Statements of CAs always qualified with riders: SC

 Statements of CAs always qualified with riders: SC

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23.01.2022

Writing the judgment, Justice V Ramasubramanian, part of a bench comprising Justice Hemant Gupta, said, “The statements of the chartered accountants are always qualified with certain riders such as ‘according to the information and explanations given to us in the course of our audit’ or ‘to the best of our knowledge and belief and according to the information and explanations given to us’. ”

The bench added, “The statement in the auditor’s report is as per the information given to them or as per the information culled out to the best of their ability”.

The SC said the CBI registered an FIR for the offences  under Section 420 read with Section 120B of the IPC only on March 16, 2015, nearly four years after the termination of the deal. “The officers of Antrix as well as officials of the government were also implicated in the FIR for offences under the Prevention of Corruption Act, 1988. Therefore, the appellants cannot set up a plea of estoppel on the ground that the termination of the agreement in the year 2011 was not on the ground of fraud, when the discovery of fraud itself was many years later,” it said.

It also rejected the plea against winding up on the ground that even during the ICC arbitration proceedings, Antrix had not taken the plea of fraud. The bench said, “The arbitral proceedings commenced in 2013 and the award itself was passed on September 14, 2015. Antrix cannot be expected to plead fraud in the arbitral proceedings, even before the discovery of fraud. ”

The bench said, “Persons who are ducking/avoiding summons in the criminal prosecution, cannot be heard to contend that they must have been heard in the petition for winding up. Taking advantage of their citizenship/residence abroad, these shareholders are prosecuting proceedings for the enforcement of (i) ICC Arbitral Tribunal Award in India; and (ii) BIT Awards overseas, even while making it impossible for CBI to serve summons on them for the past five years. It is not open to such persons to raise the bogey of failure to afford an opportunity. ”

Can’t cite clean chit by auditor to stall co’s winding up, says SC

New Delhi: In the recent landmark Antrix-Devas judgment, the Supreme Court ruled that proceeding for winding up of a company on ground of perpetrations of a fraud cannot be stalled by shareholders by citing reports from chartered accountants or auditors giving clean chit or reporting nondiscovery of any fraud during the period inquestion.

The SC rejected the arguments of Devas and its shareholders that since the au- ditors’ reports of 2012, 2016, 2017 and 2020 had certified that "no fraud on or by the company has been noticed or reported during the course of the audit", the AntrixDevas deal was terminated not on the ground of fraud. "The auditor’sreport can neither be taken as gospel truth nor act as estoppelagainst the company," the court said.

Writing the judgment, Justice V Ramasubramanian, part of a bench comprising Justice Hemant Gupta, said, "The chartered accountants/auditors are notexperts either in criminal law or in the technology that formed the subject matter of the agreement between Antrix and Devas ."

Building fundamentals Data science, artificial intelligence, machine learning, and robotics are a few of the latest courses finding favour with science students

 

Building fundamentals

Data science, artificial intelligence, machine learning, and robotics are a few of the latest courses finding favour with science students

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Irene.Saha@timesgroup.com

23.01.2022

Science is one of the most favoured streams as far as options after 10+2 are concerned. While many students take up professional courses after their board exams, there are many who take the path less trod as in go in for higher studies. Data science, artificial intelligence (AI), machine learning (ML), and robotics are a few courses that are finding favour with students these days.

With every industry in the midst of digital disruption and connected devices generating massive amounts of data, applied data science along with ML will play a critical role in making high quality business decisions and implementing scalable solutions. According to the World Economic Forum, data science, data architecture, data analysis, and data engineering are on track to become most favoured career paths by 2022; and the US Bureau of Labor Statistics predicts 11. 5 million career openings in these fields by 2026. Alongside the US, India is expected to be a prominent global hub for data science. Recent data suggests that hundreds of thousands of job openings in data science are available to professionals with less than five years of experience.

A STRATEGIC APPROACH

Data science is an interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data and apply knowledge and actionable insights from data across abroad range of application domains. Elaborating on this branch of science, Dr B Ravindran, the head of a research institute and professor of computer science, says, “Mastering data science requires a strategic approach. Young professionals need to focus equally on building strong fundamentals and applying the learnings to solve real world problems across multiple industry domains. ”

INTELLIGENT MACHINES

AI is the simulation of human intelligence processes by machines, especially computer systems. With a growing number of companies using these technologies to improve their products and services, evaluate their business models, and enhance their decision-making process, the importance of AI and ML has been increasing.

