Newsletter dated 28th October, 2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Every accomplishment starts with the decision to try…”
Law Updates:
 Six expert panels to review Companies Act 2013. The government is
setting the ground for another overhaul of the Companies Act 2013 to
make it easier for corporates to do business in the country.
 Department of Revenue has constituted a “Committee on ITR Forms”
to review the existing ITR Forms and suggest modifications to/
alternatives for the same with a view to simplify these forms for the
benefit /convenience of the taxpayers. Direct Taxes Committee of ICAI
invites views/suggestions by 5th November, 2015.
 The Reserve Bank of India (RBI), having notified the gold monetization
scheme, may also notify sovereign gold bond schemes, as per reports.
Three schemes in effect would be launched including gold bonds, gold
monetisation and gold coins. The sovereign gold bond schemes may
come into effect before Diwali this year reports added.
PROFESSIONALS INPUTS:
 MCA notified that Versions of forms AOC-4 (XBRL and Non-XBRL)
and MGT-7 are likely to be modified w.e.f 29th Oct 2015.
 Vide DGFT Notification No. 25/2015-2020 dated 26 October, 2015
notified that import policy of the item „Human Embryo‟ classified under
EXIM Code 05119999 has been changed from “free” subject to a „No
Objection Certificate‟ from Indian Council of Medical Research (ICMR)
to „Prohibited‟ except for research purposes based on the guidelines of
the Department of Health Research.
 Vide DGFT PUBLIC NOTICE No. 42/2015 -20 dated 26 October, 2015
notified that period of services export rendered between 1-4-2015 to 30-
09-2015 as per the list comprising rates and conditions for rewards
under SEIS notified vide Public Notice No. 3/2015-20 dated 1st April,
2015 is extended upto 31.03.2016.
 Vide CBDT Press Release dated 27 October, 2015 notified that under
„Digital India‟ initiative of the Government of India, Finance Minister
has launched the “e-Sahyog” pilot project of the Income – tax
Department.
MARKET WATCH:
SENSEX: 27097.57 -155.87 NIFTY: 8191.10 -41.80
SILVER: 37113.00 49.00 GOLD (MCX): 26995.00 70.00
USD/INR: 65.04 -1.4 CRUDE OIL: 2836.00 18.00
CS Rajiv Bajaj
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Date: 28th October, 2015

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Ajit Balakrishnan
Chairman & CEO of Rediff.com
Chairman and CEO of Rediff.com Ajit Balakrishnan founded Internet
company rediff.com back in 1995. Before that he was running an ad agency
Redefussion which itself was a success. He invested 2 crore Rs. in rediff,
which he earned from redefussion and did not made salary from rediff for 3
years. Later in 2001 Rediff was listed on NASDAQ and Balakrishnan is now
known as one of the most creative Entrepreneur of this age.
Education
Ajit Balakrishnan is an Indian entrepreneur, business executive and administrator. His origin is from
Kerala and currently resides in Mumbai, India. He is the founder and current Chairman and Chief
Executive Officer of Rediff.com, an internet company based in Mumbai. Balakrishnan is also the current
Chairman of the Board of Governors of Indian Institute of Management Calcutta (IIM Calcutta).
Balakrishnan holds a Bachelor of Arts from the University of Kerala and a Post Graduate Diploma in
Management (MBA) from IIM Calcutta (1971).
Career
Balakrishnan's first business was Rediffusion, now known as Rediffusion DY&R (Dentsu Young &
Rubicam), which he co-founded when he was 22. In 1995, he founded Rediff.com, which became a highly
successful internet site, and was listed on NASDAQ in 2001. Though people find it hard to believe, my goal
in 1995 wasn't really to make money. Even today it isn't. It is more intellectual curiosity. I wanted to know
where this new technology (the Internet) was going. In 1995, the answer may well have been nowhere.
Back then, it was not clear that the Internet was a media. But my instinct told me that it would be. The
inspiration to start Rediff came from a business course I took at Harvard Business School in 1989-90. We
were asked to study Compuserve, an information services company before the era of the Internet. It used a
proprietary networking protocol and one had to use a command-line interface to log on to a time-sharing
computer. It had news, chat and practically everything the Internet is known for- says Ajit Balakrishnan
Writing
He writes a column in Business Standard and has written a book published by Macmillan Publishers called
The Wave Rider. He has co-authored a research paper, Generic Framework for a Recommendation System
using Collective Intelligence, with Alkesh Patel which was presented at the International Conference on
Internet Technology and Secured Transactions, 2009.
Public service
Balakrishnan is the Chairman of the Board of Governors of IIM Calcutta. He was named as the Chairman
Emeritus of the Internet and Mobile Association of India (IAMAI). He has served as the Chairman of the
Govt of India, Ministry of Information Technology Working Group on Internet Governance and
Proliferation. He chaired a Committee appointed by India's Ministry of Human Resource Development on
'Research and Faculty Enhancement at the 7 IIMs'. He is currently a member of the Central Advisory
Board of Education of the Government of India.