Society News

Filing of Returns for AY 2014-15: Amendments & Precautions on 25th June, 2014. The meeting was held at the Jai Hind College Auditorium. The speaker Mr. Jagdish Punjabi, Chartered Accountant dealt with the various aspects of filing of returns of income and amendments applicable for the same. More than 600 persons including students benefited from the expert deliberations and knowledge shared by the speaker

Founding Day Lecture on ‘Discovering our Sweet Spot in Life’ on 7th July, 2014

L to R : Mr. Rajiv Vij (Speaker), Mr. Narayan R. Pasari, Mr. Raman H. Jokhakar, Mr. Nitin P. Shingala (President), Mr. Naushad A. Panjwani, Mr. Mukesh G. Trivedi, Mr. Sunil B. Gabhawalla

The lecture meeting was held at the Walchand Hirachand Hall, IMC. Mr. Rajiv Vij, Internationally acclaimed Life & Executive Coach based at Singapore addressed the Founding Day lecture. He explained on how despite all the success and economic growth there is still an underlying occurrence of unhappiness in one’s life and how we can deal with it and still discover a sweet spot in life. More than 200 members benefited from his talk.

Three books were released on this occasion:
1. G ita for Professionals – Second edition ( English and Gujarati) by Chetan Dalal was released by Mr. Y.P. Trivedi

2. T axation of Fees for Technical Services – a Referencer by Anil D. Doshi & Tarunkumar G. Singhal ; Released by Mr. Narayan K. Varma

3. FA Qs on Accounting Standards by Abhay R. Mehta, Ashutosh A. Pednekar, Atul H. Shah, Chirag H. Doshi, Jayesh M. Gandhi, Manish P. Sampat & Nalin M. Shah ; Released by Mr. Arvind H. Dalal

Direct Tax Provisions of the Finance (No. 2) Bill, 2014 on 14th July, 2014

L to R : Mr. S. E. Dastur (Speaker), Mr. Chetan M. Shah, Mr. Narayan R. Pasari, Mr. Raman H. Jokhakar, Mr. Nitin P. Shingala (President), Mr. Naushad A. Panjwani, Mr. Mukesh G. Trivedi, Mr. Sunil B. Gabhawalla (not in frame)

Mr. S. E. Dastur, Senior Advocate, addressed the annual lecture meeting on Direct Tax Provisions of the Finance (No. 2) Bill, 2014 at Yogi Sabhagrah. Nearly 2500 members packed the auditorium to hear Mr. Dastur and 2028 viewers joined the live Web Cast. All of them benefited from the masterly analysis by the speaker. The viewers were from over 25 cities across the globe including Singapore, Salem, Melbourne, London, Erode, Abu Dhabi, Lagos, Zurich & New Jersey.

Indirect Tax Provisions of the Finance (No. 2) Bill, 2014 on 16th July, 2014

The lecture meeting was held at the Walchand Hirachad Hall, IMC. Ms. Bhavana Doshi, Chartered Accountant and Mr. Vikram Nankani, Advocate addressed the audience on various aspects of Indirect Tax Provisions of the Finance (No. 2) Bill, 2014. More than 300 Members and Students benefited from the expert analysis and knowledge shared by the speakers.

L to R : Mr. Vikaram Nankani (Speaker), Mr. Sunil B. Gabhawalla, Ms. Bhavna G. Doshi (Speaker), Mr. Nitin P. Shingala (President), Mr. Raman H. Jokhakar

Indirect Tax Provisions of the Finance (No. 2) Bill, 2014 on 17th July, 2014

The lecture meeting was held at the Walchand Hirachad Hall, IMC Ms. Bhavana Doshi, Chartered Accountant and Mr. D. B. Engineer, Solicitor and Advocate addressed the audience on various aspects of Indirect Tax Provisions of the Finance Bill, 2014 at this lecture meeting which was held jointly by the Forum of Free Enterprise & Council for Fair Business Practices. The audience included many young Professionals and Senior Members of the CA Fraternity who gained immensely from the analytical insights given by the learned faculties.

Visit to Orphanage on 2nd June, 2014

Mr. Mayur B. Nayak and Ms. Gracy M. Mendes representing BCAS.

