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Byju’s Ropes In Nitin Golani As CFO, Pradip Kanakia As Senior Advisor

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Golani, the new India CFO and president – finance, was previously the chief strategy officer at Aakash Education. He was instrumental in Byju’s USD 1 billion acquisition of Aakash in 2021, and he moved into an operational job at Aakash following the deal

Byju’s appointed Pradip Kanakia as senior adviser. Nitin Golani, presently president – finance, will take on the additional role of India Chief Finance Officer (CFO).

Golani, the new India CFO and president – finance, was previously the chief strategy officer at Aakash Education. He was instrumental in Byju’s USD 1 billion acquisition of Aakash in 2021, and he moved into an operational job at Aakash following the deal. He started his career with Grant Thornton Bharat and has since worked for MetLife and Accenture Strategy.

Kanakia offers extensive experience from a distinguished career spanning over 35 years, including positions of leadership at Price Waterhouse and KPMG. He has conducted audits for major Indian and multinational corporations, and he is a specialist in finance strategy, transformation, performance management, accounting, auditing, reporting, controls, compliance, and governance.

“Their experience, understanding, and insights on business and finance will help us in our ongoing turnaround efforts,” stated founders Byju Raveendran and Divya Gokulnath. They expressed gratitude to Ajay Goel for his substantial services as CFO.

Golani stated that he will take up the new position with the help of a committed team. “I am committed to ensuring BYJU’s robust and sustainable growth.” “My current goal is to maximise shareholder value by improving financial performance,” he continued.

hiring

75% Recruiters Claim Skill-Based Hiring Will Take Centre Stage: Report

The study found that job seekers often adopt a ‘spray and pray’ approach, with a candidate approximately sending out 110 applications

A report on Monday revealed that 75 per cent of recruiters anticipate that skill-based hiring would take centre stage in the coming 18 months.

A HirePro’s report said a job posting usually receives about 250 applicants, but less than 10 get shortlisted underlining the fact that the recruiters are significantly overburdened with resumes vis-a-vis job openings.

The study found that job seekers often adopt a ‘spray and pray’ approach, with a candidate approximately sending out 110 applications. As a result, overwhelmed recruiters may rush their decisions, leading to substandard hires and genuinely qualified candidates getting unintentionally overlooked.

The report uncovered that despite including a plethora of skills on their resumes, many candidates lack substantial professional experience or subject-matter expertise in those areas. It stressed a significant 56 per cent of candidates claim proficiency in skills they have limited knowledge of. 

Furthermore, the study highlighted a concerning trend, with 85 per cent of job seekers making false claims in their resumes, up from 65 per cent a decade ago. The use of standard resume templates, ‘professional’ resume writers, AI tools like ChatGPT exacerbate this problem. Consequently, recruiters have expressed their reservations on resumes, with mere 1 per cent of recruiters relying solely on resumes.

A substantial 92 per cent of job descriptions specified the need for behavioural attributes, only 38 per cent of resumes actually mention these traits, the study added.

Commenting on the report, S Pasupathi, Chief Operating Officer of HirePro, said, “Candidates selected through skill assessments outperform their counterparts in their roles. Notably, our report highlights a substantial difference in performance review scores when comparing individuals hired through skill-based assessments with those hired through traditional methods.”

“This serves as a strong indication that customised skill-based assessments are essential for bridging the skill-gap in most organisations,” he added.

toyota

Toyota Lobbies Centre To Cut Taxes on Hybrid Cars To 37%

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The world’s largest automaker intends to increase manufacturing capacity to match a boom in Indian demand for hybrids, but government has prioritised electric vehicle (EV) sales, granting companies millions of dollars in incentives to create EVs and batteries

Japan’s Toyota Motor is asking the Indian government to slash taxes on hybrid vehicles by up to one-fifth, claiming they are significantly less polluting than petrol cars but do not receive equivalent policy treatment, according to Reuters.

The world’s largest automaker intends to increase manufacturing capacity to match a boom in Indian demand for hybrids, but government has prioritised electric vehicle (EV) sales, granting companies millions of dollars in incentives to create EVs and batteries.

EVs are taxed at 5 per cent in India, whereas hybrids are taxed at 43 per cent, barely below the 48 per cent levied on petrol vehicles.

