Newsletter dated 10th September, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“As one goes through life one learns that if you don’t paddle
your own canoe, you don’t move.”
Law Updates:
 If the applicant is registered in USA as a NPO (formed for purpose
of providing education) than its activities of providing education in
India cannot be said to be its business activity. Thus, the reliance of
revenue on Article 7 of DTAA is uncalled for as Article 7
specifically deals with business income: AAR New Delhi.
 Spice Jet to refund amount received under share purchase
agreement as it failed to allot shares: Delhi High Court.
 Fee paid to US national to develop website is excluded from 'FTS'
definition under India-USA DTAA: Tribunal Ahmedabad.
 Transfer order was void if it didn't consider assessee's contention
that it wasn't connected with searched entity.
 Where Managing Director of appellant-trust who was also
authorised signatory of trust had been heard, it must be construed in
law that appellant-trust had been heard before an order of
attachment of its properties had been passed.
 Company rendering admin support and co-ordination services isn't
comparable with a Company providing payroll services: Tribunal
Delhi.
PROFESSIONALS INPUTS
 CBDT vide Press Release dated 09th
September 2016 has decided to
extend the last date for filling of returns which were due on 30th
September, 2016 to 17th October, 2016 in order to remove
inconvenience and to facilitate ease of compliance.
MARKET WATCH:
SENSEX: 28,797.25 -248.03 NIFTY: 8,866.70 -85.80
SILVER: 45,937.00 -492.00 GOLD (MCX): 31,191.00 -49.00
USD/INR: 66.76 0.24 CRUDE OIL: 3,164.00 145.00
CS Rajiv Bajaj
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Date: 10th
September, 2016

2. www.csrajivbajaj.com
Mittu Chandilya
M.D. & CEO Air Asia
Mittu Chandilya (born 22 September 1980) is the former MD & CEO of
AirAsia India. AirAsia India is a joint venture between AirAsia Berhad, Tata
Sons and Telestra. AirAsia India started operations on 12 June 2014. He was
elevated from CEO to the post of MD and CEO of AirAsia India on 20
August 2015. Mittu Chandilya is also the owner of the Bangalore franchise of
the Champions Tennis League India.
Early Life and Education
'Mittu Chandilya' was born in Chennai, [Tamil Nadu, India]. His
grandfather was a freedom fighter while his father, Ram Chandilya, is an
engineer with an MBA from IIM. Chandilya’s mother worked as a model,
artist and professional in the hospitality industry. Mittu Chandilya' was educated at Rishi Valley
School, Andhra Pradesh and then at The School, KFI, Chennai. Chandilya then studied at the Lehigh
University (Pennsylvania) before doing his MBA at INSEAD (France-Singapore).
At 19, he won a grant for a start-up and the prototype he built was bought by an FMCG company for a huge
sum. “With the money, I purchased a house for my parents (who now live in Canada), sent my sister to
university and paid up my loans. At 23, I was the general manager of a company which I had helped out with
successful mergers and acquisitions. My first assignment was shutting down a plant in Colorado and moving it
to Mexico for cost reasons. Imagine interacting with the union and people as old as my dad who thought I was
denying them a livelihood. It was tough, but I managed to build credibility.”said Mittu Chandilya.
Career
Mittu Chandilya became the CEO of AirAsia India in 2013 at the age of 32. At 19, he started S.O.S. whose
prototype was bought by an FMCG. Chandilya was one of the youngest general managers at Ingersoll
Rand, starting in Mergers and Acquisition roles, he became a general manager at the age of 25. At Ingersoll-
Rand, Chandilya managed the Business unit’s Asia Pacific (AP) Strategy, P&L, Brand strategic management,
Business Development, Market intelligence, & Product, Pricing, Channel management. The achievement was
double-digit growth year on year. Under Product Portfolio Management,Chandilya led product portfolio
rationalization, positioning and pricing strategy for each country.Chandilya's portfolio included components of
pricing, cost ratios, budget & segmentation as per the branding strategy and market requirements.
Additionally, Mittu Chandilya was accountable for global Mergers and Acquisitions (M&A) for Ingersoll Rand-
Air Solutions Industrial Tech (ITS) where he developed and modeled a best-in-class & vibrant acquisition
process to be implemented across the organization. As Head of Service Practice for the Asia-Pacific region at
Egon Zehnder; Chandilya, handled the Hospitality, Airlines and Aviation segment. Egon Zehnder, a global
executive search firm, had a revenue of US $649 million in 2012 and it ranks among the top three firms
worldwide. It has 68 offices in 41 countries with about 410 consultants and about 5000 employees.
At Egon Zehnder, Mittu Chandilya was a core member focused on advisory leadership in Aviation, Travel &
Hospitality, Industrial, Resources, CleanTech and the Energy practices. Advising clients on C-level executive
searches, strategic organizational Design and challenges, the recruitment of non-executive board members and
CEO succession planning, Chandilya specialized in advisory and search activities in C-level succession
planning, Regional Senior Leadership roles in MNCs, Large- Cap Listed Organizations and Family owned
enterprises.