The present decade has seen significant progress towards realizing the vision of the Semantic Web. This progress has most often been seen in the levels of maturity reached by each layer in the architectural layers representing the Semantic Web vision. The ontology layer reached a substantial level of maturity with the OWL Web Ontology Language (OWL) being recommended by the World Wide Web Consortium (W3C) as the standard for representing ontologies on the Web. This move has triggered several other standardizations and led to interesting research results that have further strengthened the ontology layer. This has motivated the Semantic Web community to venture further towards the rules layer in the vision. One of the interesting lines of research in this context is to extend OWL with rules both syntactically and semantically and providing a sound, complete and terminating reasoning support for the extension. Our present work corresponds to this line of research.