Newsletter dated 23rd june, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“While always looking for the good in others, you will find the
good in yourself.”
Law Updates:
 Revenue couldn’t deny sec. 80-IB relief once approval was granted
by prescribed authority.
 Health-insurance of employees is used in or in relation to
manufacture and is eligible for credit; however, premium
attributable to families of employees does not have any nexus with
manufacture and is not eligible for credit: CESTAT Chennai.
 CCI restrains 'Mahyco' from enforcing post-termination obligations
under licence agreement till disposal of proceedings.
 Bandwidth charges couldn't be held as 'FTS' just because technical
gadgets were made available for the purpose: Tribunal Delhi.
 Sum paid to UK Co. for seconded employees wasn't taxable as it
already subjected to TDS as salary income: Tribunal Kolkata.
PROFESSIONALS INPUTS:
 RBI vide Press Release dated 22nd
June, 2016 has said Resolving
Stress in the Banking System and Restoring Credit Growth Vital to
Growth Agenda.
 CBDT vide Press Release dated 22nd
June, 2016 amend the rule
114H of Income-tax Rules, 1962.
 SEBI vide Circular No. SEBI/HO/MRD/DP/CIR/P/2016/60 dated
22nd
June, 2016 has reviewed the framework of position limits for
currency derivatives contracts.
MARKET WATCH:
SENSEX: 26765.65 -47.13 NIFTY: 8203.70 -16.20
SILVER: 41250.00 -105.00 GOLD (MCX): 30168.00 -128.00
USD/INR: 67.47 -0.01 CRUDE OIL: 3318.00 -35.00
CS Rajiv Bajaj
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Date: 23rd
June, 2016

2. www.csrajivbajaj.com
VENU SRINIVASAN
Chairman-Sundaram-Clayton Group
Venu Srinivasan is an Indian Industrialist, who is the Chairman of
Sundaram-Clayton Group, which includes TVS Motor Company, the
third largest two-wheeler manufacturer and companies that manufacture
automotive components, in India. He is also the Chairman, Board of
Trustees, of the Srirangam Sri Ranganathaswany Temple and the
Managing Trustee of the Srinivasan Services Trust (SST), the social arm
of Sundaram-Clayton Limited and TVS Motor Company.
Career
Venu Srinivasan is the grandson of the TVS Group's founder, T. V. Sundaram Iyengar. After graduating as an
engineer from the College of Engineering, Guindy, he completed "Master of Science" degree in Management
from Purdue University in the USA.
He is conferred with "Doctor of Management" by University of Purdue, USA and "Doctor of Science" by
University of Warwick, UK & IIT Kharagpur, India.
He became the Managing Director of Sundaram Clayton Ltd. in May 1979. He went on to become
the Chairman of TVS Motor Company. In the late 1980s, Srinivasan scripted a turnaround for the company,
which was then mired in labour trouble and sinking into the red. Srinivasan dealt with the situation sternly and
shut the factory down for three months, forcing the unions to relent. He then re-structured operations by
upgrading plant machinery, investing in new technologies and implementing Total Quality
Management practices. TVS Motor Company split from Suzuki and started manufacturing on its own. TVS
Motor Company re-entered the market by successfully launching TVS Victor - India's first indigenously built
four stroke motorcycle. The slew of launches that followed propelled TVS Motor Company into becoming
India's third largest two-wheeler manufacturer.
Under Venu Srinivasan's leadership as the Managing Director, Sundaram Clayton's brakes division won
the Deming Prize in 1998 for having "achieved distinctive performance improvements through application of
company-wide quality control". In 2002, TVS Motor Company also won the Deming Prize, becoming the first
two-wheeler company in the world to do so.
Awards and Honours
Venu Srinivasan was conferred the coveted Padma Shri Award by the President of India in 2010 for his
contributions in the field of trade and industry. He is the Goodwill Envoy for Public Diplomacy of the Republic
of Korea. He was earlier the Honorary Consul General, Republic of Korea and Chennai. In 2010, he was
honoured by South Korean President Lee Myung-bak, with the distinguished civilian honour, ‘Order of
Diplomatic Service Merit,’ in recognition of his contribution in promoting bilateral relations between South
Korea and India. It is rare for a Honorary Consul General to be conferred this award, which is given by the
Republic of Korea for meritorious service to the extension of national prestige overseas and promotion of
friendship with other nations.
Venu Srinivasan was appointed as the Honorary Commander of Korean Naval vessel, ROKS Choi Young
(DDH-981), which is a unique honour for a civilian. This was in appreciation for his dedication to enhance the
friendship and Co-operation between the Republic of Korea and the Republic of India. In December 2014, Venu
Srinivasan was conferred an honorary citizenship by the Mayor of Busan Metropolitan City, the 2nd largest city
in Korea.