PGC NEWSLETTER 14th May 2014 1
THOUGHT OF THE DAY
“Never look down on anybody unless you’re helping
• Putting an end to a contentious issue between various ministries, the Union
Cabinet cleared the $400-million foreign investment proposal by a global
buyout fund, KKR, at its final meet on Tuesday.
• The battle to acquire controlling stake in Mangalore Chemicals & Fertilisers
(MCF) intensified on Tuesday with Saroj Poddar-controlled Adventz Group
joining hands with Vijay Mallya-owned UB group to make a counter offer at
a higher price than that offered by Deepak Fertilisers.
• Fair trade regulator CCI rejected allegations that German major Adidas AG
and Reebok India abused their dominant position with respect to sale of
premium sports goods. -filed by Om Datt Sharma, the Managing Partner of
• Securities and Exchange Board of India has given the notice to the Santosh
Kumar garg living in west Delhi for the over share purchase worth more than
2000 crore on Friday, when the market scaled new heights.
• The Directorate General of Central Excise Intelligence has issued a show
cause cum demand notice of Rs. 4.6 Crore to the nation’s largest oil firm
Indian Oil Corporation for not paying service tax under the ‘goods transport
TAX LAW UPDATES
• RBI/2013-14/590, Issuance and Operation of Pre-paid Payment Instruments
in India, Consolidated Revised Policy Guidelines.
• (RBI) panel report has recommended that the government should divest its
stake in state-owned banks to less than 50%, allow private equity houses to
own 40% in distressed banks, and strip managers of private sector banks of
their bonuses and Esops if they are caught ever-greening sticky loans.
MCX CRUDE OIL
Dow Jones Industrial