Unique Times September 2023 by Unique Times

Vol 12 Issue No.143 Sep - Oct 2023 USD 0.70`50AED 5BD 0.500

Banking on Non-banks

Shri V.P. Nandakumar MD & CEO, Manappuram Finance Ltd

A.V. Anoop: Blazing the Fragrant Trail of Success Chairman and Managing Director AVA Group of Companies

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Chief Mentor Mr. V.P. Nandakumar Director & CEO Jebitha Ajit Editor Ajit Ravi Legal Advisor Latha Anand B.S.Krishnan Associates bskrishnanassociates@gmail.com Sub-Editor Anusha Varghese Associate Editor Ravi Saini Athulya Pradip Correspondents Dr. Thomas Nechupadam Vivek Venugopal- Quarter Mile Ranjit L Morris Creative Design PEGASUS Cover Photographer Jinish Photogenic Marketing USA 725, burning tree lane, punta gorda Florida-33982 Mob: +1 (863) 558-5234 UAE Jolly Tel: +971 50 307 1125 Shaji N Palakkal 415, Building 23, Al Khail Gate, Al Quoz-2, Dubai, UAE Tel: +9714 4511075 Maharashtra Jayasankar M a/101, New Prathamesh Niwas, OPP. Laxmi Park, Thakurli East, Dombivli post, Thane District, 421201 Mob: +91 9820708662 Tamil Nadu Sheelan Thangavelu Tamilnadu Director Mob: +91 7825-077770 Sri Shakthi Institute of Engineering and Technology, L&T- bypass, Chinniyapalayam, Coimbatore-62 Karnataka, Telangana, Andhrapradesh PEGASUS Ph: 09288800999 Sunilkumar NN Vice President Ambalika Saikia, Ambalika_saikia@yahoo.com Published at Pegasus Global Pvt. Ltd. L5-106, Changampuzha Nagar Kalamassery, Ernakulam-682 033 e-mail: editor@uniquetimes.org uniquetimesindia@gmail.com Ph:0484 2532040, 2532080, Mob:9288800999

Editorial “W

hen something is important enough, you do it even if the odds are not in your favor.”- Elon Musk In the exhilarating journey of entrepreneurial success, your vision is the guiding light that fuels audacious dreams propelling you forward. Failures aren't final but stepping stones to growth, echoing the tales of Edison and Sanders. Persistence is your unwavering ally, helping you overcome obstacles. Surround yourself with positivity, mentors, and adaptability to navigate the shifting business landscape. Cultivate a growth mindset, celebrating each milestone, no matter how small, and remember your inner champion guides you through the winding road to success. You hold the pen to write your story, just like A V Anoop, the Managing Director of AVA Group of companies, whose inspiring success story graces this month's edition. Seize the opportunity and make it happen! This month’s issue, V P Nandakumar, the MD and CEO of Manappuram Finance Limited, who shares his perspective on the topic of ‘Banking on Non-banks’. Furthermore, alongside the aforementioned components, this edition encompasses our customary features on travel, evaluations of automobiles, beauty tips, reviews of movies and books, as well as inspirational and business-oriented articles. “Reading is essential for those who seek to rise above the ordinary” – Jim Rohn Joyful Reading!

Cover Photograph A.V. Anoop Chairman and Managing Director AVA Group of Companies

Printer & publisher Pegasus Global Pvt. Ltd. Cochin (682033) on behalf of Ajit Ravi. Printed at S.T.Reddiar & Sons, P.B. No: 3627, Veekshanam Road, Cochin-18.

CONTENTS

A.V. Anoop: Blazing the Fragrant Trail of Success

COVERSTORY 20

BUSINESS

Banking on Non-banks

On Overcoming Customer Indecision

The Stages of Memory Formation

BUSINESS

CONTENTS AUTO REVIEW

FINANCE

Beps Action PlanA Study

Gadgets

Magical Home Remedies for Banishing Dandruff: Unveiling Nature's Secrets

TRAVELOGUE

BEAUTY

Discovering Paradise: Isla Holbox's Tranquil Beauty and Exhilarating Adventures

Mercedes GLC

UNIQUE DIARY

SpiceJet Files Lawsuit Seeking Resolution on Rs 579 Crore Refund to Kalanithi Maran

piceJet and its founder Ajay Singh have lodged an appeal with the Delhi High Court to contest a ruling by a single judge endorsing an arbitration decision that mandates them to reimburse Rs 579 crore, plus interest, to media magnate Kalanithi Maran. The appeals were brought before a division bench led by Justices Yashwant Varma and Dharmesh Sharma, which initially scheduled a hearing for September 15 due to the absence of legal representation for SpiceJet and Singh. Subsequently, SpiceJet's legal counsel raised the matter before the bench, resulting in the rescheduling of the hearing. On July 31, the single judge upheld an arbitration tribunal's award from July 20, 2018, which favored Maran and his firm, Kal Airways.

Adani Green Energy Aims for 45 Gigawatts of Renewable Energy by 2030

“You don’t learn to walk by following rules. You learn by doing and falling over.” Richard Branson

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dani Green Energy, the renewable energy firm owned by billionaire Gautam Adani, has set a target of establishing 45 gigawatts (GW) of renewable energy capacity by 2030. This move is aimed at contributing to India's carbon neutrality goal and reducing emissions. Currently, the company has operational renewable energy capacity of 8.3 GW, with an additional 12.1 GW in various stages of development. The plan is to increase the combined operational and under-construction capacity to 45 GW by 2030, with an annual addition of around 3 GW through solar and wind energy projects. French energy company TotalEnergies holds a 19.7% stake in Adani Green Energy, while US investment firm GQG Partners and Qatar Investment Authority (QIA) also have stakes in the company. Adani Green Energy is efficiently funding its capacity expansion, though specific details were not disclosed.

UNIQUE DIARY

Cabinet Greenlights Rs14,903 Crore Outlay for Extension of Digital India Initiative

he Cabinet has granted its approval for the expansion of the Digital India initiative, allocating a budget of Rs14,903 crore, as announced by Union Minister Ashwini Vaishnaw. The enhanced project aims to build upon the achievements of its previous iteration. During the cabinet meeting, Prime Minister's endorsement was secured for the Digital India program with the mentioned budget. The plan entails the reskilling and upskilling of 5.25 lakh IT professionals, along with training 2.65 lakh individuals in the IT sector. Additionally, the extended Digital India initiative will incorporate nine new supercomputers under the National Supercomputing Mission (NCM), supplementing the existing deployment of 18 supercomputers.

Extension Granted: India’s ONGC Videsh Extends South China Sea Exploration by 3 Years

“I have not failed. I’ve just found 10,000 ways that won’t work.” Thomas Edison

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ndian energy company ONGC Videsh has successfully obtained a three-year extension from Vietnam to continue its exploration activities in 'Block 128' situated within the South China Sea. This announcement was made through a post on the social messaging platform X, previously known as Twitter. The disputes over territorial claims in the South China Sea have a long history, but recent years have witnessed an escalation as nations like China and its counterparts have fortified their positions on the various rocks and reefs they control. ONGC Videsh highlighted its unwavering strategic commitment as it embarks on its exploration venture with an eighth extension that extends until June 15, 2026. ONGC Videsh serves as the overseas investment division of India's leading oil exploration entity, Oil and Natural Gas Corp.

Moody’s Predicts India’s Economic Growth to Surpass Other G20 Nations for the Next 2 Years

oody's Investors Service has reaffirmed India's credit rating at 'Baa3', the lowest investment grade, and maintained a stable outlook. The agency acknowledged the potential for high economic growth in India, which is expected to surpass that of all other G20 economies for at least the next two years, driven by domestic demand. Moody's also highlighted the country's commitment to inflation targeting and financial system reforms following the pandemic, supporting their positive view of monetary and macro policy effectiveness. However, Moody's also pointed out certain risks, including the rise of political tensions and the potential for populist policies due to increased political polarization. They expressed concerns about the curtailment of civil society and political dissent, as well as rising sectarian tensions, which could impact the quality of institutions and political risk assessment.

Adani TotalEnergies E-Mobility Collaborates with Evera Cabs to Establish Charging Hubs

“The key to successful leadership today is influence, not authority.” Kenneth Blanchard

dani TotalEnergies E-Mobility Limited (ATEL) has announced a partnership with the all-electric cab aggregator Prakriti E-Mobility (Evera) to establish electric vehicle (EV) charging infrastructure. The collaboration will focus on creating a centralized hub of 200 EV charging points in Delhi, with plans to expand across India to promote eco-friendly mobility and meet the country's decarbonization goals by 2030. ATEL, a subsidiary of Adani Total Gas Limited formed through a joint venture between Adani Group and TotalEnergies, aims to build an extensive network of charging points to serve both individual customers and businesses. The collaboration with Evera is strategically timed as the demand for EVs grows, yet adequate charging infrastructure remains limited. The partnership's primary objective is to contribute to India's push for cleaner transportation by enhancing the accessibility of EV charging stations.

September - October 2023

Luna-25 Spacecraft Collides with Moon's Surface

ussia's unmanned Luna-25 spacecraft has crashed onto the Moon's surface after losing control, marking the country's initial lunar endeavor in nearly half a century. The spacecraft, intended to achieve the first-ever landing at the Moon's southern pole, encountered complications while transitioning into its pre-landing orbit. This particular area of the Moon holds potential for frozen water and valuable elements, prompting anticipation. Russia's state space corporation, Roscosmos, reported the loss of contact with Luna-25 around 14:57 pm on 19th August. A preliminary investigation revealed that the 800kg lander was obliterated upon impact with the Moon's surface. A dedicated committee will investigate the causes behind the mission's failure.

Putin Speaks Out Regarding Reported Death of Prigozhin

ladimir Putin has ended his silence concerning the reported demise of Yevgeny Prigozhin, approximately 24 hours after the crash of Prigozhin's private jet associated with the Wagner group. The Russian president commented that the leader of the mercenary organization was a "gifted individual" who had "made significant errors in his life." Putin also extended condolences to the families of the presumed 10 individuals on the plane that went down northwest of Moscow on 23rd August by evening. Nonetheless, he refrained from directly confirming Prigozhin's death. Speculation about the cause of the fatal crash and Prigozhin's presence on the plane has been rampant since the incident occurred. During a briefing, a Pentagon spokesperson stated that the United States believed it likely that Prigozhin was killed in the crash. Nearby villagers reported hearing a loud noise before witnessing the aircraft plummet.

September - October 2023

Greek Fires Rage After Migrant Tragedy Near Border

ildfires in Greece have tragically led to the loss of 20 lives and are still raging out of control near Athens and the Evros region close to the Turkish border. Among those killed, 18 are believed to be refugees and migrants who had recently crossed the border and sought refuge in forests north of Alexandroupolis. Greece has expressed deep condolences for the deaths occurring in the Dadia forest near the Turkish border. The fires have been ongoing for five days and have extended along the coast and near the city. Efforts to contain the fires are being hampered by strong winds and scorching temperatures of up to 40°C (104°F). The victims' bodies were discovered near a shack close to the village of Avantas, north of Alexandroupolis, by the fire service. The fire service and local authorities had issued evacuation warnings through emergency services.

Domino’s Pizza Indicates Shutdown of Operations in Russia

he owner of the Domino's Pizza franchise in Russia has announced plans to close its branches and file for bankruptcy, signaling an end to its operations due to the challenging business environment in the country. DP Eurasia, which operates 171 Domino's Pizza outlets in Russia, has decided not to proceed with the sale of its pizza chain's shops in the face of increasing difficulties. This move comes in the wake of Western companies disengaging from Russia following the Ukraine invasion and economic sanctions. While some businesses have chosen to exit, others, including Domino's, have faced criticism for remaining. DP Eurasia owns 68 of the Domino's Pizza shops in Russia and franchises 103 to local operators. The company's presence in Russia will be terminated as a result of this decision. DP Eurasia, which also holds master franchise rights for Domino's in Turkey, Russia, Azerbaijan, and Georgia, had been evaluating its options after sanctions were imposed.

