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Newsletter dated 11th November, 2016
1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
"Originality will always catch the attention of a good critic whether
you're striving for success or living proof of success. Be yourself!
Stay Original!"
Law Updates:
Old notes can be used for payment of utility bills and taxes.
Data to be used for comparability analysis should be of same
financial year in which international transactions were entered into
by tested party.
Services rendered of KPO and LPO are inherently different from
nature of services being rendered by BPO.
NCLT allows conversion of public co. into private co. as it wasn't
prejudicial to members or creditors: Mumbai NCLT.
Any mismatch between cash deposited and declared income would
attract 90% tax & penalty: Finance Minister.
PROFESSIONALS INPUTS
RBI vide Notification No. RBI/DNBR/2016-17/50 dated 10th
November 2016 has issued Master Directions - Mortgage Guarantee
Companies (Reserve Bank) Directions, 2016.
CBEC vide Notification No. 49/2016-Service Tax dated 09th
November 2016 said Seeks to amend notification No. 30/2012- ST,
dated the 20th June, 2016 so as to put compliance liability of service
tax payment and procedure on to the service provider located in the
non-taxable territory with respect to online information and database
access or retrieval services provided in the taxable territory to ‘non-
assesse online recipient’.
MARKET WATCH:
SENSEX: 27,517.68 265.15 NIFTY: 8,525.75 93.75
SILVER: 44,363.00 1107.00 GOLD (MCX): 30,648.00 356.00
USD/INR: 67.33 0.12 CRUDE OIL: 3,024.00 24.00
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Date: 11th
November, 2016
2. www.csrajivbajaj.com
Gautam Adani
Chairman of Adani Group
Gautam Adani (born 24 June 1962) is an Indian business tycoon who is the
chairman and founder of Adani Group. According to Forbes, his personal
wealth is estimated to be $7.1 billion as of September 2014. He founded The
Adani Group in 1988 and today it is a globally integrated infrastructure player
with businesses spanning coal trading, coal mining, oil & gas exploration, ports,
multi-modal logistics, power generation, Agri Infrastructure, edible oil &
transmission and gas distribution. With business experience of more than 33
years, Gautam Adani is an Indian entrepreneur who has led the Adani group
from a modest background to create a $10.4 billion professionally managed empire in a relatively short period
of time. He is a first generation entrepreneur. The Adani Group's business strategy has revolved heavily around
excessive leverage and political patronage. As of 2015, they are one of India's most indebted business groups.
Early life and Education
Gautam Adani was born into a Gujarati Bania family on 24 June 1962 in the Seth ni Pol area located in
Ratanpol in Ahmedabad,Gujarat, India. He is the son of Shantilal and Shanta Adani and has seven siblings. His
parents had migrated from the town of Tharad in the northern part of Gujarat India. He is married to Priti Adani
who is a dentist and heads Adani Foundation as a Managing Trustee. They have two sons - Karan Adani and
Jeet Adani. He did his schooling from Sheth Chimanlal Nagindas Vidyalaya School in Ahmedabad. Later, he
studied at Gujarat University but only till his second year for a bachelor's degree in Commerce.
Business
Instead of joining his father’s textile unit in Ahmedabad, Gautam Adani moved to Mumbai at a young age of 18
with only a few hundred rupees. He started his career working as a diamond sorter at Mahindra Brothers for 2
years and then went on to set up his own diamond brokerage business in Mumbai, India. He has claimed that he
made his first million within a year, at the age of 20, a big amount during the 1980s.
Mahasukh Adani, Gautam’s elder brother and an entrepreneur, called Gautam back to Ahmedabad to run his
newly purchased plastic factory.
Gautam Adani, referred to as 'Gautambhai', is known for his risk appetite. Former IIM-A director Bakul
Dholakia, who is associated with the Adani group's educational and CSR initiatives said, "In terms of the risk
taking appetite and risk absorption capacity there are very few who can match Gautam Adani. There are many
who take large risks, but very few have the ability to face their adversity with courage and conviction"
Adani Group
In 1988, he established Adani Exports Limited (now known as the Adani Enterprises Ltd), the flagship
company of the Adani Group, that traded in a variety of power and agricultural commodities. The economic
liberalization in 1991 fuelled the rapid growth of the business and the huge profitability of Adani Exports
provided further capital for Gautam Adani to expand his business.
In 1993, the Government of Gujarat invited private companies to run the Mundra Port and in 1995 the contract
was given to Adani Group. Today, Mundra Port is the largest Private Sector port in India, with capability of
handling close to 80 million tonnes of cargo per annum.
Gautam Adani is also the founder and promoter of Adani Power Ltd (APL), a power business arm of Adani
Group. Adani Power has thermal power plants with capacity of 4620 MW, the largest private thermal power
producer of the country. It is also the largest solar power producer of India with capacity 40MW.