Published On : Tue, May 29th, 2018

Government does not interfere in autonomy of ICAI – Ajay Sancheti

Ajay Sancheti, ICAI
Nagpur: With enactment of Companies (Amendment) Act, 2017, many challenges are ahead in front of professionals. Significant changes in the Companies Act 2013 through the Amendment act is welcome step said Ajay Sancheti, Former Member of Parliament, Rajya Sabha while speaking on the occasion of Seminar on Companies Act.

He said that government accepts the important role being played by the Chartered Accountant community and is responding positively to the suggestions received from the largest accountancy body of the world. He further added that the current government believes in continuing the automy granted to the Institute of Chartered Accountants of India as the responsibility of accounting and assurance is being handled well within the framework of the Chartered Accountants Act, 1949. He also said that the Chartered Accountants are equipped to have a large scale impact in changing the economic scenario of the country and the professional to continue to upgrade the knowledge skills for continued service to the clients and the society.

He also highlighted that with several new laws coming in place such as Insolvency & Bankruptcy Code, Forensic Audit, huge professional opportunity lies with the CA’s who should gar up for the healthy competition amongst themselves for increased valued added services to the clients. Companies (Amendment) Act – 2017 focuses on international & global standards level and has tried to plug the loopholes which were there in the Act so that willful defaulters may be punished and genuine companies are given incentives, he further added. He stated that certain changes are bound to create initial unrest but would be beneficial to the economy in long run.

CA. Abhijit Kelkar, Regional Council Member in his address said that Companies (Amendment) Act – 2017 is likely to have far reaching consequences on all companies operating in India. Corporate law in the contest of changing economy and making business environment, more transparent, simple & globally acceptable this act would benefit the companies at large. He further updated the members about the various initiatives of WIRC for upgrading the skillsets of members in the coming days.

CA. Umang V Agrawal, Chairman of Nagpur Branch in his welcome address said that keeping in the changing economic environment as well as the growth of our economy the Companies (Amendment) Act 2017 has increased regulations and while simplifying various complex issues. The Act has introduced new concepts which are remarkable and are also setting a tone for making law at par with international standards. He further added that today Chartered Accountants are considered as complete Business Solution provider and therefore members should continue to learn and analyze various new laws and regulation. He further appealed the members to acquire specialized accounting and auditing skills to create a mark for themselves. He also updated the members with respect to various forthcoming programs of the branch.

In the technical Session CS. Gaurav Pingle, Pune presented the paper on “Decoding Companies (Amendment) Act – 2017”, CA. Manoj Pati, Mumbai presented paper on “Various compliances and regulations applicable to CA’s” while “Acceptance of Deposits, Loans & Advances and Related Party Transactions” was deliberated by CA. Abhay Arolkar, Mumbai.

CA. Sandeep Jotwani, Immediate Past Chairman co-ordinated the inaugural session while CA. Saket Bagdia & CA. Jiten Saglani coordinated the technical sessions. CA. Kirit Kalyani, Secretary proposed formal vote of thanks.

Prominently present on the occasion were, CA. Suren Duragkar, CA. Julfesh Shah, CA. Kavita Loya, CA. Ashok Agrawal, CA. Vikas Baheti, CA. Harikawal Jham and more than 150 members.