www.csrajivbajaj.com

THOUGHT OF THE DAY

THOUGHT OF THE DAY

“As we look ahead into the next century, leaders will be those

who empower others.”

Law Updates:

Board of directors has no legal power to rectify register of member's

on their own without taking CLB's approval

When Tribunal asked Assessing Officer to determine total income

by re-deciding issues involved in additions made therein, it implied

indisputably a mandate for fresh determination of total income and

in such case limitation for completion of assessment under section

153(2A) would apply: Tribunal Kolkata

Only income that was actually received or accrued to assessee upon

sale of shares had to be taxed and not any contingent deferred

income.

For period prior to 17-3-2012, issue of levy of interest on 'wrongly

availed credit' reversed 'before use' was referred to Larger Bench of

Tribunal, as there were conflicting judgments of two High Courts:

CESTAT Banglore.

PROFESSIONALS INPUTS:

CBDT vide Notification No. 30/2016 dated 29th April, 2016, has

issued the Income-tax (11th Amendment) Rules, 2016 for inserting

Rule 26C -Furnishing of evidence of claims by employee for

deduction of tax under section 192 after Rule 26B in the Income-tax

Rules, 1962.

RBI vide Press Release dated 02nd May, 2016 has issued Discussion

Paper on margin requirements for non-centrally cleared derivatives.

SEBI vide Circular No. SEBI/HO/CFD/DCR1/CIR/P/2016/52 dated

02nd May, 2016 has issued Revised Formats under SEBI

(Substantial Acquisition of Shares and Takeovers) Regulations,

2011.

MARKET WATCH:

SENSEX: 25,436.97 -169 .65 NIFTY: 7,805.90 -43.90

SILVER: 41,301. 00 -365.00 GOLD (MCX): 30,310.00 44.00

USD/INR: 66.44 0.12 CRUDE OIL: 2,988.00 -47.00

CS Rajiv Bajaj

9811453353

Bajajr66@gmail.com

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 03rd May, 2016

www.csrajivbajaj.com

ADITYA VIKRAM BIRLA Former Chairman – Aditya Birla Group

Aditya Vikram Birla (14 November 1943 – 1 October 1995), was an Indian

industrialist. Born into one of the largest business families of India, he oversaw the

diversification of his group into textiles, petrochemicals and telecommunications.

He was one of the first Indian industrialists to expand abroad, setting up plants

in South East Asia, the Philippines and Egypt. His death at the age of 52 left

his young son Kumar Mangalam Birla in charge of his group of companies.

Early Life and Education Birla was born on 14 November 1943 in Kolkata to industrialist Basant

Kumar and Sarala Birla. His grandfather Ghanshyam Das Birla was an associate

of Mahatma Gandhi and had built his fortune on aluminium prospecting and as

the manufacturer of the Ambassador car.

After college in Kolkata, he earned a degree in chemical engineering at the Massachusetts Institute of

Technology. He was married to Rajashri and had a daughter Vasavadatta and a son Kumar Mangalam, who now

heads the Aditya Birla Group.

Career After returning to India in 1965, Birla struck out on his own in textiles. His Eastern Spinning Mills in Kolkata

quickly became a success, putting the group's sinking rayon and textile business back on track. He was then

placed in charge of the corporation's expansion into the oil sector.

In 1969, Birla set up Indo-Thai Synthetics Company Ltd, the group's first overseas company. In 1973, he

established P.T. Elegant Textiles to manufacture spun yarn. It marked the group's first venture in Indonesia. In

1974 Thai Rayon, the Group's Viscose Rayon Staple Fibre business was incorporated in Thailand. In 1975 The

Indo Phil Group of companies, the first Indo-Filipino joint venture commenced production of spun yarn. In

1977 Pan Century Edible Oils was incorporated in Malaysia, going on to become the world's largest single-

location palm oil refinery. In 1978 Thai Carbon Black, was incorporated in Thailand. In 1982 P.T Indo Bharat

Rayon was established, the first producer of Viscose Staple Fibre in Indonesia. All these ventures not only put

the Birla group on the world map as the companies became the largest producer of Viscose staple fibre and

refiner of palm oil.

Ghanshyam Das Birla died in 1983, bequeathing most of his companies to his grandson Aditya. With Aditya

Vikram Birla as the chairman, the Birla group of companies success expanded Hindustan Gas and rescued Indo-

Gulf Fertilisers and Chemicals Ltd.

Legacy His Group instituted the Aditya Birla Scholarships in his memory. Every year more than 40 scholars from

among six Indian Institutes of Management, seven Indian Institutes of Technology and Birla Institute of

Technology and Science receive this scholarship. From the 2012–13-year onwards, this scholarship was

extended to 4 law campuses as well.

Aditya Birla Memorial Hospital in Pimpri-Chinchwad has been named after him.

The Aditya Vikram Birla Kalashikhar and Kalakiran Puraskar awards for excellence in theatre and performing

arts are given every year, were instituted in 1996 by the Sangeet Kala Kendra (SKK), which was founded in

1973 by Aditya Vikram Birla to encourage performing arts. A special commemorative stamp has been released

by government of India in the name of Aditya Vikram Birla on 14 January 2013, honouring him as "India's first

global industrialist".