Success stories told, one chapter at a time

Ahmedabad Mirror | 1 week ago | 06-08-2022 | 06:00 am

Success stories told, one chapter at a time

At the eclectically quirky Darwin Bucky Gallery in Ellisbridge on Friday, two businessmen charted their stories of success in the business world at the first edition of TiE Talks Ahmedabad. Kaushal Soparkar, Managing Director, Meghmani Finechem Ltd, and Alpesh Parikh, Managing Director, Gulmohar Greens Golf and Country Club Ltd, shared their stories, vision and how they maintained work-life balance. Dr Savan Godiawala, Partner Deloitte and visiting faculty, IIMA was moderating the talk.Soparkar recalled how his father started journey in 1977 and was later diversified. A chemical engineer with a Masters in Engineering Management from USA revealed to the audience, “As a second generation businessman, I started working on expansion in Dahej from 2007. I opted to work in India as there was better opportunity and a lot to learn. There was no pressure to join the business.” He added that his seniors/ parents were never tensed and provided a positive environment to do the best for the company. Soparkar aims to touch Rs 5,000 crore by 2027.Then, Parikh regaled all with tales from his family’s journey. He revealed how his father, who came from a humble background, ventured into real estate: “I had to gain the trust of my father and show my potential. My father ventured into real estate in the ’80s. After I completed my civil engineering, I felt the need to develop a club in the city. My father asked me to put all my balance in the project of a club with golf I aspired for.“I strived really hard and travelled across India to understand how to make it a cost-effective venture. To build that trust in Amdavadis was a challenge. But today, it is a landmark.”Godiawala narrates stories that summed up the passion and the no-fear-of-failure attitude that make the businessmen successful.Parikh wants to venture into setting up of a university and old age home.Organisers of TiE Talks Ahmedabad’s first edition are proposing to hold 10 such editions in a year.

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The Income Tax Department has unearthed “unaccounted” income of more than Rs 1,000 crore after it raided a Gujarat-based business conglomerate last month, the CBDT said Tuesday.“Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc. valued at Rs 20 crore have been seized so far,” it said in a statement.The searches were launched on July 20 and the agency covered 58 premises in Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata.The “prominent” business conglomerate is engaged in diversified fields of textiles, chemicals, packaging, real estate and education, the CBDT said without identifying the group.The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department.Documents and digital data seized during the raids show that the group has been engaged in “large-scale” tax evasion by adopting various methods, including by way of “unaccounted’ cash sales outside the books of account, booking of bogus purchases and cash receipts from real estate transactions, it said.“The group has also been found involved in layering of unaccounted sums through share premium from Kolkata-based shell companies.” “Certain instances of unaccounted income generated through cash based ‘sarafi’ (unsecured) advances made have also been found,” the statement said.The business group was “involved in profiteering through manipulation of share prices of its listed companies through operators.” Seized data indicates the group has been siphoning off funds through fictitious entities for personal use of promoters, it said, adding it was found “manipulation” of the books of account of the public limited companies of the congolmerate was being done, the CBDT said.

I-T dept detects Rs 1,000-crore black income after raids on Gujarat group
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