TGRTC is expected to register Rs 10,000 crore turnover next financial year: VC Sajjanar

Mediation and Arbitration is the only way forward as over 5 crore cases are pending in Indian courts and it takes 324 years to dispose of them: A.J. Jawad, Mediation Expert

Niloufer is the only café in the world to employ 2000 people with just five cafes: Shashank Anumula, MD of ABR Cafe & Bakers Pvt Ltd

The Federation of Telangana Chambers of Commerce and Industry (FTCCI) organised a Conference on Navigating Corporate Failure and Digital Fraud: Pathways to Success at FTCCI Surana Auditorium, Federation House, Hyderabad on Monday evening

The program was organised to explore how good governance practices can help companies prevent fraud and corruption. It also covered the consequences of failing to do so.

Giving his opening remarks, Dr Suresh Kumar Singhal, President of FTCCI, said the program was a platform for dialogues, learning and collaboration to prevent digital frauds.

Naresh Chandra and Dr Tasneem Shariff, Chair and Co-chair of the Corporate Laws, IBC & ADR Committee set the tone for the meeting, introduced speakers.

Sri V C Sajjanar, IPS, Vice Chairman & Managing Director, Telangana State Road Transport Corporation was the chief guest.

Addressing a 150-plus audience, Mr. Sajjanar said he was a hardcore police officer, then tasked to manage TGRTC as MD. I didn’t know business. When I took over, the Corporation was not doing well and it was loss-making. The total turnover of the corporation in September 2021, when he took over, was Rs 3800 crore. We turned it around now in four years. Today it is a billion-dollar company. The turnover next year is likely to reach INR 10,000 crore.

The historical transformation happened because of passion, commitment, determination and hard work of our 50,000 employees, he shared

This was also possible due to the strong government support, without which we couldn’t have navigated the scenario. You need to have strong internal controls, and transparency. We have been paying TGRTC employees without defaulting salaries and paid salaries on the first of the month due to a bit of financial engineering, he shared

Speaking about digital frauds, Mr. Sajjanar said we have reached a stage, we can’t do without technology. We depend heavily on it. The rise of AI and Big Data also increased the scope of digital fraud. Digital Frauds have been rising at an alarming pace. The cybercriminals are exploiting the increasing reliance on online platforms to steal personal information, money, and disrupt businesses. Hence, digital frauds have to be boardroom priorities of all the corporate houses.

Sajjanar, a former top cop, suggested that AI-powered fraud detection must be used to analyze data and identify suspicious activity. Use Blockchain technology to secure financial transactions, which ensures tamper-proof and resistant to alteration. Training the staff on cybersecurity is important to prevent digital frauds, and focus on educating them about basic security practices. Digital fraud is no longer a business risk, it is a societal concern, Sajjanar said.

A.J. Jawad, Registrar of International Arbitration & Mediation Centre (IAMC), Guest of honour, a seasoned advocate, Senior Mediator and Trainer said business and marriages have a similarity. In both cases we don’t anticipate trouble. The courts in India have 5 crore pending cases, to dispose of them we need 324 years, provided there are no more new cases added. Further, when the dispute gets locked, 1.5% to 2% of GDP is lost due to the delayed outcomes in the country. The only way out for this is mediation and arbitration. Don’t wait for judicial reforms. Mediate the deal before you seal the deal. Then, if there is any dispute that arises, mediation can be

FTCCI and IAMC signed a letter of support between the two organisations to spread knowledge and create awareness about the same.

Aruna Ravikumar, Journalist and Author, talked on Red Flag in detecting corporate frauds, be aware, be prepared. She spoke about MLM (Multi-Level Marketing) and Ponzi scheme

We believe the popular saying that an idea can change a life. But an idea can also destroy your business, she said.

Answering a question, Aruna said fraud is not gender based. Women want to get into men’s world. We see many women involved in digital fraud now. Though it is not gender specific, you need to be alert, use common sense, and don’t fall prey to easy money.

Chartered Accountant Sharath Kumar delved into Leadership Strategies for Navigating Fraud in Digital AI. AI-driven frauds are on the rise. Blind trust on it can be suicidal. AI is a double-edged weapon. He gave a lot of case studies of recent frauds and how many corporate executives fell prey to cyber cheaters. Digital frauds happen when human intelligence fails. Human observation and common sense are very important.

The father and son duo of Niloufer Cafe Mr. Babu Rao and his son Shashank Anumula, MD of ABR Cafe & Bakers Pvt Ltd spoke about The Silver Lining of Setbacks: Turning Failures into Strategic Advantage. They shared their success, challenges and future plans. The café, which had 30 people in 1978, has now risen to a 2000-employee café. We are the only café in the world to have 2000 employees with just five outlets. We have one lakh walkins into our cafes every day. Mr. Babu Rao shared that they were coming out with another outlet in Gachibowli in 40,000 sft on the 19th April.

Sairam Palabindela, Founder of Cyber Security Solutions, talked about Strategies for Prevention, Recovery, and Growth.

R. Ravikumar and KK Maheshwari, Vice Presidents of FTCCI and several other office bearers were also among the attendees.