I'm not a professional designer but yes, i tried my level best.. U can see the difference among all i.e. background color & ashoka chakra.!

A few modified logo... with webpage sample.

wow! nice design

Sent from a potato using a lamp

Few with description.
1. Logo in a form of cloud for representing rc flying hobby.
2. Tri colors for representing our country.
3. In center white design in a form of Radio Control.
4. this hobby is for every one. i.e. y i mentioned both figures(boy and man)
5. Finally to make dream come true, RC Bharat fulfills the needs.

Feedback will be appreciated.

can I suggest? don't scale the picture of the 2 guys... it's visibly squashed... keep it at its original scale.. let it overlap the cloud... it'll look good

Sent from a potato using a lamp

and also use a vector software rather than photoshop

@aniket, you are most welcome and thanks for suggestion. Ya here we go with modified one.
@Rahul, Thanks. & yes! it's designed in Photoshop, i'll try in corel..

@ sayeed that's way better... if you've got photoshop, why not try your hand with illustrator?

Sent from a potato using a lamp

definitely, even I work on illustrator.

here is another...
this includes a proper logo, which you can use independantly, ie: for stickers etc... 

here's another.. this has a more square design... in monochrome, red and blue scheme and tricolor scheme.... hope you enjoy this...

thanks again sai sir for this awesome opportunity  

One more with vectorized....

Heres my #34 attempt at your logo 

Some last ideas.. 

Heres another one -

m

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here's s'more

these were the hardest.... these are with 3 different aircraft, in a metal ring... with a hard font name

Different style, not sure if you would like it.

i feel that the beaver has the most appeal, so i modified the logo with a beveled ring, and outlined text...



this is a long format one, which can accompany the other...



on a sidenote, the forum should have a dropdown option, where we can link our photo's in it, and once you click ,only then will it display the pictures...like the "spoiler" option on other forums.... it can keeps thing's a little less cluttered, especially on threads like this...

Here is another one

Another One!...

here's the last few...
these are tri color versions of the earlier ones... with the outline in black-blue, to show the chakra in the middle....
changed it to a silver emboss ring... the orange and green might be a little too bright or dull, this happened because my monitor is old and messed up with the colors... so what i see may be different to what you see....

Another one !

I wanted to contribute more so here it is,
http://www.youtube.com/watch?v=eaiKQe4XSv8&feature=youtu.be - RCBHARAT INTRO !

Fully editable,customisable according to taste.
Thanks

Priyum, contest is not for making anything else other than the logo.
I believe you wont be judge even if you make a complete website for free for them.
Only the logo is the thing that will decide who is the winner.

I am not being rude but going according the rules specified.