AI courses prepare specialists who create intelligent machines and systems, which perform tasks that would normally require human intelligence like playing games or understanding natural language. Popular examples of AI include chess-playing computers or self-driving cars. They rely on neural networks, deep learning, and natural language processing to analyse large amounts of data, find patterns, and make predictions and decisions based on relevant information.

ML is a more specialised subdiscipline of AI. It teaches students how to use algorithms and statistical models to create computer systems which can learn for themselves. These computer systems use data and self-generated feedback (trial and error)to perform tasks without receiving instructions from programmers. An example of a ML system is the picture recognition software used by companies like Google or Apple.

ASSISTING HUMANS

Robotics is an interdisciplinary field that integrates computer science and engineering. It involves design, construction, operation, and use of robots. The goal of robotics is to design machines that can help and assist humans. In fact, robots are changing healthcare today. Robots in medicine help by relieving medical personnel from routine tasks that take their time away from more pressing responsibilities and by making medical procedures safer and less costly for patients. They can also perform accurate surgery in tiny places and transport dangerous substances.

NASA also uses robots in many different ways. Robotic arms on spacecraft can move large objects in space. Robotic spacecraft can visit other worlds. Robotic airplanes can fly without a pilot aboard. Robots help explore space. Spacecraft that explore other worlds, like the moon or Mars, are robots.

Science is indeed revolutionising our world today and what better way to ride the wave than to take up a branch of it!

Data science refers to extraction of knowledge from large volumes of data (that is big data) that are structured or unstructured, which is continuation of data mining and predictive ana-lytics. It involves different categories of analytical approaches for modelling various types of business scenarios and arriving at solution and strategies for optimal decision-making in marketing, finance, operations, organisational behaviour, and other managerial aspects. This new field of study breaks down into a number of different areas, from constructing big data infrastructure and configuring the various server tools that sit on top.

Dr Arun Rajkumar, program director and a core member of a research institute, says, “This program is best suited for early career professionals eager to build strong data science expertise. Several leading RBCDSAI faculty and experts from an interdisciplinary background will teach live and interactive online classes and mentor participants as they learn hands-on and work on capstones across diverse industry domains such as finance, healthcare, manufacturing, software engineering, smart cities, etc. We also aim to include a campus visit towards the end of the program so that participants can benefit from the real-life experience. ”

The priority of students has changed since the pandemic struck last year. With the focus likely to shift to blended learning combining education at home and at the institute even when normalcy returns, most students now want to stay back and pursue professional courses here instead of travelling to some other place. Aiding them in their decision is the quality of educa- tion imparted in this part of the country. The institutes in Gujarat are at par with those in the rest of the country. The students who enrol here are screened through entrance examinations.

According to Prof Saikat Maitra, the vice-chancellor of a university, says, “Technological revolution demands new skill sets in the job market. In sync with that, we have restructured our programmes and putting more stress on courses based on AI, cyber security, data analytics, robotics, digital marketing and so on. ”

Ideal Academia The three broadly classified career streams of Science, Commerce, and Humanities have intertwined roles in the society that can help students unlock their true potential

 Ideal Academia

The three broadly classified career streams of Science, Commerce, and Humanities have intertwined roles in the society that can help students unlock their true potential

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Response.Guj@timesgroup.com

23.01.2022

After the reformative education system, Indian academia realised the importance of skill based or vocational learning. The new system enables Indian students to take up tasks that are specific to their skill-set, honing their skills for the professional world.

For each allied stream, there are certain specifications that one needs to adhere to, in order to have a successful and high-flying career path. The secret ingredient will always remain hard work, however, these targeted task-based careers are ideal for their respective streams.