For more info: europetimes.co

September - October 2023

COVER STORY COVERSTORY

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A.V. Anoop: Blazing the Fragrant Trail of Success By Ranjit L. Morris

s rays of the setting sun create a visual symphony of sorts in the living room of his ninth-floor apartment overlooking the placid Periyar in Aluva, entrepreneur par excellence Dr A.V. Anoop, the chairman and managing director of the AVA Group of Companies, has the look of contentment on his visage. The owner of a business empire that spans personal care products, condiments and wellness exudes an air of confidence as he settles down for a tete-a-tete with Unique Times. Popularly known as the owner of the hugely popular Medimix herbal soap, which is a household name

among Malayalis both within Kerala and elsewhere, Anoop’s AVA Group is sailing steadily with the wind in the sails, spreading the whiff of success. Having the hard-earned Midas touch, he has almost taken over the illustrious century-old Nilgiris brand and it is now the talk of the town.

Expansion Mode

Without an iota of doubt, one can see this Rs 67-crore acquisition of the iconic Nilgiris supermarket chain is the latest jewel in his crown of achievements. When asked as to what prompted him to eye Nilgiris, Anoop says, “Retail is the whole thrust of our business and therefore its extension

is the prime factor that propelled me to go for this takeover.” “Personal care products are our forte and they include products that are meant for internal and external use. I am more inclined towards the Nilgiris brand of products. They have their own exclusive products, including both bakery and dairy, which are popular." Farsighted to the core, thanks to four decades of experience and the valuable lessons taught by his mentor and uncle Dr Sidhan, Anoop is optimistic that the factories of Melam condiments that he acquired can be used for the benefit of the Nilgiris brand and he is striving to bring them to the e-commerce platform to

More than business turnover, I am concerned about building brand value and ensuring that it delivers quality thereby retaining its customer base

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COVER STORY COVERSTORY

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I am confident that I can make Nilgiris’ brand value Rs 300 crore with my endeavour give them a wider reach. “I am confident that I can make its brand value Rs 300 crore with my endeavour,” he says. The healing touch has been there in his family and his AVA Group proudly owns Medimix, the world’s largest-selling ayurvedic bath soap. Therefore, it is only natural that he has an umbilical cord attachment with Ayurveda and is bent on promoting it at the global level. When asked about other mega projects on the anvil, Anoop reveals one of his dreams. He wishes to come up with what he calls an ‘Ayurveda Village’ that blends healing, hospitality, and wellness all under one roof. He has taken cognizance of the signs of the times to gauge the vast potential of ayurveda if tweaked in the right manner. Anoop also wishes to come up with an Ayurveda research centre that liaises with foreign universities to unlock the healing properties of this ancient way of wellness to deal with the barrage of ailments plaguing the modern world.

Enhancing Brand Value

Having successfully navigated the vortexes and tempests in his 40-year entrepreneurial voyage, this seasoned businessman knows how to chart the growth of his business empire. “I do not dream of becoming another Ambani in the twinkling of an eye,” he says with a firm voice. “I prefer not to venture out of my core area. More than business turnover, I am concerned about building brand value and ensuring that it delivers quality thereby retaining its customer base.” He cites the example of Sanjeevanam, a oneof-its-kind holistic treatment centre that combines Ayurveda, naturopathy and yoga, which is located in Kochi. “Even after 100 years, I am sure Sanjeevanam will retain its quality and stand the test of time. It will remain a role model. It has upgraded Ayurveda to a professional

level making it appealing and palatable for people abroad,” he says with a smile. According to Anoop, expansion is a slow but steady process. “We stay within our limits and resources. We do not go for gargantuan plans that exceed our limits. That is why our brands have retained their value all these years," he says.

The Making of an Entrepreneur

Anoop’s success saga as an entrepreneur was not a cakewalk. It has all the ingredients of a soap opera that will leave new-generation businessmen and aspirants flabbergasted. It wouldn’t be wrong to say that a series of unfortunate incidents altered the destiny of Anoop who was doing his undergraduate studies in his hometown, Thiruvananthapuram. His father, A.G. Vasavan, who was serving as Fisheries Director at that time, passed away suddenly. Naturally, his son was eligible for a government job under the dying-in-harness provision. Anoop was brought up by his dad with the strict admonition to always aim for a government job and never venture into business. Anoop faced a lot of hurdles in getting the insurance amount and encountered red tape in his attempts to get a government job. These bitter experiences robbed the sheen of his perennial desire until then to land a government job. To make ends meet, he became a van driver. When I was away on assignments, there was no one at home to answer phone calls, often official ones from the government or customers who wanted to book my vehicle, says Anoop as he goes down memory lane. It was at that time that he met someone trustworthy who agreed to drive his vehicle on a commission basis. "When I hired him, I came to learn what it meant to delegate authority and responsibilities

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COVER STORY COVERSTORY

We do not go for gargantuan plans that exceed our limits. That is why our brands have retained their value all these years and that became a turning point in life, he quips. Gradually, he began getting up to 10 phone calls a day seeking bookings for trips. "I transferred the orders I got to travel agents and began getting a commission from them. Delegation of duty was the success mantra." Around that time, his uncle came to visit from Chennai and witnessed his activities. It was a difficult phase when his Medimix soap factory had to be closed because of labour issues. After returning, he sent young Anoop a lengthy letter convincing him of his entrepreneurial potential and inviting him to take over the factory. In 1983, he boarded a train to Chennai much to the chagrin of his mother and relatives. Little did he realise that it would be an epochmaking decision in his life altering his fortunes for the better.

Ever-Inspiring Dubai n' Qatar

Replying to the query as to what inspires him always as a businessman, Anoop says with gusto that Dubai and Qatar in the Middle East are the best examples of an exemplary business model. With enthusiasm, he recounts how Dubai was once an arid, sandy stretchy in the early 90s when he visited the Emirate first. “Today it is on top of the world in the wink of an eye. Those days, we used to wonder how on earth are the world’s biggest mall and top-notch port and airport going to come up in this arid stretch. But they achieved it in a short time span and that is what I call a business

vision,” he says, adding that Qatar too did the unthinkable in so short a time before the FIFA World Cup.

In Love with Theatre

What makes Anoop really unique among entrepreneurs is his thespian skills and love for theatre. It is a passion that he has carefully nurtured right from his college days in Thiruvananthapuram. In fact, it was the legendary Koniyoor Narendran, former director of All India Radio Thiruvananthapuram, who gave his stamp of approval to the acting prowess of young Anoop after watching one of his plays enacted in their residential area with like-minded friends. “He came on stage and presented me with a medal saying ‘you should continue acting’. He was the first person to tell me that I had acting potential,” reminisces Anoop. Even after shifting base to Chennai, the young entrepreneur found time to hone his acting skills and the Malayali clubs galore gave him ample opportunity for that. He has the unique distinction of doing a drama every year. “I make it a point to do so as it is one of the best ways to destress,” says Anoop who is the chairman of Team Arts drama troupe. He was instrumental in conducting many drama workshops and supporting theatre artists during the difficult days of the pandemic lockdown.

Tryst with Tinseltown

Anoop’s passion for acting is not confined to theatre alone. This versatile actor is a noticeable figure in Mollywood, too, as his AVA Produc-

September - October 2023

tions has 25 feature films and documentaries to its credit. It was in 2007 that he tested the waters of filmdom and there has been no looking back ever since. “I am happy that I have 25 feature films to my credit, several documentaries and short movies too. I am also one of the few producers to enjoy panorama selection in the feature film, documentary and short film categories which is something unique,” says the award-winning producer-actor. In 2019, his ‘Appu in Search of Truth’ won twin accolades at the Votkinsk and Nadym International Film Festival in Russia and the San Diego International Kids Film Festival in the United States. Anoop is also the producer of ‘Appuvin Nayagan—Spotty’, which received the National Award for the Best Film on Family Values in the non-feature category in 2008. The following year, his movie, ‘Paleri Manikyam Oru Pathira Kolapathakam’ clinched the Kerala State Film Award. Replying to the question about the most memorable roles he has done in movies, Anoop points to two notable roles he essayed. One of them was the character of a Gandhian in ‘Appuvinte Satyanweshanam’. “It was an impossible role. A stoic Gandhian who is immune to all bad things happening in society, including the misdemeanours of his own son,” he quips. “The other was my character in ‘Achanoru Vazha Vechu’, which starkly contrasts with the Gandhian role. These two roles remain etched in memory forever.”

Dream Projects

What makes Anoop different from others of his ilk is his unquenchable thirst to do something different. He is now nursing a dream to have a documentary based on Ayurveda and its clinical research. It is aimed at showcasing the grandeur of this ancient way of healing before the world. “It will focus on clinically proven research into various diseases and the efficacy of ayurvedic therapies. How it can be integrated with other streams of treatment will be explored in the documentary. It is going to take another year for the research to be completed,” says Anoop. Also on the anvil is a web series based on noted Kerala social reformer and spiritual leader Sree Narayana Guru. “It will be different in the sense that it will be a portrayal of the seer from the perspective of his early disciples and associates," says the multifaceted businessman who tries to emulate the teachings of the Guru in his life.

Maintaining Work-Life Balance

I am also one of the few producers to enjoy panorama selection in the feature film, documentary and short film categories which is something unique

Having a finger in every pie, how is it possible for an entrepreneur like Anoop to maintain a work-life balance? He says that delegating responsibilities after judging the calibre of people is the secret to peace of mind and balancing business and family affairs. His lately-acquired talent of playing the flute is also an excellent therapeutic tool to de-stress and rejuvenate. Every day, Anoop spends some time to play the flute. It also has a spiritual dimension to it as you can play a devotional tune or verse to suit your choice, says the honcho who is also an author. He has penned a book chronicling his life experiences, interesting anecdotes and so on. “It is indeed inspirational as it contains facets from my life as an entrepreneur, filmmaker and social worker,” says Anoop. DC Books is publishing the volume and it will be released in November during the Sharjah International Book Fair

September - October 2023

BUSINESS

Captains of the industry should bear in mind that India banks on non-banking institutions to keep the momentum of the India growth story

Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd

Banking on Non-banks

Latest Financial Stability Report published by the Reserve Bank of India points to the overall health of financial institutions including SCBs and NBFCs

he global financial stability was tested by elevated price pressures, tightening financial conditions and pockets of vulnerabilities in the financial markets. Simultaneously, macroeconomic stability was tested by heightening geo-political tensions and economic fragmentation. Bouts of volatility surging through financial markets amidst rapid shifts in investor sentiments has exposed emerging market economies like India to spillover risks. However, the Indian economy presents a picture of resilience, supported by strong macroeconomic fundamentals, sustained growth momentum, moderating in-

flation, anchoring of inflation expectations, narrowing current account deficit (CAD) and rising foreign exchange reserves. The healthy balance sheets of both financial and non-financial corporates have set in motion a new credit and investment virtuous cycle that looks durable provided financial institutions stick to prudential risk assessment strategies to avoid slippages in the future and manage liquidity with abundant caution. On the whole, despite global headwinds, India’s financial sector covering banks and non-banking institutions remain insulated from vulnerabilities and may open a new chapter of

September - October 2023

stability blended with growth. In this context, the latest Financial Stability Report published by the Reserve Bank of India in June provides valuable tips for the nonbanking financial institutions which provides last mile credit to consumers to keep the India consumption story intact and worth its weight in gold. The report highlights the overall health of financial institutions including SCBs and NBFCs. Notably, the FSR stresses on improving capital and asset quality positions of NBFCs but abundant caution is flagged on the liquidity side. And the last point critical for the non-banking financial institutions is to keep

going and growing while managing potential risks prudentially. Viewed against the backdrop of tightening financial conditions that led to sporadic incidence of bank failures in the US and Europe, navigating through a tight liquidity situation is critical for the stability of many non-banking financial institutions since the overall cost of funds required for onward lending is getting dearer. It goes without saying that in a tightening monetary policy cycle, high private debt levels impact aggregate demand through multiple channels. First, it lowers disposable income by increasing debt servicing costs. Second, it strains the balance sheets of businesses and households. Third, by distributing income from debtors with high marginal propensity to consume to savers with less propensity to

spend, aggregate demand goes down, especially if the share of variable rate and short-maturity debt is high. This should go down as a key learning for the non-banking financial institutions in general and systemically important ones in particular since overlooking this key principle may land them in hot waters in the future. Therefore, a nuanced view about expanding balance sheet while keeping adequate capital buffers may be in order for non-banking financial players going forward. This is all the more important since regulators have put in guardrails to avoid high leverage in the regulated entities like scheduled commercial banks and there exist some pockets of vulnerabilities in the non-banking space, which the apex bank has flagged as a

major concern. One could only agree with the central bank’s view in this regard since high leverage risks business going off the cliff especially at times of tight liquidity episodes. Elevated levels of off-balance sheet financial leverage should be avoided at any cost, even it means sacrificing growth. This is all the more important since financial markets are highly inter-connected and any stress in one segment can travel to another segment with lightning speed triggering a domino effect or contagion. Therefore, abundant caution should be the guiding principle for the nonbanking financial institutions in the days to come. Captains of the industry should bear in mind that India banks on non-banking institutions to keep the momentum of the India growth story

