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4i Committee
Uday V. Sathaye
Chairman
Himanshu V. Kishnadwala
Co-Chairman
Chirag A. Chauhan, Nandita P. Parekh and Pinky H. Shah
Convenors
A REPORT
The 1st YRRC organised by the BCAS was a funfilled learning program for the young Chartered Accountants. The YRRC saw a diverse mix of chartered accountants under-35 years of age, from different areas of practice and industry, from all over India. Designed with the intent to share knowledge in an unconventional manner using a youth friendly approach, the YRRC was structured with group discussions, presentations, workshop, indigenous newspapers, networking and entertainment.
During the group discussions on case studies, the four groups – Game Changers, Orbit Shifters, Ice Melters and Mountain Breakers – were seen involved in deep and intense discussions, result of adequate advance preparations and research by the participants and the group leaders. While the days were filled with technical sessions, the evenings provided some respite by way of sight-seeing, music, networking, singing and dancing.
There was high level of camaraderie seen between the participants and the speakers, who enjoyed each
1st Youth Residential Refresher Course
others’ company till the wee hours of the morning. The bonds formed during the YRRC have lasted even thereafter, through a “WhatsApp” group of the participants, enabling professional as well as personal connect between them.
Summarised below is a snapshot of the technical sessions.
DAY 1: Friday, 21st February 2014
Inauguration Session by President, Mr. Naushad Panjwani, Vice-President, Mr. Nitin Shingala and Chairman of 4i committee, Mr. Uday Sathaye
In his opening remarks, Vice-President, Mr. Nitin Shingala and Chairman, Mr. Uday Sathaye shared with the participants the history and the concept behind holding a Residential Refresher Course and how the participants could gain maximum benefit of the course.
In line with his personality, the President, Mr. Naushad Panjwani inaugurated the course with a unique self realisation game. This set the tone and momentum for all the 3 days of brilliant participation. He involved everybody with to-do game cards aimed at instilling the feeling of gratitude in humans.
SESSION 1 – PRESENTATION – OPPORTUNITIES FOR CAs IN POLITICS
Speaker: Mr. Ravindra P. Singh
The speaker emphasised the requirement of educated people to be more involved in politics and how CAs can participate in areas like preparation of Financial Statements, Managing Funds, taking financial decisions and monitoring finances. He also discussed with the participants on the aspect of how remunerative such activities could be. He further emphasised that when it comes to choosing a particular political party, there may not be a definite black or white, but, one could definitely find “the lightest shade of grey”. The session helped the participants in discovering this unexplored area of the profession.
SESSION 2 – PRESENTATION – FDI AND PE FUNDING
Speaker: Mr. Anup P. Shah
This was a comprehensive session covering all facets of the Private Equity (‘PE’) funding cycle and Foreign Direct Investment (‘FDI’). The speaker presented the features, advantages, types and all the stages of the PE funding/ FDI process – from Information Memorandum/ Business Plan to Negotiations to Term Sheets to Due Diligences and Regulatory Approvals to Definitive Agreements (SHA/SSA) to Modification of Articles and relevant nuances at each stage. He also explained how to resolve valuation differences, use convertibles and earn-outs, have floor and caps, monitor use of proceeds. He then explained the board representation rights, information and veto rights, right of first refusal, tag along and drag along rights and exit rights that PE funds demand. He further spoke about the regulatory aspects of FDI and various instruments as well as differences across geographies such as Mauritius, Singapore and Cyprus. The session was very well received by the participants with high participation.
SESSION 3 – WORKSHOP – NETWORKING
Conducted by: Ms. Vandana Saxena
Ms. Vandana, an acclaimed, well read and successful speaker, conducted the workshop in a highly interactive manner engaging all the participants throughout the session. Citing examples from her life, she demonstrated what networking is all about and how it helped her achieved many things in life, professionally as well as personally. The workshop involved some short exercises to help participants practically understand and experience networking. It also helped the participants get a further understanding of their fellow participants which acted as a good ice-breaker.
