Newsletter CS-Professional 8th 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:
 RBI/2014-15/254 DBOD.No.BP.BC.42/21.04.141/2014-15- Fourth Bi-monthly Monetary Policy Statement, 2014-15 – SLR Holdings under Held to Maturity Category.
 MCA has given an opportunity to all those Companies which do not have any of their Directors / Signatory details registered in the MCA21 system and who are desirous of filing DIR-3C Form are requested to get atleast one authorised signatory registered by contacting the concerned Registrar of Companies.
 SECTION 92C OF THE INCOME-TAX ACT, 1961 - TRANSFER PRICING - COMPUTATION OF ARM’S LENGTH PRICE - NOTIFIED TOLERABLE LIMIT FOR DETERMINATION OF ALP NOTIFICATION NO. 45/2014 [F.NO.500/1/2014-APA- II]/SO 2478(E),
PROFESSIONALS INPUTS:
 Net direct tax collection has risen 7.09 per cent to Rs.2,68,836 crore in the first six months of the current fiscal year (2014-15).
 The Finance Ministry aims to complete the formalities for implementation of the new Monetary Policy Framework Agreement by February 1. However, it will be left to the Reserve Bank of India to decide on the date of implementation.
MARKET WATCH:
SENSEX: 26309.3533.38 NIFTY: 7864.3510.80
SILVER:38518.00 0.41 GOLD (MCX): 26897.0087.00
USD/INR: 61.48 .07 CRUDE OIL: 5419.001.22
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Date:8th October 2014

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Anil Manibhai Naik
The Chairman and Chief Operating Officer of India's biggest engineering and construction conglomerate, Anil Manibhai Naik, is one of the most influential entrepreneurs in India. Ever since he took charge of Larsen & Turbo, he has fought many battles to take the company to the top. He made L&T a global leader through sheer hard work and through what he calls 'devotion beyond dedication'. He was the first professional to head the company and led it through its most unstable times. Under his dynamic leadership, the company recorded its most robust performance. In a long career spanning around forty-five years, Anil took just a day off. Now isn't this fact a testimony to his achievements? It sure is!
Early Life
A.M. Naik was born into a family of teachers in June 3, 1942 in Endhal in Southern Gujarat. His father was a teacher and also a strict Gandhian. Naik received his early education in Navsari. He finished a degree in mechanical engineering from the prestigious Birla Viswakarma Mahavidyalaya Engineering College in VV Nagar in Anand.
Career
In 1965, Anil. M. Naik joined Larsen & Turbo as a junior engineer and became the youngest manager in the history of the organisation. In 1985, he was made the 'General Manager' as he rose quickly through the ranks. In 1989, he took over as the Vice-President of the organisation and became the member of the Director Board. Anil M. Naik's broader perspective enabled the company to expand its horizons beyond domestic borders and reach a position which enabled it to become a global player. He restructured the company into several operating divisions and focused on improving shareholder value. The emphasis on HR and IT as twin engines of growth yielded the organization fruitful results. In 1995, Anil became the President of L&T and in 1999, took over as the 'Chief Executive Officer' and the Managing Director. In 2003, he became the Chairman and Managing Director of the organisation.
In the early nineties, Anil M. Naik came up with the idea of manufacturing engineering equipments which saw the organization treading down the manufacturing path. It began manufacturing plastic machinery, tire machinery and custom engineering products. This enabled L&T to achieve major success in the indigenization of technology and in the technology and nuclear sectors. This paid rich dividends and the turnover of the company grew fifty times in eight years. This happened when Anil M. Naik took over as the Chief Executive Officer. Under his leadership, the company expanded its horizons in the IT sector and made huge profits. Anil.M. Naik has involved himself in many social activities and is currently into the development of an educational institution set up by his father in Navsari in Gujarat. He is also associated with several educational and charitable institutions that help support the rural population of India. He is also a member of the Board of Trustees of the Indian Business Trust for HIV/AIDS.
Awards And Accolades
• 'Business Leader of the Year – Building India’ by NDTV Profit.
• Gujarat Garima Award, 2009
• 'Lakshya Business Visionary’ Award by the National Institute of Industrial Engineering (NITIE)
• 'Asia Business Leader’ Award, CNBC Asia, 2010
• 'CNBC Asia - Outstanding Business Leader’ Award, 2010.