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REGISTERED No.D. 221

The Gazette of India

EXTRAORDINARY

PART Ill—Section 4

PUBLISHED BY AUTHORITY

No. 3] NEW DELHI, SATURDAY, SEPTEMBER 29, 1973/ASVlNA 7, 1895

Separate paging is given to this Part in order that it may be filed

as a separate compilation

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.

NOTIFICATION

(CHARTERED ACCOUNTANTS)

New Delhi, the 15th September 1973

No. 48-CA(1)/73.—In pursuance of sub-section (5) of Section 18 of the Char- tered Accountants Act, 1949, a copy of the Report and the audited accounts of the Council for the year ended 31st March 1973 is hereby published for general information.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH,

1973.

DRAFT

TWENTY-FOURTH ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31ST MARCH, 1973 The Council has pleasure in presenting its 24th Annual Report for the year ended 31st March 1973. in accordance with the provisions of Section 18(5) of the Chartered Accountants Act, 1949.

I. THE COUNCIL

1. Members of the Council and its various Committees,

The Eigth Council was constituted on 17th September, I970. The names of the members of the Council and its various Standing and other Committees, are given in Appendices I and II respectively.

(53)

2. President and Vice-President

Shri R. K. Khanna (New Delhi), who was the Vice-President In the preceding year, was elected the President by the Council at Its meeting held on 28th and 29th September. 1972. At the same meeting, Shri S. K. Gupta (Calcutta) was elected aa the Vice-President. 3. Council and Committee Meetings

During the year, the Council held three meetings—the first on 27th and 28th July, 1^72; the second on 28th and 29th September, 1972 and the third on 16th and 17th February, 1973. Details of the meetings held by the variou3 Committees are given in Appendix III.

II. FINANCES

1. Accounts

The Balance Sheet as at 31st March, 1973 and the Income & Expendi- ture Account for the year ended on that day, duly audited, are appended at the end of this (Report. The Income & Expenditure Account for the year shows a s u r p l us of R E . —— • —? as a g a i n st a d e f i c it of R s. 8 0 , 1 2 9 /- in t he p r e v i o us

year. These accounts include the accounts of the Regional Councils, Students' Associations and their branches. 2. Auditors

Sarvashri p. R, Mehra and M, R. Venkataraman continued to be the auditors of the Institute's accounts for the year ended 31st March. 1973.

III. PROFESSIONAL MATTERS

1, Professional Development

(a) The directions of the Government in respect of signature on auditors' repoit etc. in the firm name under the provisions of the Companies Act were considered and appropriate guidance provided in the matter to the members through circular dated 23rd February, 1973 and notes published in March and May, 1973 issues of "The Chartered Accountant".

(b) The opinion of the Attorney General of India on the question of making the self-regulatory measures mandatory was published in April, 1:)73 issue of "Trie Chartered Accountant". It has also been forwarded to the Government of India with a request that they might consider the steps that should be taken to imple- ment the decision of the Council in light of the legal opinion obtained,

(c) The detailed condition for rendering of Management Consultancy Services by Chartered Accountants were finalised and a note was published in April, 1973 issue of "The Chartered Accountant". However these can be given effect to only after the appropriate amendments have been made in the Chartered Accountants Act, 1949, and the Chartered Accountants Regulations, 1964.

(d) In the efforts that the Council has been making for enlarging the area of work for those in professional practice in the field of audit of co-operative societies, on. the basis of the representation made to film, the Chief Minister of Maharashtra has agreed in principle to the suggestion made to him to get the work done by char- tered accountants and has directed the detalla to be worked out by the concerned Department.

(e) The Council decided to amend the Code of Conduct to provide that a member should not accept the original professional work which emanates from a client introduced to him by another member and that if any professional work of such a client comes to him direct, in all circumstances, it should be his duty to require the client to approach him only through the member dealing with his work.

(f) By their notifications No. GSR 257 and GSR 258 both dated 21st April, 1972, the Department of Company Affairs have altered the Cost Audit (Qualifications) Rules to provide that a chartered accountant to be a cost auditor of a company should be in practice and should have passed the final examination of the Institute of Cost and Works Accountants of India or its equivalent which includes the M.A.C, Examination of our Institute,

(g") On a reference made to the Institute, it has been represented to the Central Board of Direct Taxes that only where a member of the Institute Is convicted for non-compliance with the provisions of the Income-tax Act, Wealth-tax Act and Gift-tax Act, the question of considering his disqualification from membership of the Institute can arise and that technical defaults resulting in a levy of penalty should not be considered as amounting to sufficient ground for proceedings against the memlier under the disciplinary jurisdiction of the Council.

2. Research

(a) The Council decided to consider the question of extension of the scope of audit and the audit report and to make appropriate recommendations to the Government.

(b) The following publications were issued: —

1. The Payment of Bonus Act, 19U5—An Accountant's Study. 2. Second edition of the Study on Expenditure During Construction Period. 3. Third edition of the Guide to Company Audit.

(c) The following projects have been completed and are under print: —

1. Research Study on "Discounted Cash Flow" by Shri M. R. Batllwalla. 2. Integrated Cost and Financial Accounts by Shri S. K. Sanyal.

(d) The views of the Council on the proposed Cost Accounting Records (Vanas- pati) Rules, 1072 were formulated and forwarded to the Government.

(e) Consequent upon the changes brought out in Statute and other developments which tnok place since the publication of the previous edition, the Research Com- mittee has taken up the revision of the following Studies and Statements:;—

1. Study on Devaluation. 2. Audit of Banking Companies. 3. Statement on Treatment of Retirement Gratuity in Accounts. 4. Statement on Auditing Practices.

<(f) The following projects are under consideration of the Research Committee: —

1. Publication in the Handbook Series of the notes issued to members for guidance by the Institute from time to time.

2. Note on "Hybrid System of Accounting". 3. Professional Responsibility as to using of other auditor's work and reports and ethical issues arising out of joint audit.

4. Formulation of views of the Council on Cost Accounting Records (Bulk Drugs) Rules, 1973.

5. Publicising the views of the Research Committee on the continuance of auditor even after the date of the Annual General Meeting.

6. Objectives of Financial Statements. 7. Note on the use of free reserves in cases of amalgamation.

(g) The following notes have been issued in "The Chartered, Accountant" for the guidance of members: —

1. A note on "Treatment of dividend in Companies Accounts" published in October, 1972 issue,

2. A note on "Method of disclosure in the Balance Sheet" published in January, 1973 issue.

(h) Applications for grant for the following research projects were submitted to the Government of India: —

1. Management Information System in big Indian Industrial Companies- Case) Studies.

2. Statistical Sampling Techniques—An Aid to Audit Practice.

(i) On the recommendation of the Expert Committee appointed by the Indian Council of Social Sciences Research, the Central Board of Direct Taxes has re- cognised onr Institute under Section 35(l)(iii) of the Income-tax Act, 1961 for a period of three years.

'

(j) After consideration of 88 entries received for the competition for the best presented accounts, the following awards were made: —

Shield for the best presented accounts during the year 1970-71.

Tata Engineering and Locomotive Co. Ltd., for its annual accounts for the year ended 31st March, 1971.

Plaques for highly commended accounts Escorts Limited, for the year ended 31st December, 1970.

Shipping Corporation of India Ltd., for the year ended 31st March, 1971. Tinplate Company of India Ltd., for the year ended 31st March, 1971.

3. Company-Law Committee

Matters considered by the Committee Include:—•

(1) Implications of non-holding of the annual General meeting of companies within the permitted period on approval an

(2) Companies (Amendment) Bill, 1372 introduced by Government.

(3) Companies (Amendment) BUI, 1972. introduced by Shri Nawal KIshore

Sharma.

(4) Amendments to Part II of Schedule VI to the Companies Act.

(5) Signing of the auditors report in the firm name and Section 229 of the Companies Act,

(6) Companies (Branch Audit) Exemption Rules.

4. ERpert Advisory Service)

The Expert Advisory Committee rendered ita opinion on two of the queries received by it. Five queries are under active consideration of the Committee.

5. Post-Graduate Course

(a) The details regarding the MAC examinations held during the year appear in Appendix IV.

The syllabus for the examination under the above Course is under revision. The syllabus for a proposed course on Corporate Management is under considera- tion of the Council.

(b) Advisory Groups are functioning at Bombay, Calcutta, Madras and Delhi to assist and guide the candidates in their preparation for the Course.

(c) During the year, 19 candidates registered-their names for practical training under Part II of the Course.

