Advisory Board - Sama Audit Systems & Softwares Pvt. Ltd.

Ms. Homai Daruwalla - Former Chairperson and Managing Director, Central Bank of India

Ms. Homai Daruwalla

Ms. Homai Ardeshir Daruwalla, a Chartered Accountant was at the helm of affairs of Central Bank of India as Chairperson & Managing Director overseeing the entire operations of the Bank since 30.06.2005. During her tenure the Bank saw an improvement in all fields. Overall the business saw a growth of 55% in just under 2 years with improvements in Deposit and Advances Portfolio, CASA deposits held by the Bank, CD Ratio, Gross NPA to Gross Advances and Net NPA to Net Advances and Net Profit. From a Net Profit of Rs. 257 crores in March, 2006, it increased to Rs. 498 crores in March, 2007 i.e. a rise of nearly 94%. The Technological Upgradation in the Bank received greater thrust under the leadership of Ms. H.A. Daruwalla and the Techno-initiatives offered by the Bank to its customers are at par with other Peer Group Banks. The Industrial Relations were also by and large cordial.The Bank has also established two Rural Development Self Employment Training Institute at Kota and Muzaffarpur to educate rural artisans, self-employed youth etc. on the technological developments in agricultural sector and also to create awareness on the Bank’s products and services specially tailored to suit their financial needs.

Ms. H.A. Daruwalla has also held many other important positions as under:

  • Member, Governing Board of National Institute of Bank Management
  • Member, Governing Board of Indian Institute of Bank Management,(IIBM), Guwahati.
  • Director, Agricultural Finance Corporation Ltd.
  • Director, Indo Zambia Bank Ltd., a joint venture bank operating in Zambia.
  • Member, Personnel Committee of Indian Bankers’ Association for 2005-2006

In recognition of her excellent contribution in the field of Banking, Ms. H.A. Daruwalla has been conferred with many prestigious awards. She is a proud recipient of -

  • ‘Achiever’s Award’ from Mancherji Edalji Joshi Memorial Trust,
  • ‘Women Achievers 2006’ from Women Graduates Union,
  • ‘Woman of the Year Award 2006’ from Zonta Club of Bombay III,
  • ‘Award for Finance & Banking 2005’ from Ladies Wing of Indian Merchant's Chamber.
  • Rotary Achiever Excellence Award from Rotary International.
  • Women Achiever 2007 from Cancer Patients Aid Association, Mumbai.
  • Life Time Achievement Award 2008 from The Institute of Internal Auditors, India, Bombay Chapter.

Prior to taking over the reins of Central Bank of India, Ms. H.A. Daruwalla was the Executive Director, Oriental Bank of Commerce(OBC), where she was instrumental in expediting the integration of the erstwhile Global Trust Bank Ltd. with OBC and provided leadership inputs in the direction of improving work processes, strengthening controls and in deriving benefits from Centralised Banking Technology. In a short span of 10 months at Oriental Bank of Commerce, Ms. H.A. Daruwalla took personal interest in promotions and postings of Executives at all levels and gave new directions to the Bank in its overall development in general and HRD in particular.

Ms. H.A. Daruwalla commenced her banking career with Union Bank of India in June 1975 where she handled many important assignments both at Corporate Office and field level. In recognition of her excellent contributions, she received successive promotions and grew to the position of General Manager in April, 1997. She was also actively associated with a host of Committees constituted in the Bank in the area of Corporate Governance, Banking Technology Solutions, Performance etc. and was nominated and elected as –

  • Member, Central Sub-Committee on Concurrent Audit of Banks constituted by the Institute of Chartered Accountants of India.
  • Member, Committee on Risk Management Practices and Risk Based Supervision formed by the Indian Banks Association and
  • Region of India Director on the Board of Directors of the Institute of Internal Auditors (IIA), Florida, U.S.A. for a term of two years commencing 1st October 1995 to 30th September 1997. The Institute of Internal Auditors, Florida is an international renowned body having audit luminaries from all over the world as its members.

Deepjee Singhal – Chartered Accountant

Deepjee Singhal

The Business Advisory and Internal Control Group of Pipalia Singhal & Associates are led by Deepjee Singhal based out of the Mumbai office. Deepjee is a Fellow Chartered Accountant, a Certified Internal Auditor and a Certified Enterprise Risk Assessor from Methodware Ltd, New Zealand. Deepjee is also a Certified Drucker Curriculum Trainer, having being trained in management at the Drucker Institute, Claremont Graduate University, California.

