Newsletter dated 15th October, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Life isn't about building walls and hiding behind them. It's
about breaking them down and expanding beyond them!"
Law Updates:
 No turnover tax to be paid by the contractor if subcontractor had
paid taxes for execution of works contract: Supreme Court.
 A search action under section 132(1) has to be 'person specific'.
 Trust intending to carry out charitable activities outside India
entitled to sec. 12AA registration: Tribunal Hyderabad.
 Even bouncing of post dated cheque issued as loan security would
fall under Negotiable Instrument Act : Supreme Court.
 NCLT can compound unintentional delay in approving inter-
corporate loan by directors: NCLT Banglore.
 No turnover tax to be paid by the contractor if subcontractor had
paid taxes for execution of works contract: Supreme Court.
PROFESSIONALS INPUTS
 RBI vide Press Release 2016-2017/931 dated 14th
October 2016 has
cancelled the certificate of registration of non-banking financial
company (NBFC) in exercise of the powers conferred on it under
Section 45-IA (6) of the Reserve Bank of India Act, 1934.
 CBEC vide Notification No. 126/2016-Cus (NT) dated 14th
October
2016 has issued Tariff Notification in respect of Fixation of Tariff
Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold
and Sliver- Reg.
MARKET WATCH:
SENSEX: 27,673.60 30.49 NIFTY: 8,583.40 10.05
SILVER: 41,775.00 -328.00 GOLD (MCX): 29,752.00 -188.00
USD/INR: 66.70 -0.18 CRUDE OIL: 3,372.00 31.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 15th
October, 2016

2. www.csrajivbajaj.com
Brijmohan Lall Munjal
Founder Hero Motocorp
Brijmohan Lall Munjal born on 1 July 1923 was an Indian businessman,
founder and the chairman of Hero Motocorp. He was among the top 30 richest
people in India.
Early life
Munjal was born in 1923 at Kamalia, district Toba Tek Singh in
unpartitioned Punjab, British India. Kamalia is now in Pakistan. He was from
a simple middle-class Arora/Khatri family. After completing his formal
education he worked at the ArmyOrdnance Factory, before moving his base
to India after partition.
Career
In 1954, Hero Cycles moved up the value chain by making a shift from supplying to manufacturing handlebars,
front forks and chains. In 1956, the Punjab Government issued tender notices for twelve new industrial licenses
to make bicycles in Ludhiana. Munjal and his brothers participated in the bid and won the contract. Hero Cycles
was registered as a large-scale industrial unit with capital partly financed by the Government of Punjab.
Before entering into a joint venture with Honda Motors, Munjal started Majestic Auto and started
manufacturing the Hero Majestic Moped. To manufacture motor cycles in 1984, the Hero Group started a joint
venture with Hero Honda and established a plant at Dharuhera, Haryana. The Hero Group became so large that
by 2002 it had sold 8.6 million bicycles, and was producing 16,000 motorcycles a day.
After the Hero Honda Motors joint venture broke up in August 2011, Hero's board of directors agreed to pay
royalties to Honda to continue to produce the Hero Honda until 2013, due to the popularity and ubiquity of the
Hero Honda brand in the Asia Pacific region.
The separation gave an opportunity for Hero to expand its market globally with the name Hero MotoCorp.
Previously, it had not been permitted for Hero Honda to sell their bikes outside the Asia Pacific and in countries
where Honda operated.
In the first week of August 2013, the company recorded a benchmark never before reached by an Indian two-
wheel vehicle industry manufacturer, by producing 50 million bikes.
Personal Life
Brijmohan was married to Santosh and had five children: Raman Kant (deceased), Suman Kant,
Pawan Kant, Sunil Kant and a daughter, Geeta Anand. He died on 1 November 2015 in South Delhi
after a short illness.
Awrards and recognition
He was awarded Businessman of the Year in 1994 by business magazine Business India, he had also received
the National Award for outstanding contribution to the Development of Indian Small Scale Industry in 1995.