(d) In its Continuing Education Programme, the Post Graduate Course Com- mittee has projected a series of programmes to be organised during the year 1973, details of which have already been published as a supplement to the April, 1973 issue of "The Chartered Accountant".

(e) Scholarships of Rs. 500/- each were granted to 11 members for the purchase of books out of the funds collected by contributions as also from the funds of the Council.

6. Employment Committee

The number of members on the Employment Register on 31st March, 1973 was 164 as aginst 108 on 31st March, 1972.

7. Taxation

A Memorandum on the Finance Bill, 1973 was submitted to the Hon'ble Union Minister for Finance in April. 1973.

The Fifth All India Seminar on Taxation was held at Bangalore on the 2nd and 3rd June, 1973 with the theme, "Structure and Incidence of Direct Taxes". The following'subjects were discussed at the Seminar:—-

I Structure of Taxation . . . Structure of Corporate Taxation

Structure of Personal Taxation

Taxation of Trusts Taxation of Firms, families and associations

il Incidence of Taxation . . • Incident of Taxation and Industrial

Growth

Incidence of tax in an inflationary economy Impact of Taxation on Capita' Formation Taxation of Agricultural Income

On the Wealth Tax (3rd Amendment) Rules 1072 and the Gift Tax (2nd Amend- ment) Rules 1972 and the forms prescribed under the Rules, the Council made a representation to the Central Board of Direct Taxes.

The Council has represented to Central Board of Direct Taxes to reconsider the matter and to amend the Instructions issued under which the outstanding amount of professional fees receivable by chartered accountants and others carrying on a profession was sought to be charged on Wealth Tax, even in cases where the assessee followed the cash system of accounting.

8. University Liaison Committee

The University Liaison Committee have been pursuing measures to popularise the profession and to ensure continuous flow of the best talents Into the profession and also to secure library facilities for the members doing research work.

Since the submission of the last report, the Universities of Poona and Shivaji have agreed to consider membership of the Institute as equivalent to M. Com. Degree for purpose of registration for Ph. D, Course, subject to certain conditions.

9. Corrvplaints of unjustifiable removal of auditors

In the last report, a reference was made to a cose considered by the ad hot) Committee in which the new auditor was appointed at an adjourned annual general meeting. The Committee had opined that the appointment of the new auditor was irregular and Invalid. The Company Law Board has revised its original view and concurred with the Committee's conclusion.

10. Journal of the Institute—"The Chartered Accountant"

A special Number of the Journal on Financial Management was published In August 1972. Three new features have been introduced, namely, (1) focus on Council activities: (2) continuing education; and (3) research front.

The average net circulation of the Journal has increased from 15200 copies to 17000 copies.

IV. OTHER MATTERS

1. Review Committee

The Report of the Review Committee was considered by the Council at its meeting held in February 1973. The Committee has made detailed recommenda- tions 'inter alia' for removing the causes of the existing dissatisfaction especially among the younger members; for improvement in the means of communication between the Council on the one hand and members and the students of the Insti- tute on the other; and for improvement in the knowledge level and academic inputs and their updating, so that the chartered accountants are fully equipped to meet the growing needs of the industrial and commercial enterprises as well as the State and Society. It has also redefined the objectives of the Institute and pre- pared a revised organisational structure for the Institute.

The financial implications of the suggested changes are now under study.

2. Chartered Accountants Act and Regulations

The recommendations of the Codification Committee have been submitted and are now under consideration of the Council,

3. History of the Accountancy Profession in India

The History of the Accountancy Profession in India written by Shri G. P. Kapadia at the request of the Council has been published.

4. Indian Penal Code (Amendment) Bill, 1972

Suitable representation has been made to the Joint Committee of Parliament on the relevant provisions of the Bill.

3. Library

During the year, 895 books were added to the Central Library at New Delhi bringing the total number of books to 10,477. Increasing use ol the Library was. made by members and students, as would be clear from the following figures: —

Attendance

Year

No. of books consulted

4990

1 9 6 8 - 69 . . ..

8300

5200

9000 1 9 6 9 - 70

5500

9500 1 9 7 0 - 71

5900

10200 1 9 7 1 - 72 . . ..

7500

,12000 1 9 7 2 - 73

In addition, books are being sent from the Central Council Library at New Delhi,, by post to members who are preparing for the Post Graduate Course, and residing outside Delhi.

The details of the use of Regional Council Libraries and the number of books In them during the year 1972-73 are given below: —

Region Total No. of books Attedance No. of books

consulted

Western • 4262 3111 2005

Southern . 4826 4320 2880

Eaatcrn , 3916 5608 8704

Central . 822 1125 200

6. Nominees of the Institute on other bodies

The Institute Is, represented on. various outside bodies by Its members as per list enclosed as Appendix V.

7. Chartered Accountants Benevolent Fund

During the year, the number of members increased from 175 to 181 and a sum of Rs. 9,575 was disbursed by way of financial relief. The balance to the credit of the Fund at the end of the year stood at Bs. —r——• as against Rs. 66,763/- at the end of the previous year.

8. S. Vaidyanath Aiyar Memorial Fund

In addition to the two scholarship's of Rs. 50/- each tenable for one year offered by M/s. S. Vaidyanath Aiyar & Co., which arc* being granted to the articled clerks reglonwise every year, four merit scholarships of Rs. 50/- each tenable for one year on the basis of the results of the Intermediate Examination held twice a year were given.

The number of members of the Fund increased during the year from 35 to 36.

At the end of the year, the balance to the credit of the Fund was Rs. — — as against Rs. 23,603/- at the end of the previous year.

V. CONFERENCE

1. Seventh Conference of Chartered Accountants of India

The Seventh Conference of Chartered Accountants of India was held from 25th to 28th January 1973 at Bombay. Over 1800 delegates and accompanying persons were registered for attending the conference.

Th" Conference was inaugurated by Shri V. P. Naik, the Chief Minister of

The Conference had as its theme "The Chartered Accountant in the Service of the Nation" which was discussed under the following heads at live technical sessions: —

1. Evolution of Accounting 2. The Tax Service 3. Auditing—the changing emphasis 4. The management revolution and the Accountant 5. Towards a healthy development of profession.

2, Tenth International Congress of Accountants

The Tenth International Congress of Accountants was inaugurated by Sir Paul Hasluck, the Governor General of Australia at Sydney on October 17, 1972 After Sir Ronald Irish, President of the Congress welcomed the delegates and the Con- gress was declared open by the Governor-General, Sir Garfleld Barwlck, Cruet Justice of Australia delivered an address.

The Indian delegation representing the Institute comprised the following besides Shri R. K Khanna the President, Shri S. V. Ghatalia, the National Psperwriter, Shri N. R. Mody, Shri M. P. Chitale and Shri V. B. Haribhakti, the Past Presidents, and Shri C. Balakrishnan, Secretary:

1. Shri G. Narayanaswamy 2. Shri K. K. Pandeya 3. Shri M. H. Singhal 4. Shri Biswajit Sen 5. Smt, Nandita Sen 6. Shri G. R. K. Nair

The Eleventh International Congress of Accountants will be held In Germany in 1977.

3. The 1CCAP

On the basis of the invitation received, the Council has nominated Shri R K Khanna (present President) and Shri C. Balakrishnan (Secretary) as Its represen- tatives in the ICCAP for the next term of 5 years.

4. Seventh Conference of Asian, and Pacific Accountants

The Institute will be represented at the Seventh Conference of Asian and Pacific Accountants to be held in Bangkok (Thailand) from 4th to 10th November 1973 with the theme of the Conference as "Economic: Data for Motivation and decision making", by a delegation led by Shri S. K. Gupta, the present Vice-Presi- dent. The following papers have been prepared for the Conference bv our dele- gates:

1. Roles of the Accounting profession In economic and social development by Shri S. K. Gupta.

2. Responsibilities of the managerial accountant by Shri Y. H. Malegam

VI. REGIONAL COUNCILS AND THEIR BRANCHES

1. Regional Councils

Regional Councils continued to function in five Regional Constituencies vh Western (Bombay) Southern (Madras). Eastern (Calcutta), Central K ' nd Northern (Delhi). The Regional Councils were active and arranged seteral con- ferences, seminars, lectures, study circle meetings etc, 2. Calcutta Building

deci^ed to sell approximately 50 per cent of the land on

J

uwK\e$leS%i?Ur™n%i°A *& P ? *⁶^, I n d la .^flonal Council has outlived its wwTh ", i, •&• Cou.ncI¹ tion of t h e Si nE S a nd to c o n s t r u ct a n ew building on the remaining po"-

3. Kanpur Building

A building for the Central India Regional Council is under construction and- is expected to be ready shortly. It is hoped that the new building will give a flllip to the activities of the Regional Council.

