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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.


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