Newsletter dated 13th April, 2015

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THOUGHT OF THE DAY
“The best way to predict the future is to invent it...”
Law Updates:
 The controversial retrospective amendment to tax indirect transfers
of Indian assets seems to have lost its sting with the high-level panel
set up to scrutinise new cases not getting even a single reference
since it was created in August last year
 Service-tax continues to be levied at 12.36% until date of
enforcement of new rate would be notified (ST Notification ref-
183/01/2015-ST F. No. B-1 /1/2015-TRU dated 10-04-2015)
 Cautioning public against a fraudulent bank account mobile app in
its name, The Reserve Bank clarified that it has not developed any
such application. Members of public are, therefore, advised to use
the application, if at all, at their own risk.
 In a major relief to investors, CBDT has issued clarification with
regards to taxation on rollover of FMPs beyond 36 months. Rollover
of mutual fund Fixed Maturity Plans (FMP) beyond 36 months will
not attract capital gains. A tax of 20 per cent will be charged at the
time of redemption of plans.
 Engaged in a long-drawn legal battle with SEBI, Sahara has
supported the regulator’s claim before a US court to bring back
nearly $13 million from sale proceeds of a business jet of the crisis-
hit group.
PROFESSIONALS INPUTS:
 Vide Instruction No. 3/2015 issued by CBDT, Collection of tax from
an Indian resident to be suspended during pendency of MAP
proceedings invoked by UK based AE.
 RBI proposes ban on outsourcing of internal audit and KYC norms
by NBFCs; releases draft guidelines for the purpose. (Press Release :
2014-2015/2147 dated 10 Apr 2015).
 ICAI has issued Application Guide on the provisions of Schedule II
to the Companies Act 2013 by Corporate Laws & Corporate
Governance Committee dated 10-04-2015.
MARKET WATCH:
SENSEX: 28886.80 7.42 NIFTY:8778.80 -1.55
SILVER:36735.00 452.00 GOLD (MCX): 26748.00 -33.00
USD/INR: 62.38 0.06 CRUDE OIL: 3217.00 2.00
CS Rajiv Bajaj
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Date: 13th April, 2015

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Desh Bandhu Gupta
Founder, Chairman, Lupin Limited
In the last forty years, Lupin has forced the world to stand up and take notice.
Today a billion dollar company, Lupin had a modest start. The journey began in
1968 when Desh Bandhu Gupta, an Associate Professor at the Birla Institute of
Science and Technology in Pilani had an urge to become an entrepreneur.
BRIEF PROFILE:
One pharma company that stood the test of time and has emerged as one of the
strong contenders to be the best in time and future is Lupin. In the last 40 years, Lupin has forced the world to
stand up and take notice of the company's dream, a dream first seen by Dr Desh Bandhu Gupta. Born in 1938,
after completing his Master's in Chemistry, Gupta started his career as an Associate Professor at the Birla
Institute of Science and Technology, Pilani, Rajasthan, later on to become a catalyst in setting up Lupin with
just Rs 5,000, and captaining it to great heights under his leadership. "My dream of contributing to the process
of Nation-building and vision to fight life-threatening infectious diseases by manufacturing drugs of highest
national priority were the compelling reasons and guiding principles that led to the formation of Lupin in the
year 1968," proudly admits Gupta, the Chairman of Lupin.
BUSINESS JOURNEY:
In 1968 at 30 years of age, Desh Bandhu Gupta started off with was a very ambitious dream of manufacturing
drugs of national priority. The aim was to fight life threatening diseases with a business capital of 5000 Indian
Rupees that he borrowed from his wife. He started his working career as Associate Professor at Birla Institute of
Sciences and Technology, but never seemed satisfied with his contributions to the country and society. With an
initial investment coming his way in the form of loan from the Central Bank, he set up the manufacturing unit in
Mumbai and attained this uphill task he had set of first year; Sales target of 5 lakh Indian Rupees. Right from
the beginning, the focus for Gupta was to target tuberculosis, a disease that killed largest number of people in
India back in the day. His untiring efforts to build a formulation and manufacture the drugs to eradicate TB
from India was an unparalleled victory. Gupta’s company, Lupin Pharmaceuticals is today among the top ten
pharma companies in the world, producing drugs into Paediatrics, Cardiovascular, anti-infectives, diabetology,
asthma and anti-tuberculosis segment.
Gupta always attributed his family to play a vital role both in his personal and professional life. Two of his five
children, Vinita Gupta and Nilesh Gupta have been working perseveringly pioneering their father’s dream ahead
at Lupin. At the same time, professionals working for the organization are considered family too, and this
family-professional mix is working well in creating value for shareholders as evident from consistent rise in the
company’s share value. Lupin continues to have an ever-lasting goodwill, both in the domestic and foreign
markets. The strategy followed by Gupta to grow in the market has a great edge over other companies, while
amalgamating them with the workflow of Lupin. He acquired six companies across the world, the largest being
Kyowa in Japan, for $100 million. Lupin has now vast presence in Japan, Australia and Europe.
CORPORATE SOCIAL RESPONSIBILITY:
Apart from being a teacher and an entrepreneur, Gupta is a philanthropist. His keenness in public service and
nation building is evident from setting up the LupinHuman Welfare & Research Foundation (LHWRF) on 2
October 1988. Till date, the foundation did a commendable job redefining and reinvigorating lives of people
from over two thousand villages. The organization continues to spread smiles in the lives of more than two
million people. Desh Bandhu Gupta’s untiring efforts in constant innovation and making a difference to the
society at a very large scale had reaped both benefits and accolades, leaving a lasting inspiration of sorts in the
world of pharmacy.
AWARDS:
 Lifetime Achievement Award for his contribution to the Indian Pharma industry 2009.
 Ernst and Young Entrepreneur of the Year 2011 – Visionary Leader Award