Monday 28 July 2014

FAQs for CS students for December 2014 Exams


Frequently Asked Questions on Applicability of Companies Act, 1956 and Companies Act, 2013 for December 2014 Examination
 
Question 1 : Please guide on the applicability of Companies Act, 2013 for December 2014 examination?
Answer:
The question papers on the subjects of Foundation (New Syllabus), Executive and Professional Programme (Old and New Syllabus) shall carry questions from the notified sections of the Companies Act, 2013 and rules made thereunder . In respect of sections of the Companies Act, 2013 which have not been notified, applicable sections of Companies Act, 1956 and rules made thereunder will continue to apply.
 

Question 2: Which provisions of the Companies Act 2013 are applicable for December 2014 Examination?
Answer:
The provisions of the Companies Act, 2013 and the rules made thereunder shall be applicable for the Foundation, Executive and Professional Examinations of December, 2014 to the extent these provisions have come into force by 30th June, 2014. This means that the sections of the Companies Act, 2013 as listed in A and the Rules as listed in B below shall be applicable for December 2014 Examinations as these have come into force by 30th June, 2014.
A. Sections of the Companies Act, 2013 which have come into force by 30th June, 2014 and applicable for December 2014 Examinations:
Section 2 Clauses (1) to (28), (29)[ except sub-clause (iv) ] , (30) to (40) , (41) [except first proviso], (42) to (66), (67)[except sub-clause (ix) , (68) to (95);

Sections 3, to 6, 7 (except sub-section (7), 8 (except sub- section (9), 9 to 13, 14 (except second proviso to sub section (1) and sub- section (2)), 15 to 47, 49 to 54, 55 except sub-section (3) , 56 to 60, 61 except proviso to clause (b) of sub-section (1), 62 except sub- sections (4) to (6), 63 to 65, 67 to 70, 71 except sub- section (9) to (11), 72 , 73, Sub-section (1) of 74, 76 to 96 ,100 to 118, 119 (except sub-section (4)), 120 to 123, 126 to 129, 133 to 139, 140 [except second proviso to sub-section (4) and sub-section (5), 141 to 168, 169 except sub-section (4), 170 to 211, 212 [except sub –section (8) to (10)]; 214, 215, 216 [except sub-section (2)], 217, 219, 220, 223, 224[except sub- section (2) and (5)], 225, 228, 229, 366, to 369, 370[except proviso], 371, 374, 379 to 389, 390, Sub-section (1) 391, 392 to 398, 399 except reference of word Tribunal in sub- section (2), 400 to 414, 439, 442 to 464 and 467 to 470 ; Schedule I, II, III,IV,V,VI and VII.

B. The Rules under the Companies Act, 2013 which have come into force by 30th June, 2014 and applicable for December 2014 Examinations:
1. Companies (Corporate Social Responsibilities) Rules, 2014
2. Companies (Specification of definition details) Rules, 2014
3. Companies (Incorporation) Rules, 2014
4. Companies (Prospectus and Allotment) Rules, 2014
5. Companies (Issue of Global Depository Receipts) Rules, 2014.
6. Companies (Share Capital and Debentures) Rules, 2014
7. Companies (Acceptance of Deposits) Rules, 2014.
8. Companies (Registration of Charges) Rules, 2014
9. Companies (Management and Administration) Rules, 2014
10. Companies (Declaration and Payment of Dividend) Rules, 2014.
11. Companies (Accounts) Rules, 2014.
12. Companies (Audit and Auditors) Rules, 2014.
13. Companies (Appointment and Qualification of Directors) Rules 2014
14. Companies (Meetings of Board and its powers) Rules 2014
15. Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
16. Companies (Inspection, Investigation and Inquiry) Rules, 2014
17. Companies (Authorized to Registered) Rules, 2014
18. Companies (Registration Offices and Fees) Rules, 2014
19. Nidhi Rules, 2014.
20. Companies (Registration of Foreign Companies) Rules, 2014.
21. Companies (Adjudication of Penalties) Rules, 2014.
22. Companies (Miscellaneous) Rules, 2014.
23. NCLT (Salary, allowances and other terms and conditions of service of president and other members) Rules, 2013
24. NCALT (Salaries, Allowances and other terms and conditions of service of chairperson and other members) Rules, 2013
25. Companies (Cost Records and Audit) Rules, 2014
In addition, in respect of sections of the Companies Act, 2013 which have not been notified, applicable sections of Companies Act, 1956 and rules made thereunder will continue to apply to December 2014 Examination.

