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Newsletter dated 18th February 2016
1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Never stop believing in hope because miracles happen
every day.”
Law Updates:
MCA has placed the draft Companies (Incorporation) Second
Amendment Rules, 2016 for the public views/ comments.
Stakeholders can give their suggestions/comments on draft rule
along with justification in brief latest by 02.03.2016 through email
at conv.ulc@mca.gov.in.
MCA has placed the draft Companies (Authorised to Registered)
Amendment Rules, 2016 for the public views/ comments.
Stakeholders can give their suggestions/comments on draft rule
along with justification in brief latest by 02.03.2016 through email
at conv.firm@mca.gov.in.
Capital Market regulator SEBI on Wednesday restrained 12
entities, mostly brokers from the securities market, for their
allegedly making illicit gain through manipulating illiquid stock
options.
PROFESSIONALS INPUTS:
CBDT in a Press Release dated 16th
February, 2016 has stated that
it has resolved disputes to the tune of Rs. 5000 crore under Mutual
Agreement Procedure (MAP) of Tax Treaties. The countries with
which cases have been resolved are USA, Japan, United Kingdom
and China.
CBDT vide Circular No. 01/2016 dated 15th
February, 2016 has
clarified on the term ‘initial assessment year’ in the section
80IA(5) of the Income Tax Act, 1961.
CBDT vide Instruction No. 02/2016 dated 15th
February, 2016
directs that all rectification application must be disposed off after
passing an order in writing and be duly served upon the taxpayer
concerned.
MARKET WATCH:
SENSEX: 23594.70 218.37 NIFTY: 7163.50 55.05
SILVER: 37097.00 -100.00 GOLD (MCX): 28852.00 -36.00
USD/INR: 68.47 0.09 CRUDE OIL: 2137.00 23.00
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Date: 18th
February, 2016
2. www.csrajivbajaj.com
Pierre Andurand
Chairman- Glory Sports International
Pierre Andurand (born February 1977, Aix en Provence, France) is a French
businessman and hedge fund manager, specialising in the oil market.
In 2008 Forbes Magazine placed him in its list of the top 20 highest-earning hedge-
fund managers. As of 2012, he is also the Chairman and majority shareholder of
Glory Sports International, the parent company of the Glory World Series
international kickboxing league.
Early Life and Education
Andurand was born in the French city of Aix en Provence. At eight years old, he moved with his family to the French
island of Réunion, off the African coast. He spent six years there before returning to Aix en Provence. At the age of
seventeen he moved to the city of Toulouse to attend the Institut National des Sciences Appliquées (National Institute
of Applied Sciences) At INSA he achieved an Msc in Applied Mathematics before moving to École des Hautes
Études Commerciales de Paris (HEC School of Management in Paris), where he achieved an MSc. in International
Finance.
A keen swimmer in his youth, Andurand was a member of the French National Junior Swimming Team in 1993 and
1994.
Career
After graduation Andurand was recruited by Goldman Sachs to work as an oil trader at Sachs' commodities trading
unit in Singapore.
After Goldman Sachs he joined Bank of America Singapore as a Principal in oil trading. He then joined Vitol in
Singapore as a trading manager. Privately owned Vitol is the world’s largest oil trading company, shipping in excess
of 200 million tons of crude oil per year. Andurand then moved to London in 2004 and was made a partner. He was
rumoured to be one of the most successful traders in the company, earning him a bonus payment of $20 million at the
end of one particularly successful year's trading.
Bluegold Capital
In October 2007, Andurand co-founded the hedge-fund investment group BlueGold. He was the majority shareholder
and Chief Investment Officer at BlueGold. The BlueGold Global Fund was then launched in February 2008 with
$300 million assets under management. In June of that year, its returns were described by the New York Post as
being of "eye-popping" and "monstrous" proportions.[5] Its peak in Assets Under Management reached $2.4 billion.
Performance was 210% in 2008, 55% in 2009, 13% in 2010, and -34% in 2011. BlueGold was closed in April 2012,
returning close to 99% of its assets under management within a month, after the founders decided to go their separate
ways.
Andurand Capital
In February 2013, Pierre Andurand launched a new hedge fund: Andurand Capital. As of September 2015,
Andurand’s performance for the year was reported by The Financial Times to be 10.3% (before fees). Andurand
Capital manages $575m as of Sep 2015, an increase of nearly 50% since January 2015, driven by new investor cash
and positive returns.
In 2013, the Andurand Commodities Fund finished the year as one of the best performing commodities hedge funds
with a 25% return. In 2014, it generated a 38% return net of all fees by correctly forecasting the sharp decline in
crude oil prices. The fund achieved a return of 47% for investors who transferred their money from BlueGold, whose
investments are now back above the previous fund’s high water mark, which was honoured by Andurand Capital.
Glory World Series
A martial arts fan, Andurand turned to kickboxing as a means to keep fit while working as an oil trader. He formed
Glory World Series after rival series K-1 ran into financial difficulties and refused Andurand's offer of a buy-out.