September - October 2023

BUSINESS

While one-half of the living population is grappling with change in their daily tasks, the other half of the world indulges in selling that change

Rajesh Nair Partner, Ernst & Young LLP

On Overcoming Customer Indecision

e are in an age of change and selling age. While one-half of the living population is grappling with change in their daily tasks, the other half of the world indulges in selling that change. Whether it be products, services, procedures and new technologies, none of us are unaffected by the barrage of quantum inflection points in our lives. But some things remain the same. Human interactions in spite of multiple accoutrements and gadgets simplifies itself to the basics. This is also because of the wants of needs of people still following the age-old principles of desire and imitation. As Luke Burgis writes in his seminal book – 'Wanting’, we still build our desires based on what we see around us, the material pos-

sessions of others and the achievements of people in all walks of life in our daily view. Selling as an activity is integral to our lives. Every interaction we have has an element of it. But the dynamics of it has undergone change like never before. Basics of competition has changed as well. I think the entire attitude we have towards sales needs to change. The world is quickly changing and so are the boundaries of influence of corporations. We do not live in the age of limitations where there are limited resources and someone to beat to gain something. The world today is that of inexhaustible treasures. There is plenty and more of the pie. The word competition is also being replaced by co-creation / Co-opetition. Bob Burg and John

September - October 2023

David Mann, in their seminal series of books and videos – postulate that the secret of selling is to 'GIVE'. Perhaps it sounds more like hyperbole than a fact but I have attempted to decipher it in a previous article. So, I digress. The moot point is the challenge of sales in today’s world. A recent research emanating from analysing over two million sales calls summed up in the book 'The Jolt Effect' brings out some interesting statistics that will alter the way look at sales. Traditional sales have always been about 'urging the customer to change her status quo'. Any kind of conversation around sales had this constant focus. Every sales effectiveness program and many a sales coach focus on this. Gazillion manuals, books, POCs, ROI calculators, proposals and credentials fo-

September - October 2023

BUSINESS

One has to remember that it is our responsibility to make it easier for the client to buy from us and vice versa cus on this aspect. But how many times have we walked out of a meeting with the confidence of an imminent win, and then face days, weeks and months of no response from the customer/ client. Too often for comfort! What happened after we left! It is not always that the victory went to a competing product or service. We lost to the indecision of the customer!

Understanding indecision is tricky in today’s world. This is also because there is a plethora of information about everything around us and what strikes our conscience is often a matter a change. This is also because of the ‘Omission Bias’. A loss due to an action weigh on our mind much more than a loss due to an inaction! Kannheman and Tver-

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sky in ‘Thinking fast and slow’ explain this in ‘loss aversion’ theory in reams and reams with tons of original research. But the curse of inaction is that many years down the line, we don’t lament the decision we took that was wrong, but the decision that we did not take – the fallacy of thought. But when you deep dive into the aftermath, have more conver-

sations to diagnose the cause for the indecision we broadly land into three areas. One of them is the inability to evaluate the option, the second of the lack of information and third is the lack of clarity of the outcome of adopting the new product or service.

Lack of Clarity on the Option In most transactions, there is a regular array of competitors. The classical error is the inability of each of the product / service to differentiate themselves. This leaves the customer in an imbroglio. Often when there is no clear differentiation, there is also commoditisation. This is when, questions of inaction arise as the decision seems too difficult and at times the stakes are high. This also leads to postponement indefinitely, having more rounds of evaluation, requesting more demos and

increases the ‘decision span’ but having more and more colleagues from other departments evaluate the offering.

Lack of Clarity on Correct Information This is indeed ironic! In the internet age when information is available at the click of the button – there is lack of information? Strange but true. There is just a surfeit of information but no actionable information. Too much of it adds to the confusion and they play tricks on the mind. When there is lack of clarity, there is something more than FOMO – fear of missing out. FOMO transforms into FOMU – fearing of messing up and then omission bias and loss aversion kicks in and the client kicks the decision to buy down the road.

Lack of Clarity of the End State

How will my life be easier? We often see sellers articulating benefits in technical terms, build stories of improvement but they often conjure into smoke and mirrors and add to the confusion. A clearly worded benefit which will help the client paint a picture of success in their mind is vital for their buy in. Clarity also emerges when you balance the business gain with personal gains – how will the buyer be better off personal from the choice. What is in it for her – more time, more accessibility, more ease of doing something critical. The acknowledgement of this aspect of indecision is vital. While beating the status quo in their minds and explaining new concepts and ways of working are paramount - One has to remember that it is our responsibility to make it easier for the client to buy from us and vice versa

September - October 2023

HEALTH

Dr Arun Oommen

Although memory remains susceptible to all sorts of problems, the brain’s elasticity is unique and remarkable. Memory is just as capable of improving as decaying

MBBS, MS (Gen Surg), MCh (Neurosurgery), MRCSEd,MBA Senior Consultant Neurosurgeon VPS Lakeshore Hospital NH-47, Bypass, Maradu, Nettoor PO, Kochi 682040, India.

The Stages of Memory Formation

emory is the process in which the mind interprets, stores, and retrieves information. Memory serves human beings in many complex ways. It enables us to process our environment, improve behavior and gives context to our lives. Studies of this psychological phenomenon reveal that memory occurs in stages, which gives us valuable insight into the inner workings of the brain. Forming new memories is an incredibly complex and fascinating process. Researchers have been able to trace memory down to the structural and even the molecular level in recent years, showing

that memories are stored throughout many brain structures in the connections between neurons, and can even depend on a single molecule for their long-term stability. Although memory remains susceptible to all sorts of problems, the brain’s elasticity is unique and remarkable. Memory is just as capable of improving as decaying.

Stages of Memory Creation The brain has three types of memory processes: sensory register, short-term memory, and long-term memory.

Sensory Register In the sensory register process, the brain obtains information from

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the environment. This activity is short, lasting at most a few seconds. During the sensory register, the brain gathers information passively through visual and auditory cues known respectively as “iconic” and “echoic” memory. When you look at a computer screen and then look away, but can still see the screen’s image, this is iconic memory at play. Similarly, when you have conversations with others and ask them to repeat themselves, only to understand what they said a moment later, it demonstrates echoic memory. In the memory-making process, attention is considered a stage between the sensory register and short-term

memory. Short-term memory formation can begin by giving your attention to the information received through the sensory register.

Short-Term Memory Short-term memory occurs in two parts: traditionally termed “short-term memory” and “working memory.” Short-term memory is when the brain stores information temporarily so that it can be repeated, such as remembering a phone number you see on TV. Working memory refers to the brain storing information for the purpose of manipulating it, such as remembering a set of numbers while working on a math problem. Short-term memories like a possible chess move or a hotel room number are processed in the front of the brain in a highly developed area called the pre-frontal lobe. When psychologists talk about improving memory, they most commonly focus on working memory because you have the most control over it and can actively improve it.

Long-Term Memory Short-term recollection is translated into long-term memory in the hippocampus, an area in the deeper brain, the Hippocampus takes simultaneous memories from different sensory regions of the brain and connects them into a single "episode" of memory, for example, you may have one memory of a dinner party rather than multiple separate memories of how the party looked, sounded, and smelled. As memories are played through the hippocampus, the connections between neurons associated with a memory eventually become a fixed combination, so that if you hear a piece of music for example, you are likely to be flooded with other memories you associate with a certain episode where you heard that same music. Many think of long-term memory as a permanent “bank” within the brain. Once a memory arrives there, the mind stores it completely and indefinitely. But In truth, this

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HEALTH

Short-term memory occurs in two parts: traditionally termed “shortterm memory” and “working memory.” Short-term memory is when the brain stores information temporarily so that it can be repeated, such as remembering a phone number you see on TV is not the case. Although the longterm memory process allows information to remain in the brain for an extended period, nothing in the brain avoids risk. Information stored in long-term memory can stay in the brain for a short while (a day, a week) or last as long as a lifetime. When long-term memories form, the hippocampus retrieves information from the working memory and begins to change the brain’s physi-

cal neural wiring. These new connections between neurons and synapses stay as long as they remain in use. Psychologists divide long-term memory into two length types: recent and remote. Long-term memory can also be described by the nature of the memories themselves- Implicit memories and explicit memories: • Implicit memories-are remembered automatically, like driving a

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car. • Explicit memories- you are actively trying to remember. • Episodic memories-Contain events that happen to an individual specifically. • Semantic memories-Contain general knowledge.

Forgetting Forgetting can manifest as inattention or can happen because the brain does not reinforce a memory

long enough to store it. Research suggests two main theories as to why memories are forgotten: • Decaying theory infers that if a certain memory isn’t repeated, it will eventually deteriorate. • Interference theory infers that new information received by the brain replaces old information (such as the inability to remember an old password after you have created a new one).

Seven hypothesis for forgetfulness.

1. Transience- Memories may become increasingly difficult to access, due to either the natural aging process or damage to the hippocampus and temporal lobe. 2. Absent-mindedness- Attention lapses and forgetting tasks. 3. Temporar y Memor y Blocking- When memories are temporarily inaccessible. (Also known as “tip-of-the-tongue syndrome.”) 4. Suggestibility- When misinformation is incorporated into

memories, such as when someone is asked a leading question. 5. Bias- When memories are distorted because of your knowledge and belief systems. 6. Persistence- When unwanted memories can’t be forgotten, such as in post-traumatic stress disorder. 7. Misattribution- When memories are attributed to an incorrect source or when you believe you have seen or heard something you never experienced

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SPECIAL FEATURE

A drawback of the G20's structure is its limited representation, consisting of approximately 19 nations and the European Union. Unfortunately, many countries from the Global South are not included in this forum. Given the evolving dynamics of global economics and geopolitics, it is becoming increasingly apparent that the G20 should consider expanding its membership to more accurately reflect the global community's diversity and concerns

M P Joseph IAS (Fmr) Former Indian and UN Civil Servant Former Advisor in the Rank of Additional Chief Secretary Former Dt. Collector Ernakulam, Mayor of Cochin, Labour Commissioner Kerala etc.

Reflections on the G20 Summit in New Delhi

he much-touted annual Summit of the Group of 20, simply known as the G20 Summit ended in New Delhi on Sunday 10 September. As expected, it was a jamboree where Prime Minister Modi tried to impress the world leaders gathered for the summit. Notwithstanding the hastily covered up slums and hutments of Delhi, and the flooding of the venue after the Sunday rains, India as temporary President of G20 was able to work out a draft Joint Declaration that was accepted by all the participating countries. Knowing that if New Delhi was unable to get an unanimously acceptable Joint Declaration through, the Summit would go down in history as quite a failure, many countries including the

US, Germany etc. accepted a draft that under any other circumstances would have been quite unacceptable to them. None of the countries, especially the key ones would have liked to see a red-faced New Delhi. Thus compromises were made and the west accepted a declaration in which Russia was not mentioned by name even once let alone identified as the invader in the Ukraine war. The G20, is often seen as a crucial platform for addressing global economic challenges and fostering international cooperation since its inception in 1999. In 1999, 19 nations, joined by the European Union, united to establish the G20. This came in the wake of a financial crisis that had severely impacted several Asian countries in the late 1990s. The crisis compelled the creation of

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such an international forum aimed at addressing economic upheavals and for fostering stability. Post the global economic crisis of 2008, the G20 became more significant, packing as it did more muscle with the heads of Governments themselves representing their countries at the G20 summits. The G20 centres its efforts in addressing critical global issues, including climate change, geopolitical stability, and the United Nations Sustainable Development Goals (SDGs). These themes have also been at the forefront of discussions during recent G20 meetings.

