Newsletter dated 30th march 2017

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Human beings, by changing the inner attitudes of their
minds, can change the outer aspects of their lives.”
Law Updates:
• Share premium isn’t part of capital employed for computing Sec.
35D deduction of preliminary expenses: Supreme Court.
• Company engaged in business of geospatial services, specializing in
land based technologies and showing abnormally high profits was
incomparable to assessee engaged in business of manufacture of
turbo chargers and providing ITES: Pune Tribunal.
• NSE would lien money deposited by company-in-liquidation to
become trading member: Delhi High Court.
• Chemist and Druggists association abused dominance by mandating
NOC for appointment of stockiest: CCI.
• Voluntary TP adjustment made by assessee was required to be
considered while determining ALP: Tribunal Delhi.
PROFESSIONALS INPUTS:
• SEBI vide Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/27 dated
27th
March 2017 has decided to extend the time to submit the plan
of action by Exclusively listed companies of De-recognized/Non-
operational/Exited Stock Exchanges placed on the Dissemination
Board till June 30, 2017.
• CBEC vide Notification No. 10/2017-Customs dated 28th
March
2017 has made Amendment to Notification No.12/2012-Customs,
dated the 17th March, 2012, so as to impose basic customs duty of
10% on wheat and Tur, with immediate effect.
MARKET WATCH:
SENSEX: 29531.43 121.91 NIFTY: 9143.80 43.00
SILVER: 41840.00 88.00 GOLD (MCX): 28733.00 -101.00
USD/INR: 64.89 0.00 CRUDE OIL: 3107.00 -33.00
CS Rajiv Bajaj
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Date: 30th
March, 2017

2. www.csrajivbajaj.com
Narendra Bansal
Chairman & M.D. of Intex Technologies
Narendra Bansal (born 1963), is an Indian entrepreneur, philanthropist and
the Chairman & Managing Director of Intex Technologies, an Indian
consumer durables company. He has recently diversified into the sports
management arena and has acquired the Rajkot IPL team
Early life and Education
Narendra Bansal was born in 1963 in Rajasthan. His father was a businessman and mother a
homemaker. He attended the primary school in his village and after a few years, his family moved to
Nepal where he finished his secondary education from Vishwaniketan High School.
In 1980, the family moved back to Delhi where he finished his graduation in commerce from
University of Delhi. Narendra Bansal had an entrepreneurial streak from the very beginning and
wanted to establish his own business. In 1980s, the music industry was at an inflection point and audio
cassettes were gaining a lot of popularity with music enthusiasts. Narendra Bansal started his business
venture by trading in these Compact Cassettes. He bought them from various manufacturers and sold
them to the retailers in Lajpat Rai Market and Palika Bazaar in Delhi. He was successful in
establishing a thriving business and continued the same business model with new products including
video cassettes and video cassette recorders (VCRs), which continued till 1987. He always had a
technology orientation and with the arrival of floppy disks in 1987, he sensed a great business
opportunity in a new and upcoming field. With the same business model of distribution and trading, he
expanded the business portfolio from floppy disks to hard drives and RAMs.
Entrepreneurial ventures
A first generation entrepreneur, Narendra Bansal started his first business in September 1994,
International Impex with a capital of Rs.20,000. The company dealt in import of floppy disks, ethernet
cards and other accessories. The company gradually expanded in assembling, sales and after services
of computers.
In 2000, he brought in manufacturing of Multimedia Speakers and expanded the company’s operations
in Chennai as well.
Awards
➢ 2012, Lifetime Achievement Award by Cell IT Magazine for his contribution towards
furthering the IT industry in India.
➢ 2013, Lifetime Achievement Award by Digital Terminal magazine.
➢ 2016, Udyog Rattan Award - 2016 by Institute of Economic Studies (IES)
➢ 2016, Distinguished Entrepreneurship Award by The PHD Chamber of Commerce
➢ 2016, Outstanding Contribution to Mobile Industry by CEAMA