Old is Gold?

There are six candidates who are sitting members and contesting again for ICAI central council from WIRC. Out of these three contestants are contesting their consecutive third term as per the new regulation, so last election for them.  These are Rajkumar Adukia, Sanjeev Maheshwari, and Pankaj Jain. For Nilesh Vikamsey, Dhinal Shah and Shiwaji Zaware this is second consecutive election.

Let's analyse what's their prospects. Look back at the history. In every election for last few terms in recent past, one of the sitting members has not be able to make it again, except in last election when everyone were able got re-elected. Mahesh Sarda was on margin and won at the 11th place in 2009 and stopped the trend of one sitting member loosing. What about this time? Does anyone has a chance to repeat the earlier history? Wait and see.

Generally, it has been easier for all the sitting members to get re-elected. Visibility is their major advantage. Rajkumar Adukia is the most senior among all. He had secured second highest no. of votes after Bhavana Doshi in last elections. He has been serving the council for last five terms. He has been very well traveled through out the region and well known. Sanjeev Maheshwari and Pankaj Jain are seasoned council members. Nilesh Vikamsey has a very large fan following. Shiwaji Zaware had surprised everyone last time when he secured fifth place in first preference votes and he was above Nilesh Vikamsey and Pankaj Jain, despite the fact it was his first time. Dhinal Shah has gained more ground since his election to central council, though he is facing a stiff and united competition. We will talk about Dhinal and Shiwaji more when we will talk about Ahmedabad and Pune.

Whatever the history says, and howsoever the strong one feels, after all it is election and no one can be complacent. And that is the reason tension could be seen on everyone's face. And that's the reason, you start getting loads of mail with various professional materials, be it a knowledge forum or the publication links on various subject of professional interest...

Central Council Candidates from WIRC

Welcome back..

Let's begin with some statistics on the Central Council candidates from WIRC. Then watch this page everyday for some more information and election analysis. Use this blog as a forum of members and feel free to comment and write your views, by line your name, or anonymous, it's all right. Only request, no abuses, no personal allegations, and of course, no bound to your opinions, or thoughts.

Here you go, there are 24 candidates in fray for Central council elections from WIRC, not very unfair, it's reasonable to have at least two candidates for one seat. It's bit more than that, but not bad. 17 from Mumbai, and two each from big cities Ahmedabad, Pune, and Surat. And one from Nagpur. Why Nagpur filled only one was really surprise, because till end, we were hearing many more names. May be next time Nagpur joins the league of big cities, all the best..

And you know what, WIRC  chairmen of all the last three years, has thrown their hats in the ring. Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra, Good Luck. For last so many terms, majority of the chairman wants to try their luck in the Central Council. Prafulla Chhajed and B M Agarwal from earlier term were candidates in the last elections, Sanjeev Maheshwari and Nihar Jambusaria were the candidates prior to that election. Vipul, Atul and Mitil were candidates before that. The clout of WIRC  chairman is so big, and the photograph published on the cover of WIRC newsletter every month reaching to thousands of members gives a wonderful feeling of greatness to all the chairman of WIRC. The welcome address by all the branch chairman during branch visit before members across the region gives a  feeling of popularity and heroism. The feel  good factor is a great temptation for the chairman to try their luck in election. It's only the results that make the "chairman sir" realise the reality on the ground. Track record is not so good and the names I have listed of past chairmen only Sanjeev Maheshwari was the lucky enough to crack the Central council in first attempt. Nevertheless, serving as a chairman of WIRC is a full time job and you need to do lots of personal and professional sacrifices to ensure a successful term. Contribution of all past WIRC chairman is magnanimous and we must recognise it, irrespective of election fortunes.

Notwithstanding, Good Luck to Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra. 

Out of these candidates, six are sitting council members. Trying their luck again. Shiwaji Zaware from Pune, Dhinal Shah from Ahmedabad, Rajkumar Adukia, Sanjeev Maheshwari, Pankaj Jain, and Nilesh Vikamsey all from Mumbai. Its consecutive sixth time Rajkumar Adukia is contesting for the Central Council, and last time, as his sms goes. The senior most council member from WIRC. As per new regulation, no one can be council member for more than three continuous terms. So it would be third term for Sanjeev Maheshwari and Pankaj Jain too.

