Newsletter dated 15th November, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“There is no easy walk to success anywhere, and many of us
will have to pass through the valley of the shadow of failure
again & again before we reach the mountain top of our
desires.”
Law Updates:
 Forms AOC-4, AOC-4 Addendum and AOC-4 CFS are likely to be
revised on MCA21 Company Forms Download page w.e.f 16th
NOV 2016. Stakeholders are advised to check the latest version
before filing.
 CIT rightly dismissed revision petition as assessee didn't specify
why assessment order required interference.
 Where assessee did not mention specific nature of illness of his
wife, its duration and kind of treatment and, further, assessee's wife
underwent operation long after due date of filing of return, reason of
wife's severe illness could not be held to be satisfactory reason for
condonation of delay.
 NCLT allows conversion of public co. into private co. as it wasn't
prejudicial to members or creditors: NCLT Mumbai.
 Supreme Court upholds constitutional validity of entry tax.
PROFESSIONALS INPUTS
 RBI vide Notification No. RBI/2016-17/132 dated 14th
November
2016 has decided that banks shall waive levy of ATM charges for all
transactions (inclusive of both financial and non-financial
transactions) by savings bank customers done at their own banks’
ATMs as well as at other banks’ ATMs, irrespective of the number
of transactions during the month.
MARKET WATCH:
SENSEX: 26,818.82 -698.86 NIFTY: 8,296.30 -229.45
SILVER: 44,461.00 98.00 GOLD (MCX): 30,389.00 -259.00
USD/INR: 67.53 0.46 CRUDE OIL: 2,967.00 -57.00
CS Rajiv Bajaj
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1Bajaj
http://www.csrajivbajaj.com
Date: 15th
November, 2016

2. www.csrajivbajaj.com
Sanjiv Goenka
Chairman- RP-Sanjiv Goenka Group
Sanjiv Goenka is the chairman of RP-Sanjiv Goenka Group which has an asset
base of over INR 32,000 crore (over US$ 4.8 billion). The Group has over 50,000
employees and over a hundred thousand shareholders with annual revenues of up
to INR 16,000 crore (US$ 2.5 billion). Alongside being the chairman of CESC
Limited, he also has under his wing, companies likeFirstsource Solutions Limited,
Philips Carbon Black Limited, Spencer's Retail and Entertainment
major Saregama Limited. Besides, he is also the co-owner of ISL football
club, Atlético de Kolkata. The new IPL team, Rising Pune Supergiants is also
owned by Sanjiv Goenka's New Rising. On 20 May 2015, Mr Sanjiv Goenka was
honoured with the highest civilian honour from the West Bengal, ‘Banga Bibhusan 2015’ by the Hon’ble Chief
Minister of the State, Mamata Banerjee and the Governor of West Bengal, K. N. Tripathi. Mr. Goenka has been
the youngest-ever President of Confederation of Indian Industries (CII). A past Chairman of the Board of
Governors, Indian Institute of Technology (IIT) Kharagpur, he is also a former President of All-India
Management Association (AIMA). Currently he is Chairman of International Management Institute (IMI)
which has campuses in Delhi, Kolkata and Bhubaneswar. Mr Goenka is presently a Member of the National
Foundation for Corporate Governance set up by the Ministry of Corporate Affairs, Government of India. He
was also a Member of the CII National Council on Corporate Governance and Regulatory Affairs for the year
2013-14.He is going to interview Sadhguru Jaggi Vasudev on 26 May 2016.
Early Life
Sanjiv is the younger son of Rama Prasad Goenka (RPG), effective founder of the RPG Group. He grew up
in Kolkata and graduated from St. Xavier’s College. He then began assisting his father and elder
brother Harsh in running the family business empire. In the mid-1980s, Sanjiv's parents arranged for him to
marry a girl of suitable family, belonging to his own Agarwal community, and he duly married Preeti. They are
now the parents of two children,
Career and achievements
Mr Sanjiv Goenka, oversees his Group of companies in the Power & Natural Resources, Carbon Black, IT &
Education, Retail, Media & Entertainment and Infrastructure sectors.
In the power sector, CESC, which has been generating power since 1899 in Calcutta and serves over 29 lac
customers. It currently generates 2300 MW of Power and is in the midst of rapid growth, with an investment
program of more than INR 35,000 crore aimed at raising generating capacity to 7000 MW in the next six years.
Chandrapur project has already commissioned operation and 600 MW Haldia thermal power plant was
inaugurated on 26 November 2014.
Phillips Carbon Black, the world’s second fastest-growing carbon black company, is also India’s largest. It has
also earned the credit of being the eighth largest carbon black manufacturer in the world.
Spencer’s is a pioneer in Indian retailing and runs over 120 stores across 35 cities in India. Currently Spencer’s
attracts footfall of 3.7 million every month.
Saregama India Ltd. is the custodian of over half of all the music ever recorded in India. This makes the
company the premier Music destination for South Asian Music and the most authoritative source of the region's
musical heritage. Saregama has the largest music archive and catalogue in India. He is one of the share holders
in India Cements.