PGC NEWSLETTER FOR 24 FEB, 2014

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PGC NEWSLETTER FOR 24 FEB, 2014

  1. 1. PGC NEWSLETTER 24th February 2014 THOUGHT OF THE DAY “A PROBLEM IS ONLY A PROBLEM WHEN SEEN AS A PROBLEM” ECONOMICS NEWS • India is going to adopt International Financial Reporting Standards (IFRS) from April 2015. • The government will push commodities exports that can be scaled up quickly to meet the export target for the year that will otherwise fall short second year running. CORPORATE LAW UPDATES • • Independent directors will soon have to provide "detailed reasons" for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by regulator SEBI. Competition Act: Where two power generation companies were to be merged and their activities and products would be complementary to each other in setting up power plants and proposed combination was not likely to have an appreciable adverse effect on competition in India, same was to be approved. MARKET UPDATES SENSEX 20,677.39 -23.36 CNX NIFTY 6,143.45 -12.00 DOLLAR/ RUPEE 62.14 -0.1 MCX SILVER 47329.0 -0.27 MCX GOLD 29930.0 0.13 MCX CRUDE OIL 6391.0 0.49 RBI / TAX LAW UPDATES • Where DRP failed to consider assessee's contention on issue of adjustment of low capacity utilization, determination of PLI and selection of comparables, matter required fresh adjudication. • Capacity underutilization is an important factor affecting net profit margin of enterprise as it results in higher costs per unit, which, in turn, result in lower profits. Thus, adjustment of capacity utilization is to be made to determine ALP of international transaction. PGC NEWSLETTER21st February 2014 Dow Jones Industrial average 16,103.30 -29.93 Nasdaq Composite 4263.41 -4.14 1

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