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
· 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
· 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.
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