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📌 Supreme Court on Cheque Dishonour (S.138 NI Act)

🔹 Case: K.K.D. Pandian v. S. Tamilselvi
🔹 Bench: Justices Aravind Kumar & Joymalya Bagchi

✅ What SC said (Prima facie):

Cheque dishonour cases cannot be filed for repayment of illegal / unenforceable debts.

Such debts do not qualify as a “legally enforceable debt” under Section 138 NI Act.

⚖️ Background:

Madras HC acquitted the accused (cheque was for an illegal debt).

Complainant relied on Kerala HC’s ruling in C.V. Rajan v. Illikkal Ramesan (2015), which held that even repayment of money from an illegal promise (like securing a job) could attract S.138.

SC said Kerala HC view may not be in line with the law.

📅 Next Step: Notice issued → Matter to be examined further (returnable in 6 weeks).

👉 Takeaway: If a cheque is issued for an illegal consideration, dishonour may not trigger liability under Section 138 NI Act.

Regards
Ravi Bhushan
LLM, FCS, IP, M.Com
Advocate & Insolvency Professional
9990339200

m.com

आज बसंत पंचमी का दिन माता सरस्वती की पूजा आराधना के साथ साथ अपने वीर पूर्वजो को भी याद करने का दिन है, आइए जानते हैं बसंत पंचमी के कुछ रोचक तथ्यों के बारे में। आप सभीको बसंत पंचमी की हार्दिक शुभकामनाएं।

बसंत पंचमी आज माता सरस्वती के पूजा अर्चना के साथ साथ अपने धर्म और देश के रक्षा हेतु प्राण गवाने वाले पूर्वजो को भी याद करने का .....

Respected Members and Students
I, CS Ravi Bhushan Kumar, a Practicing Company Secretary, ready to be your representative in Northern India Regional Council of ICSI and I fully understand what this means, therefore I hereby declare my candidature for NIRC and seek your blessings and all possible support.
Some have claimed that I am too aggressive to be a politician in a professional institute, as if it was a weakness for a professional leader to counter the discrimination, undervaluation of our profession, fight for recognition, raising voice for up gradation of profession, counter any abusing statement for our esteemed profession, on the spot, if this is my aggression then my friends, I cannot promise to be less aggressive then what I am, you know where I stand and you know I fight for the priorities we need and I will keep fighting for the same. I know there is no much power and authorities in the hand of NIRC but I promise you, I will be your voice and a laud voice to give reach to the decision and policy makers of ICSI, to create value, capacity building of members and students, to bring adequate professional value and recognition. I will make you feel your strong presence in NIRC through myself as your representative. I will be your leader and not convert myself into dealer for the sake of the chair. I will be your voice to the progressive profession of Company Secretaries.
I am committed to do things differently which is evidenced from my action and efforts as the representative of members of NOIDA since the year 2011 till now which includes my two term chairmanship of Noida Chapter for the year 2013-14 and 2016-17. I am committed to get results in the first 20 days which evidenced in Noida. Noida Chapter was homeless for around three years and just within 15 days of my first chairmanship (2013) I brought the chapter returned back to its home i.e in ICSI building and in my second chairmanship got sanction from the Council for independent floor for the Noida Chapter. Now the progress, performance and height of chapter is before you all. Earlier visit to Noida was taken as undesirable destination but now it’s a privilege for many members, students and employees of ICSI to reach Noida.
Regional Council’s job is to build bridges between members whether at small city or from urban area with the Council and bring closer the difference in points of view which exists in the economy, ensure employment at adequate remuneration, job as well as social security for both CS in employment as well as in practice, decentralization of work opportunity from selected hands to the member inter se, to stop misutilization of institutional resources including money, machinery, staffs, members and students, etc. by the members of council as well as industries and employers.
Keeping all this in mind I, CS Ravi Bhushan Kumar, a Practicing Company Secretary, declare my candidature for NIRC and seek your blessings and your votes and all possible support to me so that I could be the Arjun of NIRC-ICSI wherein the collective guidance and advice of the members as fraternity will be my Krishna guiding all my action .