4. Branches of the Regional Councils

Five existing branches of the Western India Regional Council viz., Ahmedabad, Baroda, Poona, Nagpur and Surat; ten of the Southern India Regional Council at Bangalore. Coimbatore, Ernakulam, Hyderabad, Madura!, Mangalore, Salem, Tlruchlrapalli, Trivandrum and Vijayawada and three of the Central India Regional Council viz., Indore, Jaipur and Jamshedpur, continued to function,

VII. MEMBERS

1. Membership Changes

The number of members of the Institute on 31st March 1973 was 13370, an increase of 1168 since 31st March 1972. During the year under report, 367 Asso- ciates were enrolled as Fellows as compared to 350 in the previous year. A table showing the number of members on 31st March 1973 compared t° the members on 3 ltt March 1972 is given aa Appendix VI.

2. List of Members

The list of Members as on 1st April 1973 published and copies are being sup- plied to members who asked for the same.

3. Withdrawal of permission to members engaged as sleeping partners in Family Business Concerns The Council continued its efforts to get the Central Government to agree to the amendment of the Chartered Accountants Act with a view to permitting members In practice to be sleeping partners in family business concerns, but not finding any encouraging response, has withdrawn the permission,

4. Permission to members to appear in the High Courts and the Supreme Court in taxation cases of their clients The Council has decided that members of the Institute possessing the requisite qualifications may be allowed to enrol themselves as Advocates and appear In the High courts and in the Supreme Court for the limited purpose of r e p r e s e n ts the taxation cases of their clients.

5. Issuance of certificates for certain governmental requirements by the statutory

auditors Certain instances were brought to the notice of the Council where the Govern- ment authorities had directed that certificates required for specific purposes should be issued only by the statutory auditors of the company. (Representations were made to the concerned authorities that it should not be compulsory to obtain such certificates only from the statutory auditors and that any chartered accountant In practice, f.thor than an employee of the company, should be deemed eligible to Issue such certificates.

6. Issuonce of certain certificates by members in employment.

Arising out of the foregoing matter, the Council decided to Issue a clarification that a member who Is employed in a company should not Issue any certificate to the employer company even though he Is holding a certificate of practice and even though the certificate in question can be issued by any chartered accountant In practice.

7. Disciplinary; Action

Details of the findings of the Council in the cases referred by It for enquiry to the Disciplinary Committee under Regulation 11(8X1) since the last report fs given In Appendix VII.

8. The Scope of the representation on which an auditor is enticed to make under

Section 225(3) of the Companies Act, 1958

Official guidance was published regarding the nature and scope of the represen- tations which an auditor is entitled to maVp under section 225(3) of the Companies Act, 1956 when a special notice for a resolution appointing as auditor a person other than the retiring auditor is received.

-fl. LaiMl 'button for members.

Lapel buttons bearing the emblem of the Institute have been prepared an^ are on sale.

VIII. ARTICLED AND AUDIT CLERKS

1. The new scheme of examinations and training

The new scheme of examinations and training based on the recommendations of the Special Committee on Education and Training is being brought into force from 1st October 1973. As hitherto, the minimum academic qualification for entry to the profession will remain as the Intermediate Examination of a University or Board but with the additional requirement that candidates obtaining less than 60 per cent marks in the degree examination will have to pass the Entrance exami- nation of the Institute before they can start their training as articled or audit clerks. The syllabi of the examinations have been revised keeping In view the needs of the changing times and the new demands which are being placed on the services of chartered accountants in various fields of professional work.

2. Academy of Accountants

The Council considered at its meeting held In February 1973 the report of its committee on the proposal to set up Academies for providing oral education, in addition to the postal tuition course of the Institute, to the students preparing for the Chartered Accountants Examinations, during the last 3 months of their train- ing as also to provide' facilities for the continuing education of the members. The idea for such Academies was mooted by the Special Committee on Education and Training which was appointed by the Council some years back.

The financial implications of the proposals are now under study.

3. Compulsory stipend ft* articled clerks

The Chartered Accountants Regulations have been amended to provide that articled clerks who are enrolled on or after 1st July 1973 shall be paid a minimum monthly stipend at certain prescribed rates.

4. Leave during examination days

The Council decided that the days on which articled and audit clerk* appear for any examination under the Chartered Accountants Regulations after 1st April, 1972 (including Intervening holidays) be not treated asf leave but as days of duty. Necessary amendments in this regard have been made in the Chartered Account- ants Regulations, 1964.

B. Prohibition against taking loans, deposits etc. from articled clerks.

With the amendment of Regulation 31(11 of the Chartered Accountants Regula- tions, charging of premium from articled clerks had been prohibited. Instances were brought to the notice of the Council where members had accepted amounts In the form of security deposits from articled clerks. It has been made clear through the Journal of the Institute that receipt of any sum as deposit, lorn or In any form whatsoever, by a member from an articled or audit clerk, would tant- amount to acceptance of premium and would render the member liable for disci- plinary action.

6. Frequent transfer of articles—note In the Journal.

The Council noted with great concern the grewlng tendency among articled clerks of leaving their present employers on one pretext or other and Joining other employers. With, the hope that the students would desist from such a practice, a note was published in the Institute's Journal pointing out that under the Regula- tions, this requires the spclflc permission of the President of the Institute which shall not be granted except for valid reasons.

7. Members in employment training articled clerks.

It was brought to the notice of the Council that there are instances where members in employment but holding Certificate of Practice declare, for purpose of training apprentices, their main occupation to the practice. A note was published in the Journal of the Institute for the attention of the members cautioning that if such instances are brought to the notice of the Council, the same would be enquired Into and, if proved, dealt with severely.

8. Fresh, enrolments

The number of articled and audit clerks registered during the year compared to those registered in the preceding year are given below:,—

1972-73 1971-72

Articled  clerks           .    .   ..                                         3474       27SI
Audit  Clerks              .   .    ..                                        1629        1275
                                                                               5103       4026

9. Coaching Board.

(a) Strength—Statistics regarding enrolment of students and other related matters are given in Appendix VIII,

(b) Service to students—The Coaching Board has been trying to have a 'feed back* on Its work. In this pursuit, all opportunities are seized to get at the views of the students as well as the part-time examiners. A survey was conducted among the students to ascertain their view.point In respect of the study material and the test papers, which confirmed that the students consider the study material to be useful but find the answering of test papers to be lrkBOme.

A study group in taxation has been functioning at Madras. A similar study group in Management Accounting and Taxation was set up in Delhi in July, 1972. Counselling services have been made available to students resident at Delhi. The membets of the Coaching Board staff meet the students who come for clarification of their textual difficulties on all working Saturdays.

(c) Study Material—The -study material supplied to the students is being con- stantly brought upto date. -

The Coaching-Board is contributing regular features in the Institute's Journal, which give, In summary form, current economic events, a summary of important articles relating to Accounting and Auditing In. foreign journals and a digest of Income-tax and Company Cases.

(d) Students' Libraries—During the year, the Coaching Board sanctioned the setting up of students' libraries at Belgaum, Surat, Nasik and Visakhapatnam, thus bringing the total number of such libraries to 29 including those at the Regional Headquarters.

(e) Revision Classes—These continue to be popular and are being held at 11 centres in addition to the three centres at Regional Headquarters. At Madras, the Intensified Course continues to be popular.

(f) Publications—The Coaching Board is up-to-date in respect of volumes of Suggested Answers to the questions set at the Institute's Examinations till November, 1972.

(g) Merit and Loan Scholarships—During the period under report, ten merit and twenty loan scholarships were awarded.

The cumulative total of scholarships awarded till 31st March, 1973 Is as follows:

Merit Scholarships 70 Loan Scholarships 117

10. Students Associations and their branches

The Students Associations and their Brunches continued to be very active during the year and held a number of programmes.

Branches of the Southern India Students' Association were set up at Trivan- drum, Vljayawada, Salem, TrucWrapalli and Mangalore with effect from 1st July Iff ('1

IX. EXAMINATIONS

1. Examinations 1972

The examinations were held as usual in May and November 1972 at various centres all over India. A new examination centre was opened at Chandigarh. The statistics regarding the number of candidates who appeared and those declared successful are given in Appendix IX. 2. Prizes and Certificates of Merit

Names of the candidates who were awarded Prizes and Certificates of Merit in these examinations are given in Appendix X. 3. Action against examinees

The Council has debarred eight candidates who were found to have resorted to unfair means In the examinations.

