Newsletter dated 8th June,2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Democracy is eternal and human. It dignifies the human
being, it respects humanity.…”
Law Updates:
 CBDT has asked its field officials to obtain details of bank accounts,
debtors, and property during assessment itself to prevent any tax
demand from becoming uncollectible due to inadequacy of assets. The
tax officials have also been asked to give due attention to writing off the
arrears by identifying tax demand that can’t be collected.
 The Reuben brothers - David and Simon - listed as the 80th-richest in
the Forbes billionaire list, have come to the rescue of the Sahara group.
They will refinance the $900-million (around Rs 5,500-crore) loan
taken from Bank of China, whose covenants the conglomerate, led by its
jailed chief Subrata Roy, had failed to meet last year. Reuben Brothers
takes over the debt and allows the Sahara group to renegotiate with
potential buyers or financiers to raise funds required to pay its dues to
SEBI.
PROFESSIONALS INPUTS
 In a raft of changes to make it easier for businesses to operate in the
country, the government has relaxed norms for private companies
including those pertaining to related party transactions, acceptance of
deposits and auditor appointments. Section 188 of the Act -- that is
about related party transactions -- would not be applicable on private
companies. With regard to rules for acceptance of deposits, the Ministry
has said it would not be applicable on a private entity which "accepts
from its members monies not exceeding one hundred per cent of
aggregate of the paid up share capital and free reserves". However, such
companies should file the details of amount accepted to the Registrar.
Other norms, including those related to requirements for appointment
of auditors, giving loans to directors, providing loans for purchase of a
private company's shares, standing for directorship and issue of share
capital, have been eased.
 With respect to government companies, the Ministry has made about
30 changes related to various requirements. These pertain to board
evaluation, appointment of directors and conduct of annual general
meetings (AGMs), among others. Unlisted Government Companies and
Government Companies engaged in defense production exempted from
purview of Loan/Investment norms.
 MCA has made changes for not-for-profit and Nidhi companies-those
which have been set up with the aim of cultivating thrift and savings
habit amongst its members. Now Companies with charitable object to
hold only one Board Meeting after every six calendar months.
MARKET WATCH:
SENSEX: 26664.36 -104.13 NIFTY:8074.50 -40.20
SILVER:37010.00 -162.00 GOLD (MCX): 26775.00 54.00
USD/INR: 64.13 0.37 CRUDE OIL:3768.00 26.00
CS Rajiv Bajaj
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Date: 8thJune, 2015

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Mr. Ajaypal Singh Banga,
CEO and President, MasterCard
We fully support an open commerce ecosystem which will
drive the scale necessary for widespread adoption of
mobile payments, providing consumers with exciting new
possibilities for shopping and saving.
An entirely India-educated financial analyst, Mr. Ajaypal Singh
Banga, known as Ajay Banga is the current president and CEO
ofMasterCard Inc, the ubiquitous financial company. He succeeded
Robert W. Selander in July, 2010, who had been MasterCard’s chief executive officer since March 1997.
EARLY LIFE:
Banga was born in 1961 in a Sikh family in Khadki outside Pune, Maharashtra but originally belonged from
Jalandhar in Punjab. His father Harbhajan Singh Banga was Lt.General (retd.) in the Indian army. Due to army
background Banga was constantly on move and therefore grew up and schooled across India- Secunderabad,
Jalandhar, Delhi, Hyderabad and Shimla, where he finished his schooling.
Unlike his father Banga did not opt for a career in Army career and instead went on to graduate from St.
Stephen's College, Delhi University with a BA degree in Economics. He is an alumnus of the Indian Institute of
Management, Ahmedabad.
CAREER PROFILE:
Banga started his career at Nestle India as a management trainee in 1981 and spent the next 13 years of his
career holding a variety of assignments spanning sales, marketing and general management. He later joined
PepsiCo's Restaurants Division, where he was instrumental in the launch of Pizza Hut and KFC in India due to
liberalization of economy.
He joined Citigroup in 1996 as the head of marketing in India for the consumer business and served in a variety
of positions of increasing responsibility. These included chairman and chief executive officer of the
International Global Consumer Group; president of Retail Banking North America; business head for
CitiFinancial and the U.S. Consumer Assets Division; and, division executive for the consumer bank in
Central/Eastern Europe, Middle East, Africa, and India.In 2000, Banga was promoted to head CitiFinancial and
the U.S. consumer assets division. In 2002 he took over the retail bank in North America – his first stint in the
U.S. -- and in 2005 he was named to head Citigroup's international consumer-banking and finance businesses.
He moved to Hong Kong in early 2008 after being named to oversee all of the bank's businesses in Asia,
including credit cards and consumer banking, institutional banking, wealth management and alternative
investments, before returning to the US in 2009 to join MasterCard.
On joining MasterCard worldwide, Banga's task was clear i.e. to chase down leader Visa at a time both networks
are said to be benefiting from consumers' increased shift to plastic.He worked with one of his best clients to find
a way to get more youth to use debit cards. As a result he redesigned the debit card product with its package of
features, connecting it to music, and created a whole new marketing approach with the Commonwealth Bank of
Australia.The results were dramatic. Regarding high-tech innovation one area of development was that could
transform driving e-commerce, mobile and transit fares. The other was a group in MasterCard Labs of basically
young, trendy, inventive people developing new ideas, and trying to embed them to their clients. It's a way to
build, for banks and merchants, new innovative ways to pay for goods and services -- such as being able to read
a bar code from your phone and convert that to a purchase.
AWARDS AND ACCOLADES AND CSR
He is a member of the Council on Foreign Relations and The Economic Club of New York, as well as a fellow of
the Foreign Policy Association.He was also awarded the Foreign Policy Association Medal in the year 2012 by
the Foreign Policy Association. He is also a member of The Financial Services Roundtable and member of the
Business Roundtable, where he chairs the Information and Technology Initiative.Ajay Banga, in the year 2005
was named the Chairman and Chief Executive Officer of Citi's Global Consumer Group International.He was
appointed as the Business Head, CitiFinancial and U.S. Consumer Assets, Citi Group in the year 2000.
Within the last five years, Mr. Banga has also served on the boards of trustees of Enterprise Community
Partners, Inc., the National Urban League and the New York Hall of Science, and was a director of the
Councilfor Economic Education. Mr. Banga has a keen interest in social development issues and was named by
‘The Economic Times of India’ as the fourth "Most Powerful Indian" in the world.