MINUTES OF THE FIFTY SECOND ANNUAL GENERAL MEETING OF KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) HELD AT 4:00 P.M. ON THURSDAY, THE 21ST OF AUGUST 2025, AT MAPLE HALL, PAI VISTA, NO. 3, 27TH CROSS, K.R. ROAD, OPP: SEVAKSHETRA HOSPITAL, NEAR MONOTYPE, BANASHANKARI 2ND STAGE, BENGALURU – 560070, KARNATAKA.

Number of members present: 79

At 4:00 p.m., the Secretary, CA Praveen S Shettar welcomed President CA Vijaykumar M Patel on to the dais and requested to chair the meeting. The Secretary extended a warm welcome to the Immediate Past President CA Sujatha G, along with other office bearers, invited them onto the dais. He also welcomed all the executive committee members, mentors and past presidents to the Annual General Meeting (AGM) of the Association. As the required quorum being present, the Chair was entrusted to conduct the proceedings of the meeting.

The President, CA Vijaykumar M Patel occupied the chair and started the proceedings.

The Secretary before commencing the proceedings requested the members to pay tribute to the members who have departed since the last AGM until the current AGM. A moment of silence was observed by all members present as a mark of condolence for the departed souls.

The Secretary requested the President to extend a warm welcome and address the esteemed members. The President greeted the attendees of the 52nd Annual General Meeting and gave an overview of activities held by the Association during the current term. Further, the President briefed the operational results and financial position of the Association.

The President called upon the Secretary to read out the Notice of the meeting and proceed in accordance with the agenda.

The Secretary read the notice of the 52nd Annual General Meeting and the transaction of the business commenced following the agenda as outlined in the Notice.

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Agenda 1: To confirm the proceedings of the Fifty First Annual General Meeting held on 12th August 2024.

The Secretary informed that the minutes of the Fifty First Annual General Meeting held on 12th August 2024 has been circulated to all members. All members unanimously consented to accept the minutes as read.

The 1st Agenda was proposed by CA Kumar S Jigajinni and Seconded by CA Ravi Prasad, the following resolution was passed unanimously.

“RESOLVED that the Minutes of the Fifty First Annual General Meeting held on 12th August 2024 be and is hereby confirmed and approved”

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Agenda 2: To consider & adopt the Annual Report of the Executive Committee.

The Secretary informed that the Annual Report for the year ended 31st March 2025 has been distributed along with Notice convening the AGM to all the members. He requested the President to highlight the activities conducted during the year by various committees of KSCAA. The President briefed the members about all the unique programs and activities done by various committees during the year and wholeheartedly thanked the efforts put in by all the Committee Chairpersons, Mentors, Past Presidents and all members of Team KSCAA.

The Secretary started reading the Annual Report. The members informed the Secretary that since the Annual Report is already circulated it need not be read again. The Secretary then informed the members the floor was open for discussion on the Annual Report. The following queries were raised, discussed and deliberated upon and suggestions for future course correction were proposed:

