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Ajay Banga, Chanda Kochhar among Fortune 2012 businesspersons

MasterCard's Banga ranks eighth in the list while ICICI Bank chief Kochhar comes in at the 18th position, one notch ahead of billionaire philanthropist Warren Buffet on the Fortune list of 50 global leaders

New York: MasterCard's India-born CEO Ajay Banga and ICICI Bank chief Chanda Kochhar have been named by Fortune magazine among the '2012 Businesspersons of the Year', an annual ranking of 50 global leaders who are "the best in business", reports PTI.


The list has been topped by Amazon founder and CEO Jeff Bezos with Apple CEO Tim Cook coming in at the second place.


Another Indian giving Banga and Kochhar company in the list of 50 global business leaders is Deepak Narula, founder and managing partner of hedge fund firm Metacapital Management.


Banga, 52, ranks eighth in the list while Kochhar comes in at the 18th position, one notch ahead of billionaire philanthropist Warren Buffet. Narula ranks 36th.


Fortune said investors have so far been impressed with Banga's performance at the helm of MasterCard.


"Since Banga took the helm two years ago, MasterCard's stock has more than doubled, outperforming archrival Visa," it said, adding that the former Citigroup executive wants MasterCard to be a leader in the mobile payments revolution.


Banga's other big bet includes prepaid cards in emerging markets such as Mexico, South Africa and Brazil, a major reason why MasterCard now generates 60 per cent of its revenues outside the US.


On Kochhar, 51, Fortune said a bullish outlook through the recession helped her direct India's second largest bank, which has assets of $93 billion, to a "standout performance".


"Next up for the ICICI lifer: More global clients," the publication added.


On Narula, Fortune said the former Lehman trader's $1.5 billion mortgage-focused hedge fund has "left others in the industry in the dust this year, posting 37% returns through October".


"Metacapital has outpaced other funds for years by taking positions with near perfect foresight of policy change and movement in the housing market".


In compiling this year's businessperson of the year list, Fortune took stock of financial results, stock performance and market value of the company.


It also considered metrics such as strategic savvy, ability to steer a very large organisation, risk taking and cultural significance.


"It was a year of comebacks and cool performances for the executives on Fortune's annual Businessperson of the Year ranking," the publication said.


Bezos, who topped the list, had another stellar year, with revenue up 31% in the past year.


"It is his penchant for taking risks and disrupting industries that earned him the top spot on our list," Fortune said.


Bezos's philosophy of giving priority to long-term gains over short-term profitability is yielding palpable results for the tech giant he built from scratch.


Analysts estimate Amazon Web Services, a cloud-based computing platform used by hundreds of thousands of businesses around the world, could generate as much as $1.5 billion.


"Amazon's Kindle Fire line helped popularise the seven- inch tablet form such that Apple finally released a version of its own," Fortune added.


On Cook, Fortune said despite a shuffling of executive management, the first full-year as CEO for Steve Jobs's successor was "chock-full of milestones".


Apple's stock soared to an all-time high of $705 per share and its latest iPhone sold more than five million units during its first weekend on sale, creating a company record.


Among the other business honchos on the list are Google co-founder and CEO Larry Page at rank 6, Exxon Mobil Chairman and CEO Rex Tillerson (9), Oracle co-founder and CEO Larry Ellison (14), Wal-Mart CEO Michael Duke (17), IBM Chairman and CEO Ginni Rometty (22), Starbucks founder and CEO Howard Schultz (23) and Twitter co-founder and executive chairman Jack Dorsey (48).


Revenue department to chalk out plan to recover Rs200 crore from Kingfisher

Both CBDT and CBEC have quantified the amount which Kingfisher owe to the government and are making out comprehensive plan to recover tax dues of over Rs200 crore

New Delhi: The Revenue Department in India is working on a comprehensive plan to recover tax dues from debt-ridden Kingfisher Airlines (KFA), which owes more than Rs200 crore to the exchequer, reports PTI quoting a top Finance Ministry official.


"As a matter of fact both Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) have quantified the amount which Kingfisher owe to the government and we will be making out comprehensive plan to recover tax dues," CBEC Chairman Praveen Mahajan told reporters on the sidelines of an event organised by industry body CII.


Kingfisher Airlines, which has been making losses since its inception in 2005, owes more than Rs200 crore in taxes to the government.


Mahajan further said, "We have already frozen KFA's accounts. Whatever is there in service tax act, we have taken all the actions because this is in our interest also."