DAY 2: Saturday, 22nd February 2014
SESSION 1 – PRESENTATION– CASE STUDIES IN COMPANIES ACT, 2013
Opening remarks by session Chairman: Mr. Kamlesh Vikamsey, Past President, ICAI
The Session Chairman got the ball rolling with his opening remarks on the Companies Act, 2013. He explained how the Satyam fraud and Sahara case have had a significant impact on the policy makers of the new Companies Act. He further shed light on how many substantive provisions have been left to delegated legislation in the form of Rules, National Financial Reporting Authority, Class Action Suits, sweeping changes to the role of Auditors including detecting frauds and detailed role of Independent Directors.
Presentation by Paper Writer & Speaker: Mr. Anand Bathiya
Mr. Anand Bathiya, a participant of the YRRC, presented the subject with the genesis behind the evolution of the Companies Act, 2013 and went on to detail the high impact areas including significant applicability to Private Limited Companies, Consolidation under the new Act, etc. He comprehensively solved the case studies and also involved the group leaders to present their view points on the case studies. Sections 185 and 186 dealing with loans including inter-corporate loans, capital raising and accounting provisions with focus on depreciation were explained in a detailed manner. Queries raised by participants were satisfactorily answered by him.
SESSION 2 – PRESENTATION – CASE STUDIES IN PERSONAL FINANCIAL PLANNING
Presentation by Paper Writer & Speaker, Mr. Ankur Nishar; supplemented by session Chairman, Mr. Kartik Jhaveri
This innovative session kicked off with the speaker and chairman giving a briefing to the participants on the basics of personal financial planning. Subsequently, the 4 groups were given a unique case study to internally discuss, come up with a financial plan and present the same to the assembly. The speakers fine-tuned the financial plan prepared by the groups and further explained the nuances of personal financial planning like goal setting, power of money compounding, iinflation factoring and mix of investment sectors across Equity, Debt, Insurance, Real Estate and other assets. This provided an opportunity to the participants to go about making a financial plan by themselves and there was tremendous knowledge transfer.
SESSION 3 – PRESENTATION – UNDERSTANDING WORLD ECONOMICS
Speaker: Mr. Rutvik Sanghvi
The presentation started with
the speaker highlighting the
significance of economic events
on our careers and the rationale
behind studying economics. He
went on to detail the present,
past and future of world
economics. Very passionate
about the subject, the speaker
touched upon the effect of various countries (USA/
USSR/China, etc.) and currencies (US$, Euro, JPY,
etc.) have on the world economics and the impact
of geo-politics on economics and consequential
effect on India. He also shared great insights on the
economic factors for growth and where we, as CAs,
come in.
SESSION 1 – CASE STUDIES ON VALUATION FOR
M&A
Presentation by Paper Writers & Speakers: Mr.
Gaurav Kedia and Mr. Abhinandan Prasad
After the case study discussion by the 4 group, the
speakers spoke about the different methods of
valuation like:
• Earnings focused (Discounted Cash Flows, Free
Cash Flow, Sum of Parts Valuation),
• Asset Focused (Book Value, Replacement Value,
Liquidation Value),
• Market Focused (Internal Transaction Price,
Market Value Method, Comparable Companies Market Multiples Method, Comparable Transaction Multiples Method), etc.
The speakers explained
the nuances and relevance
of each method and the
approach to each method
with the case study as an
example in the backdrop.
Lastly, the concept of
Mergers versus Acquisitions
was taken up and the
financial impact of synergies
arising out of a merger on a swap ratio was also
discussed including buyer’s and seller’s walk-away
prices. There were discussions on how valuation
as a practice is an area which young CAs should
definitely consider as an area of practice considering
the relative shortage of professionals in that area
and the rewarding promise it holds for young CAs.
Concluding session:
This 1st YRRC was concluded with a very positive
note to meet again next year with many more
subjects of interest to the youth. Mr. Naushad
Panjwani, the President, thanked everybody for
their participation in this YRRC. He also requested
all the young members to give their suggestions for
many more such programmes. Mr. Uday Sathaye-
Chairman 4i Committee thanked all young organisers
Kinjal Shah, Naman Shrimal, Chirag Doshi, Jinal Shah,
Ravi Shah and Mahesh Nayak for ably organising
the 1st YRRC. He also thanked all the members who
participated in the 1st YRRC particularly for being a
part of this new chapter in the history of the BCAS.
Everybody parted with sweet memories of this
YRRC with a commitment to meet again next year.
