The Society of Auditors, Chennai is India's oldest body of professionals in the accounting & attestation and is senior even to the accounting regulator of the country viz., ICAI nearly by a generation.
The best known names in the Indian accounting professional arena from this part of the country were not only instrumental in the formation of the Society but also in nurturing it to ensure its steady and influential presence to an extent that the body was a precursor and a trendsetter for many such organisations to germinate, grow and flourish across the country. The Society itself was a persuasive force to the Government of India to even formulate the Institute of Chartered Accountants of India under an Act of Parliament in 1949.
The Society is a sagacious, perspicacious and a serene body that has a wealth of experience behind it, thanks to the several doyens and veterans of yesteryears which the current generation is making effective use of - in conjunction with the modern and futuristic tools of learning and dissemination of knowledge. With a hoary past and a vibrant present, the Society is gloriously nearing its nineties.
Even though a nonagenarian organisation, paradoxically enough, with each passing year of the society, the average age of the members is actually going down, as more of the younger members are enthusiastically participating in carrying on the mantle.
Specific mention needs to be made of the way in which the distressing time of Covid 19 lockdown was effectively converted in to a knowledge augmentation opportunity with a series of webinars arranged by the young turks of the Society, with many members eagerly and interactively participating in them.
The Society of Auditors was formed in the pre-independence era, circa 1927 as an informal group of well-known and respected accounting professionals, then known as Registered Accountants. Th same was formally registered as a Society in 1932 (mind you, we are calculating Society’s age only from its formal birth!) and was the only body of accounting professionals (including the wannabe ones) that was a connect between the profession and the Government.
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| Virtual Study Circle meeting | |||||
| “Bushan Power and Steel Fiasco: Learnings and Lessons”
Speaker: CA Pramod Srihari | 16th May, 2025 (Friday) at 04.30 PM to 5.30 PM |
Meeting Link : Click Here Meeting ID: 829 8731 6363 Passcode: 597229 About the program: Once seen as a landmark resolution in IBC and the success of NPA writeback, …. Bhushan Power & Steel moves back to liquidation after 6 years of its approval ! This case puzzled when the Apex court ordered liquidation despite the resolution plan being approved and partly implemented. The Supreme Court verdict has a profound impact on the future of IBC. This study circle session revisits the legal twists, the Rule of Law and hard lessons for auditors and insolvency professionals alike. Some matters that will be discussed, the discusison being led by a very experienced & learned speaker, amongst other aspects – · Why did SC leave Rs. 20,000 crore resolution plan and then press liquidation. · How did CoC, IP, NCLT/NCLAT not observe what SC observed? · Decode one of India’s most complex IBC reversals. · How did Resolution move to liquidation? · Learning to CAs, IP’s, CS and others from the case. · Substance over form, governance, Commercial Decision and justice. Speaker profile: CA Pramod Srihari is a Fellow member of ICAI, Insolvency Professional registered with Insolvency and Bankruptcy Board of India (‘IBBI’) and Alumni of IIM BG and a member of Committee on Insolvency & Valuation Standards for SIRC of ICAI as also Executive Committee Member of Young Indians – CII. He leads restructuring Turnover and Corporate Accounting Solutions and an expert in Resolution & Restructuring advisory matters. He has closely worked with/ on organizations in the sectors of Manufacturing, Information Technology, Biomedical Technology, capital & financial markets, Logistics, E-Commerce, Real Estate, FMCG, Healthcare, etc. He is the founding trustee of PLR Kalasangama, which encourages Indian Art and Music and a Past President of Karnataka State Chartered Accountants Association (KSCAA), India, having served earlier therein as VP, secretary, Treasurer and Executive committee of KSCAA. |
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