"The transparency, financial stability, and performance of governments and public sector organizations are closely linked with quality and professionalism of the CFO and the F&A function. To highlight the journey of some of the marvelous leaders, Insights Success Magazine, has introduced The 10 Most Dynamic CFOs to Watch in 2018. Let's meet 10 of the seasoned Chief financial officer and up-in-comers, listed in no particular order of power or wealth, which one should know about that, would be crucial to the business expanding in the country."

1. Rakesh Gupta
An Innovative & Committed Finance Professional cum
an Award Winning Filmmaker
MOST DYNAMIC
CFOs
TO WATCH IN 2018
THE
10
Seven Relationship
Tips Which will
Help You Create a
Non-Toxic Workplace
Exclusive
Weird Startup Ideas
to Million Dollar
Businesses
Fascinating Facts

4. oney speaks. Yes, that is true. No matter what,
Mirrespective of any situation, money does speak. It
builds opinion. It forms culture and it creates something
new. It is true that ideas lead to innovation and innovation gives
birth to an exceptional business. That is how the big names and
business giants came into the industry and our knowledge. Each
one of the most popular business names that we hear now is ruling
the world just because they had an idea which others did not, they
had a plan and route-map which others surely did not have.
Is that all? There’s a lot more to it than just this. As we all know
that success doesn’t come overnight and it takes enormous effort to
build a castle out of sand. Crowd funding is an interesting factor
that is helping some of the weird ideas to strive in the industry and
turn a mere startup into a multi-million dollar business. But the
main factor behind this struggle that is keeping a business alive is
its monetary capital and the person who responsibly manages the
capital and leads the business towards the staircase of success.
The industry players are often quite aware of the terms like
money-management, financial planning, budget mapping but even
the leaders often miss out on many things which lead to the fall-
down of a business. As technology is getting into the veins of every
industry, tech experts are redefining the world of finance with
numerous software and applications to help people enhance
planning and managing company’s funds. May it be deciding an
employee’s salary, their increment or incentive, or purchasing a
new hardware or software, every single penny matters and that is
why finance builds the core structure of a company and it defines it
route to success. Let’s hold the hand of technology to manage our
money matters so that each of our penny counts and we lead our
business towards the stepping stones of success.
Editorial
Finance:
Foundation, Pillar,
and Core Structure
of a Business
Rajarshi Chatterjee

5. Editor-in-Chief Pooja M. Bansal
Database Management Prashant Chevale
Technology Consultant Swapnil Patil
Circulation Manager Vivek Bangade
Research Analyst David
Business Development Executives
Contributors
Sumit LunawatArt Editor
Business Development Manager Akansha Garewal
Visualiser Priyanka Rajage
Marketing Manager Dhruv Apte
Picture Editor Alex Noel
Art & Design Director Amol Kamble
Co-designer Karan Gaikwad
Managing Editor
Senior Editor Shraddha Deshpande
Rahul, Aishwarya, Nilam, Apurva, Bhavithiran
Copyright © 2018 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or
transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success.
Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd.
Corporate Ofces:
Insights Success Media Tech LLC
555 Metro Place North, Suite 100,
Dublin, OH 43017, United States
Phone - (614)-602-1754
Email: info@insightssuccess.com
For Subscription: www.insightssuccess.com
Insights Success Media and Technology Pvt. Ltd.
th
Off. No. 513 & 510, 5 Flr., Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017
Phone - India: +91 7410079881/ 82/ 83/ 84/ 85
Email: info@insightssuccess.in
For Subscription: www.insightssuccess.in
sales@insightssuccess.com
October 2018
Follow us on : www.facebook.com/insightssuccess/ollow us on : www https://twitter.com/insightssuccess
We are also available on :
Cover Price : RS. 150/-
Executive Editor
Shweta Priyadarshini
Vaishnavi, Divya, Sarika
Rajarshi Chatterjee

6. RAKESH
GUPTA
An Innovative & Committed
Finance Professional cum an
Award Winning Filmmaker
C O N T E N T S
CoverStory
08

7. The evolving role of a
CFO in the current
business scenario
Expert’s Opinion26
Eros International PLC:
Entertainment Unleashed
Interview With Insights Success
16
An extraordinary leader
moulded by experiences,
expertise and empathy
Vikash Sureka:
42
The Impact of Indian Taxation
System on its Economic Growth
Expert’s Insight38Seven Relationship Tips
Which will Help You
Create a Non-Toxic
Workplace
Exclusive
Truth, Transparency
and Honesty:
Ingredients to cook
a successful
Entrepreneurship
Editor’s Pick
Weird Startup Ideas to
Million Dollar Businesses
Fascinating Facts
Neeraj Jain24
Redening the Manufacturing
Sector to the Core
22
28
34
Articles
Mr. Prem Parameswaran
Manoj Shrikant Gujarathi
Hemant Kumar Ruia

8. s part of good governance, organizations should place the responsibility of sound and ethical financial
Amanagement and reporting, and more broadly the efficient and productive use of resources, under the
oversight of a person with the necessary skills, qualities, and professional standards. The training,
expertise, and experience professional accountants bring to the CFO role should be seen as an advantage
specifically in terms of uniting an ethical and technical mindset together with business acumen.
The transparency, financial stability, and performance of governments and public sector organizations are closely
linked with quality and professionalism of the CFO and the F&A function. To highlight the journey of some of the
marvelous leaders, Insights Success Magazine, has introduced The 10 Most Dynamic CFOs to Watch in 2018.
Let's meet 10 of the seasoned Chief financial officer and up-in-comers, listed in no particular order of power or
wealth, which one should know about that, would be crucial to the business expanding in the country.
On the cover we have highlighted, Rakesh Gupta, Group CFO at Apollo International Limited. He believes that
change is the most prominent characteristic of an organization and it should always be ready to adapt with
new/innovative ways of achieving the company's objectives. Vikash Sureka, CFO at IBS Software, a leading
provider of propriety on-demand software solutions for the global travel, transportation and logistics industry.
Parag Gupta, CFO at Spectra who is an extraordinary entrepreneur who sacrificed his well-paid job, well-
established and settle lifestyle to create a mark in the digital world and build something bigger, construct
something of his own.
We have listed Saurav Bhala, CFO at Astec Lifesciences Ltd, Hitesh Mehta, CFO at Waaree Energies, Anil George,
CFO at Voltas Ltd, Asharam Mundra, CFO at Bombay Rayon Fashions Ltd, Madhusudan Jangid, CFO at Cello
Wim Plast, Parag Shah at IIFL Holdings.
We have Interview with Insights Success of Prem Parameswaran, CFO at Eros International and Neeraj Jain,
CFO at Cosmo Films Ltd.
Also, we have included articles The evolving role of a CFO in the current business scenario written by Hemant
Kumar Ruia is the Chief Financial Officer (CFO) at Indus Towers Limited.
Our in-house editors have come up with some adroitly written articles such as Truth, Transparency and
Honesty: Ingredients to cook a successful Entrepreneurship and Seven Relationship Tips Which will Help
You Create a Non-Toxic Workplace
So, flip through our magazine and explore interesting insights into the world of businesses.
CFO’s Role in Harmonizing
Diverse Business Strategies
The10
Most
DynamicCFOs
to Watchin2018
The10
Most
DynamicCFOs
to Watch in 2018