During his more than 15 years of professional experience Deepjee has helped several medium scale companies to restructure their business activities, institutionalize systems and procedures and establish best practices. He has been reviewing adequacy of internal control systems in large Indian and Multinational organisations and providing assurance to the Board on a regular basis. He has reviewed businesses spanning more than 20 sectors during these last 15 years. He has been a project director for SAP implementation in a Paper Industry Client which also was judged the best ACE implementation by SAP in India. He has conducted training programmes on various professional subjects like Risk Management, Internal Control, Corporate Governance, Assurance, etc. through participation in meets of major companies in India like ONGC, L&T, ACC, Oil India Ltd, etc. and in programmes conducted by ICAI, ICWAI, IIA, ISACA, NIFM and IIM - Bangalore.

He contributes articles and publications to local and national institutes and supporting them in their activities.

Co-authored with Manish Pipalia two first of its kind books on -

  • Internal Audit Assurance – Governance, Risk And Control
  • Best Practices by Leading Chief Audit Executives.

Published through CCH Wolters Kluwer India.

He has been the past President of Institute of Internal Auditors, India, Bombay Chapter in 1998. He is currently the Honorary President of Drucker Society of Mumbai and oversees amongst other matters the development of new Drucker Societies in India – to ensure that the teachings and legacy of Peter F. Drucker, i.e. ethical leadership and integrity in management is used effectively for enhancing India’s intellectual capital, management and governance across institutions.

Manish Pipalia – Chartered Accountant

Manish Pipalia

Manish Pipalia leads the Risk Management and Assurance Group of Pipalia Singhal & Associates. He is a Fellow Chartered Accountant, a Grad CWA, CIA and CISA. He is a Certified Enterprise Risk Assessor from Methodware Ltd, New Zealand. He is also a Certified Drucker Curriculum Trainer, having being trained in management at the Drucker Institute, Claremont Graduate University, California. During his more than 15 years of professional experience Manish has contributed to the establishment and institutionalization of risk management and internal control systems and procedures in large and medium scale organisations in India and has been providing assurance to the Board on its adequacy.

He has been associated with setting up Risk Management models in the UAE working with Risk Management Experts from Australia. He has reviewed businesses spanning more than 20 sectors during these last 15 years. He is regularly invited to present papers and speak at various conferences on subjects like Risk Management, Internal Control, Corporate Governance, Assurance, CAAT’s etc. by major companies like Oil India Ltd, Numaligarh Refinery Ltd, Saurashtra Cement Ltd, etc. in India and professional institutes like ICAI, ICWAI, IIA, ISACA and NIFM. He was one of the Workshop Leaders in Programme on COBIT at Kuala Lumpur, Malaysia and programme on Risk Management at Abdul Lateef Jameel, Jeddah, KSA and with the Audit team of SABIC conducted in India. Manish contributes articles and publications to local and national institutes. He has jointly designed a course on Internal Audit Studies for Bombay Chartered Accountants Society.

Co-authored with Deepjee Singhal two first of its kind books on -

  • Internal Audit Assurance – Governance, Risk And Control
  • Best Practices by Leading Chief Audit Executives.

Published through CCH Wolters Kluwer India.


Mr. C. R. MUSIB – Former General Manager – Finance – Oil & Natural Gas Corporation of India

Mr. C. R. MUSIB

Mr. C. R. MUSIB is a SENIOR FINANCE EXECUTIVE with proven ability to improve operations, impact business growth and optimum utilization of resources to maximize profits through strengthening financial management, cost containment and cost reduction, internal controls, enhance productivity by improving efficiency. His areas of expertise are in the fields of Finance and Accounting Management, Working Capital Management, Budgeting and Budgetary Control, Insurance and Risk Management, Tax and Regulatory Compliance, Internal Audit and Systems and Corporate Governance.

After completing his post graduation in Cost Accounting, he joined the Fertiliser Corporation of India in 1975 and has worked in Bharat Gold Mines, India, Indian Telephone Industries Ltd, Bharat Petroleum Corporation Ltd and Oil and Natural Gas Corpn Ltd. Since retirement from ONGC in 2003 he has been a practicing Cost Accountant associated with corporates like Indian Oil Corporation Ltd, Oil India Ltd, Rashtriya Chemicals and Fertilisers Ltd, Mangalore Refineries and Petrochemicals Ltd and others.