H L COLLEGE OF COMMERCE

Re-accredited with A grade by NAAC (UGC)

Annual Report 2017-18

at

Annual Day Celebrations

Friday, 16th March 2018

at

H L Campus

Chief Guest

Mr Sunil Shah

Chairman

Gujarat Innovation Centre

Presented

by

Dr Mona S Kelshikar

Principal

Good afternoon everybody. On the 81st Annual Day celebration, on

behalf of Team HLCC, I extend a warm welcome to our Chief Guest Mr.

Sunil Shah, Shri B M Shah, Dr A H Kalro, Prof Parag Patel, Prof. M T

Patel, Prof G A Pathak, Shri Natubhai Panchal, Shri Narendra Kamdar,

Shri Anuj Mehta, Mr Rajesh Ravani, invited guests, colleagues, and my

dear students, on the 81st Annual Day Celebration of HLCC. Let me

introduce you all to the Chief Guest

We are privileged to have with us a dynamic

and eminent personality Mr. Sunil Shah as the

chief guest on this special occasion. He is the:

Managing Director – Motivation Engineers

and Infrastructure Pvt. Ltd.

Strategic Advisor – MNC, Corporate & MSME

Co-Author – I: The Career Carver

Chairman – All Gujarat Innovation Society

Chairman – Vibrant Motivation and Development Foundation (Sec. 8

Co).

The time that he spent in study at IIMA, helped him to think, out of the

box. In October 2010, he was the Chairman of Revenue committee with

AMC, and a councilor from Ambawadi.

During his tenure, AMC received TARGETED revenue for the first time

in 50 years. His vision and inspiration became a seed to create Gujarat

Innovation Society, to facilitate a Culture of INNOVATION amongst

MSME and PG Students of Professional courses.

Mr. Sunil Shah holds a Business Management from S P University. As

an IIMA Alumnus, he has offered products, services, solutions and

consultancy to several leading corporate houses, construction &

engineering industries of Gujarat; and has earned a reputation as an

authority in construction domain.

He is a mentor at Power of Idea - IIM A, and also a visiting faculty at

many B Schools & Engineering colleges.

He has served on the Executive Board of AMA for more than 25 years,

and was the Vice President in 2010.

Our GS Kinjal Jamdar will offer Mr Sunil Shah a floral welcome and a

memento.

We also have some very special invitees with us and we would like to

offer them a floral welcome.

Our Cultural Secretary SNEHA NAYAK will felicitate Shri B M Shah,

Director AES.

Our Games Secretary SAHEBSINGH BHATIA will felicitate Dr A H Kalro,

Academic Advisor AES,

Our Debate Secretary KARISHMA LALWANI will felicitate Prof Parag

Patel, Asso Dean AMSOM,

Ladies & gentlemen,

As Rabindranath Tagore has rightly said The highest education is that

which does not merely give us information, but makes our life in

harmony with all existence.

Team HLCC has been putting efforts in this direction throughout the year

with a host of academic and other activities. I feel privileged to present

before you a brief outline of our Annual Report of 2017-18. Detailed

report will be available on our website.

Carrying forward our tradition in the centralized admission process,

HLCC was the preferred undergrad destination among Gujarat

University Colleges with students in the range of 94.88% to 83.57%

getting admitted to general category.

In the Academic Gold Medals list for 2016-17

Our college students have added glory to us by making a clean sweep of

most of the medals offered by Gujarat University at T Y B.Com

1) Lavina Bharatbhai Kotwani of TY Sem-6 has received 5 gold

Medals & 2 prizes from Hon'ble Education Minister

Shri Bhupendrasinh Chudasama as the GU topper

in Accountancy & Auditing. The convocation

ceremony was presided by Hon'ble President of

India Shri Ramnath Kovind. The medals include

a) Shri Amratlal Damodardas Shodhan Medal.

b) Late Sumant M. Patwa Memorial Medal.

c) Late Shri Mojilal Purshottamdas M. Pandya and

Shrimati Jaylaxmi M. Pandya Medal.

d) Shri Mansukhbhai J. Shah Medal.

e) Shri Dahyabhai Ravchand Medal.

She has also won “Company Secretaryship Cash Prize”

And the “Institute of Chartered Accountants of India Prize for

Advance Accounting & Auditing

Shreya Pota of TY received a Gold Medal from

Hon'ble President of India Shri Ramnath Kovind for

highest marks Advanced Statistics,

2) Ms. Vishruti Mayurkumar Patel of M. Com has

been awarded Prof. H K Trivedi Medal for (Financial

Economics) at the hands of Hon'ble CM Shri Vijaybhai

Rupani.

In 2016-17,

At the First B Com

Semester-I we had 16 out of 50 Gujarat University topper toppers a pass

out rate of 77.47% with I-Dist. 46 & 152 securing 1st class,

Semester-II we had 19 out of 50 Gujarat University toppers, a pass out

rate of 95.01% with Dist. 218 & 184 securing 1st classes,

At the Second B Com

Semester-III we had 14 out of 50 Gujarat University toppers, our pass

out rate was 77.14% with Dist. 89 & 126 securing 1st classes,

Semester-IV we had 12 out of 50 Gujarat University toppers, our pass

out rate was 85.44% with Dist. 174 & 163 securing 1st classes,

At the Third B Com

Semester-V we had 14 out of 50 Gujarat University toppers, our pass out

rate was 83.11% with Dist. 67 & 139 securing 1st class,

Semester-VI we had 12 out of 50 Gujarat University toppers, our pass

out rate was 49.17% with Dist. 116 & 175 securing 1st class,

At M.Com

Semester-I, our pass out rate 89.62%.

Semester-II, our pass out rate 95.37%.

Semester-III, our pass out rate 87.96%.

Semester-IV, our pass out rate was 73.86% with I-Dist. 4 & 51 students

secured 1st class.

In Sports this year

The college has bagged the Chess championship for Girls at Gujarat

University Ahmedabad Zone Inter College Competition.

