BCAS President CA Abhay Mehta’s Message for the Month of May 2022

I am writing this message on the last day and during last hour of April after attending the release function of 60th Diamond Jubilee Edition of BCAS Referencer. The release was an event which we all wanted to celebrate for the foresight of all passionate Past Presidents, Editors and Contributors who contributed towards ensuring Referencer to be of relevance over six decades where there has been continuous changes in the regulatory landscape. It is the passion of offering all possible areas of professional influence to the readers of Referencer which has ensured it a coveted place on professionals table. The event was a memorable one and all who were present will definitely cherish for life.

BCAS has been the pioneer of Referencer and still it continues to be the leader with the rich and most relevant content being offered through its six topical booklets. How a leader is perceived is what comes to my mind through the quote of my GURU Mahatria Ra:

Leadership is not a position,
Leadership is not a designation;
Leadership is in your ability to use yourself,
To be useful to others.

This is that time of the year when everybody wants to travel to cool destinations so as to escape the summer heat. Professionals except in assurance area and those involved in finalization of listed entities accounts are having a relaxed time and want to spend time with their families. When you all are enjoying your time with your family, remember that there is always a mystifying freshness to life. Even if you are visiting the same destination for a vacation enjoy each moment by remembering that life never repeats. Not only life is always new but you are also always new, in your current maturity. This is the way you shall be able to have quality time and will feel rejuvenated when you resume your busy schedule.

On Indian economic front, the much awaited IPO from LIC will open on 4th May, 2022 – the largest by any Indian company. It will be an OFS of Rs.21,000 crores valuing LIC at a whopping Rs.7 trn. However, still its valuation is cheaper than the other listed peers. It will be of interest to understand how international investors perceive its valuation, as this is a test case for disinvestment in PSUs for Government of India.

A disturbing trend which is hampering the economic revival is the rising crude oil prices on account of Russia-Ukraine war and soaring edible oil prices due to sweeping ban on palm oil exports by the top vegetable oil supplying country – Indonesia. These twin factors are contributing to rising inflation thereby affecting the growth in the economy.

BCAS at the turn of the new fiscal on 1st April, organized its first hybrid event – Seminar on LLP under its Taxation Committee. This has set the ball rolling for physical participation for local participants and with an advantage for outstation participants to enroll virtually. To ensure state of the art hybrid events facilities, BCAS has revamped its set up in its conference room to provide much better experience for both physical and virtual participants.

Learning initiatives from BCAS continued its journey relentlessly. A unique M&A Masterclass was organized spread over three days. It was very well received. It provided valuable insights into all the aspects of the overall M&A cycle, like valuation, negotiation skills, due diligence, deal structuring, post deal integration, special situation M&As and industry specific M&As. The unique feature of the Masterclass was that it was addressed by 21 experienced professionals and ably moderated by 5 moderators.

Another annual event of FEMA Study Course has also commenced with the blessings of and Key Note address by CA Shri. Dilipbhai Thakkar. The Study Course in hybrid mode has provided benefit to outstation participants who miss the benefit of such courses if conducted only in physical mode. Again this course is being addressed by 15 professionals specializing in FEMA and International Tax.

The real backbone of BCAS activities is its Study Circles where each participant is in a learning mode and the Group Leader initiates the discussion to disseminate the understanding of the topic. This enables each one to critically evaluate the subject and gain expertise through valuable insights by sharing of knowledge. The Suburban Study Circle resumed its physical meeting which was well attended and there is resumption of the group learning exercise.

The process of imparting learning by successful professionals and sharing of their experiences through BCAS platform is proving that there are responsible successful professionals. BCAS is an incubator where professionals for whom success does not go to their head and have feeling of gratitude find a platform for sharing their knowledge. I would conclude by narrating my GURU Mahatria Ra who feels success and responsibility should go hand in hand:

When success feeds your sense of status,
It makes you even more egoistic.
When success feeds your gratitude,
It makes you even more responsible.
Be successful. Become responsible.