X. DEATH OF MEMBERS

The Council records with regret the sad demise, during the year, of the riem- bers w,hose names are given in Appendix XI.

XI. APPRECIATION

The Council wishes to place on record its grateful thankg to the Government for its continued support and assistance.

The Council also wishes to place on record its appreciation of the work done by the officers and staff during the year under report.

(Secretary)

(Vice-President)

(President)

NEW DELHI,

Dated: September 1973.

APPENDIX I

(Reference : Section I-i of the Report)

MEMBERS OF THE COUNCIL

Khanna, R. K. President Gupta, S. K. Vice-President

Indore

Calcutta

. .. Calcutta

•Agrawalj C. New Delhi Argade, S. Y. Bombay Bhandari, M- C. Calcutta Brahmayya, P. Madras Demania, H M. . . . .. Bombay Ganapathy, C. C. New Delhi Ganesan, K- Calcutta Haribhakti, V. B. Bombay Kabra, B. L- Bombay Kriahnan, N. C. Madras Maheswari, B. R. . . . .. Delhi Malik, P. K. Calcutta Mohta. B. S. Bombay Mehta, M. C. Parikh, Anil M. Bombay Rao, H. A. K. Bangalore Ranga, R. P. New Delhi Saha, G Shah, R. D. NowDelhi Sen, R. N. Sivaramakrishnan, A. K. Madras Talati, H. M- Ahmedabad Tandan, A. R. Kanpur Tandon, P. L. New Delhi Vijayaraghavsn, P. B. . .. Madras

•Replaced Shri H. N. Mota (New Delhi) with effect from aoth December, 1972 who wai appointed in place of Shri Pravtachandra V. Gandhi (Bombay) from 17th September, 1971.

Q4 1 ' GA . . IE Oi INDIA , 1 A¹ KDINAR , [PAir . .—

APPENDIX IJ

(Reference Section 1-1 of the Report)

MEMBERS OF THE VARIOUS COMMITTEES

(i) Executive Committee

•_

Shri R. K. Kharma, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri B. R. Maheswari Shri Anil M. Parikh Shri G. M. Saha

(ii) Examination Committee:

Shri R. K. Khanna, President {Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri H. M. Damania Shri K. Ganesan Shri N. C. Krishnan

(lii; Disciplinary Committee:

Shri R. K. Khanna. President (Eavofflclo) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri C. C. Gan apathy Shri B. S. Mehta Shri A. K. Sivaramakrishnan

(b) NON-STANDING COMMITTEES

(1) Research Committee: Shri R, N, Sen, Chairman Shri P. L. Tandon, Vice-Chairman Shri R, K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri V. B. Haribhaktl Shri B. S. Mehta Shri A. K. Sivaramakrishnan Shri P. B. Vijayaraghavan Shri P. K. Nanda \ Shri Y. H. Malegam / Co-opted members

(II) Post-Graduate Course Committee:

Shri P. K.. Malllk, Chairman Shri P. B. Vljayaraghavan, Vice-Chairman Shri R. K. Khanna. President (fix-officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri H. M. Damanlal Shri N. C. Krishnan Shri H. M. Talati Shri A. P. Jain "I Shri A. B. Rabadi / Co-opted members

(iil) Professional Development Committee:

Shri A. R. Tandan. Chairmlan Shri B. S. Mehta, Vice-Chairman Shri R, K. Khanna. President (Ex-Officio) Shri S. K. Guptai Vice-President (Ex-Officio) Shri V. B. Haribhakti Shri R. P, Ranga Shri A., K, Slyarainakrlshnan Shri Ramesihwar Thakur 1 • , • • "Shri R. R. Khtfllar / Co-opted members

Co-opted members

(iv) Hindi Committee;

Shri B. L, Kabra, Chairman Shri M. C. Mehta, Vice-Chairman Shri R. K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri S. G. Argade Shri M. C. Bhandari Shri B. R. Maheswari. Shri V. D. Loya \ „ . , . Shri V. K., Maheahwari / Co-opted members

(v) T^cattlom, Committee:

Shri V. B. Haribhakti, Chairman Shri R. p. Shah, Vice-Chairman Shri R. K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri B. L. Kabra Shri N. C. Krishnan Shri G. M. Sana Shri S. V. Ghatalia 1 „ . , . Shri K. K. Mitra / cO"°Pted members

(vi) Coaching Board:

Shri S. Q. Argade, Chair-man Shri P. K. MalUk, Vice-Chairman Shri iR, K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri H. M. Damanla Shri B. R. Maheswari Shri M. C. Mehta Ihrl Sl R. 3 S 2 S T™ } Co-opted members

(vii) Emplownent Committee:

Shri M. C. Bhandari, Chairman Shri R.. K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri C. Agrawa] Shri S. G. Argade Shri P. B. Vljayaraghavan

(viii) Expert Advisory Committee: Shri H. M. Talati, Chairman Shri P. B. Vijayaraghavan, Vice-Chairman Shri R. K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri P. K. MalUk Shri Anil M, Parikh Shri. A. B. Tandan Shri H. B. Dhondy, Co-opted member

(ixi) Company haw Committee:

Shri P. Br_ahmayya, Chairman Shri C. C,. Ganapathy, Vice-Chairman Shri R. K. Khanna, President (Ex-Officio) Shri S. K. Gupta, Vice-President (Ex-Officio) Shri K. Ganesan Shri A. K. Sivaramakrishnan Shri H. M. Talati Shri S. C. Bhandari \ _ , mDTr,ho_. Shri P. M. Narielvala / co-°Pted membera

(x) University Liaison Committee :

,'Shri M. C. Mehta, Chairman Shri B, K. Khanna, President (Ex-Officio) ;Shri S. K. Gupta, Vice-President (Ex-Officio) Shri Anil M. Parlkh Shri G. M. Saha

Shri R. K. Khanna, Editor-in-Chief Shri M. C. Bhandari Shri K. Ganesan Shri S. K. Gupta Shri P. K. Mallik Shri G. M. Saha

(xii) Codification Committee;

Shri A. B. Tandan, Chair-man Shri R. K. Khanna, Vice-Chairman Shri B. L. Kabra Shri B. S. Mehta Shri H. A. K, Rao

(xill) Review Committee;

Shri A. B. Tandan, Chairman Shri R. K. Khanna, Vice-Chair man Shri S. K. Gupta Shri N, C. Krishnan Shri B. S. Mehta

(xlv) Ad-hoc Committee:

Shri R. K. Khanna, Chairman Shri S. K. Gupta, Vice-Chairman Shri B. p.. Maheswarl Shri Anil M. Parlkh Shri G. M. Salia

APPENDIX III

(Reference: Section I 3 of the Report)

COUNCIL AND COMMITTEE MEETING

No. of Meetings held fc

1972-73 1971 -72

iK. Council . . . . . . . .. i

.2.. Standing Committees.

(0 Executive

* t

( M) E x a m i n a t i on

6 J

i lj u (.u'O D i s d p l i n a ry . . ..

3. Non-Standing Committees :

(0 Ad-hoc

4

(w) Research . . . . ..

2

3

(in) Company Law

J>

(ID) Post-Graduato Course . . ..

5

(v) Professional Development

4 . ' . 4 4

(vi) Taxation

. .. 5

(vii) Coaching Board

4

3 2 3

(viii) Expert Advisory

(ix) Employment

2

2

O) Editorial Board

2

4

(xi) Hindi .

2

1

(xii) University Liaison

1

1

(xiti) Review Committee

(xiv) Codification Committee

1

4. Special Committees :

("') Under Section 4(1) {Hi)

1

(ii) Under Section 4(1) (if)

1

APPUNDIX IV

(Reference : Section 3^5)

MAC EXAMINATION

May 1972

Novombe r 1972

Total No. of Candidates appered in Both Groups

11

13

Total No. of candidates passed in Both Groups

1

;NH

Passed in G r o up I . . . . . ..

Nil

Nil

Passed in G r o up II . . . . . ..

2

3

Total No. of c a n d i d a t es a p p e a r ed in G r o up I

16

12

Total No. of c a n d i d a t es p a s s ed in G r o up I . . ..

