www.csrajivbajaj.com

THOUGHT OF THE DAY

THOUGHT OF THE DAY

“While always looking for the good in others, you will find the

good in yourself.”

Law Updates:

Revenue couldn’t deny sec. 80-IB relief once approval was granted

by prescribed authority.

Health-insurance of employees is used in or in relation to

manufacture and is eligible for credit; however, premium

attributable to families of employees does not have any nexus with

manufacture and is not eligible for credit: CESTAT Chennai.

CCI restrains 'Mahyco' from enforcing post-termination obligations

under licence agreement till disposal of proceedings.

Bandwidth charges couldn't be held as 'FTS' just because technical

gadgets were made available for the purpose: Tribunal Delhi.

\

Sum paid to UK Co. for seconded employees wasn't taxable as it

already subjected to TDS as salary income: Tribunal Kolkata.

PROFESSIONALS INPUTS:

RBI vide Press Release dated 22nd June, 2016 has said Resolving

Stress in the Banking System and Restoring Credit Growth Vital to

Growth Agenda.

CBDT vide Press Release dated 22nd June, 2016 amend the rule

114H of Income-tax Rules, 1962.

SEBI vide Circular No. SEBI/HO/MRD/DP/CIR/P/2016/60 dated

22nd June, 2016 has reviewed the framework of position limits for

currency derivatives contracts.

MARKET WATCH:

SENSEX: 26765.65 -47.13 NIFTY: 8203.70 -16.20

SILVER: 41250.00 -105.00 GOLD (MCX): 30168.00 -128.00

USD/INR: 67.47 -0.01 CRUDE OIL: 3318.00 -35.00

CS Rajiv Bajaj

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Date: 23rd June, 2016

www.csrajivbajaj.com

VENU SRINIVASAN

Chairman-Sundaram-Clayton Group

Venu Srinivasan is an Indian Industrialist, who is the Chairman of

Sundaram-Clayton Group, which includes TVS Motor Company, the

third largest two-wheeler manufacturer and companies that manufacture

automotive components, in India. He is also the Chairman, Board of

Trustees, of the Srirangam Sri Ranganathaswany Temple and the

Managing Trustee of the Srinivasan Services Trust (SST), the social arm

of Sundaram-Clayton Limited and TVS Motor Company.

Career

Venu Srinivasan is the grandson of the TVS Group's founder, T. V. Sundaram Iyengar. After graduating as an

engineer from the College of Engineering, Guindy, he completed "Master of Science" degree in Management

from Purdue University in the USA.

He is conferred with "Doctor of Management" by University of Purdue, USA and "Doctor of Science" by

University of Warwick, UK & IIT Kharagpur, India.

He became the Managing Director of Sundaram Clayton Ltd. in May 1979. He went on to become

the Chairman of TVS Motor Company. In the late 1980s, Srinivasan scripted a turnaround for the company,

which was then mired in labour trouble and sinking into the red. Srinivasan dealt with the situation sternly and

shut the factory down for three months, forcing the unions to relent. He then re-structured operations by

upgrading plant machinery, investing in new technologies and implementing Total Quality

Management practices. TVS Motor Company split from Suzuki and started manufacturing on its own. TVS

Motor Company re-entered the market by successfully launching TVS Victor - India's first indigenously built

four stroke motorcycle. The slew of launches that followed propelled TVS Motor Company into becoming

India's third largest two-wheeler manufacturer.

Under Venu Srinivasan's leadership as the Managing Director, Sundaram Clayton's brakes division won

the Deming Prize in 1998 for having "achieved distinctive performance improvements through application of

company-wide quality control". In 2002, TVS Motor Company also won the Deming Prize, becoming the first

two-wheeler company in the world to do so.

Awards and Honours

Venu Srinivasan was conferred the coveted Padma Shri Award by the President of India in 2010 for his

contributions in the field of trade and industry. He is the Goodwill Envoy for Public Diplomacy of the Republic

of Korea. He was earlier the Honorary Consul General, Republic of Korea and Chennai. In 2010, he was

honoured by South Korean President Lee Myung-bak, with the distinguished civilian honour, ‘Order of

Diplomatic Service Merit,’ in recognition of his contribution in promoting bilateral relations between South

Korea and India. It is rare for a Honorary Consul General to be conferred this award, which is given by the

Republic of Korea for meritorious service to the extension of national prestige overseas and promotion of

friendship with other nations.

Venu Srinivasan was appointed as the Honorary Commander of Korean Naval vessel, ROKS Choi Young

(DDH-981), which is a unique honour for a civilian. This was in appreciation for his dedication to enhance the

friendship and Co-operation between the Republic of Korea and the Republic of India. In December 2014, Venu

Srinivasan was conferred an honorary citizenship by the Mayor of Busan Metropolitan City, the 2nd largest city

in Korea.