PGC Newsletter 17th april,2014


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PGC Newsletter 17th april,2014

  1. 1. PGC NEWSLETTER17th, April 2014 1 PGC NEWSLETTER 17th, April 2014 THOUGHT OF THE DAY “Choose to look on the bright side.” ECONOMICS NEWS  Security Appellate Tribunal (SAT) adjourned the hearing on Wednesday of an appeal by Reliance Industries Ltd (RIL) in an insider trading case.  The authors and distributors of the book ―Gas Wars — Crony Capitalism and the Ambanis‖ have been served legal notices on behalf of Reliance Industries Ltd (RIL) and its chairman Mukesh Ambani.  Ajay Piramal, who last week became richer by 8,900 crore by selling his stake in Vodafone India, is back to deal- making. He is picking up a20 per cent stake in Chennai- based finance group Shriram Capital, spending a little more than 2,000 crore. CORPORATE LAW UPDATES  Stamp Act revamp to benefit Treasury: According to the draft, circulated by the Union Finance Ministry for commencement, penalties for various Offences are proposed to be increased substantially.  There was some relief for Sahara group Chief Subrata Roy on Wednesday, as a Bench of Supreme Court judges observed it was contemplating relaxing the terms for his release from jail.  Securities Exchange Board of India (SEBI) is probing atleast three large global banks and many Indian Companies for alleged round-tripping funds by way of multi-layered transactions.  Mexican Mobile Phone Operator Iusacell SA de CV sued IBM Corp on Wednesday accusing the US Technology Giant of making fradulent representations that caused it to loose $2.5billion in profits. RBI / TAX LAW UPDATE  RBI: The Reserve Bank of India (RBI) has asked the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers’ Association of India (FEDAI) to act as administrators of the Indian rupee interest rate and foreign exchange benchmarks.  IT: HC advises reference to articles and memorandum to identify principal business of co. for purposes of sec. 73 MARKET UPDATES SENSEX 22,467.41 190.18 CNX NIFTY 6,733.40 58.10 DOLLAR/ RUPEE 60.4 0 MCX SILVER 42363.0 -0.14 MCX GOLD 28,550.0 -39.0 MCX CRUDE OIL 6283.0 0.53 Dow Jones Industrial Average 16,424.85 162.29 Nasdaq Composite 4086.22 52.06
  2. 2. PGC NEWSLETTER17th, April 2014 2 COMPANIES ACT, 2013 WOMEN DIRECTOR ON THE BOARD Mandatory presence of Woman Director in the Board The 2nd proviso to Sub section 1 of Section 149 of Act prescribes that such class or classes of companies as may be prescribed, shall have at least one woman director. Applicability of provisions This requirement is not applicable for all companies. According to Rule 3 of The Companies (Appointment and Qualification of Directors) Rules, 2014 the following class of companies shall appoint at least one woman director- (i) every listed company; (ii) every other public company having - (a) paid–up share capital of 100 crore rupees or more; or (b) turnover of 300 crore rupees or more Time Limit of Compliance According to 1st proviso to Rule 3 of The Companies (Appointment and Qualification of Directors) Rules, 2014, the new companies which will be incorporated under Companies Act, 2013 and are covered in class of companies as provided in Rule 3 shall comply with such provisions within a period of six months from the date of incorporation. Time limit for filling the vacancy According to 2nd proviso to Rule 3 of The Companies (Appointment and Qualification of Directors) Rules, 2014 any intermittent vacancy of a woman director shall be filled-up by the Board at the earliest but not later than immediate next Board meeting or three months from the date of such vacancy whichever is later. This means that the company has to fill the vacancy of woman director with another woman director before the immediate next Board meeting, subject to the maximum time period of 3 months.