Society News

Human Development Study Circle Meeting on
“Business Environment in India – Evolution, Opportunities, Challenges” held on
10^th January, 2017

Human Development and Technology Initiatives Committee  (HDTI) of BCAS conducted a Human Development
Study Circle Meeting on “Business Environment in India – Evolution,
Opportunities, and Challenges” on 10^th January, 2017 at BCAS
Conference Hall. 

Dr. Anil Naik, a Management Consultant, MBA from IIM Calcutta
and winner of many prestigious awards, having wide experience in Industry and
also visiting faculty at top Management Institutes in India and Abroad, gave
the presentation and covered the following topics- .

1.  Evolution of Business Environment in India
since 1991.

2.  Challenges of the Indian businesses to be seen
for :

• Family Owned & Family Managed Businesses

• Family Owned Professionally Managed Businesses

• Corporate Sector consisting of Indian
Companies, Foreign Companies operating in India and Collaborations of Indian
& Foreign Companies.

3.  He also cited the examples of companies
operating in India like Tata Motors, Kodak, Shapoorji Pallonji, Ballarpur
Industries and Kirloskar, etc.

The major basic issues discussed were:

·        
Major changes in Transportation Industry and
many others.

·        
Factors for success i.e. Adaptability to new
technology, Personality Skills, Pursuing Aspirations etc.

·     Stark realities of dynamic environment – No more
secrets, security is uncertain, Allegiance, Time is short – we need to run fast
to take up right opportunities at right time at great speed, Order of today’s
time is not clear – international business, supremacy of product plays vital
role.

·    India has 16 cultures. Cultural Differences.
Internal Culture of the organisation matters. Asian culture v Globalised
scenario. Adopting right mix of culture is challenge of today’s times.

·        
Business environment is Dynamic, turbulent and
unstable. How to become flexible. Opportunities for organic flexibility,
adaptability, innovation, accepting change and uncertainty are natural state of
things in the current environment.

·        
Ensure that institutions have capacity to serve.
Employees’ skills, motivation and capabilities play an important role.

Inescapable reality of new economy – 1) Seek and create
breakthrough changes. 2) Outsiders see it first 3) Right balance between
incremental improvement and radical innovation 3) Shortage of resources is not
necessarily serious, but shortage of imagination is certainly fatal 4) Nothing
lasts forever under its original momentum 5) Success contains the seed of its
own destruction 6) Primary challenge of leadership today is to create adaptive
organisation which has a built in capability to renew itself over and over
again.

The meeting was very fruitful and the participants benefitted
a lot from the Speaker’s rich experience.

Workshop on Merger & Acquisition held on 27th & 28th
January 2017

Corporate & Allied Laws Committee [‘C&ALC’] organised
a two days’ Workshop on Mergers & Acquisition at Hotel St. Regis, Lower
Parel, Mumbai. The event received an overwhelming response.

86 participants attended the workshop out of which almost 30
participants were from industry. Further, around 32 were outstation
Participants from cities like Ahmedabad, Vadodara, Hyderabad, Chennai and
Nagpur.

CA. Chetan Shah, President, welcomed the participants. CA.
Kanu S. Chokshi, Chairman of C&ALC gave a brief idea on the necessity of
such programme.

The Workshop was inaugurated by Dr. Lalit Kanodia, Chairman,
Datamatics Group. Eminent faculties addressed the participants on the relevant
topics along with their presentations. A 
booklet of the presentations made by various speakers at the workshop was
provided to the participants.  The event
was conceptualised by CA. Naushad Panjwani, Past President of BCAS, with the
help of Dr. Anup Shah. CA. Naushad Panjwani also shared his thoughts on certain
mergers at the said workshop. Advocate Praveen Veera chaired the session on
‘Stamp duty’ and CA. Shrenik Baid shared the dais along with CA. Kanu S.
Chokshi during the session on ‘Accounting Implications’.

The sessions of the said workshop on Merger & Acquisition
are summarised below:

Session I: Keynote Address – “Key negotiating
techniques used by buyers and sellers in a Merger & Acquisition
transaction” by Dr.Lalit Kanodia – Chairman, Datamatics Group.

Dr. Lalit Kanodia

He inaugurated the workshop and shared his practical
experiences in Merger and acquisition.

Session II: Alternative Disputes Resolution in
Merger & Acquisition by CA. Suresh Kotak –Chairman, Kotak Group.

CA. Suresh Kotak

He addressed the participants.& talked about steps taken
in area of ADR

Session III: Stamp Duty by Dr. Anup Shah, CA.
Pravin P. Shah & Co.

