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CS Professional Amendments and Updates for June 2017 Exams

Download relevant amendments and updated notes of all papers applicable for CS Professional/ Final June 2017 term of examinations conducted by ICSI.

The next examination of Company Secretary (CS) Professional Programme shall be held in the month of June 2017. The Institute of Company Secretaries of India (ICSI) has announced and uploaded the relevant amendments and updates applicable for CS Professional June 2017 term of examinations.

You may download subject wise amendments and updates applicable for June 2017 attempt. Thus, you will find updates and amendments in Advanced Company Law and Practice, updates and amendments in Secretarial Audit, Compliance Management and Due Diligence, updates and amendments in Corporate Restructuring, Valuation and Insolvency, updates and amendments in Information Technology and Systems Audit, updates and amendments in Financial Treasury and Forex Management, updates and amendments in Ethics, Governance and Sustainability, updates and amendments in Advance Tax Laws and Practice, updates and amendments in Advanced Tax Laws and Practice, updates and amendments in Banking Law and Practice, Insurance Law and Practice Intellectual Property Rights – Law and Practice, updates and amendments in International Business Laws and Practice.

Amendments Applicable for CS Professional June 2017

ICSI has published supplement papers for CS Professional Programme examination to be held in June 2017. You should read Study Material along with updates provided in supplement. These academic updates have been issued by ICSI to facilitate CS Professional students to acquaint themselves with the amendments in the Companies Act, 2013 up to 31st December,2016, applicable for June 2017 Examination.

The students are advised to read all the relevant regulatory amendments made and applicable
up to 31st December,2016 along with the study material.

Paper-1: Advanced Company Law and Practice

Following are the list of amendments applicable for ICSI June 2017 examinations in Paper-1 Advanced Company Law and Practice (ACLP) of CS Professional Programme:

  1. Companies (Incorporation) Third Amendment Rules, 2016 notified dated 27.07.2016 [Download Now]
  2. Companies (Incorporation) Fourth Amendment Rules, 2016 notified dated 01.10.2016 [Download Now]
  3. Companies (Incorporation) Fifth amendment rules 2016 with effect from 01.01.2017 notified dated 29.12.2016 [Download Now]
  4. Issuance of rupee bonds to overseas by Indian Companies Clarification regarding applicability of provisions of Chapter III notified dated 03.08.2016 [Download Now]
  5. Companies (Share Capital and Debentures) Third Amendment Rules, 2016 notified dated 19.07.2016 [Download Now]
  6. Companies (Share Capital and Debentures) Fourth Amendment Rules, 2016 notified dated 12.08.2016 [Download Now]
  7. Companies (Management and Administration) Amendment Rules, 2016 notified dated 23.09.2016 [Download Now]
  8. Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 notified dated 05.09.2016 [Download Now]
  9. Investor Education and Protection Fund Authority (Appointment of Chairperson and Members, holding of meetings and Provision for offices and officers) Amendment Rules, 2016 notified dated 05.09.2016 [Download Now]
  10. Companies (Accounts) Amendment Rules, 2016 notified dated 27.07.2016 [Download Now]
  11. Companies (cost records and audit) Amendment Rules, 2016 notified dated 14.07.2016 [Download Now]
  12. Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 notified dated 30.06.2016 [Download Now]
  13. Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 notified dated 26.12.2016 [Download Now]
  14. In exercise of the powers conferred by sub- section (1) of section 381 of the Companies Act, 2013 (18 of 2013) notified dated 19.07.2016 [Download Now]
  15. Companies (Registration Offices and Fees) Second Amendment Rules, 2016 notified dated 07.11.2016 [Download Now]
  16. Special Court under section 435 of the Companies Act, 2013 notified dated 27.07.2016 [Download Now]
  17. Designation of Special Court notified dated 01.09.2016 [Download Now]
  18. Designation of Special Court notified dated 17.11.2016 [Download Now]
  19. Companies (Mediation and Conciliation) Rules, 2016 notified dated 09.09.2016 [Download Now]
  20. Notification: Sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013) notified dated 05.09.2016 [Download Now]
  21. Commencement notification dated 09.09.2016 [Download Now]
  22. Commencement notification dated 07.12.2016 [Download Now]
  23. Delegations of Powers to Regional Directors under section 458 of CA, 2013 notified dated 19.12.2016 [Download Now]
  24. Commencement of sections 248 to 252 of Companies Act, 2013 notified dated 26.12.2016 [Download Now]

Paper-3: Corporate Restructuring, Valuation and Insolvency

The provisions relating to the Compromise, Arrangements and Amalgamation, winding up under the Companies Act, 2013 are notified w.e.f. – 7th December, 2016. Accordingly, the relevant provisions of the Companies Act, 2013 along with the rules made thereunder will be applicable for the June, 2017 Examination and the related provisions of the Companies Act, 1956 will not apply.

Further, provisions (including Rules/Regulations made there under) relating to Corporate Insolvency Resolution Process, liquidation process, insolvency professional agencies, insolvency professionals, insolvency and bankruptcy board of India etc. are notified under the Insolvency and Bankruptcy Code, 2016.

CS Professional students are advised to refer MCA website for details of the sections notified under the Insolvency and Bankruptcy Code, 2016.

The Students are advised to read the notified provisions of Companies Act 2013 and Insolvency and Bankruptcy Code 2016. Further, MCA has also notified the NCLT & NCLAT Rules. Students are advised to read the rules as amended up to December, 2016 for CS Professional Examination June, 2017 Examinations.