From the club of past chairmen of WIRC, Prafulla Chhajed, Nihar Jambusaria are contesting the Central council elections. There are four candidates who lost their last election and trying their luck again. Nihar Jambusaria, Duresh Buch, Tarun Ghia and Prafulla Chhajed. 

And our statistics is incomplete if I don't talk about one and only female candidate in this election, Pooja Gupta. After long years out of the scene, she is back.

We will talk about each of the candidates in coming days, how they are faring and what's bothering them...  we will also talk about the WIRC candidates, and city analysis.

Keep watch this page and don't forget to comment and express your views in the below comment space... Will be back with my next dispatch tomorrow..

IndianCAs: Grand Opening of IndianCAs Job Portal!

 

IndianCAs		IndianCAs.com
Announcing launch of IndianCAs Job Portal Dear friends and family, I'm excited to announce the grand opening of an Exclusive Job portal for Chartered Accountants to help my CA fraternity finding their dream jobs.  If you are looking for job, please post your resume, It's FREE.  Apply Now If you or your organization needs chartered accountants, Post your jobs.   Post Jobs I hope to attract lots of visitors, so I invite you to visit IndianCAs now to learn more! I hope IndianCAs will be the right forum to connect Chartered Accountants to job of their choice and to Business house to get the right candidate. Please forward this email to anyone who might be interested, to help me spread the word. To see this site, just click the "Visit My Site" button in this email. Best regards, | Ashwin Nagar | FCA and SAP-Finance & Consolidations | Success is not permanent and failure is not final		Visit IndianCAs

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Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

See the link:
http://www.icai.org/new_post.html?post_id=9085&c_id=240

Bihar Urban Infrastructure Development Corporation Limited

Description :
Proposals for Selection of Chartered Accountant Firm for outsourcing of accounting & financial management services 

Bihar Urban Infrastructure Development Corporation Limited


Address : Bihar Urban Infrastructure Development Corporation Limited 3rd Floor, Maurya Tower, Maurya Lok Complex, Budh Marg, Patna -800 001 

Phone :0612-2210101 

E-Mail :mdbuidco@gmail.com

Last Date : 14/12/2012 

Ugc-dae Consortiun For Scientific Research

Description :
Expression of Interest by Chartered Accountants 

Ugc-dae Consortiun For Scientific Research


Address :UGC-DAE Consortium for Scientific Research, Indore University Campus, Khandwa Road, Indore-452 001 (M.P.) 

Last Date : 06/12/2012 

Uttarakhand Power Corporation Limited

Description :

Audit of receivables outstanding as on 31.03.2012 pertaining to distribution units of UPCL 

Uttarakhand Power Corporation Limited


Address :Urja Bhawan Kanwali Road,Dehradun-248001, 

Phone :2763672 

E-Mail :ppthakur@uttarakhand.org

Last Date : 01/12/2012 

National Rural Health Mission

Description :Hiring Services of Chartered Accountant firm for Concurrent Audit of District Health & Family Welfare Society (for the financial year-2012-13 

National Rural Health Mission

Address :National Rural Health Mission
Karnataka State Health & Family Welfare Society  Anand Rao Circle,Bangalore-560009 

Phone :080-22342023 

Last Date : 22/11/2012 

Uttar Pradesh Power Corporation Limited

Description :
Empanelment of Charted Accountants Firms for Internal Audit of the units of UPPCL & UPPTCL Head Quarters & its various drawing & disbursing units located in various districts of Uttar Pradesh 

Uttar Pradesh Power Corporation Limited


Address :Uttar Pradesh Power Corporation Limited Dy,General Manager (Accounts).
Room No.306,3rd Floor
Shakti Bhawan,Lucknow. 

Last Date : 23/11/2012 

Scrutiny by ROC

EXAMINATION OF BALANCE SHEETS BY ROCs

GENERAL CIRCULAR NO. 37/2012, DATED 6-11-2012

It is considered expedient to issue the following circular for general information.