Human Resources Committee had organised this visit to Orphanage at Parel. The Orphanage has a total 22 orphans and is managed by 7 staff members. The visitors distributed snacks to the children. They had a walkthrough of the place and were also amazed by the entertainment items presented by the orphans who specially prepared the songs & dances for the Members visiting the orphanage.

Three-Day Residential Refresher Course (RRC) on Companies Act, 2013 from 27th June, 2014 to 29th June, 2014

L to R : Mr. Harish N. Motiwalla, Mr. Manish P. Sampat, Mr. Naushad A. Panjwani (President), Mr. Anil Singhvi (Keynote speaker), Mr. Kanu S. Chokshi

Group photograph of the participants

Mr. Naushad A. Panjwani

The Accounting & Auditing Committee had organised this RRC at Fariyas Resort, Lonavala, with an aim to equip the participants with an in-depth understanding on some of the important provisions of the Companies Act, 2013 along with Rules notified thereunder. The RRC was structured in an innovative manner of building case studies around critical provisions which were analysed in depth by the participants and deftly dealt with by the speakers.

Mr. Harish N. Motiwalla

The course commenced with the inaugural address by the President of BCAS, Mr. Naushad Panjwani. He was happy with the response received to the Course from all over India and was particularly pleased to have a strong participation from the Industry. Later, the Chairman of the Accounting and Auditing Committee Mr. Harish Motiwalla, gave introductory remarks on the design and structure of the course and the purpose of selection of the topics for group discussion as well as presentation. He also acknowledged the presence of the Chief Guest of the RRC Mr. Anil Singhvi. Then there was the lighting of the lamp by all the dignitaries present to commence the course.

Mr. Anil Singhvi

Mr. Anil Singhvi in his keynote address on “Corporate Governance and Independent Directors” shared his experiences as part of the Board of various companies as well from the research work carried out on the functioning of corporate and directors. He was of the opinion that the Companies Act, 2013 is a good piece of legislation and will improve the functioning of the corporate sector.

Mr. Sudhir Soni

After the inaugural session there was a group discussion on first paper of Mr. Sudhir Soni on “Case Studies on Provisions for Related Party Transactions/Loans/Investments.” The case studies were highlighting the provisions to be complied with as well as the contentious issues which arise in implementing the relevant provisions. During the presentation on his paper Mr. Soni aptly dealt with the case studies and also covered the issues raised during the group discussion in a very immaculate manner. The session was chaired by Mr. Kanu Choksi, Co-Chairman, Accounting & Auditing Committee.

Mr. Ashish Ahuja

The last session was a presentation on the topic “Cross Border M&A, Minority Buy-Outs, Exit Options, Rehabilitation, etc” by solicitor and advocate, Mr. Ashish Ahuja. He took the participants through a comparison of the of the provisions of the earlier act and the newly introduced provisions dealing with the protection of investor rights. Mr. Rajesh Muni, past- President of BCAS Chaired this session.

The second day started with a group discussion on the paper    by    Mr.    Nawshir    Mirza    on    “Case    Studies    on    Directors, independent directors, Corporate governance (incl. schedule V – managerial remuneration).” The case studies highlighted the onerous  duties of KMPS and  independent directors while steering the company as well as the role of Board towards various stakeholders. Later,     Mr.     Mirza,     made     a     presentation on his paper and shared his vast experience as a director as well as chairman of various committees of directors, which was of immense value to the participants. Mr. Kishor Karia Past Presidents of BCas chaired this session.

In the evening, there was a presentation on the topic of “audit and accounting (incl. schedule  ii and  iii)” by Mr. Mukund m. Chitale. It was a session that will be remembered by each participant for a long time, as he dealt with the subject with his expertise in such depth that he dealt with the queries of the participants while he was going through the clauses in the act. The session was addressed by him for nearly three hours and was ably chaired by Mr. Arvind H. Dalal, a past-President of the BCAS.

The last day commenced with group discussion on paper by Mr. K. Sairam on the topic “Case studies on acceptance of deposits and CSR.” Mr. K. Sairam had circulated to the participants background material also along with the case studies.  his case studies covered all the     finer     and     contentious     aspects    which require attention as professionals and were debated in depth during the group discussion. He later addressed the  participants in the general assembly along with a presentation on the topic and also dealt with the queries raised by the participants during the group discussion. The session was chaired by the Vice President Mr. Nitin Singhala.

