Newsletter dated 16th March, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“If you want to shine like a sun, first burn like a sun.”
Law Updates:
 SEBI seeks comments of the public for certain proposals related to
Brightline Tests for Acquisition of ‘Control’ under the SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations,
2011. Stakeholders are requested to mail their comments on or
before April 14, 2016, to control@sebi.gov.in
 SAT Mumbai grants extra time to appellants to refund balance
amount as CIS was not detrimental to interest of investors.
 SEBI in its Board Meeting held on 12th
March, 2016 in New Delhi
permits debarring of wilful defaulters from accessing capital
market.
PROFESSIONALS INPUTS:
 CBEC vide Notification No. 39/2016-CUSTOMS (N. T.) dated 15th
March, 2016 seeks to amend Notification No. 32/2016-Cus (N.T.)
dated 01.03.2016 [Customs (Import of Goods at Concessional Rate
of Duty for Manufacture of Excisable Goods) Rules, 2016] so as to
notify 16.03.2016 as the date from which the said rules will be
effective. Further the requirement of submission of security for
availing the benefit under the said notification is being done away
with.
 CBEC vide Notification No. 38/2016-CUSTOMS (N. T.) dated 15th
March, 2016 notified regarding Fixation of Tariff Value of Edible
Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.
 SEBI vide Circular No. CIR/IMD/FPIC/39/2016 dated 15th
March,
2016 permits investments by FPIs in REITs, InvIts, AIFs and
corporate bonds under default.
MARKET WATCH:
SENSEX: 24446.22 -105.95 NIFTY: 7434.30 -26.25
SILVER: 37115.00 38.00 GOLD (MCX): 29077.00 40.00
USD/INR: 67.39 0.28 CRUDE OIL: 2488.00 31.00
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Date: 16th
March, 2016

2. www.csrajivbajaj.com
Hubert Joly
CEO of Best Buy
Hubert Joly, born and raised in France, is the CEO of Best Buy. He was the
former president, CEO and a former Director of Carlson, a global hospitality
and travel company based in Minneapolis, Minnesota, US.
Career
Joly left Vivendi in 2004 to become president and chief executive officer of
Carlson Wagonlit Travel (CWT). Under his leadership, CWT grew its annual
sales from USD 8.9 billion in 2003 to USD 25.5 billion in 2007. Joly’s
appointment as president and chief executive officer of Carlson was made in
January 2008, as a replacement for Marilyn Carlson Nelson, and he took the
positions in March 2008. As CEO of Carlson, he has crafted and led the
implementation of Ambition 2015, a comprehensive strategy to strengthen the company’s leadership position
across its businesses, including its restaurant division with more than 900 T.G.I. Friday’s restaurants, and its
hotel division with more than 1,000 hotels around the world. The strategies that make up Ambition 2015 have
included the repositioning of the company’s core brands; significant changes at the front line to “operationalize”
the brand promises and upgrade the guest experience; major investments and initiatives to boost revenue
generation focused on the web, the company’s loyalty programs, global sales and working with the trade; as
well as the global expansion of the company in key emerging countries.
On August 17, 2012, Joly resigned from his position with Carlson to take the position of CEO at Best Buy, Inc.
Under Joly and his Renew Blue transformation at Best Buy, the company's stock tripled in 2013 with the focus
on banking on big box stores, superior customer service, product selection, and services like the Geek Squad.
According to the New York Times, Joly's top goal is matching the lowest price, determined to make sure that a
customer who came to Best Buy as a showroom has no reason to buy anywhere else. "The strategy is very
simple,” he told the New York Times in 2012, soon after he took the job. “We believe that price-
competitiveness is table stakes. The way we want to win is around the advice, convenience, service.”
Additional roles
In addition to his current position as Best Buy’s president and CEO, he serves on the board of directors for Best
Buy and Ralph Lauren. Joly also serves on the board of overseers of the Carlson School of Management, and
the executive committee of the Minnesota Business Partnership and is a former member of the Board of
Trustees of the Minneapolis Institute of Arts.
He formerly served as a member of the Travel and Tourism Advisory Board, established in 2003 to advise the
United States Department of Commerce, as well as the executive committee of the World Travel and Tourism
Council. He was honored as one of the 25 Most Influential Executives of the Business Travel Industry (2006
and 2009) by Business Travel News magazine.
Joly has also made public speeches, including his appearance at the Minnesota Student Association's 3rd
Annual Leadership reception on February 9, 2013.
Best Buy
Best Buy is an American multinational consumer electronics corporation headquartered in Richfield,
Minnesota, a Minneapolis suburb. It operates in the United States, Mexico, and Canada. All Best Buy Stores in
China were closed in February 2011 and merged with Five Star. The company was founded by Richard M.
Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with
more emphasis placed on consumer electronics.