Newsletter CS-Professional 17th October,2014

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THOUGHT OF THE DAY
“The hardships that you encountered in the past will help you succeed in the future.”
Law Updates:
 MINISTRY OF CORPORATE AFFAIRS Issued Clarification in relation to Right of persons other than retiring directors to stand for directorship - Refund of deposit under section 160 of the Companies Act, 2013 in certain case.
 MINISTRY OF CORPORATE AFFAIRS General Circular No. 39/2014-Clarification on matters relating to consolidated Financial Statement.
PROFESSIONALS INPUTS:
 Bombay HC issues notice to RBI on ballooning NPAs-The Bombay High Court has issued notice to the Reserve Bank of India in connection with a PIL which alleges that the non-performing assets (NPA) of Nationalised banks swelled up from Rs 455 Crore for the year ended March 2008 to Rs 9,190 Crore in March 2012.
 Sell shares of unlisted companies through off-market Transfer- Following the Securities and Exchange Board of India (SEBI) directing such exchanges to shut operations, as these haven’t met norms pertaining to net worth and turnover, companies listed on these exchanges have been given an option of shifting to national exchanges. However,the companies haven’t done this so far.
 Formation of new Commissionerates following the implementation of Cadre Restructuring in CBEC. The Central Board of Excise and Customs has implemented the cadre restructuring of the Indirect Taxes formations, with effect from 15th October 2014. The restructuring of formations is aimed creating larger number of compact commissionerates, by reorganizing the existing commissionerates.
MARKET WATCH:
SENSEX: 26036.9737.63 NIFTY: 7761.2513.05
SILVER:38790.00 0.21 GOLD (MCX): 27445.004.00
USD/INR: 61.59 .26 CRUDE OIL: 5110.002.09
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Date:17th October 2014

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Rahul Bhatia
At its simplest, IndiGo is a story of how two extremely low-profile men, sitting 7,000 miles apart, are building an airline with a cost structure and profit margins that few have achieved. The two, Rahul Bhatia and Rakesh Gangwal, own 50% each of InterGlobe Aviation, the company that runs IndiGo.
As managing director of InterGlobe Enterprises, a $2 billion (revenue) group, with subsidiaries in the hotel, airline and travel technology business, Bhatia is the one in charge of operations. He has used almost two decades of experience of the travel business as well as, some say, his contacts in the government, to set up and run IndiGo.
Bhatia explains his basic philosophy on costs as “thinking before spending a single dollar, ‘Do I need to spend it? Can I get away without it?’”.
One visible difference between IndiGo and other airlines including Spice- Jet, which operates in the same space, is the very low marketing and advertising spend. Bhatia is a firm believer in the word of mouth and IndiGo has a much lower visibility than other airlines. “How many passengers come in after seeing a hoarding? It is not about putting your name on the tail,” he says. The airline did start a campaign earlier this year after a spat with SpiceJet on on-time performance claims.
Headquartered in Gurgaon, InterGlobe has grown from a single enterprise to a formidable travel corporation and has a network of 52 offices across 23 cities in India and abroad and has a significant presence in the fields of aviation management, travel-related services, travel technology, travel distribution services and hotel development and management services.