Vice President of India to inaugurate 58th National Cost Convention 2018
Hyderabad, February 24, 2018. Valuation professionals and Insolvency professionals are said to be in high demand. More and more CAs, Cost Management Accountants and Company Secretaries rushing to get qualified.
In therecent banking fraud, PNB case, when authorities go for the liquidation of theproperties mortgaged with them, they wouldn’t be able to realize not more than20 per cent of the loan amount. That is because of the loopholes inthe system. The project appraisal was not proper. There is a problemin the valuation of the properties mortgaged.
CMAprofessional with their Involvement in cost audit can give early warnings ofsuch scams, said, Sanjay Gupta, the youngest National President of TheInstitute of Cost Accountants of India while addressing a press conference herein the city on the sidelines of Prathibhotsav, a State LevelConvention organized by them for the students.
“There arethree insolvency professional agencies promoted by three statutory regulatorsof professions. They include ICAI, ICSI (Institute of CompanySecretaries of India) and ICWAI (Institute of Cost Accountants of India) Sanjayinformed and added that they would build the capacity and also regulateinsolvency professionals. They will work on the frontline for theconduct of these professionals, he added.
As Governmentput up the ecosystem in place in terms setting up Insolvency and BankruptcyCode that stipulates the needs of insolvency professionals, he added.
Sanjay Guptaaddressed a press conference along with his colleagues Chandra Sekhar Rajanala,Chairman of Hyderabad Chapter; Dr. PVS Jagan Mohan Rao VP of SAFA, a forum ofprofessional accountancy bodies which is an apex body of SAARC Nations andothers.
Valuationprofessionals and Insolvency professionals role is more now as banks are tryingto resolve or recover bad loans that have long been burdenedwith, insolvency professionals stand to get a big career boost,Sanjay Gupta informed.
Our Insitutehas already set up Insolvency Professional Agency. The InsolvencyProfessional Agency of Institute of Cost Accountants of India (IPA ICAI), asection 8 company incorporated under the Companies Act 2013, Sanjay stated.
Thisis being done, Sanjay Gupta said to enroll and regulate InsolvencyProfessionals (IPs) as its members in accordance with provisions of theInsolvency and Bankruptcy Code 2016, Rules, Regulations and Guidelines issuedthereunder. The functions Insolvency Professional Agency would be asper the provisions of Section 204 of the Code.
IPA ICAIwill grant membership to persons who fulfill all requirements set out in itsbylaws on payment of membership fee; lay down standards of professional conductfor its members; monitor the performance of its members; and safeguard therights, privileges, and interests of insolvency professionals who are itsmember informed Sanjay Gupta.
TheInsolvency and Bankruptcy Board of India (IBBI) is already in place. It is theregulator for overseeing insolvency proceedings and entities like InsolvencyProfessional Agencies (IPA), Insolvency Professionals (IP) and InformationUtilities (IU) in India. It has statutory powers through the Insolvency andBankruptcy Code, which was passed in Lok Sabha. Itattempts to simplify the process of insolvency and bankruptcy proceedings.Ithandles the cases using two tribunals like NCLT(National company law tribunal)and Debt recovery tribunal, Sanjay Gupta informed.
Speakingabout some new initiatives taken up by the ICAI, he said, they started ForensicArbitration Course. They have also started a course for Engineers on the basicsof Cost Management Accounting for them.
Speakingfurther he added that the 58th National Cost Convention 2018 would be held atDelhi on March 16 and 17. The two-day meet will be inaugurated by the VicePresident of India. 2000 delegates and professionals from across the worldare expected to take part the biggest ever CMA professionals meet
During themeet, we would be signing a MoU with National Skill Development Authority totrain two lakh people across India in GST in next one year.ICAI is the second largest CMA Professional bodyin the world. We are spread over in 12 overseasdestinations. We have 80,000 members in our roles across 97 chaptersin India. Nearly five lakh students are pursuing CMA education inIndia, Sanjay Gupta informed.