Four ICSI members resign over loss of right

Miffed over the dilution of their exclusive right to pre-certify various documents submitted by companies to the Registrar of Companies, four of the 12 elected members of the governing council at the Institute of Company Secretaries of India (ICSI) have resigned from the body.

The four council members are Mahesh Anant Athavale, past president of the institute; SD Israni of SD Israni & Company; Bipin S Acharya, a practising company secretary; and Nesar Ahmad of Nesar & Associates.

In February this year, the government had issued a notification widening the ambit of those allowed to pre-certify company documents to include chartered accountants and cost and works accountants.

This was done keeping in mind the government's ongoing MCA-21 plan to move towards compulsory e-filing of documents.

In the process, company secretaries lost their exclusive right over company law certification.

Confirming the development, Ministry of Company Affairs officials said the resignations were being looked into.

When contacted, the president of the Institute of Company Secretaries of India, HM Choraria, said: "They do have some reservations over the issue. Company law certification is the exclusive domain of company secretaries."

The ICSI is a statutory body under an Act of Parliament, and has 5,000 practising members, out of a total membership of 22,000.