1. CA Raveendra S Kore’s queries and suggestions:
   • Nomination Form: The gap between the last date for submission of nominations and the withdrawal date is currently 7 days, while only 4 days remain between withdrawal of nominations and the AGM. It was suggested that the nomination submission to withdrawal period be reduced to 2 to 3 days, in line with past practice and the withdrawal of nomination to AGM period be increased to 7 to 10 days to provide adequate time for election preparations, if required.
   • Programs: Good programs were conducted during the term. Considering KSCAA’s status as a State-level Association, clarification was sought on the number of programs conducted in mofussil areas outside Bengaluru, with emphasis on expanding KSCAA’s presence and visibility across the State.
2. CA Raghavendra Puranik’s queries and suggestions:
   • Spotlight – Conference Event Footprint (Page no. 21): The figure is stated as 1,325, which exceeds the hall capacity. Clarification was sought on the basis and composition of this number.
   • AI Experience Centre (Page no. 26): Clarification was sought on whether the AI Experience Centre continues to be available or was operational only during the two days of the conference.
   • Scholarship Fund (Page no. 28): Clarification was sought on how the Scholarship Fund differs from existing funds such as the Student Welfare Fund. It was also suggested that a clear policy be framed specifying the purpose, eligibility criteria and manner of utilisation of the Scholarship Fund, so that its intended objectives are documented and can be effectively carried forward by future Committees without ambiguity or risk of the fund remaining unutilised.
   • Expression of Gratitude (Page no. 32): It was observed that certain names contain spelling errors, incorrect prefixes/salutations and a few duplicate entries. The entire list should be carefully reviewed and verified to avoid such errors.
   • AccountAIbility – 37th KSCAA Annual Conference (Page no. 35): Clarification was sought on the methodology and basis adopted for arriving at the Overall Satisfaction Rating and Net Promoter Score (NPS) presented in the Conference feedback metrics.
   • Committee Activity Reports:
     1. Indirect Taxes Committee (Page no. 45): It was observed that the word “Committee” is missing in the designation “Chairman – Indirect Taxes Committee”.
     2. AI and Technology Initiative Committee (Page no. 46): It was observed that the report does not clearly state that the Committee developed 11 tools, the details of which are listed below. A suitable heading or introductory line should be added to clearly identify the list and provide better context to the reader.
     3. Media and Public Relations Committee:
        1. (Page no. 50): It was observed that certain social media metrics are stated as 1,730+, 1,500+ etc. The “+” sign should not have been mentioned and only the actual figures presented for clarity.
        2. (Page no. 51): It was suggested that a suitable heading such as “KSCAA in News” be included to provide better context and clarity to the content presented.
     4. Journal Committee (Page no. 53): It was observed that there were significant delays in publishing the monthly Bulletins and in circulating their soft copies through e-mail. An explanation was sought for these delays and irregular circulation of e-mails. Also, explanation sought on the efforts undertaken by the Committee to obtain Press Registrar General of India (PRGI) (earlier Registrar of Newspaper of India (RNI)) registration for the Association.
     5. NPO & Co-operative Committee and Mofussil members Committee (Page no. 54): It was observed that the word “and” is repeated twice in the designation below the Chairman’s name.
     6. Young Members’ Club: Introduced 2023-24, clarification was sought on whether any programs were conducted under the Young Members’ Club during the current term. Considering that a significant proportion of new members are below 30 years of age, details were also sought on initiatives specifically designed for their benefit.
     7. Practice Visit: It was suggested that this valuable program should not be concentrated within a single term, considering the limited number of suitable firms available for such visits. The initiative should instead be planned and continued across multiple terms to ensure its long-term sustainability and impact.

The President responded to the queries raised by the members and provided the necessary clarifications. The suggestions received were noted and appropriate course corrections were assured wherever required.

Following the clarifications and deliberations, the members unanimously accepted and adopted the Executive Committee’s Annual Report as presented.

The President applauded the revamped presentation of the Annual report, informed the members that these were the efforts of CA Shivaprakash Viraktamath, Vice President, CA Naveen S Hegde, Chairman–Membership Committee and CA Shivaswaroop H P – Chairman, Journal Committee. He thanked them for the significant efforts put by them for a well-presented annual report.

The 2nd Agenda was proposed by CA Raghavendra Puranik and Seconded by CA Raghavendra Rao, the following resolution was passed unanimously.

“RESOLVED that the Annual Report of the Executive Committee of the Association for the year 2024-25 be and is hereby considered and adopted”.

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Agenda 3: To consider & approve the Audited Accounts for the year ended 31st March 2025

The Secretary informed that the Audited Accounts and Audit Report for the year ended 31st March 2025 had been circulated to all the members. The members unanimously consented to take it as read.

The following points were raised, discussed, and deliberated upon, and suggestions for future course correction were proposed.

