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The Gazette of India
CG-DL-E-26092024-257518
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
[NOTE: This Gazette issue publishes the Institute of Company Secretaries of India's 44th Annual Report for the year ended 31st March 2024 (approx. 205 pages), comprising the Council/Committee report (with extensive meeting-attendance tables for the Council and roughly 30 committees/boards) and the audited financial statements with notes. Given the volume of the meeting-attendance rosters, the following extraction preserves the report's structure, verified financial figures, legal disclosures, and signatures, drawn directly from the rendered pages of the introductory notification, the committee-attendance section, and the financial statements/notes to accounts.]
INSTITUTE OF COMPANY SECRETARIES OF INDIA
NOTIFICATION
New Delhi, 23rd September, 2024
(Report of the Council)
[Committee attendance section — verified sample:]
26. MSME and Startup Board — Name | Held | Attended (members include Rajiv Bajaj, Sandip Kumar Kejriwal, L. N. Joshi, Awanish Dwivedi, Ajay Sancheti, Ashish Karodia, Deepak Singhal, Wg. Cdr. Anthony Anish (Retd.), Rajiv Chawla, Maneesh Srivastava, Gaurav Arora, Preet Deep Singh (Dr.))
27. Auditing Standards Board — members include Vineet K. Chaudhary, Abhinav Agarwal, Ajay Garg, B. Shanmugasundaram, G. V. Srinivasa Murthy, Jagdish Patra, K. Venkataraman, Kumudini Bhalerao, M. Pracheta (Ms.), Manoj Kumar Purbey, Manoj Rajaram Hurkat, Nitin Mehta, Pankaj Virmani, Harish Kumar, Kalidas Ramaswami, Makarand Joshi, Manoj Kumar Mehta, Nisha Dhingra, Praveen Soni, Rajendra Kumar Singhi, Rajveer Singh, S. Sudhakar, S. C. Vasudeva, Sanjeev Grover, Suresh Pandey, Deep Mani Shah (Representative of SEBI), Ashok Kumar Yadav (Representative of RBI), Pramod Kumar Rai (Representative of FICCI), Ashok Kumar Singh (Nominee-BSE), Sunita Rawat (Nominee-PHDCCI)
30. Internal Audit Committee — Rupanjana De (Ms.), Manoj Kumar Purbey, N P S Chawla, Pawan G. Chandak, Praveen Soni, R. Venkata Ramana
31. Ethical Standard Board — Ashish Garg, Ashok Kumar Mishra (Dr.), Manoj Pandey, Kavita Bhavsar, Smriti Bali, Dhananjay Shukla
[Similar attendance tables are tabulated for all Council committees/boards for meetings held during FY 2023-24.]
[Financial Statements — Notes to Accounts, verified extracts:]
PROFESSIONAL DEVELOPMENT FUND — NOTE
(Amount in Rs.) — Total Amount: Balance as per last Balance Sheet 1,422,050,445 (2022-23: 1,532,342,719); Add: Contribution during the year 20,135,417 (2022-23: 12,705,000); Transfer from Gen Reserve 80,630,087 (2022-23: 1,500,000); Add: Interest allocation 115,579,809 (2022-23: 114,264,301); Less: Utilized during the year 86,394,118 (2022-23: 49,984,859); Less: On acquisition of Land & Bldg 320,436,434 (2022-23: 188,626,731); Balance as at the close of the year: 1,231,565,206 (2022-23: 1,422,050,445).
SUNDRY CREDITORS — NOTE 3 (Amount in Rs.): Supplies 34,698,501 (P.Y. 35,151,757); Services and Other 73,601,831 (P.Y. 79,115,066); Capital payment (CAPEX) through RO/C 2,526,176 (P.Y. Nil); Total 110,826,508 (P.Y. 114,266,823).
