important announcement for students - vasai-icai.org

C ommitted for 

Achivements 

MANAGING 

COMMITTEE 

Chairman CA. Unmesh Narvekar 

9821236179 

Vice Chairperson CA. Shweta Jain 

9920737198 

Secretary CA. Ramanand Gupta 

9322231113 

Treasurer CA. Kishor Vaishnav 

9892194382 

Past Chairman CA. Lalit Bajaj 

9867692321 

Past Chairman CA. Pramod 

Dhamankar 

9987155522 

WIRC Nominee CA. Anil Bhandari 

9821037605 

EDITORIAL 

BOARD 

Chief Editor CA. Unmesh Narvekar 

9821236179 

Editor CA. Kishor Vaishnav 

9892194382 

Members CA. Lalit Munoyat 

9820193508 

CA. Haresh Mehta 

9823137477 

CA. Sanjit Rana 

9820848887 

CA. Mehmood Lilani 

9820627815 

CA. Aniket Padhye 

9922063800 

FROM CHAIRMAN’S DESK 

` 15/- For Members Only 

The Institute of Chartered Accountants of India 

VASAI BRANCH OF WIRC 

NEWSLETTER 

Dear Professional Colleagues, 

The vacations have ended and the advent of the rains has 

refreshed us for an energetic start once again. 

Considering the importance of environment protection, 

necessity of trees for a better future and to contribute 

towards a good cause, Vasai branch had organized a tree 

plantation Programme and conducted awareness rally on the 

advent of the World Environment day on the 5th of June, 

jointly with Mira Bhayandar Municipal Corporation at Subhashchandra ground. This 

Programme was attended by various dignitaries, corporators and officers from MBMC 

and students and members of our branch. 

There are lots of issues in the minds of trade community and CAs about the 

amendments in MVAT and we had two meetings with the Joint Commissioner of Sales Tax from our area Shri 

Munde who interacted with CAs and others in this meeting and assured to have regular meetings for better coordination 

among departments and professionals. Our hearty thanks to him for taking this initiative. 

We are pleased to inform that the Investor Awareness Programme under the aegis of investor education and 

protection of the Ministry of Corporate Affairs, Government of India, was held on the 19th of June at Bhayandar 

West. The dignitaries like Registrar of Companies, Maharashtra Shri Henry Richard and Head Investor Education 

from CDSL Mr. Chandrashekhar Thakur addressed the participants. It was a free Programme for the public at large 

and many people took the benefit of the same... 

The direct tax refresher course updating income tax amendments covering five sessions with 15 hrs. CPE is an 

excellent opportunity which has already started and has got very good response from members. 

The Mock CPT test has got a fantastic response from students. Their eagerness have always encouraged us to 

organize better Programmes for our students. 

In this context a mega event is also organized in the form of CA Students’ WIRC Sub-Regional Conference on 

the 2nd and 3rd July 2011. The registration for this mega event has also begun with great enthusiasm from the 

students. Here I also take the opportunity to invite all our students to join and be a part of this mega event. It’s 

indeed a great opportunity to present ourselves in front of Institute dignitaries and a fantastic chance to display 

and expose our talent and knowledge. Therefore it is a humble request to all our students to grasp such a fabulous 

opportunity and be present at the CA Students’ WIRC Sub-Regional Conference organized by our Vasai Branch. 

A quiz and elocution competition has also been organized for students and they are requested to be present and 

display their talent in the same. 

1st July being the auspicious occasion of CA Foundation Day our branch has organized CA Flag Hoisting at Branch 

Office and CA career Counseling Programme in various colleges in our area. 

My visit to Ernakulam branch and Alleppy branch at Kerala was a very interactive one. We had discussion on 

many important topics with the chairmen of both the branches. We may plan for coordinated Programmes with 

them too. I had also got an opportunity to address the 51st GMCS branch of the Ernakulum Branch, it was a great 

occasion of interaction with future CAs. 

I hope all members will take part in the Programmes organized by our branch and mark their presence by 

participating in events laid down for them. 

With warm regards. 