10. Cover Story

11. An Innovative & Committed
Finance Professional cum an
Award Winning Filmmaker

12. ife’s challenges are not supposed to paralyze you;
Lthey’re supposed to help you discover who you
are.” - Bernice Johnson Reagon, a renowned music
composer, scholar and social activist.
That’s the spirit a person must possess in order to dream
something big and achieve something bigger. Challenges
are the parts and parcels of our life which takes us forward
towards success. Accomplishment of each challenge takes
us a step closer to our dreamt destiny. Taking up any
challenge and winning over that is definitely not easy and as
wise and successful people say, success never comes
without pain, hard work, dedication, and sincerity.
Meet Rakesh Gupta, Group CFO at Apollo International
Limited. He is a figure of inspiration himself and his life is
no less than an interesting story. Facing newer challenges in
a continuously changing business environment is what
keeps Rakesh motivated. It definitely sounds different but it
is highly inspiring.
There had always been challenges thrown by regulatory,
technology, business environment and competitors which
had been disrupting the market in many ways. Overcoming
those challenges with sheer dedication and enthusiasm and
making the company resilient towards such hurdles has
been the biggest motivational factors of Rakesh’s life.
Besides everything else, Rakesh speaks about Apollo’s MD
Raaja Kanwar, whom he considers to be his role model.
He further expresses, ‘Our MD Mr. Raaja Kanwar is my
role model, who inspires and motivates me to overcome the
business challenges by the principle of “Keeping things
Simple.”
The Journey from the Initial Stint to Career Milestones
Rakesh experienced his initial stint of the professional life
at Modi Rubber Ltd. Soon after getting the essence of the
professional world, he joined Apollo Group as Finance
Controller and Company Secretary in the year 1994.
Gradually through ambition, continuous dedication,
hardwork, and perseverance, Rakesh got elevated to the
level of Group CFO in the year 2009. Since then, he started
taking responsible actions for various functions including
Finance, Banking, Accounts, Compliance, Secretarial,
Mergers & Acquisitions, Investments, Taxation, Legal, and
Commercial besides direct involvement in business and
strategy. Due to his performance and contribution on
business side beyond his normal functional duties, he was
also awarded with “All Round Performance Award” during
his early years in the company.
While talking about the most memorable moments of life,
Rakesh shares some of his life’s happenings and says,
“Over and above the professional achievements and faith
bestowed by Kanwar family (Apollo Group Promoters)
during my association with Apollo Group, one moment that
has been close to my heart is the nomination of my Short
Film “Raaya” which was exhibited at the 71st Cannes Film
Festival in May 2018 and got the ‘Special Festival Mention
Award’at Dada Saheb Phalke Film Festival 2018. I
produced the said film to spread a social message of not
losing hope, even in extreme adverse circumstances and the
same message also applies to our day to day corporate life.
The success of this movie inspired me and my promoters to
do more such films on a commercial scale.”
Mr. Gupta, has been recently “Identified among The Top 20
CFO’s for their continued Commitment to Excellence” at
13th CFO Leadership Summit held in September 2018 in
Delhi”
Innovating Ideas, Changing Situations and Taking
Business towards Success
“I strongly believe that Change is the most prominent
characteristic of an organization and it should always be
ready to adapt with new/innovative ways of achieving the
company’s objectives. I keep myself abreast with the latest
technological, AI and other changes happening globally
and has been working on utilization of such technology
towards advancement of the company and people,” says
Rakesh.
With these motives in mind, Rakesh is exploring and
working on a new concept of Blockchain project wherein
ITO (Initial Token Offerings) is planned for issuing Digital
Tokens of the business/assets of the company which will be
listed on Delaware (US) Stock exchange. It is expected that
it will unlock numerous values and increase the company’s
global presence without diluting the control and voting
rights of the promoters. He has also coined the concept of
“Unlocking the Power of Mind” for identifying the endless
opportunities available around an individual for creative
thinking and multi-tasking. He has also brought the
collaborative effort by bringing business partners in various
business verticals, to enhance the growth of the business in
an exponential manner. It has helped the business divisions
and company to break the pattern of an existing level of
growth.
Rakesh has further initiated the process of designing the
training and development program for motivating the
employees of various functions to think out-of-the-box and
“
The10
Most
DynamicCFOs
to Watch in 2018

13. come out of their tunnel vision. Ultimately, this program
will help many employees to fight monotonies linked to
their regular job. Another side of Rakesh displays the
characteristics of that of a fitness guy, who advocates for
good health for the employees.
A Leader by Deeds, Passion and Dedication
Rakesh’s leadership has led to the creation of Profit
Centres in various business verticals of Apollo
International Limited. He introduced the concept of
converting various support functions like Human
Resource, Accounting, and Banking and others Cost
Centres into Profit Centres. He has even successfully
implemented an innovative way of forward planning
through the concept of “Run Rate” to bring the Sportsman
Spirit in business and improve the process of effective
decision making.
With a passion to do things differently, he is also playing a
pivotal role in implementing good business practices in
the company, starting from conducting the Voluntary Secretarial Audits and also leading the voluntary implementation of Ind
Accounting Standard for Apollo International Limited for better presentation of Accounts. While working on the
improvement of overall profitability of the business by reduction of input cost, Rakesh managed to substantially reduce the
input cost for the product and created a milestone for the company.
About the Company Adapting and Being the Change
Incepted in the year 1994 as a part of Apollo Group, Apollo International Limited is a public limited company owned and
controlled by Mr. Raaja Kanwar, son of Mr. O S Kanwar, who heads the flagship Apollo Tyre Group. The company’s
history spans two decades of visionary thinking, robust planning, effective implementation and closing the loop with
continuous improvement. The verticals of Apollo International Group now include Integrated Logistics, Distribution and
Marketing of Tyres, International Business of Products, Equipments and Projects and Leather Garments, Shoes and
Accessories.
A Leader’s Advice for the Rising Stars
I would advise to budding entrepreneurs to believe in themselves and take calculated risk, while starting a new story. They
should develop the right skill of identifying good people and invest in them to make their business grow. They should
remember hurdles will be coming their way at various stages which need to be taken up as a small challenge for the big story
they would want to write.
“Believe in
yourself
and take
calculated risks”

16. Read it FirstRead it First
Subscribe today
Global Subscription
Address :
Country :City : State : Zip :
Date :
CORPORATE OFFICE
Name :
Telephone :
Email :
Insights Success Media and Technology Pvt. Ltd.
Off No. 513 & 510, 5th Flr, Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017.
Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85
USA: 302-319-9947
Email: info@insightssuccess.in
Yes I would like to subscribe to Insights Success Magazine.
Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.

17. Management BriefCompany Name
Apollo International Ltd
apolloindia.com
Started in the year 1994 as a part of Apollo Group, Apollo
International Limited is a public limited company.
Rakesh Gupta
CFO
Astec Lifesciences Ltd
astecls.com
Astec has come a long way, and enjoys the patronage of 1.1
billion consumers globally, across onsumer goods, real estate,
appliances, agriculture and many other businesses.
Saurav Bhala
CFO
Bombay Rayon
Fashions Ltd
bombayrayon.com
Bombay Rayon Fashions is a vertically integrated textile
company,engaged in the manufacture of wide range of fabrics
and garments from state of the art production facilities
Asharam Mundra
CFO
Cello Wim Plast
celloworld.com
“Cello” a name that is common in the Indian households, is
one of the leading processor of household consumer products
Madhusudan Jangid
CFO
IBS Software
ibsplc.com
IBS Software is a leading provider of propriety on-demand
software solutions for the global travel, transportation and
logistics industry
Vikash Sureka
CFO
IIFL Holdings
iifl.com
IIFL is a financial services conglomerate which was started by
a group of passionate entrepreneurs in 1995. The genesis of
IIFL lies in the power of dreaming big and believing in your
dreams.
Parag Shah
CFO
Vip Industries
vipindustries.co.in
VIP aims to be the global leaders in the travel production
business by building enriching partnerships
Jogendraji Sethi
CFO
Voltas Ltd.
voltas.com
Voltas is also one of the most reputed engineering solution
providers specializing in project management.
Anil George
CFO
Waaree Energies
waaree.com
Waaree Energies is amongst the top player in India in
providing EPC services, project development, rooftop
solutions, and solar water pumps and also as an Independent
Power Producer.
Hitesh Mehta
CFO
Spectra
spectra.co
Parag Gupta
CFO
Spectra is India’s first purely fiber optic based internet service
provider.
The10
Most
DynamicCFOs
to Watch in 2018

18. The Company stands amongst the global leaders in
distributing and aggregating Indian movies on the
international platform. In a conversation with the
CFO – Mr. Prem Parameswaran, he talks about his
professional journey and his overall experience along with
the learnings and advice for budding entrepreneurs.
Kindly brief us about your background and the
evolution of your career.
I am working as the Group Chief Financial Officer and
President of Eros International’s North America Operations.
I joined Eros International after a long and successful career
as an investment banker in the Global Media and Telecom
sector. In my 23 years career in Investment Banking, I
became one of the top Media and Telecom bankers on Wall
Street. I advised clients and many Fortune 10 companies on
mergers and acquisitions, as well as both public and private
equity and debt financings. I executed over 300
transactions in my career.
Prior to joining Eros in 2015, I had recently served as the
Global Head of Media and Telecommunications Investment
Banking at Jefferies LLC. Prior to Jefferies I was the
Americas Head of Media and Telecom Investment Banking
at Deutsche Bank Securities Inc. I had been with Goldman
Sachs for 7 years prior to joining Deutsche Bank, where I
was a Vice President and Head of the Integrated
Communications Providers within Investment Banking.
Prior to Goldman Sachs, I started my career at Salomon
Brothers where I worked my way up from an Analyst to a
Vice President.
I graduated from Columbia University with a BA and
received an MBA with Honors from Columbia Business
School. I was awarded Indian American Businessman of
the Year in 2012 by the Asian American Republican
Committee. I also serve on the Boards of Columbia
University Alumni Trustee Nominating Committee and The
Program for Financial Studies at Columbia Business
School. I am a member of very exclusive Winged Foot
Golf Club and The Golf Club of Purchase, and was invited
to the White House Oval Office Reception for Diwali in
2017 with President Trump.
How would you describe yourself in one word?
Analytical. If two words – analytical and motivational.
ENTERTAINMENT UNLEASHED
Interview With Insights Success
October 2018|16