India Takes the Helm of G20 Since 01 December 2022, India assumed the presidency of G20 for one year. The 18th G20 summit was

therefore hosted by Delhi on the 9th and 10th of this month. At a time when India is claiming to be a Viswhwa Guru, unsurprisingly the G20 summit in India came with the resonant slogan, ‘Vasudeva Kutumbakam’ standing for ‘One World, One Family, One Future’. The slogan emphasizes the interconnectedness of all nations, regions, and peoples, underlining that no single nation, region, people or family can prosper in isolation. In the run up to the Summit, India also placed a strong emphasis on ‘Jan Bhagidhari’ or public participation. In nine months, over 220 meetings were held across India in 60 cities, engaging around 1 lakh people, with a notable focus youth.

Key Absentees and Some Key Challenges The absence of prominent leaders like China's Xi Jinping and Russia's Putin at New Delhi during the G20 summit raised concerns about

the event's overall impact and effectiveness. Their absence may not have affected the outcomes of the Summit but certainly took a lot of the shine from the event. A drawback of the G20's structure is its limited representation, consisting of approximately 19 nations and the European Union. Unfortunately, many countries from the Global South are not included in this forum. Given the evolving dynamics of global economics and geopolitics, it is becoming increasingly apparent that the G20 should consider expanding its membership to more accurately reflect the global community's diversity and concerns. Perhaps making it more inclusive and representative would add to its effectiveness. Without including small nations in the group, there arises a question on how it will have an impact on the global economic conditions. That the Summit decided to include African Union to its mem-

bership is therefore most welcome. While highlighting that India orchestrated the summit with the involvement of the public leads us to question just how many among the country’s population of 1.4 billion are truly cognizant of the G20's overarching purpose and objectives. Regrettably, the number of people even remotely acquainted with the G20's mission might be dishearteningly low. I would contend that from a population as vast as 1.4 billion, the engagement of merely 1 lakh persons in Jan Bhagidhari appears microscopic for fostering a broad awareness and understanding of the G20's goals and initiatives. One lakh amongst 1.4 billion is like a fly in a Cathedral.

Is a Presidency of One Year that fell on our Laps by Rotation something to boast about? The Presidency of G20 is not attained through an electoral process;

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SPECIAL FEATURE

The G20, is often seen as a crucial platform for addressing global economic challenges and fostering international cooperation since its inception in 1999 instead, it fell on our lap because of a system of predetermined rotation, where each of the 20 member nations take the Presidency for just a single year. This arrangement prompts us to ponder what a nation can truly accomplish within a one-year timeframe. Truly nothing very much, except perhaps a lot of photo opportunities. The system of obtaining the Presidency through rotation, without going through the rigors of an electoral process and winning against formidable rivals, invites us to question the significance the Presidency carries on the global stage. This contemplation prompts a critical inquiry into whether such a leadership role, obtained without the mandate of an election, can indeed wield substantial influence and impact. The answer is of course a resounding NO. While G20 is oriented towards

addressing the world's complex economic problems, lingering doubts persist regarding the group's efficacy in handling these multifaceted challenges. The extent to which such a very loose collective body - without even a secretariat of its own - can effectively address the intricacies of global economics remain a matter of uncertainty.

India's Economic Challenges and Global Impact While India's economic conditions have shown signs of stability over recent years, the fluctuating value of the Indian rupee remains a concern. Despite India's growing prominence, the recent communal Hindu-Muslim riots and clashes a stone throw away from the venue at Nuh in Gurgaon and the ongoing tribal-nontribal clashes in Manipur that certainly has a strong communal colour did certainly tarnish the

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country’s image and particularly to our claim of being a Vishwa Guru. The idea of Vasudev Kutumbaka was completely lost in the riots. All this is best understood when we consider that an overwhelming majority of the G20 countries are either Islamic or Western – read Christian - nations. As India took the lead in hosting the G20 summit and emphasized public participation and ‘Vasudeva Kutumbakam’ it is also important to take a moment to reflect on the significance and effectiveness of this global platform. Apart from highlighting the leaders of the countries and especially the leader of the host country, which for the moment holds the rotating Presidency, how much does a summit like this contribute to economic growth, issues of climate change, to the attainment of the SDG targets etc? Very little I guess

FINANCE

Adv Sherry Samuel Oommen: This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal opinion.sherryoommen@nashcp.com.

Beps Action PlanA Study 1. An introduction Multinational enterprises through the various decades of their existence have played a crucial role in being the driving force towards contributing to economic growth and fostering cross border trade. In the process of their growth story and redefining business models, multinational enterprises have adopted tax planning strategies that have raised serious concerns about erosion of the tax base along with a resultant shifting of profits to low-tax jurisdictions. Globally, economic offences have been treated as a specie of the most heinous crimes such as murder or rape. This proposition has also been endorsed by Courts in India including the Hon’ble Supreme Court in the case of State of Gujarat Vs

Mohanlal Jitamalji Porwal and Another (1987) 2 SCC 364. Based on a study undertaken by Organization for Economic Cooperation and Development (“OECD”) it was noticed that the tax avoidance strategies adopted by Multinational Enterprises (“MNEs”) resulted in a global revenue loss of USD 240 billion every year. The OECD recognized that the current taxation framework adopted by countries was insufficient and thus it was imperative that the taxation framework is revitalized based on fairness having regard to various underlying factors (such as economic activities, presence in the market and other market imperatives, etc). Having regard to the above whilst recognising the challenges, the Or-

ganization for Economic Cooperation and Development (“OECD”) developed the Base Erosion and Profit Shifting (“BEPS”) Action Plan in July 2013. This plan provides a comprehensive framework which enables governments to essentially battle tax avoidance and evasion through such acts of chicanery. One of the objectives of the BEPS project was to develop a framework to prevent base erosion and profit shifting and to equip governments globally to deal with this menace in a unified manner. In this article, I intend to undertake a brief study on the BEPS Action Plan which are essentially covered in 15 specific points. The 15 specific points were framed by OECD based on the three pillars of

One of the objectives of the BEPS project was to develop a framework to prevent base erosion and profit shifting and to equip governments globally to deal with this menace in a unified manner

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coherence, substance and transparency coupled with certainty. The Action Plans were finalized after extensive discussions with contributions from various developing countries, OECD member and non-member countries, such as India. It is indeed a matter of pride that India, though being a non-OECD member country has been actively involved in the BEPS Project. A review of the 15 action points identified by OECD would indicate that the specific points span across three distinct fields, which include: i. Identifying the best practices and model domestic rules adopted across jurisdictions. ii. The extant changes required to be effected to the OECD Model Tax Conventions; and iii. Unified guidance on the implementation including transfer pricing guidelines.

2. BEPS Action Point – An overview 2.1 Action Plan 1

Action Plan 1 focuses on addressing the challenges of the digital economy. This plan recognizes that the digital economy has certain new challenges that cannot be tackled in the existing taxation framework owing to its uniqueness. For instance, the Bangalore Tribunal in a recent judgment in the case of Urban Ladder Home Décor Solutions (P) Limited (ITA 615 to 620 of 2020) held that payments towards online advertising would not be taxable in India. In the said case, the Bangalore whilst placing reliance on the judgment of the Madras High Court in the case of Skycell Communication Limited (2001) 251 ITR 53 held that mere usage of a “facility” would not give rise to the provision of any technical service. Action Plan 1 has sought to introduce a new nexus rule based on the doctrine of “significant economic presence”. The OECD observed that in the digital age, usage of economic presence rather than physi-

cal presence would form the basis of a standard nexus test. Economic presence could be measured in terms of sales, contract conclusion with customers, or monthly active users. The Plan also entailed allocating income through fractional apportionment and a determination of a modified/ residual profit to market countries based on Pillar 1. The Action Plan also provided for a global minimum tax to address the issue of base erosion or GLoBE, based on Pillar 2. The Action Plan also proposes the imposition of withholding on digital transactions and also contemplates the imposition of an “Equalization Levy”. India, as a unilateral measure has already introduced “Equalization Levy” whilst some countries have introduced DST on online advertising services. 2.2 Action Plan 2 – Neutralizing the effects of Hybrid Mismatch arrangements Hybrid instruments are financial

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FINANCE

This Action Plan contains proposals that would prevent hybrid instruments and hybrid entities from misusing tax treaties. Further, the Action Plan also contains details proposals on changes to be effected to the domestic tax laws such as preventing duplicate credits, altering CFC rules, etc. arrangements that are treated as “debt” in one jurisdiction and “equity” in another jurisdiction. Hybrid entities are those kind of entities that are not treated as a separate entity from one country’s perspective whilst such entity is treated as separate entity from another country’s perspective. Taking cue from this, hybrid mismatch arrangements essentially entail the use of hybrid instruments and/ or hybrid entities. Through such usage, multiple deductions are claimed for a single expense or multiple foreign tax credits are claimed for a single amount of tax paid. This Action Plan contains proposals that would prevent hybrid instruments and hybrid entities from misusing tax treaties. Further, the Action Plan also contains details proposals on changes to be effected to the domestic tax laws such as preventing duplicate credits, altering CFC rules, etc. 2.3 Action Plan 3 – CFC Rules Rules governing Controlled Foreign Corporation (“CFC”) aim at taxing the parent company of the profits which are parked in foreign low or no tax jurisdictions. The Action Plan recognizes that CFC Rules can serve as a deterrent in preventing shifting of profits whilst also emphasizing the need to ensure the elimination of double taxation. The emphasis of Action Plan 3 is on “de-

veloping recommendations regarding the design of controlled foreign company rules.” In order to attract the CFC Rules, the Plan lays emphasis on the possibility of a substance analysis which would help in determining the nature and level of economic activity (based on parameters such as employees, business premises or other same or similar variable) that all the CFC income should be taxed. The US GILTI regime, which was enacted in 2017 is a minimum tax aimed at low-taxed intangible income. 2.4 Action Plan 4 – Limiting base erosion involving interest deductions and other financial payments The OECD in this Action Plan noticed that interest was used as a tool for claiming deductions where the corresponding income was essentially exempt from tax or deferred for tax purposes or was used as a tool for obtaining relief for interest deductions greater than the actual net interest expense. A commonly used device was the use of intragroup loans to generate deductible interest expense in high tax jurisdictions and a corresponding interest income in low tax jurisdictions. In order to tackle this issue, one such approach recommended by the OECD is to fix a ratio which would limit an entity’s net deduction for interest and payments of similar nature. The

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recommended approach was to cap such deductions at 10 percent to 30 percent of the earnings before tax, interest, depreciation and amortization (EBITDA). The OECD has also suggested a group ratio for rule for groups that are highly leveraged. Further, these rules might also be accompanied with de-minimis rules for MNEs with a low level of interest. Further, the rules also suggest the exclusion of loans used for public benefit purposes as they are usually highly leveraged. 2.5 Action Plans 5 to 7 – A brief insight Action Plans 5 to 7 deal with countering harmful tax practices more effectively taking into account transparency and substance, preventing the grant of treaty benefits in inappropriate circumstances and preventing the artificial avoidance of permanent establishment situs. In the context of countering harmful tax practices which finds its place in Action Plan 5, the OECD has mandated the performance of substantial activity especially where a preferential tax regime exists. This approach is propagated through the adoption of the nexus approach which is based on the principle that taxpayers benefitting from these preferential tax regimes should be actually engaged in such activities and should necessarily incur expenditure on such activities.