CA. Anup P. Shah

He covered various implications of  stamp duty under different modes of mergers
& acquisition. He also analysed stamp duty on CD, Debentures, Gift etc.

Session IV: Companies Act & Bankruptcy Law by
Adv. Sharad Abhyankar – Sr. Partner, Khaitan & Co. 

Adv. Sharad Abhyankar

He analysed
transaction charges, some of the procedural aspects and gave a mapping in
Merger & Acquisition. He also gave an overview of Insolvency and bankruptcy
code in relation to Merger & Acquisition.

Session V: SEBI Takeover Regulations by Adv. Akil Hirani –
Managing Partner, Majumdar & Co.

Adv. Akil Hirani

He took the participants through takeover code and insider
trading regulations with respect to, an open offer, in case of Merger &
Acquisition.

Session VI: Legal Due Diligence by Adv. Tushar Ajinkya.

Adv.Tushar Ajinkya

He highlighted the Due Diligence aspects with the typical
structure requirement, key areas to be checked, IPR and litigation issues.

Session VII: Financial due Diligence by CA. Rajesh
Khairajani – KNAV.

CA. Rajesh Khairajani

He touched upon various facets of financial due diligence on
both, buyer and seller side, inter alia, emphasising upon physical verification
of assets in  Merger & Acquisition
deal.

Session VIII: FEMA & Cross Border by CA. T. P. Ostwal,
T. P. Ostwal & Associates.

CA.T. P. Ostwal

He explained salient
features of various treaties of India & Mauritius /Cyprus/Switzerland; and
choice of jurisdiction. He also took 
participants through Automatic route vis-à-vis Approval route;

Session IX: Strategy & Value Creation by
Mr. Sudhir Valia – Executive Director, Sun Pharma.

Mr. Sudhir Valia

He shared his rich experience  in guiding participants as to how to proceed
for Merger & Acquisition.

Session X: Income Tax-Domestic/ International (in case of
cross border) by
CA. Hiten Kotak & CA. Falguni Shah.

The speakers explained the funding structures – Key
consideration, recapitalisation and repatriation and indirect transfer and tax
thereon with practical examples.

Session XI: Accounting
Implications by CA. Himanshu Kishnadwala, CNK & Associates.

CA. Himanshu Kishnadwala

He gave an overview of provisions relating to M & A
contained in Companies Act 2013 and SEBI Regulations. He also dealt with the
applicability of Accounting Standard and Ind AS to Merger & Acquisition and
explained Accounting in Merger & Acquisition with an illustration.

Session XII: A typical Merger & Acquisition
process by CA. Sridhar Swamy.

CA. Sridhar Swamy

He explained the nitty-gritty of the Merger & Acquisition
process including identification and understanding buyer, process documents and
presentation to the Management. He also briefly explained legal documentation
in Merger & Acquisition.

Session XIII: Post Merger Integration by CA. Mitil
Chokshi.

CA. Mitil Chokshi

He drew attention of the participants to the difficulties
faced in integration Post Merger, some of the important factors peculiar to
each industry which could result in a possible threat to success of a Merger
& Acquisition deal. He also shared his experience regarding solution on
some of difficulties in Merger & Acquisition deals handled by him.

CA. Manish Reshamawala, Convener, with his untiring efforts
coordinated the programme with the support of CA. Preeti Oza, Convener. The
participants benefitted from the rich experience of the Speakers.

Experts chat @ bcas on “Internal audit 2017: global trends
and outlook” held on 30th January, 2017

An experts chat on “Internal Audit: Global Trends and
Outlook” was held at the BCAS Conference Hall on 30^th January, 2017.

The program commenced with the signing of a Memorandum of
Understanding (MOU) between BCAS and the Institute of Internal Auditors –
Bombay Chapter (IIABC). This MOU will enable BCAS and IIABC to jointly
collaborate and develop mutually beneficial programs in the field of internal
audit, projects and activities for its members in the field of internal audit,
as well as to offer members of both parties to attend programs of each other.

President CA. Chetan Shah,
on behalf of BCAS and President CA. Sunil Gaitonde, on behalf of the Institute
of Internal Auditors – Bombay Chapter (IIABC) did the honours.

President CA. Chetan Shah then welcomed Mr. Richard F.
Chambers, the President and Chief Executive Officer of The Institute of
Internal Auditors (IIA), the global professional association and
standard-setting body for internal auditors. The IIA serves more than 1, 85,000
members in over 170 countries and territories and is the internal audit
profession’s most widely recognised advocate, educator, and provider of
standards, guidance, and certifications.

