Newsletter CS Rajiv Bajaj 18th September 2014.

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THOUGHT OF THE DAY
“like a lamp does not speak, it introduces it self through its light. So focus your energies on your goals and higher pursuits in life.”
Law Updates:
 General Circular No.36/2014 Ministry of Corporate Affairs Clarification with regard to provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act,2013.
 RBI/2014-15/234 A.P. (DIR Series) Circular No.31-Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI Scheme against legitimate dues.
 State Bank of India (SBI) has reduced interest rates on long- term deposits of one to three years by 25 basis points to 8.75 per cent with effect from September 18, mainly due to poor demand growth for loans.
PROFESSIONALS INPUTS:
 Fair trade watchdog CCI has rejected charges that insurance regulator Irda's rules, which grant of corporate agency license to banks to sell insurance products, are anti-competitive.
 Double taxation in VAT and service tax under HC scanner On the basis of a public interest litigation (PIL) filed by Sukhmani Foundation,The practice of charging value-added tax (VAT) and service tax on the entire bill amount by hotels and restaurants has come under the scanner of the Punjab and Haryana high court.
 India has retained its sixth position in terms of number of billionaires with 100 such people collectively having USD 175 billion in networth, while globally the number of uberrich has reached a record high of 2,325 persons.
MARKET WATCH:
SENSEX: 26858.49227.20 NIFTY: 8047.4571.60
SILVER:41129.00 0.61 GOLD (MCX): 26719.00182.00
USD/INR: 61.08 .16 CRUDE OIL: 5722.000.17
CS Rajiv Bajaj
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Date: 18th September 2014

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Anil Agarwal
“He is a daring man. He is somebody who dares to dream,” said Federation of Indian Chambers of Commerce and Industry (FICCI) Secretary General Amit Mitra.
Anil Agarwal, an Indian born businessman is the founder and the Executive Chairman of the Vedanta Resources Corporation. He was born and brought up in Patna, India on the year 1954. His father by occupation was involved in making aluminium conductors.
He has a net worth of around $4 billions. He earned his net worth as being a Chairman of Vedanta Resources. In 2011 he was ranked in the top 12th richest Indians. Presently he is staying in London with his wife Mrs.Kiran Agarwal and two children.
Having done his schooling from Miller High School he has founded the Sterlite Industries in 1976. In the year 1986 a big change came to his life when he established Vedanta Resources. Vedanta Group is the first Indian Group that has obtained a listing on the London Stock Exchange. Vedanta Group is the largest producer of zinc and the second largest producer of copper in the world.
Mr. Anil Agarwal has an experience of over 30 years as an industrialist. He has being ranked 8th in 2003 and as of 2011 he was the 12th richest Indian. He has a personal fortune of $4 billions according to Forbes as of 2014. Mr. Agarwal’s Vedanta Resources has a span over four continents with its head office in London. The other offices are in Australia, Zambia and India. In his company he has a share of more than 50% thus aiding him to book a place among the top thirty richest people in Britain.
People call him the “Metal King” and “ billionaire philanthropist” Mr. Agarwal is born to live a luxurious life. He has his mansion in UK where he lives with his wife and two children. He is a man known for the charity he makes. He has given 510m Euro to build the Vedanta University in Orissa, India. The University is supposed to be the state-of the art research and development centre in India. He is also determined to bring under privileged children in the shadow of education and nutrition. In 1976 he came from Patna to Mumbai with the aim to build an empire in zinc, copper, iron ore and aluminium. He has travelled a long way from Patna to the founder of Vedanta.