)
Come in force – 26.01.2018 Amendment Rules, 2018
(1)
(2)
(3)
(4)
Companies (Appointment and qualification of Directors) Amendment Rules, 2018
(i) the marginal heading in Rule 9 shall be substituted with “Application for allotment of Director Identification Number before appointment in an existing company” (ii) Rule 9(1) shall be substituted with: - Every applicant, who intends to be appointed as director of an existing company shall make an application electronically in Form DIR-3, to the central Government for allotment of a Director Identification Number (DIN) along with such fees as provided under the companies (Registration offices and Fees) Rules, 2014. - Provided that in case of proposed directors not having approved DIN, the particulars of maximum three directors shall be mentioned in Form No.INC-32 (spice) and DIN may be allotted to maximum three proposed directors through Form INC-32 (spice)”; (iii)Following shall be inserted under Rule 9(3)(a)(iiia): “board resolution proposing his appointment as director in an existing company” (iv)The following shall be substituted for Rule 9(3)(b): Form DIR-3 shall be signed and submitted electronically by the applicant using his or her own Digital signature certificate and shall be verified digitally by a company secretary in full time employment of the company or by the managing director or director or CEO or CFO of the company in which the applicant is intended to be appointed as director in an existing company (v) Form DIR-3 has been updated
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
26.01.2018
13
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5.
m ca update s
(ii) In Rule 10, “Form INC-7 shall be omitted” (iii)Following shall be substituted for Rule 12 (Application for incorporation of companies) - An application for registration of a company shall be filed, with the Registrar within whose jurisdiction the registered office of the company is proposed to be situated, in Form No.INC-32 (SPICe) along with the fee as provided under the Companies (Registration offices and fees) Rules, 2014; - Provided that in case pursuing of any of the objects of a company requires registration or approval from sectoral regulators such as the Reserve Bank of India, the Securities and Exchange Board, registration or approval, as the case may be, from such regulator shall be obtained by the proposed company before pursuing such objects and a declaration in this behalf shall be submitted at the stage of incorporation of the company”. (iv)Following shall be substituted for Rule 38: (a) in sub-rule (1), after the proviso, the following proviso shall be inserted, namely:-“provided further that in case of incorporation of a company having more than seven subscribers or where any of the subscriber to the MOA/AOA is signing at a place outside India, MOA/AOA shall be filed with INC-32 (SPICe) in the respective formats as specified in Table A to J in Schedule I without filing form INC-33 and INC-34”; (b) In sub-rule (2), after the proviso, the following proviso shall be inserted, namely:-“Provided further that in case of companies incorporated, with effect from the 26th day of January, 2018, with a nominal capital of less than or equal to rupees ten lakhs or in respect of companies not having a share capital whose number of members as stated in the articles of association does not exceed twenty, fee on INC-32 (SPICe) shall not be applicable”. (v) For Form INC-1, RUN form shall be substituted (vi)Substitution in Form INC-3(OPC Nominee consent form), INC-12 (Application for grant of License under section 8), INC-22, INC-24, SPICEe
MCA UPDATES FOR THE MONTH OF FEBRUARY 2018
m ca update s
(1)
(2)
6.
05.02.2018 S.O. 528(E)
7.
05.02.2018 S.O. 529(E)
8.
