Girraj Kumar Bansal

Robust regulations other than FSSAI are essential to combat food adulteration and protect public health 🔹Diluted Milk: Reduces nutritional value. 🔸 Regular lactometer tests. 🔹 Synthetic Colors: Toxic chemicals in snacks. 🔸 Verify additive certifications. 🔹 Adulterated Spices: Mixed with chalk powder. 🔸 Random chemical tests. 🔹 Artificial Ripening: Use of calcium carbide. 🔸 Vendor compliance checks. 🔹 Adulterated Oils: Cheaper oils mixed in. 🔸 Regular purity tests. 🔹 Formalin in Fish: Preserved with formaldehyde. 🔸 Seafood quality audits. 🔹 Pesticide Residue: Unsafe levels in produce. 🔸 Ensure compliance with regulations. 🔹 Mislabeling Organic: False organic labels. 🔸 Verify certifications. 🔹 Honey Adulteration: Sugar syrup in honey. 🔸 Purity testing. 🔹 Adulterated Ghee: Vanaspati mixed in. 🔸 Lab analysis of ghee. 🔹 Lead in Turmeric: Lead chromate used for color. 🔸 Heavy metal testing. 🔹 Adulterated Coffee: Chicory or tamarind seeds added. 🔸 Ingredient authenticity checks. 🔹 Contaminated Water: Unsafe water in packaged goods. 🔸 Audit water sources. 🔹 Urea in Milk: Harmful urea added. 🔸 Chemical urea tests. 🔹 Toxic Preservatives: Illegal additives used. 🔸 Check compliance regularly. 🔹 Adulterated Pulses: Stones or polish added. 🔸 Quality checks. 🔹 Starch in Sauces: Starch used to thicken. 🔸 Test for consistency. 🔹 Relabeled Expired Goods: Fake labels on expired items. 🔸 Review supply chain controls. 🔹 Excess Salt in Snacks: Hidden high salt levels. 🔸 Cross-check nutritional info. 🔹 Adulterated Flour: Chalk or starch mixed in. 🔸 Flour purity tests.

4

At a talk I gave at the Institute of Directors (IOD), India yesterday on corporate governance, one of the points I made was that governance failures do not happen suddenly overnight. There are always tell-tale signs much before the blow-up actually happens but are usually missed, either intentionally or by oversight. I shared what I considered some examples of red flags which should have raised antenna. Would welcome any other signals we should look out for Part of my on going musings on corporate governance #india #corporategovernance #redflags #warnings #failures #governance

69

15 Comments

Thank you for sharing these pertinent thoughts Jyotin Mehta . In today's TOI, the following headline caught my attention. https://lnkd.in/dCHA7ApQ We are already too late in taking action. I am afraid what we are seeing in just the tip of the iceberg (the loss of a village due to climate change). If we don't collectively initiate the change we wish to see, true sustainability will just remain a lip service! #biasforaction #sustainability #climatechange #water #ESG #riskmanagement #conservation #savetheplanet #ecology

3

Internal Policy & Regulatory reforms are key to our road to Viksit Bharat. We have to raise the game on manufacturing & its contribution to GDP needs to go up from the present about 17% of GDP to 25%. The Government's impetus on manufacturing is praiseworthy. More can be done through policy & regulatory reforms. The Ease of Doing Business (EoDB) agenda has got nicely embedded and new regulation is being enacted keeping this aspect in mind. I wrote a piece on Regulatory reforms that appeared in today's Business Standard.....

274

21 Comments

Revant Himatsingka (Food Pharmer) has started a great movement for consumers to read labels of Packaged Food that's is being sold in India and the movement is called " Label Padhega India" The movement is important from point of view that 56% of Indian disease burden comes from not eating te right food as per ICMR studies But we need to also be stressed about Food that is being sold in the Restaurants , Roadside eateries and Cafes They should also disclose the ingredients which they are using in the Food because of the below reasons: 1. Most of the Food outlets and using Cheap Palm oil and Vegetable oil for cooking 2. Foods like Soya chap contains Maida upto 90% is being sold as protein source 3.Momos are being prepared using chemicals and led for taste 4. Food like pizza are being made from Bread. However, we are not aware about ingredients of the bread being used in the pizza

1

🚨 Highlights from the 54th GST Council Meeting 🚨 📉 Reduced GST Rates: 🔸Namkeens & Savoury Food Products: 18% ➡️ 12% 🔸Cancer Drugs: 12% ➡️ 5% on critical medications like Trastuzumab Deruxtecan 📈 Increased GST Rates: 🔸Car Seats: 18% ➡️ 28% 📜 New Section 128A : Waiver of interest/penalties for FY 2017-20 ⚖️ Clarifications: 🔸Life & Health Insurance: GoM to review GST applicability 🔸Flying Training: GST exemption clarified for DGCA-Approved courses 💼 Other Key Decisions: 🔸Reverse Charge Mechanism: Metal scrap, commercial property renting 🔸B2C E-Invoicing: Pilot rollout in select sectors and states

