Pgc news letter 5 th aug, 2014

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Pgc news letter 5 th aug, 2014

  1. 1. PGC NEWSLETTER 5TH AUG, 2014 PGC NEWSLETTER 5TH Aug 2014 THOUGHT OF THE DAY “IF YOU STAND FOR A REASON, BE PREPARED TO STAND LIKE A TREE. IF YOU FALL ONTO THE GROUND, FALL LIKE SEED THAT GROWS BACK TO FIGHT AGAIN." SEBI/COMPANIES UPDATES · The Securities Laws (Amendment) Bill, 2014, empower the Securities and Exchange Board of India (SEBI) to check fraudulent investment schemes, to call for documents on entities under probe and provide for constitution of special courts to expedite the cases was introduced in the Lok Sabha. · Observing that there were risks in estimation of revenue streams of projects under public-private partnership mode which might significantly impact the exchequer or consumers, the Comptroller and Auditor General (CAG) on Monday asked the government to ensure all PPP agreements were subject to comprehensive audit by the apex auditor. · Private power firms, which put up a united front to combat fuel scarcity, policy uncertainty and procedural hurdles, are now a divided lot with some corporate leaders such as Naveen Jindal and Anil Agarwal breaking away from the Association of Power Producers (APP) which has many prominent members such as Anil Ambani's Reliance Power and Tata Power. · Sun Pharma will have a market share of over 40% in 25 drugs once it takes control of Ranbaxy, according to an analysis. · The Competition Commission of India (CCI) has asked 20 leading builders, including Tata Housing, K Raheja, Unitech, Ansal Properties and Purvankara, to respond to findings by its investigation arm that they engaged in unfair trade practices such as one- sided contracts with inadequate disclosure. RBI / TAX LAW UPDATES · RBI/2014-15/159 Ref.No. IDMD/247/08.02.032/2014-15, Auction of Government of India Dated Securities. · CAG pulls up finance ministry on tax refunds, the finance ministry has been pulled up by the Comptroller & Auditor General (CAG) for making tax refunds of close to Rs 6,700 crore without Parliamentary authorization. · Income Tax Department proposes to tax Realtors, Developers on unsold inventory, Home prices could soften, if the revenue department asks builders to pay taxes on their unsold stock of ready houses as per a proposal that is under consideration. MARKET UPDATES SENSEX 25,765.76 42.60 CNX NIFTY 7,695.80 12.15 DOLLAR/ RUPEE 60.8 - 0.15 MCX SILVER 44,000.0 - 0.28 MCX GOLD 27,900.0 - 15.0 MCX CRUDE OIL 6,004.0 - 0.18 Dow Jones Industrial Average 16,569.0 76.0 Nasdaq Composite 4,383.0 31.0 WWW.PROGLOBALCORP.COM

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