Newsletter dated 28th February, 2015

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THOUGHT OF THE DAY
“The function of education is to teach one to think
intensively and to think critically…”
Law Updates:
 Vide Notification ref F.No.296/42/2013-CX.9 dated 25.02.2015 issued
by Central Board of Excise & Customs, it has been clarified that all the
offices of CBEC/field formations may remain open today on the day of
budget so that the changes made in the Budget and their impact on
revenue can quickly be examined and analysed by the field formations
so as to guide the trade properly and to bring to the notice of the Board
any difficulties/anomalies etc. noticed in the tax proposals.
 In Recommendations made by the Shome Committee/Tax
Administration Reforms Commission, it has been pitched for taxing
large farmers with incomes above Rs. 50 lakh a year to broaden the tax
payer base and help mobilize additional revenue. Currently, the
recommendations of the TARC are under examination.
 Market regulator SEBI on Friday cancelled the portfolio management
licence of Sahara Asset Management (AMC). Under this business,
Sahara AMC managed nearly Rs 77 lakh worth of funds for six clients as
of January 2015, according to the SEBI order.
PROFESSIONALS INPUTS:
 Form GNL-4 is available for filing w.e.f. 28th Feb 2015 and version of
Form CRA-2 is modified w.e.f 28th Feb 2015. Stakeholders are
requested to plan accordingly.
 Vide Circular No. 27 of 2014-15 ref No.F.7(480)/Policy/VAT/2014/807-
816 dated 27/02/2015 DVAT has issued Special drive for disposal of
objections relating to mismatch of Annexure 2A/2B cases for the A.Y
2012-13.
 Vide Circular No. 995/2/2015-CX dated 27th Feb., 2015 issued by
Central Board of Excise and Customs whereby CBEC has issued Central
Excise and Service Tax Audit norms to be followed by the Audit
Commissionerates.
 SEBI releases FAQs for Investment Advisers under SEBI (Investment
Advisers) Regulations, 2013.
MARKET WATCH:
SENSEX: 29473.91 253.79 NIFTY:8903.65 59.05
SILVER:36433.00 -195.00 GOLD (MCX): 26212.00 -4.00
USD/INR: 61.84 0.08 CRUDE OIL: 3026.00 -29.00
CS Rajiv Bajaj
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Date: 28thFebruary, 2015

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Cyrus Pallonji Mistry,
Chairman, Tata Group.
“If you are not willing to risk the unusual, you will have to settle for
ordinary.”
The future of the Indian industrial development has now fallen on the second and
third generations who are far more fortunate than their predecessors. This new
generation of industrials must have had everything easy to achieve but at the same time it must be said that the
competitive they face was not even born in the generation of their predecessors.
Fighting against the mightiest of the mighty not in terms of strength but more in terms of skills, capabilities and
competency, this new generation of industrials have had to prove themselves to reach where they are. One
perfect example is that of Cyrus Pallonji Mistry who has reached the top of one of the biggest conglomerates in
India is that Tata group. He is now the Chairman of the company and has been personally anointed to this
position by the head himself, Mr Ratan Tata.
Early Life & Career:
Cyrus Pallonji Mistry, took over the reins of the $100 billion Tata Sons on December 28, 2012. Cyrus Mistry, the
younger son of construction tycoon Pallonji Mistry and MD of Shapoorji Pallonji group, replaced Ratan Tata,
who stepped down after turning 75. Mistry had joined the Tata group in 2006 as a director and has held non-
executive positions on boards of several other Tata companies earlier.This is the second time in the company's
143-year old history that a non-Tata will head the group - Sir Nowroji Saklatwala had led the group between
1932 and 1938.With a highly sound and stable educational background, Cyrus Mistry has been able to conquer
many challenges that faced him as a young man who joined the family business of engineering and became its
Chairman in three years. His years of educational feats have been further strengthened by his passion for books
and golf which takes up most of his free time. Basically a media shy person, he is never a frontrunner for
limelight and his work and deeds speak up for him. "He is intelligent and qualified to take on the responsibility
being offered and I will be committed to working with him over the next year to give him the exposure, the
involvement and the operating experience to equip him to undertake the full responsibility of the group on my
retirement," Ratan Tata had said about Misty’s appointment.
Before his appointment as chairman designate of Tata Sons, Mistry was the managing director of construction
giant Shapoorji Pallonji Group, the family’s construction flagship since 1994, a responsibility he’s shared with
his older brother Shapoor. Mistry, a UK-trained civil engineer and London Business School grad, is also credited
with taking Shapoorji Pallonji Group in to new heights, which now has over 23,000 employees and strong
presence in India, besides Middle East and Africa. The Mistry family holds a valuable 18 per cent stake in Tata
Sons and Cyrus’s father Pallonji Mistry was board member for a long time.
Achievements so far…
Mr Mistry graduated with a degree in civil engineering from Imperial College London, UK, in 1990. In 1997, he
received an MSc in management from the London Business School. He is a recipient of the ‘Alumni
Achievement Award’ from the London Business School, and is a fellow of the Institution of Civil Engineers,
London. Mr Mistry serves as the co-chair of the India-US CEO Forum. He is also a member of the Presidential
CEO Advisory Board of the Massachusetts Institute of Technology.
Motivational Source:
People like Cyrus Pallonji Mistry are rare, especially in the world of today where one has to be terribly forceful
and flamboyant; this cool and composed person is one of their kinds. It speaks a lot for the position he has
achieved and that has been achieved without any loud noise, exhilaration and forcefulness. Probably, the world
today needs people like him who must be able to hold on to their emotions in the most composed manner and to
bring about changes that are likely to better humanity and the environments around the world.