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THOUGHT OF THE DAY
“In every society, Education is the premise of progress…”
Law Updates:
Vide Notification ref RBI/2014-15/456 IDMD(DGBA). CDD.No. 3476 /
13.01.999/2014-15 dated February 06, 2015, RBI has decided that
repayment/early redemption of Inflation Indexed National Savings
Securities- Cumulative, 2013 (IINSS-C) may be kept open till the next
coupon date and the premature repayment/early redemption requests can
be entertained by the Agency banks on any day after the coupon date,
subject to the penalty of 50% of last coupon. However, no interest would be
paid for the period between the coupon date and the date of the repayment.
The Central Government will the notify adoption of the proposed Indian
Accounting Standards, the converged Indian version of International
Financial Reporting Standards (IFRS), by March. The Indian AS will come
into effect for the first time in 2016-17 Indian corporate balance sheets.
Stock exchange listed companies with networth of over Rs. 500 crore are
obligated to follow Indian AS in the first year.
Florida-based Mirach Capital Group, in a storm following allegations of
forgery and fraud, on Friday said it was the Sahara group that was trying to
scuttle a deal, as it did not want to lose its foreign assets.
The Securities Appellate Tribunal (SAT) has reserved its order in DLF's
appeal against the stock market regulator. The real estate major had
appealed against a SEBI order which barred the company and key officials
from the market for three years.
Kerala high court on Thursday held that nuns and priests employed in
government service are liable to pay income tax.
PROFESSIONALS INPUTS:
The Reserve Bank of India has extended the last date for receiving
applications for setting up of and operating the Trade Receivables
Discounting System (TReDS), to March 9, 2015.
Vide RBI Circular ref RBI/2014-15/460 A. P. (DIR Series) Circular No.73
dated February 6, 2015, whereby it is clarified that FPIs shall not be
allowed to make any further investment in CPs and FPIs shall be
permitted to invest in amortised debt instruments provided the duration
of the instrument is three years and above.
MARKET WATCH:
SENSEX: 28717.91 -133.06 NIFTY:8661.05 -30.95
SILVER:37010.00 -849.00 GOLD (MCX): 26826.00 -475.00
USD/INR: 61.69 -0.05 CRUDE OIL: 3240.00 53.00
CS Rajiv Bajaj
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Date: 7thFebruary, 2015
www.csrajivbajaj.com
M.S. Oberoi Founder, Oberoi Group of Hotels
M S Oberoi Is a Classic Entrepreneur of India
Brief Profile: Success, fame and fortune did not come to Mohan Singh on a “plate” but he had to walk on “sand” for quite some time. He lost his father soon after he was born, was not able to complete his education but he had the initiative to get a job as a hotel clerk at Cecil Hotel in Shimla at Rs. 50 per month. In life, God gives equal intelligence to everyone at the start of the journey, and as we grow, each one of us starts acquiring entrepreneurial traits which makes a few of us quick learners. Mohan Singh learned quickly and cashed in on his trust worthiness of everyone who he came in contact with, including Clarke, his mentor. In a few years with his acquired diligence, enthusiasm and intelligence he leased the Grand Hotel in Calcutta. He was then unstoppable and now the Oberoi group which he founded has 12000+ employees, operates 28hotels and three cruisers in five countries. He died at the age of 103 with the biggest satisfaction of having raised the prestige of India in the world. Journey Still Continues… He introduced the “five star” culture in India through The Oberoi Inter Continental in New Delhi in 1965. It was truly India’s first luxury hotel. Then came the Oberoi Sheraton in Mumbai in 1973. He became a big foreign exchange earner for the country when it was in real short supply. He was truly a trend setter. He set up a world class Hotel Management School, now called The Oberoi Centre of Learning & Development and the professionals it trained, made the success of the group greatly possible. His decision to employ women in his hotels was “revolutionary” at that time but being an excellent learner, his logic was simple-if it works in Europe why not in India? Awards & Achievements: His son PRS Oberoi joined the business with even bigger dreams and succeeded himself to be truly called “accelerator entrepreneur”! The best gift God and a son can give to his father. Both father and the son got several world-class awards. In 2001 the GOI awarded him the Padma Bhushan and to his worthy son, the country’s second highest civilian honour, the Padma Vibhushan, in 2008. In 2011, PRS, (82) has named his son Vikram as his successor. His nephew Arjun is chief of planning. SUCCESS MANTRAS…
God gives equal intelligence to everyone
Employ revolutionary ideas
One setback is not of life
