Newsletter dated 30th January, 2017

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“One who gains strength by overcoming obstacles possesses
the only strength which can overcome adversity.”
Law Updates:
 No section 14A disallowance when no exempt income is earned
during the year: Madras High Court.
 Assessee's major income constituted of income from sports
endorsement and that entire investment in shares was made out of
his own funds and investment in shares with Portfolio Managers
was a meagre percentage of assessee's total investments, income on
sale of shares and mutual funds was to be taxable under head capital
gains and not business income: Mumbai Tribunal.
 CLB's order to be quashed when it disposed of main petition without
giving hearing chance to parties: Mumbai High Court.
 NCLT allows compounding of offence for delay in appointment of
women director: NCLT Bangalore.
 Interest on tax refund of UK based co. is taxable at 40% and not at
15% under India-UK treaty: Delhi Tribunal
Professional INPUTS
 CBDT vide Circular No. 7/2017 dated 27th
January 2017 has issued
clarification on implementation on GAAR provisions under the
Income Tax Act, 1961 .
 DVAT vide Circular No. 2/2017 has extended the due date of return
till 13th
February 2017 for the third quarter ended 31st
December
2016.
MARKET WATCH:
SENSEX: 27,882.46 174.32 NIFTY: 8,641.25 38.50
SILVER: 40,543.00 -460.00 GOLD (MCX): 28,696.00 -396.00
USD/INR: 68.08 -0.07 CRUDE OIL: 3,625.00 0.00
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Date: 30th
January, 2017

2. www.csrajivbajaj.com
Dilip Shanghvi
Founder –Sun Pharmaceuticals
Dilip Shanghvi (born 1 October 1955) is an Indian businessman and one of
the richest persons in India. He is the founder and managing director of Sun
Pharmaceuticals. As of the 2015 Forbes real time ranking, he overtook
the Mukesh Ambani as the richest person in India. The Government of
India awarded him the civilian honour of the Padma Shri in 2016.
Dilip Shanghvi started Sun Pharmaceutical Industries with capital of Rs
10,000 in 1982 at Vapi.. Today, the market cap of the company is more
than Rs 1.20 lakh crore, with total annual income of more than Rs 15,000
crore and a net profit of over Rs 3,000 crore.
Sun, which has so far bought over 16 companies, this year created history
by acquiring Ranbaxy Labs for $4 billion and becoming world's fifth-
largest pharma company.
Early Life and Education
Dilip was born in small town of Amreli in Gujarat on 1 October 1955. Shanghvi earned a Bachelor of
Commerce degree from the University of Calcutta. He is an alumnus ofJ. J. Ajmera High
School and Bhawanipur Education Society College, from where he did his schooling and graduation,
respectively.
Dilip Shanghvi started by helping his father in the latter's wholesale generic drugs business in Kolkata.
He did travel to Mumbai for a year of college, but later returned to Kolkata to complete his studies. It
was during his work as a drugs distributor that he thought of making his own drugs instead of selling
others' products.
This started the journey of Sun Pharma, which was founded with two marketing executives and five
psychiatry drugs in 1982. Back then, very few multinational drug firms would make these drugs, as
their products were selling well.
Career and achievements
Dilip Shanghvi started Sun Pharmaceutical Industries with capital of Rs 10,000 in 1982 at Vapi. Shanghvi
founded Sun Pharmaceuticals in 1983 with five psychiatry products. Today, it is India's largest drugmaker and
most valuable drug company. Appreciation of Sun's stock led to a 50% surge in his personal wealth, amounting
to USD 4.7 billion. As of August 2014, he has a net worth of $17.2 billion, according to the Bloomberg
Billionaire's Index. He has also been named in the list of Asia’s top ten wealthiest self-made billionaires,
according to Wealth-X. Shanghvi is also the Chairman and Managing Director of Sun Pharma Advanced
Research Company and Shantilal Shanghvi Foundation.
In 1997, he acquired Caraco Pharma, a loss-making American company, with the aim of expanding Sun's reach
in the United States and turned them around in no time. Both the deals have paid off; the US now accounts for
60% of Sun's revenue. He also acquired Israel's Taro Pharma in 2007. He is also credited with steering Sun
Pharma to fifth place in the global generic drugs market.
On 19 February 2015, he surpassed Mukesh Ambani as the richest person of India, as his parent company stock
surged.