Newsletter dated 28th January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“While always looking for the good in others, you will find
the good in yourself.”
Law Updates:
 Bombay High Court stipulates timeline to refund sum on
termination of supply agreement; admits winding up on failure to
repay.
 Version of Form 2 LLP is modified from today i.e. 28th January,
2016. Stakeholders are requested to plan accordingly.
 A property is deemed to be transferred when sale agreement is
entered and part consideration received: Allahabad High Court
 Company with extraordinary event like amalgamation couldn't be
selected as comparable for TP study: Bangalore Tribunal.
PROFESSIONALS INPUTS:
 CLB Circular No. 1/2016 dated 25th
January, 2016 has notified that
the CLB Court No. I & II of New Delhi will remain closed for
public dealing from 27.01.2016 to 29.01.2016. The cases fixed for
hearing on the above mentioned dates will be re-notifed.
 CBDT vide Press Release dated 27th
January, 2016 stated that a
Protocol to amend the existing Double Taxation Avoidance
Convention was signed on 27.01.2016 by the Government of India
and the Government of Armenia in New Delhi.
 DVAT vide Circular No. 71 of 2015-16 dated 27th
January, 2016
seeks to amend the Circular No. 30 of 2015-16 modifying the
conditions specified for issuance of statutory forms under the
Central Sales Tax Act, 1956 at para 4.
MARKET WATCH:
SENSEX: 24482.64 -8.75 NIFTY: 7439.05 1.35
SILVER: 35272.00 593.00 GOLD (MCX): 26743.00 356.00
USD/INR: 68.05 0.21 CRUDE OIL: 2192.00 92.00
CS Rajiv Bajaj
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Date: 28th January, 2016

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NAVEEN JINDAL
Chairman – Jindal Power and Steel Limited
Naveen Jindal (born 9 March 1970) is an Indian industrialist, and a former
Member of Parliament from Kurukshetra, Haryana (MP). He is the Chairman
of Jindal Steel and Power Limited, a part of the $17 billion diversified
O.P. Jindal Group founded by his father. He represented Kurukshetra in the
northern Indian state of Haryana in the 14th and 15th Lok Sabha.
He is an active campaigner for population stabilisation, women's
empowerment, environmental conservation, health and education. As an
acknowledgement of Jindal's support to his alma mater, the University of
Texas at Dallas renamed its School of Management the Naveen Jindal School
of Management in 2011. Along with his wife noted danceuse Shallu Jindal – he founded the Flag Foundation of
India, which is their effort to foster among Indian youth respect for the Tiranga and the values it embodies.
Personal life and Education
Jindal was born in Hisar, Haryana, on 9 March 1970, youngest child of the late industrialist-philanthropist-
politician Shri Om Prakash Jindal, former Minister of Power in the Government of Haryana, India, and his wife
Smt Savitri Jindal who too was a minister in Haryana Government till 2014. Naveen studied at Delhi Public
School, Mathura Road, New Delhi, before graduating in Commerce from Hans Raj College, Delhi University in
1990. He completed an MBA degree from the University of Texas at Dallas in 1992. He was the President of
the Student Government and recipient of the Student Leader of the Year Award at the University of Texas at
Dallas.
Career
Naveen Jindal is the Chairman of Jindal Steel and Power Limited (JSPL). With an annual turnover of over US
$3.5 billion, JSPL is part of the US$18 billion diversified O.P. Jindal Group. JSPL (earlier known as Jindal
Strips Limited) was a moderately performing enterprise when Naveen Jindal first took over its Raigarh and
Raipur operations in 1993. Today, JSPL operates the world's largest coal-based sponge iron manufacturing
plant in Raigarh, Chhattisgarh, and plants in Jharkhand and Odisha. The company has set up captive power
plants using waste products from the sponge iron making process to generate power.
Naveen Jindal is the Chairman of Jindal Power Limited (a subsidiary of JSPL) which runs the 1,000 MW O.P.
Jindal Thermal Power Plant in Raigarh, Chhattisgarh – India's first such 1,000 MW plant in the private sector.
Naveen Jindal topped the executive pay charts for listed companies in India with a package of Rs 734.2 million
for the last fiscal 2011–12, which grew by over Rs six crore from previous year.
Awards and Recognition
Jindal has been conferred with the Justice P.N. Bhagwati Award in recognition of his outstanding contribution
to legal education and corporate philanthropy. Instituted by the Capital Foundation, the award was presented by
Dr. A.P.J. Abdul Kalam, former President of India, December 2011. University of Texas at Dallas, renamed its
School of Management after Naveen Jindal in 2011. It is now called the Naveen Jindal School of Management.
In year 2010, he was awarded with Ernst and Young Entrepreneur of the Year award in the field of Energy and
Infrastructure.