Reuters reported that Toyota’s letter to Niti Aayog think-tank, which plays a vital role in policymaking, mentioned this 5-percentage-point gap favouring hybrids over petrol cars is “insufficient” considering the lower emissions and improved fuel efficiency hybrids offer and suggests the tax advantage over petrol automobiles should be as much as 11 percentage points for hybrids and 14 points for flex-hybrids.

According to Reuters calculations, this translates to a tax rate of 37 per cent on hybrids and 34 per cent on flex-hybrids, representing savings of up to 14 per cent and 21 per cent, respectively.

Toyota, which popularised hybrid technology with the Prius, has come under fire from investors and environmental groups for continuing to back hybrids, which it claims make more sense in regions where the infrastructure is not ready for EVs.

Ashok Vaswani

RBI Approves Ashok Vaswani’s Appointment As MD & CEO Of Kotak Mahindra Bank

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The decision is based on the bank’s request for RBI’s approval of the new Managing Director & CEO of the bank on 19 July 2023

The Reserve Bank of India (RBI) gave its approval on Saturday to Ashok Vaswani’s nomination as Kotak Mahindra Bank’s managing director and Chief Executive Officer (CEO) for a three-year term. The appointment will take effect as of the day of assuming charge, which cannot be later than 1 January 2024, the lender stated in a regulatory filing.

From 2016 to 2019, Vaswani served as the CEO of Barclays in the United Kingdom. He also served as the British bank’s worldwide CEO for consumer and payments between 2019 and 2021. He served as Barclays’ chief digital officer from November 2021 to July 2022 before leaving the company.

The decision is based on the bank’s request for RBI’s approval of the new Managing Director & CEO of the bank on 19 July 2023. He is a veteran banker with exceptional track record and brings with him significant expertise in both consumer and corporate business, particularly for digital drive. Ashok is basically ghar vapsi and fits into the overall broad theme of getting global talent back to India and running our companies,” said Dipak Gupta, interim MD & CEO of Kotak Mahindra Bank.

The news came on a day when it recorded a net profit of Rs 3,191 crore for the July to September FY24 quarter, beating market expectations of Rs 3,092 crore. This is a 23.66 per cent increase from the Rs 2,581 crore clocked in the year-ago period.

lay off

KPMG Likely To Eliminate 6% Of Its Deal Advising Staff In UK: Reports

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Accounting giant KPMG intends to eliminate roughly 100 jobs from its deal advising division in the UK, as per reports

Accounting giant KPMG intends to eliminate roughly 100 jobs from its deal advising division in the UK, as reported by Reuters. It is estimated that the layoffs will affect closer to 6 per cent of the 1,700-person KPMG deal advising team in the UK and stated the decision was made because of a decline in client demand.

In September, the news reports claimed that KPMG intended to fire 125 of its UK consultants, or 2.3%, of its workforce.

In June, the accounting firm also disclosed layoffs impacting 5 per cent of its U.S. workers. Reuters reported last month that Deloitte planned to eliminate more than 800 jobs in the UK. Deloitte, KPMG, EY and PwC are the big four accounting firms.

KPMG firms operate in 143 countries and territories and, in FY22, employed more than 265,000 partners and staff to serve the needs of business, governments, non-profit organisations, public sector organisations and the capital markets through their audit and assurance practises.

gartner report

Age-Gating Rules Will Be Applicable To All Companies Under Data Law

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The age-gating clause in the DPDPA will be applicable to almost all organisations that will now make sure their customers are not minors

The new data law will mandate scores of companies including, telcos, banks and ecommerce to verify the age of minors through parental consent, according to a media report on Monday.

The law will not just be limited to social media platforms, but all companies will need to have age verification mechanisms, or else there will be no way to record the verifiable consent of users, the report added. The mandate will be high in cost and time-consuming, which is worrying all firms.

Technology and telecommunication lawyers who are being approached for guidance on the implementation of the Digital Personal Data Protection Act, 2023(DPDPA), have informed companies to read the finer details of the rule.

The age-gating clause in the DPDPA will be applicable to almost all organisations that will now make sure their customers are not minors.

DPDPA will demand that the personal data of children and persons with disabilities be processed only with the consent of their parents or lawful guardians.

oo

Pioneering Finance’s Next Frontier at 2nd Edition BW CFO World of Future of Finance Summit & Finance 40 Under 40 Awards

 

BW Businessworld is delighted to announce the second edition of the “BW CFO World Future of Finance Summit & Finance 40 Under 40 Awards” to celebrate brilliant minds in the country who have the drive and commitment to bring about an economic change in their organisation and the industry. The event will take place at the Taj Lands End in Mumbai on October 26, 2023.

