New Fraud Reporting

Govt sets threshold for fraud reporting by auditors at Rs 1 crore

Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.

Under the Companies Act, 2013, auditors are required to report to the government when they come across instances of fraud at a firm, but the threshold was not specified.

To introduce the threshold, the Corporate Affairs Ministry, which implements the Act, has issued the Companies (Audit and Auditors) Amendment Rules, 2015.

Status after Jayesh Kala elimnation

Position	NAME OF CANDIDATE	Votes
1	SAVLA PRITI PARAS- MUMBAI	1681
2	CHITALE SUSHRUT MUKUND- MUMBAI	1681
3	KHANDELWAL PURUSHOTTAM LAL- AHMEDABAD	1681
4	DESAI DRUSHTI RAHUL- MUMBAI	1681
5	ALSHI RAKESH GANPAT- MUMBAI	1681
6	KELKAR ABHIJIT JAYANT- NAGPUR	1681
7	GADIA MANISH R- MUMBAI	1681
8	TALATI ANIKET SUNIL- AHMEDABAD	1681
9	SABOO KAMLESH- THANE	1681
10	SHARMA UMESH RAMNARAYAN- AURANGABAD	1649
11	JAIN SANDEEP KAILASHCHAND- MUMBAI	1634
12	SHAH PRIYAM RAMESHBHAI- AHMEDABAD	1543
13	AGARWAL VISHNU KUMAR - MUMBAI	1543
14	SHINAGARE SHILPA BABASAHEB- MUMBAI	1482
15	MUNDADA SATYANARAYAN GOVERDHANLAL- PUNE	1476
16	AGRAWAL PRADEEP KANAIYALAL- VADODARA	1464
17	SHAH HARDIK PRAVINKUMAR- SURAT	1462
18	BAJAJ LALIT LAXMINARAYAN- MUMBAI	1423
19	SHAH SHRUTI JAYESH - MUMBAI	1332
20	KULKARNI VIKRANT MURLIDHAR- NASHIK	1293
21	AGARWAL BALKISHAN - SURAT	1287
22	MAJITHIA NEEL PANKAJ- MUMBAI	1215
23	JOSHI SARVESH NANDLAL- PUNE	1155
24	VAIDYA AMBARISH ASHOK- PUNE	1146

Bad luck Ambrish lost by 4 votes only. Saveesh Joshi and Vikrant make it to regional council. Neel Majithiya is in great danger of loosing

Ambrish Vaidya ran out of luck. In a very tough neck to neck fight, the lady luck smiled on Sarvesh Joshi and Ambrish had to give up by ONLY 4 votes. And that is why we say, each vote matters. Here is the live example of that. Vote you must.

Ambrish is being eliminated and Sarvesh will be in the regional council. But this will upset one of the Mumbai guy. Most liekly Neel Majithia. Vikrant looks safe. He will feinately get something from Amnbrish compared to othe Mumbaikar and that makes Neel in danger. Balkishan from Surat seem to make it as a last candidate in council at no.22.

The scenario of winning Neel is that Ambrish Vaidya gives 80 votes more than Balkishan to Neel, which is most unlikely.

Congratulations to my friend Sarvesh Joshi and very upset on the elimination of Ambrish a very able leader deserves to be in regional council.

RC Election: Interesting phase in the last eliminations and may surprise many

As we approaching towards end of the eliminations, things have been very interesting. It may bring many surprises. see the scenarios:

• Jayesh Kala, the unlucky guy who lost on the edge, will move Shruti and Neel Majithia up. They will occupy 19th and 20th position form their current 21st and 22nd position. 
• What it means? It means Balkishan from Surat and Vikrtant from Nashik are displace from their current position. They become 21st and 22nd respectively.
• Then the twist in story. Out of one Pune fellow, Sarvesh or Ambrish eliminates, and the moment one eliminates from Pune, the other moves up considerable by getting very big bunch. And that makes an exit moment from one of the struggling candidates, Balikshan or Vikrant. Vikrant can get from Pune but Balkishan will not get much from Pune. And that will make a story interesting.
• If Pune guy jumps too much up, if Pune guy gives lots of votes to Vikrant then one of the Mumbai guy can also be in danger.
• Vikrant and Balkishan are still not safe. 
• So the last two positions are very very interesting to watch.

