established in 1907

` 50

IMC JournalVOLUME 107 | ISSUE 5 MARCH-APRIL 2014

(Established in 1907)

INDIANMERCHANTS’CHAMBER

SUSTAINABLE DEVELOPMENT

01IMC JOURNAL MARCH-APRIL 2014

FROM THE PRESIDENT’S DESK

India’s economy is projected to grow at a slower-than-expected rate of

5.3% this year. The current slowdown in the industrial sector, particularly

in the manufacturing sector, is a matter of concern. Growth of the sector

was - 0.7 % in January 2014 and - 0.5 % in the first 10 months of 2013-14.

This does not compare favourably with a growth rate of as high as 18% in

January 2010. The numbers show that growth remains sluggish and

struggles to take off due to lingering structural constraints. With elections

round the corner, one cannot expect much policy focus on the economy,

and things will change only when the new Government firmly entrenches

itself in power, and sets a concrete agenda to propel the nation ahead in

the coming years.

In this context, IMC has submitted to the leaders of all major

political parties an Election Manifesto to outline its legitimate

socioeconomic expectations from those contesting the coming polls. The

Manifesto outlines how annual economic growth can be achieved and

maintained at 10% and how gainful employment could be attained. It

outlines practical steps for making economic policy more

business-friendly and how rural areas could be developed to prevent (or

even reverse) the relentless influx of people into our infrastructurally

challenged urban areas. A whole section is devoted to how corruption –

which is the bane of our society today – could be eliminated. Even if half

of our recommendations are sincerely implemented, they will bring

long term benefits to the country. This election is, after all, going to be a

major turning point and a game changer in the history of India, where

narrow, sectoral considerations are today ruling the roost. It is clearly now

or never. If we don’t vote wisely this time we have no one to blame but

ourselves. The Model Election Manifesto prepared by IMC can be

referred on IMC Website.

The interim budget was presented by the Central Government in

February. Being a vote-on-account budget, not much could be expected

from it. However, given his constraints, the Finance Minister played his

cards well. On the positive side, the importance of the manufacturing

sector has not only been given lip service but excise duty has also been

reduced on many products, including capital goods. This will generate

demand in the economy, which will boost sentiment. On the other hand,

it is mounting subsidies, which is responsible for expanding our fiscal

deficit to unsustainable levels. The quality of expenditure does matter, and

it is unsettling that non-plan expenditure is steadily inching upwards even

as plan expenditure is shrinking.

In the first of its kind, your Chamber instituted the IMC IT Awards to

recognize and encourage IT companies as well as the end-user

community, both large and small. This is most timely considering that

India now churns out the best quality IT professionals today. Technology

– particularly Information Technology and social media – is a strategic

enabler and it has changed the way we look at the world today. IMC has

thus undertaken a key initiative in seriously taking up issues

affecting the Indian IT sector.

IMC along with the City of London held a Roundtable discussion on An

International Reinsurance Hub in India on January 21, which

elaborated on the position of the Indian insurance and reinsurance sector

and requested delegates to contribute their ideas on policies and concerns

to form a coherent framework that is required to convert India into a

reinsurance hub. Converting India into an effective reinsurance

market is of prime importance and the prime objective of this

discussion was to draw the attention of the Government to the concerns

faced by the insurance industry.

A 50 member high level business delegation from Iran visited IMC on

January 23. The recent thaw in Iran-US relations and subsequent easing

of sanctions against Iran has opened up several trade opportunities

with Iran. The delegation meeting was organized to seize this opportunity

to explore possibilities of leveraging the myriad advantages of the eased

sanction regime. In the meeting, the Consul General of Iran presented his

views on this new development and the opportunities it has opened up.

IMC partnered as a national partner with the Government of

Gujarat for its National Summit on “Financial Services-A Key Driver

for Economic Growth” held on February 19, 2014 at Gift City,

Ahmedabad. Being a thought leader and a leading

champion for the cause of Indian industries

and business establishments alike, IMC

welcomed the Gujarat Government’s

innovative initiative and its ambitious plans

via GIFT City. There is no doubt that India

has the potential and all the necessary

ingredients to become the next global

financial hub. This is clearly the first step in

that direction.

Shailesh Vaidya

IMC Knowledge

06IMC’s 7 Day Arbitration Course

IMC Interactions

14INDIAThe Future Reinsurance Hub

39Ladies’ WingIMPACT - International Women’s Day Conclave 8th March 2014

Navi Mumbai

36IMC Navi Mumbai Honours IPS Officers

Gift City

11IMC Partners withGovernment of Gujarat

IMC FUSION

17Tomorrow’s Trends for Today’s Youth

02 SUSTAINABLE DEVELOPMENT

PresidentShailesh Vaidya

Vice PresidentPrabodh Thakker

EditorArvind Pradhan, Director General

Executive EditorJitendra Sanghvi, Deputy Director General

PublisherSanjiv Gaitonde, Deputy Director

Views expressed in the IMC Journal are not necessarily those of the Committees of the Chamber.

Non-receipt claims will not be entertained after four months of the publication of the journal; six months in the case of overseas subscribers.

Please send correspondence concerning this journal to: Editor, IMC JournalIndian Merchants’ Chamber IMC Marg, Churchgate, Mumbai 400 020 Tel: +91-022-2204 6633 | Fax: 2204 8508 Email: [email protected]: www.imcnet.org

Single Copy Price ` 50/-

Annual Subscription (For 6 Issues)` 200/- (India) | $ 30 (Abroad)

Design & Printing : Finesse Graphics & Prints Pvt. Ltd. Tel: +91-022-4036 4600E-mail : [email protected]

For Advertising please write to: [email protected]

IMC

IMC IT AWARDS

22IMC Institutes IT Awards

IMC 2014-15


Mr. Prabodh Thakker, Vice-President (2013-14) of Indian Merchants’ Chamber (IMC) has been elected as the Chamber's President for 2014-15. Mr. Dilip G. Piramal has been elected as IMC's Vice-President for 2014-15.

They will be ushered into their new offices at the Annual General Meeting (AGM) of the Chamber to be held sometime in June 2014 when the current President, Mr Shailesh Vaidya, will step down from office after completing his distinguished one-year term.

Mr. Prabodh Thakker is the Founder and Chairman of Aon Global Insurance Brokers Pvt. Ltd, a 74:26 Joint Venture between Global Insurance and Aon Holdings B.V. A third generation insurance entrepreneur, Mr. Thakker has been associated with the Indian and International Insurance and Reinsurance Market for more than three decades. In his previous role, he was Managing Director of Global Insurance Services Pvt. Ltd. and is now on the Board of various Group Companies of Global Insurance.

Mr. Dilip G. Piramal, Chairman of VIP Industries Ltd., began his business career in Morarjee Mills, a Piramal family concern. His career as an industrialist in his own right began with his takeover of VIP Industries Ltd.

Managing Committee

For the 12 seats on the Managing Committee of the Indian Merchants’ Chamber, 18 valid nominations were received. Subsequently, 6 of the candidates having withdrawn their candidature, the following members have been elected, without contest, to the Managing Committee of the Chamber for the two-year term 2014-2016.

1. Mr. M. K. Chouhan 2. Mr. Dilip Dandekar 3. Mr. Chirag Doshi4. Mr. K. M. Doshi 5. Mr. Mark S. Fernandes 6. Mr. Raj Nair 7. Mr. Rajiv Podar 8. Mr. Anil Ruia 9. Mr. Jinesh H. Shah 10. Mr. Shaunak Thacker 11. Mr. Mahesh Thakkar 12. Dr. Y. P. Trivedi

There will, therefore, be NO ELECTION to the Managing Committee, which was scheduled on Tuesday, 22nd April, 2014

Mrs. DeenaMehta

IMC: New Office Bearers for 2014-15

IMC KNOWLEDGE

IMC’s 7 Day Arbitration Course

Mr. Prabodh Thakker, Vice President, IMC, welcomed the speakers and participants. He emphasized the need for resolving commercial disputes by Arbitration and the need for imparting thorough knowledge of Arbitration Law as well as the practical aspects of handling arbitration to the persons appearing before the arbitrators as well as aspiring arbitrators.

Ms. Rajani Iyer, Senior Counsel, assisted by Ms. Noel Ann-Park, Advocate, conducted an interactive session while speaking on ‘Introduction to Arbitration – Part I’. She covered the topics of essence of Arbitration, History of Arbitration Legislation in India and objectives of Arbitration and Conciliation Act. The entire session was conducted by her interactively.In the second session, Mr. Janak Dwarkadas, Senior Counsel, assisted by Mr. Chirag Kamadar, Advocate, spoke on “Introduction to Arbitration – Part II”, covering differences between UNCITRAL Model Law and the Arbitration Act 1996. He pointed out the relevance and reliance on UNCITRL in interpretation of the Act. Differences between Arbitration Act 1940 and Arbitration and Conciliation Act 1996 were discussed and applicability of the Arbitration Act of 1996 to International Commercial Arbitration was explained exhaustively with references to case laws pointing out the effects of Bhatia International Judgement and Balco Judgement.

A 7 Day course in Arbitration was organized by IMC Court of Arbitration and Conciliation Committee from 24th February to 3rd March, 2014. In all, 26 speakers conducted 13 sessions for 64 participants. The course was conducted by eminent Senior Counsel, Senior Advocates and Former Judges with practical experience as Arbitrators as well as Counsel/Advocates appearing before the Arbitrators.

