We are committed to delivering the best of our services to our clients.
Highly skilled and steadfast team of more than 400 members.
A member of Kreston International with four offices across India.
Mumbai New Delhi
Kreston SGCO Group was established in 1992 with a singular vision to become a “truly global consulting firm” adding value to our client’s business and optimizing business processes to help them grow exponentially.
We pride ourselves at being a multi-disciplinary advisory firm, which offers a wide gamut of services to domestic as well as global clients. We are well heeled to meet the challenges and demands of the modern business world.Read more
An acclaimed professional with more than three decades of experience in diverse fields, Sunil is the Founder and Managing Partner of Kreston SGCO. He specializes in financial and business advisory services enabling companies to accelerate their growth. He is also Managing Director of Ladderup Group and is on the board of various listed & public companies, including Kreston International. He has also served as Chairman of WIRC of ICAI.
A leader in the direct tax team, Amit is a member of Institute of Chartered accountants of India (ICAI) and has post qualification experience of more than twelve years in serving both domestic and international clients. His areas of expertise include transaction advisory services, regulatory advisory services, international taxation, transfer pricing and representing clients before tax authorities.He has worked on clients across various ... industries some prominent one’s being Manufacturing, IT & ITES, Real Estate, Media and Entertainment and Retail.
Mr. Mukesh has more than 22 years of experience in advising clients in various capabilities across sectors, scale & geography. He is a qualified Chartered Accountant & Certified for Anti Money Laundering & Financial Crime, Monetary Policy Analysis & Forecasting and Leading High Performing Teams. During his tenure, he was associated with KPMG, BDO & Haribhakti Group of Companies including 6 years working in the USA & equipped ... with thorough knowledge of Indian Accounting & Auditing Standards and US GAAP, GAAS, GASB, IAS, IFRS.He was recognized for his professional brilliance in Financial Audits, Compliance Audits, Investigative Audits, Internal Audit, Process and Control reviews and Direct & Indirect Taxes. He has a rich experience in Accounting, Due Diligence, Credit Monitoring, Concurrent Audits and Analytical Procedures and has audited Indian and US manufacturing companies, Indian public limited companies, Banking, FMCG, Media, Government organizations, engineering services companies and charter schools.
Mr. Nishant Bajaj is a fellow member of ICSI, law graduate and holds Bachelors’ degree in Commerce as well as from Mumbai University. An acclaimed professional with more over 11 years of experience at a senior level and is associated with and Partner in Kreston SGCO Advisors LLP. His areas of specialization includes company law, corporate, securities law and capital market. His transactional experience includes ... assisting corporates in Initial Public Offering (IPO), advisory in Mergers and Acquisitions, Corporate Restructuring, consultancy on NBFC regulations and drafting legal documents/agreements. He has a suitable understanding of governance issues from a business and legal perspective and has advised on notable Corporate Matters.
Jagruti has a versatile experience of more than 22 years in transaction advisory and business restructuring. She specializes in Corporate Restructuring & Deal Structuring, M&A Structuring and Implementation, Pre-IPO Advisory, corporate laws and Exchange Control Regulations. She has worked with large business houses catering to varied sectors such as Healthcare & Pharma, Sugar, Infrastructure, Real Estate, Financial Market, ... Chemicals, Mining, IT/ITeS, Gems & Jewellery, Dairy Products, etc.
Pankaj has rich experience of over 17 years in all facets of indirect taxes and in varied sectors including IT, Telecom, Automotive, Financial Services and consumer durables. Pankaj has represented several clients before the departmental authorities and tax Tribunal. Pankaj was placed on the merit list in CA Finals and has worked with big organizations such as Maruti Suzuki India Limited and PwC. Pankaj has authored a book ... on Goods and Services Tax titled “GST – A Ready Referencer” published by Commercial Law House with 4th Edition.
To evaluate the existing process at Factory for storage, handling & dispatch of material (AAC Blocks), to identify & report gaps along with possible solutions to optimize cost.
Kreston SGCO team visited the factory during Aug`20 & observed closely the process of material handling & dispatch on the field. Proper steps were followed for dispatches as required as per sales orders, however, noted storage of AAC blocks in open area due to which during rainy season it is getting wet. Total approximately 1800 pallets (36,000 MT material) were in open area due to scarcity of space. Order-based Finished Goods being dispatched shortly after production. Noted excess weight due to rain-water absorption leading to higher freight & loading charges (additional cost) but rightly there was no addition on sales value since it was (billed on Cubic Meter)
Logistics In-charge was not ready to accept that there will be any major difference in weight of Finished Goods even if the stock is stored in covered areas to avoid absorption of rainwater. We explained that if water goes from top of pallet it will affect all internal blocks. However, if plastic sheet is placed covering the top blocks, water will not reach internal blocks and only outer blocks will be affected. This solution could save freight & loading cost with negligible expense. This was the best solution recommended depending on the availability of storage & at the same time being economical.
