Newsletter dated 24th February, 2016

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Trust the process. Your time is coming. Just do the work and
the results will handle themselves.”
Law Updates:
 No officer should remain posted on sensitive posts for more than
three years to ensure probity among the Government servants:
CBEC.
 Shri. Modh. Fareed and Dr. Sonali G. Badhe appointed as Special
Public Prosecutors on behalf of ED under the Prevention of Money
Laundering Act.
 Purchaser of assets of liquidating company in an auction was not
liable to pay sales taxes dues of such company: High Court.
 If re-processing of returned 'defective goods' results in scrap, duty
would be payable at rate applicable to scrap: Mumbai - CESTAT.
 Routers and Switches being integral parts of computer entitled to
higher rate of depreciation at 60%: Mumbai – Tribunal.
PROFESSIONALS INPUTS:
 IRDA vide Notification No. IRDAI/Reg/2/114/2016 dated 17th
February, 2016 has notified the Insurance Regulatory and
Development Authority of India (Inspection and Fee for Supply of
Copies of Returns) Regulations, 2015.
 IRDA vide Notification No. G.S.R. 178(E) dated 17th
February,
2016 has notified the Insurance (Procedure for Holding Inquiry by
Adjudicating Officer) Rules, 2016.
 RBI vide Press Release: 2015-2016/1993 dated 23rd
February,
2016 announces extension of the SAARC Currency Swap
Arrangement till November 14, 2017.
MARKET WATCH:
SENSEX: 23175.38 -234.54 NIFTY: 7041.55 -67.00
SILVER: 37240.00 64.00 GOLD (MCX): 29407.00 105.00
USD/INR: 68.59 -0.02 CRUDE OIL: 2153.00 -47.00
CS Rajiv Bajaj
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Date: 24th
February, 2016

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Martin Winterkorn
Former Chairman of the Vorstand Volkswagen AG
Martin Winterkorn (born 24 May 1947) is the former chairman of the board of
directors (CEO, Vorstandsvorsitzender in German) of Volkswagen AG, the
parent company of the Volkswagen Group, and former chairman of the
supervisory board of Audi and Porsche Automobil Holding SE.
He succeeded Bernd Pischetsrieder as CEO of Volkswagen AG in 2007. Prior
to that, he had been the chairman of the board of management of the
Volkswagen Group subsidiary Audi AG.
Biography
Education
Winterkorn studied metallurgy and metal physics at the University of Stuttgart from 1966 to 1973. From 1973
to 1977 he was a PhD student at the Max-Planck-Institute for Metal Research and Metal Physics, where he
received his doctorate in 1977. He played football as a goalkeeper.
Career
Winterkorn embarked on his career in 1977, as a specialist assistant in the research division "Process
Engineering" at Robert Bosch GmbH.[6] From 1978 to 1981, he headed the refrigerant compressor
development group "Substances and Processes" at Robert Bosch and Bosch-Siemens-Hausgeräte GmbH.
In 1993 Winterkorn became head of Group Quality Assurance at Volkswagen AG, and was appointed General
Manager of Volkswagen AG with power of attorney in March 1994. He was additionally responsible for the
VW Group Product Management from June 1995. In January 1996, Winterkorn took over from Herbert
Schuster as Member of the Brand Board of Management for "Technical Development" for the Volkswagen
brand. From July 2000, he was Member of the VW Group Board of Management for Technical Development.
Winterkorn was instrumental in getting Volkswagen CEO Ferdinand Piëch to approve the production of the
New Beetle.
Winterkorn had been chairman of the board of management of Audi AG since 1 March 2002. He headed the
Audi brand group, including the brands SEAT and Lamborghini, which was formed on 1 January 2002.
Winterkorn also assumed responsibility for Technical Development at Audi AG with effect from 1 January
2003. In his capacity as CEO of the Board of Management of Audi AG, Winterkorn was also Member of the
Board of Management of Volkswagen AG. He succeeded Bernd Pischetsrieder as CEO of Volkswagen AG on 1
January 2007, and by 2014 he was the highest paid CEO of all companies listed on Germany's blue-chip DAX
stock market.
Since June 2003, Winterkorn has served as an honorary professor of the Budapest University of Technology
and Economics, in recognition of his service to the promotion of research at the establishment. He was featured
both in the 2007 and the 2008 Power List of American automotive magazine Motor Trend.
After he succeeded Mr. Pischetsrieder in 2007, Winterkorn embarked on the "Strategie 2018" with the goal to
bypass General Motors and Toyota by the year 2018, to become the world's largest automaker, "not just in units,
but in profitability, innovation, customer satisfaction, everything." Among Winterkorn's initiatives are the
platforms MQB and MLB which standardize the area between gas pedal and front wheels (including engines)
where 60% of the development costs occur, to reduce cost while increasing design flexibility for the rest of the
car.
In the VW Group, he was viewed as having attention to detail, being "product-focused" and "methodical and
precise", but also demanding.