At INTER UNIVERSITY we participated in 7 events:

1. Sakshi Gupta – Chess

2. Kush Jadawal – Cricket

3. Priyank Patel – Cricket

4. Shane Joseph – Foot Ball

5. Shivrajsinh Zala-Hockey

6. Anjali Sharma-Hand Ball

7. Radhika Ram-Soft Ball

At the Gujarat University Ahmedabad Zone Inter College Tournament we

secured 1st place in Shot Put, Discuss Throw & Hammer Throw, in

swimming 400 mtrs free style & 3rd in 50, 100 & 200 mtrs free style.

YOUTH FESTIVAL this year

At the INTER COLLEGE ELLISBRIDGE NORTH ZONE, total 51

students participated from HLCC and we won in 9 events namely

CLASSICAL INSTRUMENTAL, LIGHT VOCAL INDIAN, WESTERN

VOCAL SOLO, GROUP SONG INDIAN, GROUP SONG WESTERN,

ONE ACT PLAY, MIMCRY, COLLAGE & CARTOONING.

At the Inter-zonal level we secured 1st prize in GROUP SONG INDIAN,

2nd in ONE ACT PLAY and MIMICRY.

Henry Brooks Adams has said “Teachers affect eternity; no one can tell

where their influence stops.” My colleagues have been influencing and

motivating students to realise their potential all through the year. Let me

enumerate their achievements at the INTERCOLLEGIATE

COMPETITIONS through various Club Achievements.

At the Orator's Podium:

We bagged

1st prize at the Prin. M.C. Shah Vijaypadma State Level Elocution

Competition,

1st prize at the Mahatma Gandhi Elocution Trophy Competition,

3rd prize at the Swami Vivekanand Elocition Competition,

3rd individual prize in Mahadev Desai

Vijaypadma and the team also lifted Mahadev

Desai Vijaypadma and Hithisingh Vijaypadma

Gujarati Elocution Competition Trophy,

1st prize at the Sardar Vallabhbhai Patel Birth

Centenary Elocution Competition.

The club conducted the prestigious Mahatma Gandhi Elocution Trophy

Competition, inviting entries from different universities across the state.

The panel of Judges included Hon. Justice Hemant Bhatt, Ms. Bhagyesh

Soneji and Dr. Mukund Patel (on the topic “Is India simply hero-

worshipping Bapu in its onward march of peace and progress?”.)

12 teams participated and the trophy was lifted by Amrut Mody School of

Management of Ahmedabad University.

HLCC under the instructions of KCG organized an inter-class Essay

Writing as well as Elocution Competitions (on the topics “Manushya Tu

Bada Mahan Hei” and “Vaishnav Jan To Tene Re Kahiye” (વૈષ્ણવ જન તો

તેને રે કહીયે..)

The college organized Shri. S.C. Dwivedi

Orators of the year Elocution

Competition, 2018. (The students

eloquently expressed their views on the

topic “Citizens are responsible for the

chaotic urban traffic conditions.” The

competition was judged by two leading

personalities in public speaking Ms.

Krishna Mehta and Ms. Nirali Shah.)

Harmony Music Club

Our students bagged total 5 Prizes in various

events

1st in Sur Sangit Spardha,

3rd in Voice of Gujarat Contest,

1st in OPPO TIMES FRESH FACE EVENT,

1st in AKHIL HIND MAHILA PARISHAD CONTEST,

2nd in CULFEST RENAISSANCE.

Our students has also participated in M TV COLOURS

OF YOUTH.

The Rainbow Palette Club:

To promote participation in fine

arts at the youth festival, a

workshop (designed to provide a

platform for students) was

organized under the guidance of

our alumni Hardi and Chitra on 10th August’ 2017.

Rainbow Palette Club in

collaboration with Aakar

Academy of Art also organized

a handicrafts workshop on 15th

September, 2017. The

Workshop was to promote

handicraft skill development

among the students, was well attended by more than 50 participants. Ms

Krimija Shah offered her services for this learning session.

Theater Artist Club:

The club organized a

10 day workshop to

polish theatrical skills

of our students. The

expert Mr Prashant Jadav, writer & director, was ably supported by our

alumni Ms Manyata Ashra, Mr Prerak Parekh and Mr Pratik Sharma.

Our students bagged the 2nd prize and best actress prize at the One Act

play competition organized by INT (Indian National Theater) and Gujarat

Samachar.

Our team bagged the 2nd prize and best actor prize at Veenavelli One

Act Competition organized by H K Arts & Commerce College.

H L TIMES:

A workshop on “Writing and editing skills” was organized by H L Times

for their Editors. Expert Miss Dhruva Jately from Divya Bhaskar was

invited to conduct the workshop.

ELS Workshop:

An ESL workshop was organized on 22nd Jan,

2018 at H L auditorium with the theme of

COMPASSING COMPREHENSIBLE INPUT. 110

undergraduate students from 12 colleges (Guj

.Uni) participated in the workshop.

Students were engaged in English Language

Learning (ELL) activities like listening and

reading comprehension.

International Yoga Day

About 700 students and all faculty

members participated in the Yoga Day

celebration on the campus.

Our faculty

members

conducted the workshop on 1st June, 2017

to mark National Yoga Day.

Meditation Workshop

The Workshop was conducted by

Vilamba a European Band & Sahaj

Yoga Group on 4th January, 2018.

The 2 groups are proponents of

lilting music translating into inner

peace for a soul transforming experience. Their music found and instant

connect with our faculties and students alike.

Udisha – Placement Cell

The placement cell at HL College of Commerce provides a platform for

students seeking recruitments to interact with possible recruiters on the

campus. This year, Godrej and Boyce Company Ltd, Deloitte and Tata

Consultancy Services Limited held interviews in the college.

9 of our students got placement with good packages.

Info strings Club:

Our College Students bagged 1st Prize at Stock Wars

organized by Amity University Global Campus.

Einstein Protégées:

Our College Students bagged 1st & 2nd Prize at

Business Quiz Competition organized by Amity

University Global Campus.

EXPRESSIONS:

Our annual cultural fest-EXPRESSIONS was organized in January’2018

with great fanfare. Over 400 HL’ites participated in over 28 different

events during the week long festivities.

NCC:

2 of our cadets SUO Durgesh Makwana

and UO Priya Gajera secured the gold

medal in Gujarat University Best Cadet

Senior Division Army Wing.

