Newsletter dated 08th October, 2016

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“Men are alike in their promises.
It is only in their deeds that they are different.”
Law Updates:
 Failure to supply satisfaction note to assessee before making
reference of international transaction to TPO is at highest a mere
irregularity which does not itself make reference void ab initio.
 Machine which enables fast printing of newspaper using computer
isn't entitled to 60% depreciation: Madras High Court.
 'Financial inability to make mandatory pre-deposit' can be a valid
ground for accepting contention that assessee was prevented by
sufficient reasons in not preferring appeal; hence, delay may be
condoned: Supreme Court.
 Substitution of assignee Pvt. Co.'s name as secured creditor in place
of public Co. was against public interest: Gujrat High Court.
 Arbitrator can't award interest pending litigation if it is barred by
the contract: Supreme Court.
PROFESSIONALS INPUTS
 The MCA21 system will be unavailable from 9:00pm IST on
Saturday, 8th Oct 2016 to 4:00am IST on Sunday, 9th Oct 2016 for
system maintenance. Stakeholders are requested to plan
accordingly.
 CBEC vide Notification No. 50/2016-Cus (ADD) dated 06th
October, 2016 has seeks to impose anti-dumping duty on Narrow
woven Fabrics [Hook and Loop Velcro Tapes] of specified types,
originating in or exported from People’ s Republic of China for a
period of five years.
MARKET WATCH:
SENSEX: 28,061.14 -45.07 NIFTY: 8,697.60 -11.95
SILVER: 41,571.00 -902.00 GOLD (MCX): 29,783.00 -122.00
USD/INR: 66.63 -0.15 CRUDE OIL: 3,361.00 44.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 07th October, 2016

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Ashok Soota
Executive Chairman & Co-Founder-Happiest Minds
Technologies
Ashok Soota (born 12 November 1942) is an Indian IT entrepreneur having
served for more than 30 years in the IT industry. He is a serial entrepreneur and
presently, the Executive Chairman and Co-Founder of Happiest Minds
Technologies, a company aimed at enabling Digital Transformation for
customers by delivering a Smart, Secure and Connected experience through
disruptive technologies. The company was ranked Number 2 on the Deloitte
Technology Fast 50 India 2014, a ranking of the 50 fastest growing technology
companies in India, in November 2014 and ranked #13 in Deloitte Annual ranking of the fastest growing
technology companies in Asia Pacific and claims to be on track to achieve its revenue target of $100 million (Rs
623 crore) by 2017 and break even by end of fiscal 2015.
Ashok Soota has been recognized twice as ‘IT Man of the Year’, and as ‘Electronics Man of the Year’. He was
also recognized at INFOCOM 2013, Kolkata, as one of the 12 Gems who helped to build Indian IT Industry.
Soota is the founding chief patron of the Samarthanam Trust for the Disabled. He is the Founding Trustee for
Ashirvadam, an NGO focused on the environment and support for the needy, including in terms of their
education, vocational training and medical support.
Early life
Ashok Soota was born on 12 November 1942 in Delhi. He completed his Senior Cambridge and Inter Science at
La Martinere, Lucknow in 1958 and 1960 respectively. He obtained his B.E. (Electronics) degree in 1964 from
the University of Roorkee (now IIT Roorkee). He later pursued his MBA from the Asian Institute of
Management, Manila, Philippines (1973).
Career
Soota spent early years of his career with the Shriram Group of Industries in India in 1965. He served as
President of Wipro Infotech from 1984 to 1999. Under his watch, Wipro’s IT business grew from US $2 million
in 1984 to a US $500 million run-rate in 1999.
After achieving this milestone, Soota co-founded Mindtree in 1999 which during his leadership became a global
entity with revenue of US $350 million, 9000 employees, and offices across the Americas, Europe and Asia.
Recognition
 Soota has served as President of the Confederation of Indian Industry (CII), and also as the President of
Manufacturers’ Association of Information Technology.
 He has served on the Prime Minister’s Task Force for IT and on the Advisory Council for the World
Intellectual Property Organization, Geneva.
 He was Chairman for the tenth Plan Committee on R&D in IT and author of the Committee’s report
which lays out an innovation roadmap for the country.
 He has received the Prof S N Mitra Award from the Indian National Academy of Engineering and the
Golden Peacock Award for Technology Leadership.
 At the 2008 World Summit on Innovation and Entrepreneurship (WSIE), he received the “Most
Innovative People” award bestowed on the world’s top 10 luminaries. Soota’s recognition was in the
field of Knowledge Innovation.
 He has also been a member of the Global Board of Trustees of The Indus Entrepreneurs (TiE); served
on the Board of Governors of IIM, Kozhikode.
 He is also a Fellow of INAE.