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  1. 1. PGC NEWSLETTER 28th July 2014 1 PGC NEWSLETTER 28th July 2014 THOUGHT OF THE DAY “The art of living is more like wrestling than dancing.” SEBI/COMPANIES UPDATES • General Circular No. 32/2O14-No.1/25/ 13-CL-V-Ministry of Corporate Affairs clarified that resolutions approved or passed by companies under relevant applicable provisions of the Old Act during the period from 1st September, 2O13 to 31st March, 2014, can be implemented, in accordance with provisions of the Old Act. • In Compliance of Hon’ble CIC order dated 20.6.2014 in the matter of Sh Maniram Sharma vs. D/o Legal Affairs. The Action taken by Ministry of Corporate Affairs on 143th report of law Commission of India on Legislative safeguards for protecting the small depositors from Exploitation. • An analysis of top dividend paying private sector companies showed, Dividend payouts rise during economic slowdown. • Ministry of Corporate Affairs (MCA) gives discretion to Companies to maintain records in electronic form. • Shares in Axis Bank is trading higher by 2% at Rs 406 in otherwise subdued market on the Bombay Stock Exchange (BSE). The stock of private sector lender is turned ex-stock split today. • Ministry of Corporate Affairs (MCA) passes order to eliminate its disharmonious interpretation of clause 76 of section 2 of "related party". RBI / TAX LAW UPDATES • CST & VAT : Where department has raised demand for security based on fears that assessee would descend into non-compliance, as assessee was being managed by a director of defaulting company, said demand of security was valid and assessee's plea of hardship and jeopardy to his business is irrelevant. • Transportation cost and taxes to be considered to compute market value of goods transferred under sec. 80-I (8) of Income Tax. MARKET UPDATES SENSEX 25,995.79 -130.96 CNX NIFTY 7,752.00 -38.45 DOLLAR/ RUPEE 60.11 -0.00 MCX SILVER 44330.0 49.0 MCX GOLD 27936.00 -2.00 MCX CRUDE OIL 6127.00 -23.0 Dow Jones Industrial average 16,960.0 -123.23 Nasdaq Composite 4,449.56 -22.55