The concluding session was presided over by  Mr.  Kanu Choksi.  he acknowledged contribution of the faculty as well as active participants for the success of the RRC.  Some of the participants gave their views on the course and conveyed their satisfaction of the format and  structure of the course.

Jal Erach dastur Students Annual day on 28th June, 2014 – A Report
The Jal Erach Dastur students annual day is an event that is organised by the Bombay Chartered accountants society (BCas) every year.  This year the event celebrated its 7th anniversary at the navinbhai thakkar auditorium at Vile Parle (east).

This is organised by the student members of BCAS for the CA students. This platform enables CA students to come together and interact with each other.  The event commenced with a short prayer sung by the student committee members followed by the anchors introducing the honorable Chief guest, Dr. Bhaskar das, CEO of the Zee group. The chief guest inaugurated the event with the lamp lighting ceremony and spoke to the CA students at length on the importance of communication in today’s corporate world and answered the queries that the students put forth. He emphasised on the difference between volition and motivation. According to him, volition comes from within, whereas, motivation comes from without and therefore the former is more important in life than the latter. The President of the society, Mr. naushad Panjwani, welcomed students and advised them for the balanced growth in life. The Chairman of the Human Resources Committee, Mr. Mayur Nayak, delivered his address on “dare to dream.”  In his short speech, he emphasised on the need to dream big. Miss Priya  Nangalia introduced  Mr.  Narayan Varma, the Past-President of the BCAS and an ardent supporter of the students’ activities, and showed his message through a video clip as he could not remain present due to his ill health.

Mr. Raj Khona and Mr. Smith Madlani enlightened students about various students’ activities such as study Circle, monsoon treks, sports day, etc. thereafter,  a small skit was performed by students on the theme of “jan andolan”.  Post this,   the “Chandanben manganlal Bhat  elocution Competition” was  held    where    finalists    of the    elimination    round    battled    it    to    win the  coveted trophies. in the tea break, the students feasted   on the delicious  mumbai vada pav along with a cup  of tea/coffee.

The    post    break     session    witnessed     the    most    awaited    quiz round. The four selected teams from the eliminations competed    with    each    other     in    a    very    heated     time-bound    quiz    competition.    The    finalists    were    on     their     toes    while    answering    mind    boggling questions. the audiences also actively participated in     the    quiz.    The     football    scoring    approach    adopted    by     the quizmaster,    Mr.    Aashish    Fafadia    was    an    instant    hit    amongst    the    audience.    The    quiz    was    ably     scored    by    Miss    Dhwani    Shah    and    Mr.    Rajesh    Pabari.    On    completion    of     the    quiz,    a    short      audience round was held by Mr. Harshil mehta and other   students’ Committee members. The audience was in splits with most of them participating very enthusiastically and lifting up the spirits.
 
The much awaited talent round was next on the list. Nineteen     finalists     competed     with     each     other     in     various     fields    like singing, dancing and playing instruments. With the end of this round, the judges of the talent round performed and mesmerised the audience with their singing and   instrumental music.  The winners of the various contests held,  i.e.,    Elocution,    Quiz,    Essay    Writing    Competition    and    the    Talent    Show    were    distributed    prizes    and    certificates    and    were felicitated for their performances.

65th Annual general Meeting, 7th July 2014,   Walchand  Hirachand Hall,   4Th FlOOR,    Indian    Merchants’    Chamber, Charchgate, Mumbai 400 020

The 65th annual general meeting of the Bombay Chartered accountants’ society was held on monday, 7th july 2014, at  Walchand  hirachand  hall,  4th  floor,  indian  merchants’ Chamber, Churchgate, mumbai.

Mr. Naushad A. Panjwani, President of the society, took the Chair. All items as per the agenda given in the notice were undertaken including adoption of accounts and appointment of the auditors amongst other things.

Mr. Mukesh G. Trivedi, hon. joint secretary, announced the results of the election of the President, the Vice President, two secretaries, the treasurer and eight members of the managing Committee for the year 2014-2015. Mr. Mukesh G. Trivedi announced the names of the following members as elected unopposed for the year 2014-2015. also, the names of co- opted members and ex-officio members were announced. the “Jal Erach Dastur awards” for best feature and best article appearing in BCas journal during 2013-14 was announced. the winners were: Bhavesh dhupelia, shabbir readymadewalla, Vijay mathur for the feature on auditing standards. Ankit V. shah and Tarunkumar singhal for the article on Powers of the tribunal to stay demand beyond 365 days.