Nil

Nil

Total No. of c a n d i d a t es a p p e a r ed in G r o up II

10

6

Total No. of c a n d i d a t es p a s s e d l in G r o up II

2

Nil

APPENDIX V

(Rof. Section IV-6)

Nam? of the Body

Name'

the Representative

of

1. The General Council of the Institute of Applied Shri R. K. Khanna

Manpwoor Research

2. The National Productivity Council

Shri Banai

S. Mehta

3- The All India Board of Technical Studios Shri P. B. Vijayaraghiivan

in Commerce

A- The All India Board of Technical Studies Shri P. Mallik

K.

in Management

1

2

5. Board of Assessment of tha All India Council for Technical Education for advising Central and State Governments on recognition of technical and professional qualifications

Shii G. Saha

6. Study Group for Commercial subjects—Direc-

Shri Sl G. Argade

torate General of Employment and Training

7.

Shri H. M. Damania

Standing Committee on Commorco of the Indian Council of Social Science Research f ,

8.

Shri H. B. Dhondy

Working Group on managerial personnel for formulating the five year plan

9.

Shri B. R. Malhotra & Shri Mahesh Datta Inter-University Board of Indian and Coylon- Committee for assisting in the preparation of a ' code of financial procedure for Universities .

APPENDIX VI

(Reference : Section VII-i of the Report)

Number of Members as on mat March 1972 an ' list March IQ73.

FELLOWS

TOTAL

ASSOCIATES

31-3-1972 ; 3I-3-I973

3I-3-I972 3I-3-I973

31-3-1973

31-3-1972 :

Members holding Certificate

8844

3340

8071 of Practice

5123

3721

4731

306

292

3825

4526 Others

4r3i

4234

3646

TOTAL .

4013 12202

8556

9357

13370

APPENDIX VII

(Reference.—Section VII—7 of the Report)

DISCIPLINARY ACTION AGAINST MEMBERS

Issue of utilisation certificate wWhout ascertaining lohether the amount had Ibeenl

spent for the purpose jor which it, was intended

A member was found guilty of professional misconduct under Clauses 7, 8 and 9 of Part I of the Second Schedule to the Chartered Accountants Act for having iailed to verify the actual disbursement of the amount by examining the various Items of purchases and Insisting for the bills to be produced in respect of the various items before issuing his certificate as mere payment' would not corstitute utilisation of the amount for the purpose for which It was meant.

The Councill had recommended to the High Court the removal of the name of the respondent for a period of three months. The High Court, however, while accepting the finding of the Council Passed an order reprimanding the member.

Soliciting audit work by "personal approach and misrepresenting facts in order to

secure audit work A member was found guilty of professional misconduct under Clause 6 of Part 1 of the First Schedule to me Chartered Accountants Act for having approached the Principal of a school for the audit of the accounts of the institution and for having misrepresented that he was the representative of the previous auditor and also for having written to the previous auditor of a "No Objection" letter to his appoint- ment even though in fact no such appointment had been made. The Council after considering the written representation of the respondent, passed an order under Section 21(4) of the Act reprimanding the member.

APPENJIX VTtl

3

(Ref. Section VTH-9)

Number of students Enrolled during the year 1972-73

Intermediate

Final Compulsory

-- —

Comp.

Opt.

Group I

Opt.

Group II

Number of students who were on Roll

o

on 1st April, 1972

( 7 " 2,

(NIL) (NIL)

2350

2227

8395

(3U0)

(3 295)

(7)

7

Enrolled during 1972-73

(3993)

(NIL)

(1223)

5034

(NIL)

1846

1846

(1223)

(7)

9

13429

16

4196

4O73

Number of students who completed tuition which include 56 and 5 for the Intermediate and Final course res- pectively who discontinued tuition during the year' . ..

(2710)

2879

(2168)

(2136)

1399

1394

(7)

9

10550

2797

2679

7

(Figures shown in the brackets are for the previous year)

i

I—Cr

APPENDIX IX

(Ref. Section IX-i)

Particulars of Examinations

No. of

candidates

No. of candidates appeared Passed

. Preliminary Examination

396 664

. .. 411

M ay 1 9 71 . . . .. N o v e m b er 1 9 71 . . . .. M ay 1 9 72 N o v e m b e r ^ ?!

642

77 72 63 89

.Intermediate Examination

Mayi97i

November 1971

May 1972

November 1972

3549 3775 • , • • 4235 4447

596

622

1041

809

FINAL EXAMINATION

No. of candidates passed

No. of candidates appeared

No. of candidates passed

No. of candidates appeared in Group I only

No. of candidates passed in Group II only-

No. of

candidates

passed in

Group Ij

only

No. of candidates passed in Both Groups

No. of candidates appeared in Both Groups

in Groupl I only

_-

. ~—~

-

. • •

977 1005

i

577 451 296 307 . - • -I ¹²57

384 199 372 389

1166 9^0 961 943

174 272 271 142

105 63 218 169

1322 1321 1781 1751

133 no 214 192

10S6

May 1971 .

November 1971 •

May 1972

November 1972 -

o. a -

I %

f

APPENDIX X

(Ref. Section IX-2)

Prices and Certificates of Merit

FINAL EXAMINATION

November 1972

May 1973

I.

V. Govindarajan

2.

G. R. Desai

Miss S. Y. Barve 3-

G. P. Kapadia (First President) Gold S. Pattabiraman Medal. Sir Shapoorji Billimoria Prize V. P. Singla (Value Rs. 200/-) for the best paper on Accountancy. R. V. K. Umarjee Prize for the best A. M. Lulla paper on Cost Accounting.

A- A. F- Ferguson Cash Prize of Rs. Arunjain 200/- for the best paper on Auditing.

jointly R. Murali, Bharat N. Dosh DoRhi & R. Panalal Jain

V. Govindarajan

5-

"£.

Arvind Chadha

P. S. Datta

7.

S. B. Pandit

'8.

Smt. Sarala Panchapakcsan 9-

V, Govindarajan

1 0.

1 1.

V. Govindarajan

T2-

N. M. Shah Prize (Valup Rs. 200/-) V. P. Singla fpr the best paper on Taxation. Suri Memorial Fund award for Arun Jain the best paper on Commercial Laws and other Direct taxes Acts. TJ. C. Majumdar Prlz-e for the G. B. Mirani & best paper on Company Law. Ramesh Kapoor. The Venkatachaiam Mohan Cash Prize of Rs. 100/- for the best paper on Economics. R.'Sivabhoijam Prize to the best Mrs. A. S, Vakil Lady candidate. G- Basu Foundation Award for the ., best student of the year 1972. N. N. Das Prize for the best student .. in the Accountancy Group of the year 1972. Certificatts of Merit : 1st Rank S. Pattabiraman Ilnd Rank Om Parkash Lundia IIIrdRank . . . . S. G. Murali

V. Govindarajan U.G. Paymaster R. PanalaT Jain

INTERMEDIATE EXAMINATION

May 1972

November 1972

K. S. Garowal

r.

P. Viswflnathan

K. S, Garewal

2.

G. P. Kapadia (First President) Silver Medal. Suri Memorial Fun4 Award for the best student of the year 1972.

3- Certificates of Merit :

K. S. Garewal

P. Viswanathftn

1st Rank

N. Radhakrishnan

Ilnd Rank . .

A. P. Bhagwat

Madhu R. Rao

Illrd Rank

APPENDIX XI

(Reference Section X)

NAMES OF MEMBERS WHO DIED DURING THE YEAR 1972-73

Sl. Name No.

Membership

No.

Sarvashri

i. G u r p a l S i n gh . . - . , ..

2. S . S. E n g i n e er

3. N. S. G u b bi

4. S. R a n g a n a t h an

5. M. P. M i s t ry

6. A n il K u m ar G h o sh . . .. 7. N. Sanyal 8. K. C. Malhotra 9. P. Basu

1 0. M. N. B a m b o at

1 1. N. C . J a in

1 2. S. V. K h a r w a n d i k ar

1 3. N. V e n k a t a s u b r a m a n i a n . . . ..

1 4. M. K. M a h a d e va I y er

1 5. A. N. R a m a c h a n d r an . . . ..

1 6. K. S i v a s u b r a m a n l an . . . ..

1 7. B. R. P a n d ya

1 8. V. M. R a m a k r i s h na . . ..

