Govt gives serious thought to suggestions of ICAI: Sancheti

Source: The Hitavada      Date: 28 May 2018 12:31:34



Business Bureau

Ajay Sancheti, Former Member of Parliament, Rajya Sabha, while speaking at a seminar organised by the Nagpur Branch of Institute of Chartered Accountants of India (ICAI) here recently said that the Government always gives serious though to the suggestions of the institute. “The Government recognises the important role being played by the chartered accountant community and it always responds in a positive manner to the suggestions put forth by largest accountancy body of the world,” he said.

Sancheti further said that with the enactment of Companies (Amendment) Act, 2017, there are various challenges before the professionals. He also welcomed the recent changes in the Companies Act 2013. Sancheti further added that the current Government believes in continuing the autonomy granted to the Institute of Chartered Accountants of India as it is handling the responsibility of accounting and assurance well within the framework of the Chartered Accountants Act, 1949.

He also said that the Chartered Accountants are equipped to change the economic scenario of the country. He also highlighted that with several new laws are coming such as Insolvency & Bankruptcy Code, Forensic Audit, and thus there is a huge opportunity for the professionals. Commenting on the Companies (Amendment) Act, he said that the act focuses on international and global standards level and the objective behind it is to plug the loopholes so that willful defaulters may be punished and genuine companies are given incentives.

He stated that certain changes are bound to create initial unrest but would be beneficial to the economy in long run.
CA Abhijit Kelkar, RCM 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 and globally acceptable. He further updated the members about the various initiatives of Western Region Council of ICAI.

CA. Umang V Agrawal, Chairman of Nagpur Branch in his welcome address said that Companies (Amendment) Act 2017 has simplified various complex issues. In the technical session CS. Gaurav Pingle presented the paper on ‘Decoding Companies (Amendment) Act - 2017’, CA. Manoj Pati, 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.

CA Sandeep Jotwani, Immediate Past Chairman coordinated the inaugural session while CA Saket Bagdia and CA Jiten Saglani co-ordinated the technical sessions. CA Kirit Kalyani, Secretary proposed the vote of thanks. CA Suren Duragkar, CA Julfesh Shah, CA Kavita Loya, CA Ashok Agrawal, CA Vikas Baheti, CA Harikawal Jham and more than 150 members were present.