The special edition of the journal july, 2014 on “future of india youth’s Perspective” was released at the hands of mr. arvind h. dalal, past-President of the society. the editor, mr.anil j. sathe, announced that this edition has six special articles namely “imagining india from the eyes of young Pro- fessionals”, “Gazing Through the Crystal Ball”, “Reinventing india – a youth Perspective”, “arbitration Law in india – the Way forward”, “my india” … a decade from now …” and “to- wards a healthy india.” the youth of the society who had contributed articles to this edition were felicitated by being given the special edition.

Thereafter, the outgoing and incoming Presidents, mr. nau- shad A. Panjwani & Mr. Nitin P. Shingala respectively, addressed the members.

Outgoing  president Naushad Panjwani’s speech

Incoming President, nitin shingala, all my colleagues on the dais, respected past presidents, seniors and friends.

As i stand before you for one last time as the President of BCAS, i have an option on what i speak for the next ten minutes or so. I can either spend time thanking a lot of people who i should and want to and will. Or i can give advice to the incoming team, which i shouldn’t and i won’t. and even if i did where will they listen to me. did i listen to deepak’s advice? or i could list out all the activities that were carried out by the team in the year gone by, which i don’t want to do. It’s a team achievement and i cannot stake credit or seek accolades.

What i would like  to do is to compliment  the entire  team  of managing committee members,  chairmen,  co-chairmen, convenors, coordinators, core group members, the youth group, Cassem and the other staff of BCAS and shrutika. My special gratitude to the spouses of the core group members for getting involved in many BCAS programs. I request you to help me thank all of them by applauding the splendid work done by the team. having thanked others’ spouses, if i did not thank my own spouse, mere achche din khatam ho jayenge. so thank you afsheen for your support and understanding.

I couldn’t have asked for better office bearers. And as the events of the year transpired, i saw how each one of them stood up to take charge of the challenges on hand. Showing great grit, determination and character.

Nitin, I thank you for being my confidant. Your ever smiling demeanour eased so many pressure situations. you are a Trupt aatma and i pray that you remain so forever. under your leadership BCAS will scale new peaks. They say that you must learn from the foolishness of others and nitin, for that, i am ever at your service.

Raman, your suggestions in crunch situations were like a ray of light or as they say in sanskrit – Rashmi.

Chetan, was ever so cool and he faced everything with so much Sheetalta.

Mukeshbhai, thank you for bringing so much passion and Bhavna in everything you did.

Congratulations to narayan and sunil for joining the A-Team as the new secretaries.

This year, we lost two past-Presidents in Mr. B V dalal and Mr. Navin Kishnadwala. Both have contributed immensely to the society and we will all miss them.

My transition from a practicing CA to a business leader happened when i was the secretary of the society in 2006. I soon realised that the work pressures and timings are so different that I forget being an office bearer, even contributing otherwise is so challenging. That was the reason that i kept shirking this responsibility for some time. as most know, i accepted the challenge to lead BCAS at the behest of narayan Varma and a few others. But once i got into the mindset, the support that i received from all gave me new wings.

Jab aapka hukm mila toh maine tarq mohabbat kar di, Dil magar uss pe woh dhadka ke phir qayamat kar di.

I have thoroughly enjoyed my year as president of BCAS. I have gained a lot in the process. The president’s page received a lot of accolades and i am mighty pleased with that. But writing is something i have always been comfortable with. it is public speaking that i was absolutely paranoid of. So much so that i have goofed up even while reading from a prepared speech. i had to just look at Mr. Kishor Karia in the audience to know when i goofed up and know that i had to correct myself. But being president meant that mumbling or fumbling, i had to keep speaking at all events and slowly i found my fear disappearing.

Being on the dais along with various speakers i had the opportunity to observe their style and preparation. The one speaker who impressed me the most was Mr. N. P. sarda. in one of the talks on accounting standards, for which he spoke non-stop for about two hours and kept the audience spell bound, I was amazed to see that he had no books, no speech, no presentation or even any notes. all he had was a chit of paper with two words written on it. Obviously i was curious. after the talk i took a peek and saw what those words were. Those two words were Naushad Panjwani. That was the only thing he was probably not sure if he would remember correctly.

