PGC NEWSLETTER 28TH July 2014

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.
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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