The OECD also recognized the need for improved transparency. The lack of transparency can give rise to various issues including mismatches in tax treatment and instances of double non-taxation. This requires a continuous and frequent exchange of information/ rulings amongst countries. Action Plan 6 essentially deals with treaty shopping and other treaty abuse strategies adopted by MNEs. The OECD through Action Plan 6 has included new treaty antiabuse rules that provide a safeguard against the abuse of treaty provisions and offer a degree of flexibility. The OECD has recommended the inclusion of anti-abuse/ Limitation of Benefit Clause in the convention coupled with the invocation of the principal purpose test (aka the PPT Rule) to deal with situations not covered by the LOB Rules. Notably, under the PPT Rules, if one of the principal purpose to the arrangement is to obtain treaty benefits, the said benefits would be denied unless it is established that granting of the related treaty benefits would be in

accordance with the object and provisions of the DTAA. Action Plan 7 concerns preventing the artificial avoidance of the creation of a permanent establishment. In this Action Plan, the OECD calls for a review of the definition of a permanent establishment, more specifically with respect to Article 5(5) and Article 5(6) of the DTAA. Pertinently, the Action Plan suggests that where the activities of the intermediary undertaken in a contracting state are intended to result in the regular conclusion of contracts to be performed by a foreign enterprise, the said enterprise should be considered as having a taxable presence in the extant jurisdiction, subject to certain exceptions. The OECD has also recommended the inclusion of an anti-fragmentation rule which would prevent MNEs from avoiding the constitution of a permanent establishment by fragmenting its cohesive business into several small operations in order to argue that each of the fragmented activities are in preparatory or auxiliary in nature and thereby excluded under Article

5(4) of the DTAA. 2.6 Action Plan 8 to 10 – Transfer pricing related with emphasis on value creation The primary emphasis of these action plans is on substance of the transaction over form. To this effect, OECD emphasis the fact that for the purpose of transfer pricing analysis, one would need to examine whether the conduct of the parties is in consonance with the contractual terms agreed between them. In the event of there being a variance, the conduct of the parties shall be the basis of undertaking a transfer pricing study. The guidelines also cover aspects regarding allocation of risks in the context of related party transactions. In essence, the entity to which a particular risk is allocated should be in a position to “manage” the said risk and should also possess the financial wherewithal to bear the consequence in the event such risk materializes. In summary, the risk bearing entity should possess the capability and exercise control over the risk. While such an entity may

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FINANCE

The BEPS Action Plans has come a long way in laying the platform to prevent treaty abuse. One such mechanism has been the introduction of the “Principal Purpose Test” in all Indian arrangements. Further, the broadening of the scope of a permanent establishment would aid in addressing acts of avoidance through establishment of commissionaire and other arrangements choose to outsource certain risk mitigation functions, strategic decisions in relation to the management of risk cannot be outsourced. In the context of intangibles, the OECD has also brought to reckoning that an entity which merely enjoys the legal ownership on an intangible but does not perform any function relating to creation of its value would not be entitled to returns (including super profits) which arise from such intangibles. 2.7 Action Plans 11, 12 14 Action Plan 11 concerns measuring and monitoring BEPS. It provides a review of indicators, evidence and data that are needed

to monitor BEPS. It also proposes that the OECD should work with governments to report and analyse more corporate statistics and also notes that the CbC data analysis has the potency to improve the economic analysis qua BEPS. In my view, the implementation of BEPS would lead to profit shifting from jurisdictions such as the United States to low tax countries. Estimates suggest that the revenue loss would amount to 5 percent to 19 percent of the US corporate taxes which could range between USD 20 billion to USD 76 billion. Action Plan 12 deals with mandatory disclosure rules for aggres-

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sive or abusive transactions and structures. The idea behind this proposal is to facilitate early dissemination of information to the tax authorities which would act as a deterrent. These disclosure obligations whether it be transaction-based or the promoter based approach, places the primary disclosure obligation on the promoter. The Action Plan also encourages information exchange and in particular recommends using Joint International Tax Shelter Information & Collaboration (JITSIC) network. Action Plan 14 deals with making dispute resolutions more effective. It seeks to improve the effec-

tiveness of the Mutual Agreement Procedure (“MAP”) with a view to provide greater certainty and limit double taxation. It proposes certain minimum standards which include ensuring treaty obligations for MAP are implemented and cases resolved in a timely manner, ensure that administrative processes promote the prevention and timely resolution of disputes, easy access to the dispute resolution process. In the recent past, some countries have also committed themselves to binding arbitration whilst a few have been reluctant because of fears of giving up sovereignty over tax matters. 2.8 Action Plan 13 – Three tier documentation This Action Plan deals with transfer pricing documentation and country by country reporting. Once implemented, this Action Plan would change the way transfer pricing documentation is prepared globally. The documentation suggested comprises of a three-tier approach which includes the following: •Master File – This file would provide a blueprint of the MNE Group containing standardized information relevant to the group; •Local File – This file would contain local information relevant to the concerned jurisdiction and the extant economic analysis of related party transactions;

•Country by Country Report – This file would contain a snapshot of data regarding the MNE. This would cover revenue, income, taxes and other relevant economic indicators. The said report is required to be filed by MNE groups with an annual consolidated group turnover of 750 Million Euro. 2.9 Action Plan 15 Action Plan 15 is one of the unique ideas of the BEPS Project. The said plan proposed a unique model pursuant to which bilateral double tax agreements entered into by countries would through a single stroke (namely, a standalone multilateral instrument) stand modified/ updated. In order to effectuate the same, countries were called upon to make necessary changes in their domestic tax laws. It is envisaged that the Multilateral Instrument (“MLI”) would enable the signatories to automatically modify their existing DTAA by signing a single agreement. The OECD adopted the approach through the MLI after considering various other options including execution of a bundle of protocols. The MLI approach was preferred as there would be substantial saving of time and effort. Further, MLI would in essence co-exist along with the DTAA apart from being focussed. The MLI would considering its purpose and scope modify limited provisions of the

DTAA without interfering with the overall historical scope of the tax treaties.

3. Parting thoughts The BEPS Action Plans has come a long way in laying the platform to prevent treaty abuse. One such mechanism has been the introduction of the “Principal Purpose Test” in all Indian arrangements. Further, the broadening of the scope of a permanent establishment would aid in addressing acts of avoidance through establishment of commissionaire and other arrangements. The BEPS initiative is also tuned towards improving the dispute resolution process inter-alia through a bilateral negotiation process. In my view, the Indian regime of taxation would come out as a far more robust and object-oriented system where substance and commercial reasonability behind each transaction would be the watchword. As I conclude, I was pleasantly surprised to note how the Revenue authorities in anticipation of a futuristic event being the ratification of the MLI have sought to deny the benefits available under the IndiaMauritius DTAA. This attempt by the Department was set aside by the Hon’ble Delhi ITAT in the case of MIH India (Mauritius) Limited Vs ACIT [ITA No 1023 of 2022]. Quite clearly, interesting days are ahead

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HEALTH & FITNESS

Rajiv Ambat

Lifestyle Disorders Coach & Founder - NuvoVivo About NuvoVivo (www.nuvovivo.com) Rajiv Ambat is the CEO of NuvoVivo, an online health & fitness company that is into medical fitness. He is a well-known speaker and author of the best-selling book - ‘The Midriff Crisis’ and lifestyle expert. Under the guidance of Mr Rajiv, his team at NuvoVivo help their clients manage/reverse lifestyle diseases like diabetes, cholesterol, fatty liver, uric acid, hypertension, PCOS, thyroid disorders, etc.

Cardio, Gym or Yoga? Which is better?

n a world characterized by sedentary lifestyles and everincreasing demands on our time, the significance of regular physical activity cannot be overstated. Our bodies are designed to move, and engaging in various forms of exercise holds the key to unlocking a multitude of physical and mental benefits. As we delve into the realm of fitness, it becomes evident that not all exercises are created equal. This realization forms the basis of this article, to understand the diverse physiological responses elicited by different exercise types: – Cardio, Resistance Training, and Yoga. There are also hybrid forms of these exercises that bring in the

features of two or more of the above forms. These specialised and hybrid exercises, obviously give a combined benefit to health. Among, these 4 categories of exercises, which is the best for you? It is crucial to recognize that each type of exercise imparts unique benefits to the body. However, the physiological responses they induce are not one-size-fits-all. The intricate balance between exercise and the body’s intricacies is a reminder that individual variations, medical conditions, and preferences should guide exercise choices.

Cardiovascular Exercise Cardiovascular exercise, often

referred to simply as “cardio,” serves as a potent catalyst for enhancing the body’s cardiovascular system. This category encompasses activities such as running, cycling, swimming, and aerobics. The essence of cardio lies in its ability to amplify heart rate and respiration, engendering a cascade of physiological responses that contribute to overall cardiovascular fitness. When embarking on a cardio session, the heart takes center stage. As the body senses the increased demand for energy, the heart rate escalates, working to pump blood more swiftly throughout the body. This surge in blood flow serves a dual purpose: it transports oxygen

It is crucial to recognize that each type of exercise imparts unique benefits to the body. However, the physiological responses they induce are not one-size-fits-all

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from the lungs to the muscles and carries away carbon dioxide—a waste product of metabolism—towards the lungs for exhalation. This optimized oxygen delivery facilitates improved muscle performance and endurance, enabling individuals to engage in sustained physical activity with greater ease. Moreover, cardio exercise has a remarkable impact on the respiratory system. The lungs respond by expanding their capacity to intake oxygen, and with every deep inhalation, more oxygen diffuses into the bloodstream. In parallel, an efficient process of expelling carbon dioxide is triggered, ensuring a harmonious balance between oxygen uptake and waste removal. Engaging in regular cardio not only boosts cardiovascular health but also holds a mirror to the mind-body connection. As the body’s exertion intensifies, the brain releases endorphins, natural chemicals that serve as mood enhancers. This endorphin release leads to an uplifting sensation often referred to as the “runner’s high.” These neurochemicals play a pivotal role in stress reduction, promoting mental clarity, and fostering a sense of well-being. However, it’s imperative to tread with caution, as certain considerations come into play. Individuals with joint issues might find high-impact cardio exercises like running to be taxing on the joints. In such cases, low-impact options like swimming or cycling can offer the benefits of cardio without the strain on vulnerable joints. Additionally, individuals with specific heart conditions should consult their healthcare providers before embarking on vigorous cardio routines, as excessive strain on the heart could potentially pose risks. Intricately woven into the fabric of cardiovascular exercise are physiological responses that extend far beyond the superficial benefits. From the rhythmic cadence of the heart to the profound sense of vitality, car-

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HEALTH & FITNESS

dio exemplifies the body’s remarkable adaptability and its propensity to flourish when nurtured through intentional movement.

Resistance Training In the realm of fitness, resistance training stands as a formidable pillar, focusing on building strength and sculpting muscles. This form of exercise encompasses weightlifting, bodyweight exercises, and the use of resistance bands or machines. The essence of resistance training lies in challenging the body’s musculature through controlled resistance, which triggers a series of remarkable physiological responses. At the heart of resistance training is the concept of muscle hypertrophy. As individuals lift weights and engage in resistance-based movements, muscle fibers are across a resistance, and they experience microscopic damage. In the recovery phase, the body rebuilds these fibers, leading to increased muscle size and strength. The process involves the activation of satellite cells, which aid in the repair and growth of muscle tissue. This growth isn’t solely aesthetic; it plays a crucial role in boosting metabolism, as muscles demand energy not only during exercise but also at rest. Resistance training’s impact extends beyond muscles. It plays a pivotal role in enhancing bone density—a particularly crucial benefit as we age and face the risk of

osteoporosis or brittle bones. The mechanical stress applied to bones during resistance exercises prompts the body to reinforce bone tissue, fortifying the skeletal structure against potential fractures. This is how resistance training improves bone mineral density! Furthermore, resistance training has the power to enhance insulin sensitivity, potentially reducing the risk of type 2 diabetes. As muscles become better in quality and quantity, their ability to store and use glucose (as fuel) improves, and they become more responsive to insulin. This improves blood glucose regulation, fostering better overall metabolic health. Yet, like any facet of fitness, caution is key! Improper form and excessive weight can lead to injuries, underscoring the importance of proper technique and gradual progression. Individuals with certain medical conditions, such as severe osteoporosis or joint issues, should approach resistance training with care and guidance from healthcare professionals. Certain types of weight training may not be suggested for specific conditions. for example – Deadlifting heavy weights may not be safe for someone with lower back disc issues. Similarly, a person with hernia or piles should avoid weighted squats or leg press workouts. Resistance training offers a dynamic and empowering route to

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physical strength and resilience. This journey towards strength is not just a quest for bulging biceps, but an exploration of the body’s incredible capacity to evolve and thrive when met with the right challenges.

