Newsletter dated 13th December, 2016

Newsletter dated 13th December 2016

1. www.csrajivbajaj.com



THOUGHT OF THE DAY








































THOUGHT OF THE DAY

“Choose to only see the radically POSITIVE LIGHT in life...”
Law Updates:
 SLP was to be granted to decide as to whether interest earned by a
co-operative society by investing surplus in short term deposit or
interest earned by giving loans to employees for housing and
conveyance would be entitled to section 80P(2)(a) deduction being
not receipt from core activity.

 No denial of 'Additional Charge Allowance' to Joint CIT when
charge was held in lawful manner: Karnataka High Court.

 CAT upholds penalty on insurance Cos. (PSUs) of Kerala for
manipulating bidding process under RSBY scheme: CAT.

 Technical glitch in system of Dept. to be fixed on urgent basis for
timely processing of returns: Mumbai High Court.

PROFESSIONALS INPUTS

 CBEC vide Notification No. 60/2016-Cus dated 8
th
December 2016
has seeks to further amend notification No.12/2012-Customs dated
the 17th March, 2012, so as to reduce import duty on wheat from
10% to Nil without an end date .

 CBEC vide Notification No. 52/2016-Service Tax dated 08
th

December 2016 has seeks to amend exemption notification No.
25/2012-ST dated 20.06.2012 so as to exempt services by an
acquiring bank, to any person in relation to settlement of an amount
upto two thousand rupees in a single transaction transacted through
credit card, debit card, charge card or other payment card service.

 SEBI vide Circular No. CFD/DCR2/CIR/P/2016/131 dated 09
th

December 2016 has Streamline the Process for Acquisition of
Shares pursuant to Tender-Offers made for Takeovers, Buy Back
and Delisting of Securities.

MARKET WATCH:
SENSEX: 26,515.24 -231.94 NIFTY: 8,170.80 -90.95
SILVER: 40,926.00 -112.00 GOLD (MCX): 28,070.00 -61.00
USD/INR: 67.38 -0.08 CRUDE OIL: 3,481.00 53.00
CS Rajiv Bajaj
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Date: 13
th
December, 2016

2. www.csrajivbajaj.com



Ajay Kalsi
Founder, chief executive of London-listed oil and gas outfit
Indus Gas

Ajay Kalsi is the first generation businessman, who is educated in London in reputed
institutes like LSE and Cambridge. He has a net worth of around US$2 billion, as per
the information published by Forbes. As far as his ranking in India is concerned, he's
the 28th richest businessman and at the same time, he ranks at 704th position among
the leading billionaires of the world. (As per 2014 statistics)

Brief Profile-

Ajay Kalsi has graduated from London School of Economics. He has also studied at Cambridge University
and received his M Phil degree in economics from there. He has business in his genes, as he belongs to a
family of shoemakers, originally from Kanpur city in India. At present, he has a diversified portfolio of
businesses ranging from oil and gas, commodity trading, foot wear premium brands, real estate and BPO.
In the past couple years, he's been actively expanding his oil and gas business and his two out of four
oilfields are based near Pakistan border.

Career

Ajay Kalsi is all of 49 at present, and runs Indus Gas, which is mainly into oil and gas and is listed on the London
stock market.The Indian arm of Indus Gas is known as Focus Energy; earlier it was also known as Phoenix Overseas.
He's also the founder of Indus Gas, and is its acting CEO at present. He's also the Executive Director in the company's
board. He has recently sold off a lot of his shares in the company reducing his stake by less than 66%. He also has
some stake in the Reebok's Indian division. He's also the head of Focus Energy Limited and has been working as the
Executive Director of Indus Gas from 2008.

He's a nonconformist by nature and passionate for his businesses. He comes from very humble background as he used
to live in a small colony on the NH8 in New Delhi. Recently, he sold off his 30% shares in Indus Gas to the external
investors in the stock market of the London and rose around Rs.1200 crore from it. It helped him enter the club of the
richest people in the world. However, the combined stake of Ajay Kalsi and his wife is still around 70% in this
company.

Kalsi used to be a shy businessman earlier, who preferred to stay away from the public glare, but after selling his 30%
stake in Indus Gas, he came into the limelight. The valuation of Indus Gas was increased further, when new gas
reserves were discovered in its field in Jaisalmer. So, after Cairn India, the Scottish company, Indus Gas has also been
successful in capitalizing in the field of energy in the state of Rajasthan. The increased production of gas was supplied
to Rajasthan State Electricity Board, quickly after the discovery. More oil wells are being drilled to produce gas
through hydro-fracturing.

Awards

Kalsi has briefly worked as the director of Phoenix International Limited. He is an influential businessman and
an active member of the World Economic Forum. He has achieved many awards, including the title of the
“Global Leader of Tomorrow”.

Leadership

Ajay Kalsi is busy in India, as well as London in developing the capabilities of Indus Gas. On one hand, he is
investing heavily in the development and exploration of the oil and gas blocks in India and on the other hand, he
is supervising the financial operations of the company in London. He's a multifaceted personality. In India,
people know him as the CEO, the manager, owner and geologist all packed into one personality. He prefers to
maintain a low profile and is hardly seen in public or in media glare.