Newsletter dated 10th January, 2017

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Do you want to know who you are? Don't ask. Act! Action
will delineate and define you.”
Law Updates:
 Co-operative credit society was providing credit facilities to its
members alone and not to general public at large and it also did not
receive monies by way of deposit from general public, it could not
be termed as co-operative bank.
 Comparable Co. can't be rejected due to higher proportion of
material cost when it is functionally comparable: Chennai Tribunal.
 No exclusion of comparable due to fraud allegation against director
having no link with business affairs: Bangalore Tribunal.
 Voluntary contribution made with a specific direction by donor to
form part of the corpus of the trust to be excluded in determining
whether 85% of the income of the trust has been applied in terms of
section 11(1)(a): Pune Tribunal.
 No addition when margin of assessee exceeds that of comparable
after including notional interest on overdue of AE: Mumbai
Tribunal.
PROFESSIONALS INPUTS
 RBI vide Notification No. RBI/2016-17/210 dated 09th
January 2016
has offered to sell (issue/re-issue) dated securities for notified
amount of Rs 11,000 crore
 CBDT vide Press Release dated 09th
January 2017 has said that the
figures for Direct Tax collections up to December, 2016 show that
revenue net of refunds is Rs. 5.53 lakh crore which is 12.01% more
than the net collections for the corresponding period last year.
MARKET WATCH:
SENSEX: 26,726.55 -32.68 NIFTY: 8,236.05 -7.75
SILVER: 40,000.00 -32.00 GOLD (MCX): 28,319.00 17.00
USD/INR: 68.06 -0.03 CRUDE OIL: 3,669.00 25.00
CS Rajiv Bajaj
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Date: 10th
January, 2017

2. www.csrajivbajaj.com
Kalpana Saroj
Chairperson of Kamani Tubes
Kalpana Saroj is a female Indian entrepreneur born in Roperkheda village
in Maharashtra, India. She is the Chairperson of Kamani
Tubes in Mumbai, India.
Described as the original "Slumdog Millionaire", she bought the distressed assets
of Kamani Tubes Company and successfully steered the company back to profits.
Early Life
Kalpana Saroj was born in a Dalit family. Kalpana was married at the age of 12
and lived in a slum in Mumbai with her husband's family. After suffering physical abuse at the hands of her
husband's family members, she was rescued by her father, left her husband and returned to her village to live
with her parents. She attempted suicide after being ostracized by the villagers. At the age of 16, she moved back
to Mumbai to live with her uncle. She started working in a garment factory to support her family. Using
government loans for scheduled caste people, she successfully started a tailoring business and then a furniture
store
Entrepreneurial ventures
Kalpana Saroj started KS Film Production and produced first movie which was dubbed in English, Telugu and
Hindi. Khairalnji Movie is produced by Deelip Mhaske, Jyoti Reddy and Mannan Gore under Kalpana Saroj's
banner.
When the workers of Kamani Tubes Limited approached her for help the Company was registered as a sick
industrial unit under SICA, and was in the BIFR. The company had been lying closed for over 17 years and rest
is history. Braving heavy litigation Kalpana Saroj nursed the sick Kamani back to health.
After Kalpana Saroj took over the management of Kamani, she paid the workers dues at the outset, and
thereafter the dues of the secured creditors and other statutory dues. The new factory of the company has since
been inaugurated at Wada in Maharashtra at the hands of the Hon. Minister for Forest, Mr. Babanrao Pachpute.
To cut a long story short, when bigwigs failed to turn around a sick company, Kalpana Saroj simply succeeded!
She built up a successful real estate business, and came to be known for her contacts and entrepreneurial skills.
She was on the board of Kamani Tubes when it went into liquidation in 2001, and after taking over the
company, restructured it and brought it back to profit.
Kalpana Saroj works actively for the up-liftment of the Adivasis, destitute children, aged and infirm. She took
up the cudgel against racism and caste discrimination. Kalpana Saroj’s efforts for the up liftment of the
downtrodden masses has been eulogized in the local as well as international press and Television time and
again.
According to her own estimates, she has personal assets worth $112 million.
Awards and recognition
Kalpana Saroj was awarded the Padma Shri for Trade and Industry in 2013.
She was appointed to the board of directors of Bhartiya Mahila Bank, a bank primarily for women, by
the Government of India.