When asked whether the CBEC is contemplating prosecuting KFA, Mahajan said, "Prosecution also might happen...But everything takes time. There are different steps you have to take before you prosecute some body."


The CBEC chief indicated that the Reveune Department might talk to aviation regulator DGCA as the beleaguered airlines is likely to submit a comprehensive revival plan to DGCA by this month-end.


"Finance Minister P Chidambaram has told CBDT and CBEC to get together and plan it out and whether it invloves talking to regulator or whatever," Mahajan said.


Answering questions on revenue collection, Mahajan expressed confidence that the government will be able to meet indirect tax realisation target of Rs5.05 lakh crore for 2012-13. The indirect taxes during April-September rose by 15.6% to Rs2.17 lakh crore as against the annual target of 27% doing better.


Facebook post on Thackeray: Nine held for vandalising clinic in Palghar

While both the girls apologised for the post on Facebook, the Thane police have arrested nine people who allegedly vandalised a clinic of Abdul Dhada, uncle of Shaheen Dhada

Mumbai: Nine suspected workers from Shiv Sena have been arrested for allegedly vandalising a clinic at Palghar in Thane district after the niece of the owner posted a comment on Facebook questioning the shutdown in the city for Shiv Sena patriarch Balasaheb Thackeray's funeral, reports PTI.


Two girls--Shaheen Dhada and Renu--were arrested over their post opposing the Mumbai shutdown but were granted bail after they furnished personal bonds, police said.


"So far, we have arrested nine persons in connection with ransacking the clinic of Abdul Dhada. We are looking for some more people," SP Thane rural Ravindra Sengaokar told PTI.


The girls said they have apologised for the posts.


Shaheen described Thackeray as a "great guy" whom they "truly respected".


Shaheen, who was arrested after she posted comments on the social networking site opposing the shutdown on Sunday when 86-year-old Thackeray was cremated, said police was polite to her and she had no complaints against any police personnel."I have apologised for the post," she said, adding she had no comments to offer on whether she had done anything wrong.


She allegedly said that one should not observe bandh for Thackeray's funeral. "We should remember Bhagat Singh and Sukhdev," the post said.


Her friend Renu, who was arrested for 'liking' the post, felt that she was "wrongfully" arrested.


According to their advocate Sudhir Gupta, both were arrested under section 505(2) (statements creating or promoting enmity, hatred or ill-will between classes) following a police complaint lodged by a local Sena leader.


After the comment was posted, a mob of nearly 40 Shiv Sainiks allegedly barged into Dhada's uncle's clinic at Palghar on Sunday and vandalised the place.


Police sources said a first information report (FIR) has been registered against more than 50 people including some Shiv Sainiks who have been named in the report following the attack.


Also, a probe has been ordered into whether the contents of the Facebook post constituted an offence and even if the offence was registered why were the arrests made, Maharashtra Police's IG (Law and Order) Deven Bharti said.


Abdul Dhada, whose clinic was ransacked, said, "For our security they have posted the police because what has gone wrong should not happen again...we don't have any complaint against anybody and treatment we received from the police station is absolutely fine".


The arrests had sparked an outrage with Press Council of India chief Markandey Katju demanding "immediate" action against police personnel involved.


In an e-mail to the Maharashtra Chief Minister Prithviraj Chavan, Katju warned of "legal consequences" if he failed to take action against the police personnel concerned.


Congress has said a police case against the girls was "unfortunate" and hoped Maharashtra government would take remedial measures.


Telecom and IT Minister Kapil Sibal has said he was "deeply saddened" by the arrest of the two girls and that the IT Act should not be used to "throttle dissent".


Renu said, "When I recall what happened to me it should not have happened. I am so much shocked. It was not a crime."


Shaheen also said that her arrest was "unnecessary".


Union Minister of State for IT Milind Deora said, "There is a need for an independent inquiry into the girls' arrest".



Shadi Katyal

4 years ago

It is a shame that the freedom of speech is now being played as a religious issue.
Shiv Sena has become a law into itself. Look at the record of this vigilance force.
Bal Thakery was not a nationalist leader but he tried to destroy Indian Constitution by asking people of UP and Bihar to get out or not come. /Even non Marathi business were threatened.
How long people can stand such hooliganism
Has the police also been politicized????
Is India is to be run by such lawlessness.

Bidyut Chatterjee

4 years ago

We are and have the worst kind of democracy. I am sure half the world does not know about it. Democracy is only for the Politicians and the rich.

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