1. CA Ganpath Raj’s queries and suggestions:
   1. Sought clarification on whether the receivables outstanding as at 31st March 2025 included any bad debts.
   2. Sought clarification on whether the Association’s Fixed Deposit investments had declined and expressed concern that increasing expenditure may impact long-term financial sustainability.
   3. Suggested that seminars and conferences be planned to generate a surplus of around 10% to support the Association’s financial sustainability, notwithstanding its not-for-profit status.
   4. It was observed that the corpus of Endowment Lecture Funds may be insufficient to conduct endowment lectures independently. It was suggested that two or three Endowment Lectures be combined where appropriate and that long-term commitments for such programs be avoided unless adequate funds are available to ensure sustainability.
2. CA Rajesh Kumar T R’s query and suggestion:
   1. Observed that Input Tax Credit of approximately ?4 lakh was outstanding at the end of the financial year and sought clarification on how the same would be utilised.
3. CA Raghavendra Puranik’s queries and suggestions:
   1. Suggested avoiding the presentation of Prior Period Items in the Financial Statements, as such items may indicate errors or omissions in the accounts of a professional association.
   2. Sought clarification on the accounting policy relating to leased assets, including whether any leased assets presently exist and whether the policy continues to be relevant if such assets are fully depreciated.
   3. Sought details regarding the utilisation of ?60,000 from the Student Welfare Fund and the nature of programmes conducted for the benefit of students.
   4. Enquired why Endowment Lectures were not conducted during the year. It was suggested that multiple Endowment Funds may be combined, where necessary, to conduct at least one or two programmes annually, and that the Committee should make focused efforts in this regard.
   5. Sought clarification on whether any framework or policy has been formulated for utilisation of the Legal Fund.
   6. Observed that ?25.67 lakh was payable to MSMEs as at the Balance Sheet date and sought clarification on whether the dues were subsequently paid within the statutory timelines.
   7. Property, Plant & Equipment (PPE): Suggested removing the line item “Deductions/Adjustments” where no amounts are reported, or alternatively ensuring its consistent presentation across all relevant headings, including Accumulated Depreciation.
   8. Sought clarification on whether the TDS Receivable for AY 2023-24 was duly considered in the Income Tax Return for the respective year.
   9. Sought explanation for the significant increase in “Other Materials” under Stock of Materials and Publications, including details of the items comprised therein.
   10. Sought clarification on receivables outstanding for more than six months and whether the same were subsequently realised after the Balance Sheet date.
   11. Sought explanation for the high Current Account balance as at the Balance Sheet date.
   12. Sought clarification on the reasons for the decline in Advertisement Income compared with the previous financial year.
   13. Sought explanation for the increase in Postage and Courier Expenses during the year.
   14. Enquired about the status of the extension for project completion in respect of the KIADB Harohalli property and the efforts undertaken by the Committee to obtain the same.
4. CA Raveendra S Kore’s Suggestion:
   1. Suggested building the Legal Fund through annual contributions of around ?1 lakh, so that KSCAA is financially prepared to take up important professional causes when required, including engaging senior counsel in matters such as the pending Co-operative Society Audit litigation before the Supreme Court.
   2. Suggested that two or three Endowment Lectures be combined, wherever appropriate, to ensure effective utilisation of the available Endowment Funds.

President responded to all the queries raised above by the members present, suggestions were noted and future course correction was assured.

After the above deliberations, CA Ganpath Raj proposed and CA Manjunath Hallur seconded, and it was unanimously approved, and the following resolution was passed:

“RESOLVED that the Audited Accounts consisting of Balance Sheet as of 31st March 2025 and the Income and Expenditure Account for the year ended on that date, together with the attached schedules, Notes and Annexures, be and hereby considered and approved”.

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Agenda 4: To Appoint the Auditors for the Financial Year 2025-26 and fix their remuneration.

The Secretary informed that the current auditors, M/s. N S S A & Associates, Chartered Accountants, retire at the ensuing AGM and they have expressed their willingness to continue as auditors for the Financial Year 2025-26. He also informed the members that remuneration to the auditors is Rs.50,000/- from the past two years.

After deliberations it was decided that the remuneration to auditors be increased from Rs.50,000/- to Rs.55,000/- a 10% increment for the Financial Year 2025-26. The partner, CA Nandan Hegde of the firm attended the Annual General Meeting (AGM) and officially confirmed their consent in the presence of all the members.

Members present unanimously decided to appoint M/s N S S A & Associates, Chartered Accountants, Bengaluru with a remuneration of Rs. 55,000/- plus applicable taxes as the auditors for the Financial Year 2025-26.

