PGC NEWSLETTER 31th July 2014
THOUGHT OF THE DAY
"It costs nothing to dream but are you willing to pay the price to
make it reality?"
· The Supreme Court on Wednesday directed real estate company Supertech to either refund the
money it collected from the buyers of its twin towers Apex and Ceyane or give alternative flats
to them. The Allahabad High Court had earlier ordered demolition of the two towers, which
are part of the Emerald Court project in Noida.
· Indigo’s holding company, InterGlobe Aviation, has applied to the Foreign Investment
Promotion Board (FIPB) seeking reclassification of the equity stake held by promoter Rakesh
Gangwal through Caelum Investments so that the company can have access to fresh foreign
· A clutch of blue-chip private equity (PE) funds are understood to be in the race to pick up stake
worth Rs 200 crore in Eye-Q Vision Pvt Ltd.
· Infrastructure Development & Finance Company (IDFC) has sought the Reserve Bank of India
(RBI)'s clarifications on the new infrastructure lending norms.
· DCB Bank aims to double its balance sheet size in next three to three-and-a-half years. This is
despite the private sector lender avoiding large-ticket advances and being cautious in offering
loans to sectors like infrastructure to preserve the quality of its assets.
· IT major HCL Technologies today reported Q4 net profit of Rs 1,834 crore, up 13%
sequentially. On a year-on-year basis, net profit jumped 53.7%. The company had posted a net
profit of Rs 1,193 crore in the year-ago period.
RBI/TAX LAW UPDATES
· RBI/2014-15/154 A. P. (DIR Series) Circular No. 18, Constitution of Special Investigating
Team – sharing of information.
· The Reserve Bank of India (RBI) is likely to issue a policy framework in next few weeks that
will offer more clarity on the age restriction for private sector bank chiefs.
· The Income Tax department has allowed profit-linked tax deductions to new special economic
zone (SEZ) units upon transfer of technical manpower up to 20 per cent from an existing unit.
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