SCIENCE

According to the societal barometer of normalcy, Science stream is the apex career guiding subject that is synonymous to success and wealth. Its broad classification falls into two major categoriesmedical and engineering. Though most students studying science opt for engineering due to the low cut off point for good colleges, there is a segment that explores medicine too. However, restricting the vast field of science to these two broad classifications is unjust, even when the entire social strata in India fits their perspective to such learning. For students of science, especially engineering, studying aspects of commerce and adding commercial subjects to their portfolio is greatly beneficial. The post-engineering MBA trend that shot up in the second decade of 2000s was primarily an offspring of this philosophy. Today, there are many more subjects that are being woven into the core science subjects like statistics, economics, and law taking the lead role.

COMMERCE

No amount of commercial knowledge can give one proficiency in the actual field of life. All subjects taught under the wide banner of commerce are usually just foundationpillars for a super specialisation in a sub category. Commerce encompasses all activities that are undertaken on an industrial scale for the ultimate objective of profiteering. This means that the true untapped potential of lucrative careers in this field are not quantifiable. However, an added learning in specific trade industries can land one a dream job. Subjects other than the commercial ones help students understand the working methods of different industries. Under the grand umbrella of commerce as a field, students should focus on vocational learning, skill training, and specialised learning as an additive. An element of information technology to all things commerce need not be mentioned specially as it goes without saying, that mastery in the IT sector can boost one's profile greatly.

HUMANITIES

For the tertiary learning stream, which is primarily viewed as a creative stream, learning happens on the go. The only truth about learning under the humanities banner is that learning on this front happens at a continuous and involuntary daily level. All creative arts fields or recently accepted public relations and allied fields require updated knowledge about regional activities and current affairs. Humanities, as a field, is vast and requires dedicated efforts to reach the top. However, once the struggle is dealt with, one may find great satiation in the professions linked to the humanities field.

As the Indian social and family system sees a shift in trend when it comes to career alternatives, students and parents alike are wanting to explore newer avenues that may grant a commoner a shot to make it as a cut above the rest. This brings one to the doorstep of leading a well-balanced life because once a student becomes a student of life, life becomes beautiful as learning happens each day.

 DV PLAINT FILED

Man thrashes wife for wanting second child

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TIMES NEWS NETWORK

23.01.2022

Ahmedabad: A 26-year-old woman from Satellite area of the city filed a police complaint against her husband on Sunday, alleging that he thrashed her badly because she wanted a second child.

According to her FIR with Satellite police, she and her husband hail from Nagpur. Their families knew each other and they got married on January 18, 2017.

Four years ago, she gave birth to a baby boy. In November 2021, she told her husband that she was keen on having another child. But he was against the idea. The couple had heated arguments over the issue.

She kept insisting on having a second child, but he always refused.

Once, enraged, he even allegedly hit her on the forehead with a cellphone and thrashed her badly.

She stated in the complaint that her husband ran a PG facility for girls in Satellite and used to stay there till late in the night.

In December 2021, when she objected to it, he allegedly beat her up. She

raised this issue with her parents and in-laws but they sided with her husband and scolded her.

On January 20, her husband allegedly came home drunk and asked her why  she was against his PG business. He said that because of her suspicious nature, a few girls had left the PG facility and allegedly began thrashing her badly again. She called up the women’s helpline later filed a complaint with Satellite police station.

The cops have registered a complaint under the Domestic Violence Act against her husband and begun an investigation.

UGC directs universities to develop study material for the visually impaired

 UGC directs universities to develop study material for the visually impaired

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TIMES NEWS NETWORK

23.01.2022

The University Grants Commission (UGC) has directed the universities and colleges to adopt and develop suitable educational resources for visually impaired students.

The institutions are asked to include Braille-print books, large print books, tactile books, and audio books and adopt other assistive devices to meet the needs of visual impairments for equitable access to the curriculum.

The commission also said that these educational resources should also be uploaded on the website of the university and should be made freely available.