Ms. Rajani Iyer, Senior Counsel

Mr. Janak Dwarkadas, Senior Counsel


IMC KNOWLEDGE

IMC JOURNAL MARCH-APRIL 2014 07

In the third session, Mr. T. N. Subramanian, Senior Counsel, assisted by Ms. Rubin Vakil, Advocate, spoke on “Introduction to Arbitration – Part III’. He stated that arbitration as practiced today is costly and why proceedings are delayed considerably resulting into more expensive arbitration. He also, amongst other things, pointed out how to make the process of Arbitration faster and what the Institutes providing the services of institutional arbitrations should do to improve their services. This session saw a lot of interaction between the participants and the speakers.

In the fourth session, Mr. Rajiv Kumar, Senior Counsel, assisted by Mr. Kirti Munshi, Counsel, spoke on ‘Arbitration Agreements’ explained by referring to relevant Case Laws, the importance of drafting proper Arbitration Agreement, the successive references under one Arbitration Agreement, doctrine of separability, effect of death or insolvency of party on Arbitration Agreement and other relevant aspects of Arbitration Agreements.

In the fifth session, Mr. Edul Bharucha, Senior Counsel, assisted by Mr. Firoz Bharucha, Counsel, spoke on “Initiation and Invocation of Arbitration procedure” wherein he explained various aspects of Initiation and Invocation of Arbitration procedure supported by relevant Case Laws.

Mr. T. N. Subramanian, Senior Counsel

Mr. Rajiv Kumar, Senior Counsel

Mr. Edul Bharucha, Senior Counsel

In the sixth session, Mr. Rafique Dada, Senior Counsel, and his associate speaker Mr. Shaunak Thacker, Advocate, spoke on ‘Powers of Courts of Law (Before commencement of and during the course of arbitral proceedings)’. They explained the provisions relating to powers of Courts of Law for intervention by the Courts in detail, citing and explaining important relevant judgments. Mr. Dada also pointed out that the objective of the 1996 Act was to restrict the powers of the Courts to intervene in Arbitral proceedings but many judicial pronouncements have widened the scope of powers of Courts to intervene.

In seventh session, Mr. Anant Shende, Advocate, assisted by Mr. Rashmin Khandekar, Advocate, spoke on “Practical aspects of conducting arbitral proceedings – Part I”. He explained practical aspects in conducting arbitration emphasizing the fundamental principle as enunciated in Sec.18 of the Act that the parties shall be treated with equality and each party shall be given a full opportunity to present his case, which must govern conduct of any arbitration, pointing out that provisions which follow Sec.18, only explain and expand everything that is inherent in Sec.18. He covered various practical aspects of conducting arbitral proceedings such as what is required to be done at the first meeting of the Arbitral Tribunal, exploring the possibility of settlements, pleadings of parties, hearing and written proceedings, framing of issues, need for administrative assistance and assistance of an expert if needed and emphasized the importance of institutional Arbitration such as provided by IMC.

Mr. Rafique Dada, Senior Counsel

Mr. Anant Shende, Advocate

IMC KNOWLEDGE


In the eighth session, Mr. Ketan Parikh, Senior Counsel, assisted by Ms. Amiksha Joshi, Advocate, spoke on ‘Practical aspects of conducting Arbitration – Part II’’ covering challenge to Jurisdiction under Sec. 16 and challenge to Arbitration under Sec. 12 & 13 and Appeals from orders u/s 16 which was interesting and educative. The entire session was conducted in an interactive way and was unanimously appreciated by all the participants.

In the ninth session, Mr. D.R. Dhanuka, Former Judge, Bombay High Court, assisted by Ms. Meenakshi Dhanuka-Rungta, Advocate, spoke on “Practical Aspects in conducting Arbitral proceedings – Part III” He exhaustively covered various practical aspects and situations such as what happens when a named arbitrator expires before commencement of arbitration proceedings, whether the arbitration clause becomes unenforceable by reasons of death of named arbitrator and what happens when an arbitrator expires during pendency of arbitral proceedings explaining in detail Sec .14 & 15 of the Act relating to impossibility to act and termination of mandate of arbitrator. He also explained consequences of defaults by a party and death of a party by explaining Secs. 25 and 40 of the Act. All these were explained with reference to judgements of High Court and Supreme Court making his talk very interesting.

The tenth session saw Mr. Ketan Parikh, Senior Counsel, assisted by Ms. Sneha Phene, Advocate, speak on ‘Practical Aspects of conducting Arbitration – Part IV’. Mr. Parikh exhaustively covered all relevant aspects of evidence in arbitral proceedings in an interactive way inviting questions from the participants.

Mr. Ketan Parikh, Senior Counsel

Mr. D.R. Dhanuka, Former Judge, Bombay High Court

IMC KNOWLEDGE

IMC JOURNAL MARCH-APRIL 2014 09

In the eleventh session, Mr. Justice B.N. Srikrishna, Former Judge, Supreme Court of India, and his associate speaker Ms. Sushma Nagraj, Advocate, spoke on ‘Award’. He explained all the relevant sections relating to law to be applied in determination of dispute, interim and final Award contents of Award, publication, stamping and registration of Award and termination of proceedings etc.

In the twelfth session, Mr. S.U. Kamdar, Senior Counsel, assisted by Mr. Naushad Engineer, Counsel, spoke on ‘Post Award Matters’. He explained the relevant sections 32 to 37 and section 43 relating to Post Award Matters citing and explained relevant case laws on the subject. He also explained provisions regarding effect of an award on the mandate of Arbitrator and interpretation of Awards and additional award and challenging Arbitral Awards.

In the thirteenth session, Mr. Kevic Setalvad, Additional Solicitor General of India, assisted by Ms. Sushma Nagraj, Advocate, spoke on ‘Foreign Awards’ which was interesting and enlightening. He very articulately explained the disregard of the letter and spirit of the Arbitration Act 1996 and that of the New York Convention by the Indian Courts which has been criticized globally and how with Bharat Aluminum and other recent judgements the Supreme Court has put to rest some of its self-generated controversies. He also explained all the relevant aspects of foreign awards, citing and explaining in brief, relevant judgements of the Supreme Court.

Mr. S.U. Kamdar, Senior Counsel

Mr. Kevic Setalvad, Additional Solicitor General of India

Mr. Justice B.N. Srikrishna, Former Judge, Supreme Court of India

IMC KNOWLEDGE


GIFT CITY

IMC JOURNAL MAR-APR 2014 11

Indian Merchants’ Chamber was honoured to partner as a National Partner with the Government of Gujarat for its National Summit on “Financial Services - A Key Driver for Economic Growth” held on 19th February, 2014 at GIFT City, Ahmedabad. Being a thought leader and one of the leading champions for the cause of Indian industries and business establish-ments alike, IMC welcomed the Gujarat Government’s initiative and its future plans via GIFT City.

Addressing the business session, IMC President Mr. Shailesh Vaidya, said that with India’s financial and capital markets acquiring greater size and maturity, we could easily consider serving the financial needs of an international clientele. There is considerable merit in systematically embarking on expanding the level and scope of international financial services in India. The cost of operations here is amongst the lowest in the world. Thrift is an inherent part of our culture and we understand the value of every rupee earned and spent. In this context, the Government

of Gujarat’s efforts to develop the Gujarat International Financial Tec-City Project (GIFT) as India’s first global financial hub has been very well received by the global community.Mr Vaidya further added that India’s strengths include a young population (over 54% of India’s population is below 25 years age), widespread banking network, vibrant financial services sector, pulsating capital market, functional democracy, large English speaking population, well-defined legal structure, large pool of skilled manpower (engineers and scientists), innovative corporate sector, large forex reserves and inward remittances.

The summit brought together India leading personalities from the banking and insurance sector, along with government officials representing the Center and State. The summit aimed to facilitate the process of putting together rules and procedures that will be directed toward ensuring the envisaged dream of ‘Global Financial Hub’ in India.

The GIFT-city project is a Government of Gujarat initiative to develop a state-of-the-art Global Financial Hub to rival those in London, Tokyo, Paris and Shanghai.

(L-R): Mr.Nitinbhai Patel, Hon’ble Mr. Narendra Modi, Mr. Shailesh Vaidya and Mr. Saurabh Patel

IMC Partners withGovernment of Gujarat


IMC INTERACTIONS

Mr. Ramakant Jha, MD & Group CEO, Gujarat International Finance Tec-City Company Ltd. made an interesting presentation on “GIFT City Project: Investment Opportunities”.

Mr. Shailesh Vaidya, President, IMC, welcomed Mr. Jha and gave an overview of his impressive technocratic quali�cations and his diverse public sector work experience both in Maharashtra and Gujarat.

Mr. Jha stated that the economies of agglomeration mattered and the clustering process (which minimized time spent by the workforce on commuting) enabled a signi�cant decline in the costs of doing business.

In this context, GIFT City was a strategically located, futuristic next generation city. It was the only centre in India, noti�ed

as an International Financial Services Centre (IFSC) by the Government

of India and o�ered distinct advantages in terms of

business opportunities across many diverse product markets.

The key points made by Mr. Jha in his presentation were:

India’s �nancial services sector will grow larger, providing around 10 to 11 million jobs by 2020. 10% of these jobs will be in Gujarat.

By 2020, the entire financial services sector – including core financial services, capital markets and trading, IT for financial services and ITeS/BPO for financial services – will constitute a major chunk of the economy.

In this context, the GIFT City had many advantages to o�er, including

Globally benchmarked international financial centre

Strategic location in a central business hub providing 5 lakh direct and an equal number of indirect jobs

State-of-the-art infrastructure targeting financial services and the IT/ITeS sectors

First of its kind in India in terms of scale, scope and quality.

GIFT will target around 10% of the total �nancial services potential in India.

90 million sq. ft. office and residential space with 25% buildings and 75% greenery.

Entertainment facilities for professionals to have an adequate work-life balance.

GIFT will also spur development in the region with integrated townships coming up around it to cater to a rising and affluent population.