The theme for this year’s annual report is “time.” Fittingly, so. in the journey of time, the society has grown from strength to strength. the membership has consistently grown. the pro- grams have grown manifold. Every year so many new initia- tives are incubated. the society has kept inventing and reinventing itself constantly. Each President has contributed to this in his own way. To keep up with the needs of the time we have enabled a non-past president to be appointed as a co- chairman of a committee. And I congratulate Nandita Parekh for being the first such co-chairperson.

The youth group was formed this year and, as we have seen, has rejuvenated the core group. i am happy that most committees have now included a lot of youth members. To the youth i would like to say, be bold, be respectful and be effective. have your say. Don’t lose your exuberance. Be sincere but don’t be serious. have fun.

Zindagi Zinda dili ka naam hai Murda dil kya khaak jiya karte hai

Having covered all the important aspects i could end my speech here. But just a few minutes back i proclaimed that i am no longer afraid of public speaking, hence i would like to speak for a few more minutes.

Mandir ki taraf dur se naman kar lun, Ya buth ka aakhri nazaara kar lun, Kuchh der ki mehmaan hai jaati duniya,
Tauba kar lun ya Ek aur gunaah kar lun?

I would like to touch upon two areas which i think are necessary for the society to remain relevant in these times of google and youtube. Knowledge is available there too.

I have viewed our society as a matrix organisation. While on one hand we have our domain expertise like direct tax, indirect tax, international tax, accounts etc., on the other hand, we have the various categories of our membership like the practicing CA, members from industry, the CfOS, members Presidents, seniors and fellow members. it is a great honour to be bestowed with the responsibility of leading the Bombay Chartered accountants’ society, an institution that has a glorious past and strong foundation built through selfless contribution, dedication and perseverance of from Psus, the youth, the senior CA so on and so forth. We have tried to understand the needs of each constituent and attempted to design programs for each. this is the new service level expectation. We must continue to do this and in the years to come we will see the impact of this.

To be relevant we need to be heard in the corridors of power. this year we were fortunate that the union revenue secretary Mr. Rajiv Takru sought us out through Shariq Contractor and we had a great closed door meeting with him. But this is not enough. the society is a non-political voluntary body and makes representations on behalf of the general tax payers without any vested interest of any group or industry. We must reinforce our position as such. We must be visible. We must be effective. We must stop being shy.

Before assuming office, I had sought Rajesh Kapadia’s ad- vice and the only thing he said to me was “BCAS is a very prestigious organisation and the role of the President is a huge responsibility. As the flag bearer conduct yourself with dignity.” As I reflect on the year gone by, I hope I have lived up to his advice.

Tujh ko ruswa na kiya, khud bhi pashemaan na hue, Ummeed hai Ishq ki rasm ko iss tarah nibhaya humne.

As I step down today, I am satisfied and relieved. But the realisation has already sunk in that starting tomorrow I will join the august group of past presidents. The past presidents of BCAS have continued to contribute so much to the society and I am excited by the prospect of doing my bit. And for this I will have more than a year to do so.

Sitaaron se aage jahaan aur bhi hain, Abhi ishq ke imtehaan aur bhi hain,
Gaye din ki tanha tha main anjuman mein, Yahaan ab mere razdaan aur bhi hain.

Incoming President Nitin Shingala’s speech
President  naushad,  my  dear  colleagues  raman,  muke- sh, narayan, sunil, Chetan in absentia, respected Past its founders and successive leaders. i accept this responsibil-
ity with sincerity and promise to work, andto live up to the highest expectations! my team and i are committed to work ceaselessly and tirelessly to the serve interests of the BCas, pursue our vision and endeavour that the society continues to scale new peaks.

It has been a zestful year under Naushad’s leadership with the Society’s flag continuing to fly high. With style, vigour and his trademark innovative approach, naushad put into action several path breaking initiatives such as connecting with the youth brigade, the Cfos and senior chartered accountants, besides maintaining high standards for various regular activi- ties. While facing any crisis, naushad led from the front and pursued win-win solutions. my heartiest compliments to nau- shad for his memorable leadership and an excellent year!

