|Major Events 2018-19
|March 09, 2019
Special Session on AWARENESS ON INSOLVENCY AND BANKRUPTCY CODE
The Meeting was addressed by Dr. M. S. Sahoo, Chairperson, The Insolvency and Bankruptcy Board of India & CS Manoj Banthia, Manoj Banthia & Associates.
IBBI chairman Dr. M S Sahoo said that it would be unfair to say that resolutions under the Insolvency and Bankruptcy Code (IBC) were tilted towards operational creditors, as is widely perceived. Both operational and financial creditors have benefited alike from resolutions under the IBC.
Dr. Sahoo said "Our data shows that after resolutions, recovery of financial creditors on an average have got 48 per cent of their claims. While, the operational creditors from the same resolution have got back 48.3 per cent, though marginally, they are better treated". "The NCLT (National Company Law Tribunal) does not approve a plan unless it balances the interest of all the stakeholders". In December, the NCLT had observed that operational creditors should have voting rights to have a bigger say in any resolution process.
CS Manoj Banthia, Manoj Banthia & Associates pointed out that when the Law came for the first time in December 2016, Sec. 29A which places certain eligibility restriction on a person who can be a resolution applicant did not exists. He also said that as a businessman my business can fail of my inefficient decision, other certain factors which are not in my control, the business can fail because the market scenario is completely changed- globally and domestically. It may be because of these reasons that I am not able to pay my debts and my company is on the brink of insolvency. In such a scenario may be in the long run the expansion should become limited.
He said that today the behavioural change have come in. Fear has set in and fear is rightly motivating to pay all your debts in time to the banks. Fear is also motivated not to expand beyond the particular limits. This particular Law has really changed the behaviroural pattern of all entrepreneurs, this particular Law has changed the mindset of corporate debtors and this law has really yielded tremendous results at least in two years of its operation. But we also have to see whether this really leads to any limiting of growth or expansion in time to come.
|March 01, 2019
Talk & Interactive Session on "Banning of Unregulated Deposit"
The meeting was addressed by CA Debashish Mitra, Central Council Member, ICAI.
According to Dr. Debashish Mitra the term is defined in the Ordinance u/s 2(17) which provides that Unregulated Deposit Scheme means a scheme or an arrangement under which deposits are accepted or solicited by any deposit taker by way of business and which is not regulated deposit schemes as specified in First Schedule of the Ordinance.
He clarified that any acceptance of deposit or advance from friends, whether for personal or business purposes, are out of the ambit of this Ordinance. The Department of Financial Services has also clarified that this Ordinance exempts Individual, Firm, companies & LLP etc. from taking any loan and deposit for their course of business.
|February 13, 2019
Panel Discussion & Interactive Session on "Digital Transformation - Challenges & Opportunities"
Additional chief secretary, IT and Electronics department, Shri Debashis Sen said that after winning laurels from the World Bank on ease of doing business, the West Bengal government was now trying to create ease of delivering services, on Wednesday."West Bengal is now among top 10 states in India on ease of doing business as notified by the World Bank." He said the state government was also laying emphasis on blockchain, artificial intelligence, internet of things and quantum computing as well. "Ease of delivering services will be done using technology with minimal touch points with the government", Sen said. Methods of government procurement is also going to change in a big way by promoting competition, the additional chief secretary said.
Shri Alok Tibrewal, Pro Vice Chairman was of the opinion that computer science should be open for all students. Today the biggest contributor of technology is the smart classes, The Byju’s, the topper learning, the flip learning; all these online education apps are completely transforming the education system and reducing the dependency on private tutor. Eventually, digital technology just doesn’t mean technology for the sake of technology, it should bring pleasure to the people, it should enhance their abilities, it should add something on value and it must add transparency to the system.
CA Sanjib Sanghi, Secretary, EIRC of ICAI said that the challenges which we are facing today with the clients whom we are dealing with, is they are looking for personalized and timely service, but we have to be technology enabled at all levels. He said we need technology on the service process of delivery, on administration, on client relationship management, on human resource management and getting information at the finger tips. That’s the key.
Shri Prashant Sharma, MD, Charnock Hospital, SKM Group, Kolkata remarked that one of the major developments which are happening and impact our lives is digitization by way of Aadhar and launching one of the world’s most elaborate universal health care system, Ayushman Bharat - a very ambitious project. The next big thing in health care is going to be IT enabled. When it will happen, it will hit the sector like a storm.