CA Unmesh Narvekar 

Chairman 

JUNE-JUly, 2011 

SucceSS iS a Story of two wordS: worK worKS 

Visit www.vasai-icai.org 


VASAI BRANCH of WIRC NEWSLETTER June-July 2011 1 

Winner of Highly Commendable Performance Award 2010 in Large Branch Category from WIRC

2 

FORTHCOMING PROGRAMMES OF vASAI BRANCH 

DATE SEMINAR ON TIMINGS VENUE SPEAKER CO-ORDINATORS fEES CPE 

5th June, World Environmental Mira-Bhayandar CA. Pramod Dhamankar- FREE 

2011 Day Special - Road 9987155522 

Tree Plantation CA. Santosh Sharma - 

& Awareness 9867256248 

Rally 

11th, 14th, Direct Tax Refresher 5.30 p.m. to. Reliable Classes D-308 Eminent CA. Ramanand Gupta - ` 1200 15 

15th, 17th & Course 9.00 p.m Shanti Shopping Center 932221113 , Hours 

18th June, Mira Road. (E.) CA. Kishor Vaishnav- 

2011 9892194382 

CA. Pramod Dhamankar- 

9987155522 

19th June Investors Awareness 9.30 a.m. to 3rd Floor, Mr. Chandrashekhar Thakur CA. Ramanand Gupta FREE 2 

2011 Programe 12.30 p.m. Nagar Bhavan Hall, Head Investor 9322231113 Hours 

Bhayandar (West) Protection (CDSL) 

1st July, CA Day Celebration 9.00 a.m. Flag Flag Hoisting-Branch CA. Shweta Jain FREE 

2011 Flag Hoisting & Hoisting & Office & Career 9920737198 

Career Counselling 10.00 a.m. to Counselling - CA. Ramanand Gupta 

12.30 p.m. Career Various Colleges 932221113 and 

Counselling CA. Kishor Vaishnav- 

9892194382 

CA. Pramod Dhamankar- 

9987155522 

28th July Recent Issues in 9.30 a.m. to GCC Club, Mira- Eminent CA Pramod Dhamankar ` 750 6 

2011 Tax Audit and 5.30 p.m. Road East Speakers 9987155522 member Hours 

Corporate Audit CA Ramanand Gupta ` 650 

9322231113 Student 

CA Kishor Vaishnav ` 850 

9892194382 Others 

June-July 2011 

FORTHCOMING PROGRAMMES FOR MEMBERS 

FORTHCOMING PROGRAMMES FOR STUDENTS 

DATE SEMINAR ON TIMINGS VENUE SPEAKER CO-ORDINATORS fEES 

5th June, 2011 Mock CPT Test 10.30 a.m. to 12.30 p.m. & IIPS Kshitij Building CA. Ramanand Gupta - ` 200/- 

2.00 p.m. to 4.00 p.m. above Raymond 932221113 

Showroom Mira- CA. Kishor Vaishnav - 

Bhayandar Road 9892194382 

Mira Road (E) 

5th June, 2011 Carrom, Badminton & Full Day Vasai Hostel - Savitri Sharma- 

Chess Tournament 9860724671 FREE 

2nd & 3rd CA. Students 9.30 a.m. to 5.30 p.m. Venkatesh Eminent CA. Shweta Jain- ` 600/- 

July, 2011 WIRC Sub-Regional Banquet Hall 9920737198 

Conference Bhayandar (West) CA. Pramod Dhamankar- 

9987155522 

10th July, 2011 Quiz & Elocution 10.00 a.m. to 12.30 p.m. Reliable Classes, CA. Ramanand Gupta- FREE 

(Elocution) and Mira-road East 932221113 

2.00 p.m. onwards Quiz CA. Shweta Jain 

9920737198 


VASAI BRANCH of WIRC NEWSLETTER 


ACTIvITy REPORT OF vASAI BRANCH 

from January 2011 to June 2011 

Seminars & Lectures for Members 

Date Name of the Seminar, Lecture Meeting, etc. Speaker 

7th Jan, 2011 Felicition of CA. Amarjit Chopra, President 2010-11 

Seminar on Internal Audit CA. Satish Shenoy 

15th Jan,2011 Lecture Meeting on Issues in MVAT Audit Dy. Commissioner of Sales Tax Palghar, CA. Bharat Ghosar, 

22nd Jan, 2011 Niche Areas (Including T.D.S.) for Bankers CA. Tarun Ghia 

23rd Jan, 2011 Criket Match for CA Members & CA Students 

26th Jan, 2011 Indoor Games Competition for CA Members & CA Students 

6th Feb, 2011 Seminar on Construction Industry CA. Manish Gadia, CA. Hetan Patel, CA. Amar Shukla, 