8

1 Comment

⁉ In India, General Counsel (GC) reports to CFO or CEO? ⁉ In my limited experience, which I have seen in corporates in India, a GC either reports to CFO or CEO. I believe, reporting of a GC to either of them generally depends upon at what stage the organisation is i.e. startup, MNC or a listed entity and how lean is the organisation structure. Although, having said that, there is no black & white rule for the reporting structure, and it would completely depend on one organisation to another. Generally, I have seen in most of the startups, a GC reports to CFO, as the Finance and Legal function is so deeply connected that this reporting rather helps in taking quick decision making, which surely any startup wants, given the lean structure they have. In many organization's, the GC reports directly to the CEO because it ensures that legal has an independent seat at the table where the most important business decisions are being made. In the U.S, most of the GC's reports directly to the CEO, however in India the data is a mixed one.   Share how the reporting structure of GC operates in your organization! 😊 #Generalcounsel #Legalreporting #Legalstructure

29

6 Comments

Feeling overwhelmed by the intricacies of board meeting conduct? Empower yourself with expert guidance on efficient board meeting practices Matters related to conducting board meetings in Indian companies, as per the Secretarial Standard on Meetings of the Board of Directors (SS-1) issued by The Institute of Company Secretaries of India (ICSI): Convening a Meeting: Follow the prescribed notice period and mode of communication for convening board meetings. Ensure timely distribution of agenda and relevant documents. Frequency of Meetings: Hold board meetings at least once every quarter. Additional meetings can be convened as needed. Quorum: Ensure the presence of the minimum required directors for a valid meeting. The quorum should be maintained throughout the meeting. Attendance at Meetings: Directors should attend meetings physically or through video conferencing. Maintain attendance records. Chairman: The chairman should lead the meeting, maintain order, and facilitate discussions. In the absence of the chairman, the board can appoint an alternate chairman. Passing of Resolution by Circulation: Use the circular resolution process for urgent matters. Obtain unanimous consent from directors. Minutes: Accurately record proceedings, decisions, and discussions during the meeting. The minutes should be signed by the chairman. Preservation of Minutes and Other Records: Maintain minutes and related records for at least eight financial years. Keep them in physical or electronic form. Disclosure: Disclose information about board meetings in the annual report. Provide details of attendance, remuneration, and related-party transactions. Adherence to this Secretarial Standard is mandatory for companies under the Companies Act, 2013. #skillarbitrage #lawsikho

1

Union Budget GST Proposal: Insertion of Section 11A in CGST Act for granting power not to recover duties not levied or short-levied as a result of general practice under GST Acts #EasyGST4U

6

1 Comment

Reaction : Control of reaction: Non-reaction:Equality Refraining from reaction is the first step. It has to mature into Non-reaction in outer form which later has to evolve into Non-reaction even in our inner being at various levels- mental, emotional, physical- thoughts, feelings, sensations. Non-reaction conserves our energies. Impulse and urge are behind the impatience which reacts. Impatience not touching the nerves is evidence of equality at the physical level. In Equality lies the whole secret of accomplishment in life. It brings powerful positive life response. #spiritualawakening #innershift #LIFERESPONSE #lifetruths

3

The Enduring Power of Trust and Integrity: Honoring Ratan Tata’s Legacy As we reflect on the legacy of Ratan Tata, we are reminded of the timeless importance of trust and integrity in business. Under his visionary leadership, Tata became a global symbol of ethical practices, customer loyalty, and societal good. His commitment to doing the right thing, even when challenging, built a brand that millions trust without question. In today’s competitive landscape, trust fosters long-term loyalty and integrity drives consistent, ethical decision-making. Leaders today can learn from Tata’s focus on transparency, fairness, and relationships. Trust isn’t just an asset—it’s the foundation of a sustainable, enduring business. Let us carry forward these values in our work, knowing that while trends change, a brand built on trust will always stand the test of time. #Leadership #Trust #Integrity #RatanTata #BusinessValues #EthicalLeadership #Legacy #BrandTrust

11

1 Comment

🚀 India's Vision: Bharat FDA, Quick Commerce, and Responsible Capitalism Finance Minister Nirmala Sitharaman has spotlighted India’s growing global influence in pharmaceuticals, innovation, and sustainability during the India Ideas Conclave. Key takeaways include: 1️⃣ Bharat FDA: A call to establish a robust regulatory framework akin to the US FDA. With India setting standards in pharma, can this vision boost global trust and enhance health outcomes? 2️⃣ Quick Commerce: India's unique innovation in urban delivery solutions is reshaping retail. While it meets modern needs, FM highlights the importance of supporting traditional brick-and-mortar stores. How can both coexist sustainably? 3️⃣ Responsible Capitalism: India’s economic growth model, rooted in sustainability (LiFE), stands apart from aggressive and exploitative approaches seen elsewhere. Can this branding inspire global economic practices? 💬 Your thoughts matter! How can Bharat FDA redefine India’s position in global healthcare? Can quick commerce and traditional retail thrive together in the long term? Is India poised to lead the way in responsible capitalism? Let’s spark a conversation about these transformative ideas shaping India's future. Share your insights below! 👇 #BharatFDA #QuickCommerce #ResponsibleCapitalism #IndiaIdeasConclave #EconomicInnovation #SustainableGrowth #RetailTransformation #PharmaceuticalLeadership #IndianEconomy #LiFE #Sustainability #PolicyAndInnovation #GlobalLeadership #CAROHITUPADHYAYA

