Newsletter dated 21st January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The paradox of education is precisely that as one begins to
become conscious, one begins to examine the society in
which he is being educated.”
Law Updates:
 MCA vide Circular No. 2/2016 dated 15th
January, 2016 has
clarified that HUF or its Karta cannot become partner or designated
partner in LLP.
 Ministry of Social Justice and Empowerment (Department of Social
Justice and Empowerment) has notified the date of commencement
of the Amendment Act to prevent crimes against SCs and STs to be
effective from 26th
January, 2016.
 Delhi Government hikes VAT on petrol and diesel by 96 paise and
53 paise per litre respectively.
 No Service Tax on sub-brokers if stock broker already paid tax on
total brokerage amount: CESTAT -Allahabad.
PROFESSIONALS INPUTS:
 IRDA vide Circular No. IRDAI/NL/GDL/RIN/017/01/2016 dated
19th
January, 2016 has issued the revised guidelines on submission
of information on Cross Border Reinsurers not having any physical
presence in India and do reinsurance business with Indian insurance
companies.
 IRDA has released exposure draft on IRDAI (Health Insurance)
Regulations, 2016 for comments/ suggestions. All stakeholders are
requested to review the exposure draft and forward their views /
comments before 01st February, 2016.
MARKET WATCH:
SENSEX: 24062.04 -417.80 NIFTY: 7309.30 -125.80
SILVER: 34680.00 252.00 GOLD (MCX): 26541.00 484.00
USD/INR: 67.65 -0.04 CRUDE OIL: 1914.00 -139.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 21st
January, 2016

2. www.csrajivbajaj.com
AZIM PREMJI
Founder – WIPRO
Azim Hashim Premji (born 24 July 1945) is an Indian business
tycoon, investor and philanthropist, who is the chairman of Wipro Limited,
informally known as the Czar of the Indian IT Industry. He was responsible
for guiding Wipro through four decades of diversification and growth to
finally emerge as one of the global leaders in the Software Industry. In 2010,
he was voted among the 20 most powerful men in the world by Asiaweek. He
has twice been listed among the 100 most influential people by TIME
Magazine, once in 2004 and more recently in 2011. Premji owns 73% percent
of Wipro and also owns a private equity fund, PremjiInvest, which manages
his $2 billion worth of personal portfolio. In 2013 he gave away 25 per cent
of his personal wealth to charity and has also pledged to give away the rest of
25% in the next 5 years.
Personal life and Education
Azim was born in Bombay India in a Nizari Ismaili Shia Muslim family with origins from Kutch in Gujarat. His
father was a noted businessman and was known as Rice King of Burma. After partition, when Jinnah invited his
father Muhammed Hashem Premji to come to Pakistan, he turned down the request and chose to remain in
India.
Premji has a Bachelor of Science in Electrical Engineering degree (equivalent to a Bachelor of
Engineering degree) from Stanford University, USA. He is married to Yasmeen. The couple have two children,
Rishad and Tariq. Rishad is currently the Chief Strategy Officer of IT Business, Wipro.
Career
In 1945, Muhammed Hashim Premji incorporated Western Indian Vegetable Products Ltd, based at Amalner, a
small town in the Jalgaon district of Maharashtra. It used to manufacture cooking oil under the brand name
Sunflower Vanaspati, and a laundry soap called 787, a byproduct of oil manufacture. In 1966, on the news of
his father's death, the then 21-year-old Azim Premji returned home from Stanford University, where he was
studying engineering, to take charge of Wipro. The company, which was called Western Indian Vegetable
Products at the time, dealt in hydrogenated oil manufacturing but Azim Premji later diversified the company to
bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products, and hydraulic
cylinders. In the 1980s, the young entrepreneur, recognising the importance of the emerging IT field, took
advantage of the vacuum left behind by the expulsion of IBM from India, changed the company name
to Wipro and entered the high-technology sector by manufacturing minicomputers under technological
collaboration with an American company Sentinel Computer Corporation. Thereafter Premji made a focused
shift from soaps to software.
Awards and Recognition
Premji has been recognised by Business Week as one of the Greatest Entrepreneurs for being responsible for
Wipro emerging as one of the world's fastest growing companies. In 2000, he was conferred an honorary
doctorate by the Manipal Academy of Higher Education. In 2006, Azim Premji was awarded Lakshya Business
Visionary by National Institute of Industrial Engineering, Mumbai. In 2009, he was awarded an honorary
doctorate from Wesleyan University in Middletown, Connecticut for his outstanding philanthropic work. In
2015, Mysore University conferred an honorary doctorate on him. In 2005, the Government of India honoured
him with the title of Padma Bhushan for his outstanding work in trade and commerce.
In 2011, he has been awarded Padma Vibhushan, the second highest civilian award by the Government of India.
In 2013, he received the ET Lifetime Achievement Award. In 2015, University of Mysore conferred the
honorary doctorate to Azim Premji. Listen to the citation read out at the 95th convocation held on 17 April
2015 Dr.Azim Premji-University of Mysore convocation-2015.