"The only road (for CFOs) is to work hard, invest more, create wealth, generate incomes and encourage savings" P. Chidambaram, Finance Minister, India

It's not gravitational forces," announced the host for the evening, "but money that makes the world go round." Most people in the hall that evening at the ITC Grand Central Sheraton and Towers in Mumbai would've been inclined to agree. They were gathered there-with sponsorship thanks to Ambit RSM-to celebrate financial wizardry. India's Best Chief Financial Officer (CFO), as awarded by Business Today, to be precise.

Making Integrity Count

The methodology was transparent, as Business Today Editor Sanjoy Narayan said in his opening address, outlining the broader justification of the accolade as well: "CFOs play a key role in determining the success of a company." Now, if only CFOs would aim for honourable glory, he added, instead of the ignominy earned lately by some members of the tribe in the West. The audience was only too aware of all the suspicions that had come to surround a part of business that was supposed to be a byword for accuracy and diligence.

India's CFO #1: (L to R) India Today Editor Prabhu Chawla, India Today Group CEO and Editor-in-Chief Aroon Purie, #1 CFO Bharat Doshi of M&M, Finance Minister P. Chidambaram and Ambit RSM's Partner and CEO Ashok Wadhwa

Such integrity had a larger relevance as well, according to Aroon Purie, Editor-in-Chief and CEO of the India Today Group, who introduced the Union Finance Minister and chief guest P. Chidambaram as "the CFO of CFOs", running an operation far more complex than anyone in the room could perhaps even imagine. "A good CFO changes the fortune of a company," said Purie, "but a good finance minister changes the fortunes of an entire nation."

Making The Effort Too

Chidambaram started with an anecdote to illustrate the sort of acumen a CFO ought to have, adding on a lighter note that for all his burdens, he also had a virtually infinite capacity to borrow money. "Accountancy standards have improved in India," he observed, "but travelling worldwide, I have realised that there is still scope for improvement." It's important, he said, to aspire to the world's best standards. "We cannot spend our way to prosperity, we cannot borrow our way to prosperity," he cautioned, striking a prosaic note of economic realism, just in case anybody had the wrong message about India's much tom-tommed 'destiny' as a country on the ascendant, "the only road is to work hard, invest more, create wealth, generate incomes and encourage savings".

Say cheese: Hero Honda VP (Finance) Ravi Sud and Finance Minister P. Chidambaram are photographed by Mrs. Sud as ITC Chairman Y.C. Deveshwar and India Today Editor Prabhu Chawla look on

Winners all: Finance Minister P. Chidambaram, India Today Group CEO and Editor-in-Chief Aroon Purie, India Today Editor Prabhu Chawla, Ambit RSM's Partner and CEO Ashok Wadhwa with India's best CFOs

Ashok Wadhwa, Partner and CEO, Ambit RSM, decided to break the mould, opting for a slide show instead of a speech. The story on screen: the evolution of the munshi into what we know as the CFO today, a being who must keep analysts informed of what he's up to, while also working on a way to manage run-ins with the Income Tax Department. "From the munshi to the man who has evolved over 25 years into someone solving some of the most complicated problems", is how Wadhwa described the CFO.

Making A Splash Of It

Then came the release of BT's special issue on India's Best CFOs, followed by the actual roll of honour and award presentations. In alphabetical order, 13 finalists (all 'winners' for being on this list) were announced, and each of them called on stage for an individual award.

Next up was the big winner of them all, the first among equals, India's Best CFO: Bharat Doshi of Mahindra & Mahindra. To him, the role of a CFO today was most comparable to that of a juggler-what with so many issues to manage all at the same time. "There is a lot of turbulence," said Doshi, of an operating environment made choppy by myriad new forces, "and the CFO's job is to navigate the ship with zero trauma. You don't want a tsunami, but you must learn how to handle the tidal wave." That said, he shared the credit for his performance with his CEO and the rest of his team-adding in jest that the credit he would share, the trophy he would keep. And so, after that second wake-up splash of tsunami-size realism, the evening was brought to a close with a vote of thanks by BT's Publishing Director Pavan Varshnei.