2. Every company registered under the provisions of the Companies Act, 1956 is required to file its balance sheet annually with the office of the Registrar of Companies within whose jurisdiction the registered office of the company is located. Presently, there are more than 8 lakh companies registered with various offices of the RoCs located all over the country. Balance sheets of all the companies who carry out the filing are available for public inspection on the portal of this Ministry (http://www.mca.gov.in). The underlying idea behind the filing of balance sheets and other documents which require similar filings is to publicly disclose information which reflects various aspects of the working of a company so that the company's public accountability is maintained. It is neither intended nor feasible for the Registrars to scrutinize or verify the contents of filing except on a random basis. Companies and its Directors and officials are liable to be penalized for any incorrect, false or misleading information that such filing disclose. In the following cases, however, the Registrars routinely scrutinize balance sheets:

 (i)  of companies against whom there are complaints;

(ii)  of companies which have raised money from the public through public issue of shares/debentures etc.;

(iii)  in cases where the auditors have qualified their reports.

(iv)  Default in payment of matured deposits and debentures.

(v)  References received from other regulatory authorities pointing out violations/irregularities calling for action under the Companies Act, 1956.

3. After the scrutiny suitable steps are initiated wherever necessary to obtain explanation and clarification and to institute inspections, investigations and prosecutions wherever warranted.

Delhi Transco Limited

Description :Inviting sealed quotations from Chartered Accountants for appointment as Auditor for Limited Review of Half Yearly Accounts of DTL for the period endin. 

Click Here:

Delhi Transco Limited

Address :Delhi Transco Ltd Room No 203, Shakti Sadan, Kotla Road, New Delhi-110002 

Last Date : 08/11/2012 

Amendment to Building Cess

AMENDMENT TO THE BUILDING AND OTHER CONSTRUCTION WORKERS (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) ACT, 1996 AND BUILDING AND OTHER CONSTRUCTION WORKERS' WELFARE CESS ACT, 1996

The Union Cabinet today approved the Amendment to the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) { BOCW (RECS)} Act, 1996 and Building and Other Construction Workers' Welfare Cess Act, 1996 and the introduction of the Building and Other Construction Workers Related Laws (Amendment) Bill, 2012 in Parliament in its ensuing session.

This amendment will streamline the process of the registration of the construction workers. The State Welfare Boards will be able to consolidate their finances and incur expenditure on administrative and other purpose for smooth functioning of the Board. The amendments will facilitate speedy implementation of these Acts by the Central and the State Governments.

The provisions in the Amendment are given below :

1. Empower the Central Government to specify the maximum cost of construction by notification, in place of the present limit of Rs.10 lakh, which shall fall within the definition of establishment under the BOCW (RECS) Act.

2. The prerequisite condition of engagement of ninety days for registration of workers under the BOCW (RECS) Act is proposed to be done away with. Moreover, in order to extend benefits to the workers, who are engaged in building and construction work after attaining the age of sixty years, the criteria of upper age limit of sixty years is proposed to be done away with.

3. To empower the Central Government to notify such percentage of total expenditure, in place of existing 5 percent during the financial year, for meeting administrative expenses by the State Building and Other Construction Workers Welfare Board.

4. To empower Central Government to appoint such number of Director Generals not exceeding 10 to coordinate with the Central Government in carrying out its responsibility of laying down the standard of inspection and to exercise the power of an inspector.

5. To empower the State Governments to file complaints for contravention of provisions of the Act.

6. To prescribe a time limit of 30 days for cess collecting authorities to deposit cess to the State Building and Other Construction Workers Welfare Board.

7. To constitute a Committee consisting of Secretary (Labour), Secretary (Finance), Secretary (Planning) and Secretary (Social Welfare) of the State for performing the functions of the State Building and Other Construction Workers Welfare Board till such time a Board is formally constituted by the State Government.

Background :

Building and other Construction Workers (Regulation Employment and Conditions of service) Act, 1996 (BOCW (RECS) Act and Building and Other Construction Workers Welfare Cess Act, 1996 (BOCW Welfare Cess Act) were enacted with a view to regularizing the wages, working conditions, safety and for their health, welfare measures, etc. The Acts apply to every establishment which employs 10 or more workers. The major source of the fund to the Building and Other Construction Workers Welfare Board is the collection of cess at the rate of one percent of the const of construction incurred by the employer under the Building and Other Construction Workers Welfare Cess Act, 1996. The fund has to be utilized for the welfare of such workers. Central Government is the implementing agency in the central sphere for the purpose of enforcement of various provisions of the Act, while States are the implementing authority under State sphere. The State Governments have to frame and notify rules, constitute Advisory Committees or Expert Committees and appoint various authorities for registration of workers, cess collection, inspection and Appellate Authority. They have to constitute State Welfare Boards as well.