19. Mr. Prem Parameswaran
CFO
October 2018| 17

20. What motivates you? Or, who is your role model and
who inspires you?
I am first motivated by my Father who is 88 years old and
immigrated to the United States in 1954 with $100 in his
pocket on an academic scholarship. He spent 30 days on a
boat to come to the USA. He worked as a diplomat for the
Permanent Mission of India to the UN and attended
Columbia Business School, later becoming the first Indian
family to move to the affluent suburb of Scarsdale, NY in
1970. His hard work and sacrifice for his family is what
motivates me to be extremely hard working and diligent to
help build our company.
Additionally, my Chairman and CEO Kishore Lulla is a
pioneer in Indian entertainment and one of the most
positive people you will meet in the world. His strategic
thinking and leadership have helped me focus on the
company’s long- term goals of global success.
I also see our stock price is a motivational tool, as it drives
everyone in our company to focus on producing high
quality work. Our stock price will be a by-product of both
our operating and business success.
Tell us about the most memorable and remarkable
moment of your life?
The birth of all three of my children, Trinity (13), Kayla
(10) and Hudson (8) are by far most memorable and
remarkable life experiences. Children are the meaning of
life and I now live for them. From an education standpoint,
graduating from both an Ivy League undergraduate
institution as well as one of the top business schools in the
world is certainly a nice accomplishment. Having played
ice hockey and soccer in college was also a great
achievement. Becoming a Group Head and one of the top
investment bankers on Wall Street was also something that I
was fortunate to achieve. However, I would like to be
remembered as someone who is a great father to my kids as
my children are my world.
What was the most daring challenge you took and the
risk associated with it?
Joining Eros International as CFO after working 23 years in
Investment Banking was certainly a different challenge.
You need a different skillset that evolves – you need both
operating and financial acumen to help grow a company. I
have embraced this challenge and really enjoy making Eros
International one of the pre-eminent digital content
companies in the world. It is very important to have
honesty and integrity, and with that you can overcome
challenges. Nothing substitutes good hard work. One must
be a strong motivational leader with the strongest integrity.
This, coupled with hard work, will enable both operating
and financial success.
Tell us about the state of the media industry from your
perspective?
We are a creator, distributer and aggregator of premium
Indian content globally. We have over 11,000 films in our
digital OTT platform Eros Now, which is unmatched. Our
studio business has had over 30 of the top 100 Indian
grossing films over the past five years. Many have called us
the Netflix of India, but quite frankly, we are actually
Netflix and Disney combined as we have both the studio
business as well as the digital OTT platform. Disney
recently validated our strategy by setting up an OTT
platform scheduled to launch next year. I don’t believe
Netflix has as many titles in their overall library as we have
in our Indian content focused library. We believe with
opportunity in digital growth - both in India and
internationally - we are extremely well positioned to grow
our business exponentially. Our target market is not just the
1.3 billion people in India, but also the 250 million outside
of India who enjoy Indian content. The Indian diaspora
outside of India is also approximately 30 million. If we add
China to the mix, that number certainly goes up as well.
Please describe Eros International and its
services/products.
Eros International is the pre-eminent creator of Indian
movies (we will do approximately 50 movies this year),
digital OTT Content (we have a library of 11,000 movies
plus Originals) where we have over 100mm registered users
and over 10 million paying subscribers. We are the only
Indian media company publicly listed on the New York
Stock Exchange (NYSE: EROS). Please see the company
website for a full description:
Tell us about your major achievements and your
company’s achievements under your leadership? Please
share your views about the Necessity of Change in the
world of business
Over my 3-plus years with Eros International, we have
changed the major growth focus of our company to our
digital division, Eros Now. This is the future growth engine
of the company and it was certainly a feather in our cap
October 2018|18

21. when Disney validated our strategy. Additionally, many in
the investment community have called us the Netflix of
India and we feel this is a nice compliment.
During my time at the company, we have adhered to very
strict New York Stock Exchange and SEC reporting
requirements which shows the integrity and honesty of our
organization. Very few Indian companies list on the NYSE
given the stringent reporting requirements. We believe this
is one of our strengths.
Since joining, we have completed both a public capital
markets financing of $100mn with Citigroup, as well as
selling a 5% strategic stake to Reliance Industries Limited
at $15 per share. In addition, being invited to the White
House by President Trump is also one of the highest honors
you can achieve as a CFO of a publicly listed company. It
is truly an honor and privilege to be the Group CFO of Eros
International, one of the truly pre-eminent digital content
companies in the world.
Please describe your passions, aims and goals?
My goal is help drive our company’s operational and
financial growth. We believe we have a unique opportunity
with such a large addressable market to grow the
company’s business to great heights. We have terrific
momentum and believe our stock price will eventually be a
by-product our strong operational and financial success. I
also enjoy motivating and encouraging our work force, as
we want to train future business leaders. We are a team-
oriented company and with hard work and diligence, we
will be one of the best companies in the world.
What advice would you give to budding entrepreneurs?
Work hard and never give up on your goals. Have passion
and, above all, integrity. Hire smart people who will be
loyal and train them. Most of all, have fun with what you
are doing - if you are enjoying your work, you will be a
success.
How do you motivate your employees and maintain a
healthy and dynamic working environment in the office?
Please share the work culture at your office.
Always motivate employees by being a good example and
leader. Work hard and diligently with the utmost integrity
and honesty. This will show them the passion and the work
detail in the organization.
It is also important to stress a team-oriented culture to foster
ideas and have the best and brightest succeed. I do like to
reward workers with dinners, lunches, bonuses, etc., which
is a useful tool, but the best tool is our stock price, as
everyone in the company is a shareholder. We are building
value creation together as team. Our hard work together
will hopefully build our stock price to new heights.
What are the most important lessons you’ve learned
throughout your career?
Be creative and inspiring – Genius = Creativity +
Hardwork. Always work hard and lead by example. Be
honest – it’s okay to say “I don’t know the answer to a
question” and go research it, rather than be dishonest. Be a
team-player and help your peers and juniors.
The ultimate goal is business success for the company, and
we only win if everyone works together and gives 100
percent. Hire smart people - even smarter than yourself. An
A-player will always hire an A-player, but a B-player will
hire a C-player to avoid being outperformed or outshined.
My view is we should always hire A-players. Don’t be
afraid of criticism, always listen and learn - especially as a
public company. And finally - enjoy what you do, as this
may be the ultimate secret in being successful.
October 2018| 19

22. Learning is biggest motivator for me. I love to take up
a role, which provides me opportunity to learn new
things regularly”.
This is the mantra which drives one ahead and makes one a
successful leader. It is hard to achieve, but the true learners
always succeed. One such man who abides by this mantra is
Jogendra Sethi, CFO at VIP Industries Limited, India’s
luggage partner for half-a-century.
Jogendra is a Chartered Accountant and Cost Accountant
with 29 years of rich experience. In his career span of
almost three decades, he has played a lead role in
empowering business by raising funds for the growth plans
through equity and debt. Being the CFO of the world’s
second largest and Asia’s largest bag manufacturer, he has
even been the business enabler by shouldering
responsibility with CEO for improving revenue and
profitability of the Company.
As the wise people say that the only constant thing in the
world is change, the business sector is no exception to it
and especially in a diverse country like India. With the
implementation of GST, organized players started getting
benefitted as the price difference between organized and
unorganized players started getting reduced. Travel industry
is growing as can be seen with growth in the airlines traffic.
It apparently reflects that the luggage industry is in a sweet
spot.
Standing in such a scenario when the MNC started getting
into the market and people were shifting their taste towards
products manufactured by foreign companies, situations
appeared to be difficult for the companies like VIP. But,
people’s trust on VIP is such that it is hard to break. This
Mumbai-based luggage company is serving the nation with
its extraordinary/remarkable baggage solutions since 1971.
Though the global luggage leader Samsonite is present in
the Indian market for last 20 years, VIP Industries Limited
leads the Indian luggage sector for last 50 years. And,
leading such a legacy is not something easy to accomplish,
but with the extraordinary skills, a wealth of experience and
knowledge beyond ordinary, Jogendra Sethi is doing the job
perfectly, rather even better the people’s expectations.
Steering through the Hurdles and Moving Across the
Oceans
There is no such enterprise in this world of business that
has faced no roadblocks, no hurdles and troubles all along
its way to victory. The CFO of VIP Industries Limited talks
about the most difficult challenge he has ever witnessed in
his three decades of career and says, “I am all along a
Finance professional. Haj Committee of India (HCoI)
issued a tender for supply of two lakhs pieces of bags for
one lakh Haji’s in 2015. Management assigned
responsibility to me to negotiate the proposal with HCoI,
which I lead with manufacturing head instead of Sales head.
The tender process was very rigorous and there were
several rounds of discussions like presentation on
Company’s credentials, manufacturing capabilities, quality
standards, financial strength and servicing capabilities as
two lac bags were to be delivered to Haji’s within stipulated
time frame.
“
ASelf-MotivatedBusinessLeaderSteeringthe50-yearoldLegacy
Jogendra Sethi:
October 2018|20
The10
Most
DynamicCFOs
to Watch in 2018