Once again, 4 of our NCC cadets after competing for over 5

camps, were selected and went on to represent Gujarat State at the

all India Republic Day Camp at New Delhi’ 2018. 3 of the girl

cadets got the opportunity to take part in the Rajpath March on 26th

January’2018.

3 of our cadets were selected for the Army Attachment Camp at 17

Maratha Light Infantry, Chiloda, Gandhinagar.

2 cadets attended the National Integration Camp at Secundrabad

and 2 at Rajkot.

1 cadet attended the Trekking Camp at Narmada and 1 at

Rajasthan.

39 Boy and 17 Girl Cadets – attended various Combined Annual

Training Camps.

Flag hoisting on 15th August and 26

th January was carried out

under the support of NCC at HLCC and Gujarat University.

NSS:

Voters Awareness Programme (in collaboration with Gujarat Govt.)

was organized at H L campus.

Blood Donation camp was organized in collaboration with Red Cross

Society at HL Campus where 72 units were collected.

Neck Ergonomics awareness programme was organized at the

college in collaboration with College of Physiotherapy, Ahmedabad.

Two students participated in Basic Mountaineering Course at

Junagadh, organized by Youth Welfare Dept, Gujarat University.

Stationery collection drive for the underprivileged students was

organized at HLCC.

68 students visited the cancer hospital at Vasna in the month of Feb,

2018.

Care and Share Week:

SEMINAR ON CREATIVE CAREERS:

On the 17th of July 2017

Ramoji Krian Universe in

collaboration with HL College

Of Commerce organised a

Creative Career Seminar

which was held in the HLCC

auditorium. The purpose of

the seminar was to create

awareness and explore the hidden career opportunities in the fields of

media, design, creative arts and applied social sciences. Esteemed

guests present at the seminar included Professor Ujjwal Choudhary

(Director, Ramoji Krian Universe), Ms. Anurita Rathore (Former Features

Editor, Ahmedabad Mirror) and Mr. Viveck Vaswani (Bollywood Actor,

Director and Producer). Two special invitees Ms. Shital Shah (Gujarati

Actress, Director and Producer) and RJ Megha Ritam of Radio Mirchi

98.3FM were also present.

Principal of HL College Of Commerce Dr. Mona Kelshikar delivered the

opening address followed by Prof. Ujjwal Choudhary, who spoke about

the varied courses offered at Ramoji Krian Universe and how Ramoji

Krian Universe was helping millions of people translate their creative

vision into a career option. Chief Guest Ms. Anurita Rathore shared her

vast experience spanning two decades, reminiscing the challenges she

faced at a young age to the days spent interviewing artists,

photographers, celebrities, her journey from being a part of The Indian

Express to becoming the Features Editor of Ahmedabad Mirror. She

stressed upon how important it is to have a passion and the

opportunities that come along that let you turn your passion into

profession.

An award ceremony was held to honour and felicitate three young

achievers from the city with the Ramoji Krian Universe Young Voyager

2017 Award in recognition of their professional excellence in the field of

creative careers. The awardees were Ms. Aditi Gupta, a social

entrepreneur and co-founder of Menstrupedia working towards

spreading awareness about menstruation; Mr. Ritam Bhatnagar,

entrepreneur and founder of India Film Project, which also happens to

be Asia’s largest content creation festival; Ms. Shaina Shah, actress,

director and editor who primarily works in the Gujararti Film Industry.

She is also the

creative producer

at Limelight

Pictures School.

The Keynote

Speaker of the

event was famous

Bollywood actor,

director and

producer Mr. Viveck Vaswani who entertained the audience with his

creative insights and anecdotes.

Winners of the MOBILE FILMAKING WORKSHOP held at HL College Of

Commerce on 7th of July 2017 were also felicitated during the event.

The winning film title was ‘Mein Aur Meri Mehsusgi’ and the winning

team was felicitated by celebrity guests Ms. Shital Shah and RJ Megha

Ritam followed by a short motivating speech by both the guests.

Towards the end Ms.

Neha Chopra, Assistant

Professor, Centre for

Documentary

Production Skills at

Ramoji Krian Universe

delivered the Vote of

Thanks. The Creative

Career Seminar

culminated with an

interactive counselling session organised by members of Ramoji Krian

Universe.

Calypso

The week long Club Fest, was held from

29th to 5

th August, 2017 in order to

introduce and to motivate freshers to

various club activities(, viz. Elocution,

Essay writing, General Knowledge Quiz,

Mad-Ad and Card-making competitions, fun

and games activities and theatre, dance and music performances were

held).

HLCC MUN SOCIETY

HLCCMUN

HLCC – Premier Commerce College of Gujarat State

Pioneer of MUNning in Gujarat

Collaboration of UNIC for the 4th year in a row

Inter-active session by dignitaries

7 Extraordinary councils

Experience best facilities

Sturdy in-house Organising Committee

Lively socials

Create a culture for MUNs among students

To strengthen student’s ability and encourage a deeper understanding

of the nuances of diplomacy and presentation of research in a

stimulated setting

Organize an inter-collegiate MUN conference with participation from

national and international delegates.

To provide an inter-college platform to students

To provide awareness among students about world issues

To spread awareness and understanding of International Politics and

Relations among the students

To provide a debating platform to students.

Having initiated the MUNning

culture in Gujarat, we at

HLCCMUN organised the 1st

edition of MUN in 2013, which

featured three committees

that discussed crucial global

issues. The 2nd edition

advanced from a local to

national level event. The 3rd edition was of a higher level with 250

delegates participating, inclusive of novices as well as veterans.

In order to make HLCC MUN a regular annual event, and also to give

training via Mock MUNs, we initiated The HLCC MUN Society in 2016.

The 4th edition had 300 participants from all over India and abroad,

making it an international event.

The 5th Edition of HLCC MUN has taken the bar to a higher level with

555 delegates, UNIC for India & Bhutan Collaboration for the 4th year in

a row, 8 committees, and international status for the 2nd year now.

The 11th of August marked the Opening Ceremony of the fifth edition of

HLCC MUN. Delegates came in hundreds to witness an exemplarily

intellectual panel discussion, which included eminent personalities from

different walks of life, two of which were Padma Shree holders.