CA. Tarun Ghia 

20th Feb,2011 Felicitation of Newly Qualified CA Dr. Isac Jhon 

5th March,2011 

Excise 

Budget Meeting Mr. Sudhir Raut, Dy. Commissioner of MBMC, 

Mr. J. D. Deshpande, Ex. Dy. Commissioner of NMMC, 

CA. Vimal Punamiya, CA. S. N. Niwatkar, Suptd. Central 

6th March,2011 Time Management & Motivation CA. Mahesh Gaur 

13th March,2011 Bank Branch Audit CA. Niranjan Joshi, CA. Dhananjay Ghokhle, 

CA. Nitant Trilokekar, CA. Parag Hangekar 

26th March,2011 Certification Programmes CA. Satish Nade 

17th April. 2011 Stress Management & Science of Soul Shri Kamallochan Prabhuji 

22-24th April 2011 RRC at Mahabaleshwar CA. Lalit Munoyat, CA. Vandana Dodhia, CA. Ramkrishnan 

30th April 2011 Seminar on LBT and Amendments in MVAT Act Mr. J. D. Deshpande (Ex-Deputy Commissioner MBMC), 

Mr. Suhas Kelkar. 

12th May 2011 Representation Meeting with Jt. Comissioner of SalesTax Palghar Mr. Munde, Jt. Commissioner of Sales Tax, Palghar 

30th May 2011 Representation Meeting with Jt. Comissioner & Dy. Commissioner of Sales Tax. Mr. Munde, Jt. Commissioner of Sales Tax, Palghar & 

Mr. Gangurde, Dy. Commissioner of Sales Tax, Nalasopara 

5th June 2011 World Environmemtal Day (Tree Plantation & Awareness Rally) CAs, MBMC officials & Corporators 

11th ,14,15,17 Direct Tax Refresher Course CA. Amit Ajmera, CA. Bhupendra Shah, 

& 18th June 2011 CA. Nihar Jambusaria, CA. C. N. Vaze, CA. Tarun Ghia 

19th June 2011 Investor Awareness Programme Mr. Chandrashekhar Thakur (Head Investor Protection 

CDSL), CA. Subhash Chuga (Deputy ROC), 

CA. Santosh Sharma 

Date 

Seminars & Lectures for Students 

Name of the Seminar, Lecture Meeting, etc. Speaker 

20th Feb,2011 Lecture Meeting On Leadership Dr. Isac Jhon 

24th Feb,2011 Company Law Matter CA. Pramod Dhamankar 

26th March,2011 Company Law Matter CA. Pramod Dhamankar 

31st March,2011 Lecture On ‘Partnership Account’ CA. Sunil Jakhotia 

10th April.2011 Lecture On Accounting Standards CA. Pramod Dhamankar 

15th to 17th April 2011 Career and Education Fair Stall 

16th April,2011 Lecture On Flowchart and Decision Making CA. Jignesh Cheda 

17th April, 2011 Lecture On Standard & Marginal Costing CA. Anu Agarwal 

5th June 2011 CPT Mock Test 




4 


1st July CA Day Celebration 

Day & Date : Friday, 1st July, 2011 

Time : 9.00 am CA Flag Hoisting Ceremony. 

Venue : At Terrace of the Vasai Branch Office. 

CA Day Career Counselling Programme 

Day & Date : Friday, 1st July, 2011 

Time : From 10.00 am onwards 

Venue : S. N. college Bhayandar, Abhinav College Bhayandar, 

Royal College Mira Road, Vartak College Vasai. 

Viva College, Virar. 

Coordinators : • CA Shweta Jain - 9920737198 

• CA Pramod Dhamankar – 9987155522 

• CA Ramanand Gupta – 9322231113 

• CA Kishor Vaishnav - 9892194382 

Recent Issues in Tax Audit and Corporate Audit 

Date : Sunday, 28th August 2011 

Topic : Recent Issues in Tax Audit and Corporate Audit 

Venue : GCC Club, Mira-Road East. 

Time : 9.30 am to 5.30 pm. 

fees : 750/- for members, Rs. 650/- for Ca Students & Rs. 850/- for others. 

