CS Rishikesh Vyas: WIRC-ICSI set to hold record number of programmes this year
— By | Mar 02, 2015 12:25 am
The Western India Regional Council (WIRC) – the zonal arm of the Institute of Company Secretaries of India, has made ‘Knowledge’, ‘Skills’ and ‘Visibility’ its theme for the year. Speaking to Dipta Joshi, newly elected Chairman, CS Rishikesh Vyas, shares the list of programmes WIRC has chalked out for the year ahead.
Q) The Companies Act, 2013, has amplified the current role and scope of a Company Secretary (CS). How, according to you, has it impacted the profession.
A) Company Secretaries (CS) have always been the custodians and trustees of the best Governance practices and have ensured the necessary compliance takes place. In cognizance of such utility and involvement, the government has recognised us as ‘Key Managerial Personnel’ which brings us at par with the company’s officials, whole time Directors etc.
While this has increased our responsibilities, it has also made the financial community and the world at large take note of our contribution to the business.
This financial year onwards, Secretarial Audits by Practicing Company Secretaries will be mandatory for specified companies that meet certain threshold criteria.
Besides, even the draft Direct Tax Code which will replace the current Income Tax Act, includes CS professionals under the definition of Accountants. So far, the definition only referred to Chartered Accountants (CA). Thus, the profession’s visibility will continue.
In fact, at WIRC, we have introduced the tag line – ‘Proud to be a Company Secretary, Meri Pehchan, Mera Institute’ to promote a positive outlook among the members.
Q) In the current business environment, Company Secretaries are expected to be up-to- date with the latest laws. How is the Western India Regional Council (WIRC) helping members with this?
A) This year the Western India Regional Council’s (WIRC) theme is ‘Knowledge,’ ‘Skills’ and ‘Visibility.’ The idea is to pass on timely information to our members because as an Institute, it is our responsibility to make our members aware of the any changes in the law.
The law is not a mathematical subject, it is dynamic and complex in nature. Typically, we hold conclaves, workshop, programs, seminars and study circles where members come together, listen to an expert, raise questions and discuss issues. Involving regulators at these programmes helps to spread awareness on the various compliance and governance issues.
While every regional arm holds such activities, the WIRC is taking a lead this time as we want to excel in the variety of events that we come up with. We aim to raise the standard of our programmes to a new level wherein even other professionals like Chartered Accountants and lawyers etc., attend and benefit from our expertise. We want to showcase the depth of our knowledge to the world.
WIRC-ICSI is focusing on capacity building programs for its members wherein apart from workshops there will also be a series of video lectures. In all, we plan to hold a record number of programmes this year- more than 500.
Q) Can you elaborate on some of the interesting sessions lined up in the coming months?
A) We will organise a National Conclave on the critical aspects of Securities Law this month. We will also hold several workshops on handling an Appearance before Tribunals and handling Secretarial Audits. Besides that, we will hold events that cover areas like Banking Laws, Key Managerial functions, Private Equity, Human Resources, Intellectual Property Rights (IPR) etc.
March also sees us celebrating Women’s Day in a unique way. It is a ‘Celebration of Womanhood’. Fittingly this year, our Vice Chairperson is CS Mamta Binanni from the Eastern India Regional Council (EIRC). Our women’s special session aims at boosting a member’s faith in herself and will have several achievers from various fields as speakers. We will also hold programmes that cover serious health issues like Breast Cancer.
We believe women contribute a lot but face a tough life. If we can understand their problems, we can become more effective in solving their issues.
Q) The Institute has been stressing on information dissemination. Do you think the different interpretations of the law is the real challenge faced by the profession today?
A) The phrase, ‘Change is Constant’ is apt for our field. With the new Act coming into effect, the law will continue to evolve each time a new judgement is passed. The many rulings based on the earlier Companies Act, 1956 made its interpretation easier but the 2013 Act is still a new piece of legislation and is bound to face certain hurdles. This is what makes our profession a challenging one. As a CS you study and clear exams, but that’s not enough. The real test begins once you are out on the field. On an average, any CS has to spend about 1 to 2 hours daily studying the various provisions besides the rulings in case laws. Today, the Board of Directors look towards the CS to get the right advice since penalties are running into lakhs of rupees under the new Companies Act.
