Newsletter dated 19th January, 2016

1. www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Don’t watch the clock; do what it does. Keep going.”
Law Updates:
 Sale of 100% shareholding in subsidiary company could not be
treated as ‘Slump Sale’ within the meaning of Section 2(42C) as
sale consideration has not been received by the subsidiary company:
ITAT- Mumbai.
 High Court could consider additional facts if they were already on
record but not taken note of by ITAT: SC.
PROFESSIONALS INPUTS:
 CBDT vide Notification No. 3/2016 dated 14th
January, 2016 has
notified the Income-tax (1st
Amendment) Rules, 2016 substituting
Rule 17 of the Income-tax Rules, 1962.
 SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/30 dated
12th
January, 2016 has notified the Securities and Exchange Board
of India (Delisting of Equity Shares) (Amendment) Regulations,
2016- substituting Regulation 27(1)(b) and 27(3)(b) of the
Securities and Exchange Board of India (Delisting of Equity
Shares) Regulations, 2009.
 SEBI vide Circular No. CIR/MRD/DP/02/2016 dated 15th
January,
2016 has notified Revised Position Limits for Currency Derivatives
Contracts.
 DVAT vide Circular No. 34 of 2015-16 dated 15th
January,2016 has
further extended the last date of filing of online return in Form 9 for
the year 2014-15, prescribed under Rule 4 of Central Sales Tax
(Delhi) Rules, 2005 to 29th
February, 2016.
MARKET WATCH:
SENSEX: 24188.37 -266.67 NIFTY: 7351 .00 -86.80
SILVER: 34048.00 -6.00 GOLD (MCX): 26032.00 -80.00
USD/INR: 67.61 0.31 CRUDE OIL: 2054.00 -29.00
CS Rajiv Bajaj
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Date: 19th
January, 2016

2. www.csrajivbajaj.com
J.R.D. TATA
Founder – TATA Group
Jehangir Ratanji Dadabhoy Tata (29 July 1904 – 29 November 1993) was
a French-born Indian aviator and business tycoon. He was the Chairman of Tata
Sons. He became India's first licensed pilot in 1929. In 1983, he was awarded the
French Legion of Honour and, in 1992, India's highest civilian award, the Bharat
Ratna.
Early life
J. R. D. Tata was born on 29 July 1904 in Paris, France, the second child
of Ratanji Dadabhoy Tata and his French wife, Suzanne "Sooni" Brière. His father
was a first cousin of Jamsetji Tata, a pioneer industrialist in India. He had one elder sister Sylla, a younger sister
Rodabeh and two younger brothers Darab and Jimmy Tata.
As his mother was French, he spent much of his childhood in France and as a result, French was his first
language. He attended the Janson De Sailly School in Paris. One of the teachers at that school used to call him
L'Egyptian for some strange reason. Tata also served for one year in a Spahis regiment during the Second
World War. After he left the service the whole regiment perished on an expedition in Morocco.
He attended the Cathedral and John Connon School, Bombay. Tata was educated in London, Japan, France and
India. When his father joined the Tata company he moved the whole family to London. During this time,
J.R.D's mother died at an early age of 43 while his father was in India and his family was in France.
After his mother's death, Ratanji Dadabhoy Tata decided to move his family to India and sent J.R.D to England
for higher studies in October 1923. He was enrolled in a Grammar school, and was interested in studying
Engineering at Cambridge. Just as the Grammar course was ending and he was hoping to enter Cambridge, a
law was passed in France to draft into the army, for two years, all French boys at the age of 20.
As a citizen of France J.R.D had to enlist in the army for at least 1 year. In between the Grammar school and his
time in the army, he spent a brief spell at home in Bombay. After joining the French Army he was posted into
the regiment called Spahis (The Sepoys). Soon the Colonel of the regiment found that there was a member of
his Squadron who could not only read and write French and English, but could type as well; so he assigned him
as a secretary in his office.
Tata was once again transferred to the more luxurious office of a colonel. After a 12-month period of
conscription in the French Army he wanted to proceed to Cambridge for further education, but his father
decided to bring him back to India and he joined the Tata Company.
In 1929, JRD renounced his French citizenship and became an Indian citizen, and started working at Tata. In
1930 JRD married Thelma Vicaji, the daughter of Jack 'Prince' Vicaji, a colourful lawyer whom he hired to
defend him on a charge of driving his Bugatti too fast along Bombay's main promenade, Marine Drive.
Previously he had been engaged to Dinbai Mehta, the future mother of The Economist editor Shapur Kharegat.
Career
J. R. D. Tata was inspired early by pioneer Louis Blériot, and took to flying. On 10 February 1929, Tata
obtained the first pilot licence issued in India. He later came to be known as the father of Indian civil aviation.
He founded India's first commercial airline, Tata Airlines in 1932, which became Air India in 1946, now India's
national airline.He and Nevill Vintcent worked together in building Tata Airlines. They were also friends.