Yoga Yoga, with its roots in ancient traditions, offers a holistic approach to physical, mental, and spiritual well-being. Far beyond its reputation as a series of contorted poses, yoga encompasses a profound journey of self-discovery. Through a combination of physical postures (asanas), mindful breathing (pranayama), and meditation, yoga elicits a set of physiological responses that extend far beyond the mat. The physical aspect of yoga is a delicate interplay between flexibility, balance, and strength. Asanas gently challenge the body’s range of motion, fostering flexibility in muscles, tendons, and ligaments. Regular practice leads to improved joint mobility and better posture, countering the rigidity often imposed by sedentary lifestyles. Breathing, a fundamental aspect of yoga, serves as a bridge between the physical and mental realms. Practicing pranayama techniques synchronizes breath with movement, enhancing lung capacity and oxygen exchange. This deliberate control of breath triggers the body’s relaxation response, reducing stress and anxiety. The physiological effects are pro-

found; heart rate slows, blood pressure decreases, and the sympathetic nervous system—the “fight or flight” response—gives way to the parasympathetic nervous system, inducing a state of calm. Meditation, another cornerstone of yoga, engages the mind in a disciplined exploration of inner realms. As the mind settles into stillness, stressors melt away, and the body’s physiological equilibrium is restored. This meditative practice has been associated with reduced inflammation, improved immune function, and even alterations in brain structure that enhance emotional regulation and cognitive function. Despite yoga's myriad benefits, it's essential to approach its physical aspect mindfully. Extreme postures could strain joints, particularly in individuals with limited flexibility. Variations and modifications are key, enabling practitioners to adapt poses to their body's needs. Certain

yoga poses that involve moderate to high flexibility may not be safe for certain conditions. For example, the one including Ankylosing Spondylitis, Spine Metastasis, etc. requires caution with extreme yoga poses. Yoga is a multifaceted journey, that explores the intricate connection between body, breath, and mind. Its physiological responses mirror its holistic essence, creating a profound tapestry of wellness that transcends the yoga mat and resonates throughout daily life. Through this art of self-care, we find not only the improvement of physical health but a profound nourishment of the soul—a reminder that the body and mind are intertwined in a dance that thrives when approached with grace and intention.

Specialized and Hybrid Workouts Specialized and hybrid workouts encompass activities that may not fit neatly into the traditional catego-

ries of cardio, resistance training, or yoga. These workouts often blend elements from various disciplines to create unique and effective exercise regimens. While not exhaustive, this category highlights a few notable examples: •Pilates: A low-impact exercise focusing on core strength, flexibility, and alignment through controlled movements and breath. •Functional Training: Emphasizes movement patterns that mimic everyday activities, enhancing functional fitness, balance, and coordination. •Dance Fitness: Combines dance routines with cardiovascular exercise, making workouts enjoyable and rhythmic. •High-Intensity Interval Training (HIIT): Alternates between intense bursts of activity and rest periods, promoting both cardio and strength benefits. •Calisthenics: Utilizes body-

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HEALTH & FITNESS weight exercises for strength, endurance, and body control, often using minimal equipment. •CrossFit: A high-intensity workout program that integrates various exercises for overall fitness and performance. •Tai Chi: A mind-body practice incorporating flowing movements, deep breathing, and meditation for balance and relaxation. While these specialized and hybrid workouts may not fit into the traditional categories, they offer diverse ways to achieve fitness goals and cater to individual preferences and needs. Incorporating such activities into a well-rounded fitness routine can further enhance overall physical and mental well-being. Just like the other categories, it's important to consider individual factors and consult professionals when needed to ensure a safe and effective approach – especially in case of physical ailments and other medical

conditions.

Individual Differences and Exercise Choice The realm of exercise is not a one-size-fits-all landscape; it's a lot more nuanced and depends on medical conditions and personal preferences. Recognizing and respecting these unique differences is paramount when determining the most suitable exercise regimen. One of the key factors guiding exercise choices is the individual’s medical history and current health status. Conditions such as hernias, arthritis, cardiovascular diseases, and even past injuries should all play a role in selecting the appropriate exercise type. For instance, individuals with hernias might need to avoid certain resistance training exercises that strain the core, while those with knee arthritis might find high-impact cardio detrimental to their joint health. Age also plays a significant role in

exercise selection. The physiological changes that accompany aging, such as reduced muscle mass and bone density, demand a tailored approach. Resistance training takes on added importance for older individuals, helping to counteract muscle loss (age-related sarcopenea) and maintain bone strength. Yoga, with its focus on joint mobility and flexibility, becomes a valuable tool for preserving range of motion and preventing stiffness. Furthermore, individual preferences and personalities should be taken into account. Some individuals thrive in high-energy group cardio classes, while others find solace in the introspection of yoga. For some, the challenge of lifting weights is invigorating, while others prefer the natural resistance of their own body weight. The exercise journey should be enjoyable and sustainable, aligning with an individual’s inclinations to ensure long-term commitment.

Medical Condition

Cardiovascular Exercise

Weight Training

Yoga

Specialized / Hybrid Workouts

Hernia

Avoid high impact.

Modify intense poses.

Modify movements that strain the core.

Arthritis (Joint)

Choose low-impact.

Light weights, modify movements.

Gentle and modified poses.

Modify movements that stress joints.

Osteoporosis

Avoid high-impact, consult with a physician.

Light weights with caution.

Avoid extreme flexibility poses.

Avoid high-impact and heavy weights.

Heart Conditions

Consult with a physician.

Light weights, controlled intensity.

Gentle poses, avoid inversions.

Consult with a physician.

Pregnancy

Low-impact, consult with a healthcare provider.

Light weights with modifications.

In prenatal yoga, avoid certain poses.

Prenatal fitness, consult with healthcare provider.

Chronic Pain (Back)

Low-impact, consult with a physician.

Light weights with proper form.

Gentle poses, modify as needed.

Avoid movements that worsen the pain.

Breathing Disorders

Consult with a physician.

Light weights, controlled breathing.

Breathing exercises, gentle poses.

Avoid intense cardio, consult with a physician.

Balance Issues

Choose stable cardio, and consult with a physician.

Light weights with balance aids.

Focus on balance poses, and use support.

Choose exercises with proper balance support.

Recent Surgery

Consult with a physician.

Gradual reintroduction, avoid straining.

Gentle and modified poses.

Choose low-impact, and consult with a physician.

September - October 2023

Consulting with healthcare professionals, such as doctors, physical therapists, or fitness experts, and seeking guidance in creating a customized exercise plan that suits individual circumstances is the best and safest approach. This collaborative approach ensures that exercise is not only effective but also safe. In the grand tapestry of exercise, diversity is the cornerstone. The interplay between an individual’s unique choices and medical conditions decides how wellness is achieved through tailored choices in exercise.

The Balanced Approach In the pursuit of optimal health and fitness, the concept of a balanced approach to exercise is extremely important. While each exercise type—cardio, resistance training, and yoga—offers unique physiological benefits, it's the harmonious integration of these diverse elements that yields a comprehensive and holistic well-being

strategy. It is futile to explore which of these three exercises is good or the best! The essence of a balanced approach lies in addressing the body's multifaceted needs. By embracing all these exercise types, one can also safeguard against injuries that may arise from repetitive movements characteristic of just one type of exercise routine. Additionally, a balanced approach mitigates the risk of developing muscular imbalances, where certain muscle groups are overdeveloped while others are neglected. This equilibrium is extremely important and essential for maintaining functional fitness and overall bodily symmetry. Remember – being muscular does not always mean improving functional fitness. Moreover, a diverse exercise regimen serves as a means to overcome plateaus. As the body adapts to a particular exercise type, progress can stagnate. Incorporating varied work-

outs challenges the body in new ways, preventing complacency and promoting continued growth. The balanced approach resonates beyond the physical realm, encompassing mental and emotional wellbeing. Cardiovascular exercise’s endorphin release counteracts stress, resistance training’s empowerment boosts confidence, and yoga’s mindfulness cultivates serenity. This multifaceted approach enriches the spectrum of well-being, nurturing a comprehensive sense of vitality that transcends the limitations of a singular exercise focus. One should embrace exercise with an open heart and a willingness to adapt, allowing our bodies to express their full potential through the interplay of cardio, resistance training, and yoga. As we do so, we craft a narrative of well-being that celebrates our diverse capacities and reminds us that the path to a healthier life is one that is uniquely our own

September - October 2023

MOTIVATION

Dolly Maria

To increase your organisational effectiveness then, you need to think beyond the boundaries and think above the ordinary to bring in longevity to your dream with organisational transformation

Dolly Maria is founder of THE IGNIST, a training company born out of a noble cause and spirit. She holds a decade long experience being a passionate mentor and entrepreneur.

TO PERFECT IS TO CHANGE OFTEN!

as the new normal set in, are we adept with it already or are we still struggling to strike a balance between the pre and post pandemic world? Leaders and entrepreneurs are sensing a feeling of low motivation in many of the teams widely across the globe. There were many an employee who hesitated to come back to office, leaving the work-from-home comforts. We also have been hearing about mass layoffs happening around the world for months together. Organisational restructuring, transformation, and innovation can be re-implemented at any point of time, how many ever times, in the growth phase of a company inorder to save it from looming external hazards or self-destruction. The question every entrepreneur asks himself at some point of the phase of change is, “How do I lead

my team successfully through this cultural organisational transformation?” It is indeed an emotional journey when it comes to your baby, the organisation you conceived in your heart just as an idea at one point of time in the distant past, and it is indeed an epic expedition from then to bringing it into a tangible resultreaping entity it is now. It involves an extensive elaborate saga of conceiving, strategizing, risk-taking, organising, co-ordinating, administrating, delegating, creating a loyal customer base, building a strong team, marketing, branding, sustaining and bringing about results on a consistent basis. Something that every entrepreneur should expect then is unexpected snowballs – it can be external, internal or something else like a pandemic or a natural calamity. Every organisation goes through

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growth and change – this includes both uncalculated setbacks and tremendous success. At any juncture in between this journey, you might confront slowness, obstacles or organisational stagnation. To increase your organisational effectiveness then, you need to think beyond the boundaries and think above the ordinary to bring in longevity to your dream with organisational transformation. It is strategies that you execute inorder to overcome the obstacles or setbacks to take your organisation to where you imagine it to be. Even though it might look at first like a daunting prospect, it is unavoidable. The vision that you had at the onset of creating this dream, and the plans that you enlarged on the go, is all to be challenged at this phase. It is your determination that will keep you in the game, survive and accelerate your progress.

The key aspect of any business success is retaining employee standards and satisfying customer needs. The pro is that the process can always be manipulated according to the need. The con is that the process can be complex because it always involves People. The resistance to change is naturally high in most of the people unless they are trained otherwise. Here comes the imperative need for continuous Training and Development in an organisation, even before disruption hits. Employees are the ones who make things happen. Motivating them at these times of forthcoming change should be the crucial priority of management. Rewards, recognitions and opportunities for future growth should be greatly announced,

to gather maximum engagement and participation. Openness to ideas and change is a culture that should be set in way before the actual need arises. Promoting accountability among the team is a win-win. The first and foremost thing is to identify the triggers. Any change can bring panic, confusion and fear. When it comes to a mandatory desperate call for change, any thoughts that oppose transformation should be vehemently weeded out right at the onset. The leadership should be able to absorb the whole masquerading scene in its actuality so that it can be smoothly cascaded down to the indispensable team, who in turn would roll out the inevitable action plans and deliverables without much hiccups. When it comes to a transformational require-

ment, usually your employees are hit first. The board members and HR should always be pre-equipped for how this might affect your first customers called employees. They both should work together to make the rest of the team understand the imminent necessity for transformation and train the employees to prepare them for the expected outcomes. It is more important to stick together at disruptive times than ever before. The strategies might include a complete restructuring of the current budget, redoing the marketing plans, streamlining the responsibilities and tasks, adding in new technology for help, rework on the KPIs, do a complete overhaul of outdated hierarchies, etc. This might even include having another look into company

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MOTIVATION

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culture and values, whether it is aligning with the current vision and future goals. 70% of the change initiatives fail - Even though the statistics so far show that the rate of failure in the trials of organisational transformation is still high, like Blackberry, Polaroid or Kodak, the determined and strong-willed always come out victorious in the end, no matter what. It is not ever advisable not to try, because the world is fast advancing with complex changes. We need to keep a super positive attitude inorder to succeed eventually. Even though there occurs some kind of loss, whether it be personnel, time or money, let’s not have cognitive biases to the idea of transformation and it’s great positive after-results. Whether it be reorg, or new leadership, or rebranding or wide lay-offs, when it comes to change management, we always think of embarking on fail-safe changes. Evaluate thoroughly on options, as to People, Process and Technology, how to successfully align in on decision with minimal change resistance. Fortunately today there are ample options where any of these three levels of implementations can be done on safe-to-fail methods which can be reversed without much cost or harm. New production or management models can be adapted which will help and lead to encompass processes to concept Organisational Innovation. It can be a process, idea, service or a product, as per the identified impending requirement. Business leaders with robust business knowledge should be handpicked to roll-out the transition efficaciously. Translating a new idea into the weaves of the organisational structure can be quite innovative, challenging and prospective, however if it creates an organisational uplifting value and catalyse a fast development which will save the current crisis, then it is definitely worth the try to go in for. A successfully re-organised, well-designed efficient system can take the organisation through another longer stint of victory and forming pro-active synergy for greater growth. “To improve is to change; to be perfect is to change often!”