5

4 Comments

Hello everyone, All throughout our life somewhere or the other we get associated with the word Risk. We always try to mitigate the known and unknown risk so that we can safeguard ourselves from any untoward incidents. So what exactly is risk: in simple terms risk is something which if it happens may cause adverse impact. It is therefore important for companies to manage its risk and devise mitigation plans. Type of Risks: Some common types: 1. Strategic Risk: impacts an organisation's strategy and objectives, such as changes in consumer demand or market competition. magnitude may be high. 2. Operational Risk: something which is arising due to daily operations Ex - supply chain issues. 3. Financial Risk: Financial activities, including credit risk, market risk, liquidity risk and interest rate risk etc. 4. Compliance Risk: non compliance with laws, regulations, or internal policies, which can result in fines, legal penalties, reputational damage. 5. Reputational Risk: it can damage the organisation's reputation, such as negative publicity or customer dissatisfaction. 6. Market Risk: Risks associated with changes in market conditions, such as price fluctuations, exchange rates, and economic downturns. 7. Cybersecurity Risk: Risks associated with cyberattacks, data breaches, or IT system failures, which can compromise sensitive information and disrupt operations. 8. Environmental Risk: extremly critical and therefore these days we speak highly of Environmental Social and Governance. (ESG). Ex: natural disasters, climate change 9. Health and Safety Risk: health and safety of employees, customers, public, such as workplace accidents or exposure to hazardous materials. 10. Legal Risk: Risks of legal action or litigation, which can arise from contract disputes, liability claims or regulatory violations. 11. Liquidity Risk: The risk that an entity will not be able to meet its short-term financial obligations due to insufficient cash flow or easily convertible It is therefore extremely critical in the company that Risk are properly identified and for which Risk Control Matrix (RCM) is prepared. Post risk assessment depending on criticality it is important to define controls for each activity. Auditors are tasked for the validation of what is going wrong in the Company. happy learning Soneel.

20

Looking forward to the interactive session. #finance #innovation #changemanagement #leadership #teamwork #digitaltransformation #cfo #riskmanagement

37

Who is in charge ? In our life we face many challenges and I am sharing my views on professional challenges. When the annual appraisal is around there is always an anxiety as to how much bonus will I get, will I be considered for a promotion or not. We sometimes feel let down when we see our bonus letters and feel that we deserve much better. The question is who is in charge : how can someone else be incharge of what I deserve and my growth. we should always take charge of our career and for this we can follow simple things : 1. Self belief - always have self belief that you can get what you deserve 2. Reality check - keep doing reality check as to how you are doing, how are your peers doing, latest trends in the job market and where do you stand in reality with respect to competition 3. Upgrade - there is shelf life of qualifications and degree and it is important that we keep upgrading ourselves by learning new things , unlearning and re learning. the point is that we need to stay relevant. 4. Market value - while we may be in a good job and not looking to change but it is not a bad idea to keep checking your market value by occassionally applying for jobs. May be you may get a dream job. The point is never be complacent about yourself. Your organization can replace you at any point of time. 5. Network - this I think is a very important factor. We need to invest time to connect with relevant people and create a strong bonding. Remember network is an investment and the returns is immense. So, take charge of yourself and don't let others decide how you will grow.

26

1 Comment

What Sec 143(10) states is that ICAI MAY make recommendation to the Central Govt. BUT such recommendations will be subject to review/endorsement by NFRA. However, u/s 132 (2) NFRA SHALL (consulting ICAI is NOT required): (a) make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be; (b) monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed; In the case of SA 600 NFRA has indeed consulted ICAI who by its conduct has compelled NFRA to say “enough is enough”. #nfra

7

4 Comments

XBRL penal charges after the due date can be quite steep. If a company delays filing its annual returns, balance sheet, or financial statement beyond the provided period under Section 137(1) of the Act, it will incur a late fee of ₹100 per day . Additionally, if a company fails to file AOC-4 XBRL along with a copy of the financial statements before the due date, the consequences are more severe: - The company will be punishable with a fine of ₹1,000 for every day during which the failure continues, up to a maximum amount of ₹10 lakhs . - The Managing Director, Directors, and the Chief Financial Officer of the company could face imprisonment for a term extending up to six months or a fine ranging from ₹1 to ₹5 lakhs. To avoid these penalties, it's crucial to file XBRL reports on time. The due date for XBRL filing for the financial year 2023-24 is 30 days from the conclusion of the Annual General Meeting (AGM) . For example, if the AGM was held on September 30, 2024, the XBRL filing due date would be October 29, 2024 . *Penalty Structure:* - _Up to 30 days_: 2 times the normal fees - _30-60 days_: 4 times the normal fees - _60-90 days_: 6 times the normal fees It's essential to prioritize timely filing to avoid these additional costs and potential legal consequences. Regards, Mrattunjay Varshney

4