The document discusses the history and business activities of Essar Group, an Indian multinational conglomerate founded in 1969. It details how brothers Shashi and Ravi Ruia transformed their family's small shipping business into a diversified group with interests in energy, steel, communications, and construction. The group made billions through an IPO of its energy business and expanded its steel operations internationally through acquisitions in North America and Canada. Business runs in the veins of the Ruia family, who are members of the Marwari community known for business acumen.

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THOUGHT OF THE DAY
“Optimism is the faith that leads to achievement.”
Law Updates:
 RBI/2014-15/271 DBOD.BP.BC.No.45 / 21.04.132 / 2014-15- Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP).
 RBI/2014-15/273 UBD. BPD (PCB). Cir.No. 22/14.01.062/2014- 15Know Your Customer (KYC) Norms – Clarification on proof of address.
 CIR/MRD/DP/30/2014-Revision of proprietary position limits of non-bank stock brokers for currency derivatives contracts.
PROFESSIONALS INPUTS:
 Section 139 of the Companies Act is applicable with retrospective effect, which means the existing term of the current auditors will be taken into account for computing the overall tenure. The Act has provided a transition window--instead of making immediate changes, companies with vintage auditors, tenure of 10 years can comply with the rotation requirement anytime within three years from the date of commencement of the Act as on April 1 2014.
MARKET WATCH:
SENSEX: 26851.0563.82 NIFTY: 8014.5518.65
SILVER:38021.00 0.5 GOLD (MCX): 27105.00376.00
USD/INR: 61.27 .05 CRUDE OIL: 5026.000.44
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Date:24th October 2014

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Essar Group Shashi and Ravi Ruia born entrepreneurs. Essar Group was founded in 1969 and then migrated from Rajasthan to Mumbai. Ruia is a Marwari family business and is in his blood. Essar Group's story is not new. His family business dates from 1800. In 1969, after the death of his father, Nand Kishore Ruia, Shashi Ruia and his brothers hiecieron by the group and began to expand in just three decades have transformed a small family business into a diversified multinational company in the areas of energy, steel, communications and construction. Essar Group is today the fourth largest house in India, according to the assets. Ravi is the Chairman of Essar Group. The steel business was extended to North America with the acquisition of Minnesota Steel and Algoma Steel of Canada. The Feast of the wedding of the daughter of Ravi Smiti attracted 4,000 guests, including family friends such as Richard Branson. Recently, in April 2010, the Ruia brothers have made literally billions of dollars Essar energy in the London Stock Exchange. The Ruia brothers consider the 13 as his lucky number and will not fly together. Essar Power is only part of the huge retail Ruia steel conglomerate and the brothers are only 25% owners of the company. For years, the brothers share an office, sitting at "opposite ends of a long room with mahogany walls, ceilings and paint," and always meet in playing cricket. Business runs in the veins of the Ruias, are members of the Marwari community from Rajasthan - famous for their business acumen and drive. The bones of his empire was a shipping company and exports, founded by his father, Nand Kishore Ruia, in 1956. He named it after the first letters of Essar names of their children - S and R. The brothers moved to the deepwater port and pipeline construction. His big break came in 1990 when they took advantage of the liberalization of India's economy to move to sponge iron ", a raw material unattractive, but essential for steel. In 2000, it reached an agreement with Hong Kong tycoon Li Ka-shing to form Hutchison Essar. When Li Ka-shing sold to Vodafone in 2007, the value of participation Ruias "skyrocketed by 33%. The combined company is now the third largest operator in India.