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THOUGHT OF THE DAY
“The beautiful thing about learning is that no one can take
it away from you.…”
Law Updates:
The cost accountants institute has tied up with two top medical
associations — Association of Healthcare Providers (India) (AHPI)
and Delhi Medical Association — to improve the cost management
systems in hospitals. Under this arrangement, members of the
Institute of Cost Accountants of India (ICAI) will provide expert
advice to hospitals in implementing the best practices and maintain
costing system that would help the healthcare service providers in
managing and controlling their costs to ultimately benefit patients.
Vide Notification ref IRDA/F&A/CIR/CLD/114/05/2015 dated 29-
05-2015, IRDA specifies additional norms for insurers on handling
of the unclaimed funds of policy holders.
Vide Notification ref IRDA/INT/GDL/INSRE/111/05/ 2015 dated
29-05-2015, IRDA unveils revised norms on safety of electronic data
and issuance of e-insurance policies.
The new insider trading norms, which replaced the prohibition of
insider trading norms of 1992, kicked in on May 15. These mandate
every listed firm, registered intermediary, law firm and audit firm to
have their own model code of conduct to prevent insider trading.
New SEBI guidelines seek customised codes of conduct, doing away
with a tick-the-box approach.
PROFESSIONALS INPUTS
Government to simplify ITR Forms- New ITR-2A to come- Due
Date extended to 31.08.2015 from 31.07.2015- No need for Foreign
Travel and Dormant Bank A/c details. Income Tax Return Forms
ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers
Vide Notification F .No 1/6/2015/CL.V dated 29th May,2015,
Central Government appoints 29th May,2015 as date on which
provisions of section 1 to 12 and 15 to 23 of the said act shall come
into effect.
MCA has issued Companies (Share Capital and Debentures) Second
Amendment Rules, 2015.
MCA has issued Companies (Declaration and Payment of Dividend)
Rules, 2014, whereby in rule 3, sub-rule (5) shall be omitted.
MARKET WATCH:
SENSEX: 27834.45 6.01 NIFTY:8433.65 114.65
SILVER:38327.00 31.00 GOLD (MCX): 26856.00 -5.00
USD/INR: 63.73 -0.08 CRUDE OIL: 3872.00 204.00
CS Rajiv Bajaj
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1Bajaj
http://www.csrajivbajaj.com
Date: 1st June, 2015
2. www.csrajivbajaj.com
MR.SHIVINDER SINGH,
Director , Ranbaxy Laboratories Limited.
“My passion is to create world’s best healthcare delivery
companies, built on a foundation of strong value system and
good work culture....”
Shivinder Singh is the younger son of Late Dr. Parvinder Singh and
grandson of Bhai Mohan Singh, the founder of generic drug maker Ranbaxy
Laboratories. He is one of the principal promoters of Fortis
Healthcare.Shivinder Singh and his brother are the Forbes Billionaire
Business Tycoons of India. Their Net Worth is US $ 3.2 Billion according to
Forbes 2010.He and his brother Malvinder Singh, are among the top twenty
richest Indians in the world.
EARLY LIFE:
Mr. Shivinder Singh did his schooling from the Doon School and he is an Honours Graduate in Mathematics
from St. Stephens College, Delhi. Mr. Singh did MBA with specialization in health sector management from the
Duke University’s Fuqua School of Business School, USA in 2000.
CAREER PROFILE:
Mr. Shivinder Singh and his brother inherited the family's 33.5% stake in India's leading pharmaceutical
company Ranbaxy Laboratories. That was more than five years ago because of the premature death of his father,
Mr. Parvinder Singh. Since then the he and his brother have quite admirably managed themselves as well as the
company. Although Ranbaxy's profits have taken a beating over the last 12 months the long range plans are very
much on course. This year the brothers' private holdings are up.
Currently, Mr. Shivinder Mohan Singh is the Director of Ranbaxy Laboratories Limited. He is one of the
principal promoters of Fortis Healthcare & SRL Ranbaxy. Mr. Singh is also the Jt. Managing Director of Fortis
Healthcare Ltd. and Managing Director of Escorts Heart Institute & Research Center (EHIRC). Mr. Singh has
been guiding the world's largest student driven organization AIESEC India as an Advisory Board Member and
an Alumnus from his University Days.Recently, he led the acquisition of Escorts Heart Institute & Research
Center (EHIRC), the largest acquisition in the history of healthcare in India, to make Fortis the second largest
healthcare network in India and the biggest cardiac program in the world. With this acquisition, Fortis has 10
operating hospitals with over 1600 beds in its network and is working on creating a network of over 25 hospitals
with 5000 plus beds.Malvinder and Shivinder seem to have inherited in equal measure from the both of them —
their father’s long-term outlook and their uncle’s pragmatic world view. When looked at from that perspective,
things fall into place.
At Ranbaxy, growth was tapering off in the domestic market. In the US, it had enough troubles on its hands. In
fact, soon after the brothers exited the company, the US Federal Drug Agency hit Ranbaxy with regulatory bans
and Dai-ichi had to write down more than $2 billion in one time losses.Since then, the brothers have shrugged
off criticism and have focused on their new bets. Fortis Healthcare grew three times on the back of a string of
acquisitions. With a market capitalization of Rs. 6,600 crore, it is now more valuable than their bigger and more
profitable competitor, Chennai-based Apollo Healthcare. Religare Enterprises, their finance company is valued
at Rs. 6,000 crore, making it the fourth largest in the industry. The brothers recently resigned from Religare’s
board, prompting suggestions the company may be vying for a banking license.They made a $2-billion hostile
bid for Singapore-based hospital chain Parkway Holdings through their Fortis Healthcare. This bid put them on
a head -on collision path with arch rivals Apollo Healthcare who was backing rival bidder Khazanah, an entity
owned by the Malaysian government. If the acquisition had gone through, Fortis would have emerged as Asia’s
largest healthcare network.
When they took over a hospital from Wockhardt in Bangalore, a 12-member crack cardiac unit packed up and
left. Senior doctors on the team packed experience in excess of 25 years on an average. The senior doctors on the
replacement team that arrived had about 15 years average under their belt. While it bothers many, the brothers
are clear that they can’t wait for top talent before they start to build the business out. Instead, they need to
assemble the many pieces in both the businesses first with the fine tuning followed by the top talent.
Companies that are being overviewed by Mr. Shivinder Singh and his brother are Fortis Hospitals, Religare
Financial Services, Religare Technova, Religare Voyage and Religare Vistar Films.