Chief Financial Officer / India
SanjayTezqevmi
The tables cost ₹48 lakh to buy. I endorsed a ₹60 lakh management budget for the lot, accepting a restoration basis that had not been grounded well enough in inspection.
23
Finance colleagues
Three heads within a 280-person refurbished-furniture retailer
₹3.9 crore
Annual function expense
Finance responsibility; material capital remains with the board
41 years
Finance career
Cost-accounting entry in July 1985; refurbished retail since September 2003
I believe
The cheapest purchase is not necessarily the least costly item to make ready, and an expense allocated to a location is not necessarily cash the enterprise can avoid. I want the financial account to follow the proposed choice closely enough that management can see which amount changes, which assumption remains uncertain and whose responsibility the decision actually is.
— Sanjay Tezqevmi
The work
In 2021 we acquired a lot of 240 tables for ₹48 lakh. I endorsed a ₹60 lakh management budget without a sufficiently grounded inspection and restoration basis. The purchase price was clear, but the remaining work was not understood with equal care. Actual restoration cost reached ₹22 lakh and freight ₹8 lakh, bringing the specified lot cost to ₹78 lakh and leaving an ₹18 lakh overrun against the budget I had supported. The arithmetic changed the useful per-unit account. Purchase alone was ₹20,000 per table; the specified ₹78 lakh cost across 240 units was ₹32,500 each. Neither amount was a statement of retail profit. I did not present the calculation as a universal statutory inventory treatment or claim that dividing the cost established the condition of every table. Vikram and the operating team retained refurbishment and acceptance responsibility. Buying colleagues had been attracted by the acquisition terms and the apparent opportunity to obtain a substantial lot. Operations needed a proper understanding of the work each condition required. Finance should have connected those perspectives before the budget became an executive assurance. I asked for the correction to retain my approval rather than make the overrun appear solely as a workshop execution problem. The financial basis had been too confident before the work was adequately assessed. The case changed how I approached similar management proposals. I wanted the purchase, assessed restoration and movement requirements visible together, with uncertainty stated rather than absorbed into an unexplained allowance. That did not establish a later saving or remove variation from refurbished goods. It gave the decision-makers a clearer account of what they were committing to. The ₹18 lakh overrun remains in the profile because the judgement was learned through a real cost within this fictional business story, not a cost-free refinement of a spreadsheet.
A 2022 warehouse closure proposal began with ₹1.32 crore of annual allocated expense. The initial discussion treated that amount as though closing the location would release an equivalent sum. The allocation served a reporting purpose, but the decision needed a different question: which costs would actually disappear during the first year, which would remain elsewhere and what transition work the closure would require. The review identified ₹54 lakh avoidable in the first-year scenario. ₹78 lakh of the allocated total would remain in the enterprise under the assumptions examined. Transition expense was ₹18 lakh, leaving ₹36 lakh of first-year potential before further service effects not yet modelled. I kept the time period and exclusions explicit. The figures described a scenario, not achieved savings, an approved closure or a complete assessment of every operating consequence. The property and operating teams wanted a clear decision, and some colleagues worried that separating costs would make an apparently straightforward proposal harder to explain. I thought the distinction was necessary precisely because the larger number had made closure look simple. An allocated cost can be valid in the reporting account while still being the wrong proxy for the cash consequence of a proposed action. Finance needed to make that clear without dismissing the underlying operational question. Ira deferred closure pending assessment of service effects. My contribution was to correct the financial premise, not to claim finance alone had settled the future of the location. The revised scenario remained useful even though it did not produce an immediate closing announcement. It allowed management to compare the potential cash effect with the work and service consequences still requiring attention. I would not describe the difference between ₹1.32 crore and ₹36 lakh as money saved by the review; it was a correction to the proposal's meaning.
