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Newsletter dated 10th January, 2017

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Newsletter dated 10th January, 2017

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Newsletter dated 10th January, 2017

  1. 1. www.csrajivbajaj.com THOUGHT OF THE DAY THOUGHT OF THE DAY “Do you want to know who you are? Don't ask. Act! Action will delineate and define you.” Law Updates:  Co-operative credit society was providing credit facilities to its members alone and not to general public at large and it also did not receive monies by way of deposit from general public, it could not be termed as co-operative bank.  Comparable Co. can't be rejected due to higher proportion of material cost when it is functionally comparable: Chennai Tribunal.  No exclusion of comparable due to fraud allegation against director having no link with business affairs: Bangalore Tribunal.  Voluntary contribution made with a specific direction by donor to form part of the corpus of the trust to be excluded in determining whether 85% of the income of the trust has been applied in terms of section 11(1)(a): Pune Tribunal.  No addition when margin of assessee exceeds that of comparable after including notional interest on overdue of AE: Mumbai Tribunal. PROFESSIONALS INPUTS  RBI vide Notification No. RBI/2016-17/210 dated 09th January 2016 has offered to sell (issue/re-issue) dated securities for notified amount of Rs 11,000 crore  CBDT vide Press Release dated 09th January 2017 has said that the figures for Direct Tax collections up to December, 2016 show that revenue net of refunds is Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. MARKET WATCH: SENSEX: 26,726.55 -32.68 NIFTY: 8,236.05 -7.75 SILVER: 40,000.00 -32.00 GOLD (MCX): 28,319.00 17.00 USD/INR: 68.06 -0.03 CRUDE OIL: 3,669.00 25.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 10th January, 2017
  2. 2. www.csrajivbajaj.com Kalpana Saroj Chairperson of Kamani Tubes Kalpana Saroj is a female Indian entrepreneur born in Roperkheda village in Maharashtra, India. She is the Chairperson of Kamani Tubes in Mumbai, India. Described as the original "Slumdog Millionaire", she bought the distressed assets of Kamani Tubes Company and successfully steered the company back to profits. Early Life Kalpana Saroj was born in a Dalit family. Kalpana was married at the age of 12 and lived in a slum in Mumbai with her husband's family. After suffering physical abuse at the hands of her husband's family members, she was rescued by her father, left her husband and returned to her village to live with her parents. She attempted suicide after being ostracized by the villagers. At the age of 16, she moved back to Mumbai to live with her uncle. She started working in a garment factory to support her family. Using government loans for scheduled caste people, she successfully started a tailoring business and then a furniture store Entrepreneurial ventures Kalpana Saroj started KS Film Production and produced first movie which was dubbed in English, Telugu and Hindi. Khairalnji Movie is produced by Deelip Mhaske, Jyoti Reddy and Mannan Gore under Kalpana Saroj's banner. When the workers of Kamani Tubes Limited approached her for help the Company was registered as a sick industrial unit under SICA, and was in the BIFR. The company had been lying closed for over 17 years and rest is history. Braving heavy litigation Kalpana Saroj nursed the sick Kamani back to health. After Kalpana Saroj took over the management of Kamani, she paid the workers dues at the outset, and thereafter the dues of the secured creditors and other statutory dues. The new factory of the company has since been inaugurated at Wada in Maharashtra at the hands of the Hon. Minister for Forest, Mr. Babanrao Pachpute. To cut a long story short, when bigwigs failed to turn around a sick company, Kalpana Saroj simply succeeded! She built up a successful real estate business, and came to be known for her contacts and entrepreneurial skills. She was on the board of Kamani Tubes when it went into liquidation in 2001, and after taking over the company, restructured it and brought it back to profit. Kalpana Saroj works actively for the up-liftment of the Adivasis, destitute children, aged and infirm. She took up the cudgel against racism and caste discrimination. Kalpana Saroj’s efforts for the up liftment of the downtrodden masses has been eulogized in the local as well as international press and Television time and again. According to her own estimates, she has personal assets worth $112 million. Awards and recognition Kalpana Saroj was awarded the Padma Shri for Trade and Industry in 2013. She was appointed to the board of directors of Bhartiya Mahila Bank, a bank primarily for women, by the Government of India.

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