Shri Prashant Surana Jain, Co-founder, Snapper Blockchain Technology & Innovations Shri Jain explained that Blockchain and Bitcoin are two different things. Bitcoin is the application of blockchain. Blockchain is basically a technology of trust - bridging trust amongst the business - bridging trust among the echo system and actually bridging trust on the internet. Blockchain is basically a distributed ledger, it’s a distributed data base, where everybody is connected on to a same system and they are sharing the same information which could be the same source of truth. So wherever you think of fraud, we need to establish a trust between the echo systems, multiple parties who can think of blockchain.
|December 09, 2018
2018 Indo Korean Taekwondo Cultural Festival & International Award Ceremony, Opening of GCS Center in Kolkata organized jointly by Taekwondo Cultural Festival Committee & Calcutta Chamber of Commerce
The Festival was graced by Shri Abdur Razzak Molla, Hon'ble Minister of Horticulture & Food Processing Industries, Govt. of West Bengal, Organizing President, Mr. Seok Jae Kang, Secretary General, GCS International, Seoul & Senior Director for Social Responsibility of World Taekwondo Federation (WTF), Shri Debashis Sen, IAS, Additional Chief Secretary, & CMD of WBHIDCO Ltd., Govt. of West Bengal, Great Grand Master Kim Kyung Duk, President of Gyeonggi-do Taekwondo Association, Prof.(Dr.) Debasis Bhattacharyya, Ex-Officio Secretary, Dept. of Health & Family Welfare, Govt.of West Bengal, Shri B.B. Basu, IPS (Retd.), Hon'ble Vigilance Commissioner,Govt. of West Bengal, Shri Satyam Roy Choudhury, CMD, Techno India University, Shri M.K. Saharia, Hon. Consul General of Indonesia and Shri O. P. Agarwal, President, Calcutta Chamber of Commerce.
It was a dazzling display of taekwondo demonstration by world taekwondo exponents at Biswa Bangla Convention Centre. The 30 minute long taekwondo demonstration was performed by a Korean delegation taekwondo team that included a show of taekwondo flying kicks, breakings and taekwondo dance. A memorandum of understanding was signed between Roy's Taekwondo Academy, India and GCS International, Seoul, a United Nations organisation on the occasion for promotion of world peace through the art of taekwondo. Seok Jae Kang, secretary general of GCS International, Seoul and taekwondo Hall of Fame recipient Grand Master Pradipta Kumar Roy signed the MOU on the ocassion. A MOU was also signed between Roy's Taekwondo Academy and Techno India Group to set up a Centre of Excellence for Taekwondo Training. The two day festival was organised by Roy's Taekwondo Academy in association of a number of organisations including Gyeonggi-do Taekwondo Association which is the largest sports association in Korea under Gyeonggi province government and Korea Taekwondo Association under government of South Korea.
|December 06, 2018
Talk & Interactive Session on Present Focus of Government on unearthing of Black Money
The Session was addressed by Shri Pranab Kumar Das, IRS, Director General of Income Tax (Investigation), East, Shri Ashish Verma, IRS, Principal Director of Income Tax (investigation), Kolkata, Shri Arvind Kumar, IRS, Principal Commissioner of Income Tax-4 & Shri Jinesh. S. Vanzara, Sr. Chartered Accountant.
Shri Pranab Kumar Das called for a common platform for various agencies to unearth black money and for seamless investigations. He said, “Implementing authorities like Income tax, Customs and Excise, Enforcement Directorate and others have to work together, hand in hand. There are many angles of the investigation, which cannot be dealt with only one agency and others might also be required. There is a need for common platform," .He stressed that making policies and acts alone would not be enough to tackle the menace of black money. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, along with the introduction of Benami Transaction Act and the amendment in Income Tax Act, have been facilitating the agencies to curb generation of black money. He added, "Due to technologies, we are flooded with information about various transactions by persons. We can identify the track of transactions," he said, adding that more than 100 shell companies were raided in the city, based on the information.
Principal Director of Income Tax (Investigation), Kolkata, Shri Ashish Verma said that I-T officials are getting information from abroad through improved policy initiatives. Hailing the demonetisation move, Verma said note-ban initiative corrected the generation of black money through real estate transactions.
Shri Jinesh. S. Vanzara, Sr. Chartered Accountant questioned the effect of a reopening of assessment even after various court judgments. A number of intricate issues cropped up during the reassessment proceedings. In spite of various guidelines laid down by courts, the department constantly disobeys the same leading to harassments of the assessees, which is not desirable.