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THOUGHT OF THE DAY

THOUGHT OF THE DAY

"Success is knowing your purpose in life, growing to reach your maximum potential, and sowing seeds that benefit others…"

Law Updates:

The Reserve Bank of India has opened its sub-office in Imphal on October 17, 2015. The Imphal Office of the Reserve Bank will have Financial Inclusion and Development Department, Consumer Education and Protections Cell and Market Intelligence Unit. With opening of Imphal office, the Reserve Bank will now have offices in five of the seven states in the North East.(Press Release : 2015-2016/937)

States are now sharing their best practices and ideas in order to lift India's ranking on the global ease-of-doing business index. Based on discussions with the states, the Department of Industrial Policy and Promotion has drawn up a list of best practices for all states to emulate.

Forex scam: Banks face SEBI scrutiny for disclosure lapses. State-run Bank of Baroda and Oriental Bank of Commerce are among those facing the scrutiny, while stock exchanges have also sought clarifications from top private sector lenders - HDFC Bank and Axis Bank.

Lanco Infratech had won a case in the Supreme Court for its subsidiary company Lanco Kondapalli Power Limited (LKPL). Company is entitled for the reimbursement of Income-tax of about Rs 175 crore.

PROFESSIONALS INPUTS:

New LLP eForms versions have been uploaded on MCA21 Portal.

Versions of Forms 2A LLP , 4A LLP are modified w.e.f 19th Oct 2015.

Form 14 LLP have been withdrawn.

Vide Notification No. 50/2015-Customs dated 16 October, 2015 seeks to

reduce the export duty on export of Iron Ore by MMTC Limited (only

NMDC origin) to Japan and South Korea under the Long Term

Agreement (LTA), from 30% to 10% , upto and inclusive of 31.03.2018.

Vide Notification No. 100/2015-CUSTOMS (N.T.) dated 15 October,

2015 notified tariff value US $ (Per Metric Tonne) in respect of fixation

of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver.

MARKET WATCH:

SENSEX: 27278.12 63.52 NIFTY: 8247.65 9.50

SILVER: 37395.00 -118.00 GOLD (MCX): 26971.00 -179.00

USD/INR: 64.8 -0.03 CRUDE OIL: 3109.00 64.00

CS Rajiv Bajaj

9811453353

Bajajr66@gmail.com

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 19th October, 2015

www.csrajivbajaj.com

Anand G Naik

MD & CEO Boredbees Tech Solutions India (P) Ltd

Nothing, no power can stop an idea whose time has come. Mr. Anand G Naik is one of the most sought-after entrepreneurs in the north Karnataka region today. Not the one to settle down too easily, Anand embarked on a new journey where he drove 10,000 km across 25 cities to inspire more than 30,000 students to experiment with entrepreneurship while they were still young. He was recently conferred the “Young Entrepreneur “award, at the hands of Sri Ratan Tata.

Early life

Hailing from Hubli in Karnataka, Anand was in Kota preparing for his IIT entrance examinations. He was the quintessential bright kid, expected to study in the most elite of schools, become an engineer and lead what is generally perceived as the „good, happy life‟. But he did exactly what was not expected of him. He dropped out of college and went on to do something „even worse‟. He returned back to his hometown and started his own venture at the age of 18.

Starting up as a teenager

“I missed studying in one of India‟s best engineering schools by a few marks. Although a lot of other great options stared at me, I listened to my inner voice and went back home,” Anand says. Amidst bewildered parents and disgraceful comments from those around him, Anand started BoredBees Tech Solutions in the commercial hub of Hubli in Karnataka. “Getting people to believe in what I was doing was the biggest obstacle when I first started operations. I also had no technological background,” he adds. So, what made him start up in the tech space in a city like Hubli? “I discovered the lack of players in the market that point in time. BoredBees was also one of the first tech starups in the entire region,” Anand says. He then asked his seniors from school who were working with reputed software firms to join his team and they did. Having experienced engineers onboard who believed in his idea was rather flattering for Anand but he also had to now take on the daunting task of retaining them. “I started teaching at ICAI and other institutions to cover the costs of retaining them. I got into contracts with educational institutions to depart IT training in order to generate revenue,” he says. Boredbees initially started outsourcing for manufacturing concerns to stay afloat and gradually moved on to become a full-fledged ERP solutions company for the thriving manufacturing sector in the region. In addition to this, the company has a portfolio of 150 mobile apps which have had more than threelakh downloads.

A journey to inspire Despite tasting success and Boredbees now being an established name in the region, Anand is not taking things easy. He wants to share his experiences with students, particularly teenagers, and encourage them to startup young. He has driven the length and breadth of the country and visited various colleges to interact with aspiring entrepreneurs as a part of a journey which he named „Eighteen but not teen.“The amount of criticism I received after I started up was immense. I remember how what I was doing was termed dangerous. I want to make sure that my experiences help youngsters to dream big and prepare themselves to embrace failure, very early in life,”

he explains. On a regular Monday afternoon in the year 2013, just two years after he had started Boredbess, Anand received a phone call. Assuming it to be a client call, he explained the services Boredbees offers and silently hoped he had convinced the client enough as he hung up. Little did he know that this conversation would change his life and subsequently, his fortune. Before he knew it, Anand received another phone call, informing he had won „The Best Young Entrepreneur Award‟ and that he would receive it fromRatan Tata. “This changed my life. Awards and accolades are important primarily because of the recognition and acceptance you get after receiving them,” he says.