Peter drucker once  said,  ‘a  voluntary  organisation  ex-  ists to bring about a change in individuals and in the soci- ety.’ in today’s fast paced life, a few questions  do arise:  Why volunteer? how does it help me? Well, i found the answer to these pertinent questions in the following quote by swami Vivekananda:

“Ask nothing; want nothing in return. Give what you have to give; it will come back to you – but do not think of that now, it will come back multiplied a thousand fold.”

Friends, I am one of the countless beneficiaries to whom  the BCAS has given back what we gave, multiplied a thou- sand fold.

The  Business  Consultancy  studies  (BCs)  course  during 1998-99 brought me closer to the BCAS. Soon, I was invited to join the Core group in 2000. This BCS programme conceptualised by shri Narayanbhai, Nandita and other seniors, changed the course of many lives including mine.

I have learnt and gained a lot during the last 15 years of being in close association with the BCAS. Seniors have welcomed me with open arms and made me feel a part of this magnificent family. I have gained so many endearing friends. In hindsight, i wish i could have become active in the BCas much earlier. As a member of the Core  group,  one  gets  an  opportunity to observe the seniors closely. I found them very gracious and easily approachable, ever ready to share their knowledge and help the juniors in overcoming their difficulties.

Pradyumnabhai and arvindbhai teach us that the quest for knowledge is a lifelong commitment. At the Company Law rrC held recently, i found arvindbhai and Kishorbhai amongst the participants, ever eager to learn new developments. this made me nervous. I felt I was not learning enough! Narayanbhai teaches us how to be innovative, think big and differently for the larger good and remain forever young. Pradeepbhai shah has been a great emotional support when trupti and i needed the most. he has been helping all of us to keep our hearts and emotions in the right places. my daughter, Parnasi too, is an ardent fan and admirer of Pradeepbhai! Learning from stalwarts such as Pinakinbhai sharpens our understand- ing of core subjects. each stalwart inspires and teaches us, in his own unique manner, the qualities and the abilities that an accomplished professional must cultivate and imbibe.

Consider this modern definition of a Professional in today’s context by subroto Bagchi, a noted management thinker and an entrepreneur. he says, “…to be a Professional takes more than just aptitude. It takes a commitment to doing what’s right, not only for your business, but for the society as a whole.”

My belief in the value system became stronger by observing these stalwarts adhering to the highest standards of ethics and values. the BCAS provides the right environment and impetus through selfless mentoring to chartered accountants to be outstanding professionals.

This mentoring at the BCas is important to members from all backgrounds. Members from small and medium practices get to learn from their seniors and can find support to grow. Members from large global firms get a collaborative and neutral platform to enrich themselves with academic pursuits. members from the industry get the opportunities to spruce up their knowledge and network. the value proposition that the BCAS offers is great. We need to ensure that this message is driven home, louder and clearer, to help spread the benefits widely. I look forward to the membership and Public relations committee led by naushad to pursue this with greater fervour.

While coping with complexities in the ever changing world and the resultant uncertainty, it is helpful to understand the elements that remain constant. nicole Baker, an american researcher  in  the  subject  of  futurology,  stresses  on  three such constants that capture the essence of our social fabric regardless of the time period:

•    the drive to explore;
•    the desire for interpersonal relationships; and
•    the need to make sense of the world around us.

I find the activities of the BCAS encompass each of the above elements and the annual plan for 2014-15, circulated to you, also underscores these elements. The plan focuses on ex- ploring new frontiers of knowledge, developing outstanding professionals, mentoring and fostering relationships, and con- tributing to the nation building. I am happy to outline specific thrust areas for the ensuing year.

•    Laws, Regulations and governance
India is in the process of modernising key corporate and tax laws. We must commend and support the government in this overdue exercise. However, the journey so far has been far from satisfactory with the legislature and the bureaucracy falling short. The experience with the Companies act 2013 and its implementation so far has been very agonising. even the drafts of the direct tax code have been heavily criticised.