At the Institute, we think it is our job to clear the doubts regarding interpretations and we keep working towards it.
Q) The CS community is divided regarding the practicality of provisions in the new Companies Act, 2013. What is your opinion on the same?
A) The Act took a very long time to get enacted so I say, “Better late than never”. Personally, I think it is a very good piece of legislation.
The big takeaway from the Act is that the government has decentralised power. It has given the corporate world the liberty to function with freedom within the legal framework.
It is a new Act and hence there are some teething problems which the government is looking into. Certain exemptions have already been carved out (like Section 185) and more are expected. The Institute has given a representation to government to make certain changes with respect to rules for Inter-corporate Deposits and Section 188 that deals with Related Party Transactions.
More importantly, we have to realise that under the new mechanism, certain Standards are being set. The Companies Act has a provision for Compliance of Secretarial Standards and the Institute has been asked to prepare the guidelines regarding Annual General Meeting with shareholders, Board meetings etc. The new Secretarial Standards, I and II will be out very soon and so a CS will now be guided by these standards and parameters. So there will be a set of good governing practices, that a corporate will have to adhere to.
Q) Earlier you mentioned about how companies will increasingly depend on a Company Secretary’s competencies for business development. Could you elaborate on the new avenues opening up for CS professionals within the business framework?
A) Today a CS is the nucleus or back bone around which a company performs. Within the organisation, he interacts with the Board besides the Marketing, Finance and Legal departments. He also handles external agencies to meet all regulatory requirements. Thus his job covers 360 degrees and is not confined to a particular domain.
Now a CS can also make Appearances before Tribunals and manage Internal and Secretarial Audits. They are also making their mark in the capital markets, merchant banking and IPR fields.
Even law firms are recognising the contribution of a CS and involving them while chalking out legal strategies. Since a Secretarial Audit covers all other applicable laws besides the Companies Act, the area of work has widened in non-traditional areas too and the potential is unlimited.
Q) With the industry having so much to look forward to, do you agree with the view that the profession is finally getting the recognition it deserves?
A) Yes, though we contribute a lot, it has taken a long time to get the recognition. Thanks to the efforts put in by our earlier members, we have achieved so much. Yet, at the same time, we must understand that the Secretarial profession is young as compared to other professions like Chartered Accountancy. The Parliament recognised us as late as 1980. So though we may always debate, I think it is never too late.
As CS, we are the harbingers of compliance and governance in the corporate world. This is the only field where from the very first day you get the chance to sit in the board meetings and can later be a part of the Board. Arun Nanda, Chairman, Mahindra Holidays & Resorts India Ltd., Dev Bajpai, Executive Director, Hindustan Unilever Ltd., Dr. S. D. Israni, Advocate and Sr. Partner, S D Israni Law Chambers and Bharat Doshi, Director, Mahindra & Mahindra Ltd., are just some of our members who are contributing to the corporate world in their capacity as Directors and Independent Directors.
While all other fields are specific, a CS covers more than one field. A CS knows the business well because whatever you are doing, raising finance, fighting a legal dispute or thinking of employee welfare in terms of Employee Stock Ownership Plan’s (ESOP), you need a CS. That’s why we are unique. We don’t just specialise in one law, we specialise in all the laws related to all the fields.
Q) WIRC has also drawn up programmes that extend to communities beyond its own. Can you tell us more about these social activities?
A) We feel it is our duty to contribute towards society and take great pride in being involved in areas like health care, environment, senior citizen’s welfare and children’s education etc. We will be holding awareness camps on health issues like Cancer and Diabetes. Other programmes are aimed at providing scholarships to slum children, building community toilets etc.
No comments:
Post a Comment