CPE : 3hrs. 

Coordinators : • CA Pramod Dhamankar – 9987155522 

• CA Ramanand Gupta – 9322231113 

• CA Kishor Vaishnav -9892194382 

CA Manak Chand Daga 

B.Com., F.C.A, F.C.S 

Hearty Congratulations 

Hearty Congratulations to 

CA. Manak Chand Daga 

for being Elected as 

President 

Lions Club 

of 

Kandivali Thakur Complex 




DIRECT TAX - lAW UPDATES BY CA. Haresh P. Kenia 

� Substitution of Income Tax Return Forms (198 

Taxmann (st) 95) 

The notification no. 18/2011 dated 05/04/2011 gives Income 

Tax (3rd Amendment) Rules, 2011. The Rule came in to effect 

from 1st April 2011. It amends Rule 12 substituting the new 

Income Tax Return forms for assessment year 2011-12. Major 

changes are as under: 

1) The Income Tax Return form SARAL II replaced by the 

new ITR form SAHAJ (ITR – 1) 

2) New Income Tax Return form prescribed named SUGAM 

– (ITR – 4S) for the assessees who are covered by the 

provisions of section 44AD and section 44AE. 

3) Income Tax Return form ITR 8 is deleted. 

The new Income Tax Return form SAHAJ and SUGAM are 

also, in the similar manner in case of other Income Tax 

Returns, not to be accompanied by any annexure, proof of tax 

or reports etc. 

� TDS – Processing of statement of Tax Deducted at 

Source – Procedure for regulating refund of excess 

amount of TDS (198 Taxmann (st) 97) 

The CBDT vide circular no. 02/2011 dated 27/04/2011 clarified 

the procedure for regulating refund of excess amount of TDS 

deducted and / or paid. 

Presently, the procedure for regulating the refund of amount 

paid by the deductor in excess of the TDS and / or deductible 

is governed by the board circular no. 285 dated 21/10/1980. 

Subsequently to the issue of this circular no. 285, new 

sections of TDS have been introduced under chapter XVIIB of 

the Income Tax Act. 

In order to include / prescribe the procedure for the new 

sections also, the board vide circular no. 2/2011 dated 

27/04/2011 clarified and issued the procedure for regulating 

refund of amount paid in excess of TDS and / or deducted 

in respect of TDS on residents covered under section 192 

to section 194LA of the Income Tax Act, 1961. This circular 

will not be applicable to TDS on non-residents falling under 

section192, section 194E and section 195 which are covered 

by circular no. 07/2007 issued by the board. 

It also clarified that this circular will be applicable for claims 

of refunds for the period upto 31/03/2010. The provisions of 

section 200A of the Income Tax Act prescribes the processing 

of statement of TDS and issue of refund w.e.f. 01/04/2010 

Exemption from filing I-T return for persons with income up to Rs 5 lakh 

No. 402/92/2006-MC (14 of 2011) 

Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes 

*** 

New Delhi, dated the 23rd June, 2011 

PRESS RELEASE 

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to 

` 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011. 

Individuals having total income up to ` 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single 

employer and interest income from deposits in a saving bank account up to ` 10,000 are not required to file their income tax 

return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their 

employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No. 16. 

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from 

a savings bank account, or having refund claims shall not be covered under the scheme. 

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 

142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961. 

COST INFlATION INDEX FOR FINANCIAl yEAR 2011-12 is 785 

NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011 

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central 

Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department 

of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :— 

In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be 

inserted, namely :— “31 2011-12 785” 




6 

The process of re-engineering e-forms is gaining momentum. 

MCA is focused on strengthening regulatory functions of Registrar 

of Companies and his staff by relieving ROC office of the routine 

functions, such as, approval of e-forms etc., In April 2011, eform 

2, 3, 18 and 32 have already been kept under STP (Straight 

Through Process) and many more routine e-forms are expected to 

be put under STP in the coming months including the application 

in Form-1A for ascertaining availability of name for incorporation 

of a new company. STP process implies the dependency on 

Certification by professionals. The consequences of wrong 

certification have already been explained in MCA Circular No 

14/2011 dated 08/04/2011. 