RC Election WIRC-Current status

Here are the current status. And few observations:

• Shruti Shah will be soon in the list top 22. Its a matter of time only.
• The crucial elimination of Ashwini Agrawal will take place now and will decide fate of the rest of the Maharashtra candidates.
• The fight between Sarvesh Joshi and Ambarish Vaidya is still on and getting very fierce now.
• Currently Mumbai candidates who is outside 22 lists are Shruti Shah, who will soon be in list as said earlier. The other one is Kedar Mehendale. And Dayaram Paliwal elimination will decide his fate. 

Position	NAME OF CANDIDATE	Votes
1	SAVLA PRITI PARAS- MUMBAI	1681
2	CHITALE SUSHRUT MUKUND- MUMBAI	1681
3	KHANDELWAL PURUSHOTTAM LAL- AHMEDABAD	1681
4	DESAI DRUSHTI RAHUL- MUMBAI	1681
5	ALSHI RAKESH GANPAT- MUMBAI	1681
6	KELKAR ABHIJIT JAYANT- NAGPUR	1681
7	GADIA MANISH R- MUMBAI	1681
8	TALATI ANIKET SUNIL- AHMEDABAD	1609
9	SABOO KAMLESH- THANE	1588
10	AGRAWAL PRADEEP KANAIYALAL- VADODARA	1392
11	SHAH HARDIK PRAVINKUMAR- SURAT	1361
12	SHARMA UMESH RAMNARAYAN- AURANGABAD	1340
13	JAIN SANDEEP KAILASHCHAND- MUMBAI	1287
14	AGARWAL VISHNU KUMAR - MUMBAI	1281
15	MUNDADA SATYANARAYAN GOVERDHANLAL- PUNE	1239
16	SHAH PRIYAM RAMESHBHAI- AHMEDABAD	1176
17	AGARWAL BALKISHAN - SURAT	1081
18	KALA JAYESH UMEDMAL- MUMBAI	1033
19	BAJAJ LALIT LAXMINARAYAN- MUMBAI	1031
20	MAJITHIA NEEL PANKAJ- MUMBAI	1019
21	SHINAGARE SHILPA BABASAHEB- MUMBAI	1012
22	KULKARNI VIKRANT MURLIDHAR- NASHIK	998
23	SHAH SHRUTI JAYESH - MUMBAI	976
24	JOSHI SARVESH NANDLAL- PUNE	974
25	VAIDYA AMBARISH ASHOK- PUNE	962
26	MEHENDALE KEDAR ACHYUT- MUMBAI	939
27	KACHWALA MURTUZA ONALI- KALYAN	761
28	BARMECHA MOHANLAL SAMPATLAL- AHMEDNAGAR	755
29	KEDIA SUBODHKUMAR BAJRANGLAL- AHMEDABAD	732
30	PALIWAL DAYARAM- MUMBAI	715
31	AGRAWAL ASHWINI SURESH - NAGPUR	668

Fate of Candidates from outside Mumbai

For the WIRC, looking at the current chart, I see the fate of out side Mumbai candidates as below:

• From Maharashtra, Abhijit Kelkar and SN Mundada has already won and it is only of academic interest that how and when they finally declared formally elected and at what no. Kelkar is already in and you can find him elected may be by the time you read this post.
• Initially I was not sure about Umesh Sharma, but now I am fully confident that he too falls in the winning category and sure win. So no second thought. Congratulations Umesh, finally you will make this time after many tries.
• Out of Ambrish Vaidya and Savesh Joshi, one will be sure in. They are neck to neck and the one who remains above the other is a sure win. As of now Ambrish has an edge, but its wafer thin. This will be an interesting battle to watch. 
• is there any scenario that both Sarvesh and Ambrish can win and Pune can have 3 candidates to WIRC? This will depend on the elimination of Ashwini from Nagpur and standing of Mohan Barmecha and Vikrant after that.
• Ashwini Agrawal will be eliminated in some time. He would decide fate of rest of Maharashtra including Vikrant and Mohan Barmecha. Even Pune candidates too. One interesting fact is Abhijit is already achieving quota, so all of the second preference votes from Ashwini will not go to Abhijit and will go the the person who has marked as third preferential candidate. And who will be this? Vikrant and Mohan Barmecha will be the highest beneficiaries. And this will decide seats of rest of Maharashtra's candidates. 
• interesting to watch.

