Newsletter dated 18th November, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“To be able under all circumstances to practice five
things constitutes perfect virtue; these five things are gravity,
generosity of soul, sincerity, earnestness and kindness. .”
Law Updates:
 Assessing Officer rightly levied interest under sections 234A, 234B
and 234C for return being filed after due date and assessee not
having paid advance tax as assessee had not been able to establish
that he was entitled to benefit of order dated 23rd May, 1996 for
waiver of interest.
 Non-recovery of loan was deductible if it was given by surety to
borrower to protect itself from penal action of bank.
 Goods supplied in name of President of India should be treated as
goods sold to Govt: Karnataka High Court.
 Absence of appellant on date of hearing doesn't give power to
Tribunal to dismiss an appeal: Kolkata Tribunal.
 Government allows Rs. 2.5 lakh withdrawal for wedding and Rs.
25,000/- to farmers.
PROFESSIONALS INPUTS
 RBI vide Press Release No. 2016-2017/1241 dated 17th
November
2016 has cancelled the Licence under Section 22 of Banking
Regulation Act, 1949 (As Applicable to Cooperative Societies)
(AACS) issued to Sai Nagari Sahakari Bank Limited, Hadgaon,.
 SEBI vide Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/124 dated
17th
November 2016 has modified provisions related to
Investment/trading in securities by employees of AMC(s) and
Trustees of Mutual Funds.
MARKET WATCH:
SENSEX: 26,202.64 -24.98 NIFTY: 8,076.50 -3.45
SILVER: 41,455.00 -20.00 GOLD (MCX): 29,666.00 -142.00
USD/INR: 68.09 0.1 CRUDE OIL: 3,089.00 -13.00
CS Rajiv Bajaj
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http://www.csrajivbajaj.com
Date: 18th
November, 2016

2. www.csrajivbajaj.com
Ian Graham King
CEO of BAE Systems
Ian Graham King (born 24 April 1956) is the CEO of BAE
Systems, responsible for all of the company's business operations.
For this role he is paid an annual base salary of £935,000. King is
also a non-executive director of Rotork plc, an engineering
company.
Career
Mr. Ian Graham King serves as the Chief Executive Officer of BAE Systems Plc. Mr. King served as a Co-
Chief Executive Officer of BAE Systems plc since September 1, 2008. He served as the Chief Operating
Officer of the UK & Rest of World at BAE Systems and its subsidiary, BAE Systems, Inc., where he was
responsible for all UK and RoW businesses (excluding US-led businesses). since 2007.
Mr. King also served as Managing Director of BAE Systems Land Systems Pinzgauer Limited. He served as the
Group Managing Director of Customer Solutions and Support (CS&S) at BAE Systems PLC since 2001. He
was responsible for growing a support and services business in the UK and international markets. He served as
the First Chief Executive of Alenia Marconi Systems. From 1986 to 1992, he served as a Finance Director of
Marconi Defence Systems. He served as a Finance Director of Marconi Electronic Systems from 1992 to 1998
and controlled major acquisition and joint venture transactions, including Ferranti, Space, Sonar, Alenia
Marconi Systems and U.S. acquisitions of Tracor and Hazeltine.
On completion of the BAE SYSTEMS/Marconi merger at the end of November 1999, he moved to the position
of Group Strategy and Planning Director. He joined Marconi in 1976 as a graduate entrant and worked for ten
years in manufacturing its defence electronics manufacturing operations in Scotland and Portsmouth. He serves
as Inside Director of BAE Systems, Inc. Mr. King has been an Executive Director of BAE Systems Plc since
June 27, 2007. He has been a Director of Rotork Process Controls since February 2005.
He serves as a Non-Executive Director of the Canadian Marconi company. He served as a Non-Executive
Director of Rotork Plc from February 17, 2005 to June 20, 2014 and its Senior Independent Non-Executive
Director from October 2008 to June 2014. He served as a Non-Executive Director of Alvis plc from August 18,
2004 to February 2005.
CEO
On 15 October 2007 BAE Systems announced that its CEO Mike Turner would step down from his
role in 2008. While King was always named as a candidate to replace him as CEO, press reports
suggested BAE would prefer an American CEO due to the increasing importance of the United States
defence market to the company and the opportunity to make a clean break from corruption allegations
and investigations related to the Al Yamamah contracts. However, on 27 June 2008, BAE announced
that it had selected King to succeed Turner with effect from 1 September 2008; The Financial
Times noted that King's career at Marconi distances him from the British Aerospace-led Al Yamamah
project.