PGC NEWSLETTER 18TH AUG, 2014 1
THOUGHT OF THE DAY
“LIVE SO THAT WHEN OTHER PEOPLE THINK OF INTEGRITY, ENTHUSIASM,
COMMITMENT, AND CARING, THEY THINK OF YOU.”
• IDBI Bank has started the process of declaring Kingfisher Airlines a "willful defaulter".
The airline owes the bank Rs 750 crore. IDBI is among a consortium of banks which has
lent money to the beleaguered airline.
• The government has asked market regulator Securities and Exchange Board of India
(Sebi) to allow relaxations in rules for follow-on public offerings (FPOs).
• After being together for more than five decades with cross holdings in their flagship
companies, the Bajaj group seems to be parting ways with the Firodias as the Bajaj
investment arm sold most of the shares it held in Force Motors.
• Telecom Consultants India (TCIL) will shortly appoint SBI Caps to chart its exit from
Bharti Hexacom, in which it holds a 30 per cent stake, as part of a move aimed at
boosting cash flows for meeting growing operating and capital expenditure needs.
• Two years after making a personal investment in the Aroon Purie controlled Living
Media India - widely known as the India Today Group - for a minority stake, Kumar
Mangalam Birla may be planning to cash out. Multiple sources aware of the development
said Birla, the chairman of the diversified Aditya Birla Group.
• Maruti Suzuki's six-year-old rural focus has earned rich dividends. Now, one-third of all
cars sold by the company drive down to the hinterland.
• Lanco Infratech is aiming to raise Rs 20,000 crore by selling power plants with capacity
of 3,000 MW, stepping up efforts to liquidate assets just days after selling an electricity
generating station in Karnataka for Rs 6,000 crore.
• Consortium members of International Coal Ventures Ltd - SAIL, RINL and NMDC - will
form a special purpose vehicle to buy Rio Tinto's Mozambique coal mines as other
partners NTPC and Coal India are not keen on taking part in ICVL's maiden deal
announced last month.
RBI / TAX LAW UPDATES
• NOTIFICATION NO. 33/2014 dtd 25.7.2014.We have no news of release of TAR Utility
Schema neither to postpone it so far, hampering tax audit work to a standstill all over
India. No Tax audit is possible to be executed since 25th of July, due to CBDT
61.76 - 0.47
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Dow Jones Industrial
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