PGC NEWSLETTER26th March 2014 1
26th March 2014
THOUGHT OF THE DAY
“Nothing in the world is ever completely
wrong. Even a stopped clock is right
twice a day”
• 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
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.
MCX CRUDE OIL
Dow Jones Industrial