L to R : Mr. Richard F. Chambers in the fireside chat with CA. Nandita Parekh

Mr. Chambers made a detailed presentation on the emerging
trends in internal audit, more particularly, the reporting structure, critical
focus areas, need to understand the audit culture of the organisation,
cyberspace audit, audit of big data. His talk was generously interspersed with
interesting statistics and results of survey done by Internal Audit Foundation,
across various continents and organisations.

Mr. Chambers shared a list of five strategies for every
internal auditor to equip himself with:

·        
Respond to the voice of the customer

·        
Strive for agility

·        
Transform your talents

·        
Revolutionise your processes

·        
Elevate your image’

Mr. Chambers’ presentation was followed by an engaging
fireside chat, which was moderated by CA Nandita Parekh, a senior member of the
Core group with expertise in the area of internal audit.

Mr. Chambers candidly answered questions on matters including
how to earn a seat at the (management) table, need for an internal auditor to
adjust the sails (i.e. the audit scope) to steer through the external and
internal changes, etc.

Questions posed by participants were also answered by Mr.
Chambers.  

The event witnessed an impressive turnout and was also
available for viewing through live streaming. The live streaming facility was
made available to members of IIA and IIABC.

“Public Lecture Meeting on Direct Tax Provisions of the
Finance Bill 2017” held on 7^th February, 2017

The 52^nd Lecture Meeting of the Society on the
Direct Tax Provisions of the Finance Bill 2017 by Senior Advocate Shri S.E.
Dastur was held at Yogi Sabhagruha, Dadar. This was 29^th consecutive
year of address by Shri. S. E. Dastur.

Mr. S. E. Dastur (Speaker)

The lecture meeting was streamed live and was witnessed by
more than 15,000 persons including online viewers. President CA. Chetan Shah
welcomed and introduced the speaker Shri S. E. Dastur citing that his
intellectual charm is what makes this session special. He Shah also touched
upon the concept of liberalisation and digital revolution.

Shri Dastur started his speech by detailing the memories of
the previous budgets since 1948-49. He talked about the Finance Minister’s
speech having laid emphasis on the digital economy. He discussed the various
new insertions in areas of capital gains, changes in assessment and
reassessment procedures. He also explained the concept of primary and secondary
adjustment under transfer pricing.

After covering all significant provisions the eminent speaker
dealt with other amendments. He also covered provisions under the Companies Act
and Accounting Standards, the taxability of carbon credits. He commented on the
amendments to the Search provisions under section 132.

The audience was spell bound by his speech. His lucid
analysis of the provisions benefitted all those who witnessed his presentation.
The meeting ended with a huge round of applause and appreciation by the
participants.

FEMA Study Circle Meeting held on 8^th February,
2017

FEMA Study Circle Meeting was held on the topic of
“Investment by Foreign Venture Capital Investor (FVCI) and in Real Estate
Investment Trust (REIT)” on 8^th February, 2017 at BCAS Conference
Hall. The meeting was chaired by CA Shabbir Motorwala and led by CA Amit Dhoot,
CA. Monica Wadhwa and CA. Rashmi Shetty. It was great to have such
knowledgeable bench of leaders.

The speakers took participants not only through important
FEMA provisions applicable to Investment by FVCI and REIT but also issues
related to structuring, SEBI registration, important conditions etc.
which gave participants a 360 degree perspective of the subject. They also
explained the advantage of FVCI over FDI.

For investment in REIT, the speaker explained the challenges
why REIT is not yet picking up pace in India and how can India learn from other
countries.

The chairman shared his practical experience which was an
icing on the cake!

CPR workshop with medical camp held on 11th February, 2017

CPR (Cardio Pulmonary Resuscitation) training workshop with
medical camp was held jointly with Asian Heart Institute ( which stood as the
‘India’s Best Private Cardiac Hospital’ for two years in a row) on 11th
February, 2017 at BCAS conference Hall. Around 65 participants including members
and their families availed benefit of the workshop. The medical camp covered
the health checkup for random blood sugar, blood pressure, ECG and consultation
by doctor from Asian Heart Institute.

Participants in the CPR Workshop

The doctors conducted CPR workshop for the participants
enrolled and provided practical training for CPR in case of medical emergency
arising out of cardiac arrest which was very useful for understanding the
subject.

The doctors involved in the workshop were experts in their
field which helped in conducting the workshop successfully.

Report on Three Days 7^th Residential Study Course
(RSC) on IndAS held on 16^th -18^th February, 2017

IndAS is being implemented in India in phases. FY 2016-17 is
the first year of applicability for phase I companies with comparatives for FY
2015-16. Several challenges are being faced by companies in this implementation
effort, more particularly on fair value, financial instruments, business
combinations and so on.