23. There was tough competition because it was a very large
single order as per Indian luggage industry’s point of view.
After weeks of negotiations, we won the order and supplied
two lakhs bags to Haji’s across India in time. For me, it was
a very big challenge for negotiating a large sales order in
spite of having a Finance background. Like this, I also
enjoyed incorporating companies in Bangladesh and setting
up manufacturing facilities in Bangladesh. In my previous
company, I also enjoyed managing Initial Public Offer
(IPO) and Qualified Institutional Placement (QIP) of
shares.”
“My work is my passion”
Jogendra is a man whose work is his passion and his only
aim in life is to make finance more business partnering and
implement the usage of technology to achieve/accomplish
bigger organizational goals. As says the leader that
innovation is the most crucial lever for growth with
relentlessly focusing on customer needs, he gives his best
effort to lead the organization to grow intelligently and
consistently driving up its gross margins by raising cost
competitiveness.
Under the able guidance of Jogendra, the company’s sales
have grown from Rs. 860 crores in FY 2011 to Rs. 1416
crores in FY 2018. The company’s profit before tax has
grown from Rs. 103.22 crores in FY 2011 to Rs. 179.49
crores in FY 2018. In last seven years, IT infrastructure of
the company has also undergone up gradation from SAP
ECC5 to ECC6 and presently SAP S4 HANA is under
implementation. He has even led the demand planning to
upgrade from forecasting to replenishment mode under
TOC. Most interesting, the Sales CRM is implemented and
done App based by his guidance.
From the Leader’s Desk
Jogendra talks about the most important lesson that he has
learned in his life and says that finance is a strong enabler
and support function for achieving organization goals and
objectives. He further adds that as a business partner,
finance works closely with line functions, operations and
sales as their financial partner in achieving business results.
As a custodian function, it is responsible for the integrity of
accounting and reporting, compliance, efficiency of
financial process, effective treasury and tax management,
implementation of controls and corporate governance.
While asking the CFO of VIP Industries Limited about the
tactics he uses to take the keep the employees happy and
guide them to continue the 50-year old legacy, Jogendra
says, “Openness and empowerment are our two important
values which the team really appreciates. We offer
opportunities for learning and professional enrichment and
a platform to contribute significantly to the successful and
profitable growth of the organization.”
Iaimtomakefinancemorebusiness
partneringandalsomoreuseoftechnology
forachievingorganizationalgoals
,,,,
,,,,
Jogendra Sethi
CFO
October 2018| 21

24. Who could ever think a man can make millions
selling rocks? Yes, in the 1970s, one of the greatest
American copywriter, creative director, and
advertisement agency owner Gary Ross Dahl
strangely came up with the idea that rock was some
kind of pet and it can be sold to children. A blend of
excellent packaging and excellent marketing
strategies that is the main selling point which Pet
Rock a hit. The idea not only seemed strange and
weird, but unbelievable. Moreover, eventually, it
made Garry a millionaire.
tartups are often termed as the unknown seeds. You
Snever know what fruit it may come up with. Defining
the path of a startup seed is hard. Some may fail
while others may turn out to be multi-million dollar
business enterprises. Ideas are like seeds; it needs to be
sowed into the ground with care, watered regularly and
placed in proper sunlight for it to grow into a full-fledged
tree.
No one could ever guess that a portal designed for college
community communication purposes will be the most
addictive social networking site in the world. Even the idea
which was thought to be marvelous in the beginning failed
to succeed and ended up in a major crisis. On the other
hand, there were ideas which seemed odd and weird in the
beginning, ended up making millions. There is nothing
certain in this world except
Let's walk through the pages of history and explore the
world of startups filled with strange yet unusual ideas.
WEIRD
TO MILLION DOLLAR
BUSINESSES
STARTUP
IDEAS
Fascinating Facts
October 2018|22

25. Back in 1998, the internet was still new and
winning people ‘s trust was difcult. It was when
PayPal was launched. Soon, it started growing, and
today the company has earned the trust of millions
of people all over the globe. From individuals to
business entities handle their millions of
transactions through trust, and it seems that people
trust PayPal as much as banks.
Back in 2002, nobody thought that any private
organization could come into the competition of
space-related technologies. NASA was the only
one name that people trusted. Nobody thought
that the idea behind SpaceX would lead to a
million-dollar business soon. People hardly tried or
touched that sector. It failed, that's true, but after
multiple failed launches and fresh investments,
things started seeming to pace towards a better
way. Soon after some successful launches and
signicant contracts from NASA, SpaceX has
begun rolling into the coaster towards success. As
reports suggest, this extraordinary company of
Elon Musk is producing some of the greatest, cost-
effective and highly practical space-oriented
technologies.
The world of internet witnessed a massive transition
from the times of email, Orkut to Facebook. In the
year 2010, when Facebook was already in the
veins of the growing youth of the world, Instagram
entered into the scenario. Emerged as a
Foursquare knockoff, the social media app started
gaining popularity soon when it transformed into a
platform entirely dedicated to image sharing. Like
most other startups, the idea behind Instagram
seemed odd, and its oddity has made the platform
to be one of the most popular social media with
more 800 million monthly active users.
People are reluctant to accept change. Though we
all love something new, something extraordinary,
moreover a move that can redene our lives, yet we
are afraid to be the change or even a part of it and
prefers to be an integral part of the traditional
system that exists for years. In the early '90s, people
still loved the small and fancy bookstores; they
loved its smell probably, or maybe the option to
read a bit of the book that they are going to
purchase. That is when Amazon emerged into the
market. Also, just in a matter of few years, the
company became one of the most popular sites on
the internet. Eventually, Amazon went beyond
selling books, and it now sells everything from daily
grocery, stationary to automobile accessories and
health products.
Are you still thinking that you have a crazy idea, but it won’t be successful? Then give it a last chance and make it happen.
You never know, your next weird idea can give birth to the future greatest multi-million dollar business.
Instagram
October 2018| 23

26. Catering comprehensive solutions to the
manufacturing industry, one-stop shop for the all
the business requirements across the globe; Cosmo
Films Limited is one of the leading companies. Ashok
Jaipuria is the Chairman and Managing Director of the
company. Engineered to Enhance is what best describes
Cosmo Films. It is a pioneer in BOPP film manufacturing,
which introduced the country to commercial applications.
To get more insight about Cosmo’s high value services and
uniqueness, we bring you an exclusive interview with
Neeraj Jain, CFO of the company.
1. Kindly brief us about you and your journey since the
beginning of your career.
I am a chartered accountant having close to 20 years’
experience with large Indian corporates and multinational
companies in corporate finance, business strategy planning
and execution, corporate restructuring, banking & fund
raising, M&A, taxation, risk management and internal
control. I started my career with RPG Life Sciences Limited
(pharmaceutical arm of India's leading RPG Group) in 1999
as Senior Officer– Finance. I have worked in different
finance leadership roles at Aditya Birla Group, Bajaj
Allianz and Havells before joining Cosmo Films Ltd. A
major turning point in my career was at Havells when I was
given a responsibility to run finance function for its global
subsidiary Sylvania BV (World’s 4th largest lighting
company) which used to have operations in 30 countries
and facilitating restructuring of the company.
I joined Cosmo Films Ltd as CFO in 2013 which is a public
listed manufacturing company with more than INR 2,200
crores revenue having operations in India and overseas.
Cosmo is India’s largest exporter and second largest
producer of BOPP flexible packaging films. The journey so
far has been very exciting.
2. How do you describe yourself in one-word?
Dynamic and Energetic
3. What is the thing which is acting as your motivational
tool? Or, who is your role model, who inspires and
motivates you?
The Chairman of Cosmo Films, Mr Ashok Jaipuria is a
source of energy for me and inspires me a lot. He is a
perfect example of aiming big and putting best to achieve
the same along with maintaining work-life balance.
4. State us about the most memorable and remarkable
moment of your life.
One of the most memorable moments was when I
successfully raised first funding of USD 100 million for the
organization at a cost lower than budgeted. It gave me
immense sense of satisfaction.
5. Kindly tell us about the most daring challenge you
took and the risk associated with it.
At Cosmo Films, we successfully rationalized finance cost
by 20% in difficult times when the industry cycle was not
Cosmo
Films:
Interview With Insights Success
CFO
October 2018|24

