Newsletter dated 22nd December, 2015

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“No matter how you feel, get up, dress up, show up and
never give up.”
Law Updates:
 The Reserve Bank of India (RBI) has cancelled the certificate of
registration of three non-banking financial companies (NBFCs) in
exercise of the powers conferred on it under Section 45-IA (6) of
the Reserve Bank of India Act, 1934.
 SEBI seeks public comments/views on additional disclosure norms
for retail/public issuance of Additional Tier 1 (AT1) instruments
issued by banks. Comments may be emailed on or before 05th
January, 2016 to at1@sebi.gov.in.
 Government has introduced the Insolvency and Bankruptcy Bill in
the Lok Sabha.
 RBI permits FIIs, FPIs and NRs to purchase security receipts of
Securitization Companies.
PROFESSIONALS INPUTS:
 ICSI has established a Help/ Conciliation Desk for members in
employment. Members may write the detail of their grievances at
kmp@icsi.edu or call at 011-45341038.
 MCA vide Notification dated 14th
December, 2015 notified the
Companies (Meetings of Board and its Powers) Second Amendment
Rules, 2015.
 CBEC vide Notification No. 27/2015-Service Tax dated 18th
December, 2015 has Extended the date of Service Tax payment for
the assessees in the Union Territory of Puducherry (except Yanam
and Mahe) for the month of November, 2015 to 20.12.2015.
MARKET WATCH:
SENSEX: 25688.12 -47.78 NIFTY: 7815.65 -18.80
SILVER: 34338.00 405.00 GOLD (MCX): 25391.00 309.00
USD/INR: 66.27 -0.04 CRUDE OIL: 2390.00 -12.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
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Date: 22nd
December, 2015

2. www.csrajivbajaj.com
Naresh Goyal
Chairman of Jet Airways
Naresh Goyal (born 29 July 1950) is an Indian businessman and founder
Chairman of Jet Airways. He started operating Jet Airways in 1993.
Following the 2005 IPO of Jet Airways, Forbes magazine declared him the
sixteenth richest person in India with a net worth of $1.9 billion.
Early Life:
Naresh Goyal was born in Sangrur - Punjab, northern India in 1949 in the
house of a jewellery dealer situated at Nabha Gate.He studied up to sixth
standard at Govt. Raj High School for Boys. When he was eleven years old, his family went through an
economic crisis and his house was auctioned. He then lived with his mother's uncle. When he was eighteen he
took a teaching degree. He started the career as cashier. He worked for his maternal uncle Seth Charan Das Ram
Lal's who was operating a travel agency then.
Carrier
After his graduation he joined the travel business with the General Sales Agents for Lebanese International
Airlines where he underwent rigorous and extensive practical training with several foreign airlines. During this
period he travelled overseas extensively for business.
Gifted with sky-high optimism, Goyal launched his first airline, Jet airways at a time when Air India and Indian
Airlines were the only domestic carriers. Jet Airways has been a soaring success since its first flight in 1993 and
has redefined the way people fly.
The airline has been acclaimed by frequent travellers as the most preferred carrier offering the highest quality of
comfort, service, standards and reliability. It currently operates more than 355 daily flights and has a network
connection of 55 domestic and international destinations.
It has opened a new chapter of rapid international expansion plan by commencing its operations to North
America. Using Brussels as its hub, Jet Airways will increase its international operations exponentially to other
North American destinations. It also plans to spread its wings to other destinations in Europe, Africa and Asia in
the near future.
With his superb knack of expertise and technical skills, Goyal later founded Jetair (Private) Limited in 1974,
with the objective of providing Sales and Marketing representation to foreign airlines in India. He was involved
in the development of traffic patterns, route structures, operational economics and flight scheduling, all of
which has made him a name to reckon in the world of aviation and travel.
He later ventured into an agreement with his prominent rival Vijay Mallya's Kingfisher Airlines after the airline
industry went through a rough patch in the second half of 2008. The collaboration would rationalize the
operation of routes, sharing of codes, prices and availability, fuel management and ground handling. He took
over Air Sahara giving his company 32% of the Indian travel market.
Jet airways has now decided to up its ante by refurbishing its existing domestic Boeing 737 fleet to reflect
progressive customer needs. The utmost importance given to cabin crew training and grooming has helped the
airline create a unique reputation for world-class service.
Goyal’s tenure in the world of aviation won him many awards and accolades. Forbes magazine declared him the
16th richest person in India with a net worth of USD 1.9 billion. He was conferred the first NDTV Profit
Business Award by Prime Minister Manmohan Singh in 2006. Business Week selected Goyal as one of the five
leaders from India in their Asia Edition cover story "Stars of Asia - 25 Leaders at The Forefront of Change."