BCAS has always been in the forefront to assist professionals
to face challenges and be equip them to implement such changes. The 7^th
BCAS IndAS Residential Study Course was planned by the Accounting and Auditing
Committee to address the implementation challenges being faced as well as to
impart knowledge of implementing IndAS to the professionals to have a smooth
transition for the corporate sector.

The RSC was organised from 16^th to 18^th
February, 2017 at Ras Resorts, Silvassa. This year’s RSC was structured with
three sessions based on case studies prepared by three eminent professionals
covering different aspects of IndAS implementation. These case studies based
papers involved group discussions through three groups formed amongst the
participants, led by knowledgeable group leaders. There were two more papers
for presentation by eminent faculty which were on other accounting standards
applicable to corporate and non-corporate entities viz. Accounting Standards
for non-IndAS companies and ICDS vs. IndAS. Another unique feature of this
year’s RSC was a Panel Discussion on Ind AS 109 – Financial Instruments –
Implementation Issues.

Immediately after the reporting of the delegates in the
morning, there was a group discussion on the first paper by CA. Arvind Daga on
“Case Studies on Business Combinations/Consolidation”. The case studies were
highlighting the various complexities involved in carrying out accounting for
business combinations and consolidation as well as the evaluation of the
relevant consolidation standard in specific circumstances.

CA. Arvind Daga

Later, post lunch, there was the inaugural session. The
session commenced with the inaugural address by the President of BCAS, CA.
Chetan Shah. He conveyed his satisfaction about the response received to the
course from all over India and was particularly happy to have a strong
participation from industry. Later, the Chairman of the Committee CA. Himanshu
Kishnadwala 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 and panel discussion.

CA. Paresh Clerk

Immediately after the inaugural session, there was the
presentation on the first paper by CA. Arvind Daga, who aptly dealt with the
case studies and also covered the issues raised during the group discussion in
very immaculate manner. Thereafter, CA. Paresh Clerk took the participants
through a Presentation paper on “Accounting Standards for Non-IndAS Companies”,
where he dealt with the major changes in some of the standards to bring them
ont par with IndAS for recognition and measurement.

CA. Anand Subramanian

Second day started with group discussion on paper by  CA. Anand Subramanian on “Case Studies on
Real Estate/Infrastructure Companies”. The case studies highlighted the
intricate issues arising from Service Concession Arrangements as well as
Construction Contracts which is of utmost importance for recognition of revenue
for such companies. Later, he, made a presentation on his paper and shared his
vast experience, which was of immense value to the participants.

CA. Sudhir Soni

Post lunch there was group discussion on paper by CA. Sudhir
Soni on “Case Studies on Revenue Recognition – Impact on Different Sectors”.
The case studies dealt with typical situations in retail and pharma sectors and
also some other related issues.

During the evening at the request of BCAS, the newly elected
President of ICAI, CA. Nilesh Vikamsey addressed the participants’ through
skype, as,  though he would have wished
to, time constraints did not make it feasible for him to be physically present.
The three way Skype call wherein CA. Nilesh Vikamsey, President of BCAS CA.
Chetan Shah and the participants participated live was the first such effort by
BCAS. CA. Chetan Shah welcomed CA. Nilesh Vikamsey and CA. Himanshu Kishnadwala
also updated him about the conference. Later, CA. Nilesh Vikamsey addressed the
participants and briefed them about some IndAS implementation issues and how
ICAI is addressing them.

He also updated the participants regarding the efforts of
ICAI to be partners in nation building and also commended BCAS for its
activities which are complementing the efforts of ICAI towards the profession.

In the evening, there was a brief and crisp presentation on
the case studies by CA. Sudhir Soni which also provided expert insights to the
case studies.

CA. Gautam B. Doshi

Last day commenced with a Presentation on “ICDS Vs IndAS” by
CA. Gautam Doshi. In his immaculate style he provided bird’s eye view of the
major differences between ICDS and IndAS. Though not included in the original
schedule, at the request of the organisers, he also dealt with the impact of
MAT on IndAS financials on the basis of the proposed amendments to Income Tax
Act as per Budget 2017 for corporate preparing IndAS financials for the FY
2016-17.

Last session was a unique one, introduced for the first time
in IndAS RSC, which was Panel discussion on “IndAS 109- Financial Instruments –
Implementation Issues”. The panelists were CA. Gautam Doshi and CA. Charanjit
Attra. The discussion was ably moderated by Ashutosh Pednekar. The session was
appreciated by many participants as the posers which were discussed were very
relevant for banking, finance as well as insurance companies.