27. favourable. This came with a risk of foreign exchange
fluctuation; however we could manage it with the help of
hedging to a certain level.
6. Kindly describe in brief about your company and its
services/products.
Established in 1981, Cosmo Films is a global leader in
speciality films for packaging, lamination and labeling
applications. With engineering of innovative products and
sustainability solutions, Cosmo partners with world’s
leading F&B brands, packaging & printing converters to
enhance their consumer experience.
Company’s film offerings include Biaxially Oriented
Polypropylene (BOPP) films and Cast Polypropylene (CPP)
films. Today, the company is the largest exporter of BOPP
films from India and also the largest producer of thermal
lamination films in the world. Its customer base is spread in
more than 100 countries with plant cum distribution centres
in India, U.S, Korea & Japan.
7. Brief us about the industry scenario from your
perspective.
India’s BOPP flexible films industry is going through
difficult times due to poor commodity pricing in domestic
market from last two years primarily due to temporary
demand-supply gap. Cosmo Films is trying to tide through
this difficult situation by focusing on improving sales mix
(higher share of value added products with stable margins),
improving internal efficiencies and increasing international
sales.
8. State us your major achievements and your
company’s achievements under your leadership. Please
share your views about the “Necessity of Change” in the
world of business”.
My key achievements:
Ÿ Successfully executed 20% finance cost rationalization
during challenging times.
Ÿ Company’s market capitalization became 5x in the last 3
years
Ÿ Played key role in driving strategic and cost
rationalization initiatives in the company
Ÿ One of the best working capital management in the
Industry.
Company’s key achievements:
Ÿ Cosmo Films has successfully executed the strategy to a
large extent to change business model to be a value
added films producer from a commodity producer.
Although, we are yet to completely achieve the same,
however we are on the right path (today more than 50%
revenue comes from value added specialty products).
Ÿ The company is leading in terms of providing
innovative and specialized packaging solutions through
R&D. The company has recently introduced sterilisable
conduction sealing film for flavoured milk, juices etc as
well as universal lidding film which can seal with any
plastic material such as food trays, jams, sauces, butter
etc. On the lamination side, we have come up with
metalized velvet film for premium lamination and in
packaging we have developed CPP metalized film with
high metal bond as well as heat resistant BOPP film to
replace BOPET in reverse printed films.
9. Tell us about your passions, aims and goals.
My passion is to add value to business and this is what I
work for. On the personal side, I like travelling and music. I
aim to be a business finance leader to whom young finance
professionals could look upto as a role model.
10. What would you advise to the budding
entrepreneurs?
India is growing and this is the right time to be a part of its
growth story. There are ample opportunities available for a
good business idea right from funding to all kinds of
resources. If you believe you have good business ideas,
please execute the same so that we could make India a
growing hub for entrepreneurship/start-ups.
11. How do you motivate your employees and maintain a
healthy and dynamic working environment in the office?
Share with us the work culture at your office.
There are different ways you keep your employees
motivated. This includes transparent HR policies, friendly
culture across the organization, recognition for good work,
rewards policies and on the top of it care for this. We have
implemented many policies and schemes at Cosmo Films
which reflect the same. I am proud to be a part of this open
and friendly culture at Cosmo Films.
12. What are the most important lessons you’ve learned
throughout and would like to share?
With increasing globalization, volatility is something you
need to deal with, be it foreign exchange fluctuation, crude
impact or other economic and business factors and how to
run organizations along with managing key risks without
ignoring them.
October 2018| 25

28. he Chief Financial Officer (CFOs) of a business
Torganisation especially that of a telecom sector
knows how to utilize the pillars of leadership that
can fulfil promises. The individual in this role has the
primary responsibility of both financial and operational
functions. He is the custodian of the company’s assets and
securities and in charge of the communication of delivering
financial data to stock analysts, investment managers, and
regulators, and detailed performance metrics to fellow
officers and employees. CFOs specializing in Telecom
business work well in highly diversified companies that
need to compare performance across different businesses,
have aggressive growth or cost targets, or whose limited
resources require careful allocation. A CFO is a
combination of 80% functional and 20% leadership
package. The concept behind his functional role involves
embedding the risk management of the business,
strengthening the life insurance industry in India by
mitigating financial crime risks. As the CFO’s role becomes
more strategic, the challenges facing the insurance industry
become more transparent. In particular, regulatory demands
are a significant burden. Ever-changing regulations can be a
major distractor from the strategic work of the CFO but are
nonetheless critical to the health of the organization. It is
this particular individual who can genuinely help
organisation achieve higher growth, reduce risk, and
uncover greater opportunities.
Traits that make a great CFO
The role of a CFO plays a pivotal part of company
leadership team, that help in making crucial financial
decisions and leading the execution of those decisions.
CFOs play a very important role in any organization and do
a lot more than just crunch numbers. To maintain the
stature, they must possess a holistic understanding of the
financial workings of their company, and also of their entire
industry.
However, their roles as a chief financial officer has changed
dramatically over the past decade. They excelled at
managing inventory, accounting, capital expenditure,
working capital and cost control, but are now being called
upon to act as strategic partners to chief executive officers
(CEOs) and work towards sustainable financial growth of
the company.
A CFO should have a long-term vision on how he can build
the organization. For a CFO’s stint to be successful, equal
importance should be given to the finance department,
compliance and risk management. CFO should leave a
legacy as they a major role to play in strategic management.
THE
EVOLVING
ROLEOFACFO IN THE
CURRENTBUSINESS
SCENARIO
Expert’s Opinion
October 2018|26

29. A study by EY suggests that much more is demanded of
CFOs in today’s dynamic business environment – which is
way beyond their traditional finance skills. The traits of a
successful modern CFO are someone who thinks broadly
and strategically about the growth of the business, turns
strategy and tactics into actionable plans, and possesses the
skills to communicate the strategy across the organization,
external stakeholders as well as the employees. On top of
these, the strategic CFO must also learn to manage crisis
and enhance the company’s resilience and mitigate the risks
as the organization grows in order to have a successful stint.
CFOs must also be comfortable with operating in
unfamiliar territory in the face of changing business
conditions and situations such as mergers and acquisitions.
Disruptive Technology and its implications
At present, Digital Transformation is a focus across all
industries today because of the emergence of new
technologies such as Artificial Intelligence (AI) and
Machine Learning and an economy driven by customer and
service led business models. It’s already very clear that the
development and use of AI is going to play a big role in
shaping future workplaces. However, it is not certain that
the emergence of technological transformations will replace
entire functions such as finance department.
If new technologies and trends are adding to the
development of the CFO’s role, they should also have the
potential to make it easier for the finance team to
understand the current business complexities. There is a
wide array of tools that can help CFOs benefit from
technological developments and the digitization of finance
processes. CFOs should understand and increasingly deploy
such tools to lead complex enterprise-resource planning
efforts, among other challenges that they are being tasked
with managing.
Companies are becoming more sophisticated in their
approaches to business planning, supported by new cloud
technology. The insight the CFO can derive from this for
planning will become a driving force for business in the
future. And AI raises the bar again, helping make sense of
even more data and automating outcomes. The disruptive
technologies could in turn give finance teams the power to
access decades worth of projects, around the world, at the
touch of a button which could help them develop a better-
informed risk assessment, mapping the project against a
much larger database of historical projects.
As technology improves, AI will become smarter and faster
at providing analysis, and the competitive disadvantage that
businesses not using it will experience and become more
pronounced. Businesses don’t want to replace their
employees, but they do want to make better financial
decisions, and AI and Machine Learning will allow them to
do that faster and cheaper than a whole team of human
effort. Overall, AI will enable skilled office workers to
spend more time focusing on their core competencies over
the mechanics of maintaining data. On a larger scale, this
will result in lower financial costs for organizations and
time saved on tasks usually spent on manual operations or
classifying data.
Hemant Kumar Ruia is the Chief Financial Officer (CFO) at Indus
Towers Limited. Hemant is a Chartered accountant, cost
accountant and a chartered financial analyst and brings with him
over 23 years of diverse experience across industries in various
coveted organisations. Prior to joining Indus, Hemant worked with
Reliance Retail Limited as the CFO. He played a business
partnering role across various brands with Reliance Retail –
Reliance Fresh, Digital, Jewellery, Trends, Footwear and Reliance
Markets. Before Reliance Retail, he was associated with Agro Tech
Food Limited. Hemant has extensive experience in Business
Partnering, Funds Management, Information Systems, Legal and
Secretarial and other aspects of leading the Finance Function.
Hemant is a winner of ‘Top 100 CFO Award’ for four consecutive
years from 2013-2016 as well as the CIO& Leader Business Impact
Award for 2015.
ABOUT THE AUTHOR
October 2018| 27