The committees that

were being simulated in

the 5th edition are:

United Nations

General Assembly

Disarmament and

International

Security Committee

United Nations High Commissioner for Refugees

The Economic and Finance Committee

Social, Humanitarian and Cultural Committee

United Nations Environment Program

European Union

Indian Parliament (Lok Sabha)

TEDxHLCC

TED is an annual event that brings together the world’s leading

thinkers and doers to share ideas that matter in any discipline –

(technology, entertainment, design, science, humanities, business,

development. The talks at the conference, called TED Talks, are

then made available to watch for free on TED.com.)

In the spirit of “ideas worth spreading,” TED created TEDx, a

program of local, self-organised events (that bring people together

to share a TED-like experience.)

The theme of our maiden TEDxHLCC on 25 February was “Let's

Plunge into the World of Doers!”. In sync with our theme we invited

speakers who have initiated powerful startups / done things

differently, to bring about a change for the better.

Key not talk was delivered by Mr. Sushil

Handa of Claris, other speakers at

TEDxHLCC were: Ms Shilo Shiv

Suleman, Mr Abhay Mangaldas, Mr

Kirat Damani, Ms Esha Shah, Mr

Manasvi Thapar, Ms Esha Manwani, Mr

Ankur Thakuria, Mr Joel Thottan, Mr Pravinsinh Solanki, Ms

Ruzaan Khambatta, Mr Abhishek Jain, Ms Avni Sethi & Mr Harsh

Chhaya.

HLCC SAYEN Eco Buddy Club

Our students of HLCC

South Asia Youth

Environment Network

(SAYEN) Eco Buddy

Club participated in

the Swachhagrah Campaign in association with Centre for

Environment Education (CEE), Adani and AMC on 16th and

17th Feb 2018, with the aim of spreading awareness

regarding segregation of waste in different levels of the society.

HLCC EMPOWERMENT INITIATIVE

One of the main goals at HLCC is to encourage students to empower

themselves by providing them with necessary skills required by the

industry there by bridging the lacuna between academia and industry.

Various empowerment courses were organized:

Advance Excel

A 24 hours course on Advance Excel done in September 2017 in

association with NIIT for a token fee. 30 students successfully completed

the course.

Tally ERP-9

44 students attended a 30 hours Tally certificate course in association

with SBP academy (certificate given by TIL, Bengaluru) (at a fees of

rs.3000) in August 2017.

Competitive Exam

100 students completed competitive coaching for GPSC, SSC, RRB,

Banking and other exams ( (90hours) coaching to students at a token

fees of Rs.1500/-.) held from January to March 2018.

Job Training Programme

HLCC Empowerment Initiative in collaboration with Job station

conducted a 3 day job training for working in the banking & financial

sector on 6, 7 & 8 February’ 2018 for the shortlisted 24 candidates.

Special lectures by:

1) CA Satvik Shah delivered a lecture on GST,

on behalf of ICA Education Skills Pvt. Ltd.

on 7th September, 2017. Approx. 200

students attended the lecture.

2) Mr. Chandrashekhar Sharma from QX Ltd. a pre-placement talk on

12th August, 2017 Approx. 150 students

attended the talk.

3) Mr. Sadanand Dubey delivered a

lecture on GST and also a short-term

course on GST on 11the July. 2017.

Approx. 175 students attended the

lecture.

MITRA (Our Counselling Cell)

35 students took advantage of our counselling cell for psychological

and emotional issues in this year. I would like to mention here that our

past students also seek support from our counselling cell – MITRA.

One Day National Conference On

“Revolution and Reforms in Accounting and Taxation” organized by

H L College of Commerce on 16th December, 2017

Welcome Speech and Conference Summary

Dr. Nisha Bhavsar,

Convenor of the

Conference, welcomed

and addressed the

august gathering of

Patrons, Chief Guest,

Expert Speakers,

Academicians, Faculty

Members, Research

Scholars and Post

graduate/Graduate students keen on understanding the emerging trends

in accounting and taxation.

The global financial crisis has affected almost every economy in the

world. India was able to recover from crisis much sooner than other

economies as a number

of reforms have taken

place in the Indian

economy for achieving

fast track growth. These

include the Companies

Act 2013, BASEL III

implementation, IFRS,

CSR, Effective

Governance and GST among others. It is imperative that the

Organizations are able to shift gears and adapt, the government is able

to regulate and employ policies and the market is advanced enough to

cater to the changing needs of the society. With this view HL College Of

Commerce organized a One Day National Conference on “Revolution

and Reforms in Accounting and Taxation” on the 16th of December 2017

at JB Auditorium of Ahmedabad Management Association (AMA). The

conference intended to present and discuss few of the most recent

innovations, trends, issues, reforms and challenges in the field of

Accounting and Taxation.

The conference had four sessions-

Session 1&2: Companies Act 2013 and its impact on Accounting &

Reporting.

Session 3&4: GST and its implication on Indian Economy.

Opening Address

HL College Of Commerce, the

fountainhead of Commerce Education in

Gujarat, has made a pioneering

contribution in the field of commerce

education and has imparted value based,

quality education in generations of

students ensuring that they are in tune with tomorrow. The college

believes in expanding the knowledge horizons of students, faculty, staff

as well people at large through multifarious activities in order to groom

model citizens of Gujarat and India and the One Day National

Conference is an endeavor towards this objective was positively

gathered from Principal (HL College Of Commerce) Dr. Mona Kelshikar’s

opening address.

Academic Advisor (AES) Address

‘To stay ahead you have to keep running

faster’, was the beautiful message that Dr.

A. H. Kalro, Academic Advisor, AES gave

that day. Why a conference on Accounting

and Taxation, Dr. Kalro remarked it is

because the implications it has on the

development and growth of the economy.

He talked about how important it is for

organizations in the informal sector to come

into the formal sector so that their performance becomes a barometer for

the economy ensuring higher growth and well being of the society. The

Companies Act 2013 and GST are both revolutionary and landmark

reforms. He stressed on how the design, the implementation of the

reforms and the education of those affected by it must go hand in hand if

it is all the work. It is not enough to know the changes, Dr. Kalro

commented but to pick the right opportunity and influence the road

ahead.