Considering the fact that e-form 2, 3, 18 and 32 are going 

through STP process as of now, based upon Certification by 

Professionals, the common defects hitherto noticed in the said 

e-forms are briefly narrated below for the benefit of stakeholders 

:- 

Form – 32 

(i) While processing this e-form in the back office, several 

e-forms were filed with the digital signature of resigned 

directors. Section 54 of the Companies Act, clearly specifies 

that the persons/officers who can authentic documents filed 

under the Companies Act. As per the provisions of this 

Section, a resigned director is not eligible to sign any e-form 

filed with ROC. But this office had come across several 

eForm-32 signed and uploaded by resigned directors. 

(ii) The consent of director appointed in respect of public 

companies were not attached to respective e-form-32. In 

a Public Limited Company, it is mandatory to submit the 

consent letter of the newly appointed director alongwith 

e-form-32. Non-compliance in this regard would vitiate the 

appointment itself. 

(iii) The provisions of the Companies Act as well as Circulars 

issued by MCA clearly explain and provide that the 

resignation of a director would take effect from the date 

of resignation letter of the resigned director or the date 

specified therein. But generally, it was found in many Form- 

32, the date of resignation given in e-form 32 used to be 

wide apart from the date of resignation letter. This practice 

is commonly found in several Form-32 which is contrary to 

the existing provisions of the Companies Act as well as the 

circulars issued by MCA. 

(iv) Removal of Director u/s. 284 presupposes due compliance 

of procedure detailed in Section 190 and Section 284 of 

the Companies Act. In many instances, it was noticed that 

the Directors were removed from their office without due 

compliance of the procedure laid down in Section 190/284 

of the Companies Act. Generally, it was found that there 


ROC COlUMN 

was deficiency in service of notice to 

the removed director as well as to the 

members who were eligible to attend 

the General Body Meeting in which the 

director is removed. Similar problem 

was noticed in the case of removed 

director’s u/s. 283 of the Companies 

Act. Therefore, it is felt that removal of 

director u/s. 284/283 of the Act needs 

Mr. Henry Richard 

ROC, Maharashtra, 

Mumbai 

to be carefully examined and ensure that the due procedure 

has been followed before filing such e-form – 32. 

Form-18 

(i) It was found in several cases that shifting of registered office 

outside the local limit was not approved by shareholders 

through a Special Resolution in a General Meeting. This 

aspect needs to be addressed and proper compliance should 

be ensured. 

(ii) In the case of listed companies, there were instances where 

such Special Resolution was passed without postal ballot. In 

the case of such companies, if the registered office is shifted 

outside local limits, Special Resolution should be passed 

through postal ballot only. 

(iii) The full address details should be furnished including the 

name and address of the Police Station having jurisdiction 

over the registered office of the company. 

Form-2 & 3 

(i) The common defect noticed in this form is that the 

information prescribed in Table A, B, C and D were not 

furnished. The list of allottees used to be furnished with 

only sketchy details like names and number of shares. Other 

vital information including nationality, address, consideration 

details etc., were not being furnished as prescribed in the 

Table attached to Form-2. In the case of allotments for 

consideration other than cash, it was found that Form-3 

was used without purpose. This e-form is relevant only 

where contract was not reduced to writing. In all other 

cases, Form-2 is required to be filed. Even in such cases, it 

is necessary to verify adequacy of consideration and proper 

payment of stamp duty failing which such allotments could 

become void. 

The above defects noticed while processing the said e-forms are 

only illustrative and not comprehensive. Therefore, it is necessary 

to ensure that e-forms are checked in all aspects before certifying 

the same. 

(HENRY RICHARD) 

REGISTRAR OF COMPANIES 

MAHARASHTRA, MUMBAI 




IMPORTANT ANNOUNCEMENT FOR STUDENTS — FROM ICAI 

Important Announcement for Chartered Accountancy Course Students BoS/Announcement/227/11 June 23, 2011 

Sub: Period of Validation of Registration in Chartered Accountancy Course 

In order to streamline the period of validity of registration for Common Proficiency Course (CPC), Professional Competence 

Course (PCC)/ Integrated Professional Competence Course (IPCC) and Final levels of Chartered Accountancy Course, the Council 

at its 303rd Meeting held on February 10-12, 2011 decided as under: 

CPT students: 

• Initial registration for Common Proficiency Course (CPC) is valid for 3 years. 

