Hi...

1. PGC NEWSLETTER 12TH SEPT, 2014 1
PGC NEWSLETTER 12th Sept 2014
THOUGHT OF THE DAY “A leader's challenge is to help individuals reach beyond what they think they can do in order to attain that which they thought was impossible." SEBI/COMPANIES UPDATES
 Registrations drop sharply after new Companies Act comes into force, the number of new companies registered in India between April and August has more than halved from the same period last year following the passage of the Companies Act, 2013, which was aimed at overhauling a 57-year-old law to make it more relevant and contemporary.
 The NDA government has voted out three remaining independent directors of Coal India's board. With three other directors having already resigned in the last 15 days, there are no independent directors in the company at present.
 Buoyed by improved sentiment in domestic automobile market, Maruti Suzuki, the country's largest car maker, has scaled up its projection for growth in cars sales this financial year.
 The Board for Industrial and Financial Reconstruction (BIFR) has offered temporary relief to SPS Steels Rolling Mills by restraining its lenders from declaring the company a wilful defaulter.
 The Tata Group has put in place a centralized platform to collaborate and tap synergies across its 100-plus group companies to boost growth and save on costs. Tata Sons, the apex investment holding company of the tea-to-telecom conglomerate, has set up "clusters" and "enablers" to leverage on group companies' resources, strength and expertise to maximize the group's overall performance.
RBI / TAX LAW UPDATES
 RBI/2014-15/227 UBD.BPD.Cir.No.14/12.05.001/2014-15 on Unclaimed Deposits / Inoperative Accounts in Banks in terms of which a savings as well as current account should be treated as inoperative / dormant if there are no transactions in the account for over a period of two years.
 HC upholds reassessment as assessee failed to pay capital gains tax under domestic laws in view of India-UK DTAA.
 Some accounting professionals in the country have sought legal intervention to bring clarity into a recent directive from the Central Board of Direct Taxes (CBDT) extending deadline for furnishing the tax audit report without making any change in the deadline for filing the income-tax return.
MARKET UPDATES SENSEX
26,987.27 - 8.60 CNX NIFTY
8,077.75 - 7.95 DOLLAR/ RUPEE
60.89 - 0.04 MCX SILVER
41,102.0 - 0.41 MCX GOLD
26,890.0 - 96.0 MCX CRUDE OIL
5,661.0 0.50 Dow Jones Industrial Average
17,049.0 - 20 Nasdaq Composite
4,592.0 5.0
WWW.PROGLOBALCORP.COM