GIFT will have a multiservice SEZ with IFSC Status and will cater to a range of financial services, including :

Offshore banking fund custody, administration and custody

Insurance, assurance and reinsurance Corporate treasury management, and Securities trading

67% of the space in the GIFT City complex will be used for commercial purposes, 22% for residential purposes and the rest for social purposes.

Multilevel parking accommodating around 60,000 cars. The total parking requirement in the GIFT City is estimated at about double that.

All utilities and services in GIFT City will be coordinated through a single agency and the technology will ensure energy conservation

Excellent connectivity with both a Metro and a Bus Rapid Transit System (BRTS).

SMART transportation, including interactive road maps and automatic vehicle location and tracking systems

High quality water infrastructure – drinking and storing.

A computer controlled system monitoring e-waste, solid waste, biomedical and hazardous waste with no garbage collection by trucks, since it is a Green and SMART City.

Latest power infrastructure with 99.99% reliability ensuring only 5.3 minutes outage a year. The ultimate aim is to create a world class financial city by offering an unrivalled business environment to global and local financial services enterprises.

Mr. Ramakant Jha

GIFTCITY

Investment Opportunities in

IMC INTERACTIONS


Mr. Ramakant Jha, MD & Group CEO, Gujarat International Finance Tec-City Company Ltd. made an interesting presentation on “GIFT City Project: Investment Opportunities”.

Mr. Shailesh Vaidya, President, IMC, welcomed Mr. Jha and gave an overview of his impressive technocratic quali�cations and his diverse public sector work experience both in Maharashtra and Gujarat.

Mr. Jha stated that the economies of agglomeration mattered and the clustering process (which minimized time spent by the workforce on commuting) enabled a signi�cant decline in the costs of doing business.

In this context, GIFT City was a strategically located, futuristic next generation city. It was the only centre in India, noti�ed

as an International Financial Services Centre (IFSC) by the Government

of India and o�ered distinct advantages in terms of

business opportunities across many diverse product markets.

The key points made by Mr. Jha in his presentation were:

India’s �nancial services sector will grow larger, providing around 10 to 11 million jobs by 2020. 10% of these jobs will be in Gujarat.

By 2020, the entire financial services sector – including core financial services, capital markets and trading, IT for financial services and ITeS/BPO for financial services – will constitute a major chunk of the economy.

In this context, the GIFT City had many advantages to o�er, including

Globally benchmarked international financial centre

Strategic location in a central business hub providing 5 lakh direct and an equal number of indirect jobs

State-of-the-art infrastructure targeting financial services and the IT/ITeS sectors

First of its kind in India in terms of scale, scope and quality.

GIFT will target around 10% of the total �nancial services potential in India.

90 million sq. ft. office and residential space with 25% buildings and 75% greenery.

Entertainment facilities for professionals to have an adequate work-life balance.

GIFT will also spur development in the region with integrated townships coming up around it to cater to a rising and affluent population.

GIFT will have a multiservice SEZ with IFSC Status and will cater to a range of financial services, including :

Offshore banking fund custody, administration and custody

Insurance, assurance and reinsurance Corporate treasury management, and Securities trading

67% of the space in the GIFT City complex will be used for commercial purposes, 22% for residential purposes and the rest for social purposes.

Multilevel parking accommodating around 60,000 cars. The total parking requirement in the GIFT City is estimated at about double that.

All utilities and services in GIFT City will be coordinated through a single agency and the technology will ensure energy conservation

Excellent connectivity with both a Metro and a Bus Rapid Transit System (BRTS).

SMART transportation, including interactive road maps and automatic vehicle location and tracking systems

High quality water infrastructure – drinking and storing.

A computer controlled system monitoring e-waste, solid waste, biomedical and hazardous waste with no garbage collection by trucks, since it is a Green and SMART City.

Latest power infrastructure with 99.99% reliability ensuring only 5.3 minutes outage a year. The ultimate aim is to create a world class financial city by offering an unrivalled business environment to global and local financial services enterprises.


IMC INTERACTIONS

The Insurance Committee of Indian Merchants’ Chamber in association with City of London organized a round table discussion on “An international reinsurance hub in India – a discussion on the required framework” on 21st January, 2014.

Ms. Charulata Ravi Kumar hosted the discussion, requesting the delegates to contribute ideas on policies and concerns to form a frame work that is required to convert India into a reinsurance hub. She further mentioned that IMC is trying to establishing a world class Alternate Dispute Resolution (ADR) center to cater to both domestic and international needs.

IMC Vice President Mr. Prabodh Thakker highlighted IMC’s role as a catalyst and how IMC is in the forefront for taking up

crucial issues and social causes relating to trade and industry.

Converting India into a reinsurance market is of prime importance and the prime objective of this discussion was to draw the attention of the Government to the concerns faced by the insurance industry. He stated that a special committee would be set up to turn this dream into reality.

Ms. Anita Nandi, Chief Representative – India, City of London, spoke briefly about City of London and how its main task is to support and promote the UK financial services sector to the government and private sector in India.

Mr. Ramnath Balasubramanian, Partner, McKinsey & Company in his presentation presented the vision ‘Indian insurance sector 2025’.

He spoke on India’s progress in insurance in the last 12 years wherein insurance life cover has increased from 309 (2009) to 380 million cover premiums (2012) and non-life cover has increased from 99 (2009) to 461 million cover premiums (2012).

According to the McKinsey report the Indian insurance sector globally holds 10th position in life industry and 19th position in the non life industry (in nominal terms).

Mr. Ashvin Parekh, Chairman, Ashvin Parekh Advisory Services started the discussion about the policy framework that the insurance sector needs today and the view was that reinsurance sector has taken a back seat in India.

Discussions revolved around Insurance Amendment Act 2008, leaving aside the 26% and 49% FDI and accepting the remaining points of the Insurance Amendment Act. Existing reinsurance hubs like Singapore and London were discussed as well.

Suggestions were made to use the comparative advantage of India differently as a large sector of Indian market is underpenetrated. Offering apt returns on equity (RoE) will

help accelerate the growth of the insurance sector by attracting newer companies to the Indian insurance market.Mr. Jairaj Purandare, Chairman, JMP Advisors discussed the taxation issues and stated that India lacks a propitious regulatory environment. The Income Tax Act in India has special provisions to deal with the Life and Non Life insurance but there are no special provisions to deal with the reinsurance sector. Clarity and clear provi-sions are required in the taxation system. Minimum alternative tax should not be ap-plied in the reinsur-ance sector.

Input-output credit should be allowed in India. In many cases, of joint ventures, the lead insurer is paying the tax rather than the joint partner.

Mr. Arun Agarwal, Chairman, Insurance Committee, IMC said that IMC and City of London would jointly come up with a paper to highlight the gaps in the governance and the eco-system and the need for India to be a reinsurance hub.

INDIAThe Future Reinsurance Hub

IMC INTERACTIONS


The Insurance Committee of Indian Merchants’ Chamber in association with City of London organized a round table discussion on “An international reinsurance hub in India – a discussion on the required framework” on 21st January, 2014.

Ms. Charulata Ravi Kumar hosted the discussion, requesting the delegates to contribute ideas on policies and concerns to form a frame work that is required to convert India into a reinsurance hub. She further mentioned that IMC is trying to establishing a world class Alternate Dispute Resolution (ADR) center to cater to both domestic and international needs.

IMC Vice President Mr. Prabodh Thakker highlighted IMC’s role as a catalyst and how IMC is in the forefront for taking up

crucial issues and social causes relating to trade and industry.

Converting India into a reinsurance market is of prime importance and the prime objective of this discussion was to draw the attention of the Government to the concerns faced by the insurance industry. He stated that a special committee would be set up to turn this dream into reality.

Ms. Anita Nandi, Chief Representative – India, City of London, spoke briefly about City of London and how its main task is to support and promote the UK financial services sector to the government and private sector in India.

Mr. Ramnath Balasubramanian, Partner, McKinsey & Company in his presentation presented the vision ‘Indian insurance sector 2025’.

He spoke on India’s progress in insurance in the last 12 years wherein insurance life cover has increased from 309 (2009) to 380 million cover premiums (2012) and non-life cover has increased from 99 (2009) to 461 million cover premiums (2012).

According to the McKinsey report the Indian insurance sector globally holds 10th position in life industry and 19th position in the non life industry (in nominal terms).

Mr. Ashvin Parekh, Chairman, Ashvin Parekh Advisory Services started the discussion about the policy framework that the insurance sector needs today and the view was that reinsurance sector has taken a back seat in India.

Discussions revolved around Insurance Amendment Act 2008, leaving aside the 26% and 49% FDI and accepting the remaining points of the Insurance Amendment Act. Existing reinsurance hubs like Singapore and London were discussed as well.

Suggestions were made to use the comparative advantage of India differently as a large sector of Indian market is underpenetrated. Offering apt returns on equity (RoE) will

help accelerate the growth of the insurance sector by attracting newer companies to the Indian insurance market.Mr. Jairaj Purandare, Chairman, JMP Advisors discussed the taxation issues and stated that India lacks a propitious regulatory environment. The Income Tax Act in India has special provisions to deal with the Life and Non Life insurance but there are no special provisions to deal with the reinsurance sector. Clarity and clear provi-sions are required in the taxation system. Minimum alternative tax should not be ap-plied in the reinsur-ance sector.

Input-output credit should be allowed in India. In many cases, of joint ventures, the lead insurer is paying the tax rather than the joint partner.

Mr. Arun Agarwal, Chairman, Insurance Committee, IMC said that IMC and City of London would jointly come up with a paper to highlight the gaps in the governance and the eco-system and the need for India to be a reinsurance hub.