The concluding session was presided over by CA. Himanshu
Kishnadwala and he acknowledged contribution of the faculty as well as active
participation of all for the success of the RSC. Some of the participants gave
their views on the course and conveyed their satisfaction at the format and
structure of the course.

Interactive Session with Students for Success in CA Exams
held on 18^th February, 2017

HDTI committee jointly with Rajasthan Vidhyarthi Gruh (RVG
Hostel) organised half day programme for students on 18^th February
2017 at RVG Hostel, Andheri. Joint Secretary Sunil Gabhawalla welcomed the
participants.

L to R: CA. Sunil Gabhawalla, CA. Mukesh Trivedi and CA. Srinivas Joshi

In the first session, CA. Srinivas Joshi discussed about ICAI
Exams with the help of PowerPoint presentation, which included expectation from
students’ and their performance. Being past Central Council member of ICAI, and
having vast first-hand experience as a Member of Examination committee, he
shared in detail, information with insights as to how ICAI exams are conducted,
how confidentiality and professionalism is maintained, what quality and level
of knowledge is expected from students, balanced, consistent and 100 percent
advance study, writing habit, group discussion, problems solving, overcoming
and controlling time wasters, etc. were important guidance factors.

He also guided students on various important topics viz. how
to study, prepare, plan and manage time before the exams, how to actually write
papers, how to ensure success while writing papers and many other important
issues. Students received his presentation very well. Many doubts and incorrect
impressions were cleared.

Second session commenced with personal experience and tips
shared by three successful CAs. Piyush Lohia, Chinmay Dharap and Harshal Gupta
passing with 2^nd, 5^th and 34^th rank
respectively in final exam of ICAI.

Young CA. Mudit Yadav, a success coach, TEDx speaker and a
motivator shared his personal journey from ordinary school and college career
to qualified CA effectively, with emotions and humour. He encouraged all students
to appear and prepare for CA exams with mindset, resolution and planning.

Convenor CA. Mukesh Trivedi proposed vote of thanks and CA.
Bharat Oza presented memento to the speaker.

Overwhelmingly satisfied and better guided, all Students
carried home clarity and insights with positive resolution to succeed in CA
exams.

About 70 students attended the programme.

BCAS joined hands as a knowledge partner with the Finance
and Investment Cell of Narsee Monjee College of Commerce and Economics for
their event “Insight Conclave 2017” held on the 18^th & 19^th
February 2017.

Insight Conclave 2017, NM College’s first ever business,
finance and economics meeting was held on 18^th and 19^th
of February 2017. Though it was the first year of the fest, it turned out to be
a huge success on account of its innovative events and outstanding speaker
sessions. BCAS joined hands as a knowledge partner for the Event.

The first day, 18^th February, started with
Parliamentary Debate, which was based on the format of the Asian Parliamentary
Debate.This was followed by the main highlight of the day, THE PANEL
DISCUSSION, which was covered by CNBC Awaaz’s show “Pehla Kadam” and anchored
by the host of the show himself, Mr. Anil Singhvi, a CA himself. As the day
progressed, various events based on the lines of Finance and Business like
Moneyball, Newton’s Cradle, Empire and Corporate Restructuring took place.
Alongside, a special session in association with BCAS was organised which was
very well hosted by CA. Ameet Patel, Chairman of Taxation Committee at BCAS.
Apart from this there were eminent speakers from various fields. CA. Vaibhav
Manek talked upon the future of the profession.

The participants was really excited about the event ‘Coffee
with Luminary’, where Mr. Ambareesh Murty, founder and CEO of the online
furniture retail company, Pepper fry and Mr. Mahesh Murthy, the founder of
Pinstorm were invited. The most awaited event THE YOUTUBER’S WAY, had Mr. Sahil
Shah, member of the very famous East India Comedy that was a great end to the
day one of the event.

The second day was amazing, with exciting personalities and
series of Conclave along with brainstorming events awaiting the students. The
events targeted various sectors like the event Airwars which was based on the
pricing strategy of the airline sector. Other than this, an event named
Gaflawas also hosted where the participants had to defend themselves and their
company from the false allegations made against them.The Business Conclave had various
interesting and engrossing segments of which Pioneering Professions was one. It
saw speakers like Mr. Trishneet Arora, CEO of TAC Securities, Mr. Dhruv
Sitwala, two times Asian Billiards Champion and Mr. Neil D’Silva, the global
storyteller. Other segments had the speaker’s discussion on Disruption-is it
the new normal? which was conducted by Mr. Nayan Shah, founder Mayfair Housing
& Jitendra Gupta, founder Citrus Pay.