Newsletter dated 12th May,2015

1. www.csrajivbajaj.com
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THOUGHT OF THE DAY
“Moderation is the key of lasting enjoyment…”
Law Updates:
 Lok Sabha clears Black Money Bill. A stringent law imposing a steep
120 per cent of tax and penalty on undisclosed foreign assets and
income besides a jail term of up to 10 years to deal with black money
stashed abroad was passed by the Lok Sabha.
 With the one-person-company (OPC) concept not finding enough
takers, the government is simplifying the registration procedure and
reducing penalties to encourage small entrepreneurs to corporatise
their businesses. The penalty, as per the new company
incorporation rules issued last week, has been reduced by 50%. "The
penalty has been reduced to Rs 5,000 and the daily fine to Rs 500.”
 Government proposes massive dilution of whistleblower law.
Proposal to keep out information under Official Secrets Act & those
exempted from Right To Information Act.
 The Insurance Regulatory and Development Authority of India
(IRDAI) have proposed to tighten the norms for registration of
insurance companies in the country. In draft regulations released on
Monday, it sought the details of promoters’ voting rights, the
products to be sold, financial performance projections and the areas
the insurers would operate in. According to the draft, new
companies being registered will need to comply with the provision
of "Indian owned and controlled."
PROFESSIONALS INPUTS
 RBI instructs banks to appoint internal ombudsman. The move
comes to improve the quality of customer service of banks and
ensure ‘undivided attention to resolution of customer complaints.
(Press Release: 2014-2015/2374).
 To check insider trading menace, market regulator SEBI has asked
listed companies to disclose details of securities held by promoters,
directors, key management personnel and their relatives and other
connected persons, before and after assuming such roles. the
companies will have to formulate and disclose a Code of Conduct
and a Code of Fair Disclosure, comprising of the practices and
procedures followed for fair disclosure and handling of
'Unpublished Price Sensitive Information (UPSI). (Circular Ref -
CIR/ISD/01/2015 dated May 11, 2015 )
MARKET WATCH:
SENSEX: 27066.32 -440.98 NIFTY: 8179.75 -145.50
SILVER: 37677.00 -258.00 GOLD (MCX): 26911.00 72.00
USD/INR: 64.16 0.31 CRUDE OIL: 3806.00 18.00
CS Rajiv Bajaj
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Date: 12thMay, 2015

2. www.csrajivbajaj.com
T.V. Mohandas Pai,
chairman ,Manipal Global Education
T.V. Mohandas Pai is a well-known chartered accountant and was one of
the Board Members of Infosys. He however resigned from Infosys on 15th
April, 2011, since he desired to work for the betterment of the educational
sector of the country. He has been outstanding and one of the most
powerful makers of Infosys. He was the one who framed India's first
widely articulated financial strategy for his company. Being the Chief
Financial Officer (CFO) of Infosys, he played a very crucial role in
changing the organization into one of the world's most esteemed and
popular software services company. Mr. Pai also played an important role
in describing the company amongst the investors and improving
comprehensibility and disclosure levels. Under his direction, the Infosys
Annual Report received the highest awards constantly from the Institute of
Chartered Accountants and also from the South Asian Federation of
Accountants.
EARLY LIFE:
T.V. Mohandas Pai completed his graduation in commerce from St. Joseph's College of Commerce, Bangalore
and holds a Bachelor's Degree in Law from the Bangalore University. He is a fellow member of Institute of
Chartered Accountants of India (ICAI).
CAREER PROFILE:
It was in 1994, when T.V. Mohandas Pai joined Infosys and was amongst its Board Members for a long time. He
has been the Head of Finacle Infosys Leadership Institute at Infosys and then became the Chief Financial
Officer of Infosys in 1994 and served the company till 2006. He switched from the office of CFO to contribute to
the growth of other sectors of the company such as Human Resources, Education and Research. Moreover, it
was his contributions that enabled the first listing of an India-registered company on NASDAQ and the first
sponsored secondary offering of American Depositary Shares by an Indian company i. e. Infosys. Since
December 2010, he served ICDS Ltd. as its Whole-time Chairman. Besides this, he has also been a part of the
Kelkar Committee created by the Ministry of Finance and Government of India for restructuring direct taxes. At
present, he is a member of the SEBI Accounting Standards Sub-committee and the Empowered Committee for
the setting up of the Tax Information Network of the Indian Government. He also works as a Director of XBRL
International, Infosys China and Tejas Networks India Ltd. and jointly works with the Union and State
Governments in educational, information technology and business sectors. Mr. Pai is also a fund manager at the
International Accounting Standards Committee Foundation, the organization which supervises the
International Accounting Standards Board.
AWARDS, ACCOLADES AND CONTRIBUTION SO FAR:
T.V. Mohandas Pai was nominated for the CFO of the Year 2001 by IMA, India. He received the award for the
Best CFO in India in 2002 from Finance Asia and also for the Best Chief Financial Officer in India in 2004, in
the Best Managed Companies Poll directed by Asia Money.
T.V. Mohandas Pai has a keen interest in the progress of education in India, especially primary education which
is very important for a child. In 2000, he with other people established the Akshaya Patra Foundation in
Bangalore to begin a mid-day meal program for school children. In present times, mid-day meals are being
provided to school going children in almost every part of India. More than 12,00,000 primary education
children in around 7,669 government schools in places such as Mysore, Mangalore, Hubli, Mathura, Jaipur,
Guwahati, Bihar, Ahmedabad, Vadodara, Bangalore, Bhilai, Puri are given the mid-day meal. This program
looks to fulfill the objective of providing food to around one million school going children by 2020. No doubt,
T.V. Mohandas Pai made a great contribution to the welfare of children. Apart from this, he has also played a
very important role in the growth of Infosys, as one of the leading software services company to have hailed
from India.