Insurers' journeys to build a mastery in the IoT usage
Newsletter dated 24th December, 2015
1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“If you want to feel rich, just count all of the things you
have that money can’t buy."
Law Updates:
CBDT unveils “Draft Guiding Principles for Determination of Place
of Effective Management (Poem) of a Company” for public
comments and suggestion. The comments and suggestion on the
draft guidance may be sent by 2nd January, 2016 at the email
address (dirtpl1@nic.in).
SEBI’s International Advisory Board meets; discusses on
implementing OECD principles of Corporate Governance.
PROFESSIONALS INPUTS:
RBI vide Notification No. RBI/2015-16/275 DCM (Plg) No.G-
8/2331/10.27.00/2015-16 dated 23rd
December, 2015 has issued
guidelines for the banks regarding withdrawal of all old series of
Banknotes issued prior to 2005.
SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/27 dated
22nd
December, 2015 has notified the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
(Amendment) Regulations, 2015 requiring to include ‘Business
Responsibility Statement’ in annual returns by top 500 listed
company. The said notification will be effective from 1st
April,
2016.
IRDA vide Notification dated 15th
December, 2015 has notified
Insurance Regulatory and Development Authority of India
(Issuance of Capital by Indian Insurance Companies transacting
other than Life Insurance Business) Regulations, 2015.
MARKET WATCH:
SENSEX: 25850.30 259.65 NIFTY: 7865.95 79.85
SILVER: 34206.00 -80.00 GOLD (MCX): 25066.00 -185.00
USD/INR: 66.09 -0.18 CRUDE OIL: 2491.00 64.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
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Date: 24th
December, 2015
2. www.csrajivbajaj.com
Grandhi Mallikarjuna Rao
Founder Chairman of GMR Group
Grandhi Mallikarjuna Rao is a mechanical engineer, billionaire
industrialist, and the founder chairman of GMR Group, a global
infrastructure developer and operator based in India. Started in 1978,
GMR Group is now present in 7 countries, active in energy,
highways, large urban development and airports sectors, known for
building and operating world class national assets.
Early life
G M Rao was born on 14 July 1950, in Rajam, Srikakulam district in
Andhra pradesh, India. He was born in an upper-middle-class family whose main business interests involved
commodities trading and a small scale jewelry business started by his father in Rajam. After graduating from
Andhra University, Rao joined the Andhra Pradesh Government as a junior engineer.
He soon entered the trading of commodities as his entrepreneurial nature made it difficult for him to stay
content with a mere day job. After developing good relations with suppliers and customers in the business of
commodities trading, he acquired a failing jute mill for at a bargain, this venture proved to be lucrative and
allowed GM Rao is use leverage from local banks to acquire other assets. Eventually GM Rao divested his stake
in a multitude of industries and started a bank named Vysya Bank in collaboration with ING.
Rao eventually diluted his stake in this business and decided to enter the business of energy and infrastructure
with the proceeds from the sale. The entry into the power business allowed Rao to build what would become
India leading infrastructure asset developer, as GMR's closest competitor, GVK, is 6 times smaller by market
capitalization, making Rao the leader of India as an infrastructure asset developer by revenues, asset size, and
market capitalization.
It is also widely accepted in top brass of the state of Andhra Pradesh that Rao's closeness with Chandra Babu
Naidu allowed Rao to become the asset developer and owner for Hyderabad's International Airport Rajiv
Gandhi International Airport.
Life & Career Records
As per Forbes magazine, G M Rao is the richest Telugu man by sheer quantifiable wealth. He is known for his
down to earth nature and simplicity despite his enormous fortune. According to media reports, GMR Group is
one of India's most trusted and respect brands. GM Rao received the Economic Times Entrepreneur of the year
Award in 2007.
Charity
Its CSR arm, GMR Varalakshmi Foundation, currently serves the underserved sections of society in 22
locations. He donated Rs.1540 crores in 2012 for charitable purposes. He mentioned in an interview that
Warren Buffett is an inspiration for him to pledge is money in support of 'Giving back to society'.
By donating Rs. 740 Crores in the year 2013, G M Rao was the third generous donor of corporate India for the
year as per the China's Harun Report Inc.