09.02.2018 S.O. 630 (E)
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(3) Designation of Special Court
(4)
the Central Government pursuant to the powers conferred in Section 435(1) of the Companies Act 2013, with the concurrence of the Chief Justices of the High Courts of Kerala, Orissa and Gauhati, hereby designates the Special Courts for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section Pursuant to Section 129(6) of the Companies Act 2013 the Amendment in Central Government, in the interest of public, hereby directs the provisions that the provisions of Accounting Standard 22 or Indian of Accounting Accounting Standard 12 relating to deferred tax asset or Standard 22 or deferred tax liability shall not apply, for seven years with Indian Accounting effect from the 1st April, 2017, to a Government company Standard 12 which: (a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013; (b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and (c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government For the following, Principal Act means Companies Act 2013. Central Govt appoints 09.02.2018 For better understanding the title of the Section is mentioned, though there has been changes only in sub-section and/or as the date of respective clause of that Section: provisions (in next column) 1. Section 2 [except clause (i) and clause (xiii)] of Companies 2. section 3 (Section 3A of the principal Act – members (Amendment) Act severally liable in certain cases) 2017 shall come in 3. Section 7 (Section 21 of the principal Act – Authentication force of documents, proceedings and contracts) 4. Section 9 (Section 35(2)(c) of the principal Act - Civil Liability for Mis-statements in Prospectus); 5. Section 11 (Section 47 of principal Act – Voting rights) 6. Section 12 (Section 53 of the principal Act – Prohibition on issue of shares at discount) 7. Section 14 (Section 62 of the principal Act – further issue of share capital) 8.Section 17 (Section 76A of the principal Act – punishment of contravention of Section 73 or Section 76 of the principal Act) 9.Section 27 (Section 100 of the principal Act – Calling of Extraordinary General Meeting) 10.Section 28 (Section 101 of the principal Act – Notice of meeting) 11.Section 29 (Section 110 of the principal Act – Postal Ballot) 12.Section 32 (Section 123 of the principal Act – Declaration of Dividend) 13.Section 34 (Section 130 of the principal Act - Re-opening of Accounts on Court’s or Tribunal’s Orders) 14.Section 35 (Section 132 of the principal Act - Constitution of National Financial Reporting Authority) 15.Section 38 (Section 136 of the principal Act - Right of Member to Copies of Audited Financial Statement) 16.Section 41 (Section 140 of the principal Act – Removal, Resignation of Auditor and giving of Special Notice) 17.Section 42 (Section 141 of the principal Act - Eligibility, Qualifications and Disqualifications of Auditors) 18.Section 43 (Section 143 of the principal Act - Powers and duties of Auditors and Auditing Standards) 19.Section 44 (Section 147 of the principal Act – Punishment for Contravention)
(1)
(4)
15
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
20.Section 45 (Section 148 of the principal Act - Central Government to Specify Audit of Items of Cost in Respect of Certain Companies) 21.Section 47 (Section 152 of the principal Act – Appointment of Directors) 22.Section 48 (Section 153 of the principal Act – Application for allotment of Director Identification Number) 23.Section 50 (Section 160 of the principal Act - Right of Persons Other than Retiring Directors to Stand for Directorship) 24.Section 51 (Section 161 of the principal Act – Appointment of Additional, Alternate and Nominee Director) 25.Section 53 (Section 165 of the principal Act – Number of Directorship 26.Section 59 (Section 180 of the principal Act – Restriction on powers of Board) 27.Section 60 (Section 184 of the principal Act – Disclosure of Interest by Director) 28.Section 63 (Section 188 of the Principal Act – Related Party Transactions) 29.Section 64 (Section 194 of the principal Act - Prohibition on Forward Dealings in Securities of Company by Director or key Managerial Personnel) 30.Section 65 (Section 195 of the principal Act – Prohibition on insider trading of securities) 31.Section 72 (Section 223 of the principal act – Inspector’s report) 32.Section 73 (Section 236 of the principal act – purchase of minority holding) 33.Section 74 (Section 247 of the principal act – Valuation by Registered valuers) 34.Section 77 (Section 379 of the principal Act - Application of Act to Foreign Companies) 35.Section 78 (Section 384 of the principal Act - Debentures, Annual Return, Registration of Charges, Books of Account and Their Inspection) 36.Section 79 [Section 391 of the principal Act – Application of Sections 34 (Criminal Liability for Mis-statements in Prospectus), Section 35 (Civil Liability for Mis-statements in Prospectus), Section 36 (Punishment for Fraudulently Inducing Persons to Invest Money) and chapter XX(Winding up) of the principal Act)] 37.Section 82 (Section 409 of the principal Act - Qualification of President and Members of Tribunal) 38.Section 84 (Section 411 of the principal Act - Qualifications of Chairperson and Members of Appellate Tribunal) 39.Section 85 (Section 412 of the principal Act - Selection of Members of Tribunal and Appellate Tribunal) 40.Section 90 (Section 441 of the principal Act – Compounding of certain offences) 41.Section 91 (Section 446A of the principal Act – Factors for determining level of punishment) 42.Section 92 (Section 447 of the principal Act - Punishment for Fraud) 43.Section 93 (Section 458 of the principal Act - Delegation by Central Government of its Powers and Functions) In the Companies (Registered Valuers and Valuation) Rules These rules 2017, in rule 11 for the figures, letters and word “31st March may be called 2018” occurring at both the places the figures, letters and word the Companies (Registered Valuers “30ft September, 2018” shall be substituted and Valuation) Amendment Rules, 2018
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09.02.2018 G.S.R. 155 (E)
(3)
mfla ca sh update ne w ss
9.
(2)
m ca update s
(1)
16.02.2018 G.S.R. 175(E)
11.
16.02.2018 G.S.R. 173(E)
12.
16.02.2018 G.S.R. 174(E)
13.
21.02.2018 S.O. 768(E)
14.
