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PGC NEWSLETTER 26th March 2014

PGC NEWSLETTER 26th March 2014






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    PGC NEWSLETTER 26th March 2014 PGC NEWSLETTER 26th March 2014 Document Transcript

    • PGC NEWSLETTER26th March 2014 1 PGC NEWSLETTER 26th March 2014 THOUGHT OF THE DAY “Nothing in the world is ever completely wrong. Even a stopped clock is right twice a day” ECONOMICS NEWS • Private equity investors may soon get the flexibility in pricing their exits from companies they have invested in as the Reserve Bank of India has agreed to drop stringent valuation norms introduced barely two months ago that were seen to be hindering deals • Sahara has promised to pay 20,000 crore in tranches by March 31, 2015 to market regulator Securities and Exchange Board of India (Sebi), which can use the money to repay the group’s bond holders. CORPORATE LAW UPDATES • The Institute of Chartered Accountants of India (ICAI) has raised concerns on the new Companies Act that calls for rotation of auditors, caps the number of audits to be undertaken by them and requires them to report on fraud. • MCA provided clarification with regard to section 180 of the Companies Act, 2013. RBI / TAX LAW UPDATE • IT: Infosys Technologies Ltd. being a big company in all respects including range of turnover is not a comparable to small companies which are captive service providers being considerably low turnover. • IT : Where assessee-firm having constructed a godown on agricultural land received from partners as their capital contribution, gave it on rent for tenant's business purpose, rental income arising from said godown building could not be regarded as agricultural income. MARKET UPDATES SENSEX 22,126.96 71.75 CNX NIFTY 6,611.20 21.45 DOLLAR/ RUPEE 60.22 -0.27 MCX SILVER 43536.00 0.06 MCX GOLD 28,894.0 -4.0 MCX CRUDE OIL 6020.00 -0.07 Dow Jones Industrial Average 16,367.88 91.19 Nasdaq Composite 4234.27 7.88