• Revalidation of registration shall be done for further period of 3 years before expiry of initial registration. Students who 

have got their registration revalidated with the concerned Decentralised Offices may have the registration revalidated 

every 3 years after the expiry of the earlier revalidated period. 

• Fee for revalidation is Rs. 300/- for each revalidation. 

• Students are required to ensure before applying for admission to CPT examination that they have valid registration. 

• CPT students who have registered on or before 30th November, 2008 are required to revalidate their registration before 

applying for December, 2011 CPT examination. 

PCC/IPCC students: 

• Initial registration for Professional Competence Course (PCC)/ Integrated Professional Competence Course (IPCC) is valid 

for 4 years. 




• Fee for revalidation is Rs. 400/- for each revalidation. 

• Students are required to ensure before applying for admission to PCC/ IPCC examination that they valid registration. 

• PCC students who have registered on or before 31st October, 2007 are required to revalidate their registration before 

applying for November, 2011 PCC examination. 

• Students who have registered in Intermediate or Professional Education (Course-II) are required to switchover to Integrated 

Professional Competence Course (IPCC) in order to continue their studies in chartered accountancy course. 

final students: 

• Initial registration for Final Course is valid for 5 years. 




• Fee for revalidation is Rs. 500/- for every revalidation. 

• Students are required to ensure before applying for admission to Final examination that they have valid registration. 

• Final students who have registered on or before 31st October, 2006 are required to revalidate their registration before 

applying for November, 2011 Final examination. 

It may be noted that if a student appears in the CPT or PCC/IPCC or final examination without having valid registration, 

he shall have to pay a penal fee of Rs. 250/- (in addition to the prescribed revalidation fee with retrospective effect) 

within 30 days prior to the date of declaration of results. 

Candidates, whose period of initial registration has expired, may apply for revalidation by making an application on plain 

paper, together with the prescribed fee by way of Demand Draft drawn in favour of “The Secretary, The Institute of Chartered 

Accountants of India, payable at Mumbai/ Chennai/ Kolkata/ Kanpur/Delhi” as the case may be and forward the same to the 

Decentralised Office concerned at Mumbai, Chennai, Kolkata, Kanpur and Delhi. 

The above decision of the Council shall be applicable from November/December, 2011 examination onwards. 

Director, Board of Studies Source : - ICAI 




8 

IMPORTANT ANNOUNCEMENT FOR STUDENTS — FROM ICAI 


BoS/Announcement/227/11 dated June 23, 2011 

Sub: Extension of date for registration for Integrated Professional Competence Course (IPCC). 

In order to mitigate the hardship being faced by the students in registering for Integrated Professional Competence Course (IPCC), the Council 

at its 306th Meeting held from 7-9th June, 2011 decided that candidates who register for Integrated Professional Competence Course (IPCC) 

in the respective Decentralized Office on or before 16th August, 2011 would be eligible to appear in the Integrated Professional Competence 

Examination (IPCE) to be held in May, 2012. 

Students are therefore advised to ensure that the registration papers are submitted to the respective Decentralized Offices of the Institute 

latest by 16th August, 2011 so as to be eligible to appear for Integrated Professional Competence Examination (IPCE) to be held in May, 2012. 

Students are also advised not to wait for CPT marks statement to be received from the Examination Division for registration for IPCC but 

proceed for IPCC registration with a copy of the downloaded CPT marks statement. 

Director, Board of Studies 

BoS/Announcement/227/11 Dated June 23, 2011 

Sub: Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter. 

On a review of the syllabus for the Final Course, the Council has decided to exclude the following topics from the Final Examination to be 

held in November, 2011 and thereafter:- 

Paper 1 Financial Reporting 

— Inflation Accounting Paper 5 Advanced Management Accounting 

— Time Series Analysis; and 

— Test of Hypothesis. 

Students are advised to note the change. 

Director, Board of Studies 

“Mergers and Acquisitions” & Role of CAs 

Mr. Puneet Jain, 

M.com, F.I.C.W.A.I & ACS & LLB, 

General Manager (FA & Legal) & CS, Aajtak News Channel 

“Mergers and Acquisitions” (M&A) refers to the aspect of corporate strategy, 

corporate finance and management dealing with the buying, selling and 

combining of different companies and similar entities that can aid, finance, or 

help a growing company in a given industry grow rapidly without having to 

create a subsidiary or other child entity. The distinction between a “merger” 

and an “acquisition” has become increasingly blurred in various respects 

(particularly in terms of the ultimate economic outcome), although it has not 

completely disappeared in all situations. 

