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ec
THOUGHT OF THEDAY
“Success is to be measured not so much by the position that one has
reached in life as by the obstacles which he has overcome.”
Law Updates:
General Circular No. 31/2014 F. No. MCA21/152/2014-eGov Cell
Government of India, Ministry of Corporate Affairs. Extension of validity
of reserved names - reg.
The Reserve Bank of India (RBI) announced a new framework on Tuesday
for identifying and dealing with large banks in the country, termed
domestic systemically important banks (D-SIB).
The Public Servants (Furnishing of Information and Annual Return of
Assets and Liabilities and the Limited for Exemption of Assets in Filing
Returns) Rules, 2014 make it mandatory for central government
employees to file a statement listing their and their spouse/dependents'
cash in hand; bank deposits; investments in bonds, debentures, shares and
units in companies and mutual funds; long-term savings; insurance
policies; provident fund; loans and advances; cars/aircraft/yacht/ships; and
jewellery.
PROFESSIONALS INPUTS:
The statutory authority that sets auditing standards to keep an eye on India
Inc's cost records is now accused of gold-plating its own costs. A
magistrate's court in Pune on July 19 directed Maharashtra police to
register a formal complaint against executive members of the Institute of
Cost Accountants of India (ICAI) for getting into land purchase deals,
allegedly at astronomically inflated prices.
A little more than a half of the provisions of Companies Act, 2013 (Act)
came into force from 1st April 2014several communications were received
in the Ministry of Corporate Affairs from bodies such as industry
associations, chambers of commerce and professional institutes drawing
attention to certain practical difficulties concerning these provisions or
seeking clarifications about the same. Pursuant to this Government have
issued suitable circulars, statutory orders and amendments in the Rules to
provide transitional time, remove doubts or practical difficulties.
Amendments in the Act will be considered if measures out-lined above
prove inadequate.
MARKET WATCH:
SENSEX: 26141.97 116.17 GOLD (MCX): 27957.00 62.00
NIFTY: 7,794.95 27.70 USD/INR: 60.16 -0.08
SILVER: 45120.00 0.04 CRUDE OIL: 6160.00 -.36
CS Rajiv Bajaj
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Date: 23rd July 2014
2.
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KUMAR MANGALAM BIRLA:
KumarMangalam Birla is the Chairman of the Aditya Birla Group. The group is India‘s third
largest business house. Major companies of Aditya Birla Group in India are Grasim,
Hindalco, UltraTech Cement, Aditya Birla Nuvo and Idea Cellular. Aditya Birla Group’s joint
ventures include Birla Sun Life (Financial Services) and Birla NGK (Insulators). The group
also has its presence in various countries such as Thailand, Indonesia, Malaysia, Philippines,
Egypt, Canada, China and Australia.
He was Born on June 14, 1967, Kumar Mangalam Birla spent the early of his life in Calcutta
and Mumbai. He is a Chartered Accountant and did his MBA (Masters in Business
Administration) from the London Business School, London. Kumar Mangalam Birla took over
as Chairman in 1995, at the age of 28, after sudden demise of his father, noted industrialist
Aditya Birla, after whom the group is named. Under Kumar Mangalam Birla’s leadership, the
Aditya Birla Group, apart from consolidating its position in existing businesses, also ventured
into sunrise sectors like cellular telephony, asset management, software and BPO. Kumar
Mangalam Birla also holds several key positions on various regulatory and professional
boards, including chairmanship of the advisory committee constituted by the ministry of
company affairs for 2006 and 2007, membership of the prime minister of India’s advisory
council on trade and industry, chairmanship of the board of trade reconstituted by the union
minister of commerce and industry, and membership of the Central Board of Directors of the
Reserve Bank of India.
Kumar Mangalam Birla has won several honors. Major among them include The Business
Leader of the Year (2003) by The Economic Times, Business Man of the Year – 2003 by
Business India, and The Ernst & Young Entrepreneur of the Year -India in 2005.