Mr. Ashvin Parekh

Mr. Jairaj Purandare

Mr. Ramnath Balasubramanian

Mr. Prabodh Thakker

Mr. Arun Agarwal


IMC INITIATIVE

On 19th January, 2014, IMC participated in the Standard Chartered Mumbai Marathon 2014 supporting the Uttarakhand relief work through the Indian Merchants’ Chamber Relief Fund.

In the wake of the unprecedented devastation caused by flash-floods in a major portion of Uttarakhand, lives have been uprooted causing much grief to the common man. The marathon had the enthusiastic support of Mr. Shailesh Vaidya, IMC President, who tirelessly requested IMC members to be a

part of this social initiative by bidding for the BIBS, contributing generously to IMC relief fund and for providing yeoman service to the unknown thousands who have suffered due to this massive natural calamity.

IMC Relief Fund along with Harmony Foundation had generated 43 participants for the 6kms “Dream Run” including IMC President Mr. Shailesh Vaidya, Director General Mr. Arvind Pradhan, IMC members, YLF members and IMC staff.

IMC supports Uttarakhand via the

Standard CharteredMarathon 2014

IMC FUSION


The Indian Merchants’ Chamber organized its 3rd edition of IMC Fusion, the Conference on Entertainment, Media & Sports on 15th February, 2014 at Grand Hyatt in Mumbai. The theme was “Tomorrow’s Trends for Today’s Youth”.

The IMC FUSION Conference represented the convergence of today’s three most dynamic sectors – Entertainment, Media & Sports. Fusion 2014 was organized by IMC’s Entertainment, Media & Sports Committee chaired by Mr. Manmohan Shetty and co-chaired by Ms. Bharathi Pradhan, Mr. Sanjoy Chakrabarty and Mr. Mir Ranjan Negi.

As in the first two editions, Mr. Kabir Bedi was the Host of Fusion 2014.

The third edition of IMC Fusion saw renowned personalities from all three sectors deliberating on a wide

array of topics covering current issues and trends, emerging technologies and new-age engagement with the consumer, content and creation, talent and involvement, influence of social media and the app. world, technical aspects of Indian cinema, and other contemporary developments in ever evolving and dynamic sectors of Entertainment, Media and Sports.

Mr. Ramesh Sippy inaugurated the conference while Mr. Subhash Ghai was Guest of Honour.

The Knowledge Paper on ‘Multi-Screen Behaviour: A Study on Emerging Consumer Dynamics’ was also launched during the inaugural session by the guest of honour and presented by Mr. Sanjoy Chakrabarty, Co-Chairman of Entertainment, Media and Sports Committee and Prof. Mohan Rao of IESMCRC.

IMC President, Mr. Shailesh Vaidya said that the entertainment industry has changed from a static to a dynamic activity, moving from the drawing rooms and theatres to engaging on social media while travelling on your smartphone. Transiting from a 5-day test match to T20 with cheer leaders is yet another example of how Entertainment, Media and Sports industries are converging in the way content is created and distributed across various connecting platforms. IMC FUSION is all about this convergence of the three sectors.

IMC in association with Indian Education Society (IES) presented a Knowledge Paper on ‘Multi Screen Behaviour: A Study on Emerging Consumer Dynamics’. The study was the first of its kind in Mumbai with intensive methodology. It is a comprehensive study across the following age groups - Teens, Youth, Young Working Professionals.

The objective of the knowledge paper was to explore consumer

usage behavior with regards to consumption of media content through various screens, how frequently various screens are used (individual and combined platforms), how consumers use different screens (simultaneous/sequential), when do they use various platforms (time), what motivates consumers to use various screens (context in terms of: motive/time/ place/attitude).

The sessions in the Conference included discussions on:

◙ Urgent Call For Software: It’s High Time Indian TV Content Went Global

◙ Netagiri & Worrisome Issues: Can SOCIAL MEDIA Influence Change?

◙ Gimme Instant Updates: Have Multi-screen Options Changed News & Sports Viewership?

◙ Breasting The Rs 300 Crore Mark: Business Booms In Indian Cinema

The first session was on ‘Urgent Call for Software: It’s High Time Indian TV Content Went Global’. Speakers included Ms. Anupama Mandloi, MD, Freemantle India, Mr. Gajendra Singh, founder of Saai Baba Telefilms Pvt. Ltd. and Mr. Siddharth Basu, Chairman & MD, Big Synergy Media Ltd. The session saw a detailed discussion on the urgency of software for today’s media content. Mr. Singh said that for global exposure, the Indian media needs to pay attention toward

showcasing an interesting content, helping the marketing team, and co-producers to make the broadcasters buy it and promote it eventually.

Mr. Mandoloi stated that India does not have a distribution network and sufficient bandwidth to tap content across the world, while Mr. Basu said that media partnership between the Government and the Broadcasters can increase the scope of Indian content worldwide.

The third session on ‘Gimme Instant Updates: Have Multi-screen Options Changed News & Sports Viewership?’ included speakers Mr. Anil Singh, CEO, ProCam Sports, Mr. Annurag Batra, Chairman, Exchange4media, Business World and Mr. Vinod Bhanushali, President (Marketing),

T-Series. They highlighted that digital platforms, especially ‘Twitter’ has proven to be a branded content mechanism in giving out wider media coverage to sports. Mr. Bhanushali said that social media not only helps sports but also the music industry which includes Youtube and Twitter.

In the last session on “Breasting the Rs 300 Crore Mark: Business Booms in Indian Cinema”, panelists Mr. Komal Nahta, Editor, Film Information, Mr. Mukesh Bhatt, Producer/Director, Mr. Ramesh Taurani, Producer, Tips Industries Ltd. and Mr. Shhyam Singhania, Chairman of

Enarr Group highlighted the different business aspects of the Indian cinema. The availability of multi-screen theatres has led to the change in the normal mindset of Indians who prefer to experience the movie first in the theatres. This helps Indian Cinema industry to earn the maximum revenue possible.

The second session on ‘Netagiri & Worrisome Issues: Can Social Media Influence Change?’ saw Mr. Anuj Kumar, CEO, Affle, Mr. Harish Tibrewal, CEO, Social Wavelength, Mr. Harshil Karia, Online Strategist & Co-founder, FoxyMoron, Ms. Suchitra Iyer, Editor, Society and Mr. S.

Swaminathan, of IRIS Business Services air their views on the subject. Ms. Iyer stated that social media has

challenged print media, as celebrities now use other, faster platforms.

Mr. Karia said that the mobile device reached out faster proving that social and print

media are the two important wheels of mainstream media.

IMC Fusion Tomorrow’s Trends for Today’s Youth

(L-R): Mr. Arvind Pradhan, Ms. Bharathi Pradhan, Mr. Sanjoy Chakrabarty, Mr. Manmohan Shetty, Mr. Shailesh Vaidya, Mr. Ramesh Sippy, Mr. Subhash Ghai and Mr. Mir Ranjan Negi


IMC FUSION





























Mr. Subhash Ghai & Mr. Shailesh Vaidya

IMC FUSION






























FIRST SESSION

SECOND SESSION

(L-R): Mr. Kabir Bedi, Mr. Siddharth Basu, Mr. Gajendra Singh, Ms. Anupama Mandloi and Ms. Bharathi Pradhan

(L-R): Mr. Kabir Bedi, Mr. S. Swaminathan, Ms.Suchitra Iyer, Mr. Harshil Karia, Mr. Harish Tibrewal and Ms. Bharathi Pradhan


IMC FUSION





























FOURTH SESSION

THIRD SESSION

(L-R): Mr. Kabir Bedi, Mr. Shhyam Singhania, Mr. Mukesh Bhatt, Mr. Ramesh Taurani, Mr. Komal Nahta and Ms. Bharathi Pradhan

(L-R): Mr. Kabir Bedi, Mr. Anil Singh, Mr. Annurag Batra, Mr. Vinod Bhanushali and Ms. Bharathi Pradhan

IMC FUSION


‘Excellence Award in Cinema’ Awarded to Mr. Rakesh Roshan.

‘Excellence Award in Media’ to NDTV, which was accepted by Mr. Sreenivasan Jain, Managing Editor, NDTV on behalf of NDTV.

IMC Excellence Award Winners


IMC IT AWARDS

In a first of its kind, the IMC instituted the ‘IMC IT Awards’ to recognize and encourage IT companies and the end-user community, small and large. The presentation was held on 30th January, 2014. The Chief Guest for this first ever ‘IT Awards’ was Mr. P.S. Deodhar, Chairman, Aplabs and former Chairman of the Electronic Commission.

In his welcome address, IMC President Mr. Shailesh Vaidya emphasized the significance of IMC and the many hats it had adorned by being the very first to hold such an event. Mr. Vaidya mentioned that this was not the first

time that IMC has created and organized an unique event. He elaborated that IMC lays a lot of emphasis on public education has awareness creation and conducts many programs to that end. The recognition of talent in the IT Sector can help promote the objective of sustainable development.

The Indian economic reforms in 1991, led to a new era of globalization and international economic integration. India’s tremendous growth was driven in part by the extraordinary contribution of our IT sector.

IMC Institutes IT Awards The relationship between the economy and technology facilitated the growth of a new entrepreneurial class, mostly consisting of IT professionals. Technology has changed the way we look at the world today and has made life easier and more efficient for us. India has now become a name to reckon with in the international IT sphere.

Mr. Vaidya stated that IMC’s Awards are the first step to recognize this industry, which has made IT synonymous with India.

The Jury constituted an eminent panel comprising Mr. Atul Nishar, Former Chairman, Nasscom; Mr. F. C. Kohli, Padma Bhushan, Former Chairman, Nasscom; Mr.