The matter of slow progress of implementation of these Acts has been raised at various fora. The Tripartite Central Advisory Committee, constituted under the BOCW(RECS) Act, 1996 set up a Task Force to examine various provisions of the Act. The recommendations of the Task Force were considered by the Central Advisory Committee. The Task Force and the Central Advisory Committee recommended that certain provisions of these Acts require amendments. Accordingly the Central Government decided to carry out amendments in these Acts. - www.pib.nic.in

e-Filing Not available from 3rd Nov-8th Nov 2012

Press Information Bureau
Government of India
Ministry of Finance

02-November-2012 17:56 IST

New E-Filing Project Conceptualized to take the E-Services to the Next Generation; in order to make the New Portal Live, E-Filing Services to the Tax Payers through the Existing Portal will not be available from 3rd November to 8th November, 2012.

            In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation.

            Under the new e-filing set-up not only the Income Tax Return (ITR) forms but also other income tax forms are proposed to be made available for electronic filing along with other web enabled services.

            In order to make the new portal live, the migration of data from the old set-up to the new set-up is in process. Due to this, e-filing services to the tax payers through the portal https://incometaxindiaefiling.gov.in will not be available from 3^rd November to 8^th November, 2012.

            The e-filing service will resume with various new additional services like multiple mode of e-filing of returns: help desk through call centre and e-mail support, provision of online forms, pre-filing of data in forms, and availability of offline e-forms.

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DSM/RS/ka

Jaipur Municipal Corporation

Description :Providing of Chartered accountant for chartered accountant service 

Click the link here:

Jaipur Municipal Corporation

Address :Jaipur Municipal Corporation
Jaipur Rajasthan 

Last Date : 30/11/2012 

Tehri Hydro Development Corporation Limited

Description :Empanelment of firms of chartered accountants for Allotment of internal audits / physical verification of Assets/stores/sub-stores

Tehri Hydro Development Corporation Limited

Address :Tehri Hydro Development Corporation Limited
Bhagirathi Bhawan,Bye-Pass Road,
Pragatipuram RISHIKES-249 201 (Uttarakhand)

Last Date : 28/11/2012 

Chhattisgarh State Power Distribution Company Limited

Description :

Requirement of Chartered Accountant Firms 

Click the link here:
Chhattisgarh State Power Distribution Company Limited


Address :Chhattisgarh State Power Distribution Company Limited Ground floor, Vidyut Sewa Bhawan, Danganiya Raipur 
Phone :0771-2574340 

Last Date : 22/11/2012

Department Of Police

Description :Reputed firms / charted accountant for auditing the utilization of funds granted / released by the MHA 

Department Of Police

Address :Port Blair - Andaman And Nicobar 

Last Date : 12/11/2012 

Oil India Limited

Description :
Expression of interest for hiring a firm/individual to provide consultancy in risk assessment & award of insurance contract for oil exploration including well control insurance for drilling of high pressure high temperature exploratory oil wells in kg basin project. 2.Hiring a firm of chartered accountant based in & around for audit of its accounts for NELP-VI block 

Click the link here:

Oil India Limited

Address :Oil India Limited Nookalamma Temple St,Ramaraopeta.Kakinanda,Andhra Pradesh-533004 

Last Date : 10/11/2012 

Central Bank Of India, Jamnagar

Description : Empanelment of Stock auditors 

Click Link Here:

Central Bank Of India

Address :Central Bank Of India
Jamnagar Regional office,2nd Floor,Central Bank of India Building,Mandvi Tower Road,Jamnagar-361001. 

Last Date : 03/11/2012 

XBRL Filing-Extended

FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE FOR THE FINANCIAL YEAR COMMENCING ON OR AFTER 1-4-2011

GENERAL CIRCULAR NO. 34/2012, DATED 25-10-2012

In continuation of the Ministry's General Circular No. 16/2012, dated 6-7-2012, on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th December, 2012 or within 30 days from the date of Annual General Meeting of the company whichever is later.

2. All other terms and conditions of the General Circular No. 16/2012, dated 6-7-2012 will remain the same.