Question 3: Which provisions of the Companies Act 1956 are applicable for December 2014 Examination?
Answer:
The Companies Act, 1956
The provisions of the Companies Act, 1956 and the rules made thereunder shall be applicable for the Foundation, Executive and Professional Examinations of December, 2014 to the extent these provisions continue to be in force as on 30th June, 2014. This means that the sections as listed in A and the Rules as listed in B below shall be applicable for December 2014 Examinations as these continue to be in force as on 30th June, 2014.
A. Sections of the Companies Act, 1956 which continue to be in force as on 30th June, 2014 and applicable for December 2014 Examinations:
Sections 10,10E,10F, Proviso to sub section (1) of section 31, Sub-section (2A) of section 31, 58A (5), (8) &(10), Proviso to section 80A(l) and 80A(2), Sub- section (4), (5) &(7) of section 81, 94A, 100 to 107, 117B(4), Sub- section (4) & (5) of section 117C, 167, 168, 186, 196(4), 205A, 205B, 205C, 210A, Proviso to sub section (3) of section 225, 237, 243, Sub-section (1A) of section 247, 250, 250A, 251, Sub-section (4) of section 284, 390 to 394, 394A, 395, 396, 396A, 397, 398, 399, 401 to 404, 406, 407, 425 to 560, proviso to section 577, 580, 581, 581A to 581ZT, 582 to 587, 589, 590, 602(b) & (c), 621A, 622, 634A, 635B, 645, 652, to 655 and 658.
B. The Rules under the Companies Act, 1956 which continue to be in force as on 30th June, 2014 and applicable for December 2014 Examinations:
1. Companies (Court) Rules, 1959
2. Companies Liquidation Accounts Rules, 1965
3. Companies (Official Liquidator's Accounts) Rules, 1965
4. Companies Law Board Regulations, 1991
5. Companies Law Board (Fees on Applications and Petitions) Rules, 1991
6. Company Law Board (Qualifications, Experience and other conditions of service of members) Rules, 1993
7. The Offices of the Company Law Board Benches (Destruction of Records) Rules,1980
8. Investor Education and Protection Fund (Awareness and Protection of Investors) Rules, 2001
9. Producer Companies (General Reserve) Rules, 2003
10. Companies (Accounting Standards) Rules, 2006
11. Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2012.
In addition to the Companies Act 1956, the sections of the Companies Act, 2013 which have been notified and rules made thereunder will also apply to December 2014 Examination.

