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PGC / PROGLOBAL CORP Newsletter 21st may 2014


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PGC / PROGLOBAL CORP Newsletter 21st may 2014

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PGC / PROGLOBAL CORP Newsletter 21st may 2014

  1. 1. PGC NEWSLETTER 21st May 2014 1 PGC NEWSLETTER 21st May 2014 THOUGHT OF THE DAY “DELIVER YOUR WORDS NOT BY NUMBER BUT BY WEIGHT”. ECONOMIC NEWS • Gujarat State Petroleum, the highprofile state firm of the Narendra Modi government in Gujarat, is poised for an IPO as it is ready to start gas production for its KG Basin block that borders Reliance Industries' KG- D6 region. • According to NitiCentral, several Congress leaders like Priyanka Gandhi Vadra, Salman Khurshid, Sachin Pilot,Abhishek Manu Singhvi, Capt Amrinder Singh and Karti Chidambaram have multiple Director Identification Numbers (DIN), an offence under the Companies Act. SEBI/COMPANIES UPDATES • Snapdeal has raised $100 million (Rs 590 crore) from a group of five investors including Azim Premji's family office, the latest in a flurry of dealmaking in India's fast-growing online retail space. • The US Food and Drug Administration has continued its import ban on Sun Pharma's Karkhadi plant in Gujarat, Sun Pharma has 15 days time to reply to the various concerns raised by the FDA related to the plant. • To take on Amazon, Flipkart & Myntra to merge this week- Online retailer Flipkart will announce its merger with rival Myntra on Thursday • SFIO has clearly pointed out alleged violation of some provisions of the Companies Act by S K Gupta Roy, the auditor-cum-audit firm of key Saradha outfits like Saradha Realty, Saradha Construction Company, Saradha Tours and Travels and Bengal Media. SFIO has specifically pointed out seven-eight such violations based on a report of Registrar of Companies (ROC) through which Saradha Group has allegedly siphoned off over Rs 150 crore. RBI / TAX LAW UPDATES • Income-tax (Fifth Amendment) Rules, 2014-Substitution of Forms 49a and 49aa Notification no. 26/2014 []/so 2045(e). • Customer protection code to be mandatory for banks: To protect consumer interest, the Reserve Bank of India (RBI) is formulating guidelines to discourage lenders from mis-selling and hold them responsible for the products they offer. MARKET UPDATES SENSEX 24,320.28 -56.60 CNX NIFTY 7,260.35 15.15 DOLLAR/ RUPEE 58.75 0.11 MCX SILVER 41210.00 .41 MCX GOLD 28189.0 .00 MCX CRUDE OIL 6075.00 0.98 Dow Jones Industrial Average 16,374 138 Nasdaq Composite 4,097 29