PGC NEWSLETTER 26th July 2014 1
THOUGHT OF THE DAY
"It does not matter how slowly you go so long as you do
• Ministry of corporate affairs notifies that public companies having paid-
up share capital of rupees one hundred crore or more and annual
tumover of rupees one thousand crore or more which are engaged in
multiple businesses and have appointed chief executive officer for each
such business shall be the class of companies for the purposes of the
second proviso to sub-section (1) of section 203 of the said act.
• Tata Consultancy Services (TCS) is tapping the markets to raise Rs
4,000 crore through a commercial paper programme. ICRA has
assigned an A1+ rating to the programme.
• Company Law: Single Judge while sanctioning scheme of amalgamation
is competent to issue direction under section 237(a) (ii) and then it is
for Central Govt. to decide which authority would investigate.
• Reserve Bank of India (RBI) - Banks will not be allowed to trade bonds
issued by other lenders for infrastructure lending that would be
exempted from mandatory reserve requirements under the guidelines
• The Reserve Bank of India (RBI) has fined 12 banks, including ICICI
Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5
crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan
RBI / TAX LAW UPDATES
• RBI/2014-15/147-A.P. (DIR Series) Circular No.14-Issue of Prepaid
Forex Cards- authorized dealers/FFMCs selling pre-paid foreign
currency cards for travel purposes are required to comply with the
same rigorous standards of due diligence and KYC.
• RBI/2014-15/146- DNBS (PD).CC.No 401/03.10.42/2014-15- Inter-
Governmental Agreement (IGA) with United States of America (US)
under Foreign Accounts Tax Compliance Act (FATCA)- Registration
• GTA services are eligible for credit only upto factory gate if excise duty
isn’t computed on transaction value.
MCX CRUDE OIL
Dow Jones Industrial