f o r privat e c ir c u l at i o n o n ly Vol. 5 6 I Is s ue No. 1 9 I Mum bai I Novem ber 4 – Novem ber 10, 2014 I Pages 8 I r 3/- Vineet Rai introduced Rotarians to impact investing In last week’s meeting, Vineet Rai discussed social entrepreneurship V ineet Rai is the Founder and Managing Director of Aavishkaar and Co-founder and Chairman of Intellecap Group of companies. He holds a post-graduate diploma in Forestry Management from the Indian Institute of Forest Management, Bhopal. He has more than 18 years of experience in leading innovative interventions in the development sector and brings a unique understanding of enterprise-based development approach through his pioneering interventions in venture capital, micro enterprises, microfinance investments and social investment banking. The fields of social impact and social entrepreneurship are areas India is leading in, and yet, people know almost nothing about it. Rai expressed his fear of not getting through to an audience completely uninitiated to the concept of impact investing and promised to make his speech as simple as possible. “I believe that Indians are very high on common sense and I am doing something simple, so it should not be very hard. Impact investing is a cake you can have and eat too, which is why a lot of people don’t believe in it. People think that you cannot be making money while making a difference to someone’s life,” he said. Rai proceeded to show some videos on impact investing and what companies in India are doing in the area. Rai explained how Rotarians were impact investors without knowing they are making investments similar to his own. “The critical point one should focus on is to do this with the right intention but none of us can really grasp another person’s intention, so that’s the difficult part. This concept of a right intention actually came up in the west. I always thought Indians were the ones who could craft a certain word that brings subjectivity to decisionmaking but I was surprised when I discovered that this happened in the west. They said that this intention was to be accompanied by some sort of a financial return. Now there are no caps to either the investment or the return you can make, which is how a lot of you sitting here are already impact investors and social entrepreneurs without even knowing you are. “This is actually a problem the western world brought to us because as Indians, we started looking at what this definition involving the right intention really meant. Although impact investing started in our country, we don’t believe in documenting ideas and so it always took place in the US or Europe and we were left trying to decode their documentation of the work we were doing. Guest speaker Vineet Rai at last week's meeting no meeting on september 4 on account of muharram November 4 to November 10, 2014 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org 1 From L to R: Rtn. Rohit Dhoot, President Shailesh Haribhakti and Vineet Rai President Shailesh Haribhakti with guest speaker Vineet Rai Rtn. Meera Alreja at last week's meeting President Shailesh Haribhakti at last week's meeting "So what I am sharing with you is my understanding of it, which is any person with the right intentions along with an investment to make would lead to a better world with rich people. However, if that were true, our economic problems would have been solved a long time ago,” he explained. Rai then moved on to elaborate on how his team at Aavishkaar began with trying to demystify the word "intention". He said, “Intent should be crafted in such a manner that people can see why you are different. The closest alternative we came up with was ‘to have the appetite for an unconventional investment’. This applies to the 2 entrepreneur and the investor and the risk involved here is unlike the standard investment risk subject to changes according to market fluctuations but a very real chance of failure. Once you start demonstrating this intent, the written discussion becomes highly complex and unpredictable. There are far too many questions that remain unanswered in this business because you don’t know why you keep making losses