Best Regards
CS Ravi Bhushan Kumar
9990339200

An Appeal from Company Secretaries:
Friends
Only we do what we do, we are the Company secretaries.
For the compliance and governance, we are the most trusted professionals of India and an extended hand of Government of India. Now this is the true time to stand with our PM Modi Ji and give all support to the action of Nation building and clean up action of government and let the world know the honesty and integraity of company secretaries. Plz don't involve yourself in any anti nation activities like conversion of untented cash to tented amount. Must help in making a white India A clean India
A lesson for professional
https://mobile.twitter.com/aajtak/status/798197983175020544/video/1

CS Ravi Bhushan Kumar
9990339200

आज तक on Twitter “ , देखिए कैसे चार्टर अकाउंटेंट लोग ब्लैक मनी को व्हाइट करने में लगे हुए हैं. https://t.co/EodC9oZWji”

I wish you and your family a very Happy and Prosperous Diwali. May all your wishes come true. May you be ever safe in your life. May there be light of happiness, joy, strength,wisdom and above all brotherhood spread all across. Its a moment to rejoice. So, again I wish you a very Happy Diwali. CS Ravi Bhushan, Noida

of Rate-cut in laymen's Language

Santa: I have heard recently that Mr. Rajan has reduced Repo Rate by 50 basis points and everyone is saying that this is good for the market. Loan EMI may also come down. What is this rate cut means actually? I want to understand this.

Banta: To understand this you first need to know, how does a bank function.

Santa: Why?

Banta: Because all these are inter-related. Tell me – what does a bank do?

Santa: Bank takes money from depositors and gives loan to earn interest. That way they keep everyone happy and make a profit also.

Banta: Correct, but there are more to it. Let me explain this in a very simplistic way. Bank needs money. Bank can get money from depositors like you and me and also from RBI. But bank also needs to pay certain interest to us and also to RBI.

Santa: Ok.

Banta: Let us try to understand first – what happens when we deposit, say, Rs. 100 with a bank.

Santa: I know that. Bank gives that Rs. 100 to someone who needs a loan.

Banta: No, it is not that simple. Remember, though bank can earn interest by giving away loans, but it is also very risky. There are many cases of loan defaults. This way banks can put all our money into high risk areas. It has to be protected.

Santa: How?

Banta: Ok, RBI has made it mandatory that upon receiving, say, Rs. 100 – banks first have to deposit Rs. 4 with RBI. RBI keeps this Rs. 4 in its current a/c and hence banks do not receive any interest on this money. This is known as Cash Reserve Ratio or CRR, which is currently at 4%.

Santa: Hmmm, then?

Banta: RBI has also made it mandatory that upon receiving, say, Rs. 100 – banks need to compulsorily buy central and state govt. securities of Rs. 21.50. Of course banks will earn some interest income here. This is known as Statutory Liquidity Ratio (SLR), which is currently at 21.50%.

Santa: Ok, so you mean to say that upon receiving Rs. 100, banks can spend only Rs. 74.50 at its own will.

Banta: Correct. 100 – (4 + 21.50) = 100 – 25.50 = 74.50

Santa: But you were saying that banks can also borrow from RBI. What interest banks pay to RBI?

Banta: Before 30th September, banks were paying 8.25% interest to RBI when it borrows money from RBI. Now this rate has been reduced by 50 basis points. So banks now need to pay interest to RBI, if it borrows from RBI, at the rate of 7.75%. This is known as Repo Rate.

Santa: Can fixed deposit rate be affected by reduction of Repo Rate?

Banta: Of course. If banks get money from RBI @7.75%, why will banks pay higher interest to you and me? One year FD rate is already revised by many banks and it is equal to or very close to 7.75%.