Following are the list of amendments applicable for ICSI June 2017 examinations in Paper-3 Corporate Restructuring, Valuation and Insolvency (CRVI) of CS Professional Programme:

  1. Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 notified dated 14.12.2016 [Download Now]
  2. Notification constituting the National Company Law Tribunal and National Company Law Appellate Tribunal under Sections 408 and 410 respectively of the Companies Act, 2013 notified dated 01.06.2016 [Download Now]
  3. Commencement Notification under Section 1(3) of the Companies Act, 2013 and Notification constituting the Benches of National Company Law Tribunal notified dated 01.06.2016 [Download Now]
  4. Transfer of matters or proceedings or cases pending before the Company Law Board to National Company Law Tribunal notified dated 01.06.2016 [Download Now]
  5. National Company Law Tribunal Rules, 2016 notified dated 21.07.2016 [Download Now]
  6. National Company Law Appellate Tribunal Rules, 2016 notified dated 21.07.2016 [Download Now]
  7. Companies (Transfer of Pending Proceedings) Rules 2016 notified dated 07.12.2016 [Download Now]
  8. NCLT (Procedure for reduction of share capital of company) Rules, 2016 notified dated 15.12.2016 [Download Now]
  9. NCLT (Amendment) Rules, 2016 notified dated 20.12.2016 [Download Now]

Following are important update applicable for CS Professional June, 2017 Examinations:

PART A – Corporate Restructuring

Lession-1: Corporate Restructuring Introduction & Concepts:
Students are advised to read Section 230 to 240 of the Companies Act, 2013 Notified on 07.12.2016 along with the rules made there under. The provisions of Companies Act, 1956 relating to the Corporate Restructuring will not apply.

Lession-2: Mergers and Amalgamations – Legal and Procedural Aspects:
(i) Students are advised to read Section 230 to 240* of the Companies Act, 2013 Notified on 07.12.2016 along with the rules made there under;
(ii) NCLT & NCLAT Rules notified on 21.07.2016.
The provisions of Companies Act, 1956 relating to the Corporate Restructuring will not apply.

Lession-3: Economic and Competition Law Aspects of Mergers and Amalgamations:
Students are advised to also refer CCI (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016.

Lession-4: Accounting Aspects of Amalgamations:
Students are advised to read Companies (Accounting Standards) Amendment Rules, 2016 specially with regard to AS-14.

Lession-6: Interest of the Small Investors in Mergers:
(i) Students are advised to read the Section 244 of the Companies Act, 2013 along with Section 230 & 231 of the Act.
(ii) NCLT & NCLAT Rules notified on 21.07.2016.

The provisions of Companies Act, 1956 relating to the Corporate Restructuring will not apply.

Lesion-7: Amalgamation of Banking and Government Companies:
(i) Students are advised to also read Section 237 read with rules made there under along with the Master Direction issued by the RBI on 21st April, 2016 or such further amendments.
(ii) NCLT & NCLAT Rules notified on 21.07.2016.

Lession-8: Corporate Demergers and Reverse Mergers:
(i) Students are advised to also read Section 230 to 240 of the Companies Act, 2013 Notified on 07.12.2016 along with the rules made there under.
(ii) NCLT & NCLAT Rules notified on 21.07.2016.

The provisions of Companies Act, 1956 relating to the Corporate Restructuring will not apply.

Lession-9: Takeovers:
(i) Students are also advised to read Section 230 to 240 and other applicable provisions of the Companies Act, 2013 along with the rules made there under.
(ii) Amendments in SEBI (SAST) Regulations, 2011 up to December, 2016 along with the other SEBI Regulations.

Lession-10: Funding of Mergers and Takeovers:
Students are advised to also read the RBI Master Direction on the External Commercial Borrowing, SEBI ICDR Regulations along with the Provisions of the Companies Act, 2013.

Lesion-11: Financial Restructuring:
(i) Students are advised to also read the Rules notified for Section 66 for Reduction of Share Capital along with the other relevant provisions of under the Companies Act, 2013.
(ii) NCLT & NCLAT Rules notified on 21.07.2016.

PART B – Valuation

Lession-14: Valuation Introduction and Techniques:
Students are expected to also have understanding of Section 247 of the Companies Act, 2013.

Lession-15: Regulatory Aspects of Valuation with reference to Corporate Strategies:
Students are advised to have updated knowledge of the valuation requirement under Various Corporate Law.

PART C – Insolvency

Lession-16: Insolvency – Concepts and Evolution:
Students are also advised to read the Chartered Secretary September, 2016 Edition.
Provisions of SICA will not apply.

Lession-17: Revival and Restructuring – Under companies Act, 2013 and Insolvency & Bankruptcy Code, 2016:
(i)Students are also advised to read the Chartered Secretary September, 2016 Edition.
(ii) Notified Sections under the Insolvency and Bankruptcy Code, 2016.
(iii) Regulations made under the Insolvency and Bankruptcy Code, 2016 notified by Insolvency and Bankruptcy Board of India (IBBI).

Lession-18: Securitization:
(i) Students are advised to refer the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.
(ii) Students are advised to also refer Security Interest (Enforcement) (Amendment) Rules, 2016.

Lession-19: Debt Recovery:
(i) Students are advised to refer Enforcement of Security Interest and Recovery of Debts Laws and
Miscellaneous Provisions (Amendment) Act, 2016.

Lession-20: Winding Up:
(i) Insolvency and Bankruptcy Code, 2016;
(ii) NCLT & NCLAT Rules notified on 21.07.2016;
(iii) Chartered Secretary September, 2016 edition.

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