The document discusses three legal cases: 1) A trial court erred in dismissing a complaint filed by a partner under section 138 of the NI Act in his individual capacity. 2) The Supreme Court ruled that if an auction sale is cancelled, the entire auction process must be restarted. 3) The Supreme Court found that transferring an income tax assessment file between jurisdictions without agreement would be unauthorized.

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Success is perceptible ... We can touch it, smell it and taste
it…"
Law Updates:
 Trial Court erred in dismissing complaint filed by partner of firm
under section 138 of NI Act in his individual capacity on ground
that complainant had not satisfied eligibility criteria prescribed by
statute.
 If auction sale is cancelled then entire process or holding auction
should be started afresh: Supreme Court.
 Transfer of income-tax assessment file from Assessing Officer
under one jurisdictional Commissioners to Assessing Officer of
another jurisdictional Commissioner would be unauthorized even
though there was no expressed agreement between two
jurisdictional Commissioner to do so: Supreme Court.
PROFESSIONALS INPUTS
 MCA vide Notification dated 19th
December 2016 has prescribed the
Powers delegated to Regional Directors under section 458 of the
Companies Act, 2013.
 CBEC vide Notification No. 53/2016-Service Tax dated 19th
December 2016 Seeks to amend Service Tax Rules, 1994 so as to
allow a person located in non-taxable territory providing online
information and database access or retrieval services to a non-
assesse online recipient to issue online invoices not authenticated by
means of a digital signature for a period upto 31st January, 2017.
 CBDT vide Press Release dated 19th
December 2016 decided to
reduce the existing rate of deemed profit of 8% under section 44AD
of the Act to 6% in respect of the amount of total turnover or gross
receipts received through banking channel / digital means for the
financial year 2016-17.
MARKET WATCH:
SENSEX: 26,307.98 -66.72 NIFTY: 8,082.40 -21.95
SILVER: 38,715.00 -387.00 GOLD (MCX): 27,305.00 -105.00
USD/INR: 67.95 0.05 CRUDE OIL: 3,530.00 12.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
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1Bajaj
http://www.csrajivbajaj.com
Date: 21st
December, 2016

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Prem Watsa
Founder and Chairman of Fairfax Financial Holdings
Prem Watsa is the founder, chairman, and chief executive of Fairfax
Financial Holdings, based in Toronto, Canada. He has been called the
"Canadian Warren Buffett. His name rose to limelight after his company
announced complete acquisition of the Veteran Mobile Handset maker
BlackBerry Ltd.
Early life and Education
Prem Watsa was born in Hyderabad in 1950. He attended Hyderabad Public School and the Indian
Institute of Technology Madras where he graduated with a degree in chemical engineering. Watsa later
moved to London, Ontario and went to the Richard Ivey School of Business at the University of
Western Ontario where he earned an MBA. He is a distinguished alumnus of IIT Madras.
Career
Reluctant to pursue career as a Chemical Engineer, Watsa left to Canada in 1972 to join his elder
brother. He enrolled in MBA Programme at Richard Ivey School of Business of the University of
Western Ontario, Canada. He sold air conditioners and furnaces to finance his study. He got his first
job in 1974 as a Research Analyst in an Insurance Firm . By 1983 he rose to the post of Vice President
in that firm. In 1984, Watsa started his own asset management firm, Hamblin Watsa Investment
Counsel Ltd. In 1985, Prem Watsa took control of an almost bankrupt Canadian Insurance Firm
Markel Financial and infused fresh round of capital which proved to be the rebirth of the company. In
1987, he renamed it to FairFax Financial Holdings. FairFax is the acronym for fair, friendly
acquisitions. Today the Stock price of Fairfax is about $420 making it comparable to companies like
Apple and Google. He currently holds more the 50% stake in Fairfax despite holding only 10% shares.
In April 2007, he delivered his historic speech at Ivey School of Business, where he issued a dire
warning. “There‟s a possibility of a one-in-50 or a one-in-100-year storm coming”. When Global
economy went into recession, Watsa was one of the few who made windfall gains. Watsa is often
equated to the veteran Investor Warren Buffett. Some call him Buffet of Canada. Like Buffett, Watsa
draws a salary that is modest for the field ($600,000) but owns a controlling stake in the companies
he‟s building. Watsa‟s net worth is difficult to establish, but estimates run as high as $4.16 billion.
Volunteering
He is a member of the Board of Trustees of the Hospital for Children, a member of the Advisory
Board for the Richard Ivey School of Business, a member of the Board of Directors of the Royal
Ontario Museum Foundation and as well as Chairman of the Investment Committee of St. Paul‟s
Anglican Church. In June 2009, he was appointed as the ninth chancellor of the University of
Waterloo. Prem Watsa was also the Director and member of Risk Committee of India-based ICICI
Bank Ltd. until he retired from board on June 27, 2011.