The Finance 40 Under 40 Summit and Awards offers an opportunity to celebrate the outstanding achievements and contributions of people under the age of 40 who have had a significant impact on the financial sector.

Our esteemed awards will be judged by a panel of eminent industry experts having major accolades and expertise in the domain. The winners would be selected through a rigorous assessment and performance review by an eminent jury comprising Dr. Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld; Mr. Nitin Parekh, Group CFO, Zydus Lifesciences Limited; Mr. Pankaj Vasani, Group CFO, Cube Highways InvIT; Mr. Sanjay Upadhyay, Director-Finance & Group CFO, Mr. Deepak, Nitrite Limited; Mr. Madhavan Hariharan, Group CFO & Head of Strategy, CK Birla Group; Mr. Vinod Gupta, Managing Director, VG Learning Destination India Pvt Ltd; Mr. Kapil Mantri, EVP & Head of Corporate Strategy and M&A, Jindal Steel & Power Ltd; Mr. Sameer Madan, Director- Finance, Agilent Technologies; Ms. Poornima Subramanian, CFO, Reliance Nippon Life Insurance; Mr. Santanu Acharya, GM-Finance, NIXI (National Internet Exchange Of India), Ms. Mamta Janak Gore, Finance Director, Controller South East Asia Region, 3M; Mr. Vinod Kumar Mishra, Director (Finance), Petronet LNG Limited; Mr. Talees Rizvi, Director, BW People & BW CFO World Community; Ms. Noor Fathima Warsia, Group Editorial Director, BW Businessworld.

The summit will feature an array of distinguished speakers and panellists to share their expertise on vital topics such as Data-Driven Decision Making- Unleashing the Power of Analytics, Navigating Regulatory Landscape & Compliance in an Ever-Changing Environment, Sustainable Finance- Merging Profitability with Environmental and Social Responsibility, Future Proofing Financial Infrastructure -The Cloud and Beyond, Risk Management in the Digital Era- Strategies for Mitigation and Talent and Skills for the New Finance- Navigating the Human Capital Landscape.

Our keynote speakers will provide insights and expertise to enrich our event and leave a lasting impact on our audience. The speakers include Dr. Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld; Mr. Sumit Khadria, Group CFO, EbixCash Limited; Rajeev Mantri, MD & CFO India & Cluster Finance Head, South Asia Citi; Mr. Madhavan Hariharan, Group Chief Financial Officer & Head Strategist, C K Birla Group; Mr. Abhishek Gupta, Group CFO, OYO; Mr. Deepak Goyal, Global CFO, EPL Limited; Mr. Pankaj Vasani, Group CFO, Cube Highways, InvIT; Mr. Sandeep Modi, CFO, Hindustan Zinc; Mr. Kapil Mantri, EVP & Global Head- Corporate Strategy and M&A, Jindal Steel & Power Ltd; Mr. Rajeev Gupta, CFO, L&T Techology Services (LTTS); Mr. Kumar Subbbiah, Executive Director- Finance & Chief Financial Officer, CEAT Ltd; Mr. Kabir Ahmed Shakir, CFO, Tata Communications Ltd; Mr. Suranjit Mishra, CFO & Corporate Governance, Tata Power Delhi Distribution Limited; Mrs. Poornima Subramanian, CFO, Reliance Nippon Life Insurance; Mr. P K Hari Hara Subramanian, India CFO, Head- GBS & Whole Time Director, Cognizant Technology Solutions; Mr. Rohit Pareekh, CFO & Head Corporate Development, GOQii; Mr. Naveen Bansal, Sr. Director and Head, Finance- Emerging Markets and Europe Cipla Limited; Mr. Prabin Dokania, CFO, Goods & Service Tax Network (GSTN); Mr. Milind Joshi, CFO, International Limited.

About BW Businessworld:

 BW Businessworld, supervised by Dr. Annurag Batra, Chairman, Editor-in-Chief, and the Founder of the exchange4media group is the fastest-growing business media organisation in India with 23 specialist business communities and 8 periodicals. BW Businessworld feels proud to be firmly established in a number of verticals, both domestically and internationally.



