Pgc newsletter 18 th aug, 2014


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Pgc newsletter 18 th aug, 2014

  1. 1. PGC NEWSLETTER 18TH AUG, 2014 1 PGC NEWSLETTER 18th Aug 2014 THOUGHT OF THE DAY “LIVE SO THAT WHEN OTHER PEOPLE THINK OF INTEGRITY, ENTHUSIASM, COMMITMENT, AND CARING, THEY THINK OF YOU.” SEBI/COMPANIES UPDATES • 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 unplanned. . MARKET UPDATES SENSEX 26,219.54 116.31 CNX NIFTY 7,825.05 33.35 DOLLAR/ RUPEE 61.76 - 0.47 MCX SILVER 42,630.0 - 1.45 MCX GOLD 28,378.0 - 236 MCX CRUDE OIL 5,881.0 0.89 Dow Jones Industrial Average 16,663.0 - 51.0 Nasdaq Composite 4,465.0 12.0 WWW.PROGLOBALCORP.COM