Chief Guest and Keynote Speaker Address

CA Saurabh Soparkar (A

senior advocate in Gujarat

High Court & Income Tax

Appellate Tribunal,

Ahmedabad and a Visiting

Professor for Corporate Tax

Planning & Legal aspects of

Business at IIM Ahmedabad) touted both Companies ACT 2013 and

GST as one of the most interesting topics in the current scenario which

makes India both strong and vulnerable to the major political forces

around the world. This is an era where reforms of the 1990’s have

started giving fruits, he commented. In his view, the fields of accounting

and taxation have started showing growth and development to a great

extent.

The evolution of accounting standards to meet the needs of

international economies, the road from FERA to FEMA, the realization

for a common accounting platform was significant and this is where

Companies Act 2013 comes into picture. The first thing that Companies

Act 2013 does is that requires companies to have particular accounting

standards to be observed, he highlighted. Accounting aspects, Audit

standards in relation to a large number of issues are being examined

which in turn has made the field of Accountancy an interesting,

challenging area and something to look forward to, he commented.

In the field of Taxation there have been significant amendments like the

abolition of the gift tax and estate duty, coming down to a reasonable

rate of direct taxes etc. GST, he noted, would revolutionize the way

trade and business is carried out in the country. The introduction of the

Benami Act, Prevention of Money Laundering

Act, The Insolvency and Bankruptcy Code will

also have a direct implication in the field of

Taxation.

Considering the rate at which revolutions and

reforms are happening not only in the field of

accounting and taxation but also in other

related fields, Mr. Soparkar underscored the

growing need to keep pace with the changes failing which one’s growth

and development would come to a standstill.

Session - 1: An Overview of Companies Act 2013, Indian AS & IFRS

CA Dhinal Shah, Partner,

Ernest & Young Pvt Ltd. is a

Member of the Executive

Committee of International

Fiscal Association. He is also

the Chairman of Direct Tax

Committee of GCCI and in his

view the genesis of The

Companies Act 2013 was the

SATYAM episode.

The Key Takeaways from the 2013 ACT:

Role and Responsibility of Auditors and Directors increased

substantially.

Liability changed from Civil to Criminal.

Class Action Suit.

Rotation of Auditors.

Role and Responsibility of independent Directors.

Increase in substantial compliances w.r.t Director’s Report and

Director’s Responsibility Statement.

Recommendations of Kotak Committee:

1. All women directors must be independent.

2. Chairman and Managing Director must be different persons.

3. Companies must make an effort to educate directors, to train them

as per industry’s requirements.

Introduction of New Concepts:

1. Formation of One Person Company.

2. Formation of Small Company – where turnover is less than 5 crore

or share capital less than 50 lakhs.

3. Corporate Social Responsibility (CSR) – Every company which

makes profit since last three years has to allocate 2% of its profits

for CSR.

4. Internal Financial Control/ Internal Audit – Company with turnover

more than 200 crore must have Internal Audit.

Sections pertaining to ‘related party transactions’ has undergone a

complete makeover. Now as per Companies Act 2013 all related

party transactions divided into three parts, making it a cakewalk for

business, not requiring government’s approval.

On the loans and advances front substantial tightening has been

done. As per Companies Act 2013, deposits from directors exempt,

deposits from shareholders are subject to certain limits. Failure to

repay deposits results in huge civil and criminal liability on the

company.

A new section on National Financial Reporting Authority (NFRA)

provides for regulation of performance of audits and audit firm

beyond a threshold limit.

Sections 230 to 234 relate to Mergers & Acquisitions whereby the

applications for M&A must go to National Company Law Tribunal

and the company must obtain a certificate from its auditor certifying

compliances with accounting standards. Separate provisions for

merger of Indian company with foreign company and vice versa is

also incorporated.

The introduction of the concept of ‘Insolvency Professional’ is a big

step. The Insolvency Professional could be a Chartered Accountant

or Company Secretary or Law Graduate who would become the

de-facto CEO and MD of a company making default in payments or

turning insolvent. The liquidator of a company as per the new act

must be a qualified Insolvency Professional.

CA Dhinal Shah also highlighted that The Companies Amendment Bill

2017 is soon to be tabled in the Rajya Sabha and some 23 amendments

have been suggested. A major change is pertaining to dividend

distribution and managerial remuneration. He concluded his session

with the message “The future is bright for all of us but specialization is

needed”.

Session - 2: Audit & Auditors under the Companies Act 2013

CA Gaurav Shah, Partner,

Deloitte heads Gujarat since

2006. He joined one of the

legacy firms of Deloitte, namely

C. C. Choksi & Co. in 1979. A

former chairman of ICAI he has

also served various MNCs &

Corporates.

Mr.Gaurav Shah focused on the Global Perspective of Audit. He made a

presentation in which he noted that Audit is not just a statutory

compliance but goes beyond it and from view point of value addition and

credibility that business’ would like to achieve, our audit carrying

techniques must be of international standards.

The Companies Act 2013 from the Audit perspective:

Focuses on investor protection, particularly minority shareholders.

Aims at stricter enforcement, investigation, adjudication and

penalty.

Fixes accountability and enhances reporting scope.

Establishes measures for handling and reporting frauds.

Focuses on independence and regulation of auditors.

To present his views in a nutshell, two pictures were shown. First one

was that of an iceberg which meant to convey the role of an auditor as

one who delves deep into the details and problems of audit. The

second one was that of an umpire. Auditor like the umpire acts like a

moderator for two sides – on one side the statutory, legal, ethical

requirements to be complied by the company and on the other side the

company itself.

The second phase of the presentation dealt with:

1. Appointment and Rotation of Auditors.

2. Eligibility, Qualification and Disqualification of Auditors.

3. Prohibited services for Auditors.

4. Reporting Responsibilities.

5. Renewal, Resignation, Change of Auditors.

6. Punishment and Penalty on Auditors, Company and Officers.

The impact of globalization has been considerable on audit and its

related matters and a major revolution or reform therefore has been

Audit evolving into Global Standards. A remarkable development is also

the adoption of risk based approach from a test based or scrutiny

based approach. The scope of Audit has indeed increased multifold.

The presentation was followed by a brief Q&A session.

Session – 3: An overview of GST

Advocate Nayan Sheth,

practices exclusively on

Sales Tax, VAT & GST. He

is also a member of the

GST Advisory Committee

& Implementation Cell,

Government of Gujarat.