The 4th agenda was proposed by CA Dilip Kumar T M and Seconded by CA Mohana Kumar, and the following resolution was passed:

“RESOLVED that M/s N S S A & Associates, Chartered Accountants, Bangalore, be and is hereby appointed as the Auditors of the Association for the Financial Year 2025-26 with remuneration of Rs. 55,000/- plus applicable taxes.”

Further, the secretary also called to honour fellow members of our profession and other professionals who shared their invaluable knowledge and experience through our News bulletins:

Further, the Secretary called KSCAA staff, Ms. Shruthi and Mr. Mohan Kumar to acknowledge their efforts and presented them a token of appreciation.

Further, the President also felicitated EC members for their invaluable support and timely cooperation throughout the term Viz.,

• CA Shivaprakash Viraktamath
• CA Praveen S Shettar
• CA Siddartha S Javali
• CA Nagarjun K R
• CA Naveen S Hegde
• CA Shivaswaroop H P
• CA Babitha G
• CA Herambha Hegde
• CA Vishranth B L
• CA Deepak Chopra
• CA Deepak T Jain
• CA Abhilasha Chaturvedi
• CA Yerriswamy C
• CA Rahul R Gandhi
• CA Sujatha G

The Secretary called upon CA Sujatha G – Immediate Past President, other Past Presidents and mentors to join for felicitation of President CA Vijaykumar M Patel & Secretary CA Praveen S Shettar for working tirelessly, for leading the entire team with exemplary leadership skills, introducing innovative programs throughout the year. Their accomplishments have demonstrated that there are no limits to what can be achieved, setting a high benchmark for future presidents.

The Secretary recognised the presence of CA Manjunath Hallur, Chairman, Bangalore Branch of SIRC of ICAI and other MC members.

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Agenda 5: To elect Thirteen Members to the Executive Committee for the year 2025-26

The Secretary read the next agenda and called the Chief Election Officer (CEO) CA Maddanaswamy B V to take charge of election proceedings. He also called CA Raveendra S Kore to assist the election officer and to join the proceedings:

The Chief Election Officer (CEO) requested all the contestants to introduce themselves to the members in AGM. After each member briefly introduced themselves, the CEO informed members that a total of 13 nominations were received against the 13 positions of Executive Committee. Hence no election is required to be conducted, and all applicants are declared unanimously elected. The Election Officer CA Maddanaswamy B V declared following candidates are elected to Executive Committee for the term 2025-26:

• CA Vishranth B L
• CA Deepak Chopra
• CA Naveen S Hegde
• CA Herambha Hegde
• CA Sunil S Bhandary
• CA Yerriswamy C
• CA Abhilasha Chaturvedi
• CA Shivaprakash Viraktamath
• CA Pradeep Jogi
• CA Prabhava P Hegde
• CA Nagaraj
• CA Siddartha S Javali
• CA Babitha G

Subsequently, the election of office bearers was conducted in the first meeting of the new Executive Committee, CA Raveendra S Kore, Election officer announced the names of office bearers elected for the year 2025-26:

• CA Shivaprakash Viraktamath – President
• CA Sunil Bhandary – Vice President
• CA Siddartha S Javali – Secretary
• CA Herambha Hegde – Joint Secretary
• CA Vishranth B L – Treasurer

The Newly elected president stated that CA Harsha Shesham is elected as the Co-Opted Member of the Executive Committee.

The election officers extended their congratulations to the newly elected team and invited CA Shivaprakash Viraktamath, the newly appointed President, to share his thoughts and vision for the association.

The newly elected President presented his comprehensive plan of action for his term to the members present and earnestly requested their support and participation in the Association’s activities.

The Election Officers were honoured and were presented with a memento as a token of appreciation. The President and the immediate past president expressed their gratitude and extended heartfelt thanks to the Election Officers for their dedicated service.

As there were no other items on the agenda, CA Praveen S Shettar, the Secretary, put forth a vote of thanks to conclude the meeting. He expressed gratitude to the Chairman of the meeting, CA Vijaykumar M Patel, the Office Bearers, members of the executive committee, election officers CA Maddanaswamy B V and CA Raveendra S Kore, the founder members, Past Presidents, invitees, and the KSCAA staff who attended the Annual General Meeting.