Newsletter dated 12th October 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Originality will always catch the attention of a good critic
whether you're striving for success or living proof of success.
Be yourself! Stay Original!"
Law Updates:
 Differential interest on transfer of loan portfolio would be taxed on
recovery of interest from borrowers.
 Where appellant Company sought for substitution of its name as
secured creditor in place of public limited company (IFCI) on
ground that IFCI assigned debts of Rs. 160 crores to be recovered by
it from company-in-liquidation for a paltry sum of Rs. 58 lakhs
towards consideration, prayer of appellant for substitution as a
secured creditor was rightly rejected by company Judge: Gujrat
High Court.
 Arbitrator can't award interest pending litigation if it is barred by
the contract: Supreme Court.
 NCLT dismissed plea for removal of director as respondent was
ready to exit company as per settled term: NCLT Mumbai.
 Penalty under section 43A is leviable even if combination has no
appreciable adverse effect on competition: CAT.
PROFESSIONALS INPUTS
 RBI updates master direction for direct investment by resident in
Joint venture or wholly owned subsidiary abroad.
 "On 10th October DG Systems (CBEC) and RBI jointly launched
online import data processing and monitoring system (IDPMS), as a
major trade facilitation measure for reduction in paper work /
transaction cost and an important step for checking frauds and
foreign exchange control / monitoring mechanism"
MARKET WATCH:
SENSEX: 28,082.34 21.20 NIFTY: 8,708.80 11.20
SILVER: 42,249.00 678.00 GOLD (MCX): 29,863.00 80.00
USD/INR: 66.78 -0.00 CRUDE OIL: 3,419.00 92.00
CS Rajiv Bajaj
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http://www.csrajivbajaj.com
Date: 12th
October, 2016

2. www.csrajivbajaj.com
B. Ravi Pillai
Founder- RP Group of Companies
B. Ravi Pillai (born 2 September 1953) is an Indian entrepreneur and the head
of RP Group of companies. A recipient of the 2008 Pravasi Bharatiya
Samman, Pillai was honored again by the Government of India, in 2010, with
the fourth highest Indian civilian award of Padma Shri.
Early life and education
Ravi Pillai was born on 2 September 1953 at Chavara, a coastal town in
Kollam, in the South Indian state of Kerala in a family of farmers. After graduating from a local college, he
continued his studies in Business Administration at Cochin University.
Carrer
During his time at Cochin University, he launched his first business, a chit fund in Kollam on reportedly
borrowed money. Later, he started engineering contract business and worked for some of the major industrial
houses in Kerala such as Fertilisers and Chemicals Travancore Limited, Hindustan Newsprint Limited,
and Cochin Refineries. However, a labour strike forced him to close down his business after which he went to
Saudi Arabia in 1978 where he started a small trading business. Two years later, he moved to construction
business and established Nasser Al Hajri Corporation with 150 employees,]
which has over the years grown to
become the flagship company of his business group, R. P Group, which is known to employ over 70,000
employees across its businesses. The shopping mall in South Kerala, RP Mall at Kollam city is owned by Ravi
Pillai.
Pillai has expanded his business to other countries such as United Arab Emirates, Qatar, Bahrain and India and
has interests in construction, hospitality, steel, cement, and oil and gas industries. RP Group is known to hold
stakes in hotels such as Leela Kovalam, Hotel Raviz, Kollam, and WelcomHotel Raviz Kadavu, Kozhikode in
his home state of Kerala. He is also involved in health care business through Upasana Hospital and Research
Centre, a 300 bed multispecialty hospital in Kollam
Awards and recognition
Ravi Pillai, who holds a doctoral degree (Honoris Causa) from the Excelsior College, New York, was awarded
the Pravasi Bharatiya Samman by the Government of India in 2008. Three years later, in 2010, the Government
of India included him in the Republic Day honours list for the civilian honour of Padma Shri.
Forbes listed him, in 2014, in the The World's Billionaires at 988 in the world and 30 in India. Arabian
Business ranked him as the fourth most powerful Indian in the Middle East in 2014
Personal Life
Ravi Pillai is married to Smt.Geetha. He has two children; son Ganesh Ravi Pillai and daughter Arathi Ravi
Pillai.
Recently, Ravi Pillai conducted his daughter's Dr. Arthi wedding in Kollam on Nov 26 2015, with total expense
of US$ 9Million. The wedding was organized by the production designer who lent his capabilities to the
blockbuster film, Bahubali. This was supposed to be one of the most expensive wedding that happened in
Ashramom grounds in Kollam, Kerala.