September - October 2023

GADGETS

OnePlus Ace 2 Pro

Rs . 34,290 (approximately) Android v13 6.74 inches (17.12 cm) Display 50 MP + 8 MP + 2 MP Primary Cameras 16 MP Front Camera 12 GB RAM 256 GB Internal Memory 5000 mAh Battery Capacity

iQOO Neo 8

Rs. 29,390 (approximately) Android v13 6.78 inches (17.22 cm) Display 50 MP + 2 MP Primary Cameras 16 MP Front Camera 12 GB RAM 256 GB Internal Memory 5000 mAh Battery Capacity

September - October 2023

Google Pixel Fold

Rs. 147,490 (approximately) Android v13 7.6 inches (19.3 cm) Display 48 MP + 10.8 MP + 10.8 MP Primary Cameras 8 MP + 9.5 MP Front Camera 12 GB RAM 256 GB Internal Memory 4821 mAh Battery Capacity

iQOO Z8

Rs. 19,390 (approximately) Android v13 6.64 inches (16.87 cm) Display 64 MP + 2 MP Primary Cameras 16 MP Front Camera 8 GB RAM 256 GB Internal Memory 5000 mAh Battery Capacity

September - October 2023

BEAUTY

Magical Home Remedies for Banishing Dandruff: Unveiling Nature's Secrets

andruff can be a real nuisance, but you don't need to break the bank to get rid of it. Nature has provided us with some effective solutions right in our kitchen. In this article, we'll explore 7 straightforward home remedies that can help you banish dandruff and regain your confidence. From apple cider vinegar to coconut oil, these remedies are easy to use and can make a noticeable difference. Say hello to a flake-free scalp with these simple yet effective solutions.

1. Tea Tree Oil Elixir Tea tree oil is a renowned natural remedy for dandruff due to its potent antifungal properties. Create a soothing elixir by mixing a few drops of tea tree oil with a carrier oil, such as coconut or jojoba oil. Massage this blend into your scalp, leaving it on for about 30 minutes before washing it off. The tea tree oil will work its magic, helping to combat

the fungal culprit behind dandruff while providing a refreshing tingling sensation.

2. Lemon-Lime Marvel

ics in curd help restore the natural balance of your scalp's microbiome, curbing the growth of dandruff-causing microorganisms.

Citrus fruits are not only refreshing but also effective in combating dandruff. The citric acid in lemon and lime juice helps to balance the pH of your scalp and reduce the growth of dandruff-causing fungi. Squeeze the juice of a lemon or lime and apply it directly to your scalp, gently massaging it in. Leave it on for 15-20 minutes before washing your hair. Remember to avoid direct sun exposure, as citrus juices can make your scalp sensitive to sunlight.

Baking soda isn't just for baking; it's a versatile ingredient that can be a potent dandruff fighter. Its exfoliating properties gently remove dead skin cells, reducing the flakiness associated with dandruff. Create a paste by mixing baking soda with water and massage it into your damp scalp. Leave it on for a few minutes before rinsing thoroughly. While this remedy can be effective, it's recommended to use it sparingly, as baking soda can be drying if overused.

3. Curd Therapy

5. Aloe Vera Elegance

Curd, also known as yogurt, is a dairy delight that's rich in probiotics and vitamins. These qualities make it a fantastic ally in the fight against dandruff. Apply plain curd to your scalp and let it sit for about an hour before washing it off. The probiot-

Aloe vera is a natural wonder known for its soothing properties. It can help alleviate scalp irritation and reduce dandruff. Extract fresh aloe vera gel and apply it directly to your scalp. Leave it on for 30 minutes before washing your hair. The gel's moisturizing and anti-inflammatory qualities can bring relief to an itchy scalp while promoting healthier hair growth.

Dr. Elizabath Chacko, MD-Kalpana International

4. Baking Soda Wonder

6. Fenugreek Magic Potion

Mob: 9388618112

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Fenugreek seeds might be a hidden gem in your kitchen, but they pack a powerful punch when it comes to dandruff removal. Soak a handful of fenugreek seeds in water overnight and grind them into a

paste the next morning. Apply this paste to your scalp and let it sit for about 30 minutes before washing it off. Fenugreek contains compounds that help soothe inflammation and control excess oil production, making it an excellent ally against dandruff.

7. Coconut Oil Magic: Coconut oil isn't just a kitchen staple; it's a gift to your scalp too. Warm some coconut oil and mas-

sage it onto your scalp, leaving it on for at least 30 minutes (or even overnight). Its moisturizing properties can help alleviate dryness and reduce dandruff. Just remember to thoroughly shampoo your hair afterward to prevent any oiliness. Banishing dandruff doesn't have to involve complicated or expensive solutions. Mother Nature has provided us with an array of remedies that are not only effec-

tive but also gentle on our scalp and hair. Whether it's the antifungal power of tea tree oil, the pHbalancing effects of citrus juices, or the soothing properties of aloe vera, these magical home remedies are your ticket to a flake-free scalp and a renewed sense of confidence. Embrace the natural goodness that surrounds us and say goodbye to dandruff with these simple yet enchanting remedies

September - October 2023

TRAVELOGUE

Discovering Paradise:

Isla Holbox's Tranquil Beauty and Exhilarating Adventures

n a world where well-trodden tourist paths often lead to crowded destinations, there exists a place that seems to have been tucked away by fate itself, waiting for those with a yearning for authenticity and untamed beauty. Isla Holbox, a serene island nestled off Mexico's Yucatán Peninsula, stands as a testament to the magic of unspoiled landscapes, vibrant marine life, and a culture that welcomes visitors as cherished guests. This is not just a travel destination; it's an invitation to escape the ordinary, immerse yourself in the extraordinary, and rediscover a sense of wonder that only the purest corners of the Earth can evoke. As you set foot on Isla Holbox's shores, you're stepping into a realm of endless possibilities, a place where the rhythm of life is dictated by the ebb and flow of the tides and the whispers of the wind. Here, towering resorts are replaced by charming local ac-

commodations that blend seamlessly with the island's natural beauty. The lush greenery and pristine beaches create an idyllic backdrop for a journey that promises relaxation, adventure, and a profound connection to the world around you.

The Perfect Time to Visit While Isla Holbox's allure remains constant throughout the year, the best time to visit this tropical haven is from November to April. This period, known as the dry season, boasts idyllic weather characterized by clear blue skies and warm temperatures. The rains have subsided, and the gentle breeze carries a hint of salty ocean air. This time of year is also ideal for spotting the magnificent whale sharks, which migrate to the waters around the island to feed on plankton. Swimming alongside these gentle giants is an aweinspiring experience that should not be missed.

Unleash Your Adventur-

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ous Spirit For thrill-seekers and nature enthusiasts, Isla Holbox offers an array of exhilarating activities that showcase the island's abundant marine life and natural wonders. Snorkeling and scuba diving expeditions reveal a kaleidoscope of vibrant coral reefs and a diverse array of marine species. Embarking on a kayaking excursion through the island's shallow mangrove-lined lagoons allows you to witness the enchanting bioluminescence that lights up the water at night – a phenomenon that is sure to leave you spellbound.

Captivating Sunsets and Starry Nights As the day draws to a close, Isla Holbox treats its visitors to some of the most captivating sunsets in the world. The sky becomes a canvas of warm hues – shades of orange, pink, and gold – as the sun dips below the horizon, casting a tranquil glow over the island. Finding a prime spot

As you set foot on Isla Holbox's shores, you're stepping into a realm of endless possibilities, a place where the rhythm of life is dictated by the ebb and flow of the tides and the whispers of the wind

September - October 2023

TRAVELOGUE

Isla Holbox is not just a paradise for aquatic adventurers; it's also a sanctuary for bird lovers. The island is part of the Yum Balam Biosphere Reserve, home to over 150 species of birds

on the beach to witness this natural spectacle is a ritual that quickly becomes a cherished memory. And the magic doesn't end with the setting sun. As darkness blankets the island, a blanket of stars emerges, unhindered by the bright lights of urban life. Take a nighttime walk on the beach and be mesmerized by the shimmering bioluminescence in the water, creating a trail of fairy-like lights with each step you take. It's a surreal experience that reminds you

of the wonders nature has in store.

Responsible Travel and Preservation Efforts As you explore Isla Holbox's natural wonders, remember that responsible travel is key to preserving the island's pristine beauty for generations to come. The local community and authorities have implemented measures to protect the fragile ecosystem and maintain a delicate balance between tourism and conservation. Respect the rules

September - October 2023

and guidelines, such as refraining from touching the coral reefs during snorkeling and keeping a safe distance from wildlife, to ensure that Isla Holbox remains an enchanting destination for years to come.

A Sanctuary for Wildlife Lovers Isla Holbox is not just a paradise for aquatic adventurers; it's also a sanctuary for bird lovers. The island is part of the Yum Balam Biosphere Reserve, home to over 150 spe-

cies of birds. Grab your binoculars and explore the intricate network of marshes, flats, and mangroves where colorful flamingos, pelicans, and herons gracefully go about their daily routines. Witnessing a sunset as these elegant birds take flight against the backdrop of the fiery sky is an experience that transcends words.

Cultural Immersion and Culinary Delights As the sun dips below the horizon, the island's vibrant culture comes to life. The local community on Isla Holbox is known for its warm hospitality and welcoming nature. Stroll through the quaint streets, where vibrant murals adorn buildings and friendly faces greet you at every turn. Engage in conversations with the locals to gain insight into their way of life and perhaps even pick up a few Spanish phrases along the way.

No journey is complete without indulging in the local cuisine, and Isla Holbox offers a tantalizing array of dishes that tantalize the taste buds. Feast on fresh seafood caught straight from the crystalline waters surrounding the island. From ceviche bursting with zesty flavors to grilled lobster dripping in butter, every dish is a celebration of the sea's bounty. Don't forget to savor traditional Mexican street food, such as fish tacos and empanadas, which will leave you craving for more.

Embrace the Relaxed Pace of Life One of Isla Holbox's greatest charms lies in its unhurried way of life. Here, time seems to slow down, and the sound of the waves serves as a soothing backdrop to your days of exploration and relaxation. Rent a bicycle to traverse the island at your leisure, as cars are a rarity here. Discover hidden beaches framed by

swaying palm trees, and bask in the tranquillity of a hammock suspended between two palms.

The Time to Wander is Now In the heart of Isla Holbox's pristine beauty, visitors find a haven that blends natural marvels with cultural authenticity. Whether you're yearning for thrilling adventures beneath the waves or seeking a peaceful escape from the chaos of modern life, this island paradise offers it all. The best time to visit, between November and April, promises dreamy weather and the chance to swim alongside magnificent whale sharks. Engage with the welcoming locals, taste the flavors of the sea, and immerse yourself in the serene rhythm of life on Isla Holbox. As the sun sets on another perfect day, you'll realize that this charming island is not just a destination; it's a state of mind, a place where time stands still and dreams come to life

September - October 2023

AUTO REVIEW

Vivek Venugopal is one of India’s top automotive writers with over a decade’s experience in road-testing and reviewing cars. He is currently the Editor of Quarter Mile magazine and a columnist in several leading magazines and newspapers. He is also a highly sought after consulting engineer and market analyst for many automobile manufacturers.

