Newsletter CS Rajiv Bajaj 26th September, 2014

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THOUGHT OF THE DAY
“The true worth of a man is to be measured by the objects he pursues.”
Law Updates:
 RBI/2014-15/243 DNBS (PD).CC.No.410/03.10.001/2014-15-All Deposit Taking Non-Banking Financial Companies (except Residuary Non-Banking Companies) Rating of Fixed Deposits of NBFCs- Eligible Credit Rating Agencies- SME Rating Agency of India Ltd. (SMERA)
 The Supreme Court on Thursday struck down the National Tax Tribunal Act, holding it unconstitutional. A Constitutional Bench of the apex court, headed by Chief Justice R.M. Lodha, said that Parliament could not take away the powers of the judiciary and rest them in a tribunal which is not a court in its characteristic. Company Secretaries ineligible to represent parties in appeal before NTT.
 The Bombay high court on Thursday directed the Central Board of Direct Taxes(CBDT) to consider an extension of the due date for filing of income tax (I-T) returns by non-salaried taxpayers to November 30 from September 30.
PROFESSIONALS INPUTS:
 Govt to form joint venture of Maharatnas to revive sick PSU-Mr Geete said, out of 11 sick PSUs, process for reviving five has started. On terminally ill PSUs, Anant Geete said, it would be better to make one-time settlement and eliminate even higher recurring expenditure.
 FinMin clears the air on service tax levy on joint ventures-The Finance Ministry has made it clear that 'taxable services' provided by members of a joint venture to a JV and vice-versa will attract service tax.
MARKET WATCH:
SENSEX: 26494.3931.10 NIFTY: 7918.804.70
SILVER:39464.00 0.59 GOLD (MCX): 26965.000.12
USD/INR: 61.52 .17 CRUDE OIL: 5717.000.04
CS Rajiv Bajaj
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Date: 26th September 2014

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Harsh C. Mariwala Marico Limited
Transforming a traditional commodity based business into a consumer product and service industry, Harsh C. Mariwala, has led his company to great heights. The Chairman and Managing Director of Marico Limited climbed the ladder of success over the last three decades and made his brand presence felt in over 25 countries across the globe.
The company's products and services in the beauty and wellness space have produced brands such as Parachute, Saffola, Hair and Care, Nihar, Shanti, Mediker, Revive, HairCode and Kaya popular in every household. Mariwala's leadership and passion to excel has lead the company to vouch for the fact that one out of every four Indians is a Marico consumer.
From a turnover of Rs.50 lakh in 1971, the company under the leadership of Mariwala generated a turnover of about Rs.2661 crore in 2009-2010. He started his career with Bombay Oil Industries Limited in 1971 and in 1975 he developed the branding division for this family run business. Taking risks and thinking of the future, Mariwala laid the foundation for this brand umbrella. The brand name Marico was developed only in 1990.This Mumbai University commerce graduate is currently the President of Federation of Indian Chambers of Commerce and Industry (FICCI).
At the juncture
After graduating in 1971, he joined the family business, which is working for the Bombay Oil Company that manufactures edible oil. In 1975, he pushed the branding part of the company and saw the importance of creating brands at that time. This was his first step towards diversification. Branding felt like the need of the hour and showed promises of sustainability, profitability and marginalisation. In 1990, he started Marico, which though was a spin-off from the family business but was a completely separate culture and required new talent. As the company started growing, he worked on strengthening market presence by carefully selecting distributors and strengthening the company by hiring talented professionals.
Up and away
He says-Facing challenges and achieving results is a part and package of any work. There are roadblocks but in the end when you reach your goals, the journey seems worth it. Our achievements initially give us a sense of recognition. This takes us to sustainability and then gives an opportunity to give back to society. . One should be able to delegate work, change, adapt and modify their company into becoming bigger and create certain systems for smooth functioning along on the way. I strongly believe that each person is gifted with certain skills and it is important to identify one's talent and pursue that field. Search for and understand your aptitude, nurture it and focus on that line of work. Everyone has to face setbacks but don't let these stop you, prove yourself and learn from them. Learn to manage adversity, think out of the box and do not stop yourself from taking risks and innovating.