Question 4: Can you please guide on the corresponding provisions of the Companies Act 1956 to the Companies Act 2013 as notified upto date?
Answer
You may please refer to table containing provisions of Companies Act, 2013 as notified upto date and corresponding provisions thereof under Companies Act, 1956 available under the head ‘Academic corner’ at the link http://www.icsi.edu/docs/webmodules/CA2013-CA1956.pdf.
Question 5: With reference to December 2014 Examination of Company Secretaryship Course, what is the Impact of notified sections of Companies Act, 2013 on subjects covered under ICSI Course Curriculum (New syllabus)?
Answer
Impact of notified sections of Companies Act, 2013 on Subjects covered under ICSI Course Curriculum for December 2014 Examination of Company Secretaryship Course is as under:
New Syllabus
Subjects on which notified sections of the Companies Act, 2013 have substantial impact
Subjects which have/may have passing reference to notified sections of Companies Act, 2013 till date
FOUNDATION PROGRAMME
FOUNDATION PROGRAMME
1. Business Environment and Entrepreneurship (PAPER 1)
1. Business Management Ethics and Communication (PAPER 2)
2. Business Economics (PAPER 3)
3. Fundamentals of Accounting and Auditing (PAPER 4)
EXECUTIVE PROGRAMME
EXECUTIVE PROGRAMME
1. Company Law (MODULE 1, PAPER 1)
2. Company Accounts and Auditing Practices (MODULE 2, PAPER 5)
3. Capital Markets and Securities Laws (MODULE 2, PAPER 6)
1. Cost and Management Accounting (MODULE 1, PAPER 2)
2. Economic and Commercial Laws (MODULE 1, PAPER 3)
3. Tax Laws and Practice (MODULE 1, PAPER 4)
4. Industrial, Labour and General Laws (MODULE 2, PAPER 7)
PROFESSIONAL PROGRAMME
PROFESSIONAL PROGRAMME
1. Advanced Company Law and Practice (MODULE 1, PAPER 1)
2. Secretarial Audit, Compliance Management and Due Diligence (MODULE 1, PAPER 2)
3. Ethics, Governance and Sustainability (MODULE 2, PAPER 6)
4. Drafting, Appearances and Pleadings (MODULE 3, PAPER 8)
5. Capital, Commodity and Money Market (MODULE 3, Elective PAPER 9.2)
1. Corporate Restructuring, Valuation and Insolvency (MODULE 1, PAPER 3)
2. Information Technology and Systems Audit (MODULE 2, PAPER 4)
3. Financial, Treasury and Forex Management (MODULE 2, PAPER 5)
4. Advanced Tax Laws and Practice (MODULE 3, PAPER 7)
5. Banking Law and Practice (MODULE 3, Elective PAPER 9.1)
6. Insurance Law and Practice (MODULE 3, Elective PAPER 9.3)
7. Intellectual Property Rights - Law and Practice (MODULE 3, Elective PAPER 9.4)
8. International Business - Laws and Practices (MODULE 3, Elective PAPER 9.5)

Question 6: With regard to December 2014 Examination of Company Secretaryship Course, what is the Impact of notified sections of the Companies Act, 2013 on Subjects covered under ICSI Course Curriculum (old syllabus)?
Answer
The Impact of notified sections of Companies Act, 2013 on subjects covered under ICSI Course Curriculum (Old syllabus) for December 2014 Examination of Company Secretaryship Course is as under:
Old Syllabus
Subjects on which notified sections of Companies Act,2013 have substantial impact
Subjects which have/may have passing reference to notified sections of Companies Act, 2013 till date
EXECUTIVE PROGRAMME
EXECUTIVE PROGRAMME
1. Company Accounts and Cost & Management Accounting (MODULE I, PAPER 2)
2. Company Law (MODULE II, PAPER 4)
3. Securities Laws and Compliances (MODULE II, PAPER 6)
1.
2. General and Commercial Laws (MODULE I, PAPER 1)
3. Tax Laws (MODULE I, PAPER 3)
4. Economic and Labour Laws (MODULE II, PAPER 5)
PROFESSIONAL PROGRAMME
PROFESSIONAL PROGRAMME
1. Company Secretarial Practice (MODULE I, PAPER 1)
2. Drafting, Appearances and Pleadings (MODULE I, PAPER 2)
3. Due Diligence and Corporate Compliance Management MODULE IV, PAPER 7)
4. Governance, Business Ethics and Sustainability (MODULE IV, PAPER 8)
1.
2. Financial, Treasury and Forex Management (MODULE II,PAPER 3)
3. Corporate Restructuring and Insolvency (MODULE II, PAPER 4)
4. Strategic Management, Alliances and International Trade (MODULE III, PAPER 5)
Advanced Tax Laws and Practice (MODULE III, PAPER 6)
Question 7: Is the study material of all the subjects covered under CS Course have been revised in the light of Companies Act, 2013?
Answer:
As mentioned above there are some subjects on which notified sections of Companies Act,2013 have substantial impact and some subjects have passing reference to notified sections of Companies Act, 2013 till date.Keeping the above in view, the study material of all the subjects covered under CS Course have been revised.