In 2023 commercial colleagues proposed a future buyback promise of ₹9,000 per eligible item after three years for a group of 1,000 items. The offer could make ownership feel easier to plan. Its financial account, however, needed to distinguish the fixed proposed payment from the uncertain condition and resale value of items that might return. I asked for a defined all-return scenario before treating the promise as commercially straightforward. If every eligible item returned, the payment would be ₹90 lakh. An assumed gross resale value of ₹6,000 each would yield ₹60 lakh, leaving ₹30 lakh before transport and refurbishment. This was not a forecast that all customers would return their items, a present-value calculation or an accounting-liability assessment. It was a scenario that made the mismatch between a proposed fixed outflow and an assumed recovery visible. Commercial colleagues argued that not all items would return and that a clear figure would make the offer easier to explain. Both points mattered, but neither established the recovery on which the proposal depended. Operating colleagues also needed to assess condition and the work required before resale. A financial summary that put a gross recovery beside the payment without retaining those costs would give the promise a confidence the evidence had not earned. The board rejected the fixed promise and approved ₹24 lakh to assess condition-based quotation arrangements instead. That allocation did not create a completed universal buyback service or assure a future buyer, price or margin. Qualified commercial, legal and operating owners retained the work needed to define any actual offer. My contribution was to make the cash commitment and uncertain recovery understandable before the enterprise made a public promise. The case records a proposal changed through scrutiny, not a realised loss that the company had already incurred.
A 2024 proposal offered a 2% early-payment discount on a ₹1 crore supplier invoice. The ₹2 lakh gross discount was attractive and easy to present. I asked treasury to show the cost of obtaining it on the same period and transaction assumptions, rather than compare the invoice benefit with a funding figure drawn from a different basis or leave the funding consequence outside the recommendation. The aligned quote showed ₹1.4 lakh funding cost and ₹0.3 lakh processing cost. Subtracting those amounts from ₹2 lakh left ₹0.3 lakh, or ₹30,000, of modelled advantage. The case contains no assumed annual bank rate or annualised return. These were invented quoted amounts for the defined proposal, not an assertion about available market terms. The ₹2 lakh gross figure could not be described as the net benefit of taking the offer. Procurement colleagues wanted to capture the discount routinely, while treasury needed to consider the cash position and terms of each case. I did not make early payment automatic because the percentage looked favourable. The remaining modelled advantage had to be understood alongside liquidity and the actual conditions of the arrangement. Qualified owners retained assessment of the real transaction, including matters outside this bounded management comparison. The result was a more precise decision basis, not a claim that all early-payment offers should be accepted or refused. I wanted the proposal to preserve the gross benefit, the costs required to obtain it and the period over which those costs were measured. Any realised result would need its own evidence after the transaction. The example shows how a small but important distinction can keep a finance recommendation honest without dismissing a potentially useful commercial offer simply because its headline benefit is larger than its net effect.
In 2025 employee shareholders proposed a ₹4.2 crore company-funded liquidity programme. The request reflected a genuine desire to make value in a private holding accessible. I own 0.8% within the employees' 12% holding, so I disclosed that interest when participating in the financial discussion. I did not describe employee liquidity as a concern belonging only to other people, or assume that my holding implied a particular personal payment. The proposal would have used company cash. That consequence needed to be examined alongside the enterprise's responsibilities and planned resources, rather than treated as identical to a transaction between willing owners. The board declined company funding and allocated ₹12 lakh for qualified legal and administrative feasibility work on a voluntary private owner-to-owner window. The allocation paid for review; it did not establish that a transfer route was ready or suitable in every case. No buyer, price, settlement or completed transaction was promised. The work was not a public offering, and the profile offers no legal opinion on a real company's arrangements. Qualified advisers retained assessment of requirements and restrictions. Employee holders could reasonably value a route to liquidity, but a feasibility review could not turn their private shares into cash available on demand. I wanted that limit clear before the alternative was described as a solution. My contribution was to separate the interests involved and the cash source attached to each proposed route. Disclosure of my holding did not remove the need for scrutiny; it made one relevant interest visible. The case records a board choice and a bounded review cost, without claiming that shareholders were paid or the enterprise achieved a saving of ₹4.2 crore. A request not funded is not automatically a realised financial benefit, and a proposed alternative still has to satisfy the work its own conditions require.
Others say
Sanjay made the warehouse proposal harder to simplify and easier to decide responsibly. He kept the service work still needed beside the narrower cash scenario rather than announce a saving we had not achieved.
He retained his endorsement in the account of the restoration overrun. That let us examine the budget basis and the operating work together without pretending a cost calculation could replace acceptance of the furniture.
Point of view
An invitation
A first outside non-executive contribution after relationship, eligibility and capacity review. I hold 0.8% within employee ownership and no statutory seat. Fictional databank registration and proficiency assessment are complete; twenty-four provisional days remain subject to the actual appointment and employer consent.
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