for long periods or where a huge chunk of profit comes from if it does; in this ambiguity, the intent to make a difference shines through.” He introduced Rotarians to the two entities created by him and their contribution to the field of impact investing. “The name The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org impact investing actually got coined as recently as 2008 and people across the globe are still grappling with the question of what it stands for. Aavishkaar is a venture capital fund registered under SEBI and I wasn’t aware of how difficult Indian bureaucracy is, up until that point. I had a degree in forestry and did not understand finance at all. The other entity I started was Intellecap, when I was 29 years old. I started them when I had very little experience, no understanding of the challenges and almost no money. I exhausted my entire savings in setting up these companies, which have come a long way since. “We have raised approximately a hundred thousand crores in Aavishkaar; the company now invests in more than 50 enterprises, employs more than 800 people and has five to six different subsidiaries," he explained. "We made the first acquisition in micro-finance in India and the first venture debt institution in the country as well. These things essentially built a platform for youngsters who want to delve into the socio-economic problems that our country deals with. If you have the courage and interest and are willing to caveat yourself with the fact that you may not be a wealthy man or woman, then it is going to be a very rewarding space for you. You may not be rich but you will be a well-respected member of society," he concluded. November 4 to November 10, 2014 Donors to the Rotary Club of Bombay Charities Trust No. 3 (2014-15) Name Cause Rtn. Ashish Vaid Birthday Donation Amount `21,000 Rtn. Samir Mogul Birthday Donation `10,700 Rtn. Mehernosh Dotivala ADMC `10,000 Rtn. Vikram Lele Birthday Donation `5,000 Inviting Rotarians for the Mahabaleshwar Festival Fellow Rotarians, spouses and family, Hon. R/anne Dr. Swati Piramal has invited everyone from the Rotary Club of Bombay for the Mahabaleshwar Festival Dahlia and Orchid Flower Show on December 27-28 at Greenwoods Bungalow. Please RSVP your attendance: Mr. Eruch Irani or Ms. Rashmi at the Rotary office on 022 - 2202 4089/ 2288 2495 or via email to [email protected]. Hotel bookings can be done directly by you in Mahableshwar as well. Two hotels near the property are – Citrus Hotels & Resorts email- [email protected] Tel - 22 3001 6909 Evershine - A Keys Resort email - [email protected] Tel - +91 (02168) 262 000 We hope you can join us for the beautiful garden party and celebrate the Christmas week with us. It would be a pleasure to have you all! PROGRAMME Saturday, December 27 – 11 a.m.: Talk on the influence of Natyashastra – a 1000-year-old treatise on Maratha and Indonesian temple architecture by Dr. Padma Subrahmanyam (recipient of Padma Bhushan and Padma Shri awards) 12 noon to 5 p.m.: Greenwoods Dahlia and Orchid Flower Show 5.30 p.m.: Sunset dance concert by Dr. Padma Subrahmanyam 7.00 p.m.: Violin concert by the scions of violinist Shri Lalgudi Jayram 9.00 p.m. onwards: Barbecue by the pool Sunday, December 28 – 11 to 1 p.m.: Bugles and burry brunch 12 noon to 5 p.m.: Greenwoods Dahlia and Orchid Flower Show ROTARY EVENTS OF THE MONTH Sunday, November 9, 2014 – Art Auction Night at ITC Grand Central, Parel. Tuesday, November 18, 2014 – Diwali Night at Willingdon Club, Mahalaxmi. December 27 and 28, 2014 – Mahabaleshwar Carnival Event. November 4 to November 10, 2014 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org 3 4 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org November 4 to November 10, 2014 November 4 to November 10, 2014 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org 5 October – the month of melodies for the Inner Wheel Club of Bombay O ctober kicked off with Rtn. Padma Shri Sudha Motwane delighting the ladies of Inner Wheel Club of Bombay with her singing at their monthly GBM hosted by Rtn. Pranay and R/anne Sweta Vakil. Everyone listened spellbound to Sudha's mellifluous voice taking