Ganesh Natarajan, Former Chairman, Nasscom; Mr. Harish Mehta, Chairman-MD, Onward e-Services Ltd.; Co-Founder of Nasscom; Mr. Hemant Sonawala, Former President, Computer Society of India; Mr. Pradeep Udhas, Head of Markets, KPMG, Present head of TiE and past President of IACC (WIC); Mr. Shirish Gariba, CIO, DIESL; President, CIO Klub and Mr. S. Ramadorai, Padma Bhushan, Former Chairman, Nasscom.

Dr. Lalit Kanodia, Chairman, IT Committee, IMC, said that there was a need for taking up the issues of IT sector seriously in the current scenario. He stated that Indian software exports were expected to be around $85 billion this year.

Together with domestic software revenues; IT Services constituted 1% of our GDP in 1998, 4% in 2008 and 6% today. If IT Hardware is included, IT constitutes about 70% of our GDP.

This is about half the share of the entire manufacturing sector in our economy, and underlines the importance of IT to the Indian economy.

Dr. Kanodia had three suggestions for the Government:

► Classify Software into 3 distinct sectors, namely IT

Services, IT Products and BPO.

► Revival of the Software Technology Scheme which had seen resounding success..

► Elimination of MAT for units in SEZs and STPs.

There was an interesting panel discussion on “Social Media : A Boon or Bane” moderated by Mr. Govindraj Ethiraj, Founder, Ping Digital Broadcast, Former Editor-in-Chief of Bloomberg UTV. The discussion focused on the impact of social media on the current scenario comprising of politics, relationships,

social behavior and changing media space. Providing inputs and case references were Mr. Mahesh Murthy founder, Pinstorm; Mr. S. Swaminathan, CEO, IRIS and XBRL evangelist in India; Mr. Sunit Chowdhury, CIO, Reliance Jio Infocom Ltd., and Mr. Hareesh Tibrewala, Jt. CEO at SocialWavelength.com.

Most agreed that social media provided a platform for a two-way dialogue which allowed ideas to flow and information being made available to the masses. However, the panel warned about the

implications this tool had on various aspects of life, and that the monitoring of social conduct was tricky.

The Lifetime Achievement Award was presented to Mr. F.C. Kohli for his outstanding contribution to the IT industry.

(L-R): Mr. Arvind Pradhan, Mr. Prabodh Thakker, Mr. P. S. Deodhar, Mr. Shailesh Vaidya and Dr. Lalit S. Kanodia

IMC IT AWARDS






The relationship between the economy and technology facilitated the growth of a new entrepreneurial class, mostly consisting of IT professionals. Technology has changed the way we look at the world today and has made life easier and more efficient for us. India has now become a name to reckon with in the international IT sphere.





The IMC IT Awards saw 151 applications in 5 categories

Applications from the IT Services, IT Products, BPO and ITES sectors.

Applications for Quality, CSR through the usage of IT.

Applications for Emerging Technologies.

Applications for the Best MNC and Best Captive Unit in India.

Applications for IT in: BFSI sector | Manufacturing, Engineering, Healthcare and Pharmaceuticals sector | Travel, Hospitality | Airlines etc.,

Utilities – Telecom, infrastructure, etc. | Others.














IMC IT AWARDS






















Mr. Atul Nishar Mr. F. C. Kohli Mr. Ganesh Natarajan Mr. Harish Mehta

JURY MEMBERS

Award Winners of the IMC-IT Awards 2013

IMC IT AWARDS























Mr. P. S. Deodhar receiving a memento from Mr. Shailesh Vaidya

Mr. Hemant Sonawala Mr. Pradeep Udhas Mr. Subramaniam Ramadorai Mr. Shirish Gariba Dr. Lalit Kanodia

Conv

enor

Mr. Shailesh Vaidya addresses the traders onAbolition of LBT at Azad Maidan


IMC SUPPORTS

IMC has been at the forefront in the debate regarding LBT ever since it was proposed. On 21st February, 2014, IMC took part in a gathering at Azad Maidan organized by Federation of Association of Maharashtra (FAM) to continue to impress the Government to move away from LBT, towards a better tax structure. That Maharashtra remains the only state in the country still having a regressive system of taxation in the form of Octroi speaks volumes about the dismal state of affairs in the country’s

economic capital. IMC has also been spearheading the fight against Octroi since 1986 by bringing together like minded associations championing the cause of the business community on a common platform. After years of struggle, in March 2013 the Maharashtra CM finally and publicly said that Octroi would be scrapped from Mumbai and other Municipal Corporations by the end of the year and in its place the LBT would be introduced.

Addressing a large gathering organised by FAM at Azad Maidan, Mr. Shailesh Vaidya, President, IMC, pointed out

that the cure is worse than the disease. LBT will create multiple centres of tax registration and collection. Together with the huge administrative costs associated with it, LBT will create havoc and encourage corruption. LBT requires a separate registration even for a small trader, with a turnover of just a few lakhs of rupees.

The methodology of its implementation will thus create duplicity of paperwork and incur additional cost, all of which are avoidable. He made a strong appeal to the Government of Maharashtra to remove LBT/ Octroi in in favour of a more trade-friendly levy, to protect Maharashtra’s economy and stop units from shifting out of Maharashtra.

The history of LBT all over Maharashtra speaks for itself – the tax is not working satisfactorily in almost all municipal jurisdictions in which it has been implemented. Furthermore, with VAT already in place all over the country, we do not need to open another window and further complicate the taxation system.

The LBT issue is causing a great deal of anguish and

uncertainty to the trading community in Mumbai and it needs to be resolved amicably at the earliest. Failure to do so will ensure that trade and industry moves out of Mumbai, and Maharashtra erodes its (already diminishing) economic competitiveness even more. In fact, many units have already shifted out of Maharashtra and several others are following suit, Mr. Vaidya pointed out.

In a letter written to the Hon’ble Chief Minister of Maharashtra, Mr. Prithviraj Chavan, Mr. Shailesh Vaidya, has conveyed that attempts to continue on the present path will prove highly counterproductive by further reducing Maharashtra’s economic attractiveness. With the elections looming around the corner, the Government must realize that they risk alienating the entire business community by such shortsighted actions.

The IMC has expressed their hope and faith in the political establishment to ensure that this regressive system of taxation is scrapped at the earliest in favour of something more progressive that can truly make Mumbai and Maharashtra an economic magnet for the country.

IMC CALLS FOR

ABOLITION OF LBT

IMC INTERACTIONS


IMC has been at the forefront in the debate regarding LBT ever since it was proposed. On 21st February, 2014, IMC took part in a gathering at Azad Maidan organized by Federation of Association of Maharashtra (FAM) to continue to impress the Government to move away from LBT, towards a better tax structure. That Maharashtra remains the only state in the country still having a regressive system of taxation in the form of Octroi speaks volumes about the dismal state of affairs in the country’s

economic capital. IMC has also been spearheading the fight against Octroi since 1986 by bringing together like minded associations championing the cause of the business community on a common platform. After years of struggle, in March 2013 the Maharashtra CM finally and publicly said that Octroi would be scrapped from Mumbai and other Municipal Corporations by the end of the year and in its place the LBT would be introduced.

Addressing a large gathering organised by FAM at Azad Maidan, Mr. Shailesh Vaidya, President, IMC, pointed out

that the cure is worse than the disease. LBT will create multiple centres of tax registration and collection. Together with the huge administrative costs associated with it, LBT will create havoc and encourage corruption. LBT requires a separate registration even for a small trader, with a turnover of just a few lakhs of rupees.

The methodology of its implementation will thus create duplicity of paperwork and incur additional cost, all of which are avoidable. He made a strong appeal to the Government of Maharashtra to remove LBT/ Octroi in in favour of a more trade-friendly levy, to protect Maharashtra’s economy and stop units from shifting out of Maharashtra.

The history of LBT all over Maharashtra speaks for itself – the tax is not working satisfactorily in almost all municipal jurisdictions in which it has been implemented. Furthermore, with VAT already in place all over the country, we do not need to open another window and further complicate the taxation system.

The LBT issue is causing a great deal of anguish and

uncertainty to the trading community in Mumbai and it needs to be resolved amicably at the earliest. Failure to do so will ensure that trade and industry moves out of Mumbai, and Maharashtra erodes its (already diminishing) economic competitiveness even more. In fact, many units have already shifted out of Maharashtra and several others are following suit, Mr. Vaidya pointed out.

In a letter written to the Hon’ble Chief Minister of Maharashtra, Mr. Prithviraj Chavan, Mr. Shailesh Vaidya, has conveyed that attempts to continue on the present path will prove highly counterproductive by further reducing Maharashtra’s economic attractiveness. With the elections looming around the corner, the Government must realize that they risk alienating the entire business community by such shortsighted actions.

The IMC has expressed their hope and faith in the political establishment to ensure that this regressive system of taxation is scrapped at the earliest in favour of something more progressive that can truly make Mumbai and Maharashtra an economic magnet for the country.

Seminar on

TDSRecent Developments


IMC INTERACTIONS

The IMC organised a Seminar on ‘TDS – Recent Developments’ at IMC on 20th February, 2014. The Chief Guests for the event were Mr. V. K. Pandey, Chief Commissioner of Income Tax – TDS, Mr. Ravi Agarwal, CIT (TDS CPC), and Mr. Satpal Gulati, Addl CIT (TDS-CPC). Other eminent speakers included Mr. Atul Suraiya, CA, GM (Direct Taxation), Tata Chemicals Ltd., Mr. Jayant Gokhale, CA, Gokhale & Sathe, Mr. Paresh Parekh, CA, Partner, Ernst & Young Pvt. Ltd, Mr. B. V. Jhaveri, Advocate, Mr. Nihar Jambusaria, Sr. Vice-President – Taxation, Reliance Industries Limited, Mr. Swapnil Sapre, GM (Taxation), Vodafone India Ltd.

