Newsletter dated 07th January, 2017

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“A warm smile is the universal language of kindness.”
Law Updates:
 Director can't impose oppression charges against company when he
has knowledge of all alleged decisions taken by Company.
 No penalty for concealing book profits due to introduction of MAT
provision with retro-effect.
 Commissioner's power to condone delay under section 119(2)(b)
can be extended to condone delay by a trust in depositing
accumulated amount under section 11.
PROFESSIONALS INPUTS
 MCA vide Notification dated 04th
January 2017 has notified certain
Exemption to Specified IFSC Private company –under section 462
of the Companies Act,2016.
 MCA vide Notification dated 04th
January 2017 has notified certain
Exemption to Specified IFSC Public company –under section 462 of
the Companies Act,2016.
 SEBI vide Press Release No. 2/1017 dated 06th
January 2017 has
Amended the SEBI (Portfolio Managers) Regulations, 1993 to
provide a framework for registration of fund managers for overseas
funds, pursuant to introduction of Section 9A in the Income Tax
Act, 1961.
 CBEC vide Notification No. 02/2017-CUSTOMS (N.T) dated 06th
January 2017 has seeks to further amend notification 63/94 dated
21st November 1994.
 CBEC vide Notification No. 01/2017-CE dated 05th
January 2017
has Seeks to further amend notification No. 02/2011-Central
Excise dated 1st March, 2011
MARKET WATCH:
SENSEX: 26,759.23 -119.01 NIFTY: 8,243.80 -30.00
SILVER: 40,032.00 -71.00 GOLD (MCX): 28,302.00 143.00
USD/INR: 68.09 0.33 CRUDE OIL: 3,644.00 13.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 07th
January, 2017

2. www.csrajivbajaj.com
Anil Agarwal
Founder and Chairman of Vedanta Resources Plc.
Anil Agarwal is the founder and Chairman of Vedanta Resources Plc., which he controls
through Volcan Investments, a holding vehicle with a 61.7% stake in the business.
Early life
He was born and brought up in Gawaspur, Patna, India. He studied at Miller High School but quit school at 15
to join his father's business, making aluminium conductors. At 19, he left Patna for Mumbai (then Bombay) to
explore career opportunities.
Career
In the mid-1970s, he began trading in scrap metal, collecting it from cable companies in other states and selling
it in Mumbai. In 1976, Anil Agarwal acquired Shamsher Sterling Corporation, a manufacturer of enameled
copper, among other products, with a bank loan. For the next 10 years, he ran both businesses.
In 1986, he set up a factory to manufacture jelly-filled cables, creating Sterlite Industries. He soon realized that
the profitability of his business was volatile, fluctuating with the prices of his raw materials: copper and
aluminium. So he decided to control his input costs by manufacturing the metals instead of buying them.
In 1993, Sterlite Industries became the first private sector company in India to set up a copper smelter and
refinery. In 1995, Sterlite Industries acquired Madras Aluminium, a ‘sick’ company that had been shut down for
4 years and held by the Board for Industrial and Financial Reconstruction (BIFR). The next step of the
backward integration process seemed natural: mining.
His first opportunity came when the government announced a disinvestment program. In 2001, he acquired 51
percent in Bharat Aluminium Company (BALCO), a public sector undertaking; in the very next year, he
acquired a majority stake (nearly 65 per cent) in state-run HZL. Both the companies were considered sleepy and
inefficient mining firms.
To access international capital markets, Anil Agarwal and his team incorporated Vedanta Resources Plc in
2003. At the time of its listing, Vedanta Resources Plc, was the first Indian firm to be listed on London Stock
Exchange, on December 10, 2003, Vedanta Resources became the parent company of the group through a
process of internal restructuring of group companies and their shareholding.
In 2004 Vedanta Resources Plc announced a global bond offering and acquired Konkola Copper Mines in
Zambia, Africa. In 2007, Vedanta Resources acquired a controlling stake in Sesa Goa Limited, India’s largest
producer-exporter of iron ore, and in 2010, the company acquired South African miner Anglo American’s
portfolio of zinc assets in Namibia, Ireland and South Africa. The next year, Vedanta Resources acquired
controlling stake in Cairn India, India’s largest private sector oilproducing firm. The merger of Sesa Goa and
Sterlite Industries was announced in 2012, as part of the Vedanta Group’s consolidation.
Vedanta Resources, headquartered in London, is a globally diversified natural resource conglomerate, with
interests in zinc, lead, silver, copper, iron ore, aluminium, power generation, and oil and gas. The greatest share
of its assets, however, is in India; Agarwal lives in London, but as he has reiterated often, his heart and soul are
in India. His philanthropic activities are targeted at eradicating poverty, by creating jobs and contributing to
India’s GDP growth through his business operations.
Recognition And Awards:
 The Economic Times, Business Leader Award – 2012
 Mining Journal Lifetime Achievement Award – 2009
 The Ernst &Young Entrepreneur of the Year - 2008