19. D. C Sarkar 20. B. C. Mltra 21 i S.N. Cooper 22. T. Krishnama C h a mr . . ..

23. M. K. Rajagopalacharya . . ..

24. U. V. Nayak

•Hi. B. C. Shah 26. Anand GopaV

27. N. Sam Singh

28. A. L. Basu

29. H. S. Purandare . . . . ..

24 82

96 139

183

224

375" 462

480

545 563 648

752- 982 1040 1048^'

1052

1065

1162 "95" 1292

1316-

1565-

1608

1712 1909 2025-

. ; . . . 2083 . . . , . 219&

2223

30.   T a r un  Kumar  Guha
31.   ]. M. Shah'                                                                       i          237*
32.   M. K.  MathuUa                                                                               238a
33.   A. P. Dhawan                                                                                 2550
34.  D . H . P a t el

2579-

2580

35.  K.^R-Ttajamanl
36.  A. S. Ramanathan  .                                                                        tfyyr
37.  C.  M . D a ra                                                                             5062
38.  P. M.Boal

5599

39.   S. Srikantaiya                                                                               583*-
40.   Satlsh  Khanna                                          .  -   . -   .  •  .     .  -        6782-
41.   R.P.Bhasto                                              .  .  . .  .  .  .  . ..          6961
                                                              .     .     .     .      .           8284

10038

42. S.D. Shah . . . 43. R.N.Aditiya 44. V. K. Agsarwal

. • . . . 10889-

Balance Sheet as ct 31 if Afore* 1973

•f

Funds and Liabilities

31-3-1973 3I-3-I972

I'roperty & Assets 3I-3-I973 31-3-1972

Rs. Rs. Rs.

Rs.

Rs. Rs. Rr, Rs. Rs.

I. Carilal Festive :

I. Fixed .^""-c :

El

40,07^07

36,2 5,215

Balance : 31-3-1972

(Schedule 'O . 41,60,811 42,63^41

Add : Entrance Fees

(Schedule 'A¹)

44^15,730 3,81,992 40,07,207

4=38,529

II. Investn-ent Cat Cost).

(Schedule 'D'J

General Reserve

6,19,814

Balance: 31-3-73

12,59,621 12,40,110

Quoted (Marhet

test : (2) ransferred to Research Fund

Value Rs. 8^,674) . 1,02,176

4>299

5,35.386

Unquoted . 11,57445

1

Add '. it) Surplus in In-

IB

III. Earmarked Investments

3^0,297 8,81,683 —80,129 5,39,<>F5

come & Expendilure Account

t" Refeaich Fund 5^5,005 s,8i.6o6

(Schedule 'F'j

' '

III. Funds:

(Un^oied)

(,) Research Fund

(n (i) M(dal&Prizes. 8i,c-2a

5,81,606

Balance 31-3-1972 .

31^-1972 Funds and Liabilities

Property & Assets

3I-3-I973

31-3-1973 Rs. Rs.

Rs. R*.

31-3-1972 Rs. Rs.

Rs. Rs.

IV. Privisicn for C+riluily

3,12,427!

3=12,427

IV. Orrenr ,4i!t'if :

Balance 31-3-1972 Less : (rj) Paid to Liife In- surance Corporation of India

CO Publications Studj

1,85,956

1,96,626

Material & ytatkraerv (at cost)

2,12,924 (W Transferred to In- come & Expenditure 1,26,471 3,I2>437 Nil

(b~) Amount receivable .

2,36,651 V. L^bilies

3,80,712

i

(c) Advanced prepay-

(a) Fees received in advance 12,79,113

5^5,176

2,90,154

^4,98,533

ments

[3,24,329

,38 4>78>z66 23,01,128

9,37^11 20^9,525 8,58^67 1648^96

rt?< Cash & Bank Balance

(b) Creditors for Expenses £4,66,720 (ci Other Liabilities . [3,96,705 21,42,;

o•rj 2

78^4,676

81,42,127 78,24,676

TOTAL .

TOTAL

81,42,127

AUDITOR'S REPORT NOTFS I. The statement does not incorporate the accounts of some of the branches from whom the audited accounts were not received. The previous year's figures have been modified suitably for the purpose of comparison.

S

We have examined the above Balance Sheet and the anrexed Income and Expenditure Account, which in our opinion, respectively give a true and fair vkw of the state of the Institute's affairs as at 31st March, 1973 and its income and expenditure for the year esded on that date.

2. Pro-nnon fcr Gratuity :

I I With the irtroduction of the Group Gratuity-cum-Iife Assurance Scheme wrdi the Life Insurance Corporation of India the excess provision of Rs. 1,26,471 made upto 1st March 1972, has been transferred to the Income & Expendi- ture Account.

S. R. SIRCAR, C BALAKRISHNAN, S. K. GUPTA,

R- K. KHANNA, _ P.R- M H D U,

MJl. VpNKATARAMAN,

I?

President Chartered Accountants

Auditors

New Delhi; 15th September, 73 Assistant Secretary Secretary Vice-President Dated : 15th September, 1973,

ANNEXVRE

SCHBIULB " A"

Schedule of entrance fee as on 31st March 1973.

Rs.

Rs.

(a) Felldwi :

84,600 Received during the year 1972-73

(b) Associates :

2=84,957 3,82,800

(i) Instalment due as on 31st March 1972 . , , (ii) Recoverable during the year 1972-73 , .

(iii) Less: Instalments due as on 31st March 1973

6,67,757 3,13,828 3.53.929

TOTAL :

4,38,529

•

S.R. SIRCAR, C. BALAKMSHNAN, S.K. GUPTA, R.K. KHANNA,

Assistant Secretary Secretary Vice-President president

P. R. MKHRA M. R. VENKATARAMAN

Chartered Accountant

Schedule of Medals and Prises Fund as on 3*st Merck, 1973-

ANNEXURE

SCHEDULE " B"

Endo\:mient

Name of Fund

Income earned

Balance Serial No.

Cost of Medals & & 4) t Prizes awarded

Total (Cols 3

w o

2

I

7

3

5

.6

4

Rs.

Rs.

Rs.

Rs. Rs.

Rs.

Rs.

I

i

20yOOO

20,ooo Fcr the year

20,550 802

G. P. Kapadia fist President) Medal Fund . . . . ..

o |

550

55°

L"& ' Amount recoverable

—252

2

Miss R, Sivabhogam

Locket Fund

B/F 5^x" For the year

525

1,165 325

5>965

6,49°

165

3 Sir Shapoorji Bfllimoria Prize Fund

B/F IO3C24 For the year

21?

636 10,660

471

ICS442

I

3

B/F

4

6,000 for the year

Shri R. Rajaeorelan Prize Fund

7.10

2055 420

8,?6s

8=475

2475

B/F

5 S. KrifhnaSwamy Prhe Fund

5poo For the year

10R4 325

6^109

ior

1409

6 G. Basu 4 Co. Foundation in Accounting

Research Fund

R,F 14,000 For the year

I4.55O

i?o 420 - 550

14*155

395

?

R. K. V. Umarii Prize Fund

SjOOO For the year

7

S 580

580

535

•

10,000

10,725

823

3 Sun Memorial Fond

For the year

725

•

Lets : Amount recoverable

10,000

—97 725 •

3)000

For the year

Fund

Venfcatachalam Mohan Prize

3,oS5

85

9

••

3,085

8500

81,024

3>259 TOTAL

89,524

86,265

S. R. SIRCAR, C BAI^XRISHNAN, S. K. GUPTA, R. K. KHANNA, P. R. MEHRA,

o

. ., M. R- VENKATARAMAN, . . „ _ Assistant Seaetary Secretary Vice-President President Chartered Accountants.

en

s

!

••o

06 O

Schedule of Pixsd Assets as on jjst March, 1973

ANNEXURE To BALANCE SHEET

SCHEDULE "C

DEPRECIATION

COST

— Book Vahie

For the year

Additions

Serial Nature of Assets No.

CO

as on 31-3-73 Rs.

Rs.

Total upto 31-3-73 Rs.

Total upto 31-3-72 RS.

Total upto 31-3-73 Rs.

Upto 31-3-72 RS.

Rs.

o

6

g

1

2

9

7

3

4

5

tn 1 Lease-hold Land (New Delhi)

2,159

2,159

2,159

O

2 Land & Buildings at :

10,180

3 o

2,15,833 96,116

41,393 8,892

16,14^94 346,170 3^7,3oo (a) New Delhi (Central Council) (b) Bombay (Western India Regional Building) (c) Madras (Southern India Regional Building) (d) Calcutta (Eastern India Regional Birildingj

1,00,135 1,00,414

9,934 7,316

2^Ii2I0

18,61,339 4,51,178 4=97,3^9 3,88,840

2,57,225 1,05,008 1,10,069 1,07*630

18,71,519 4,51,178 4.97)369 3,88,840

3 Building under construction at Kanpur (Central

§

India Regional Councrl) . . . ..

