Newsletter dated 15th June, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
We are what we repeatedly do. Excellence, then, is not an act,
but a habit.
Law Updates:
 No cancellation of trust's registration due to commercial receipts
above Rs 25 lakhs; High Court follows CBDT circular.
 There is no public interest served in disclosure of assets and
liabilities of SEBI Chairman as such disclosure is likely to cause
unwarranted invasion of privacy of the individual under section
8(1)(j) of the RTI Act., Rules CIC Bench.
 AOs to monitor whether Educational Institutions continue to apply
their income and invest as per law: Supreme Court.
 CIT rightly issued directions for inquiry as AO didn't probe into
potential case of money laundering: Calcutta High Court.
 No penalty if there is delay in payment of duty due to financial
hardship: Himachal Pradesh High Court.
PROFESSIONALS INPUTS:
 CBEC vide Circular No. 28/2016 dated 14th
June, 2016 has
launched Single Window Project - Simplification of procedure in
SWIFT for clearance of consignments related to drugs & cosmetics.
 CBEC vide Circular No. 1031/19/2016-CX dated 14th
June, 2016
has issued directions regarding the scope of the levy of excise duty
on readymade garments and made articles of textiles bearing a
brand name or sold under a brand name and having a retail sale
price of Rs. 1000 or more in this year’s Budget..
MARKET WATCH:
SENSEX: 26395.75 -1.08 NIFTY: 8108.85 -1.85
SILVER: 41350.00 -97.00 GOLD (MCX): 30458.100 374.00
USD/INR: 67.26 0.37 CRUDE OIL: 3257.00 -18.00
CS Rajiv Bajaj
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Date: 15th
June, 2016

2. www.csrajivbajaj.com
G. V. Krishna Reddy
Founder of G.V.K. Group
Gunupati Venkata Krishna Reddy, also referred to as GVK Reddy, is the
Founder Chairman and Managing Director of GVK. a Hyderabad-based leading
Infrastructure Conglomerate. With pioneering initiatives across
energy,resources,airports,transportation,hospitality and lifesciences sectors,
Dr. GVK Reddy has reaffirmed the Indian mettle on a global arena. He set up
India’s first independent power plant in Andhra Pradesh, in 1997.
Early Life & Career
He was born on 22 March 1937 in Kothur village of Nellore district, Andhra Pradesh. He did his basic
schooling from Kothur, early college from Nellore and graduated from Hyderabad. He later pursued
Owner/President Management (OPM) Program from Harvard Business School, USA. GVK Reddy has been
bestowed with the honorary title, "Doctor of Philosophy" by the renowned Jawaharlal Nehru Technological
University, India.
Reddy began his career by contracting major irrigation projects including bridges, dams and irrigation canals.
Reddy is also a sports enthusiast and has been consistently encouraging and nurturing budding young sporting
talent. Dr. Reddy has set up a tennis academy for youth in Hyderabad.
Business Career
Reddy entered into the business starting with the construction of Nagarjuna Sagar Right Canal. Nagarjuna Sagar
Dam, the world’s largest masonry stone dam at the time of its construction, was built across the river Krishna in
Nagarjuna Sagar, Nalgonda District of Andhra Pradesh. The dam was constructed for optimum utilization of
water from river Krishna. The construction began in 1956 and was completed by 1969. Then, Reddy moved to
Khammam to undertake two major construction projects – Muneru aqueduct and 100 ft. deep Venkatapaleyam
deep cut canal. Then he moved upstream to Srisailam Dam project which involved the excavation of foundation
for a powerhouse on the right bank.
Reddy acquired majority shareholding in Hotel Banjara, a four star hotel and became the managing director and
completed the project by 1976-77. Collaboration with Holiday Inn marked his entry into the hospitality
business. He also incorporated Novopan India Limited, being the first company in India to bring the Pre-
laminated Particle Board Technology to manufacture Plain and Melamine Faced Particle Boards
Awards and Recognition
 Dr. GVK Reddy has been bestowed with the 'Lifetime Achievement Award' at India Aviation 2014 for
his contribution to Aviation Sector in the country.
 Dr. GVK Reddy won Infrastructure Person of the Year award at Construction Week India awards.
 Recognized as ‘Power Brands Hall of Fame Corporate Luminary of the Year - 2012’.
 Awarded Padma Bhushan - the third highest civilian award of India in 2011.
 "Construction World — Man of the year 2011" award by Construction World.
 "Best First Generation Entrepreneur of the Year 2010" award under the India Business Leaders Awards
instituted by CNBC-TV 18.
 Conferred "Entrepreneur of the Year Award 2009" from Economic Times.
 Under his leadership, GVK won the "Most Promising Infrastructure Company of the year 2009"award
by KPMG.
 Excellence Award at the International Telugu Cultural Conference held at the Golden Jubilee
celebrations of the Telugu Association of Malaysia.