Newsletter dated 13th January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“A positive thinker sees an opportunity in every difficulty”
Law Updates:
 IRDA reveals draft Insurance Regulatory and Development
Authority of India (Payment of Commission or Remuneration or
Reward to Insurance Agents and Insurance Intermediaries)
Regulations, 2016 for public comments/ suggestions. The
comments/suggestions can be sent by email at
commission@irda.gov by 27th January, 2016.
 No vacation of office of directors if default in filing financials was
made prior to April 1, 2014: CLB Kolkata.
 SEBI has released Frequently Asked Question on 08th
January, 2016
to provide guidance on the provisions of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
 SEBI approves framework for providing exit opportunity to
dissenting shareholders at its Board Meeting dated 11th
January,
2016.
PROFESSIONALS INPUTS:
 Ministry of Law and Justice has notified Sugar Cess (Amendment)
Act, 2015 dated 08th
January, 2016.
 CBEC vide Notification No. 03/2016-Customs dated 11th
January,
2016 seeks to rescinding Notification No. 09/95-Customs dated
06.03.1995.
 CBEC vide Notification No. 12/2016 - Customs (N.T.) dated 12th
January, 2016 seeks to amend Notification No. 02/2016-Cus (NT)
dt. 07-01-2016 and notified Exchange Rate to be effective from 13th
January, 2016.
MARKET WATCH:
SENSEX: 24550.78 -131.07 NIFTY: 7480 .80 -29.70
SILVER: 33421.00 32.00 GOLD (MCX): 25606.00 -68.00
USD/INR: 66.87 0.06 CRUDE OIL: 2067.00 37.00
CS Rajiv Bajaj
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Date: 13th
January, 2016

2. www.csrajivbajaj.com
Anil Agarwal
Founder and Chairman of Vedanta Resources Plc.
Anil Agarwal is the founder and Chairman of Vedanta Resources Plc, which he
controls through Volcan Investments, a holding vehicle with a 61.7% stake in the
business.
Early life:
He was born and brought up in Gawaspur Patna, India. He studied at Miller High
School but quit school at 15 to join his father's business, making aluminium
conductors. At 19, he left Patna for Mumbai (then Bombay) to explore career
opportunities.
Career
In the mid-1970s, he began trading in scrap metal, collecting it from cable companies in other states and selling it in
Mumbai. In 1976, Anil Agarwal acquired Shamsher Sterling Corporation, a manufacturer of enameled copper, among
other products, with a bank loan. For the next 10 years, he ran both businesses.
In 1986, he set up a factory to manufacture jelly-filled cables, creating Sterlite Industries. He soon realized that the
profitability of his business was volatile, fluctuating with the prices of his raw materials: copper and aluminium. So he
decided to control his input costs by manufacturing the metals instead of buying them.
In 1993, Sterlite Industries became the first private sector company in India to set up a copper smelter and refinery. In
1995, Sterlite Industries acquired Madras Aluminium, a ‘sick’ company that had been shut down for 4 years and held by
the Board for Industrial and Financial Reconstruction (BIFR). The next step of the backward integration process seemed
natural: mining.
His first opportunity came when the government announced a disinvestment program. In 2001, he acquired 51 percent in
Bharat Aluminium Company (BALCO), a public sector undertaking; in the very next year, he acquired a majority stake
(nearly 65 per cent) in state-run HZL. Both the companies were considered sleepy and inefficient mining firms.
To access international capital markets, Anil Agarwal and his team incorporated Vedanta Resources Plc in 2003. At the
time of its listing, Vedanta Resources Plc, was the first Indian firm to be listed on London Stock Exchange, on December
10, 2003, Vedanta Resources became the parent company of the group through a process of internal restructuring of group
companies and their shareholding.
In 2004 Vedanta Resources Plc announced a global bond offering and acquired Konkola Copper Mines in Zambia, Africa.
In 2007, Vedanta Resources acquired a controlling stake in Sesa Goa Limited, India’s largest producer-exporter of iron ore,
and in 2010, the company acquired South African miner Anglo American’s portfolio of zinc assets in Namibia, Ireland and
South Africa. The next year, Vedanta Resources acquired controlling stake in Cairn India, India’s largest private sector oil-
producing firm. The merger of Sesa Goa and Sterlite Industries was announced in 2012, as part of the Vedanta Group’s
consolidation.
Vedanta Resources, headquartered in London, is a globally diversified natural resources conglomerate, with interests in
zinc, lead, silver, copper, iron ore, aluminium, power generation, and oil and gas. The greatest share of its assets, however,
is in India; Agarwal lives in London, but as he has reiterated often, his heart and soul are in India. His philanthropic
activities are targeted at eradicating poverty, by creating jobs and contributing to India’s GDP growth through his business
operations.
Honours and Awards
 The Economic Times, Business Leader Award – 2012
 Mining Journal Lifetime Achievement Award – 2009
 The Ernst &Young Entrepreneur of the Year - 2008
Vedanta was stripped of international safety awards after it was found it failed to declare its involvement one of the worst
industrial accidents in India's history.