Newsletter dated 25th January, 2016

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“In order to carry a positive action we must develop a
positive vision.”
Law Updates:
 Reserve Bank of India recently introduced bank notes in Rs. 100,
500 and 1000 denominations with ascending size of numerals in
number panels, as a part of its endeavor to continually improve
design/security features of the banknotes and to deter counterfeiting
activities.
 Government has reiterated that interest earned on deposit under the
Central Government Gold Monetisation Scheme will not attract any
tax; gains through trading or redemption will also be exempted from
capital gain.
PROFESSIONALS INPUTS:
 SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/032
dated 21st
January, 2016 has notified the Securities and Exchange
Board of India (Depositories and Participants) (Amendment)
Regulations, 2016.
 CBEC vide Notification No. 03 /2016-Central Excise dated 22nd
January, 2016 seeks to amend Notifications No.56/2002-CE &
No.57/2002-CE both dated 14.11.2002 so as to insert a sunset
clause of 31.03.2016 and to deny the benefit of the exemption to
goods on which certain specified processes have been undertaken.
 SEBI vide Circular No. SEBI/HO/CFD/DIL/CIR/P/2016/26 dated
21st
January, 2016 has issued clarification on Streamlining the
Process of Public Issue of Equity Shares and Convertibles.
 ALP of services could not be taken as 'Nil' by assuming that
assessee was not benefited from services provided by AE: Delhi
Tribunal.
MARKET WATCH:
SENSEX: 24435.66 473.45 NIFTY: 7422.45 145.65
SILVER: 34292.00 -82.00 GOLD (MCX): 26152.00 -38.00
USD/INR: 68.03 0.07 CRUDE OIL: 2160.00 105.00
CS Rajiv Bajaj
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Date: 25th January, 2016

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SUNIL BHRTI MITTAL
Founder – BHARTI ENTERPRISES
Sunil Bharti Mittal is an Indian entrepreneur, philanthropist and the
founder, chairman and Group CEO of Bharti Enterprises, which has interests in
telecom, retail, financial services, and agri business. The Group flagship Bharti
Airtel, with operations in 20 countries across Asia and Africa and a customer
base of over 275 million, is India's largest telecom company and world's third
largest mobile operator. Bharti Airtel clocked revenues of over USD 14.5
billion in FY2013. He is listed as the 8th Richest person in India by Forbes
with a Net worth of $7 Billion.
Personal life and Education
Sunil Mittal was born in Punjabi Aggarwal Family. His father, Sat Paul Mittal, had been the Member of Parliament,
Rajya Sabha (Indian National Congress) from Punjab, he was elected from Punjab for two terms (1976 & 1982) and
nominated to the Rajya Sabha once (1988). He first joined the Wynberg Allen School in Mussoorie, but later
attended Scindia School at Gwalior and he graduated in 1976 from Panjab University, Chandigarh, with a Bachelor
of Arts and Science for which he studied in prestigious Arya College,Ludhiana. His father died of cardiac arrest in
1992.
Career
A first generation entrepreneur, Mittal started his first business in April 1976 at the age of 18, with a capital
investment of Rs. 20000(US$300) borrowed from his father. His first business was to make crankshafts for local
bicycle manufacturers.
In 1980, he along with his brothers Rakesh, Rajan started an Import Enterprise named Bharti Overseas Trading
Company. He sold his bicycle parts and yarn factories and moved to Mumbai. In 1981, he purchased importing
licences from exporting companies in Punjab. He then imported thousands of Suzuki Motors's portable electric-
powergenerators from Japan. The importing of generators was suddenly banned by the then Indian Government.
In 1984, he started assembling push-button phones in India, which he earlier used to import from a Taiwan company,
Kingtel, replacing the old fashioned, bulky rotary phones that were in use in the country then. Bharti Telecom
Limited (BTL) was incorporated and entered into a technical tie up with Siemens AG of Germany for manufacture of
electronic push button phones. By the early 1990s, Mittal was making fax machines, cordless phones and other
telecom gear. Mittal says, "In 1983, the government imposed a ban on the import of gensets. I was out of business
overnight. Everything I was doing came to a screeching halt. I was in trouble. The question then was: what should I
do next? Then, opportunity came calling. While in Taiwan, I noticed the popularity of the push-button phone --
something which India hadn't seen then. We were still using those rotary dials with no speed dials or redials. I sensed
my chance and embraced the telecom business. I started marketing telephones, answering/fax machines under the
brand name Beetel and the company picked up really fast.". He named his first push-button phones as 'Mitbrau'.
In 1992, he successfully bid for one of the four mobile phone network licences auctioned in India. One of the
conditions for the Delhi cellular license was that the bidder have some experience as a telecom operator. So, Mittal
clinched a deal with the French telecom group Vivendi. His plans were finally approved by the Government in
1994 and he launched services in Delhi in 1995, when Bharti Cellular Limited (BCL) was formed to offer cellular
services under the brand name AirTel.
In May 2008, it emerged that Sunil Bharti Mittal was exploring the possibility of buying the MTN Group, a South
Africa-based telecommunications company with coverage in 21 countries in Africa and the Middle East. In May
2009, Bharti Airtel again confirmed that it was in talks with MTN and the companies agreed to discuss the potential
transaction exclusively by 31 July 2009. Talks eventually ended without agreement, some sources stating that this
was due to opposition from the South African government.
In June 2010, Bhartil led by Mittal acquired the African business of Zain Telecom for $10.7 billion making it the
largest ever acquisition by an Indian telecom firm. In 2012, Bharti tied up with Wal-Mart, the US retail giant, to start
a number of retail stores across India. In 2014, Bharti planned to acquire Loop Mobile for INR 700 crores, but the
deal was called off later.