PGC NEWSLETTER 3rd March 2014

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PGC NEWSLETTER 3rd March 2014

  1. 1. PGC NEWSLETTER 3RD MARCH, 2014 THOUGHT OF THE DAY “QUALITY MEANS DOING IT RIGHT WHEN NO ONE IS LOOKING” ECONOMICS NEWS • The Swiss authorities have told the Indian government they will not be able to share information on bank accounts without the consent of the account-holders. • China's manufacturing weakened in February and employers cut staff at the fastest rate in nearly five years, a survey showed Monday, adding to signs growth in the world's second-largest economy is cooling. CORPORATE LAW UPDATES • Competition Act: Where there were large number of players in wholesale, retail/or real estate market, proposed combination of Wal-Mart and Bharti group would not have any adverse effect on competition in India and, therefore, same was to be approved. • SEBI shifts through "hopelessly mixed up" documents submitted by Sahara, chances remain very low of finding genuine investors and the market regulator suspects it to have provided details of mostly "ghost or fictitious" investors . RBI / TAX LAW UPDATES • IT: Common admin exp. incurred by HO on all its units can't be apportioned among such units proportionately. MARKET UPDATES SENSEX 21,108.65 -11.47 CNX NIFTY 6,268.60 -8.35 DOLLAR/ RUPEE 61.89 0.11 MCX SILVER 46849.0 1.04 MCX GOLD 30,423.00 333.00 MCX CRUDE OIL 6441.0 1.1 Dow Jones Industrial Average 16,321.71 49.06 • IT: Where assessee was director of a company and said company had undertaken work of procuring land for 'DLF' and in this process assessee also acquired certain land in his individual capacity, it could not be said that assessee had derived any benefit from above company so as to attract Nasdaq Composite 4308.12 -10.81 provisions of section 2(24)(iv). PGC NEWSLETTER 3rd March 2014 1

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