Newsletter dated 19th December, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The greatest discovery of all time is that a person can change
his future by merely changing his attitude."
Law Updates:
 Reference to TPO set aside as AO failed to deal with objections of
assessee before making reference.
 Delay in filing return to be condoned when assessee was involved
in Court cases and facing financial crisis.
 No tax on Government grant and its interest when society was
holding grant for utilization in Govt. Schemes.
 CCI denies to probe into case of developer as buyer didn't disclose
that he was also engaged in same trade: CAT New Delhi.
PROFESSIONALS INPUTS
 MCA vide Notification dated 15th
December 2016 has notified the
National Company Law Tribunal (Procedure for .reduction of share
capital of Company) Rules, 2016 effective from the date of
publication in official gazette of India.
 MCA vide Notification dated 14th
December 2016 has notified the
Companies (Compromises, Arrangements and Amalgamations)
Rules, 2016 effective from 15th
December 2016.
 CBDT vide Notification dated 16th
December 2016 has issued the
Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 and the
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan
Yojana Rules, 2016 effective form 17th
December 2016.
 RBI vide Notification No. RBI/2016-17/188 dated 16th
December
2016 has issued Operational Guidelines for Pradhan Mantri Garib
Kalyan Deposit Scheme (PMGKDS), 2016.
MARKET WATCH:
SENSEX: 26,489.56 -29.51 NIFTY: 8,139.45 -14.15
SILVER: 39,076.00 -653.00 GOLD (MCX): 27,305.00 -30.00
USD/INR: 67.85 -0.00 CRUDE OIL: 3,451.00 3.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 19th
December, 2016

2. www.csrajivbajaj.com
Vineet Nayar
Former CEO ,HCL Technologies, Founder Sampark Foundation
Vineet Nayar is an Indian business executive, author and philanthropist. He is the
former Chief Executive Officer of HCL Technologies (2007–13), Founder Chairman &
CEO of Sampark Foundation and author of critically acclaimed management book
"Employees First, Customers Second: Turning Conventional Management Upside
Down” (Harvard Business Press, June 2010). HCLT has been ranked by the Business
Week as one of the twenty most influential companies in the world. Nayar is an active
member of G100, a group of CEOs of some of the world's most significant companies.
Early Life & Career Profile
Born in 1962, Nayar received his bachelor's degree in engineering from Govind Ballabh Pant University of
Agriculture & Technology, Pantnagar. An alma mater of XLRI, Jamshedpur he received his MBA degree in
1985 and joined HCL as a Senior Management Trainee (SMT) from campus. In 1993 he created the start-up
company, Comnet where he developed and implemented many of the ideas which are core to his famous
Employees First, Customer Second (EFCS)‘ philosophy.Later HCL founder Shiv Nadar proposed Nayar to take
over the reins at the floundering infotech major but the latter refused. This was in 2004. A year later, Nayar
accepted the offer and emerged as the President of HCL Technologies. But it was a tough initiation: HCL lost
three valuable clients during Nayar's first week as president.Over the next 18 months, HCL transformed itself
from a company that had been written-off to an enterprise that delivered the fastest organic growth among
Indian IT companies. Such was the scenario that Nayar's change management initiative was closely watched by
management experts everywhere and even found space as a case study in a recent issue of Harvard Business
Review.In next five years he turned around the company. HCL‘s revenues grew from USD 700 million to about
USD 2.6 billion, and its international expansion accelerated. In year 2007, Nayar was designated as the
company's CEO and subsequently it‘s Vice Chairman in 2010. The rest is history. Today, HCLT is recognized
globally for its impressive business performance and innovative management practices.HCL, which sells IT-
related services such as systems integration, business process outsourcing, and software engineering and high-
tech R&D, is known for both its technical strengths and an uncommon focus on internal transparency and
employee engagement. Nayar‘s strategy has been reengineering his business four times in eight years to
showcase the unique value in its services. He proved to the market that their organic business model would
grow faster and could become the fastest growing company in the IT sector without an acquisition. Without
compromising the year-on-year growth, they successfully launched disruptive and innovative initiatives like
Employee First, 360-degree, Service + Thinking IT framework and so on. Thus, much of Nayar‘s attention is
focused on meeting the challenges of convergence. He says, ―HCL‘s revenue-sharing approach, and its
ongoing efforts to learn from customers and other outsiders as well as from employees, represents an ingrained
awareness that the most important insights can come from anywhere — if you know how to recognize and
absorb them.
Awards
His book Employees First, Customers Second: Turning Conventional Management Upside Down‘ which he
penned deals with how one small idea can ignite a revolution. In the book he defied the conventional notion that
companies must put customers first and turned the hierarchical pyramid upside down by making management
accountable to the employees, and not the other way around. By doing so, Nayar fired the imagination of both
employees and customers. Under his stewardship, HCLT has been named ‗Best Employer in India‘ by Hewitt
Associates, and BusinessWeek listed HCLT as ‗one of the five most influential up-and-coming companies in
the world‘. Fortune magazine has characterized HCL as having ‗the world‘s most modern management‘ and
IDC recognized it as having ―the most cohesive and articulate vision" in the IT services sector.Nayar has won
many global citations for developing the EFCS model including the first ever ‗Leader in Digital Age Award‘ by
CeBIT, the world‘s largest trade fair showcasing ICT and ‗HRD Excellence - Pathfinder CEO Award 2010‘ by
the National HRD Network.In order to keep himself updated with the latest technology trends Nayar has
embraced new media communication tools similar to today‘s youth. A regular on Twitter and You Tube he
blogs frequently on management and leadership. He is also one of the founding members of the Asia Gender
Parity Group and an active member of the Global Gender Parity Group at the World Economic Forum (WEF).