Nagpur Branch of WIRC of ICAI in coordination with Committee for Members in Industry & Business, ICAI, New Delhi recently organized a program specifically for CA members in industry and business titled “CFO Meet”. ICAI has formed Committee for Members in Industry & Business to encourage and enhance close links between the Institute and the Chartered Accountants in Industries in various capacities to provide for them, a base of reference in terms of knowledge, expertise, skills, and assistance in individual career growth through the development of extensive and intensive relationship with various stakeholders in such manner as to provide the maximum possible exposures to the world of trade, commerce, industry, and Governance.
“CA’s in industry or service sector are an integral part of the sector to ensure optimum financial stability as well as financial security to various stakeholders?” remarked CA Jaydeep Shah, Past President, ICAI, while speaking as a Chief Guest at the event organized specifically for Chartered Accountants in Industry and Service Sector. The confidence of the business promoters and the financial agencies including the creditors is catered to by learned Chartered Accountants, remarked CA Jaydeep Shah. He said that with increasing compliance burdens as regards all types of laws, business houses must appoint Chartered Accountants on their role to oversee the day to day operations.
Banking is one special sector, he pointed out which employs the maximum number of Chartered Accountants to ensure financial scrutiny of proposals as well as ensure the financial security of the lending Bank. Chartered Accountants are masters of ensuring financial discipline in every organization.
Nowadays more and the number of CA’s are venturing into floating their own industry/organization for doing business. The business decisions of an organization being headed and managed by a Chartered Accountant stand more stable and compliant with current government legal requirements, CA Shah Commented. CA Jaydeep Shah complimented the Nagpur Branch for organizing such an informed session for the benefit of members in the industry and service sector.
“A Journey of thousand miles starts with a single step,” remarked RCM CA Abhijit Kelkar. CA Kelkar expressed his gratitude to Committee for Members in Industry & Business, ICAI, New Delhi for allotting this prestigious event to Nagpur Branch. He welcomed all the speaker stalwarts and ensured that Nagpur Branch would conduct such CFO meet regularly in the future also preferably at least once in every quarter.
“Some people dream of success, while other people get up every morning and make it happen- these people are termed as Chartered Accountants,” said CA Suren Duragkar, Chairman, Nagpur Branch of ICAI. CA Duragkar welcomed all the delegates from the Industry and Service Sector. He specifically recognized the support of CCM CA Anil Bhandari, Chairman & CCM CA Hansraj Chugh, Vice Chairman of Committee for Members in Industry and Business for making this special event happen in Nagpur. The members in Industry, as well as the service sector, work hard to ensure financial proprietary as well as compliances of all laws in various business houses. An informed person with a desire to implement the best practices in any organization is usually a Chartered Accountant, remarked CA Duragkar. He welcomed the learned speakers for the session coming from Mumbai and Hyderabad.
CA Nagesh Pinge, Mumbai, Chief Internal Auditor of TATA Motors covered extensively the topic of Internal Audit – A Way Ahead. He stressed that for an effective Internal Audit Control one needs to understand the basics well and need to do a thorough analysis of business transactions. An effective deliberation on “Transfer Pricing-Pitfalls and Best Practices” was covered by CA Gaurav Shah from Mumbai. One needs to be updated and needs to be diligent to cover the provisions of transfer pricing in detail, Gaurav remarked. The talk of the town topic of “GST & Input Tax Credit-Controversies” was covered very effectively and at length by CA Rohit Kumar Singh from Hyderabad, Founder partner of Tax Marvel Consulting Services LLP. He cautioned that Business houses should take proper precautions while availing GST credit else the interest and penalties for availing incorrect/ineligible credits are very high.
An interesting Panel discussion was organized which was moderated by RCM CA Abhijit Kelkar. Stalwarts from the Industry like CA Hemant Lodha from SMS Group, CA Suresh Rathi, President of Vidarbha Industries Association and CA Rajesh Goyal from Indorama Industries were the panelists for the coveted topic. “Need of the hour is to innovate and integrate” remarked CA Hemant Lodha on the occasion. The tax laws need to have complied with the right spirit. CA Suresh Rathi, President VIA remarked that there are a lot of challenges before the industry due to slowdown in the Indian economy. Effective and efficient utilization of available resources and proper planning alone will help the business houses to survive and succeed. CA Rajesh Goyal pointed out the importance of collective and informed working for the success of any organization. The difficulties should not divert your attention instead of proper budgeting and planning would ensure success. The panelists along with CA Nagesh Pinge effectively resolved all the queries of participants.
The event was effectively coordinated by CA Kirit Kalyani, Vice Chairman of the Branch while formal vote of thanks was proposed by CA Saket Bagdia, Secretary.
The event was attended by more than 150 participants from various sectors of industries along with Banking, WCL and service sectors. Prominently present on the occasion were CA Jiten Saglani, Treasurer, CA Sanjay Agrawal, WICASA Chairman, CA Harish Rangwani, Executive Committee Member, CA Akshay Gulhane, Executive Committee Member, CA Tushar Chandak, CA Jatin Chaudhari, CA Manjit Parihar, CA Sanjay Kumar and a lot of CA Members.
(With inputs from thelivenagpur)