CII IWN in collaboration with AQUILAW organises session on 'Planning Succession'

Kolkata: CII IWN, West Bengal in collaboration with AQUILAW organised a session on Planning Succession on Friday, 25 June 2021 at 1545 hrs on ZOOM.

The Session was on a very relevant topic on "Planning Succession" especially during the pandemic. The Session focused on Individual Succession Planning and Business Succession Planning.

Sucharita Basu, Chairperson, CII-IWN, West Bengal and Managing Partner, AQUILAW gave an introduction asserting on the need for discussing about succession especially because this pandemic has not only taught us to be kinder and to count our blessings, it has indeed taught us the life lesson of being "future ready". Planning succession is imperative so that those who we leave behind are taken care of well, are not left in a quandary and can have bright futures fulfilling their wishes and materializing their ambitions. Likewise, it is also the duty of corporates to secure their corporate entities and their stakeholders which leads us to the criticality of Business Succession Planning, which is considered important but not urgent. Again, the pandemic has reminded us that it cannot be procrastinated any further. Many times individual succession planning and business succession planning can be a collaborative exercise also.

Subhashree Pani, Senior Associate, practices in the Commercial – Corporate, Private Client and Policy Team of AQUILAW and she presented on the basic concepts of Succession Planning, the instruments of Succession Planning like Wills, Trusts, and Business Succession Plans.

S.N. Mukherjee, Senior Advocate was the first panellist to answer questions. He is popularly known as 'Gopal' and his name is synonymous with exemplary practice of corporate – commercial, property and constitutional matters. He is a legal luminary known all over the country and is considered to be a stalwart in the legal profession. He answered questions on general disputes around wills, conscience of the court, probate proceedings, issues specific to women in testamentary succession, etc.

Girish Vanvari, Founder, Transaction Square was the second panelist. Vanvari is a Chartered Accountant and was the National Leader of Tax in KPMG and was responsible for establishing and building the M & A Tax Business of KPMG and thereafter he founded Transaction Square. Vanvari threw light on planning succession for family-run businesses, promoter-driven companies, and start-ups, the necessity for the same, the strategies involved, the difficulties confronted and solutions thereto.

Though succession involves complex legal and commercial nuances, this insightful Session of CII – IWN, West Bengal intended to provide a simplified explanation of the same and each of the experts provided valuable insights.