12,700 14,478

14478

1,778

o

4 Electric Instailalions & Fittings at:

4yO8,I24

5=47,398

94,850

5,39,531

is3i>407 (a) N ew D e l hi ( C e n t r al C o u n c i l) ( b) R e g i o n al C o u n c l l sj S t u d e n t s, A s s o c i a t i o ns & t h e ir B r a n c h es , . . . ..

i,3°3 (—)9,i7o* 240

44488 — 7.931 2,362

17460

14,992

34,574

34,814

17,354

5 A ir C o n d i t i o n i ng I n s t a l l a t i o ns . . ..

1,66,175

5,04,669

5,17,041

51,696

2,99,170

2,17,871

12,372

6 L i ft

. .

. . ..

1,57,883

i,5T,883

1^81000

15,654 14,229 29,883

7 Famitare, Fixtures & Safe at:

3,94>i88 1,20,325 24,625

2 J 4 9 ^ 38

1*44,950

54*445

3,39,743

(a) New Delhi (Central Council) (b) Regional Councils, Students Associations and

I !

their Branches

. ..

2,16,078 24,200 2,40,278

12,686 89422

1.50,856

76,736

a

v>

8 Office Equipments at:

p

1 , 4 4 , 1 83

1,43,634

52,540 (a) New Delhi (Central Council)

14^22

8,693 91,094

94,790

(—) 14,671*

(.—) i2,389t

(b) Regional Councils, Students Associations and

39,970 their Branches . .. .

43^770

81,085

37,056

83,479

6,714

2;394

9 Library Books at :

1,67,184

50,274

2,22,031

2^40,472

18,441

1,90,19s

23,014

fa") N ew D e l hi C e n t r al C o u n c i l) . .. (b) R e g i o n al C o u n c i l s, S t u d e n ts A s s o c i a t i o ns

a nd t h e ir B r a n c h es . , . .

42,655

28,567

1,48,800

2,30,961

'2,73,616

96,249

1,77,367

C—113,681*

13,681

10 M o t or C a r. . . . . ..

33,5So

16,721 23,5So • ,23,580

N W

(—) 16,721

17,13^48 41,60,811 T O T AL

1,76,070

14,62,741 2,50,507

o

5S,74,O59

56,97,989

•Cost of Assets Discarded Dtpicciatiun or Assets Di warded

a >

S.R. SIRCAK C Balakrishan ' S. K. GtipTA R. K. KHANNA P- R- MFHRA M.R-Venkataraman Assistant Secretary Secretary \lce-President President Chartered accountanis

Auditors

I

2

2;

00

Annexure

SCHEDULE "D"

ScheduU of investments as on 31st March 1973

s.

F a ce V a l ue

Particulars

Cost

No.

Rs.

Rs.

. General Fund :

I

1.

3,73,821

2,000

1,00,000

F i x ed D e p o s it w i th S t a ts B a nk of-India F i x ed D e p o s it w i th B a nt of I n d ia . . .. P . O. 12 Y e ar N a t i o n al D e f e n ce Certificates 3% C o n v e r s i on L o a n, 1 9 4 6 — 86 .

3)100

T 3,73,821 2,000 1,00,000 2,506 2. 3- 4-

T O T AL . . ..

4,78,921 4.78,327

II. Coaching Board :

"i

. F5,8i,624 50,000 40,000 25,000 25,000 2 3 4 5

Fixed Deposit Receipt with State Bank of India . 4% Loans, 1973 . 4i% Ten Year Defence Deposit Certificates 4t% Maharashtra State Development Loan 1974 "% U.P. Development Loan, 1974

6 P.O. 12 Year National Defence Certificates

60,000

f 5,81,624 50,207 40,000 25.000 25,000 24,463 60,000

TOTAL .

. 7181,624

7,81,294

TOTAL of I & II

12,59,611

. 12,60,545

S.R. SIRCAR C.BALAKRISHAN S.K.GUPTA R.K. KHANNH

-Assistant Secretary SECRETARY VICE-PRESIDENT PRESIDENT

P.R. MEHRA M.R. VENKATARAMAN Chartered accountants

ANNEXURH

SCHEDULE " E"

Schedule of research fund investment as on 3m March, 1973

Cost SJvTo. Particulars

Face Value

~Rs.

Rs.

1 2

4

3

1 Fixed Deposit with State Bank of India

. 5>85,9O5 5)85*905

ANNBXURE

SCHEDULE " F"

Schedule of medah and prixees fund investment as on 31st March, 1973

COKt

Particulars I

?ace Value

Name of the Fund

S.S No.

Rs.

Rs.

1

2

3

5

4

1.

20,000

G.P. Kapadia (rst President)

20,000

2-3/4% Loanj 1976

Medal Fund.

2. Miss. R. Sivabhogam Locket

5,000

5,000

Fixed Deposit with State Bank

Fund.

of India.

10,024

Sir Shapoorji Billimoira Prize

15,700

3% Conversion Loan, 1946-86

3-

Fund.

Shri R. Rajagopalan Prize Fund

6,000

Fixed Deposit with State Bank 6,000

4-

Shri S. Krishnaswamy Prize

Do

5,000

5,000

5-

Fund

6.

-14,000

14,000

3?i Conversion Loan, 1946-86

G. Basu & Co Foundation in Accounting Research Fund.

8,000

8,000

?• 8.

R.K.V. Umarji Prize Fund . Suri Memorial Fund Investment.

10,000

Fixed Deposit with Bank of India Fixed Deposit with State Bank 10,000

of India

The Venkatachalam Mohan

9-

3,000

Fixed Deposit with State Bank

3,000

Prize Fund.

of India •

TOTAL

81,024

86,700

S.R. SIRCAR C. BALAKWSAMAN S.K. GUPTA R.K. KHANNM

Assistant Secretary Secretary Vice-President president

P. R. MEHRA M. R. VENKATARAMAN

Income and Expenthtme Accounts for the year ended 31st March^ 1973

Surplus/ 1971-72

1972-73

Dehcit

Dcfiat

Rs.

Rs.

Rs.

Expenditure Rs

Income Rs. Rs.

A. MEMBERS

CO

1, Membership and General Adnafostratum

I

9)04,336

m

O

1,09,066

61,831 1,00,835 52,732 77,941 82,217 19,020 97,34^

( a) I n c o me f r om M e m b e rs . . .. i^bi A p p l i c a t i o ns & R e t a r ds . . . . .. (& D i s a p l i ne . . . . . .. f di C o l l e c t i on of F e es ( el L i st of M e m b e rs (f >J A n n u al R e p o r t, C o u n c il C o m m i t t ee M e e t i n gs ( gi E m p l o y m e nt S e n i ce . . . . .. ( h) M i s c e l l a n e o us . . . . . ..

S

( -P 5,21,458 (+ 5.02,277

10,13402

4,91,944

(—X9S,i67

1,66,788

4yt4,247 (—)2,77>459

g I I. R e g i o n al C c t m a ls . ..

. . ..

III. Professional Development and Restarck

m o

9,5OO

soo z >

">,993

44,805 32,996 1,28,010 19,583 44,684 y 50,804

(aj P . G. C o u r se & Practical T r a ir mg (b) Conference & S e m m ar . . .. . . (ci T e c h n i c a l A c t i M t i es ( d) L i b r a ry . .. . (e) M e m b e r s' H a nd Book & O t h er P u b l i c a t i o ns for M e m b e rs . (f) Miscellaneous .

2,60,389

3,20,882

1,82,733

C -j

1 60,493

3,66,503 1,83,518 i,99,49S

1,82,985

pa I V. J o u r n al

. . " . . . . - * ..

1.99,908 1,78,121

14,23,668

16,23,576 ( -)

'•3

B. STUDENTS

Jf V. Students'Activities & Bxatmnmiotis:

( : . 2,84,260

i . 10,76,165

(a) Students Activities (b) Examinations . . .. (c) Miscellaneous

J 56,005

3,42,074 9,11,683 56,413

i

V I. C o a c h i ng B o a rd . . . ..

14,16,430

18,17,681

74=386 23,706

13,10,170 ( +) 1,06,260 ( +) 13,77=736 (+)4>39,945 C+)

Q T O T AL

r t •

26,87,906 (-f) 5^6,205 ( +) 97,992

32,34,1"

S D R P U LS D E F I CT . . . ..

80,129

43,11^82 (+)3y(6^97 ( +)

46=57,779

•

ra NOTES, I. For details refer to "Schedule Attached".