To join us at the BW CFO World Future of Finance Summit & Finance 40 Under 40 Awards on October 26, 2023, Book your spot on:  https://bit.ly/BWCFO40u40

 

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Gross Direct Tax Collections Rise 18% This Fiscal

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Direct tax collection, net of refunds, stood at Rs 9.57 lakh crore which is 21.82 per cent higher than the net collections for the same period of last year

 
 
 

A total of Rs 11.07 lakh crore (gross) worth of direct taxes have been collected so far in the current financial year 2023-24, representing a 17.95 per cent increase on a yearly basis, Central Board of Direct Taxes Chairman Nitin Gupta said on Tuesday.

The provisional figures of direct tax collections were up to 9 October.

Direct tax collection, net of refunds, stood at Rs 9.57 lakh crore which is 21.82 per cent higher than the net collections for the same period of last year.

This collection, according to the CBDT, is 52.50 per cent of the total Budget estimates of direct taxes for for the nancial year 2023-24.

As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30 per cent while that for PIT is about 29 per cent.

“Refunds amounting to Rs 1.50 lakh crore have been issued during 1 April 2023 to 9 October 2023,” the CBDT chairman said.

Over the last few years, various efforts have been made to increase the tax base and improve compliance.

In the entire financial year 2022-23 for example, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.

Notably, in April this year, the gross GST collection was at an all-time high of Rs 187,035 crore. (ANI)  

 

 

atishi

Delhi Govt To Demand Withdrawal Of 28% Tax On Online Gaming: Atishi

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Union Finance Minister Nirmala Sitharaman is presiding over the 52nd GST Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday

 
 
 

Ahead of the 52nd Goods and Services Tax (GST) Council meeting on Saturday, Delhi Finance Minister Atishi criticised the Centre over the imposition of 28 per cent tax on online gaming industry, adding that the Coucil should consider withdrawing the tax evasion notices on companies in the sector.

In an address ahead of the GST Coucil meeting, which is currently in progress in the national capital, Atishi said, “Despite the opposition of the Delhi government, a 28 per cent tax was imposed on the online gaming industry. Even before this tax was imposed, the GST Council sent tax evasion notices worth Rs 1.5 lakh crores to the online gaming industry over the last six years. I am going to take up this issue at the meeting today. Will demand the withdrawal of tax notices to the online gaming sector.”

She added that the online gaming is considered a “sunrise sector” but the decisions being made and implemented by the GST Council will significantly and negatively impact the industry.

“The online gaming sector employs over 50,000 people. Online gaming is considered a sunrise sector in the startup sector, but the GST Council recently took a decision to impose 28 per cent GST on online gaming. It will have a huge impact on this industry,” she added.

Union Finance Minister Nirmala Sitharaman is presiding over the 52nd GST Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday.

The meeting is being attended by Union Minister of State for Finance, MP Poonia, along with Finance ministers of various States and Union Territories (with Legislature), as well as senior officials from both the Union government and the states.

The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues.

The 52nd meeting is aimed at discussing critical issues affecting the Indian tax system and finding collaborative solutions.

The meeting outcomes are expected to have a significant impact on the country’s economy going forward.

It’s part of the government’s ongoing efforts to refine the GST system to enhance efficiency and promote economic growth.

The decisions and recommendations arising from the 52nd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall economic dynamics in the country. (ANI)

 

 

disney

Disney in talks with Gautam Adani to sell its Indian assets: Reports

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Text contentAfter losing the streaming rights to the Indian Premier League cricket event to Viacom18 Media in July, it was reported that Disney has been considering strategic options for its business in India, including an outright sale or the formation of a joint venture

Walt Disney Co. is in exploratory talks with potential purchasers for its Indian streaming and television operations, including billionaires Gautam Adani and Kalanithi Maran, according to various media reports.

Senior executives at the US entertainment giant are also said to be evaluating the interest of private equity funds in light of the fact that the company is considering a number of options, some of which could involve selling a portion of the Indian operations or a combination of the unit’s assets, including sports rights and regional streaming service Disney+ Hotstar.

Reliance Industries, owned by Mukesh Ambani, has already been the subject of asset sale negotiations, according to a previous report.

After losing the streaming rights to the Indian Premier League cricket event to Viacom18 Media in July, it was reported that Disney has been considering strategic options for its business in India, including an outright sale or the formation of a joint venture. Reliance, Paramount Global, and Uday Shankar’s investment company Bodhi Tree Systems are partners in the joint venture of Viacom.

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