Professionals have become eyes and ears of State: Dr M S Sahoo

Source: The Hitavada      Date: 29 Dec 2017 10:19:37


 

Business Bureau,

THE Indian society was witnessing a professional change and was influenced by professionals. Though professionals were serving individually, but at the same time they were also rendering a social public responsibility, said Dr M S Sahoo, Chairperson of the Insolvency and Bankruptcy Board of India, while speaking as the chief guest at the inaugural session of the 48th Indian Valuers Congress, at Chitnavis Centre, which was organised by the Institution of Valuers (IOV) and hosted by the IOV, Nagpur branch. Also present on the dais were R S Baabu, National President, IOV, Vinay Goel, National General Secretary, Milan Kale, Chairman, IOV, Nagpur and Hemant Ambaselkar, Secretary, IOV, Nagpur.


“Behind every scam, there is a professional and behind the success of every organisation, there is a professional. Professionals are valuable and are proactive leaders and have become the eyes and ears of the State,” said Dr Sahoo.


He further advised the valuers to work with integrity, efficiency and discipline under the organisational capability. Dr Sahoo added that now even professions had become business and individual role was taken over by business firms, because of the complexities of the business. He also noted that professionals now had to compete with machines.


“The role of traders in the stock market has been taken over by computers. Now, things will be programmed. We need application of ethical mind in innovating new things and better way of doing things,” Dr Sahoo said.
He advised the valuers to be conceptual and relevant. They have to be up-to-date. He also noted that development and regulation went hand in hand. Explaining about their new role, Dr Sahoo expected that the valuers must be able to rescue viable businesses and be least disruptive. According to him, institution, resources and efficiency were the three sources of growth, driven by sophistication and innovations.


Elaborating about the new Insolvency and Bankruptcy Code (IBC), he noted that it gave freedom of entry, freedom to continue business and vacate space when not efficient to carry it. “The IBC gives a way to exit honourably.”


R S Baabu noted that valuers were in a new situation with the Government of India introducing the Companies (Registered Valuers and Valuation) Rules 2017 under the Companies Act 2013. “This is a stepping stone towards further growth of our profession with an official regulator in place,” he said. He advised the valuers to take it as a challenge and a proactive action to move forward and set valuation standards compatible with the International Valuation Standards 2017.


Vinay Goel read out the annual report and declared the winners of various awards of IOV. Milan Kale made the welcome remarks. Kale said: “This national seminar has also become important due to many recent developments in the valuers’ profession as well as in the Indian economics and development scenario.”
The programme was compered by Prasanna Kulkarni while Hemant Ambaselkar proposed the vote of thanks.