While we have very  high  expectations  of  “acche  din”  from our Prime minister, narendra modiji, it must be re- alised that we need to grow beyond complaining and contribute proactively. In the presidential address last month, the new government has committed to participative governance and promised to engage directly with people in policy making and administration.

our Vision statement states that the BCas shall be the catalyst for bringing out better and more effective government policies and laws and clean and efficient administration and governance. It is thus important for us to step up the efforts. My team and I look forward to working with the Chairmen of various committees to ensure that we continue to make effective representations so and that our voice is heard.

a separate committee, ‘Corporate and securities Laws’ has been set up to focus on this area of growing importance.

•    Practice Management
The  accounting  industry  presents  a  fragmented  scenario where small and medium firms constitute a large number of practitioners. Low entry barriers, low switching costs for clients and high exit barriers are the main reasons for the fragmented nature of our profession. this can be countered by helping small and medium sized firms to network and grow and adapt to the best practices. the infotech and 4i committee has been conducting annual power summits for this purpose. My team and i look forward to the committee to build further and take up new initiatives in this area, including contributing to a regular column on this subject in the BCA journal.

•    CFOs and Corporate Members
The role of Chartered accountants in the industry has been expanding into leadership. It is therefore important to build further on our initiative to reach out to and connect with the CFOs in general and various specific industry groups in particular. My team and I look forward to working with various technical committees and the membership and Public relations Committee for specific programmes for this segment.

•    Youth Group
Today’s  youth  are  tomorrow’s  leaders!  I  am  sure  that  the membership and Public relations Committee led by naushad will give further momentum to this very important initiative in the ensuing year. I call upon each one of the youth group members to benefit from this gratuitous mentoring and look forward to them as our future leaders.

•    Students
The  students  are,  after  all,  our  future. The  HR  committee is doing excellent work in this area through innovative programmes. The professors in accountancy are a vital link to the students. many of us have been lecturers in the past. the BCas needs to connect with this community in a structured manner. Another brilliant suggestion has come from nandita that the BCAS should encourage the principals to sponsor their article students for short-term internships at various ngos and at the society itself. This will help the students to widen and deepen their learning and provide a holistic experience. My team and I look forward to working with the hr committee led by mayur and nandita on converting these excellent ideas into actions.

•    Technology
All aspects of our lives, profession included, are being impacted by the ever-changing technology. We must understand and leverage the relevant technology in conjunction with our core competencies, to deliver superior services. The infotech and 4i committee has been doing a lot of work in this area. I request Chairman ameet to ensure that the committee continues to address the growing requirements of the members.

The BCAS itself has been generally proactive in embracing the technology changes. recently, our revered BCA jour- nal embraced an e-avatar. Further, the team is working to build a revamped portal to improve knowledge sharing and connecting with the members. In addition, we will continue to explore various digital mediums such as WebtV to over- come distances in dissemination of knowledge and to extend the reach of our programmes.

•    Staff and office infrastructure
Our annual report carries an important statistic about hours of education the BCas delivers. the annual hours of educa- tion have grown from approx. 25,000 in the year 1993-94 to 38,000 in 2003-04 and in 2013-14, it was little over 132,000, an increase of over 500% in last 20 years. Our staff has been putting in very hard work and we must acknowledge it. At the same time the increasing workload and expectations are re- sulting in gaps in delivery. This requires us to strengthen the team and help them build their capacity through appropriate training. The improvement in office infrastructure, including systems and processes, is a continuous mission and we are committed to pursue excellence in this area.

It’s football time and my friend, Kuntal reminded me that i must refer to this flavour of the season. Courtesy of my son mohak, i am now a part of the growing football fan club in india. Even then, i could not take the accountant out of me. So I looked at how the role of a Captain is defined. The Football association, english football’s governing body, states that as a captain, you have no special status or privileges under the Laws of the game, but you do have a degree of responsibility for the behaviour of your team. I feel the same today, with one advantage. I have many more coaches to guide and support me.

Dhishat, my other good friend, has a different perspective. He says the role of the President is more akin to that of an orchestra Conductor whose primary duties are to unify performers, set the tempo, execute clear preparations and beats, and to listen critically and shape the sound of the ensemble.

Either way, the key leadership lessons from these two examples are:

•    One must surround himself with talent; and
•    One must play the game and play the notes through sheer hard work, discipline and commitment

I must say i have been fortunate to have loads of talent in our Core group. My team and i promise to play with hard work, discipline and commitment to continue building upon our rich heritage and leave a memorable legacy.

Thank you.