30. ife is to open the covered, reveal the secrets, know
Lthe unknown and turn uncertainties into certainties.
Some say that lying is a bad habit, while some
others say harmless lies are okay. Even since childhood, we
are been taught something, we are offered something and
slowly, as we grow up, we observe something that is
exactly opposite of what we have been said for the entire
time till we grow up. The controversies are everywhere and
the conflicts carry us around.
Remember those days when our father used to say, “If you
come up first in your class, you will get a brand new watch
or an impressive fountain pen?” Remember those old days
when our mother used to give us a glass full of milk and
say, “If you drink this glass full of milk, God will bless you
with strength, intelligence and wisdom?” Remember those
moments when our parents used to distract our minds with
an interesting story and feed us with rice, pulses and
vegetables or smash the vegetables within the rice so that
we neglect the fact that even though we don’t like it, but we
were actually eating the vegetables?
It’s hard to forget those joyful days of our life. Though we
hated all those little activities of our parents in those days,
we cherish it now, and we miss it now. It is to be noted that
we are no longer in the days of adolescence and the people
Editor’s Pick
October 2018|28

31. October 2018| 29

32. surrounding us are not our parents. It’s the real world. It
does not expect us to offer white lies, it wants
straightforward truth. It believes in transparency.
To maintain any kind of relationship in this true and fast
pacing world, one must always go by the offers on the table
and not below the table. It is obvious that people rarely read
between the lines to find whether the action is for their good
or bad, they just focus on the matter whether they are aware
of that or not.
As per experts from all over the world, the strategies and
tricks that one must follow within the boundaries of his/her
enterprise and beyond are shared below.
Maintain a clear and transparent communication with
your customers.
Nobody loves the hidden truth and that too, when they have
to dig it and find the conditions beneath that. It is always
advisable to disseminate information simply and clearly in a
manner that is not hard to explain for you and it is easy for
the person on the opposite side to understand. The easier it
is to understand, the more the transparency is maintained
between you and your customers, the more superior you
become to your customers. Go beyond the walls, don’t just
speak to them, rather, you must make them feel emotionally
that you walk that extra mile for your clients to make their
lives better.
Treat your employees in the same as you treat your
customers.
It is time to remove that thin line of barrier that separates
you from your employees. Let your employees know the
benefits that you are offering to them. It is obvious that
these offerings are something beyond the medical coverage
and paid time off. Make your employees feel that you care
for them, their opinion, their career, and most importantly,
their life. Being the leader of a company comprising of
more than 50 members, it is clearly not possible for you to
reach each one of your employee, but you can always pass
on the message through a simple mail or any kind of
testimony.
Give back more than you take.
Our society, our community, our employees, our customers,
and our investors, they have given us plenty of things
because of which we and our enterprise is standing tall. It is
apparently our responsibility to give that back. The most
amazing thing about this is that it is something beyond just
giving back to the society. One can use this as one of the
greatest marketing tricks. Let’s not promote ourselves, let’s
just promote our ideas and make people aware about the
societal responsibilities, and let the people find the cause
and figures behind this awareness program. Let the
programs play the game; tell people about the things that
they want to hear; you just need to take the credit beyond
just profit.
Be the light, be the Torchbearer and be the hero of your
team.
You are doing great and you are the leader of your team and
also your organization, but you must go beyond your cabin
and desk. Your employees must feel your presence, not just
in your emails, but on a personalized level. You must come
out of your cubicle and share your thoughts through various
regular communications with the employees. As the entire
world is digitizing itself, there exists the scope for
increasing the level of visibility through a blog or podcast.
Not just your employees, you must build a base with your
customers too. The more visible you are among your
customers, the more popular and more trustworthy you are.
When the world is going live, what are you waiting for? It’s
time; entrepreneurs must out of their corporate cocoons and
let everyone know the real person hidden behind those
fancy blazers and suits sitting inside those glass door
cabins.
Spread the Laughter.
Success doesn’t come overnight and it takes a huge effort to
build and lead a team or organization. While building an
enterprise and leading it towards the stepping stones of
success, what we often miss out is “To enjoy”. Humor is the
catalyst to a pleasant working environment and that is why
laughter plays a great role in building up bonding amongst
the employees. In any workplace, what matters the most is
the enjoyment in the work. So, let’s laugh, and spread the
laughter and build a workplace that goes beyond a healthy
working environment.
October 2018|30

34. hat defines a successful professional? Believer of hope, self-motivator what else!
WYes, he is known for acquiring such qualities and that too with utmost perfection and sincerity.
Meet Parag Gupta, CFO at Spectra, an extraordinary professional who sacrificed his well-paid job, well-established and
settle lifestyle to create a mark in the digital world and build something bigger, construct something of his own.
A Relentless Improver Revolutionizing the
World of Internet
Parag Gupta:
Execution and
relentless
execution is
the key to success
,,
,,
Parag Gupta
CFO
October 2018|32
The10
Most
DynamicCFOs
to Watch in 2018

35. Transitions which Paved the Way
towards Success
After successfully accomplishing
Chartered Accounting in the year 2002,
Parag started his career with Dell
International Services at Bangalore in
Shared Services space and then
travelled to the United Kingdom to
transition AR accounting processes. A
short stint of a year in the UK helped
Parag to learn a lot about transitioning
and offshoring processes effectively
and soon he decided to move on to
Washington Mutual Bank to expand his
skills and put more knowledge into his
bag of wisdom.
At Washington Mutual Bank, Parag
worked in the sector of strategy and
business delivery. While serving the
company for four years, his career saw
an exceptional transition. From there,
he moved up from managing a 50-
people single process to over 3000
people of multiple voice and non-voice
functions over three different
geographies. In the year 2008, Parag
took a giant step in his career when he
joined AT&T India in Delhi as the
India CFO and worked on India entry
strategy and telecom services.
The Daring Challenge which made
his Foundations Strong
It was not easy, it was daring and it is
apparent that hardly anybody would
have taken such a risky call. Being the
youngest CFO of AT&T in India at the
age of 32 and with just six years of
post-qualification experience is
something beyond extraordinary. But
the decision to move on from AT&T to
a small startup called Nimbuzz and that
too at a time when the existence of
internet and mobile internet was itself
in a state of question, was a daring
step. Even though it was risky and
people hardly knew about the internet
economy, Parag saw the light of hope
and made the move towards an
unknown trail.
Parag further expresses his experience
in his own words and states, “The time
when I decided to move on from AT&T
to a little-known startup called
Nimbuzz, that too at a time when
internet and mobile internet was
almost nonexistent was a big risk,
everyone I knew and discussed with,
thought I was crazy in what I was
doing, I was leaving the stability of
world's biggest telecom company for a
startup which was funded with a few
million dollars. If this startup did not
work the way I thought it would, my
career and all the hard work could
have been gone.”
It was in 2011 when Parag joined the
Naspers owned internet startup –
Nimbuzz, a chat platform where he
managed operation in three continents
and then eventually sold it to a British
company in 2015. In the same year, he
joined Paypal as the India CFO in its
nascent stage to work on the India
entry planning and launch. And, a year
later, for personal reasons, Parag
decided to move back to Delhi in 2016
and then he joined Spectra as its CFO.
And, with his vast and extensive
experience of such serious roles in
numerous prestigious companies,
Parag intends to grow this company
over five times in the next five years.
While talking about the factors which
motivates him to take risks and move
forward, Parag states, “I am a self-
motivated person who firmly believes
that if my biggest achievement in life is
more than 18 months old then I am not
doing myself justice, this continuous
strive for improvement keeps me going
and has helped me to take new risks in
industries and job roles during the last
15 years.”
About the Innovative Company
With a mission to enable lives and
journeys of individuals and businesses
of urban India, to be more productive,
progressive and fulfilling by providing
them access to global standard
broadband and other internet based
services, Spectra is India’s first purely
fiber optic based internet service
provider. The company’s offerings
include internet access, VoIP, digital
infrastructure, cloud based solutions
and media connectivity work
seamlessly together to provide an
unparalleled experience for homes and
businesses.
While discussing the factors driving
the driving the company towards an
exceptional future, the CFO states, “An
erstwhile 10 year old company which
desperately required change and fast,
we needed automation and digitization
of process across the company to
prepare for the sought out growth in
customers. We needed to reinvent
ourselves according to our vision to
get in to new streams of businesses and
customers. We have successfully
completed the first phase of the plan,
we rebranded ourselves, made existing
financial processes more efficient,
transparent, faster, accurate and
inexpensive.”
Another side of the Leader
Parag Gupta, alike other successful
professional, is a man of passion.
Unlike others the differences lies in the
taste of activities and choices. He is
undoubtedly curious about the know-
hows of technology, but what interests
him more are travel and history. He
further adds, “My aim in life is to be
amongst the best in what I do and my
professional goal is to build successful
teams and businesses that thrive.”
And Parag’s advice to the budding
entrepreneurs is, “Take calculated and
learned decisions, learn from yours
and others’ mistakes, understand the
market and its dynamics, bet on people
and not on ideas.” He always tells his
team that execution and relentless
execution is the key to success.”
October 2018| 33