While the short term benefits of a merger or an acquisition may not appear to 

be many, it is the long term cost benefits that make these transactions attractive. 

In a complex transaction of an M&A nature, a Chartered accountant &Company Secretary plays a central role in putting in place and 

monitoring effective governance and compliance processes. As such, company secretaries can prove invaluable in ensuring that best 

practice in governance is followed during a merger or acquisition. In preparing for and planning mergers or acquisitions it is essential 

that someone has responsibility for the overall management of the process. This will involve management of the process from initial 

negotiations through to due diligence and completion, as well as liaising with internal and external legal and financial advisors. The 

company secretary is often best placed to play this pivotal role as they can effectively inform and advise the Board, colleagues, 

advisors and stakeholders to ensure the transaction is completed in a favourable and compliant manner. 

It is with respect to understanding, analyzing and advising on the financial aspects (favourable or otherwise) of a potential merger 

partner, or business to be acquired, that the Chartered Accountants play an important role. 




CA STUDENTS’ WIRC SUB-REGIONAL CONFERENCE 2011 

Hosted By 

VASAI BRANCH OF WIRC OF ICAI 

& 

VASAI BRANCH OF WICASA 

Day & Dates : Saturday 2nd July & Sunday 3rd July 2011 

Fees : 600/ – Per Participants. 

Timings : 8.30 a.m. to 5.30 p.m. Saturday, 2nd July 2011 & 8.00 a.m. to 2.30 p.m. Sunday, 3rd July 2011 

Venue : Venkatesh Banquet Hall, Near Maxus Mall Bhayandar West, Dist Thane. 

Conference Chairman : CA Shrinivas Joshi – Chairman WIRC 

Conference Director : CA Unmesh Narvekar – Chairman Vasai Branch of WIRC 

Conference Co – Directors : CA Neel Majethia – Chairman WICASA 

CA Shweta Jain – Chairperson, Vasai Branch of WICASA 

Conference Chief Co-ordinators : CA Pramod Dhamankar – Past Chairman – Vasai Branch of WIRC – 9987155522 

CA Lalit Bajaj – Past Chairman – Vasai Branch of WIRC – 9867692321 

CA Ramanand Gupta – Secretary – Vasai Branch of WIRC – 93222231113 

CA Kishor Vaishnav – Treasurer – Vasai Branch of WIRC – 9892194382 

CA Anil Bhandari – WIRC Nominee – 9821037605 

Saturday, 2nd July 2011. 8:30 a.m. to 5:30 p.m. 

Inauguration by CA Jaydeep Shah Vice-President-ICAI. 

Guest of Honour CA Kamlesh Vikamsey Past President ICAI. 

I Technical Session CA Bhavna Doshi - CCM 

Ushering an era of Taxation Session Chairperson 

Reforms DTC & GST 

II Technical Session CA Sanjeev Maheshwari - CCM 

Special Audit Technique and Session Chairman 

Professional Ethics. Audit Under 

CIS Environment 

Lunch Break 

III Technical Session- CA Jay Chhaira - RCM 

Auditors Responsibilities-System Session Chairman 

Audit Business Continuity Planning 

and Disaster Recovering planning 

Special Session-I By BOS Shri. Vijay Kapur 

Issues relating to Exams, Syllabus, Session Chairman 

Training etc. Director Board of Studies 

Cultural Programme From 5:30 pm 

Sunday, 3rd July 2011. 8:00 a.m. to 2:30 p.m. 

Breakfast 

IV Technical Session CA Nilesh Vikamsey – CCM 

Financial services in India Session Chairman 

Capital Market Instruments 

Tea Break 

V Technical Session CA Durgesh Kabra – RCM 

Shift towards IFRS Session Chairman 

Special Session-II CA Uttam Prakash Agarwal 

CA in Practice vis-a-vis Industry Session Chairman 

(Group Discussion by Students) Past President ICAI 

Special Session-III CA C. S. Nanda – CCM 

Secret of Success Session Chairman 

Valedictory Session CA V. Murali 

CA as a Nation Builder Session Chairman 

Chairman Board of Studies 

Day Ends with Lunch 




10 





CA. Unmesh Narverkar, Chairman addressing the Representation meeting with Sales Tax 

