CS RAJIV BAJAJ Newsletter dated 1st february, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The whole world steps aside for the man who knows where
he is going.”
Law Updates:
 The Reserve Bank of India has asked all public and private sector
banks to conduct a through internal audit and submit a report before
their respective audit committee. The summary findings are also to
be forwarded to the Reserve Bank.
 RBI in a Press Release dated 29th
January, 2016 has stated that it
has revised the Ways and Means Advances (WMA) Scheme for the
State Governments.
PROFESSIONALS INPUTS:
 CBEC vide Circular No. 2/2016-Customs dated 27th
January, 2016
has issued instructions reiterating the provisions for import of
Livestock/Livestock products to ensure that clearance of
Livestock/Livestock products is done after proper quarantine check
and issue of no objection certificate by Animal Quarantine Officer.
 CBEC vide Notification No. 16/2016-CUSTOMS (N. T.) dated 29th
January, 2016 has notified in respect of Fixation of Tariff Value of
Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Sliver.
 CBEC vide Notification No. 1/2016-Customs (ADD) dated 28th
January, 2016 seeks to levy definitive anti-dumping duty on
Mulberry Raw Silk (not thrown) of grade 3A and below, originating
in, or exported from the People’s Republic of China, for a period of
five years.
 SEBI vide Circular No. CDMRD/DMP/CIR/32/2016 dated 29th
January, 2016 has revised the Position Limits for Agricultural
Commodities.
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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1Bajaj
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Date: 01st
February, 2016

2. www.csrajivbajaj.com
Ashok Soota
Executive Chairman and Co-Founder of Happiest Minds
Technologies
Ashok Soota (born 12 November 1942) is an Indian IT entrepreneur having
served for more than 30 years in the IT industry. He is a serial entrepreneur
and presently, the Executive Chairman and Co-Founder of Happiest Minds
Technologies, a company aimed at enabling Digital Transformation for
customers by delivering a Smart, Secure and Connected experience through
disruptive technologies. The company was ranked Number 2 on the Deloitte
Technology Fast 50 India 2014, a ranking of the 50 fastest growing
technology companies in India, in November 2014 and ranked- 13 in Deloitte
Annual ranking of the fastest growing technology companies in Asia Pacific
and claims to be on track to achieve its revenue target of $100 million (Rs 623
crore) by 2017 and break even by end of fiscal 2015.
Ashok Soota has been recognized twice as ‘IT Man of the Year’, and as ‘Electronics Man of the Year’. He was
also recognized at INFOCOM 2013, Kolkata, as one of the 12 Gems who helped to build Indian IT Industry.
Personal life and Education
Ashok Soota was born on 12 November 1942 in Delhi. He completed his Senior Cambridge and Inter Science at
La Martinere, Lucknow in 1958 and 1960 respectively. He obtained his B.E. (Electronics) degree in 1964 from
the University of Roorkee (now IIT Roorkee). He later pursued his MBA from the Asian Institute of
Management, Manila, Philippines (1973).
Career
Soota spent early years of his career with the Shriram Group of Industries in India in 1965. He served as
President of Wipro Infotech from 1984 to 1999. Under his watch, Wipro’s IT business grew from US $2 million
in 1984 to a US $500 million run-rate in 1999.
After achieving this milestone, Soota co-founded Mindtree in 1999 which during his leadership became a global
entity with revenue of US $350 million, 9000 employees, and offices across the Americas, Europe and Asia.
Recognition
 Soota has served as President of the Confederation of Indian Industry (CII), and also as the President of
Manufacturers’ Association of Information Technology.
 He has served on the Prime Minister’s Task Force for IT and on the Advisory Council for the World
Intellectual Property Organization, Geneva.
 He was Chairman for the tenth Plan Committee on R&D in IT and author of the Committee’s report
which lays out an innovation roadmap for the country.
 He has received the Prof S N Mitra Award from the Indian National Academy of Engineering and the
Golden Peacock Award for Technology Leadership.
 At the 2008 World Summit on Innovation and Entrepreneurship (WSIE), he received the “Most
Innovative People” award bestowed on the world’s top 10 luminaries. Soota’s recognition was in the
field of Knowledge Innovation.
 He has also been a member of the Global Board of Trustees of The Indus Entrepreneurs (TiE); served
on the Board of Governors of IIM, Kozhikode.
 He is also a Fellow of INAE.