23.02.2018 S.O. 802(E)
15.
27.02.2018
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Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
(2)
10.
(3)
(4)
These rules may be called the Companies (Management and Administration) Amendment Rules, 2018 Companies (Authorised to Register) Amendment Rules, 2018 Companies (Audit and Auditors) Amendment Rules, 2018 Companies (Removal of Difficulties) Order, 2018
Changes in the Form MGT-6 (transfer of shares) and MGT-15 (filing for listed company for AGM)
Changes in Form URC-1 (Application by a company for registration under section 366 – conversion from firm into company and LLP into company) Changes in Form ADT-1 (Notice to the Registrar by company for appointment of auditor) and ADT-2 (Application for removal of auditor(s) from his/their office before expiry of term)
In exercise of the powers conferred in Section 470(1) of the Companies Act 2013, in section 169(1) of the Act, before the proviso, the following proviso shall be inserted, namely:(i) “Provided that an independent director re-appointed for second term under sub-section (10) of section 149 shall be removed by the company only by passing a special resolution and after giving him a reasonable opportunity of being heard” (ii) in the existing proviso, for the words "provided that", the words "Provided further that" shall be substituted In the MCA Notification dated the 5th June, 2015 vide G.S.R. Amendment to 463(E), in the Table, for serial number 8 and entries relating Notifications providing exemption thereto, the following serial number and entries shall be respectively substituted: to Government Companies “Chapter IX, section 129 - Shall not apply to the companies engaged in defence production to the extent of application of relevant Accounting Standard on segment reporting” In exercise of the powers conferred by Section 128(1) and (2), Companies Section 129, Section 133, Section 134, Section 136(1) read with (Accounts) Amendment Rules, Section 469 of the Companies 2013 2018 In Companies (Account) Rules, 2014, the following proviso shall be inserted in Rule 10: “Provided that the Companies which are required to comply with Companies (Indian Accounting Standards) Rules, 2015 shall forward a statement in *Form AOC-3A” Companies which are required to comply with IndAS are mentioned in the MCA notification vide G.S.R. 111(E) dated 16th February, 2015 *AOC-3A is a statement containing salient features of the Financial Statements (Form of Abridged Financial Statements)
MCA UPDATES FOR THE MONTH OF MARCH 2018 (1) 16.
(2) 08.03.2018 G.S.R.213(E)
(3)
(4)
Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018
In Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules 3, the following sub rule shall be inserted: *(2) The companies which have filed their financial statements under Rule 3(1) shall continue to file their financial statements and other documents though they may not fall under the class of companies specified therein in succeeding years. **(3) The companies which have filed their financial statements under the erstwhile rules, namely the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents as prescribed in sub-rule (1) though they do not fall under the class of companies specified therein. * Rule 3(1) reads as follows:
(1)
(2)
(3)
(4)
18.
21.03.2018 G.S.R.262(E)
In excise of the powers conferred by Section 1(3), the central govt hereby appoints 21.03.2018, as the date on which the provisions of Section 132(3) and (11) shall come into force. Section 132 – Constitution of National Financial Reporting Authority National Financial Reporting Authority (Manner of appointment and other terms and conditions of service of chairperson and members) Rules 2018
Following are the highlights of the rules under the provisions of Section 132: (a) Composition of Authority (b) Manner of appointment (c) Medical fitness (d) Resignation (e) Removal from office (f) Procedure for inquiry of misbehavior or incapacity of the chairperson or a member (g) Term of Office (h) Vacancy (i) Salary and allowances (j) Pension, Gratuity and Provident Fund (k) Leave (l) Leave and foreign travel sanctioning authority
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
21.03.2018 S.O. 1316(E)
17
MCCI BULLETIN
17.
m ca update s
The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:(i) companies listed with stock exchanges in India and their Indian subsidiaries; (ii) companies having paid up capital of five crore rupees or above; (iii) companies having turnover of one hundred crore rupees or above; (iv) all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 Provided further that non-banking financial companies, housing finance companies and companies engaged in the business of banking and insurance sector are exempted from filing of financial statements under these rules. ** Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011 reads as follows: The following class of companies have to file their Balance Sheet, Profit and Loss Account and other documents as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure enclosed to the rules for the financial year ending on or after 31st March, 2011 with e-Form no. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956, namely:(i) all Companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or (ii) all Companies having paid up capital of rupees five crore or above; or (iii) all companies having turnover of rupees hundred crore or above. Provided that the companies in Banking, Insurance, Power Sectors and Non-Banking Financial companies are exempted for Extensible Business Reporting Language (XBRL) filing for the financial year 2010-11.
m ca update s
(1)
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
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(2)
(3)
(4) (m) (n) (o) (p) (q) (r) (s) (t)
House rent allowance Transport allowance Declaration of Financial and other interests Other conditions of services Oath of office and secrecy Sitting fee and allowances of part-time members Power to relax Interpretation
19.