Mercedes GLC

he Mercedes-Benz GLC is their strongest-selling SUV model globally and the last generation had some 13000 takers in India. Originally dating back to the GLK, this mid-size SUV based on the C class platform is what most buyer’s want – Merc attributes in a taller, practical SUV form factor. We drove the new GLC in Hampi last month and this

September - October 2023

second-generation model takes the game further from where the last one left off. The styling is very evolutionary. The basic silhouette is very familiar, the lines continue to stay the same as do the curves and the softer touches around the edges. It is 60mm longer with 15mm of it coming from the wheelbase and the rest of it, mostly from the rear overhang.

The front end has the five-slot grille which is now a JimnyThe trademark the Indian version chrome inserts rear seatand is well-positioned andgets is comfortable for inside each one. two. You get good visibility and driving the GLC is quite an easy affair As a result, the boot is now larger with an additional 70 litres taking the total to 620 litres. The wheels are 19 inch and there is no AMG line variant for now. The front end has the headlamps extending inwards to meet the grille while the same treatment has been done to the rear lights too. While the design isn't far removed from the last one, the drag coefficient has gone down from 0.31 to 0.29. Inside, the dashboard seems very familiar to that of the new C class. The triple AC vents and the big centre screen are all familiar as is the three-spoke steering wheel

and the 12.3 inch digital driver information display. Everything has a high quality feel, especially how the vents operate and click. The 11.9 inch centre screen is tilted towards the driver and has the new updated MBUX operating system that is very slick and easy to use. But some may not like that all the functions are now integrated into the touchscreen. Even the seat controls and sunroof have capacitive touch surfaces to operate them. While old-school journalists like me lament the death of real buttons and tactility they offered, this is the way forward and Mercedes knows better. The screens

are very usable and new to the GLC is the transparent bonnet feature which displays a feed from the front camera and overlays it over the visuals from the bonnet as you drive along, so you can navigate around any obstacles better. The front seats are wide and comfortable, but instead of a ventilation function, what you get is a heating feature which isn't of much use in our climate. The rear seat is well-positioned and is comfortable for two. You get good visibility and driving the GLC is quite an easy affair. The GLC gets two engine options– a 300 petrol and 220d diesel.

September - October 2023

AUTO REVIEW

To go with the sporty engine, the GLC also has good dynamics. The steering is very accurate and has a nice weight to it Both are four-cylinder turbo units, both have 48v mild hybrid systems and are paired to a 9 speed automatic with their 4Matic all-wheel drive system. The 300 petrol is the one we sampled and makes 258bhp and 400Nm with an additional 23bhp and 200Nm from the hybrid system onboard. Mercedes claims a 0-100kmph time of 6.2 seconds and it feels every bit as fast. Power delivery is very smooth and linear and the 9 speed auto goes through gears rather quickly keeping the engine in its midrange, all the time.

When you rev it, it gets a bit noisy although the engine note is a sporty one. To go with the sporty engine, the GLC also has good dynamics. The steering is very accurate and has a nice weight to it. It is quite enjoyable to push the GLC into turns and it grips well thanks to the 4Matic system keeping the handling very neutral and predictable. The ride quality on the whole is on the comfortable side, but you do feel there is an underlying firmness to it. Still, with the tall tyres on big 19

September - October 2023

inch wheels, you can drive it over bad surfaces without worrying about the side walls. To sum it up, the new GLC is a significantly better than the one it replaces. With ex. showroom prices starting around 73.5 lakhs for petrol and 74.5 lakhs for diesel, it has become more expensive than before. But that has not had any effect on the demand for this thing globally and the Indian market will be no different. It is everything you want in a family SUV with a Mercedes badge thrown in for good measure

MOVIE REVIEW

Jailer

ailer," the 2023 Indian Tamil-language action thriller directed by the talented Nelson Dilipkumar, is a cinematic masterpiece that takes audiences on an exhilarating ride from start to finish. The film's central character, Muthuvel Pandian, portrayed impeccably, strikes a perfect balance between sternness and compassion as a jailer with a heart of gold. What sets "Jailer" apart is its gripping storyline that unfolds with suspense and excitement, keeping viewers at the edge of their seats. The exceptional direction brings out the best in every actor, and their performances are nothing short of exceptional. The film beautifully captures the essence of loyalty and courage as Muthuvel Pandian takes on a formidable gang, showcasing his unwavering determination to uphold justice. Nelson Dilipkumar's visionary direction coupled with a gripping narrative and stellar performances make "Jailer" a must-watch action thriller. The film's ability to blend heart-pounding action with heartfelt emotions is truly commendable. "Jailer" is not just a film; it's an experience that leaves you inspired and exhilarated, reminding us of the power of integrity and the pursuit of justice.

OMG 2

MG 2" is a refreshing and thought-provoking 2023 Indian Hindi-language comedy-drama that tackles a significant issue with both humor and depth. Amit Rai, the talented writer and director, brilliantly weaves together the essence of spirituality, family values, and social awareness. The film masterfully brings to life the journey of Kanti Sharan Mudgal, portrayed impeccably by Pankaj Tripathi, a devoted father and husband who finds himself at the crossroads of a society tainted by misinformation. Akshay Kumar and Yami Gautam's performances add layers of authenticity to this heartwarming tale. The film's narrative not only sheds light on the importance of openmindedness and understanding in Indian schools but also emphasizes the power of seeking truth and justice. With divine guidance as his driving force, Kanti transforms into an inspiring crusader who fearlessly takes on the system. "OMG 2" is a captivating blend of laughter, emotion, and enlightenment that leaves audiences with a resonating message: the pursuit of truth can lead to transformative change. Amit Rai's skillful storytelling, coupled with stellar performances, makes this film an absolute must-watch for those seeking entertainment with a meaningful takeaway.

September - October 2023

King of Kotha

ing of Kotha" (KOK), an Indian Malayalamlanguage action thriller, is an electrifying cinematic masterpiece that captivates audiences from start to finish. Director Abhilash Joshiy's debut is a resounding success, blending heartpounding action with an ensemble cast that delivers stellar performances. The film's brilliant plot unfolds as C I Shahul strategically orchestrates the return of exiled gangster Kotha Rajendran, portrayed with intensity by Dulquer Salmaan. The face-off between Raju and the menacing Kannan, played by Shabeer Kallarakkal, keeps viewers on the edge of their seats, brimming with anticipation. "King of Kotha" is more than just a revenge tale; it's a riveting exploration of power dynamics, resilience, and the triumph of justice. The chemistry between the cast members, including Aishwarya Lekshmi, Gokul Suresh, and Nyla Usha, adds depth to the narrative. Backed by impressive action sequences and a captivating storyline, this film is a must-watch for fans of the genre. With stunning visuals, a gripping storyline, and a pulsating soundtrack, this film is a cinematic triumph that deserves all the accolades.

August 27

ugust 27," directed by Dr. Ajit Ravi Pegasus, is a Malayalam suspense thriller that captivates with its gripping storyline. Shiju Abdul Rasheed's portrayal of Gopi Krishnan is exceptional, embodying the character's complexities. Rishad N K delivers a compelling performance as Roshan, seeking justice for his mother's mistreatment by Gopi Krishnan. The plot takes a thrilling turn when Roshan contacts SP Taramariyam Johnny, setting the stage for a suspenseful narrative. "August 27" seamlessly blends emotion, suspense, and action, crafting a well-rounded cinematic experience. Ajit's storytelling delves into themes of resilience, retribution, and the courage to confront injustice. With Shiju Abdul Rasheed's commendable performance and Rishad N K's compelling portrayal, the movie offers both entertainment and thought-provoking insights. "August 27" is a must-watch thriller that leaves audiences thrilled and contemplative.

September - October 2023

BOOK REVIEW

None of This is True Author Price

: Lisa Jewell : `1,857 (Hardcover)

isa Jewell's 'None of This is True' captivates with its inventive narrative style, seamlessly blending documentary interviews and podcast elements into the fabric of the story. The tale opens on Alix Summers' forty-fifth birthday, intertwining her journey with the enigmatic Josie Fair, who shares her birthdate. The author's storytelling mastery keeps readers guessing about the authenticity of Josie's narrative. Josie's character, though complex, adds depth to the plot, inviting readers to unravel the layers of mystery. Jewell's signature touch shines through, despite the slightly milder tension compared to her other works. Throughout the pages, Jewell's craftsmanship remains evident, even though the suspense might not be as high-strung as observed in her previous works. 'None of This is True' stands out as a captivating testament to Jewell's storytelling prowess, leaving a lingering fascination. The novel bears testament to her skillful storytelling, leaving readers with a lingering sense of fascination for the intricacies woven into the tale.

After That Night Author Price

: Karin Slaughter : `1,578 (Paperback)

fter That Night" by Karin Slaughter is a gripping and emotionally charged novel that showcases the resilience of the human spirit. The story beautifully weaves together the past and present, as Sara Linton, a strong and determined woman, faces the demons of her past while striving to save lives in her role as a successful doctor. Slaughter's intricate narrative skillfully explores the complexities of trauma and healing, highlighting Sara's journey from tragedy to strength. The book's compelling plot takes an unexpected turn when a new case echoes the painful memories of Sara's past, bringing her face to face with her own history and pushing her to confront her fears. GBI Special Agent Will Trent adds a layer of depth to the story as he delves into the investigation, intertwining his path with Sara's in a way that keeps readers on the edge of their seats. Slaughter's writing is masterful, evoking empathy for the characters and immersing readers in a tale of resilience, love, and the power of facing one's demons. "After That Night" is a triumph, capturing the essence of human strength and the healing journey in the face of adversity.

September - October 2023

BOOK REVIEW

California Golden Author Price

: Melanie Benjamin : `1,794 (Hardcover)

alifornia Golden" by Melanie Benjamin is a captivating tale that takes readers on a journey through the challenges and triumphs of Carol Donnelly, a trailblazing female surfer. Breaking through gender barriers, Carol's determination and spirit inspire awe and admiration. Benjamin's storytelling beautifully captures the essence of Carol's journey, highlighting her resilience in the face of adversity. The novel also delves into the complex relationships between Carol and her daughters, Mindy and Ginger, adding layers of emotional depth to the narrative. As Mindy and Ginger navigate their unconventional upbringing, the story evolves into a celebration of individuality and the pursuit of passions. Mindy's foray into the world of surfing and subsequent brush with fame, as well as Ginger's immersion in the counterculture of 1960s California, showcase the power of embracing one's true self. Benjamin's prose is both evocative and thought-provoking, painting a vivid picture of a transformative era. "California Golden" is a testament to the strength of the human spirit and the bonds that tie us together. Benjamin's skillful portrayal of characters and their journeys leaves readers inspired and reflective, reminding us that even in the face of challenges, there is always a golden opportunity for growth and self-discovery.

Just Another Missing Person Author Price

: Gillian McAllister : `1,634(Hardcover)

ust Another Missing Person" by Gillian McAllister is an exhilarating novel that grips you from the very first page and doesn't let go. McAllister's masterful storytelling takes readers on a thrilling journey that keeps them on the edge of their seats. The way she weaves intricate layers of mystery and suspense is truly commendable. The character development in the book is remarkable, with each character feeling incredibly real and relatable. Julia, the protagonist, is not only a skilled investigator but also a loving mother, making her a compelling lead. The emotional depth and inner conflicts portrayed in her journey tug at the heartstrings, adding a layer of authenticity to the story. McAllister expertly navigates the delicate balance between personal struggles and the intensity of the investigation, creating a narrative that resonates long after the final page. The twists and turns are ingeniously crafted, keeping readers guessing until the very end. "Just Another Missing Person" is a triumph in the mystery genre, offering readers a roller-coaster of emotions, an enthralling puzzle, and a satisfying conclusion.

September - October 2023

Printed On 09/ 09/ 2023

RNI Reg No. KERENG/2011/42633