them through bhajans, ghazals and her own award-winning composition, which was most special as it was danced to by R/anne Malti Jain and R/anne Shilpa Mehta. While Sudha played the harmonium herself, Sweta, who is also the Past President, accompanied her on tabla. A week later, there was another musical treat at 'Vriksharopan', organised by President Rupali Sen and her Inner Wheel Club of Bombay in memory of Nobel Laureate R/anne Malti Jain and R/anne Shilpa Mehta dancing to the melodious singing of Rtn. Padma Shri Sudha Motwane PP Sweta Vakil welcoming Rtn. Padma Shri Sudha Motwane at the IWC GBM presided over by IWC Bombay President Rupali Sen 6 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org Rabindranath Tagore’s first treeplanting ceremony at Shantiniketan in 1928. It was a unique occasion where a sapling was installed in a garlanded palanquin, protected by a beflowered decorative umbrella carried in a procession of singers and dancers. The sapling was then symbolically planted by President Shailesh Haribhakti of the Rotary Club of Bombay, Inner Wheel District Chairman Himadri Nanavati and GD Somani Memorial School Trustee Aradhana Somani. Five school students then came forward to recite Tagore’s poems invoking the five elements of nature to bless the sapling. The sapling was referred to as a cherub, to be nurtured and to bring life and joy, harmony in the murmur of the leaves and radiant sunlight on its branches with monsoon showers falling from the sky in the form of blessings. The entire event was imbued with colour and music by Rtn. PP-IWC Susmita Mitra November 4 to November 10, 2014 and her troupe from the Shantiniketan Ashramik Association, which is connected to Vishwa Bharati University, Shantiniketan, founded by Tagore that upholds and recreates the rich cultural heritage and philosophy of its founder through seminars and shows. Several dancers performed flawlessly, enthralling the audience with their expressive moves as stories celebrating rain and Varshamongal, a festival introduced by Tagore were recounted. The troupe musicians, led by Susmita, were another treat as they melodiously rendered Tagore’s songs celebrating rain. The ceremony was in commemoration of Tagore’s foresight as he highlighted the importance of preserving our natural environment. Malti, an active member of the Inner Wheel Club, was at the forefront of the organising committee, overseeing every detail. The vote of thanks by IWC Secretary Sandra Merchant was followed by a tasting of ‘sandesh’, a traditional Bengali sweet provided by Malti and the gifting of a tulsi sapling to each guest. Members departed with Tagore’s lines resounding in their ears: “When I am no longer on this Earth, my tree, Let the ever-renewed leaves of thy spring Murmur to the wayfarers, The poet did love, while he loved.” Sapling in a palanquin procession at Vriksharopan IWC DC Himadri Nanavati planting the sapling at Vriksharopan November 4 to November 10, 2014 President Shailesh Haribhakti watering a sapling at Vriksharopan The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org 7 Published on Tuesday, November 4, 2014. Regd. No. MH/MR/South-109/2012-14; R.N.I. No. 14015/60, WPP license No. MR / TECH / WPP-89 / South 2014-15 License to post without prepayment. Posted at Mumbai Patrika Channel Sorting Office, Mumbai 400 001, on Wednesday, November 5, 2014 rotary club of bombay Founded 19 march, 1929 Charter No. 3128, Dated 08 May, 1929 97-B Mittal Tower, Nariman Point Mumbai 400 021, India Tel.: 91 22 22024089 Fax.: 91 22 22024509 [email protected] Happy Birthday Forthcoming Meetings Office Bearers 2014-15 President Immediate Past President President-Elect President-Nominee Honorary Secretary Joint Honorary Secretary Honorary Treasurer Shailesh Haribhakti Nirav Shah Dr. Sonya Mehta Dr. Mukesh Batra Nandan Maluste Ritu Prakash Desai Manish Reshamwala Club Service: New Members Director in charge Dr. Sonya Mehta Classifications and Membership PP Arun Sanghi Rotary Information PP Paul George Membership Development and District Conference Dr. Mukesh Batra Sergeant-at-Arms and Assimilation Tara Deshpande Community Service: Non Medical Director in