As per our Report of even date.

s 2- Students Coaching Board (Tuition Fee).—

i In view of the charge in the basis of calculating the tuition fee from time-basis to full-fee basis the tuition fee amounting to Rs. 3,96,076 brought forward from the previous years has been adjusted in addition to the adjustment of fees on full-fee basis during the ucurrent year.

S.R- SIRCAK C BALA RRISHNAN S. K. GUPTA R. K. KHAK> A P. R. MEHRA MJR. VENKATARAMAN

Assistant Secretary Secretary Vice-President Prsideii Charged Accountants & Auditors.

J i-tr TrtH : i%th September, 1973-

New Delhi 15th September, 1973.

I

Details of income & expenditure for iheyear enM 31st March, 1973

A N N E X U RE

SCHEDULE

Members

Students

Membership

Stu'

Journal

Activities & Coaching e xa mirations B oa r d

Total & General 1972-73 Administra-

Regional Council

Development & Resarch Professional

tion

O >

Rs.

Rs.

Rs.

Rs'.

Rs.

Rs.

Rs.

I N C O ME '

NI

I Fees (See Note N o. I Attached)

41,35,720

9, TOO f 8,5 501

(33,58,200)

T,31,ISO (1,20.3401

13,60.425 (13,58,321)

15,96,219 1.11,27,993)

9-0^,336 (•8,23,5481

1.34,090 (1,19,443)

Income from Properties . . ..

38,710

2

o 3 o

Revenue from Journal & other Publications .

38,710 (38,710) 4,639

3

6,141 (5,0261

78,539 (1,11.^941

49,997 (43,5^5)

29,130 (28,509.;

Interest on Investments . . ..

4

Other Income

1,338

5

(38,710) 1,68, 436 (1,92,392) 1,27,269 (1,24,659) 1,87,644 (62,928)

42,043 (4i)i59> 23,^74 (13,022)

49,555 f49>i93) 93,378 (29^229;

32,698 (13,174)

26,875 (5,7"9.'

35.-673 (.34,307) 9,181 (i,7i4)

TOTAL

6

6o.493

s I

1,66,788 (1,32,617*1

14,16.430 (11,92,619)

46,57,779 (37,76,889)

10,13,402

_<9.^o_427)

" (49,597)

1,82,985 (1,63,915)

18,17,6^1 (13,17,714)

I I. E X P E N D I T U RE

Salaries a nd o t h er c o st of e m p l o y i ng staff

7

12,88,765 (11,70,812,

70,920 1.52,797)

P r e m i um for G r a t u i ty . . . ..

S

1,67,0^2 (1,87,341) 4,755 (2,247;

i,95i (1,121)

97415 (80,294) -,765 (3,023)

1-99,747 (1,70,032) 3.-528 (5458)

2,63,581 (2,50.225) 4,842 (9,595)

4,90-050 (4,29,823) 8,872 (13,841)

24=921 (35,2S5)

Publications P r i n t i ng & S t a t i o n e ry & S t u dy M a t e r-

9

rial . . . . . . ..

76,744 (58,633)

2,26,561 (243,777)

346c65i (3,56,027)

28,293 (29,794)

33,514 (33=934)

1,69,296 (1,31,4.90)

8,81,059 (8,53,655;

iI

of E x a m i n e r s, T u t o rs & I n v i g i l a t or

on m a

5,63.667 (4,86,179)

2,54,462 (2,15,403)

1,313 (i,38i)

II H i re of H a l l, F r e i g ht & o t h er e x p e n s es in E x am •

3,07,892 (2,69 395) - 3-,ir>,542

3,TO,5-,2 (2,22,392)

(2,22,392)

R a t es & T a : ; es

14,680

12

1,59,204

14,679

(1,20,466)

22.149 (13,685)

(6,158)

3,091 (2,0531 (13,686)

R e p a i rs & M a i n t e n a n ce . . . ..

13

S,";29 (8,6341

I,T90 (1,205)

<;,6<;4 (8,034)

D e p r e c i a t i on . . . . . ..

14

4 8,0,.; 8 (52,707) 2,84,508 (2,91,510)

58,254 (54,418)

57-637 (4i-,545) 12.062 (10,882) 69,907 (70,37s)

5,653 (3,6i5) 28.663 (21.218)

4-547 (4,671)

36,080 (.14,422)

..6,968 (40,339) 14,960 (20,937) 87,057 (96,406

a

P o s t a g e, T e l e g r a ms & T e l e p h o n es

15

o

1,93,637 (7,87,145,.

29,303 (27,095)

16,678 (14,779)

67,082 (63,355 )

T r a v e l l i ng E x p e n s es of C o u n c il & C o m m i t t ee M e m b e rs 1,70,274

16

67,273 (44.209)

6,825 (16,295) 28,072 (28.-87)

7,707 '(8,403)

O t h er T r a v e l l i ng e x p a n s es . . ..

17

o

(1,47,737) 63,968 (55,422)

31,344 (35,95i) 29,640 (3!,763)

Professional F e es . . . . ..

18

39,745 (59,070)

30,805 (3V667I 3^,612 (25,748) 8,061 (5,878) 19,781 (31,892)

1,856 (1,950)

36,944 (32,945) 2,266 (5,139) 2,589 (3,215) i,7S6 (I,2lS)

5,424 (M,754)

3356 (4-741) 9,09c (7,859)

19,422 (9,825) 1,808 (i,397)

•z

C o n f e r e n c e, S e m i n a r, e t c. . . ..

18,991

18,991

19

( — )

m

4,464

E l e c t i on . . . . . . ..

20

' 4464

21

S M i s c e l l a n e o us ( i n c l u d es t he a m o u nt of R s, 68,419 - b e i ng t he R e g i o n al C o u n c il a nd S t u d e n ts A s s o- ciations F e e s — n ot a l l o c a t ed to i n d i v i d u al h e a d s) . . . . . . ..

2*59,689 (1,74,638)

19,370 (11.705)

"65,675 (48,152)

13,707 (12,497)

15,450 (15,263)

64,114 (22,971)

8i,373 (64,050)

a > -<

3,66,503

T O T AI

22

43,11,482 (38,57,018 )

4,9T,9M (4,18,150)

4,44,347 (4,30,784)

3,20,88a (2,32,330)

13,10,170 (11,18,333)

13,77,736 (12,94,008^1

(3,63413)

I

NOTE:—Figures of previous year (1971-72) have been indicated within brackets.

S. R. SIRCAR C. BALAKRISHNAN S.K. GUPTA R.-K. KHANNA P. R. MEHRA

Assistant Seaetary Secretary' Vice Piesident President M. R. VFNKATARAMAN, Chartered Accountants Auditors

oo -4

NOTE NO. I

Schedule o] Fees : 1972-73

Rs.

Rs. 1972-73

1971-72 Rs.

Rs.

Membership administration

1,50,606

1,63,190

( a) A s s o c i a te M e m b e r s h ip . . ..

2,67,691

( b) F e l l ow M e m b e r s h ip . . ..

2,36,500

2,95>796 2,58^50

( c) A s s o c i a te C e r t i f i c a te of P r a c t i ce

1,68,750

i,87,2cc

( d) F e l l ow C e r t i f i c a te of P r a c t i ce

8,23,547 1,19,443 R e g i o n al C o u n c il . . . ..

"2.

9,04,336 1,34,090 9,500

8,550 P o s t - G r a d u a te E x a m i n a t i o rt

3-

Journal

A-

M e m b e r s h ip fees allocated to S u b s c r i p t i on

1,31,150 '

1,20,340 for J o u r n al . . . . ..

Students and extanrinmiom

9,60,050

10,76,165

( a) E x a m i n a t i on F e es . . ..

(b) Students:

1,77,560

(i) Articled Clerks Registration .

1,43,45°

56^70

43,440 (ii) Audit Clerks Registration . .

/

11,381

50,330

Jiii) Students Association Fee

13,60,425 15,96,219

6 Coaching Eoard . . " . .

H,58>32I ",27,999

33,58,200

41,35=720

TOTAL

_i ., .

S.R. SIRCAR C. BALAKRISHNAN S. K. GUPTA R. K. KHANNA

.Assistant Secretary Secretary Vice-President President

C. BALAKRISHNAN, Secy.

P. R. MUHRA

M. R. VENKATABAMAN

Chartered Accountant Auditors

SEC. 4] THE QAifftth OF OtDlA EXTfiAtfftBifcAfcY

I 3r

PRINTED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 1 9 73