Question 8: Is the soft copy of the study material of all the subjects covered under CS Course revised in the light of Companies Act, 2013 available?
Answer
The revised study material has been put on the website. Students may view, download and print the Study Material (July 2014 edition) uploaded on ICSI website under the link https://www.icsi.edu/AcademicCorner.aspx.

Question 9: When will the printed copy of the July 2014 Study Material be available to the students?
Answer
Study material(s) for the subjects revised in the light of Companies Act, 2013 under new syllabus is under print and would be available by end of July 2014.
Question 10: I have 2013 edition of study material of Executive programme (New syllabus). Do I need to purchase July 2014 edition of study material?
Answers
(i) The students may either refer July 2014 edition of study material available on the ICSI website or;
(ii) refer the supplement uploaded on ICSI website and read the study material available with them with reference to this supplement.
Question 11: I am a student registered under the Old syllabus and have 2013 edition of study material of Professional programme. Do I need to purchase July 2014 edition of study material?
Answer
The students appearing under the old syllabus may view, download and print the soft copies of the study material revised in the light of Companies Act, 2013 for the corresponding subject(s) under the new syllabus, at https://www.icsi.edu/AcademicCorner.aspx.
Or
Refer the supplement uploaded on ICSI website and read the study material available with them with reference to this supplement.

Question 12: I am student registered under old syllabus and wish to refer to study material July 2014 edition for updation. Please advise me the corresponding subject(s) under the new syllabus with reference to Old syllabus for referring to the study material.
Answer
Old syllabus
New syllabus
Executive Programme
Executive Programmme
MODULE-I
General and Commercial Laws
Economic and Commercial Laws (Module 1, paper 3)
Company Accounts, Cost and Management Accounting
1. Company Accounts and Auditing Practices (Module 2, paper 5)
2. Cost and Management Accounting (Module 1, paper 2)
Tax Laws
Tax Laws and Practice (Module 1, paper 4)
MODULE-II
Company Law
Company Law (Module 1, paper 1)
Economic and Labour Laws
Economic and Commercial Laws (Module 1, paper 3)
Securities Laws and Compliances
Capital Markets and Securities Laws (Module 2, paper 6)
Professional Programme
Professional Programme
MODULE -I
Company Secretarial Practice
Advanced Company Law and Practice (Module 1, paper 1)
Drafting, Appearances and Pleadings
Drafting, Appearances and Pleadings (Module 1, paper 8)
MODULE-II
Financial, Treasury and Forex Management
Financial, Treasury and Forex Management (Module 2, paper 5)
Corporate Restructuring and Insolvency
Corporate Restructuring, Valuation and Insolvency (Module 1, paper 3)
MODULE-III
Strategic Management, Alliances and International Trade
International Business-Laws and Practices (Module 3, paper 9.5)
Advanced Tax Laws and Practice
Advanced Tax Laws and Practice (Module 3, paper 7)
MODULE-IV
Due Diligence and Corporate Compliance Management
Secretarial Audit, Compliance Management and Due Diligence (Module 1, paper 2)
Governance, Business Ethics and Sustainability
Ethics, Governance and Sustainability (Module 2, paper 6)

Question 14: How can I get physical copy of the study material (July 2014 edition) revised in the light of Companies Act, 2013?
Answer
Yes, you can have physical copy of the study material by registering online through e-cart at ICSI website. The link for the same would be activated once the study material is printed. The price of the study material per copy be announced shortly.
 

Question 15: Is there any contact where I can clarify my specific queries relating to Academics?
Answer
You can clarify specific queries related to academic contents of study material between 2.00 p.m. to 3.00 p.m. on all working days (Monday-Friday) at 011-45341074.
You may also write your academic queries to the Institute on academics@icsi.edu .
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