Department. Seen from L to R: Jt. Comm. of Sales Tax Palgar - Mr. Munde, Dy. Comm. of 

Sales Tax Palgar - Mr. Borde, & Dy. Comm. of Sales Tax Nalasopra - Mr. Gangurde 

CA. Students at 51st GMCS batch of Ernakulam Branch of SIRC 

Visit to Ernakulam Branch (L to R) CA Mrs Mathew, Secretary Ernakulam branch - CA Minu Mathew, 

Chairman Vasai branch - CA Unmesh Narvekar & Chairman Ernakulam Branch - CA Saji Mathew 

Chairman Vasai Branch CA Unmesh Narvekar, feliciated by Mr. Ramesh Ashar at the AGM of Mira 

Bhyandar SSI Association at Centre President MBSSIA Shri Deepak Shah. 

PHOTO GALLERY 

CA. Members from Vasai Branch at the Representation Meeting with Jt. Commissioner of 

Sales Tax Palgar, Mr. Munde at Nalasopra. 

Vasai branch chairman CA Unmesh Narvekar addressing the 51st GMCS Batch of Ernakulam branch 

of SIRC. (Seen from L to R) GMCS Co-ordinator, Chairman of Ernakulam Branch - CA Saji Mathew, 

Chairman of Vasai Branch - CA Unmesh Narvekar and Secretary Ernakulam Branch- CA Minu Mathew. 

Vasai Branch Chairman CA Unmesh Narvekar in a meet with 

Chairman Alleppy Branch of SIRC - CA Antony Malayil. 

Group Photo of Investors Awareness Programme: Seen from L to R: Ms. Pooja-Anchor, 

CA. Santosh Sharma - Speaker, Mr. Subhash Chuga - Dy. ROC, CA. Unmesh Narvekar 

Chairman - Vasai Branch, Shri Chandrashekar Thakur - Head-Investor Education CDSL, 

& CA. Kishor Vaishnav - Treasurer Vasai Branch. 




Undelivered please return to : 

the institute of chartered accountants of india, 

Vasai Branch of wirc 

address: office No.115/116 ostwal ornate, Bldg. No. 1a, 

Jesal Park, Bhayandar (e), thane- 401 105. 

telephone: 022-2817 8518 / 3245 9348 

email: vasaibranchca@hotmail.com / vasai@icai.org 

website: www.vasai-icai.org 

12 


PHOTO GALLERY 

At Seminar on LBT seen from L to R. CA Kishor Vaishnav (Treasurer) CA Unmesh Narvekar (Chairman) Shri J. D. Deshpande 

Speaker (Ex-Dy Comm. NNMC), CA Ashutosh Vidwans & CA Rajesh Kotak (Convenors of Vasai Virar CPE Study Circle). 

Vasai WICASA Students Jayant Purohit & Neelam Gupta receiving flowers from CA Pramod Dhamankar, Past 

Chairman Vasai Br. & CA Shweta Jain, Chairperson Vasai WICASA at Sanjeevani Career Fair at Bhayandar 

Students Appearing for CPT Mock Test at IIPS Mira Road Centre on 5.6.2011 

Editor : CA Umesh Narvekar Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants 

of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. 

Tel. : 40364600 

The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai 

Branch. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. 

Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch. 

DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement 

published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the 

advertisements. 

To 

Bhayandar Study Circle meeting on Service Tax & Excise : seen from L to R 

CA. Nitesh Shah, CA. Deepak Bansal (Convenor), CA. Lalit Monoyat, CA. Nitesh Kothari (Dy. Convenor) 

World Environment Day Programme by Vasai Branch on 5th June from L-R Nagesh Erkar, Superitended of Garden 

Dept. MBMC, CA Pramod Dhamankar (Past Chairman of Vasai Br., CA Ramanand Gupta (Secretary of Vasai Br.) 

Co-ordinators during CPT Mock Test from L-R CA Ramanand Gupta,(Secretary of Vasai Branch of WIRC of ICAI, 

Observer Adil Numani, CA. Pramod Dhamankar (Past Chairman of Vasai Branch of WIRC of ICAI) 



Winner of Highly Commendable Performance Award 2010 in Large Branch Category from WIRC 

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