Santa: But as now banks are getting money at a cheaper rate, then they should reduce the loan interest rate i.e. passing on the benefits it receives.

Banta: Correct. They should. And on that hope market is cheering. If companies get loan at a cheaper rate, they will likely to expand their businesses. That will create more jobs, more income and boost the economy.

Santa: How is inflation linked to this?

Banta: See, when loan becomes cheaper, people tends to borrow more. That means people will have more money to spend. This will increase the demand for goods, and if supply does not increase to match this demand, then prices will increase.

Santa: So there is a chance, that inflation may rise also?

Banta: Well, yes. But inflation depends on many other factors as well, like production (industrial and agricultural), manufacturing, export – import, foreign currency movement etc. So inflation may increase or may not.

Santa: One last question. Like we deposit our money with banks, can banks also deposit their money with someone?

Banta: Yes, they can deposit with RBI and earn interest too. This interest is typically 1% less than the repo rate. This rate is known as Reverse Repo Rate.

Santa: Great! So now I understand CRR, SLR, Repo Rate, Reverse Repo Rate and their impact on deposit rate, loan interest rate and on inflation. Thanks.

Banta: Welcome!

गरीब व उद्योगों को बढ़ावा देगा केंद्रीय बजट : आइसीएसआइ 12130712 जागरण संवाददाता, नोएडा : मोदी सरकार के पहले बजट पर इंस्टीटयूट ऑफ कंपनी सिक्रेट्री ऑफ इंडिया (आइसी 12130712

Budget highlight

1. Corporate tax reduced from 30% to 25%
2. All contributions to Sukanya Samridhi Scheme to be tax free.
3. Transport allowance increased from 800 to 1600 pm
4. Additional deduction of Rs. 50k for pension contribution
5. Deduction of Health insurance premium increased from 15k to 25k
6. 100% deduction for contribution to swachch Bharat and clean Ganga schemes.
7. 150 Crore set aside to create world class IT hub in India.
8. Increase in service tax announced from 12.36% to be 14%. 9. Non filing of returns, or filing of returns with inadequate information will attract rigorous imprisonment.
10. Custom duty in raw material & intermediaries to be reduced.
11. Retrospective tax provisions to be avoided.
12. Reduce custom duty on 22 items.

Regards
CS Ravi Bhushan Kumar
Noida

Dear Friends,
I would love to share my journey towards the fulfillment of duties as Chairman of the NOIDA-ICSI for the Year 2013 with you which are as follows:
• 31st December 2013 : Confidence was reposed in me and I was elected as the Chairman of NOIDA Chapter
• 19th January 2013 : Took the charge of Chairmanship
• 5th of February : Noida Chapter returned to its home after One and half years of being homeless to its original premises at C-37, Sector-62, Noida.
• Apart from this, continuous effort was made by me and multiple proposals send to HQ for own space for Noida Chapter, but till now nothing positive happened and result is nil till date.
• one day program/PDP/Workshop: 5 one day programmes were organized including hosting of a program organized by NIRC, in which around more than 1000 members participated
• Study Circle Meeting/Classes for members: 11 such study circle/classes were organized in which around 500 members participated, an average of 50 members per class.
• MSOP: 4 MSOP were organized in which around 175 new members were welcomed in our esteemed profession by NOIDA Chapter
• EDP: 2 EDP were organized in which around 90 students got trained by the Chapter.
• SIP: 19 SIP were organized in which around 850 students were trained.
• Career awareness: 2 career awareness was conducted and participated in one career fare.

31st December 2013: New Executive Committee was constituted and accordingly my term as Chairman is going to expire on 18th January 2014. I would like to thankall the members of the Management Committee of Noida Chapter, Support Staff of Chapter, Members of NODA-ICSI, Friends, Family, My Office Staff along with co-opted member of the Management Committee Sh. Alok Kuchhal-for their support and cooperation which have led me to fulfill my duties as Chairman of the NOIDA Chapter.