9911796707
TMI BlogCompany 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 & 116X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Company Secretaries Regulations, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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-regulation (1), from the 15th day following the date of issue of notice by the Secretary on or after the 1st day of October; and (c) in any other case from such date and for such period, as may be decided by the Council; (3) When a certificate is cancelled, the date from which and the period for which the certificate shall stand cancelled shall be communicated in writing by r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on-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 Court prior to 17-11-2006.)". (vi) after regulation 15, the following regulation shall be inserted namely:-- "15A. Fee and procedure for investigation of a complaint or information to be followed by the Director (Discipline), Disciplinary Directorate and procedure for inquiry by the Disciplinary Committee. [Applicable to a complaint or information received on or after 17-11-2006].--(1) Every complaint other than a complaint filed by or on behalf of the Central Government or any State Government, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 and conditions as it may deem fit; (g) according approval, on recommendation of Finance Committee, to the likely expenditure up to twenty per cent in excess of the estimates previously sanctioned by the Council in the respective heads of the annual Budget: Provided that where the Executive Committee does not agree with the recommendation of the Finance Committee, the matter shall be decided by the Council. (h) any other functions which may be entrusted to it by the Council from time to time. (2) The Council shall have the power to review any decision taken by the Executive Committee in the performance of the functions assigned to it." (x) in regulation 101, after the heading the following words in brackets shall be inserted namely:-- "(Applicable to the complaint or information pending before the Council or any inquiry initiated by the Disciplinary Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd hold post-audit discussions to ascertain any area of concern. (2) The Council shall have the power to review any decision taken by the Finance Committee in the performance of the functions delegated to it."; (xii) regulation 104 shall be omitted; (xiii) for regulation 114, the following regulation shall be substituted, namely:-- "114. Conduct of elections.--(1) Except to the extent provided in this Chapter, the elections to the Regional Councils shall be held by the Council and the Company Secretaries (Election to the Council) Rules, 2006 shall apply to elections to the Regional Councils mutatis mutandis. (2) Notwithstanding anything contained in Schedule 8 to the Company Secretaries (Election to the Council) Rules, 2006 as applied by sub-regulation (1) to elections to the Regional Council, the Returning Officer-- (a) shall not exclude from the poll a candidate lowest on the poll at any stage in the counting of votes,-- (i) if he is a candidate from a State or Union Territory which has one or more reserved seats under sub-regulation (1) of regulation 115; and (ii) he is either the sole continuing candidate from that State or the Union Territory or the number of cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the publication of the said notice in the Gazette of India. Such notice shall also be displayed for information of members at the offices of each Regional Council. (3) The Regional Council, as constituted under sub-regulations (1) and (2) of regulation 111, may, at its first meeting, co-opt not more than two persons to represent the interests of commerce, trade and industry and the Central or State Governments with the [previous] approval of the Council provided that such co-opted persons shall have no right to vote at the meetings of the Regional Council.";. (xv) regulation 116 shall be omitted; (xvi) in regulation 117, for sub-regulation (2), the following sub-regulation shall be substituted, namely:-- "(2) An elected member of a Regional Council who has been found guilty of any professional or other misconduct and awarded penalty of fine or does not attend three consecutive meetings of the Regional Council or Committee thereof, unless he applies for leave of absence in writing and it is granted for each meeting, shall be deemed to have vacated office from the date of the order or at the conclusion of the third meeting unless he applies for leave of absence in writing and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Meeting, the said vacancy may be filled by the Executive Committee and the auditor so appointed by the Executive Committee shall hold office until the conclusion of the next Annual Meeting but shall be eligible for re-appointment : Provided that, during the period of such vacancy the existing auditor may, continue to act."; (xxi) after regulation 154, the following regulation shall be substituted, namely:-- "154A. Comparison of actual income and expenditure with Budget estimates.--(1) The Council shall approve the Budget prior to the commencement of each financial year indicating expenditure proposed to be incurred and anticipated revenues for the forthcoming year. (2) The Budget refers to in sub-regulation (1) apart from the other things separately record capital items and the revenue items. (3) The Budget for the capital items shall provide proposed expenditure apart from the other items on land, building, capital equipments, books and library. (4) The Budget for revenue items shall provide anticipated income and proposed expenditure for the forthcoming year in relation to, apart from the other items, in respect of distance education, examination, services to members and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case may be, shall also be made available to others on payment of the amount as determined by the Council under sub-regulation (1), in addition to the postal charges, if any.". (xxiv) after regulation 168, the following regulation shall be inserted, namely:-- "168A. Other professional bodies.--(1) For the purposes of clauses (2), (3) and (5) of Part I of the First Schedule to the Act, a person has to be member of any of the following, namely :-- (a) The Institute of Chartered Accountants of India established under the Chartered Accountants Act, 1949 (No. 38 of 1949); (b) The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959 (No. 23 of 1959); (c) The Bar Council of India established under the Advocates Act, 1961 (No. 25 of 1961);. (d) The Indian Institute of Architects established under the Architects Act, 1972 (No. 20 of 1972); (e) The Institute of Actuaries of India established under the Actuaries Act, 2006 (No. 35 of 2006); (f) The membership of the professional bodies or institutions whose qualifications relating to Company Secretaryship are recognized by the Council under sub-section (2) of section 38 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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