He opened the session by

noting that Goods and Services Tax is one of the major Indirect tax

reforms in the country which was implemented in 1st of July 2017.

Previously a number of Central indirect taxes as well as State indirect

taxes were levied separately by different legislative provisions. In order

to move towards a One Nation One Tax regime GST was introduced.

There are principally 3 GST Acts:

CGST Act enacted by the Parliament and will subsume central

taxes like Excise Duty, Countervailing Duty and Service Tax.

SGST Act enacted by the State legislative assemblies and will

subsume VAT, Octroi, Entry tax and Luxury tax.

IGST Act – meant to take care of inter-state transactions.

GST, a charge created on the event of SUPPLY. Whoever makes

supply is liable to pay tax under this act, if the turnover exceeds the

threshold limit prescribed under law which is an annual aggregate

turnover of 20 lakh rupees.

What is Supply?

Section 7 of the act defines the term supply as: Supply includes all

forms of supply of goods or services or both.

What is Goods?

Section 2(52) of the act defines the term goods as: All kinds of

movable property other than money and security.

What is Service?

Section 2(102) of the act defines the term service as: Anything other

than goods, money and security.

Some illustrations mentioned in the Act that constitute Supply:

1. Sale 2.Transfer 3. Barter 4. Rent 5. Lease 6. License

7. Disposal.

Section 3 of the Act deals with exceptions i.e. events which do not

constitute supply and therefore will not attract GST:

1. Service by employee to employer during course of employment.

2. Services by courts, tribunals constituted under various acts of law

3. Services by MPs, MLAs, members of Panchayat, Local Bodies.

4. Any constitutional authority like the Election Commission will not be

considered to be supplying services.

5. Members appointed as Chairman of a committee Of Central

Government, State Government, Local Committee.

6. Services of burial, crematorium, mortuary.

7. Land

8. Sale of wholly constructed building.

9. Actionable claim other than lottery, betting and gambling.

The value of supply is the transactional value except where the parties

are not related parties and price is the sole consideration. From

viewpoint of rate of tax, two new concepts have been introduced:

Composite supply – When there are two or more supply of goods

and services made and they are naturally bundled with each other,

of which one is a principal supply, is a composite supply. Tax rate

applicable will be rate applicable on principal supply.

Mixed supply – When there is two or more supply of goods and

services, none of which is a composite supply, is a mixed supply.

Tax rate applicable will be the highest rate.

At present five commodities are outside the purview of GST: Crude Oil,

Petrol, Diesel, Natural Gas, Aviation turbine fuel. Also alcohol and

electricity have been kept outside GST.

Session – 4: GST: Implication, Issues and Solutions

CA Hardik Shah, Senior

Manager (Indirect Tax)

Deloitte, Ahmedabad. He is

also a Visiting Faculty with

Ahmedabad Management

Association and National

Institute of Design.

He made a presentation

focusing on the sector wise implications of the GST. Major sectors

covered in this session included:

Pharma Sector

CST of 2% no more on the value of goods supplied

Concept of Principal-Agent no more

Optimization and Revamp of supply chain

Positive impact on Medical Tourism

GST rate fluctuations which makes MRP an issue

FMCG Sector

Warehouses , Depots no more

Compliance on line-item wise basis which means every invoice on

supply side and purchase side has to be disclosed.

Levy of 28% tax on TV, Refrigerator, AC (earlier it used to be less)

GST rate fluctuations which makes MRP an issue

Auto Sector

Levy of 28% gst and also compensation cess going upto 25% in

some cases

Negative impact on second hand sale of cars

Cash flow pressure

Textile Sector

Textile which is basically an unorganized sector has convert itself

into an organized manner w.r.t accounts and other data for better

GST compliance

Since textile works on Job Work Model, rate of tax 5% which is easy

and affordable

Telecom Sector

Benefit in form of availability of increased credit

Construction materials and Real Estate

Almost 17 taxes w.r.t. this sector merged with GST, registration

charges and stamp duty notwithstanding.

Entertainment Sector

Earlier this sector attracted not only service tax but also an

entertainment tax of 28% to 100%. Casinos were taxed more than

300%. Under GST rate of tax pegged at 28%

Logistics and Warehousing

Ease of transportation of goods as GST has done away with what

was known as ‘check posts’. Instead a ‘flying squad’ has come into

force.

E-commerce

GST a welcome move by way of clarity and compliance in rate of tax

under GST model.

Face challenges when it comes to a ‘sales return’ as the industry is

required to maintain a lot of data tracking like which goods accepted

by customers, which goods rejected by customers etc.

Aviation

Aviation turbine fuel still under pre-GST regime but Airlines under the

GST regime. At present natural gas, petroleum remains outside the

GST network. Subsuming them would result in considerable

reduction in its cost but State governments opposing this move as it

will reduce their revenue.

The concept of ‘Anti-Profiteering’ - A scenario where because of a

change in the rate of tax, if any organization benefits, that benefit is

supposed to be passed on to the consumer. The government has also

constituted a committee to scrutinize whether the benefit has been

passed on to the consumer or not. This provision has been made for a

period of 3 years.

The concept of ‘High Seas’ – when goods are in the middle of sea and

transaction of sale takes place. Under pre-GST regime they were not

taxed since India did not have the jurisdiction to tax the goods. Post-GST

high sea sales will attract IGST only once at the hands of the last

importer on the final price of the item.

Since business moves faster than tax authorities, there prevails a

confusion regarding taxability of crypto currencies like Bitcoin (whether it

is a good or a service?) Sooner or later the government is expected to

come up with a solution.

Vote of Thanks

Dr. Nisha Bhavsar in her capacity as Conference Convenor conveyed

her gratitude to the Chief Guest Shri Saurabh Soparkar and the

members of Ahmedabad Education Society Dr. A.H. Kalro and Shri

B.M. Shah on successful completion of the conference. She also

expressed her gratitude to the eminent panel of speakers for their

brilliant insights and valuable inputs. She extended her thanks to Dr.

Mona Kelshikar for her constant support and encouragement. She also

thanked her colleagues, admin staff and the student organizing

committee for their efforts and expressed her deepest satisfaction at the

overwhelming response received from the academicians, faculties,

corporates, students and research scholars in the form of 470 plus

registrations for the conference.

