Newsletter dated 23rd February, 2015

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THOUGHT OF THE DAY
“Miracles happen every day, change your perception of
what a miracle is and you'll see them all around you…”
Law Updates:
 PSU bank unions threaten 4-day strike from Feb 25 Banks have been
providing for a 15 percent wage hike since November 2012. Thus, banks
already have incorporated wage increase of 15 percent into their
accounting but their offering is 13 percent only.
 Nearly three years after small and medium enterprise (SME) exchanges
were introduced, the first batch of companies has made the transition of
moving to the main bourse. Bronze Infra-Tech, Anshu's Clothing and SRG
Housing Finance migrated from the BSE SME platform to the BSE
mainboard in February.
 Sanjeev Kaushik, a 1992 batch IAS officer of Kerala cadre, has taken over
as the Executive Director of state-owned India Infrastructure Finance
Company Ltd (IIFCL).
 In CIT V. SHAM L. CHELLARAM (2015) 54 taxmann.com 348
(Bombay), it was held that no sec. 115E benefit on short-term cap gain
from sale of foreign exchange asset as it isn't an investment income
PROFESSIONALS INPUTS:
 Notification No. 17/2015 [F. NO. 203/06/2014/ITA-II], dated 17-2-2015,
'Academy of Scientific and Innovation Research' notified as scientific
research association under sec. 35(1) (ii) of the Income-tax Act, 1961
(said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said
Rules).
 Corporate espionage net widens seven more held. Senior executives of
RIL, Essar, Cairn India, Jubilant Energy, ADAG Reliance detained.
 Notification No. 05 / 2015 – Customs dated 20th February, 2015, Seeks to
amend various notifications to include Airport Calicut and ICD
Arakkonam in list of ports notified for export and import under EP
Schemes
MARKET WATCH:
SENSEX: 29312.80 81.39 NIFTY:8845.10 11.50
SILVER:36265.00 -155.00 GOLD (MCX): 26201.00 -76.00
USD/INR: 62.2 -0.03 CRUDE OIL: 3212.00 -34.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
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Date: 23rdFebruary, 2015

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Mukesh Dhirubhai Ambani
Chairman and Managing Director, Reliance Industries
“The organizational architecture is really that a centipede walks on hundred legs and one or
two don't count. So if I lose one or two legs, the process will go on, the organization will go
on, the growth will go on”
Early Life
Mukesh Dhirubhai Ambani, born on 19 April 1957 in Aden, Colony of Aden (now Yemen), Mukesh did his schooling
from Abaay Morischa School in Mumbai and completed his graduation with a bachelor’s degree in Chemical Engineering
from the UDCT, now Institute of Chemical Technology, and Mumbai. He later enrolled for an MBA from Stanford
University but dropped out in 1980.
Career Perspectives:
Mukesh’s big ‘power moment’ came in 2007, when a strong rally in the Indian stock market and the appreciation of the
Indian rupee boosted the market capitalisation of Reliance group companies, making him the world’s richest man for a
brief period. Forbes Magazine has forecasted that he is expected to once regain the title of ‘the richest man in the world’ in
2014. He is the first Indian to meet US President Barack Obama within a month of his taking office.Under his leadership,
Reliance Industries made a foray into sectors like petroleum refining, petrochemicals and gas exploration. He also set up
Reliance Infocomm Limited (presently Reliance Communications Limited). In 2010, Mukesh Ambani set up the biggest
grassroots petroleum refinery plant in Jamnagar. With his initiative, manufacturing capacity of Reliance's Petrochemicals
has grown substantially as per industry sources. The company has also become a leading player in the retail sector, under
his leadership and endeavors.
Mukesh Ambani announced a few months back that Reliance Jio Infocomm will launch 4G services in commercial
capacity in 2015, incurring a whopping 70,000 crore investment in India. It will use the pan-India BWA spectrum for the
4G service rollout, which will cover almost 90 per cent of urban regions and more than 215,000 villages. It is being
deemed as an aggressive move by industry analysts at a time when telecom companies are vying for 4G dominance.
Achievements so far:
 Ranked as one of the world’s most respected business leaders and conferred various awards for his leadership
skills.
 In 2010 he was awarded the School of Engineering and Applied Science Dean's Medal by the University of
Pennsylvania.
 He was awarded the United States-India Business Council Leadership Award by the United States-India Business
Council in 2007.
 He was awarded the Chitralekha Person of the Year Award by the government of Gujarat.
 Total Telecom awarded him the World Communication Award in 2004.
Man of Inspiration:
Overall, this man has turned what started out as a small business by his father into one of the world's largest textile
companies along with its many profitable subsidiaries. Through determination and a dream that he had his eyes set on, he
continuously put everything he had into this company to ensure its success. Mukesh Ambani seems like another rag to
riches story, but without his dedication and knowledge of the business industry, this company would have never prospered
like it does today. He is truly an icon to the Indian business industry and a staple to the growth in manufacturing and
production present in India.
SUCCESS MANTRAS...
 Dare to dream and learn to excel.
 Dedication and knowledge will lead you towards your goal.
 Match your capabilities to make your name in the corporate world.