Newsletter dated 28th October 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“May this Dhanters Light up new dreams, fresh hopes, undiscovered
avenues, different perspectives, everythin bright & beautifulfil and
fill ur days with pleasant surprises and moments. Happy Dhanteras
to you and your family.”
Law Updates:
 A secured creditor, as defined under provisions of SARFAESI Act
can exercise its statutory rights under section 13 thereof
notwithstanding fact that borrower has got a notification issued in its
favour under provisions of Maharashtra Relief Undertakings
(Special Provisions) Act, 1958, (BRU Act,) which suspends all its
obligations and liabilities to secured creditor.
 Reassessment u/s 147 will be invalid if no notice u/s 143(2) was
issued and will not be saved by section 292BB even if assessee
participates in proceedings. The Department can avail of section
292BB only if notice u/s 143(2) was issued and not when the
admitted position is no notice was issued as in the instant case.
 High Court allows retrenchment compensation paid to employees of
transferee-co. under transfer agreement: Mumbai High Court.
 Sec. 41(1) additions for interest waiver would be fully excludible
for sec. 80HHC relief; SLP dismissed: Supreme Court.
PROFESSIONALS INPUTS
 MCA vide General Circular No. 12/2016 dated 27th
October 2016
has given Relaxation of additional fees and extended the last of in
filing the e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS), and
MGT-7 under the Companies Act-2013 till 29th
November 2016.
MARKET WATCH:
SENSEX: 27,915.90 79.39 NIFTY: 8,615.25 0.0
SILVER: 42,152.00 -35.00 GOLD (MCX): 30,072.00 -23.00
USD/INR: 66.85 -0.0 CRUDE OIL: 3,283.00 -58.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
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Date: 28th
October, 2016

2. www.csrajivbajaj.com
Ajai Chowdhary
Chairman-Board of Governors at IIT Patna
Ajai Chowdhary is one of the six founder members of HCL. A highly decorated
Indian Industry icon, today he is an inspiration for young Indians. He is currently
the Chairman-Board of Governors at IIT Patna.
Early life and Education
Ajai’s parents migrated to India, from Pakistan, during the Partition of India, along
with six children. They came to a refugee camp in Delhi. Later, Ajai’s father
picked up a job in Mount Abu, to get the accession of the princely states. Ajai was
born in Mount Abu, on 29 August 1950. Ajai is the youngest of the seven siblings. In 1955, his father
joined Indian Administrative Service.
Ajai Chowdhry did his schooling from Christ Church School, Jabalpur. He passed out of school in 1966.
Thereafter, he graduated with a Bachelor of Engineering (Electronics and Telecom) degree, from Jabalpur
Engineering College, in 1971. He has also completed an Executive Program from the University of Michigan,
in 1994. Recently he has been appointed as Chairman, Board of Governors of IIT Patna.
Career
Beginning his career in 1972, Ajai Chowdhry worked with DCM Data Products. In 1975, he quit his job to start
Microcomp. Ajai Chowdhry works closely with the Government of India, for various endeavours and
initiatives. Ajai Chowdhry has been part of several Government of India committees. These endeavours aim at
increasing IT proliferation in India, and also towards facilitating the growth of the IT and Electronics industry in
India. In August 2009, the Department of Information Technology, Ministry of Communications & IT and the
Government of India constituted the IT Task Force, under the leadership of Ajai Chowdhry.
Ajai Chowdhry is a member of National Manufacturing Competitiveness Council (NMCC), which is an apex
body providing advisory inputs for shaping government policy. Ajai Chowdhry is the Chairman of CII National
Committee on Technology. Ajai Chowdhry is a panellist on the USC Forum on Globalization and Innovation. In
2010, Ajai Chowdhry co-chaired the ‘World Economic Forum on Africa' in Tanzania
Awards and Accolades
 In 2011, Government of India awarded Ajai Chowdhry with Padma Bhushan, the third-highest civilian
award, recognising his consistent contribution to the Indian IT industry.
 In 2010, Ajai Chowdhry was conferred the Honoris Causa, Doctorate of Science, by IIT Roorkee.
 In 2010, Ajai Chowdhry was presented the "ELCINA-EFY Electronics Man of the Year Award", by the
Electronic Industries Association of India (ELCINA).
 In 2009, Ajai Chowdhry was ranked third in the "Power List of 75 Most Powerful Brand Builders of
India".
 In 2009, Ajai Chowdhry was adjudged among "India Inc’s Most Powerful CEOs" by The Economic
Times.
 In 2007, Ajai Chowdhry was named the "Dataquest IT Person of the Year 2007", for his focus on the
Indian domestic market, and his belief in the potential of computer hardware manufacturing in India.
 In 2006, EFY presented the "Electronics Man of the Year - 2006" to Ajai Chowdhry, for being
instrumental in driving the growth of HCL Infosystems.
 Wisitek Foundation presented Ajai Chowdhry with the "Corporate Ratna – IT Industry of the
Millennium" Award.
 In 2004, Skoch Consultancy awarded Ajai Chowdhry with the 'IT Man of the Year' title.
 The Foundation of Indian Industry and Economists has presented Ajai Chowdhry the "Best IT Man of
the Year" award.