KAMAL GHOSH RAY (PhD, AICWA) is Director and Professor of Finance and Risk Management, Vignana Jyothi Institute of Management, Hyderabad. Earlier, he worked as CEO, Sapphire Global Finance, and Segment Controller, Asea Brown Boveri (ABB). He has also occupied senior positions in other reputed organizations. Dr. Ray was a Visiting Professor at Groupe ESC Dijon Bourgogne (Burgundy School of Business), Dijon, France. He has presented papers on M & As at various conferences—in MIT; Syracuse University, New York; and a number of forums in India. Besides, he has presented research papers at various conferences in the UK, Australia and other countries and has published several articles in journals of international repute.