India Best CEO: Know who is Sandeep Bakshi who quietly transformed ICICI Bank

India Best CEO: Know who is Sandeep Bakshi who quietly transformed ICICI Bank

 When Sandeep Bakshi took over as the MD-CEO of ICICI Bank, there was a crisis in ICICI Bank. People's confidence in the bank was faltering, investors were worried. Corporate governance issues were dominating. The allegations were made directly against the then CEO Chanda Kochhar. Then in October 2018, the command of ICICI Bank was handed over to Sandeep Bakshi. And in the last three and a half years, he not only brought back the lost credit of ICICI Bank, but also took the banks higher in all parameters of financial performance. Today ICICI Bank is the second largest private bank in the country, which is financially very strong and the bank has sufficient capital.

ICICI Bank is the second largest bank of the country,
Sandeep Bakshi first did the work of boosting the morale of the people working with ICICI Bank. The result of which was also seen. At the end of the 2021-22 financial year, the bank's net profit has increased from Rs 20,220 crore to Rs 25,784 crore. Gross NPA has come down from Rs 42,702 crore to Rs 34,551 crore. His term has been extended till October 2022. 

Turnaround of ICICI Bank
was not an easy task, but Sandeep Bakshi's old experience while working with the group proved to be very effective. Sandeep Bakshi has proved to be a savior twice for ICICI Bank. First in 2008, when the Global Financial Crisis engulfed the whole world in the grip of economic recession. After that in 2018 when he was given the command of ICICI Bank. Sandeep Bakshi carried out his work with utmost silence and ICICI Bank continues to climb the ladder of success under his leadership. 

With ICICI Group
since 1986 Sandeep Bakshi has been associated with ICICI Group since 1986. He became MD and CEO of ICICI Lombard General Insurance in April 2002, after that in ICICI Prudential Life Insurance (ICICI-Prudential Life Insurance) from August 2010 to June 2018. . 

Where did he get his education 
Sandeep Bakshi was born on 28 May 1960. 62-year-old Bakshi obtained a degree in mechanical engineering from Punjab Engineering College, Chandigarh. After this he studied management from XLRI - Xavier School of Management, Jamshedpur. 

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Recommendations of GST Council not binding on Centre, States but worth considering: Court

Recommendations of GST Council not binding on Centre, States but worth considering: Court

New Delhi: The Supreme Court on Thursday said the recommendations of the Goods and Services Tax (GST) Council are not binding on the Center and states, though they are important to consider. The top court said that both Parliament and state legislatures have the power to make laws on GST and the recommendations of the council are the result of a collaborative dialogue between the Center and the states.

The Court observed that the GST Council is not just a constitutional body confined to the indirect tax system, but also an important focal point for promoting federalism and democracy. A bench of Justices DY Chandrachud, Surya Kant and Vikram Nath rejected the Centre's contention that the recommendations of the GST Council are binding on the legislature and the executive.

The bench also said that the central and state governments have powers to make laws on GST but the council should work in a cohesive manner to achieve a workable solution. The court said that according to Article 246A, the Parliament and the state legislature have equal powers to make laws on matters of taxation. Under Article 246A, the Center and the State have been treated equally, while Article 279 states that the Center and the States cannot function independently of each other.

The bench said that there is no such provision in the GST Act of 2017 which deals with the conflict between the laws of the Center and the states and whenever such circumstances arise, the council gives appropriate advice to them. The court gave this decision while upholding a decision of the Gujarat High Court.

A Gujarat court had held that the Integrated GST (IGST) cannot be levied on importers for marine goods under 'reverse charge'. The bench said that the recommendations of the GST Council are not binding on the Center and the states for the reason that the removal of Article 279B and the insertion of Article 279(1) by the Constitution Amendment Act 2016 indicates that the intention of the Parliament was to make the recommendations. . The GST Council is just a motivator, as the GST regime was intended to promote cooperative federalism. The bench observed that fiscal federalism is one of the important features of Indian federalism and the statement of objectives and reasons for the 2014 Amendment Bill, parliamentary reports and speeches indicate that Articles 246A and 279A of the Constitution provide for cooperative federalism between states and the Centre. were introduced with the aim of promoting harmony.

In a 153-page judgment penned by Justice Chandrachud, the bench observed that the Center has a unanimous vote in the GST Council and also the absence of an adverse provision in Article 246A shows that the recommendations of the GST Council cannot be binding. .

The judgment further said, "Therefore, the argument that if the recommendations of the GST Council are not binding, the entire structure of GST will collapse, it is not sustainable.

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