Mr. Rajan Vora, Chairman, Direct Taxation Committee of IMC welcomed all the speakers and participants at the Seminar. Mr. Gautam Nayak, Co-Chairman, Direct Taxation Committee chaired some of the Technical Sessions.

Mr. Pandey’s clarifications on the two issues of Assessment under section 201 prosecution and Lower deduction certificate for 197 included:

► 201 section is never used to get time barred earlier, compared to now it is getting definite time.

► Earlier department used to issue time bar notices and pass the order manually for short deduction/wrong deduction, etc. However since July 2013 notices are issued on system due to technical advancement.

► The above is a positive step as it is transparent, accurate and will save time.

► Regarding the Certificate u/s 197, he said system of issue of certificate u/s 197 has already become fully functional. All the certificates u/s 197 are being issued online, since the entire process has become computerized.

► Mr. Pandey also said that the department has issued around 6000-7000 certificates last year and this year it is likely

to be almost 1.5 lakhs or even more.

► Since this has also become computerized, clients are getting more benefitted by getting the certificates online.

At the same time issues related to S.192, Ss.194C, 194H, 194I, 194J, S.195 and Repercussions of TDS violations

were explained in detail by the eminent speakers. Administrative issues in E-TDS Return Filing, Rectifications, Refunds were explained by the CIT (TDS CPC) and Addl CIT (TDS-CPC).

The seminar allowed members to voice their concerns, seek clarifications and interact with the Tax Authorities.(L-R): Mr. V.K.Pandey, Mr. Ravi Agarwal, Mr. Gautam Nayak, Mr. Satpal Gulati and Mr. Rajan Vora

IMC INTERACTIONS


The IMC organised a Seminar on ‘TDS – Recent Developments’ at IMC on 20th February, 2014. The Chief Guests for the event were Mr. V. K. Pandey, Chief Commissioner of Income Tax – TDS, Mr. Ravi Agarwal, CIT (TDS CPC), and Mr. Satpal Gulati, Addl CIT (TDS-CPC). Other eminent speakers included Mr. Atul Suraiya, CA, GM (Direct Taxation), Tata Chemicals Ltd., Mr. Jayant Gokhale, CA, Gokhale & Sathe, Mr. Paresh Parekh, CA, Partner, Ernst & Young Pvt. Ltd, Mr. B. V. Jhaveri, Advocate, Mr. Nihar Jambusaria, Sr. Vice-President – Taxation, Reliance Industries Limited, Mr. Swapnil Sapre, GM (Taxation), Vodafone India Ltd.

Mr. Rajan Vora, Chairman, Direct Taxation Committee of IMC welcomed all the speakers and participants at the Seminar. Mr. Gautam Nayak, Co-Chairman, Direct Taxation Committee chaired some of the Technical Sessions.

Mr. Pandey’s clarifications on the two issues of Assessment under section 201 prosecution and Lower deduction certificate for 197 included:

► 201 section is never used to get time barred earlier, compared to now it is getting definite time.

► Earlier department used to issue time bar notices and pass the order manually for short deduction/wrong deduction, etc. However since July 2013 notices are issued on system due to technical advancement.

► The above is a positive step as it is transparent, accurate and will save time.

► Regarding the Certificate u/s 197, he said system of issue of certificate u/s 197 has already become fully functional. All the certificates u/s 197 are being issued online, since the entire process has become computerized.

► Mr. Pandey also said that the department has issued around 6000-7000 certificates last year and this year it is likely

to be almost 1.5 lakhs or even more.

► Since this has also become computerized, clients are getting more benefitted by getting the certificates online.

At the same time issues related to S.192, Ss.194C, 194H, 194I, 194J, S.195 and Repercussions of TDS violations

were explained in detail by the eminent speakers. Administrative issues in E-TDS Return Filing, Rectifications, Refunds were explained by the CIT (TDS CPC) and Addl CIT (TDS-CPC).

The seminar allowed members to voice their concerns, seek clarifications and interact with the Tax Authorities.

(L-R): Mr. Ravi Agarwal, Mr. B V Jhaveri, Mr. Gautam Nayak and Mr. Satpal Gulati

Dr. Vinay Sahasrabuddhe


IMC INTERACTIONS

Mr. Shailesh Vaidya, President, IMC, welcomed Dr. Vinay Sahasrabuddhe, Director General, Rambhau Mhalgi Prabodhini, and Director, Public Policy Research Centre, New Delhi. Dr. Sahasrabuddhe spoke on the subject “On Party Manifestos … Understanding the Rationale, Process and Productivity”.

Giving a brief overview, Dr. Sahasrabuddhe said that 150 countries out of 195 claim to be democracies. Of these 150, about 125 conduct elections at fairly regular intervals. Democratic elections are contested and won by political parties. India has over 1300 political parties of which only 50 matter.

Political science has a concept called the end of ideology, which argues that political ideology has become irrelevant today and that the polity of the future will be driven by piecemeal technological adjustments of the extant system.

The declining role of ideology is related to manifesto preparation by political parties. Many are not taking it seriously, and some, like the BSP, have not issued any manifesto for the past three to four elections. Of course, it is not mandatory for a political party to issue an election manifesto. Without issuing manifestos, political parties create an impact on the society’s mainstream as also win the elections. The decreasing participation by the educated sections of society in the electoral process is seeing political parties taking voters for granted. This is undesirable and needs to be checked in time.

As almost all parties say nearly the same thing in their manifestos, and that too, election after election, choices tend to evaporate. The basic problems and solutions in almost all elections in India over the decades continue to remain the same. This leads to the aam aadmi losing interest in the electoral process.

Coalition politics, particularly post-election – which is here to stay in India – adversely affects the productivity of the manifesto. One party’s agenda may be in sharp contrast to the agenda of the coalition partners. Such post-election alliances of political parties should not be approved by the Election Commission.

There is also a disturbing trend of political reforms moving from macro to micro. People are now less concerned about national issues and more about what is impacting them directly and in the short run. This is undesirable.

The participative character of political agendas is gradually being eroded in favour of vested interests benefiting certain groups. Mechanisms have to be put in place for restoring seriousness and accountability into the system.

Chambers of Commerce can play a crucial role in this regard. They should suggest to the political parties to come out with an Action Taken Report

(ATR), which will enable the public in evaluating the performance vs. promises of political parties.

Given this deteriorating scenario, citizens could resort to the following:

● Remain alert and intervene

● Raise questions and seek answers

● Don’t allow the entire democratic apparatus to be handled solely by politicians

● Engage in audit through initiatives like Manifesto Watch

Motivated by the positive impact of relevant manifestos, as explained by Dr. Sahasrabuddhe, Mr. Shailesh Vaidya said that the Chamber will set up an Election Manifesto Recommendations Committee, under the Chairmanship of Mr. Prabodh Thakker, Vice-President.

This Committee will invite suggestions from the Chamber’s members, and collate compile and forward them to political parties for inclusion in their manifestos.

Manifesto Preparation Exercise in Democracy

IMC INTERACTIONS


Mr. Shailesh Vaidya, President, IMC, welcomed Dr. Vinay Sahasrabuddhe, Director General, Rambhau Mhalgi Prabodhini, and Director, Public Policy Research Centre, New Delhi. Dr. Sahasrabuddhe spoke on the subject “On Party Manifestos … Understanding the Rationale, Process and Productivity”.

Giving a brief overview, Dr. Sahasrabuddhe said that 150 countries out of 195 claim to be democracies. Of these 150, about 125 conduct elections at fairly regular intervals. Democratic elections are contested and won by political parties. India has over 1300 political parties of which only 50 matter.

Political science has a concept called the end of ideology, which argues that political ideology has become irrelevant today and that the polity of the future will be driven by piecemeal technological adjustments of the extant system.

The declining role of ideology is related to manifesto preparation by political parties. Many are not taking it seriously, and some, like the BSP, have not issued any manifesto for the past three to four elections. Of course, it is not mandatory for a political party to issue an election manifesto. Without issuing manifestos, political parties create an impact on the society’s mainstream as also win the elections. The decreasing participation by the educated sections of society in the electoral process is seeing political parties taking voters for granted. This is undesirable and needs to be checked in time.

As almost all parties say nearly the same thing in their manifestos, and that too, election after election, choices tend to evaporate. The basic problems and solutions in almost all elections in India over the decades continue to remain the same. This leads to the aam aadmi losing interest in the electoral process.

Coalition politics, particularly post-election – which is here to stay in India – adversely affects the productivity of the manifesto. One party’s agenda may be in sharp contrast to the agenda of the coalition partners. Such post-election alliances of political parties should not be approved by the Election Commission.

There is also a disturbing trend of political reforms moving from macro to micro. People are now less concerned about national issues and more about what is impacting them directly and in the short run. This is undesirable.

The participative character of political agendas is gradually being eroded in favour of vested interests benefiting certain groups. Mechanisms have to be put in place for restoring seriousness and accountability into the system.

Chambers of Commerce can play a crucial role in this regard. They should suggest to the political parties to come out with an Action Taken Report

(ATR), which will enable the public in evaluating the performance vs. promises of political parties.

Given this deteriorating scenario, citizens could resort to the following:

● Remain alert and intervene

● Raise questions and seek answers

● Don’t allow the entire democratic apparatus to be handled solely by politicians

● Engage in audit through initiatives like Manifesto Watch

Motivated by the positive impact of relevant manifestos, as explained by Dr. Sahasrabuddhe, Mr. Shailesh Vaidya said that the Chamber will set up an Election Manifesto Recommendations Committee, under the Chairmanship of Mr. Prabodh Thakker, Vice-President.

This Committee will invite suggestions from the Chamber’s members, and collate compile and forward them to political parties for inclusion in their manifestos.