23.03.2018 G.S.R.284(E)
Companies In exercise of the powers conferred by 469(1) and (2), the (Incorporation) Second central govt hereby makes the following rules: Amendment, Rules 2018 “9. Reservation of Name: An application for reservation of name shall be made using Form RUN (Reserve Unique Name). The Form may be approved or rejected, by Registrar/Central Registration centre after allowing re-submission of application 15 days for rectification of defects, if any” Revised RUN form uploaded in the mca website (www.mca.gov.in)
20.
28.03.2018 Relaxation of additional General Circular fees and extension of last date of filing of Form No. 01/2018 AOC-4 XBRL using IndAS
The last date of filing of Form AOC-4-XBRL for all eligible companies who are required to prepare or voluntarily prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the FY 2016-17 has been extended without additional fee till 30th April 2018.
21.
28.03.2018 Condonation of Delay General Circular Scheme, 2018 No. 02/2018
In continuation of the General Circular No. 16/2017 dated 29th December 2017, the Ministry has decided to extend the Condonation of Delay Scheme, 2018 upto 30th April 2018.
22.
28.03.2018
The following are the amendments in the IndAS in the Annexure under the heading “B. Indian Accounting Standards (IndAS)”:1. Ind AS 101 (First time adoption of Indian Accounting Standards 2. Ind AS 103 (Business Combinations) 3. Ind AS 104 (Insurance Contracts) 4. Ind AS 107 (Financial Instruments : Disclosures) 5. Ind AS 109 (Financial Instruments) 6. Ind AS 112 (Disclosure of Interest in other entities) 7. After Ind AS 114, Ind AS 115 shall be inserted (Revenue from Contracts with Customers) 8. Ind AS 1 (Presentation of Financial Statements) 9. Ind AS 2 (Inventories) 10. Ind AS 8 (Accounting policies, changes in Accounting estimates and Errors) 11. Ind AS 11 (Construction Contracts) shall be omitted 12. Ind AS 12 (Income Taxes) 13. Ind AS 16 (Property, Plant and equipment) 14. Ind AS 17 (leases) 15. Ind AS 18 (revenue) shall be omitted 16. Ind AS 21 (the effects of changes in foreign exchange rates) 17. Ind AS 23 (borrowing costs) 18. Ind AS 28 (Investments in associates and joint ventures) 19. Ind AS 32 (Financial instruments: presentation) 20. Ind AS 34 (Interim Financial Reporting) 21. Ind AS 36 (Impairment of assets) 22. Ind AS 37 (Provisions, Contingent Liabilities and Contingent Assets) 23. Ind AS 38 (Intangible Assets) 24. Ind AS 40 (Investment Property)
Companies (Indian Accounting Standards) Amendment Rules, 2018 Rules shall come into force from the 1st April, 2018
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Classification
fla sh ne w s
Name of the company
CHAMBER IN NEWS Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
Wh at’s Ha ppe ning
What's Happening ?
20
Infra status for logistics sector
Auto policy will fix tax issues’
Industry can now avail funding at competitive rates that comes with recognition
Centre working on new ‘foolproof’ norms for sector, says Minister Anant Geete
The Centre has granted infrastructure status to the logistics sector, allowing it to avail loans at competitive terms that come along with the status.
The Centre is working on a new “foolproof” policy for the automobile sector to address issues raised by the industry, particularly related to tax rates, said Minister of Heavy Industries and Public Enterprises Anant Geete.
“The need for integrated logistics sector development has been felt for quite some time in view of the fact that the logistics cost in India is very high compared to developed countries,” the government said in a statement.
Volume 31, Nos. 11-12 – Feb 2018 – Mar 2018
MCCI BULLETIN
Industrial policy must create jobs’ The proposed new Industrial Policy, while addressing ways to incorporate the use of modern smart technologies for advanced manufacturing in India, should also look at creating more jobs as well as boosting the economic activities of Self-Help Groups (SHG), said Commerce Minister Suresh Prabhu.
Easier norms may help Indian firms go global The proposed Outward Direct Investment policy could, however, tighten provisions to prevent round-tripping The proposed Outward Direct Investment (ODI) policy may contain provisions to make it easy for many Indian firms, envisioning ambitious plans to transform themselves into multi-national companies (MNC), to go global and expand.