 

BUDGET 2022

Education sector seeks funds for infrastructure

IMD’s World Competitiveness ranking places India’s education sector at a 43 out of 64 countries

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TIMES NEWS NETWORK

23.01.2022

Educators and EdTech startups expect government to spend more on access to education, and reduce taxation Through the upcoming budget, the educators hope that the government will focus on addressing the inequalities in access to education and improvement of digital infrastructure. They say that it is imperative to lessen the financial burden on parents and students, and it is equally important to give sops to startups to boost skilling infrastructure to bridge education-employability gap. Better learning facilities PC Chhabra, executive director, Sanskriti University, says, “In the past year, education allocation budget was Rs 93,223 crores, whichwas reducedby 6%as compared to the year before. This year, we are expecting an increased by 10%. To increase connectivity, the government should announce programmes to boost 5G devices at an affordable rate to boost e-learning infrastructure. Having a laptop is the minimum requirement for the students and teachers to either record or impart live instructions. We are also expecting academic institutions to be given concessions for collaborating with industry to provide students with the necessary skills and competencies. ” Ajeenkya DY Patil, chairman , DY Patil Group, that runs Ajeenkya DYPatil University and D Y Patil International School, says “We would welcome measures liketax relief,ease ofraising capital forthe EdTech sector, and also investments in the internet connectivity and reach to enhance our digital infrastructure. ”

Shweta Sastri, managing director, Canadian International School, says, “The current budgetary allocation for education in our country is less compared to other developed countries. The increased allocation of funds will also ensure better quality government schools that educate the majority of children in India. We also expect the government to facilitate schemes to improve the infrastructure in rural areas by providing better lear- ning facilities, adequate training and upskilling to the teachers, enabling them to be well-versedwith modern teaching aids and tools. ”

Reduce costs

Rohan Prem Sagar, joint secretary, Dayanand Sagar Institutions, says, “In order to adapt to the online model of education, parents and educational institutions have spent substantially on  numerous gadgets, including laptops and tablets, as well as software, IT infrastructure, servers, and data  protection in the previous months.

Akhil Shahani, managing director, Thadomal Shahani Centre for Management, Shahani Group and CEO,  Ask. Careers  , says, “IMD's World Competitiveness ranking places India’s education sector at43 out of 64 countries, with only 45% of all graduates  being considered employable. The union budget can facilitate this by reducing the GST rate for providing educational technology and ancillary services  from 18% to at least 5%.

Anish Srikrishna, CEO, Times Professional Learning,  says, “The focus of this  budget from an education standpoint should be to give impe- tus to NEP initiatives to enhance the Gross Enrolment Ratio (GER), boost employability.

Varun Chopra, CEO, Eduvanz, says that India has seen unprecedented growth in the EdTech and FinTech sectors in the past few years. “We hope that this year’s budget will include allowances for non-banking finance companies, helping us to expand and maintain cash liquidity in this competitive ecosystem,” he adds. Fewer taxes Narayan Mahadevan, founder, BridgeLabz, an IP-driven incubation lab aimed at nurturing Engineering talent, says, “By 2030, India will have the largest pool of workable population globally, even surpassing China. We expect that in the budget 2022-23, the government to recognise and encourage startups to not only focus on skill development but also to ensure that jobs are 100% guaranteed. We would also like the government to recognise Skill-to-Job as a separate category and encourage startups with some schemes or tax rebates. ”

Gaurav Vohra, chief business officer, UNext Learning, explains, “The government has been emphasising the setting up of National Digital Educational Architecture (NDEAR) and is focussing on the development of digital infrastructure for the implementation of NEP 2020. ”

Maha man falls for ‘₹100 thali for free’ offer, loses ₹1L in card fraud

 Maha man falls for ‘₹100 thali for free’ offer, loses ₹1L in card fraud

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V.Narayan@timesgroup.com

23.01.2022

Mumbai: An elderly man from Khar lost ₹99,520 on his credit card after he fell prey to a hoax ad promising delivery of a thali for ₹100, along with two thalis free. The 74-year-old victim,ND Nand, thought it was a safe bet as the ad stated that he would only have to pay an advance of ₹10 by credit card, and then pay the remaining ₹90 in cash upon delivery. 

Instead, his card was charged twice for ₹49,760. The fraud took place on January 19, when Nand was browsing on Facebook and came across an ad offering a thali at an inaugural price of ₹100. Tempted by the deal, Nand called the number listed on the ad. In the complaint, Nand said, “A person identifying himself as Deepak attended the call and asked me to provide him with my credit card details to place the order. He told me that initially ₹10 would be deducted and I have to pay ₹90 in cash once the order was delivered. The person then asked me to share the one-time password that I received to complete the order. ”

A police officer said Nand realisedthathe hadbeenduped immediately after he received two SMS alerts related to the fraudulent transactions that wer e carried out from his credit card.