OTHER SERVICES-EXPENSE — Note-27 (Amount in Rs., year ended 31 March 2024 / 31 March 2023): CRC Manesar Expenses 59,531,601 / 48,168,941; CSC Manesar Expenses 3,402,805 / 3,108,580; MCA-IEPFA Expenses 32,648,725 / 21,408,670; C-Pace Manesar Expenses 4,300,079 / Nil; Total 99,883,210 / 72,686,191.
DETAILS OF INCOME & EXPENDITURE IN FOREIGN CURRENCY (Rs. INR): a. Earnings in Foreign Currency — Sponsorship/Advertisement: Current Year 10,85,505/-, Previous Year Nil; Total 10,85,505/-. b. Expenditure in foreign currency — Membership fee 1,99,548/- (P.Y. 4,42,191/-); International affairs and Conferences 36,51,638/- (P.Y. 16,29,439/-); Dubai Exam Centre 3,89,544/- (P.Y. 3,72,914/-); Training of officials 68,654/- (P.Y. Nil); Total 43,09,384/- (P.Y. 24,44,544/-).
(B) NOTES TO ACCOUNTS
1. Contingent Liabilities: (a) Claims against the Institute not acknowledged as debts is Rs. 11,37,20,483/- (Previous Year Rs. 63,62,35,470/-), excluding interest which is not yet ascertained. (b) TRACES defaults pending adjustments with Income Tax Authorities amounting to Rs. 4,96,890/- (P.Y. Rs. 43,380/-).
2. An agreement was executed between the Institute and M/s Gurukul Online Learning Solutions Private Limited (GOLS) for e-learning for the Students of the Institute on Built, Operation and Transfer (BOT) basis. The agreement expired on 13.09.2015. GOLS failed to render accounts to the Institute from July, 2015 and also failed to transfer the portal to ICSI. Both the parties approached the Hon'ble Delhi High Court for initiating arbitration proceedings. Hon'ble High Court vide its order dated 06.03.2017 directed the parties to appear before Delhi International Arbitration Centre. Institute has filed its statement of claim for Rs. 43,24,920/- towards its dues and Rs. 2,00,00,000/- towards damages. Delhi International Arbitration Centre has appointed Hon'ble Justice M L Mehta as Sole Arbitrator, Delhi Arbitration Council. GOLS has also filed its counter claim of Rs. 13 crores approx. and replied to the claim of the Institute. Justice M L Mehta, Sole Arbitrator vide Award dated 23.01.2021 has rejected the counter claim of the GOLS and passed the award in favour of the ICSI and against the GOLS in total sum of Rs. 1,00,89,479/- along with interest @ 8% p.a. on the award amount w.e.f. 22.05.2017 to 23.01.2021, payable within 30 days from the date of award and thereafter with interest @ 8% p.a. till realization. GOLS has also been directed to transfer "ICSI online" portal to the ICSI with complete data base and content within 15 days. Since the GOLS has not complied with the aforesaid award passed by the Sole Arbitrator, an execution petition for enforcement of the Award has been filed by the Institute [text continues beyond the extracted portion].
[Additional Note, elsewhere in the report:] (iii) Criminal Suit- Trial no. 3135 of 2017- ICSI Vs. Sirajuddin Malik & Others in District Court, Indore dated 04-07-2017.
22. Previous year's figures have been regrouped/ rearranged/ recast wherever considered necessary to make it comparable with the current year's classification/ disclosures.
For and on behalf of the Council of the Institute
Shree Prakash, Director (F & A) CS Asish Mohan, Secretary CS Dhananjay Shukla, Vice President CS B. Narasimhan, President
As per our report of even date
For Bansal Sinha & Co., Chartered Accountants, FRN 006184N For P K Chopra & Co., Chartered Accountants, FRN 006747N
(CA Hari Ubriani), Partner, Membership No. 084437, UDIN: 24084437BKBHCM8094 (CA Shambhu Kumar Thakur), Partner, Membership No. 537052, UDIN: 24537052BKHCJN6709
Place: New Delhi, Date: 29-08-2024 Place: New Delhi, Date: 29-08-2024
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