36. 8Hours a day. 5 Days a week. 4 Weeks a month. 12 Months a
year and, 40 Years in one’s life. This figure is humongous, and
so is its importance. Believe it or not, this is the quantification
of time that we actually spend while working. An average human
rd
being spends about 1/3 of his/her life while working at offices. And,
rd
this doesn’t even stop here. Even in the balance 2/3 portion,
significant amount of time is spent either warming-up one-self with
preparations before work or cooling-down one-self from exhaustions
after work.
Ironically, while we get busy weaving our lives at the workplaces, the
other ‘important-stuffs’ like our families, friends & personal
relationships helplessly watch us somewhere from their back-seats in
which we have forced them into. In our generation, the impact of our work is quite heavy on almost everything else that we
have. A single bad day at work has multiple cascading effects on everything that follows, be it our personal life, our social
life, even our physical and mental health is not spared. But even after knowing all this, the real conundrum is – One just
cannot rid oneself from working. It is the basic source to earn the fundamental necessities of life viz. Food, Water and
Shelter. It has become so integral to our lives that imagining a life without work sound ridiculous.
So, it goes without saying that one has to be very careful while choosing the kind of work/career they opt for. Usually, this
part is taken well care of. However, the part which often gets neglected is our ‘conduct’ at the workplace. Our conduct
determines the environment and the inter-personnel relationships at offices. The relationships that we forge on work-places
are quite vital in determining its environment. We are not robots assigned with tasks to perform, and that is why even though
sacrifice or neglect many other things in life, relationships, culture and work environment not only maintains the balance of
the employees but also creates a direct impact on the productivity of the workspace. Whatever happens around us has
Exclusive
TIPS WHICH
WORKPLACE
RELATIONSHIP
WILL HELP YOU
CREATE A
NON-TOXIC
Seven
October 2018|34

37. serious impressions on our work-life, on our life after work and most importantly on us. Hence, it should never be neglected,
rd
and especially not when the existence and relevance of entire 2/3 portion of our life is dependent on it.
Making workplace more productive and non-toxic is not a rocket-science. The solution is not that far; it lies within us only.
Here are some cues which will ensure healthiness in work-place relationships and the associated atmosphere.
1) Acknowledge the Common-Cause
Irrespective of the kind of profession or the type of department we are in, there is one simple goal that never changes,
i.e., the aim to bring success for the organisation, firm or business we are working for. A proper understanding of this
common-cause strengthens the team-bonding among the co-workers which emboldens the person-to-person relationships
at work.
October 2018| 35

38. 2) Appreciate the Value that Others Bring In
Needless to mention, majority of conflicts in any
organisation are caused once the feeling of individual
superiority creeps in among the equals. There needs to
be a clear understanding that a colleague working in
the same rank as yours is in there only because he/she
belongs there, rather deserves to be there. There shall
absolutely be no scope of egoistic impositions amongst
them. No matter what the designation of an employee
is the senior management should always give
importance and value to the junior empoyees to make
them believe that their work, ideas and decisions matter
for the organization's growth. In this way, one can
enhance the confidence and trust of the employees
belonging to all levels of the hierarchy authority. No
matter, how good an architect you are with world-class
technique and degrees to boast of; can you build even a
simple wall of house without taking help of mason,
carpenters and workers? It is apparently not possible.
3) Make the Transition from ‘Me to We’
There is a reason why there is no ‘I’ in a ‘TEAM’.
Working in isolation never serves the purpose. No
matter how efficient you are, the larger picture of
success comes only when the individuals work in
unison with a sense of mutual co-operation amongst
them. The essence of togetherness energizes the
complete work-environment. It rejuvenates the
employees and ensures higher level of dedication in
their work.
4) Give Personal Space and Find One in Return
Individuals working at offices have a lot of things to
deal-with out of office. But most of us tend to overlook
it quite often. Irrespective of how good your bonding
is with your colleague, there would obviously be
certain areas where your repeated interventions might
not be appreciated. Sudden interference in colleague’s
life may hamper somebody’s private space and it is
always appreciable to respect each and every people’s
privacy. So, to maintain a healthy relationship with the
person sitting next to you, one should know ‘when to
speak’ and more importantly ‘when not to’.
5) Be Gentle in Suggestions
It is an apparent fact that monetary earning and perks
are the things that motivates us to go to work every day.
No denial to this fact, after all, we all work to make a
living. We get paid for what we do. No denial to this
fact too. But, sometimes things are better understood
when not said point-blank. It is a general psychological
fact that if one points out other’s mistake in a rude note,
the person being pointed out might find that offensive.
That will eventually lead to demoralization of the
employee, the formation of depressive air in the work
environment and will ultimately hamper the
productivity of the entire team.
Suggestions are always fruitful when delivered with
calmness and supported with logic. If some suggests or
advices another employee or even points out mistake of
that person in a polite and ethical way, the person will
value that and obviously the respect for the person will
be enhanced to a new level.
6) Be Affluent in Appreciations
Ever tried calling your office-boy or office-cleaner by
name? The smile that’ll appear on their faces upon
hearing their names from so-called ‘white collar’
employees like you would be priceless. Same applies to
your counter-parts, your colleagues and your sub-
ordinates too. Take some time to appreciate the ‘goods’
around you. There would be plenty of those
surrounding you every day. Mere few good-words
regarding their work, etiquette, sincerity or even
dressing sense, works a magic in motivating people at
work. No matter who the person is appreciation always
play a magical role in building positivity filled with
motivation among the employees.
7) Be Happy and Spread Happiness
Happiness is infectious. A simple burst of laughter
spreads in a speed faster than light. You must have
noticed that the happiest faces at any office are most
efficient at work too. They have an aura surrounding
them. People feel them to be approachable and easy to
communicate. This ‘ease’ is the foundation of healthy
relationship between colleagues at work. Nothing is
constant in this world except change. You never know
when you might have say “Fare-thy-well” to one of
your colleagues or vice-a-versa. So, get rid of pity
grudges, be polite with all and, have courage to forgive,
forget and move-on.
You must be thinking, it’s so simple, chalk-n-cheese! But
not really. Even if you have acquired the awareness and you
are ready to condition yourself to maintain healthy
relationship at work; what is the guarantee that your
counter-part at work will reciprocate and follow the same?
You can’t just clap by a single hand. Well, nothing comes
rd
this easy in our lives. But, as our valuable 2/3 portion of
lives are dependent on it, we must put-in extra some efforts
demanded by this relationship. The power of any
relationship lies with the one who cares more. Let us be the
one who cares. We all know that the change begins with
rd
you and within you. Once you start caring, the 1/3 will set
itself free from all kinds of toxicity and, once this liberation
rd
is attained, the balance 2/3 will get-up from their ‘back-
seats’ to smile at you and to embrace you with the
happiness which you have craved for so long. Wouldn’t the
life filled with such moments be beautiful? Even the
thought of such life has brought a smile on your face.
October 2018|36

40. A determined personality, Manoj Shrikant
Gujarathi is a highly qualified individual and a
GST Practitioner by profession. He has
completed his Graduation in Commerce and
further pursued LL.B and D.T.L. He has also
done an internship in C.A. and is currently
running his own firm known as Manoj Gujrathi
GST Practitioner. Over the years, he has
successfully led his company to achieve
numerous achievements and worked with the
values of integrity and dedication.
ABOUT THE AUTHOR
Expert’s Insight
October 2018|38
Manoj Shrikant Gujarathi
GST Practitioner