Despite negative response, Kreston SGCO staff was determined to challenge existing approach & arranged to “Separately Keep & monitor 2 identical pallets (1 covered on top with plastic and another kept open) and recorded weight gain due to rain water for 6 days. Total weight gain in uncovered lot was 9.71% compared to covered lot 6.19% i.e. 50% higher within 6 days. Kreston SGCO staff stood firm and escalated the situation to “Plant Head” who discussed the matter with the warehouse & logistics team to immediately implement the recommendation.
Client recognized & agreed on the efforts of Kreston SGCO team leading to “potential savings” of approximately INR 0.60 Million in freight and loading cost.
Client immediately acted upon & arranged plastic covers to mitigate the risk during monsoon.
Further, client is evaluating “permanent structure” for storing inventory during rainy seasons to eliminate the cause completely.
A Private limited Company along with its partnership firms is in the business of development of units in Special Economic Zones (SEZ). They have entered into Joint Development Agreement (JDA) with another entity to develop certain part of land available with our client as a project. However, due to certain regulatory issues, the area of underlying land was neither properly transferred to JDA partner nor properly accounted in the books of our client.
Our client needs expert advice on the following:
• Efficient structures for Phase I (Undeveloped Land) and / or Phase II (Constructed Premises) for fund raising
• Suitable Structure for Partnership firms to raise funds
• Cost effective structure of the project.
• Overall efficiency in pre- and post-implementation of the project.
We at Kreston SGCO has obtained all the required information about our client and firms under JDA along with their financial position right from the commencement of project till date, accounting entries, area Share, etc. We have evaluated options after taking into consideration implications under SEZ Regulations, the tax laws, corporate laws including Limited Liability Partnership Act and Karnataka Stamp Act.
The following was considered for evaluating the assignment:
• accounting in the books of our client upon completion of construction and incidence of tax,
• circumstances under which area of land can be shared between the Parties under JDA and transition be considered as complete,
• definition of an “Undertaking” under the Income Tax Act,
• desired shareholding and delinking the developed and undeveloped projects,
• upstreaming of profits to the shareholders.
Based on our advice, our client had potential cost savings of around INR. 500 Million (net of all the costs including stamp duty upon demerger) over next ten years and specifically benefiting the client to:
1. Availing tax exemption of the Income Tax Act
2. Deferment of tax on the income only upon actual transfer
3. Tax neutral demerger and conversion
4. Achieving desired shareholding
Our engagement was to represent the client before Income Tax & Police Department for TDS defaults. Police department has registered FIR in the name of Directors of the client Company based on the complaint made by Income Tax department. Our client was accused of manipulating TAN by filing numerous TDS returns with malafide intentions.
The facts of the case are as under:
Our client had appointed consultants to file their TDS & Income Tax Returns. The consultant originally filed TDS returns giving TDS credit to genuine recipient, however later filed revised TDS returns giving TDS credit to PAN of non-genuine recipients. The consultant also filed income tax returns for those non genuine recipients and have claimed refund for the TDS credited to their accounts. These non-genuine recipients were consultants’ relatives to whom tax refund was credited to their Bank accounts & later withdrawn by consultant.
We had discussion with the client and have understood that the consultant had manipulated the TDS returns. We started our process by gathering evidence from the revised return of non-genuine recipients and presented the case before Income Tax and Police department. We became part of the investigation carried out by the police department and visited various Income Tax Departments for collecting PAN, address & Bank account details of non-genuine recipients.
We have faced various challenges during our engagement as under:
• Preconceived notion of Income Tax & Police Department that our client had defrauded by not paying TDS amounting to INR 0.70 Million.
• Police Department proceeded on FIR thinking that the client has deducted the TDS but not deposited in government treasury.
• We become part of the police criminal proceedings under which no solicitor was appointed & was difficult for us to understand Indian Penal Code.
• Moreover, explaining the nature of fraud with collaborative evidence was a bigger challenge.
• PAN for non-genuine recipients were from different jurisdiction belonging to different places in Maharashtra, viz, Raigad, Palghar, Thane, Mumbai. Reaching to different Jurisdiction & timely obtaining details of bank accounts of non-genuine recipients was major challenge.
Based on the FIR & Income Tax notice, our client was prime accused, however due to our investigation, representation to Income tax & Police Department, we have proved the innocence of our client. The client’s directors name was removed from the charge sheet resulting in saving Tax of INR. 0.70 Million. Moreover, the Directors was relived from the police criminal proceedings and future career hardship.
I would like to wholeheartedly appreciate your prompt and sincere working for filing my family's ITR's. Kudos to you and your team. I wish you all the best
I am writing this to express my deep sense of gratitude to you and your Company for filing my family's ITR's , despite the ongoing adverse circumstances. I owe a special "Thank you" to you , a top notch professional & a caring homemaker mother, who could successfully balance both these difficult roles to complete our filing in a record time. How you did this , beats me. May your tribe increase. May God bless. Stay home. Stay safe.
The Kreston SGCO team worked meticulously and have timely alerted management for lapses in internal controls and transactions. We found the team very dedicated, focused and competent to execute the assignment. Glad to have such Internal Audit Team to oversee the transactions & guiding management to take informed decisions.