To The President Institute of Company Secretaries of India 22, Lodhi Road New Delhi-110002 Dated: 30th March 2014 Subject: Notified rules vanishing the profession CC: 1. All Central Council Members (NIRC), CEO and Secretary of ICSI 2. Regional Council Members - North Dear Sir, There is strong disappointment among the members of the institute over the deviation between the draft rules published and the final rules notified by the MCA. It seems that the government has taken away all the scope of practice which was deemed to be assured by the enactment of Companies Act, 2013 and the draft rules published for public comments. Such deviations have created doubts on the leadership and the representation ability of our council before the rules making Committee. On the one hand the government is talking about corporate governance through the medium of professional watch and on the other hand they have taken away the requirement of pre certification of almost all e-forms by the professional, requiring to be filed with MCA. In the interest of corporate governance, transparency and compliance, the e-forms must be certified by the Company Secretaries in practice. Government themself have recommended in the draft rules that Annual Return of Listed Companies and Companies having paid-up share capital of Rs. 5 crore or turnover of 25 crores shall be certified by the Company Secretary in practice then why the limit was increased to 10 crores and 50 crores respectively in the final rules notified by the MCA. It came in our knowledge that this deviation in final rules is a result of misbehavior and confrontation by the few Council members with the government representative Madam Renuka Kumar. If it so then this is very unfortunate that due to few person the entire profession has to suffer. What so ever the reason, we want our right to be restored. We cannot allow our profession to be vanished at any cost. We, the members need the following actions immediately: 1. Pre-certification work shall be restored. 2. Annual Return certification shall be restored atleast to the extent originally mentioned in the draft rules as published earlier. 3. Appointment of Company Secretary as KMP shall be mandated for the Companies having minimum paid up capital of Rs. 5 Crores irrespective of the nature of the Company i.e. whether it is a Private or Public Company. 4. Irrespective of experience of members, all shall be entitled to appear before the NCLT If the Council is not able to safeguard the interest of the profession on the above issues then we will be compelled to show our aggression in public and street. Tomorrow we will send you a written representation of almost two hundred members in this regard. With Best regards and hop CS Ravi Bhushan Kumar
Posted on: Sun, 30 Mar 2014 19:30:59 +0000
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