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PGC NEWSLETTER 28th March 2014


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PGC NEWSLETTER 28th March 2014

  1. 1. PGC NEWSLETTER28th March 2014 1 PGC NEWSLETTER 28th March 2014 THOUGHT OF THE DAY “A man should look for what is, and not for what he thinks should be” ECONOMICS NEWS • Multi Commodity Exchange (MCX), the country’s largest bourse in this segment, plans to change its norms to enable transfer of shares of a shareholder declared ‘not fit and proper’ by the regulator to an escrow account. • The Forward Markets Commission, the commodities market regulator, has permitted closure of applications of e- series investors on the scam- hit National Spot Exchange. CORPORATE LAW UPDATES • The bondholders of Mumbai based software firm, Geodesic, have filed a complaint with the corporate affairs ministry last week to look into an alleged cash mismanagement of Rs 1,200 crore by the company • The Ministry of Corporate Affairs has notified the rules of Companies act, 2013 • Indian Hotels, a company promoted by the Tata Group, is planning to raise up to Rs 1,000 crore from existing shareholders through a rights issue. RBI / TAX LAW UPDATE • RBI: RBI has issued notification regarding implementation of Basel III Capital Regulations in India. RBI gave banks another year to implement Basel- III capital regulations. With this, the deadline now stands at March 31, 2019. • IT: Registration granted under section 12A cannot be cancelled on basis of general observation not substantiated by any fact. MARKET UPDATES SENSEX 22,254.17 39.80 CNX NIFTY 6,661.65 19.90 DOLLAR/ RUPEE 60.06 -0.26 MCX SILVER 42940.00 0.12 MCX GOLD 28363.00 -0.34 MCX CRUDE OIL 6123.00 -0.28 Dow Jones Industrial Average 16,264.23 -4.76 Nasdaq Composite 4151.23 -22.35