(L-R): Ms. Bhavna Doshi, Mr. Prabodh Thakker, Dr. Vinay Sahasrabuddhe, Mr. Shailesh Vaidya, Mr. Jitendra Sanghvi and Dr. Dhananjay Samant.


The IMC organised an interactive meeting with a Business Delegation from Estonia on 4th February, 2014. Mrs. Sunita Ramnathkar, Co-Chairperson of International Business Committee, IMC, welcomed the delegation.

The delegation was led by Mr. Martin Hirvoja, Member of the Board Enterprise Estonia (EAS) to promote business and regional development in Estonia. Mr. Hirvoja mentioned that Estonia is one the best destinations for doing business and has an easy process for starting new

companies, apart from being a very attractive tourist destination.

The 15 strong Estonian delegation represented various sectors like Shipping & Logistics, Real Estate, Biomass Energy Equipment & Water Treatment Solutions Technology, Cyber Security Technology, Food and Beverage Solutions Technology and Tour Operators.

The meeting was subsequently followed by B2B meetings with around 15 Indian delegates with focused business interest in Estonia.

GLOBAL CONNECT

IMC StrengthensIndia-Estonia

Business Ties

IMC Members with Estonian Delegation members

H.E. Mr. Masood E. Khaleghiand Mr. Shailesh Vaidya

GLOBAL CONNECT


IMC organized a B2B session with 50 high level business delegates from Iran on 23rd January, 2014 at IMC, Mumbai. The meeting saw over 60 participants across industries.

The delegation included chairmen and managing directors from sectors like power plants, energy, machinery, plastic, rubber, steel, pharmaceuticals, agriculture, food industry, chemicals, finance & banking and others. The delegation’s objective was to meet Indian counterparts and enhance bilateral trade between Iran and India. The meeting was led by H.E. Masood Khaleghi, Consul General of the Islamic Republic of Iran.

Mr. Shailesh Vaidya, President of IMC, welcomed H.E. Mr. Masood Khaleghi and the Iran delegation and stated that India and Iran are both poised to play a key role in the economic development of Asia along with geopolitical peace and stability in the

region at large. Both India & Iran have very youthful populations and growing domestic markets. He hoped that the business collaborations would create new opportunities for trade and commerce which exists between the two nations. The recent thaw in Iran-US relations and subsequent easing of sanctions against Iran has opened up several trade opportunities with Iran. The delegation meeting was organized to seize this opportunity to explore possibilities of leveraging advantage of eased sanction regime.

Mr. Khaleghi spoke on this development and opportunities it has opened up at the meeting. He stressed that it is important to explore economic as well as commercial fields between the two countries. He highlighted that one of the worries between two countries has been banking relations but expressed hope that things would improve as negotiations to expand more banking operations between two countries were underway.

Iran sends High Level Business

Delegation to IMC


IMC Knowledge

9th Session

The Ninth session of the Investor Club was held on 15th March, 2014 and members learned “How to Read Balance Sheet”. The speaker was Mr. Kirit Vora, Director, Asit C Mehta Financial Services Ltd.

He defined a balance sheet as a "Statement of Financial Position," revealing a company's assets, liabilities and owners' equity. The balance sheet, together with the income statement and cash flow statement, make up the

cornerstone of any company's financial statements.

If you are the shareholder of a company, it is important that you understand how the balance sheet is structured, how to read it and analyze it.

The balance sheet tells investors a lot about a company's fundamentals: how much debt the

company has, how much it needs to collect from its customers, how much cash is there and what kinds of funds the company has generated over time. This analysis is very important while judging the merits of investing in a company.

HOW TO READ STOCK MARKET QUOTATIONS IN THE NEWSPAPER

HOW TO READ BALANCE SHEET

Mr. Kirit Vora

Investors Club Meet

8th Session

The IMC Investor Club’s eighth session was held on February 15, 2014.

This session was “How to read stock market quotations in the Newspaper” and use this interpretation to make investment in stocks.

All leading business newspapers carry various companies’ quotations, which indicate company’s market value.

However most of the investors don’t know how to interpret this quotes and numbers. Hence this

session helped members to analyses various numbers like PE value, FII buys, bulk deals, highest gainers, highest losers etc.

These numbers are very important for investor to do

investments in equities, as this numbers helps to understand the

performance of the company and future growth expectations from the company.

Mrs. DeenaMehta

Currency Risk Management

IMCNAVI MUMBAI

On 16th January, 2014, Mr. R. K. Jain, Chairman, IMC, Navi Mumbai welcomed Mr. Clarence Fernandes, India Representative, Rwanda Development Board and Ms. Ranjana Dingra, Group Sales & Marketing Director, CityBlue Group of Boutique Hotels to IMC Navi Mumbai. Mr. Fernandes and Ms. Dingra spoke on “Investment Opportunities in Rwanda”.

Mr. Fernandes gave a brief overview on Rwanda and made the following points:► All sectors are open to foreign investors with no

restrictions on the percentage of equity an investor can hold.

► The business registration application process takes just 6 hours to start a business in Rwanda.

► Robust governance, politically stable, well-functioning institutions, rule of law and zero tolerance for corruption

► Investment opportunities include coffee, tea, fruits, fresh cut flowers, ICT & Telecom, Technical training institutes, BPO, Offshore software development, Tourism, Infrastructure and others.

Mr. Jay Deliwala of Kunvarji Group, Ahmedabad made a presentation at IMC Navi Mumbai on “Currency Risk Management through Currency Derivatives”.

He said that the best way to understand hedging is to think of it as an insurance against negative events. Hedging means taking positions in the futures market that is opposite to a position in a physical market,

with a view to reduce or limit risk with unpredictable changes in currency rate. It is a technique to manage risk and reduce potential loss. The most commonly used hedging tools are forwards and futures.

Mr. Deliwala further explained the market structure and explained terms like currency futures, currency options, real time quote, currency derivatives, etc.

Investment Opportunities in Rwanda

Mr. Jay Deliwala addressing

the members


Ms Ranjana Dingra and Mr Yogesh Mehta

IMC


NAVI MUMBAI

Dr. Gupta spoke about the SIES contribution in the field of education and congratulated all the IPS officers on their achievement.

On behalf of IMC, Mr. Jain presented a memento to Mr. Prasad, Mr. Arvind Pradhan, presented a memento to Mr. Morale, Mr. Mehta presented Mr. Pathak and Mr. Bipin Shah, President, TBIA to Mr Vijay Patel. On behalf of SIESCOM Dr. Gupta presented a memento to Mr. Prasad and all IPS Officers.

Representatives of TBIA, ISFEA, GROMA, MBP IT Unit Holder Association, Navi Mumbai Merchants’ Chamber, SSEA, TTC presented bouquets to the Police Commissioner & DCP’s.

Mr. Prasad assured all that the police would do their best to solve cases but cannot assure 100% results. He said he would initiate

training for the private security guards in Navi Mumbai similar to that of Mumbai.

He said that since women are reluctant to visit the police station to lodge complaints, he is encouraging female police personnel to visit women in general at their homes, in order to motivate women to visit the police station to lodge complaints without fear.

Mr. Prasad said that he is discussing with telecom service providers to start sms services through which Navi Mumbai residents can inform the Police of criminal or illegal activities, thus enabling the Police to take quick action and store the information for further reference.

He assured everyone that he and his team of officers would do everything in their power to provide a safe and secure Navi Mumbai for its citizens.

On 15th March, 2014, IMC Navi Mumbai organized a civic reception to honour Navi Mumbai IPS Officers. The Lamp Lighting Ceremony was done by Mr. K. L. Prasad, IPS, Commissioner of Police, Mr. R. K. Jain and Mr. Yogesh Mehta, Chairman and Co-Chairman of IMC Navi Mumbai respectively, Dr. A. K. Sen Gupta, Mentor, SIESCOM and Mr. Arvind Pradhan, Director General, IMC.

Mr. Jain congratulated Mr. Prasad on his appointment as Commissioner of Police of Navi Mumbai and mentioned that Mr. Prasad qualified IPS of the 1982 Batch of Maharashtra cadre and was Mumbai's Joint Commissioner of Police (Law and Order), Chief of State Intelligence Department (SID) earlier. Mr. Jain also felicitated Mr. Ashok Morale, DCP, Mr. Shrikant Pathak, DCP and Mr. Vijay Patil, DCP on being promoted to the Indian Police Service.

Mr. Jain stated that in the last 25 years Navi Mumbai has grown exponentially with a

population of 2 million. It has become an Educational and IT hub, resulting in 24 hour movement by the workforce. The responsibilities of the police force has become crucial and their area of jurisdiction and vigil has become vast. The citizens need a constantly vigilant police force to counter crimes.

At the same time, traffic is increasing with the east and south bound out ward traffic passing through the city. Mr Jain was confident that Mr. Patil who has been effectively tackling the traffic situation in Navi Mumbai will be able to maintain control in the new situation also. He stated that Mr. Prasad with his vast experience and his competence will help in checking crimes and will be able to create confidence among the citizens.

IMC Navi Mumbai Honours IPS Officers


Dr. Gupta spoke about the SIES contribution in the field of education and congratulated all the IPS officers on their achievement.

On behalf of IMC, Mr. Jain presented a memento to Mr. Prasad, Mr. Arvind Pradhan, presented a memento to Mr. Morale, Mr. Mehta presented Mr. Pathak and Mr. Bipin Shah, President, TBIA to Mr Vijay Patel. On behalf of SIESCOM Dr. Gupta presented a memento to Mr. Prasad and all IPS Officers.

Representatives of TBIA, ISFEA, GROMA, MBP IT Unit Holder Association, Navi Mumbai Merchants’ Chamber, SSEA, TTC presented bouquets to the Police Commissioner & DCP’s.

