Newsletter dated 18th January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Catch fire today! Make today the day you stop complaining
and do something!”
Law Updates:
 ICSI has issued Guidance Note on Meetings of the board of
Directors and General Meetings
 SEBI vide Circular No. CIR/CDMRD/DMP/2/2016 dated 15th
January, 2016 notified regarding Reduction in Daily Price Limits &
near month Position Limits for Agricultural Commodity Derivatives
and Suspension of Forward Segment.
 SC admits SLP to decide whether objective of ICAI is charitable in
nature.
PROFESSIONALS INPUTS:
 MCA vide Notification dated 13th
January, 2016 has notified sub-
section (5), sub-section (6) (except with respect to the manner of
administration of the Investor Education and Protection Fund) and
sub-section (7) of section 125 of the Companies Act, 2013.
 MCA vide Notification dated 13th
January, 2016 has notified the
Investor Education and Protection Fund Authority (Appointment of
Chairperson and Members, holding of meetings and provision for
offices and officers) Rules, 2016. It contains the provisions for
composition of the authority, eligibility for becoming a Member of
the Authority, the terms of office of members and functions of the
Authority.
 CBEC vide Notification No. 13/2016 - Customs (N.T.) dated 15th
January, 2016 notified in respect of Fixation of Tariff Value of
Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Sliver.
MARKET WATCH:
SENSEX: 24455.04 -317.93 NIFTY: 7437 .80 -99.00
SILVER: 34028.00 390.00 GOLD (MCX): 26120.00 483.00
USD/INR: 67.61 0.31 CRUDE OIL: 1996.00 -117.00
CS Rajiv Bajaj
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Date: 18th
January, 2016

2. www.csrajivbajaj.com
BINNY BANSAL
Co-Founder - Flipkart
Binny Bansal is an Indian Software engineer and Internet
entrepreneur. In 2007 he co-founded the e-commerce
platform Flipkart with Sachin Bansal and was serving as the Chief
Operating Officer until 11th January, 2016 and was promoted to Chief
Executive Officer. Binny is from Chandigarh and graduated from
the Indian Institute of Technology Delhi with a degree in Computer
Science and Engineering.
Early life
Binny Bansal is originally from Chandigarh, the capital city of Punjab and Haryana. His business partner,
Sachin Bansal, is also from Chandigarh. Although they share the same last name, they are not related. They
both coincidentally, were students of computer science engineering at Indian Institute of Technology Delhi.
Binny currently resides in Bangalore. His father is a retired chief manager at a bank and mother is in the
government sector, has no sibling and is married to a homemaker.
Career
Before co-founding Flipkart, Binny was previously employed with Amazon for 9 months before that he was
rejected by Google twice. Binny Bansal and his business partner Sachin Bansal initially thought of starting a
comparison search engine, but realized that the market for E-commerce in India was very small. Hence, after
leaving Amazon in 2007, they founded Flipkart as an e-commerce company. Before joining Amazon, Binny
worked with Sarnoff Corporation for 1.5 years, where he developed a lane sensor device for cars which would
warn you and beep automatically if you change lanes without giving a signal.
Flipkart
Flipkart (Company) was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian
Institute of Technology, Delhi. They worked for Amazon.com, and left to create their new company
incorporated in October 2007 as Flipkart Online Services Pvt. Ltd.The first product they sold was the
book Leaving Microsoft To Change The World. Flipkart now employs more than 33,000 people. Flipkart allows
payment methods such as cash on delivery, credit or debit card transactions, net banking, e-gift voucher and
card swipe on delivery.
After failure of its 2014 Big Billion Sale, Flipkart recently completed the second edition of Big Billion Sale
held between October 13 and 17. where it is reported that they saw a business turnover of 300 million in gross
merchandise volume.
Awards and Recognition
In September 2015, Binny Bansal along with Sachin Bansal, was named the 86th richest person in India with a
net worth of $1.3 billion by Forbes India Rich List.