WIRC progress for Regional Council

Now the RCM battle reaching in the interesting stage. The tough fight for the Mumbaikars who are neck to neck and still out of first 22. each elimination is capable for making or breaking them. Looking at the current trends, it looks like:

• Ashok Jain can be Shrinivas Joshi of regional council. His progress on the subsequent elimination doesn't look very encouraging. 
• Subodh Kedia's from Ahmedabad, fate is sealed and I don't see any further chance now. It is only a matter of time academic interest that at what stage he gets eliminated, but eliminations is for sure. His only hope is Surat candidate elimination of Harekrushna, but I doubt he can give him much as Hardik Shah will take everything from him. So it is a sad exit for him. He is the second sitting RCM who is in danger. He is a hard working and very energetic follow who contributed a lot to Ahmadabad branch and WIRC.
• Surprisingly many sitting RCM are still struggling after lots of eliminations. This doesn't happen so often. Following are still not in confident position and struggling every inch towards their gate way of BKC.
• Subodh Kedia
• Ashok Jain
• Shruti Shah
• Sarvesh Joshi

Here is the current list

Position	NAME OF CANDIDATE	Votes
1	SAVLA PRITI PARAS- MUMBAI	1681
2	CHITALE SUSHRUT MUKUND- MUMBAI	1681
3	KHANDELWAL PURUSHOTTAM LAL- AHMEDABAD	1681
4	DESAI DRUSHTI RAHUL- MUMBAI	1681
5	ALSHI RAKESH GANPAT- MUMBAI	1681
6	KELKAR ABHIJIT JAYANT- NAGPUR	1653
7	GADIA MANISH R- MUMBAI	1617
8	TALATI ANIKET SUNIL- AHMEDABAD	1561
9	SABOO KAMLESH- THANE	1391
10	AGRAWAL PRADEEP KANAIYALAL- VADODARA	1371
11	SHARMA UMESH RAMNARAYAN- AURANGABAD	1347
12	MUNDADA SATYANARAYAN GOVERDHANLAL- PUNE	1224
13	AGARWAL VISHNU KUMAR - MUMBAI	1202
14	SHAH PRIYAM RAMESHBHAI- AHMEDABAD	1137
15	JAIN SANDEEP KAILASHCHAND- MUMBAI	1082
16	SHAH HARDIK PRAVINKUMAR- SURAT	1045
17	BAJAJ LALIT LAXMINARAYAN- MUMBAI	973
18	KULKARNI VIKRANT MURLIDHAR- NASHIK	954
19	VAIDYA AMBARISH ASHOK- PUNE	945
20	MAJITHIA NEEL PANKAJ- MUMBAI	943
21	JOSHI SARVESH NANDLAL- PUNE	927
22	KALA JAYESH UMEDMAL- MUMBAI	926
23	SHINAGARE SHILPA BABASAHEB- MUMBAI	898
24	AGARWAL BALKISHAN - SURAT	860
25	MEHENDALE KEDAR ACHYUT- MUMBAI	833
26	SHAH SHRUTI JAYESH - MUMBAI	825
27	BARMECHA MOHANLAL SAMPATLAL- AHMEDNAGAR	739
28	KACHWALA MURTUZA ONALI- KALYAN	715
29	KEDIA SUBODHKUMAR BAJRANGLAL- AHMEDABAD	705
30	PALIWAL DAYARAM- MUMBAI	683
31	AGRAWAL ASHWINI SURESH - NAGPUR	655
32	JAIN ASHOK CHAND- MUMBAI	630
33	DODHIA VANDANA VERSHIBHAI- MUMBAI	628
34	BHUTWALA HAREKRUSHNA BALVANTRAI- SURAT	599
35	LELE PRAMOD VISHNU- THANE	546
36	GANDHI PREMAL HEMANT- MUMBAI	0