Newsletter dated 10th April, 2015

1. www.csrajivbajaj.com
c
THOUGHT OF THE DAY
“Genius is seldom recognized for what it is: a great capacity
for hard work...”
Law Updates:
 MCA has passed Assessment Order ref 3/170/2014-CL-II dated
01.04.2015 under sub-section (3) of section 396 of the Companies
Act, 1956 read with rule 12-A of the Companies (Central
Government's) General Rules and Forms, 1956 in the matter of
proposed amalgamation of National Spot Exchange
Limited(dissolved company) with its holding company, Financial
Technologies (India) Limited(transferee company).
 Maharashtra brings Limited Liability Partnership, Joint Venture
under Partnership Act. The move is expected to impact JV
investments, especially in the realty sector.
 As a special court sentenced B Ramalinga Raju, chairman of
erstwhile Satyam Computers, to 7 years in jail along with a Rs 5
crore penalty and holding two former partners of its auditing firm
Price Waterhouse accountable in the fraud case as accounting firm
should also be held liable.
PROFESSIONALS INPUTS:
 Circular ref F.No.401/57/2014- Cus III dated 09-04-2015 issued by
CBEC Regarding 4% SAD refund claim to importers in terms of
notification No. 102/2007- Customs dated 14.09.2007 at the
Customs stations where imports are made. However, the number of
such claims shall be limited to one in a particular month.
 Vide Circular No 6 of 2015 dated 09.04.2015 issued by CBDT, CBDT
clarifies that no capital gain arises on roll over of Mutual Funds
under Fixed Maturity Plans as per SEBI norms,
 Vide Circular No 5/2015 dated 09.04.2015 issued by CBDT, it is
clarified that Self-assessment tax paid before due date of filing of
wealth tax return isn't subject to interest.
 Vide circular ref CIR/MRD/DP/ 04 /2015 dated April 08,
2015,SEBI hikes limit for USD-INR currency derivative contract
beyond which proof of exposure is to be established by FPIs
MARKET WATCH:
SENSEX: 28864.52 -20.69 NIFTY:8770.40 -7.90
SILVER:36510.00 227.00 GOLD (MCX): 26577.00 56.00
USD/INR: 62.34 0.09 CRUDE OIL: 3176.00 -39.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 10th April, 2015

2. www.csrajivbajaj.com
Mukesh ‘Micky’ Jagtiani,
Indian businessman, Landmark Retail Stores Group
“College dropouts still successful entrepreneurs.”
BRIEF PROFILE-
Mukesh „Micky‟ Jagtiani is an Indian entrepreneur and business man
born on 15 August 1952. He is the proprietor of Landmark retail stores
group, based out of Dubai. „Micky‟ is Mukesh Jagtiani‟s nickname. Before relocating to England, Micky had
completed his schooling in India and Beirut. In London he joined an accounting school from which he later
dropped out. Today his business Landmark Group governs nearly 4.7 Billion dollar sales and consists of 1,300
stores spread across 18 countries. His wife Renuka oversees Landmarks fashion segment, which is called Splash.
He has two daughters and one son and is currently residing in Dubai. Today he is one of the richest men on
earth not only in terms of money but also in the eternal realms of respect that people hold for him.
BUSINESS JOURNEY
Towards the end of his days, Micky‟s father expressed his growing concerns of how would Micky survive alone?
And “on what is he going to live on?” His father had some very strong reasons to be concerned. First of all his
father was an immigrant who had relocated to Kuwait with his family and had barely managed to gather some
funds to send Micky through college and later to an accounting school in London. But Micky was a carefree son
who had flunked many exams and finally dropped out of college. At this time Micky was also smoking heavily
and drinking. He drove a taxi and cleaned hotel rooms in Earls Court, one of the cheapest areas in London to
make ends meet. Finally in 1972, when was running very low on money he returned to his family in the Gulf to
help in their business and start fresh but his life was about to get worse. In nearly a year‟s period he lost his
entire family, his brother succumbed to leukemia, his father was diabetic and passed away soon after and his
mother died of cancer the next year. Mickey was just 21 and without a promising future when he faced these
difficult experiences and was left all alone to fend for himself. But he did not give up and today he has built an
economic empire for himself. Micky initially wanted to return to India and work for charity and NGO‟s to battle
the epidemic of poverty in our country. But his burning obligation to complete what his brother started,
convinced him to run his brothers retail store in Bahrain. Though he was a victim to self- doubt due his lack of
experience in retail, he took a daring step and decided to fill the store up with clothes, bottles, strollers and
other gear against the 6,000 dollars that had been left to him. He called the store „Babyshop‟. He was able to
hire only one employee and would clean the store himself. He would have to personally pick up boxes from the
port, stack and code inventory along with mopping the place.By inheriting only 6,000 dollars and a shop that
sold baby products he earned his right to success through his hard work. By self- funding and expanding his
business, over the years he diversified his retail into one of the largest retail chains in the Middle East. His retail
chain Landmark Group sells commodities that range in fashion, food, furniture, electronics and leisure and he
also runs budget hotels in the Gulf. In 2008 he brought six percent stake in Debenhams, which is a UK retailing
chain with raving fans and became a member on the Forbes billionaires list.
In June 2012, as a fashion partner Landmark Group sponsored a phenomenal gig for Madonna in Abu Dubai.
His Landmark Group is partnered with a French retailer named Auchan and in India they are seeking out a
hypermarket venture. In the next half of the decade Landmark Group plans to open 80 more stores and by 2015
aims to reach the target of 5 Billion dollar sales. Recently he initiated his business into the healthcare sector and
opened iCARE which is a healthcare clinic in Dubai.
PHILANTHROPIC WORK:
He Landmark International Foundation of Empowerment through which he is giving medical facilities more
than 100000 people all over the India and helping underprivileged children by proving schooling and training.
AWARDS AND RECOGNITION:
At the third Annual Retail Middle East 2007 Awards, Mr Jagtiani was honored with the Retail Personality of the
Year.