AES Workshop on NAAC Re-Accreditation:

A workshop on NAAC

Accreditation was organized by

Ahmedabad Education Society

at H L College of Commerce on

2nd December 2017 for the five

grant-in-aid colleges under the

AES. The purpose of the

workshop was to make the colleges aware of the revised scheme of

NAAC as they prepare to go for the next cycle of reaccreditation. Around

50 participants from five granted colleges registered for this one-day

workshop.

Dr A H Kalro, Academic Advisor,

AES, gave a detailed insight into the

challenges before higher education in

the present scenario and explained

the purpose behind organizing the

workshop.

Dr Ganesh Hegde, Deputy

Advisor, NAAC, talked at length

about the Revised Assessment

and Accreditation Framework of

NAAC applicable from July 2017.

He discussed the new aspects

which have

been included in the framework, some of which are Teacher profile and

quality, Student satisfaction survey, Innovation ecosystem, Alumni

engagement, Institutional values and social responsibility, and

Institutional distinctiveness. He also explained what colleges needed to

do under the new framework to maintain their quality and their grades.

Prof Bipin Mehta, Former Director, AES

Institute of Computer Studies,

discussed the role of IQAC at the

colleges, the responsibilities and major

tasks to be undertaken by the IQAC.

Documentation, data management and

transparency being the major areas of

concern under the revised guidelines, he explained the Data

Requirements and Documentation for NAAC Accreditation.

Special Lectures

Late Prin. S V Desai Memorial Lecture:

The Prin. S. V. Desai Memorial Lecture was organized on 19th

December, 2018 at the Ahmedabad

Management Association's J. B.

Auditorium, and was delivered by Shri Vallabh

Bhanshali on the topic of "Enterprise as a

Public Good'. The lecture was open to all and

was attended by more than 350 people most of

whom were students of HL, alumni members,

academicians and other citizens. Mr. Bhanshali's talk lasted for about 50

minutes wherein he tried to make a point on how Businesses can indeed

remain profitable whilst continuing to do

public good. He validated his thoughts by

sharing some real life case studies of

companies and initiatives that have managed

to remain

profitable and

have yet followed the ethical path. After his

talk, he took

questions from

the audience

and patiently answered them. Before the

lecture, the faculty members and governing

council members of HLCAA had a brief

interaction with Mr. Vallabh Bhanshali in the Board Room of AMA.

Special Lecture on “The Goods and Services Tax (GST) and its

Impact on Indian Manufacturing“

on Tuesday, 12th December 2017

Expert Speaker – Dr.Shahana

Mukherjee (PhD-IIMB), Assistant

Professor, Meghnad Desai Academy

A graduate of Mount Carmel College,

Bangalore, and a gold medalist from the

Madras School of Economics, Prof. Mukherjee

has just completed her PhD from IIM

Bangalore. Prof. Mukherjee is a

macroeconomist who studies the dynamics of capital flows for emerging

and developing economies. Her research captures measures and

describes the myriad effects of capital flows into emerging and

developing economies – their effects on credit conditions, productivity,

and the like. Prof. Mukherjee has taught management students,

including executives, at IIM Bangalore and will contribute her teaching

expertise to the Academy in the areas of macroeconomics, econometrics

and financial economics.

Theme:

The introduction of the Goods and

Services Tax (GST) regime represents a

landmark tax reform in post-

independence India. The GST, which

will replace several taxes including the value-added, excise duty and

service tax, is expected to transform India into a unified, common market

and further facilitate the movement of goods and services. In addition to

reviewing the structure of the GST, this talk

discussed why the transition towards a unified

indirect tax is important for a country and

assess the economic implications of this

significant economic reform for India’s

manufacturing sector growth.

Two Lectures on GST & its Implications

A two hours special lecture on GST & its

Implications organized by H L College of

Commerce in association with ICA

Education Skills Pvt. Ltd. on Friday 4th

August, 2017.

IGST

Definitions | Levy & Collection of Tax |

Place of supply | Payment of Tax | Input

Tax Credit | Zero Rated Supply |

Transitional Provisions

GST Compensation Bill

Definitions | Base Year Revenue |

Projected Revenue | Calculation and

Release of compensation | Levy and

Collection of GST Compensation Cess |

Returns,

Payments and Refunds | GST

Compensation Fund | Other Provisions

relating to cess

Approx. 175 students has attended this

lecture.

Data Analysis Workshop

Workshop on "Data Analysis" was

organized on 10th February, 2018 in

Association with Association of Computing

Machinery - Ahmedabad Chapter.

The workshop was conducted by Prof.

Heena Timani and Mr. Ujjawal Suratwala.

(In this workshop various types of data analysis approaches,

fundamentals of hypothesis testing and predictive modeling were

explained with hands-on training and live data sets to 27 participants.)

FACULTY DEVELOPMENT PROGRAMMES:

One day FDP on “Intrinsic Motivation and Organisation Building”

Expert Speaker: Shri Beharamgor Dastoor on Monday, 25 Sept' 2017

12:30 to 5:00 pm at Seminar Hall, HLCC

20faculty members of H L College of Commerce participated.

Faculty Development Programme/Workshop on Yoga & Fitness:

A Workshop on Yoga & Fitness

organized by HLCC for Faculty & all

Staff members

in last week of December 2017

HLCC in collaboration with BSE Institute:

Organized 1 Day FDP cum Workshop on “Financial Planning & Equity Market”

which was held at the BSE Institute, Ahmedabad. All faculty members

enthusiastically attended the Workshop.

Workshop on “Leadership in Education” Friday, 20th April 2018. The Ahmedabad Education Society & H L College of Commerce jointly organized a one-day workshop on “Leadership in Education” at Hotel Inder Recidency The Workshop was attended by all Principals & about 35 Sr. Faculty Members of all 5 Grant-in-Aid colleges under AES, by invitation. The Inaugural Address on “Governance of Educational Institutions” was delivered by Shri Praful Anubhai. Dr. A H Kalro – Academic Advisor AES delivered a talk on “Institution Building”.

The session on “Towards a culture of Academic Excellence, Innovation & Leadership” was conducted by Dr Ramadhar Singh – Prof. AU. Shri Baheramgor Dastoor gave an interactive talk on “Coping with Stress”. Prof. Vijay Sherrychand – Prof. IIMA conducted an expert session on “Innovation, Creativity & Experimentation”.