charge Alok Sekhsaria Women Empowerment Arin Master Environment and Water Sanitation Madhusudan Daga Legal Aid Sameer Tapia Old Age Home (Ambarnath) Ravi Fotedar Vocational Service Director in charge Rotary Public Awards Vocational Training and Night Study Centres Vikram Daiya Shernaz Vakil Sunny Pariyaram International Service Director in charge Hiren Kara The Rotary Foundaion and TRF Grants PP Sandip Agarwalla Corporate Social Responsibility Suresh Goklaney Youth I – Education Director in charge Preeti Mehta Bhavishya Yaan Shivkumar Israni Merit-cum-Means Scholarships Roda Billimoria Youth II – Early Act Director in charge Interact Rotaract District Thrust Areas Director in charge Committees on District Initiatives Freyaz Shroff Sidharth Punshi Gaurav Nevatia Manoj Patodia PP Pradeep Saxena Aditya Somani November 4 Pravin Bhansali November 5 Dr. Sonya Mehta November 5 Kastur Sheth November 7 Shreepal Dalal November 8 NOVEMBER 25 Vice Admiral Anil Chopra, Commander-in-chief, Western Command, Indian Navy on Navies and Nations Economic and community development The statistics for the meeting held on Tuesday, October 28, 2014 are as under: Club Service: Programmes and Meetings Director in charge Meera Alreja Programmes Nanik Rupani Fellowship PP Ashish Vaid Attendance Arvind Agarwal Bulletin and Website Dr. Prakriti Poddar Fundraising Pradeep Chinai Sports Hiranmay Biswas Community Service: Medical Director in charge Dr. Nayna Dastur Chairman Emeritus – Talwada PP Dr. Rahim Muljiani Hasanali Tobaccowala Eye Centre PP Dr. Rumi Jehangir Ajit Deshpande Medical Centre PP Nowroze Vazifdar Medical and Cancer Aid Dr. Anand Shah Differently Abled and Polio Plus PP Kalpana Munshi Nanu Daruvala November 4 NOVEMBER 18 Noted author, Dr. Radhakrishnan Pillai on ancient way of wealth management Manish Kejriwal November 8 George Mathew November 10 Natasha Treasurywala November 10 spouses Vandana Daga Sarmi Bhansali Nayna Chinai Swapan Bharma November 4 November 4 November 7 November 8 Nirmala Alimchandani Justice Sam Variava Sudha Jhaveri Swati Agarwal November 8 November 8 November 9 November 9 Rotarians130 Rotaryannes 02 Guests 01 Visting Rotarians 04 Total attendance 137 Community Service Box collection - R1,750 /- F orthcoming spea k er : K UMA R MANGA L AM BI R L A On November 11, Kumar Mangalam Birla will be inducted as an honorary member of the Club K umar Mangalam Birla is the Chairman of the multinational Aditya Birla Group. He chairs the boards of major companies in India and globally, such as Novelis, Grasim, UltraTech, Idea, and Aditya Birla Retail. A commerce graduate from University of Mumbai, Birla is a chartered accountant and has an MBA from the London Business School. He took over as Chairman of the Group in 1995, at the age of 28. As Chairman, he has accelerated growth, built a meritocracy and raised the Group's turnover from $2 billion in 1995 to $40 billion today. Birla has acquired manufacturing plants in Canada, China and Indonesia, by the Ministry of Company Affairs and served on The Prime Minister of India's Advisory Council on Trade and Industry. Birla and his wife, Neerja, have three children, Ananyashree, Aryaman Vikram and Advaitesha. Editorial Consultant: and set up new plants in Egypt, Thailand and China. He is also the Director on the Central Board of Directors of the Reserve Bank of India and was Chairman of the Advisory Committee constituted Aditi Padiyar, Spenta Multimedia, Peninsula Spenta, Mathuradas Mill Compound, N.M. Joshi Marg, Lower Parel, Mumbai 400 013. Landline: 022-24811010 E-Mail: [email protected] WPP license No. MR / TECH / WPP-89 / South 2014-15. License to post without prepayment Regd. No. MH/MR/South-109/2012-14, R.N.I. No. 14015/60 Posted on Wednesday, November 5, 2014 Printed, Published by Rtn. Arjun Bulchandani on behalf of Rotary Club of Bombay and printed at Spenta Multimedia, Peninsula Spenta, Mathur adas Mill Compound, N.M. Joshi Marg, Lower Parel (West), Mumbai 400 013 and Published at 97/B, Mit tal Tower, Nariman Point, Mumbai 400 021. Editor: Arjun Bulchandani 8 The Bulletin of the Rotary Club of Bombay | www.rotaryclubofbombay.org November 4 to November 10, 2014