1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The greatest leaders mobilize others by coalescing people
around a shared vision.”
Law Updates:
SLP granted against High Court's ruling that merely because
assessee-trust incurred expenditure in excess of income in relevant
previous year for charitable purposes out of accumulated charity
fund, it could not be denied benefit of exemption under section
11(1)(a).
Advances/loans received by HUF from a closely-held company is
taxable as deemed dividend u/s 2(22)(e) if Karta, who is shareholder
in lending company has substantial interest in the HUF even if HUF
is not registered and/or shareholder: Supreme Court.
Sale of consumer products by assessee via its online portal wherein
on an order being placed by customer located anywhere in country,
assessee transports goods from one of its warehouses to customer,
would qualify as an inter-State sale.
PROFESSIONALS INPUTS
SEBI vide Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/5 dated
05th
January 2016 has decided to extend the time till March 31, 2017
given to the Exclusively Listed Companies on the De-recognized
Board to submit an action plan to list or to provide exit to
shareholders to the designated stock exchanges.
SEBI vide Circular No. IMD/HO/FPIC/CIR/P/ 2017/ 003 dated 04th
January 2017 has issued guidelines for participation/functioning of
Eligible Foreign Investors (EFIs) and FPIs in International Financial
Services Centre (IFSC).
CBEC vide Notification No. 01/2017-Cus (ADD) dated 05th
January
2017 Seeks to levy definitive anti-dumping duty on import of 'Jute
Products' viz. Jute Yarn/Twine (multiple folded/cabled and single),
Hessian fabric and Jute sacking bags from Bangladesh or Nepal for
a period of five years.
MARKET WATCH:
SENSEX: 26,878.24 245.11 NIFTY: 8,273.80 83.30
SILVER: 40,103.00 209.00 GOLD (MCX): 28,159.00 67.00
USD/INR: 67.78 -0.11 CRUDE OIL: 3,631.00 68.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 06th
January, 2017
2. www.csrajivbajaj.com
M. A. Yousuf Ali
Managing Director, LULU Group International
Yusuffali M.A is an Indian businessman from Nattika in Thrissur district of Kerala. He is the
Managing Director of Abu Dhabi-headquartered EMKE LuLu Group of companies that owns
the Lulu Hypermarket chain in Middle East. With an annual turnover of US$ 4.5 billion
globally, the Group employs the largest number of Indians outside India. According to the
recent Forbes Listing, Yusuff Ali is currently the 39th wealthiest Indian and the 737th richest
in the world, with a personal wealth of $2.8 billion.He recently acquired 4.99 per cent
shares of the 93-year-old Thrissur-based Catholic Syrian Bank (CSB) and has increased his stake in the Kerala based
Federal Bank to 4.47 per cent.
Early Life & Education:
Yusuffali was born in Thrissur district on November 15, 1955. He completed his schooling from Nattika and moved to
Gujarat where he did his diploma in Business Management & Administration. After the studies he left India in 1973 to
Abu Dhabi where his paternal uncle, MK Abdullah, the Chairman and the founder of the EMKE Group of companies
was doing business. He developed the import and wholesale distribution of the group and ventured in to the
supermarket business by launching Lulu Hypermarket. He started his first Lulu Hypermarket in 1990s, a time when
the UAE's retail sector witnessed a major change, with the traditional groceries and supermarkets yielding place to
large neighborhood stores and hypermarkets. While the entry of Continent (now Carrefour) in 1995 changed the face
of retail business in Dubai, Yusuffali took charge of Abu Dhabi's retail sector by rolling out LuLu Hypermarket in Abu
Dhabi.
Career Profile:
The EMKE Group alias LuLu Group International commenced its operations as a family business venture. After
joining the business, Yusuffali diversified the business to include import and distribution of frozen products from
Europe and the US. The products were available not only in Abu Dhabi but also in the interiors of the Emirates too.
The business was soon expanded to include both food & non-food categories. The group also started cold storages,
meat and food processing plants, large-scale import and distribution to hotel groups, catering companies, and
shipping services. By the 1980s, the group had a sizeable share of the wholesale and retail food market in the UAE.
The Group headquartered in Abu Dhabi has grown into an international group with operations spread over three
continents. EMKE Group’s flagship retail chain of LuLu Hypermarkets and Supermarkets is currently rated as one of
the major players in the Middle East retail sector with more than 100 stores in the Gulf Cooperation Council (GCC)
Arab states. Apart from the hypermarkets, supermarkets and department stores, the group also owns several
shopping malls, namely, Khalidiyah Mall, Al Raha Mall, Al Wahda Mall, Mushriff Mall, Madinat Zayed Mall, Mazyad
Mall, Ramli Mall, RAK Mall, Al Foah Mall, and Al Khor Mall, spread across the GCC states. LuLu Shopping Mall in
Kochi, Kerala was opened on 10 March 2013. It is the group’s first retail venture in India. Another ambitious project in
progress is the Riyadh Avenue Mall in Saudi Arabia. The Group has a vast organizational structure of over 30,000
employees, representing 29 different nationalities, out of which more than 23,000 are Indians. Retail Business is the
mainstay of the Group with operations in major Middle East and African countries like UAE, Oman, Qatar, Kuwait,
Yemen, Saudi Arabia, Bahrain, Egypt and Kenya having Retail Sourcing and manufacturing bases located in Far East,
India, Africa and Guangzhou in China. Indian operations mainly include Food Processing, Export of Food & Non food
products and convention center with bases in Delhi, Lucknow, Mumbai, Chennai, Cochin and Trichur. Deloitte has
ranked the Group as one of the ten fastest growing retailers in the world. Planet Retail UK has also ranked the Group
as the No.1 Hypermarket chain in the region.
Recognition And Awards:
M.A Yusuffali has held and is currently holding several positions in government bodies and agencies, social,
educational and charitable sector like Trustee – The India Development Foundation, Trustee – Overseas Indian
Facilitation Centre, Former Member – Prime Minister’s Global Advisory Council (2008-2014);Mediator for the Smart
City project;Director Board Member, Abu Dhabi Chamber of Commerce and Industry (ADCCI);Member of Central
Wakf Council, Government of India;Director –Air Kerala International Services Ltd; Former Director – Kerala State
Industrial Development Corporation Ltd. (KSIDC) (2002 – 2014);Chairman of Lakeshore Hospital & Research Center
Ltd., Kochi, Kerala; Minority stakeholder in the Catholic Syrian Bank. His Major awards are:
Commander" title & St. Ephraim Medal by the Patriarch His Holiness Ignatius Zakka I Iwas of Universal
Syrian Orthodox Church in 2004.
Listed in the Forbes Magazine’s annual tally of billionaires in March 2013 at the 974th position with a net
worth of $1.5 billion.
Lifetime Achievement Award at the inaugural Indian CEO Awards held in February 2012.
Conferred with the title of Padma Shri by Smt. Pratibha Patil, the Honourable President of India in 2008
Business Man of the Year 2009-10" award instituted by the Kerala State Forum of Bankers’ Clubs.