The participants gained a lot of insights on Leadership & Governance from this Workshop & the interaction that ensued.

Collaborations:

1. Tally Institute of Learning (SBS Academy) for Tally Certificate

Course

2. BSE (Bombay Stock Exchange): For short term course on Financial

Markets & FDP

3. UNIC (United Nations Information Centre for India & Bhutan), HHFI

for HLCC Model United Nations.

4. Red Cross – NSS

5. ICA EDU SKILLS Pvt Ltd

6. Shwas Charitable Trust – EVENING GURUKUL

7. Claris Lifesciences - Brihati Foundation- Eco-friendly Campus.

I firmly believe – a teacher never ceases to be a learner. Let me

report on the ACHIEVEMENTS of our FACULTY.

Prof Hervez R Bharucha:

Lt Hervez R Bharucha, for his excellent service

received the Best Associated NCC Officer’s Medal and

a certificate (at hands of Major General (Dr.) S. C.

Sharan, (Additional Director General NCC, Gujarat) on

15 July 2017.) The only male ANO to be selected in

Ahmedabad for this award.

He is a Board Member for the Gujarat University NCC

Best Cadet Competition, and a Board Member to conduct the ‘B’

Certificate exam at Ahmedabad, under the Ministry of Defense, India.

Flag hoisting on 15th August and 26th January was carried out under his

leadership at HLCC and Gujarat University.

Prof Bharucha was invited by the Riverside School to take a Master

Class for their teachers on Stress Management on 12 Jan’2018.

Prof K V Vachhrajani

She has attended a Short term course of research

methodology organized by KCG and a Workshop on

Best Practices in Teaching-Learning & Evaluation

organized by A G Teachers College.

Prof P M Parmar

He has attended the Freeship Card awarness

Programme conducted by Gujarat Unniversity.

Dr Nisha Bhavsar

She has attended an International FDP organized by

KCG.

Dr M S Bhavsar

She has been awarded PhD degree yesterday i.e. 15

March’2018. The latest to join the PhD club.

Congratulations to Dr Bhavsar.

Dr H S Doshi

He has been awarded PhD degree on 24th April.

2017. Congratulations to Dr Doshi for this

achievement. Dr Doshi has published a paper titled

"A separable convex programming and its

application" in ARS-Journal of applied research and social sciences. He

presented a paper titled "A study of stochastic programming having

uniform and exponential continuous random variables" in National

conference (on Global changes in Business & Economy impact on

Society) organised by C P Patel & F H Shah commerce college, Anand.

He has attended a 2 days International FDP and a weeklong FDP

organised by KCG.

Prof V M Bhatt

Attended an FDP organised by KCG.

Dr. Parag Shah

He has published a paper titled "New Performance

Measure in Cricket" in Journal of Sports and Physical

Education. He has attended an International FDP

organized by KCG, FDP on Effective Teaching Trends

and the Role of Faculty by IBS. He has been invited as

Resource person for FDP on Research Methodology at

Navgujarat Group of Colleges.

Dr S H Rana

She has been awarded PhD degree in April’ 2017.

Congratulations to Dr. Saroj Rana for this

achievement. Dr Rana has attended 2 International

FDPs & 2 FDPs organised by KCG, a National

conference (on Global Changes in Business &

Economy - Impact on Society) organised by C P Patel

& F H Shah Commerce College, Anand. She has

presented a paper in this conference titled "Impact of employee

compensation, workplace environment and performance appraisal on

employee satisfaction: evidence from hospitality sector in Gujarat" she

has published the same paper in International Journal of Creative

Research Thoughts (IJCRT).

Dr. Mona Kelshikar

Dr. Mona Kelshikar was appointed a member of the

NAAC-UGC peer team for accreditation process of

2 colleges in Maharashtra.

She presented a paper titled “The Problem Play:

Setting Stage for Social Criticism” at a UGC

sponsored National Seminar organized by School

of languages, Gujarat University

She has published a paper “Higher Education in India: An Overview

of Concerns and Opportunities” in the peer reviewed international

journal of multidisciplinary educational research and has attended an

FDP conducted by IBS.

All our faculty members have attended:

a) National Conference on Revolution and Reforms in Accounting and

Taxation 16 Dec 2017

b) FDP by HLCC on Intrinsic Motivation for Institution Building - 25

Sept 2017,

c) another FDP on Financial Planning and Equity Market organised by

BSE Institute.

d) AES NAAC Accreditation workshop - 02 Dec 2017.

On this occasion I remember our dear student who left for heavenly

abode this year Ms. Nishita Prajapati. May her soul rest in peace.

Our faculty Prof K H Baxi, who has been teaching Business Laws for

over 3 decades will retire this year. It is only appropriate to the occasion

that we felicitate him for his dedicated service to the institution.

I request Prof K H Baxi to come on stage and I request Shri Sunil Shah

to offer him a memento.

And I am very happy to mention that all stake holders of HLCC are

working as a team to achieve the common goal of excellence towards

our motto

“Widening Horizons…”

It is time to say thank you to all well-wishers who have endeavored to

carve out the success story of HLCC’s Annual Year 2017-18. I express

my sense of gratitude to the Ahmedabad Education society especially to

Shri. B M Shah Sir, Director AES for the unstinting support given by him

for all our endeavors for the development of our students and HLCC.

I also thank Dr. A. H. Kalro, the Academic Advisor under whose

guidance we have charted out our future plan for Academic as well as

Research Activities and I also thank Dr Parag Patel, asso dean AMSOM

and his team for their co-operation on campus.

I express my heartfelt gratitude to the H L College Alumni Association for

the magnificent gesture of giving back to their Alma Mater unstintingly

and magnanimously. This year they have taken up the project of

greening of our cricket ground.

As Andrew Carnegie has rightly put it “Teamwork is the ability to work

together toward a common vision. The ability to direct individual

accomplishments toward organizational objectives. It is the fuel that

allows common people to attain uncommon results.” For this I thank my

faculty, staff and students for all their joint efforts in bringing such

multiple accomplishments that are worth celebrating.

Thank you all for a patient hearing.