Newsletter CS Rajiv Bajaj 16th September, 2014

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THOUGHT OF THE DAY
“Your Destiny is Not What you Get But What you Make Out of What you Have!”
Law Updates:
 SEBI issues Circular CIR/CFD/POLICY CELL/7/2014 Corporate Governance in listed entities - Amendments to Clause 49 of the Equity Listing Agreement.
 SEBI issues Circular CIR/MRD/DRMNP/27/2014-Position Limits for Mutual Funds in 10-year Interest Rate Futures (IRF)
 The capital market regulator Securities and Exchange Board of India (SEBI) has relaxed the corporate governance norms for listed companies by making amendments in various provisions, including extending the deadline for appointment of at least one woman director to April 1, 2015 and also exempting smaller companies from the mandatory compliance to the new code for the time being.
 SEBI has exempted listed companies with equity share capital of up to Rs 10 crore and net worth not exceeding of Rs 25 crore and those also listed on SME platforms of the stock exchanges from the mandatory compliance of corporate governance code “for the time being”.
 Ministry of Corporate Affairs vide Notification amend Companies (Corporate Social Responsibility Policy) Amendment Rules,2014
PROFESSIONALS INPUTS:
 Chartered accountants (CAs) went into a tizzy on Monday with the Delhi High Court adjourning the writ petition which challenged the Central Board of Direct Taxes (CBDT) directive extending deadline for furnishing tax audit report (TAR) till Thursday.
 SBI begins to close several Society savings bank accounts-Several trusts and societies have confirmed that they have received notices from the bank to close their savings accounts, but not all of them are perhaps ineligible to maintain one.SBI told these entities to open current accounts instead.
MARKET WATCH:
SENSEX: 26761.5255.04 NIFTY: 8026.4015.60
SILVER:41567.00 0.42 GOLD (MCX): 27044.0045.00
USD/INR: 61.08 .07 CRUDE OIL: 5674.000.12
CS Rajiv Bajaj
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Date: 16th September 2014

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Rahul Bhatia
At its simplest, IndiGo is a story of how two extremely low-profile men, sitting 7,000 miles apart, are building an airline with a cost structure and profit margins that few have achieved. The two, Rahul Bhatia and Rakesh Gangwal, own 50% each of InterGlobe Aviation, the company that runs IndiGo. As managing director of InterGlobe Enterprises, a $2 billion (revenue) group, with subsidiaries in the hotel, airline and travel technology business, Bhatia is the one in charge of operations. He has used almost two decades of experience of the travel business as well as, some say, his contacts in the government, to set up and run IndiGo.
Bhatia explains his basic philosophy on costs as “thinking before spending a single dollar, ‘Do I need to spend it? Can I get away without it?’.
One visible difference between IndiGo and other airlines including Spice- Jet, which operates in the same space, is the very low marketing and advertising spend. Bhatia is a firm believer in the word of mouth and IndiGo has a much lower visibility than other airlines. “How many passengers come in after seeing a hoarding? It is not about putting your name on the tail,” he says. The airline did start a campaign earlier this year after a spat with SpiceJet on on-time performance claims.
Headquartered in Gurgaon, InterGlobe has grown from a single enterprise to a formidable travel corporation and has a network of 52 offices across 23 cities in India and abroad and has a significant presence in the fields of aviation management, travel-related services, travel technology, travel distribution services and hotel development and management services.