Newsletter dated 28th December, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“People are attracted to you by what they see in you; they
remain attracted to you by what you see in yourself.”
Law Updates:
 High Court allows adjustment of consolidated loss with surplus in
Securities Premium Account: Rajasthan High Court.
 No reassessment notice after 6 years to give effect to finding of
Tribunal which isn't required or disposal of appeal.
 Depreciation on 'goodwill' arising on amalgamation claimed by
assessee company during course of assessment proceedings vide a
revised computation of income without filing revised return of
income was allowable: Ahmedabad Tribunal.
 NCLT denies inspection of documents as petitioner didn't have any
commercial interest in Company: NCLT Mumbai.
 Interest-free deposit paid to lessor should be considered to work-out
ALV of property: Bangalore Tribunal.
PROFESSIONALS INPUTS
 CBEC vide Notification No. 61/2016-Cus dated 27th
December 2016
has seeks to further amend notification No 12/2012-Customs dated
17.03.2012, so as to withdraw the exemption from Basic Customs
Duty on import of Technitium-99m.
 CBDT vide Circular No. 43/2016 dated 27th
December 2016 has
issued explanatory notes on provisions of the taxation and
investment regime for Pradhan Mantri Garib Kalyan Yojana, 2016
as contained in Chapter IX-A of the Finance Act, 2016.
 ESIC vide Circular No. 1816/2016 dated 27th
December 2016 has
raised threshold limit of Rs. 15,000 to Rs. 21,000 for applicability of
Employee State Insurance.
MARKET WATCH:
SENSEX: 26,213.44 406.34 NIFTY: 8,032.85 124.60
SILVER: 38,957.00 768.00 GOLD (MCX): 27,562.00 293.00
USD/INR: 67.99 0.22 CRUDE OIL: 3,601.00 0.00
CS Rajiv Bajaj
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Date: 28th
December, 2016

2. www.csrajivbajaj.com
Jaithirth Rao
Founder and Former CEO of MphasiS
Jaithirth Rao, popularly known as Jerry Rao, is an Indian businessman and
entrepreneur. He is the founder and former CEO of the software
company MphasiS. He is currently the Executive Chairman of Value and
Budget Housing Corporation (VBHC), an affordable housing venture
which he founded in 2010. He is also a founder and director of Homefirst
Finance Corporation, a Housing Finance company focused on providing
housing finance to first time home buyers.
In 1998, Rao started MphasiS Corporation, a software company based in California, which subsequently merged
with BFL Software in 2000. MphasiS rapidly rose to be one of the top 10 IT/BPO companies in India. In 2008,
EDS acquired a majority stake in MphasiS. Mr. Rao stayed on as non-executive Chairman of MphasiS and for
some time as Advisor to EDS.
Rao held several positions in Citibank prior to his founding MphasiS in 1998. In a banking career of over 20
years, he served with Citi and its parent Citicorp in various capacities in Asia, Europe, South America, and
North America. He was Head of the Development Division of Citicorp and Chairman and CEO of Transaction
Technologies Inc., based in California.
Early Life & Education
Rao was born in Bangalore and is an alumnus of Loyola College in Chennai, Indian Institute of Management in
Ahmedabad and the University of Chicago. He has also been given a Distinguished Alumnus Award from
Loyola College, IIM Ahmedabad and the University of Chicago. His many areas of interest include sustainable
construction technology, I.T. strategy, customer relationship management (CRM) and e-commerce – a subject
on which he has testified before the US Congress. He teaches at IIM Ahmedabad, IIT Bombay and at
LIBA,Chennai. He has been Entrepreneur-in-Residence at Harvard Business School. Rao is on the boards of
various companies. He is on the Board of Trustees of Nasscom Foundation and LIBA,Chennai. He is also a
Trustee of the Sujaya Foundation, the Balaji HRD Trust and India Foundation for the Arts.
Rao is a regular writer and speaker. Rao has published a volume of poetry (Gemini II published by Penguin
India) and a book of essays (Notes from an Indian Conservative published by Rupa). He writes a regular opinion
column for the Indian Express and occasional columns for Seminar, Economic Times, India International Centre
Quarterly and Mint.Recently he has been criticised for his article in Tehelka by a left wing scholar-activist Maya
John in Sanhati web-magazine.
Honors
Rao is a recipient of several distinguished business and government recognitions. He has been the Chairman of
India’s National Association of Software and Service Companies – NASSCOM. He was named the Ernst &
Young 'Entrepreneur of the Year 2004' for the New York region along with MphasiS Vice Chairman Jeroen
Tas, which followed his being similarly awarded in India for the year 2001 previously. In 2005, the
Government of the Indian state of Karnataka honored him with the Rajyotsava Award.