TaxTMI 
TaxTMI 
Company Secretaries (Amendment) Regulations, 2010 - Substitution of regulations 6, 11, 13, 14, 98, 99, 114, 115, 118, 150, 152, 154, 155 amendment in regulations 15 to 19, 101 insertion of regulations 15A, 101A, 154A, 168A and omission of regulations 56 to 87W, 104 & 116
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....al : 710/1(M)/1, dated 30th October, 2008 for inviting objections and suggestions from all persons likely to be affected thereby before the expiry of forty-five days of the date on which the copies of the said notification as published in the Gazette of India were made available to the public; And whereas objections and suggestions were invited before the expiry of a period of forty five days from the date on which the copies of the said Gazette were made available to the public; And whereas the said Gazette was made available to the public on 4th November, 2008; And whereas objections and suggestions received from the public have been considered by the Council; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56 of 1980), the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Company Secretaries Regulations, 1982, namely :- 1. (1) These regulations may be called the Company Secretaries (Amendment) Regulations, 2010. (2) These regulations shall come into force on the date of their publication in the Gazette of India. 2. In the....
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....n of Certificate of Practice.-(1) A certificate of practice issued under sub-section (1) of section 6 of the Act shall be liable for cancellation, if - (a) the name of the holder of the certificate is removed from the Register under sub-sections (1) and (2) of section 20 of the Act; or (b) the Council is satisfied, after giving an opportunity of being heard to the person concerned, that such certificate was issued on the basis of incorrect, misleading or false information provided by the applicant, or by mistake or inadvertence on the part of the Council; or (c) a member has ceased to practise; or (d) a member has not paid annual fee for certificate of practice till 30th day of September of the relevant year. (2) The cancellation of a certificate shall be effective,- (a) in a case falling under clause (a) of sub-regulation (1), on the date on which and during the period for which the name of the holder of the certificate was removed from the Register of members; (b) in a case falling under clause (d) of sub-regula....
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....p; (iv) for regulation 14, the following regulation shall be substituted, namely:- "14. Restoration of certificate of practice.-(1) The Council may, on an application made in appropriate form and on payment of such fee, as may be determined by the Council under sub-section (3) of section 20 of the Act, restore the certificate of practice with effect from the date on which it was cancelled, to a member whose certificate has been cancelled due to non-payment of the annual fee for the certificate of practice and whose application, complete in all respects, together with the fee, is received by the Secretary before the expiry of the relevant year. (2) On acceptance of the application for restoration, the restoration of certificate of practice shall be communicated in writing to the person concerned and may also be published in the Journal"; (v) in regulations 15, 16, 17, 18 and 19, after the headings, the following words in brackets shall be inserted, namely:- "(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High C....
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....on of names of members, issue and cancellation of certificate of practice, issue of certificates of membership, prosecution of members on the findings of the Council, granting exemption to company secretary in practice or firms of such company secretaries from the operation of sub-section (1) of section 37 of the Act and publication of the list of members; (b) grant of permission to a company secretary in practice to engage in any business or occupation other than the profession of company secretary in accordance with, and subject to, the restrictions specified in this behalf by the Council; (c) condone the delay in supplying requisite information under regulation 165; (d) maintenance of the Register of members and all other statutory registers which are prescribed by the Act or these regulations; (e) control and custody of the property, assets and funds of the Institute; (f) maintenance of office of the Council and for this purpose the Executive Committee may employ, suspend, discharge or re-employ the necessary staff on such terms a....
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....onsidered expedient, but such excess expenditure shall be brought to the notice of the Council at its next meeting; (f) making recommendation to the Executive Committee for sanction of likely expenditure up to twenty per cent in excess of the estimates previously sanctioned by the Council for the respective heads of the annual Budget; (g) overseeing the Institute's financial reporting process and the disclosure of its financial information; (h) reviewing with the Secretariat, Statutory and Internal Auditors, the adequacy of internal control systems; (i) reviewing the adequacy of internal audit function, including the structure of the internal audit; (j) reviewing the internal reports and any discussion with the internal auditor and significant findings and follow up thereon; (k) reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Coun....
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.... is less than the number of members to be elected, the vacant seat or seats may or may not be filled up at the discretion of the Council and in case the Council decides that the vacant seat or seats be filled up, the same may be filled up by co-option by the Regional Council from amongst the members entitled to vote in and stand for election to the Regional Council in consultation with the previous approval of the Council and the members so co-opted shall hold office for the duration of office of that Regional Council. (4) Where any dispute arises regarding any election to a Regional Council, the matter may be referred by the candidate concerned within thirty days from the date of the declaration of the result of the election, to the President and the decision shall be final."; (xiv) for regulation 115, the following regulation shall be substituted, namely:- "115. Representation on the Regional Council.-(1) Each Regional Council shall have not less than six and not more than twelve elected members provided that there shall be at least one elected member from each such State or Union Territory as is having, on the date of the issue of the notice ref....
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....n or cause to be maintained proper books of account with respect to- (a) all sums of money received and expended by the Institute and the matters in respect of which the receipt and expenditure takes place; (b) all sales and purchases of goods; (c) all the assets and liabilities of the Institute; (d) any other items specified in this regard by the Council. (2) The annual accounts of the Council shall be prepared for every year. Such annual accounts shall comprise of the Balance Sheet of the Institute, Income and Expenditure Account of the Institute comprising the surplus or deficit of the Institute for that year, and cash flow statement for that year, (3) While preparing the annual accounts, the Finance Committee shall take into consideration the annual accounts of the respective Regional Councils and Chapters and consolidate the same with the annual accounts of the Institute.". (xix) for regulation 152, the following regulation shall be substituted, namely:- "152. Appointment of auditor and his retirement.-(1) The auditor sh....
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....and publication of audited accounts and Council report.-(1) The Council shall as soon as may be practicable at the end of each year circulate the audited accounts to its members at least 15 days in advance and consider and approve these accounts in a special meeting convened for the purpose in pursuance of sub-section (5A) of section 18 of the Act. (2) The Council shall cause to be published in the Gazette of India a copy of the audited accounts and the report of the Council for that year duly approved by the Council and shall forward a copy of the said accounts and report to the Central Government and to all members of the Institute on or before 30th day of September of the year next following in pursuance of sub-section 5(B) of section 18 of the Act"; (xxiii) for regulation 161, the following regulation shall be substituted, namely:- "161. Publication of List of Members.-(1) The list of members of the Institute as on the 1st day of April each year published in print or electronic form, under sub-section (3) of section 19, shall be sent to any member, on his request and on his making payment of such amount as may be determined by the Council which....