41. Today Indian saddling
framework is going a
progressive change attributable
to spreading the wings of Indian
business into worldwide market. Indian
Government is giving careful
consideration to change the saddling
framework and in the meantime
shutting the provisos to incapacitate
the gatecrashers to dodge the
exhausting framework in order to
augment the income to Government
exchequer and prosper the general
business scene. Loathe Budget 2014
has likewise assumed imperative job
toward this path. Assessment might be
demanded on common people like
individual, Hindu unified family fake
elements like Firm, relationship of
people, organization, society and so on
and furthermore on merchandise and
enterprises. Therefore, another
grouping of expense we found into
direct assessment and backhanded
duty. In India, dynamic and relative
saddling frameworks are pursued. In
Indian expense law, chunk shrewd
taxability emerges to some degree for
money charge while corresponding
assessment is material for different
duties, for instance extract obligation,
traditions obligation, VAT, benefit
impose, riches impose and so forth.
Advance under salary assess, lottery
pay, long haul capital gain, and now
and again here and now capital gain is
burdened under relative tax collection
framework.
Coordinate duty implies a kind of
expense which is paid by a man
straightforwardly to the Government.
For instance wage expense and riches
charge in India. Roundabout expense
implies impose on products and
ventures which are paid by a man to
the maker, dealer or specialist co-op
who is subject to pay the equivalent to
the record of Government. For instance
traditions obligation, extract
obligation, VAT, benefit impose,
amusement assess and so on in India.
Presently an advanced arrangement of
saddling all merchandise and ventures
“products and enterprises charge” is
going to be presented. This will
supplant every single existing
sanctioning identifying with products
and enterprises. Pay charge: Under
Indian pay impose law both level rate
(corresponding duty) and chunk rate
(dynamic assessment) applies. Duty is
figured on aggregate pay. Riches
impose: riches charge is collected at
1% on the net abundance of individual,
Hindu unified family and friends if net
riches surpasses Rs.30 lakhs on the
valuation date. It is payable in each
appraisal year in view of valuation of
net riches on the separate valuation
dates.
The effect of direct assessment on
financial development:
The immediate expense is one of the
imperative wellsprings of government
income. Advance it likewise impacts
specifically the extra cash of people.
On the off chance that immediate
expense rate is expanded by the
Government, individuals begin putting
something aside for venture purposes.
Because of this conduct of person’s
pay age procedure of economy is
hampered. Especially this is valid for
extravagance wares. This reductions
the generation of extravagance wares
in the economy and subsequently
additionally antagonistically influences
the GDP and ways of life. Anyway on
the positive sides, if appropriate
findings are permitted in light of
speculations, it prompts capital
development in the nation.
Consequently, comprehensively
following are the positive sides of
direct charges on the monetary
development:
Ÿ Better capital arrangement
Ÿ Inducement of sparing and
speculation
Ÿ Surety of Government's income
development
Ÿ Increase in arranged use of
government
Ÿ Decrease in swelling rate because
of lesser accessibility of extra cash
to people
Ÿ Timely accessibility of income to
the Government
Ÿ Effect of aberrant assessment on
monetary development
Since the weight of indirect charges
straightforwardly fall on the shoppers,
it specifically impacts the expense of
merchandise and enterprises.
Therefore, circuitous assessment builds
the proficiency of the makers, since to
keep up their interest they should put
their full endeavors towards cost
cutting measures. Further, this exertion
of makers likewise acquires
appropriate usage of assets the
economy. The buyers are at
opportunity to choose items at their
decision, along these lines solid rivalry
additionally develops in the economy.
Accordingly, extensively following are
the positive sides of roundabout
expenses on the monetary
development:
Ÿ Better usage of assets
Ÿ Increase in proficiency of makers
Ÿ Growth of solid rivalry in the
market
Ÿ More opportunity of decision to the
buyers
Ÿ Increase sought after for
extravagance products
Ÿ Increase in way of life of
individuals
October 2018| 39

44. And as the old adage goes, “Change is the only
constant in the world.” Time changes everything
around us, but what makes a winner out of each
one of us depends on how we adapt to the change, learn
from it and evolve with it.
Vikash Sureka, CFO, IBS Software Private Limited, is
someone who has evolved with time, facing the challenges
thrown in front of him with focus and determination. And
that makes him an unconventional, yet successful leader of
today.
Born and brought up in Bangalore, Vikash was a happy-go-
lucky teenager, mostly on the road riding his fully modified
100cc Yamaha. All that seemed important was to have a
plan for the day, finalized each morning. Sudden death of
his father compelled Vikash to start early on his career to
support his family. At the age of 16, he joined a small firm
in Bangalore as an assistant to a typist. “This was perhaps
the most defining moment for me. I realised the importance
of hard work and the need to respect each and every aspect
of a professional work environment.” says Vikash.
Soon after, Vikash started working as an articled clerk with
S.B. Billimoria & Co. and completed his Chartered
Accountancy. Later he moved to Wipro Limited where he
spent a decade working across various functions and
businesses which ultimately uplifted Vikash's career to the
next level. After working for a few years with Wipro,
Vikash joined AppLabs (in the UK) as their global CFO.
AppLabs (later acquired by CSC), introduced Vikash to the
real concept of management. He shares his experiences and
says, “The exposure to a variety of stakeholders, taught me
the value of positioning and articulating the corporate
story. Subsequently I returned to India to join IBS as its
CFO.”
Memorable moments that marked Vikash’s life
There are personal moments in everyone’s life, ones that
make you swell with pride every time you think about it,
another that makes you emotional and apprehensive of your
decision yet that makes a good learning for you, and a few
that makes life worth looking forward to and living.
Vikash had his share of such moments as well. When he
completed his Chartered Accountancy and made his mother
proud. Vikash also recalls his daughter doubling his pride
of being a father, “My elder daughter at a young age and
on her own accord, took up charity and did her first ever
bake sale in our community. The feeling of achievement in
her was truly remarkable for me and indeed a proud
moment seeing her work towards helping others.”
For Vikash, the winning moment as a leader was when one
of his team members told him - “Your trust and confidence
is sufficient for me to take on new responsibilities and I
know I will be super successful.” Containing his excitement
Vikash said, “All I had done was to listen to the individual,
encouraged and told that it’s OK to fail as long as you have
tried – this taught me the power of empathy.”
Vikash had to close down a development centre in the north
of England, due to certain business reasons. What then
appeared to be a simple and easy decision sitting in the
Board room, turned out to be an exhausting experience on
Vikash Sureka:
An extraordinary leader moulded by
experiences, expertise and empathy
The10
Most
DynamicCFOs
to Watch in 2018
October 2018|42

45. the ground for him. “I had completely underestimated the
disruption in people’s lives and other complexities. This was
indeed an emotionally draining, yet a learning experience
for me,” he said.
Failure was never a deterrent for Vikash to take up
challenges. There had been many instances in the past, but
the one on top of the mind that he quipped with was the one
at IBS when he was very new to IBS. The Board Meeting
was set and Vikash was marked a copy on the invite as an
optional attendee. He not only decided to be part of the
meeting but to the surprise of everyone on the board,
defended the company’s performance, despite the risk of
failing amidst a strong Board.
About the Company – IBS Software
IBS Software is a leading provider of new generation IT
solutions to the global Travel, Transportation and Logistics
(TTL) industry. Founded in 1997, IBS is today a
multinational corporation employing over 3000
professionals from 20 different nationalities spread across
Americas, Europe, Middle East, Japan, Australia and India.
IBS’ software products and customized solutions today
manage the mission-critical operations of some of the
largest airlines, busiest airports, major oil and gas
companies, luxurious cruise lines, top hotel groups and tour
operators world-wide.
IBS currently owns the IP rights to 17 software products in
the areas of airline passenger services, airline & airport
operations, airline cargo & logistics, oil & gas logistics,
travel & cruise management, hospitality distribution and
ocean & surface transportation. IBS also offers bespoke
software services in these business domains. IBS has 3 Data
Centres for SaaS operations, in Ashburn, Sydney & Tokyo.
Under Vikash’s guidance, the Company on-boarded
Blackstone (the world’s largest private equity player) as a
strategic investor in the Company.
The Leader’s Speech to the Budding Entrepreneurs
“It’s a cliché to say ‘if you aren’t changing, you aren’t
growing’. In a highly connected and digital world the pace
of change is very fast. The rapid changes are caused by
emergence of newer technology, access to better
information, changing global regulation, changes in
government and alliances, etc. and the businesses have to
constantly reinvent themselves amidst the chaos and adapt
to the change. An organization that is constantly evolving
along with its ecosystem significantly improves its longevity,
market position and has a better chance at attracting
talent.”
“My advice to the
budding
entrepreneurs
would be to stay
focused, have
patience for ideas
to develop, trust
your instincts, have
well defined
milestones and
celebrate
successes”
Vikash Sureka
CFO
October 2018| 43