Mr. Prasad assured all that the police would do their best to solve cases but cannot assure 100% results. He said he would initiate

training for the private security guards in Navi Mumbai similar to that of Mumbai.

He said that since women are reluctant to visit the police station to lodge complaints, he is encouraging female police personnel to visit women in general at their homes, in order to motivate women to visit the police station to lodge complaints without fear.

Mr. Prasad said that he is discussing with telecom service providers to start sms services through which Navi Mumbai residents can inform the Police of criminal or illegal activities, thus enabling the Police to take quick action and store the information for further reference.

He assured everyone that he and his team of officers would do everything in their power to provide a safe and secure Navi Mumbai for its citizens.

On 15th March, 2014, IMC Navi Mumbai organized a civic reception to honour Navi Mumbai IPS Officers. The Lamp Lighting Ceremony was done by Mr. K. L. Prasad, IPS, Commissioner of Police, Mr. R. K. Jain and Mr. Yogesh Mehta, Chairman and Co-Chairman of IMC Navi Mumbai respectively, Dr. A. K. Sen Gupta, Mentor, SIESCOM and Mr. Arvind Pradhan, Director General, IMC.

Mr. Jain congratulated Mr. Prasad on his appointment as Commissioner of Police of Navi Mumbai and mentioned that Mr. Prasad qualified IPS of the 1982 Batch of Maharashtra cadre and was Mumbai's Joint Commissioner of Police (Law and Order), Chief of State Intelligence Department (SID) earlier. Mr. Jain also felicitated Mr. Ashok Morale, DCP, Mr. Shrikant Pathak, DCP and Mr. Vijay Patil, DCP on being promoted to the Indian Police Service.

Mr. Jain stated that in the last 25 years Navi Mumbai has grown exponentially with a

population of 2 million. It has become an Educational and IT hub, resulting in 24 hour movement by the workforce. The responsibilities of the police force has become crucial and their area of jurisdiction and vigil has become vast. The citizens need a constantly vigilant police force to counter crimes.

At the same time, traffic is increasing with the east and south bound out ward traffic passing through the city. Mr Jain was confident that Mr. Patil who has been effectively tackling the traffic situation in Navi Mumbai will be able to maintain control in the new situation also. He stated that Mr. Prasad with his vast experience and his competence will help in checking crimes and will be able to create confidence among the citizens.

IMCNAVI MUMBAI

(L-R): Mr. Arvind Pradhan, Mr. R. K. Jain, Dr. A. K. Sen Gupta and Mr. K. L. Prasad

(L-R): Ms. Surbhi Ghatalia, Ms. Leena Vaidya, Mr. Gyan Correa, Ms. Bharathi Pradhan, Ms. Kalpana Singhania and Ms. Parul Patel

(L-R): Mr. Mohamed Hatimi Bin Abas, Mr. Shailesh Vaidya, Madam Siti, Ms. Leena Vaidya and Ms. Mohini Mathur

39

LADIES’ WING

Aromatherapy and Color Therapy26th February, 2014

The Health and fitness committee organized a session “Aromatherapy and Colour Therapy” with Omved. These sessions help to de-stress and promote a sense of well being and calmness.

Women’s Health Check up5th March, 2014

The Health and fitness committee organized a Women’s Health check up Camp at BYL Nair Hospital to prevent cancer. The check up comprised a talk on cancer prevention followed by clinical examination which included a Pap smear in Gynaec OPD, Clinical Breast Examination by a Surgeon, Pelvic Ultrasound and Mammography by a Radiologist.

IMPACT- International Women’s Day Conclave | 8th March 2014

The Ladies’ Wing of IMC organized Impact 2014 at NCPA, Nariman point to recognize and celebrate the social, economic and political achievements of women. This year IMC Ladies’ Wing celebrated womanhood with INK. The speakers from INK inspired the audience with their tales of courage and conviction. Speakers like Robin Chaurasiya highlighted the plight of prostitutes while Nasreen, an acid attack victim narrated her tale of indomitable spirit and decided to shed her inhibitions on the stage of Impact. Sunitha Krishnan an anti-trafficking activist highlighted the issue of human trafficking that plagues our country. The legendary singer Ms. Usha Uthup treated the audience to some foot-tapping, soulful music. Following this session, the talented Shiamak Davar Dance Company enthralled the audience with their exhilarating and

electrifying performance.

Malay Wedding Showcase | 23rd January, 2014

The NGO Committee organized an Exotic Malay Wedding showcase with the Consulate General of Malaysia in Mumbai. The event was a beautiful and colourful affair with a romantic wedding showcase complete with traditional livery, Malay music, dance, and traditional Malay food imported from Malaysia. The event introduced members to the rich culture and customs of Malaysian wedding.

Love your teeth – You only have one set!!! | 29th January, 2014

The Health and fitness committee organized a health session on “Love your teeth – You only have one set”. Dentist Dr. Radhika Parekh discussed the latest trends in cosmetic dentistry and implantology, the scope and benefits of routine dental treatment and its impact on one’s health and social well-being. She also shared some valuable tips on teeth and gum friendly foods and eating habits.

Breaths of Glory at Alibaug | 5th February, 2014

The Holistic committee organized a leisure trip to Alibaug to the home of Ms. Amla Ruia. Ms. Bijal Doshi conducted a yoga and pranayam session which was followed by a mediation session conducted by Ms. Leena Vaidya.

Special art exhibition at ‘The Museum’6th February, 2014The special events committee organized an educative trip to The Prince of Wales Museum. There was a special presentation and guided tour of two art exhibitions –‘Flemish Masters – the exclusive paintings and engravings from the 17th century’ and ‘The Cyrus Cylinder’- the declaration of Emperor Cyrus of ancient Persia.

Screening of the movie “The Good Road”17th February, 2014The Film and Book Appreciation committee organized a screening of the movie “The Good Road”, India’s entry to the Oscars. The film was selected as the Indian entry for the Best Foreign Language Film at the 86th Academy Awards, but it was not nominated. This 2013 Indian drama film was written and directed by Gyan Correa who shared his experience with members.

(L-R): Ms. Rupande Parekh, Ms. Reena Rupani, Dr. Radhika Parekh, Ms. Leena Vaidya, Dr. Smita Dandekar and Ms. Malti Jain

Ms. Leena Vaidya presenting a momento to Ms. Amla Ruia

IMC JOURNAL MAR-APR 2014

(L-R): Dr. Asha Dalal, Doctors from Nair Hospital, Ms. Leena Vaidya, Ms. Reena Rupani and Ms. Malti Jain


LADIES’ WING

Aromatherapy and Color Therapy26th February, 2014

The Health and fitness committee organized a session “Aromatherapy and Colour Therapy” with Omved. These sessions help to de-stress and promote a sense of well being and calmness.

Women’s Health Check up5th March, 2014

The Health and fitness committee organized a Women’s Health check up Camp at BYL Nair Hospital to prevent cancer. The check up comprised a talk on cancer prevention followed by clinical examination which included a Pap smear in Gynaec OPD, Clinical Breast Examination by a Surgeon, Pelvic Ultrasound and Mammography by a Radiologist.

IMPACT- International Women’s Day Conclave | 8th March 2014

The Ladies’ Wing of IMC organized Impact 2014 at NCPA, Nariman point to recognize and celebrate the social, economic and political achievements of women. This year IMC Ladies’ Wing celebrated womanhood with INK. The speakers from INK inspired the audience with their tales of courage and conviction. Speakers like Robin Chaurasiya highlighted the plight of prostitutes while Nasreen, an acid attack victim narrated her tale of indomitable spirit and decided to shed her inhibitions on the stage of Impact. Sunitha Krishnan an anti-trafficking activist highlighted the issue of human trafficking that plagues our country. The legendary singer Ms. Usha Uthup treated the audience to some foot-tapping, soulful music. Following this session, the talented Shiamak Davar Dance Company enthralled the audience with their exhilarating and

electrifying performance.

Malay Wedding Showcase | 23rd January, 2014

The NGO Committee organized an Exotic Malay Wedding showcase with the Consulate General of Malaysia in Mumbai. The event was a beautiful and colourful affair with a romantic wedding showcase complete with traditional livery, Malay music, dance, and traditional Malay food imported from Malaysia. The event introduced members to the rich culture and customs of Malaysian wedding.

Love your teeth – You only have one set!!! | 29th January, 2014

The Health and fitness committee organized a health session on “Love your teeth – You only have one set”. Dentist Dr. Radhika Parekh discussed the latest trends in cosmetic dentistry and implantology, the scope and benefits of routine dental treatment and its impact on one’s health and social well-being. She also shared some valuable tips on teeth and gum friendly foods and eating habits.

Breaths of Glory at Alibaug | 5th February, 2014

The Holistic committee organized a leisure trip to Alibaug to the home of Ms. Amla Ruia. Ms. Bijal Doshi conducted a yoga and pranayam session which was followed by a mediation session conducted by Ms. Leena Vaidya.

Special art exhibition at ‘The Museum’6th February, 2014The special events committee organized an educative trip to The Prince of Wales Museum. There was a special presentation and guided tour of two art exhibitions –‘Flemish Masters – the exclusive paintings and engravings from the 17th century’ and ‘The Cyrus Cylinder’- the declaration of Emperor Cyrus of ancient Persia.

Screening of the movie “The Good Road”17th February, 2014The Film and Book Appreciation committee organized a screening of the movie “The Good Road”, India’s entry to the Oscars. The film was selected as the Indian entry for the Best Foreign Language Film at the 86th Academy Awards, but it was not nominated. This 2013 Indian drama film was written and directed by Gyan Correa who shared his experience with members.

established in 1907

Documents