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PGC NEWSLETTER16th, April 2014 1
16th, April 2014
THOUGHT OF THE DAY
“Accept responsibility for your life. Know
that it is you who will get you where you
want to go, no one else”
The London- headquartered Diageo Plc on Tuesday offered to pay $1.9
billion (Rs 11,448 crore) for an additional 26 per cent stake in
Bangalore- based United Spirits Ltd (USL). The open offer is expected
to open on June 11 this year and close on June 24.
Smog- hit China is set to pass a new law that would give Beijing more
powers to shut polluting factories and punish officials, and even place
protected regions off- limits to industrial development.
Conciliation talks between Toyota Kirloskar Motor and the employees
union before the deputy labour commissioner here on Tuesday failed to
reach an agreement. The matter will be referred to the labour secretary,
government of Karnataka.
CORPORATE LAW UPDATES
BSE and NSE have approved the merger of Wipro with two subsidiaries
as the amalgamation does not violate Securities Laws.
The Internet- search company “GOOGLE” said on Monday that it
acquired Titan Aerospace, a maker of high- altitude, solar- powered
satellites that provides access to data services around the world. Terms
of the deal weren’t disclosed.
SEBI has issued circular on Establishment of Connectivity with both
depositories NSDL and CDSL –Companies eligible for shifting from
Trade for Trade Settlement (TFTS) to Normal Rolling Settlement vide
CIR/MRD/DP/ 13 /2014.
RBI / TAX LAW UPDATE
IT: Approval under section 80G could not be given to a society which
was working only for upliftment of a particular community and barred
an outsider from becoming its member
RBI has issued circular on Differential Rate of Interest for Micro and
Small Enterprises (MSEs) vide DBOD.Dir.BC.No.106/13.03.00/2013-
MCX CRUDE OIL
Dow Jones Industrial
PGC NEWSLETTER16th, April 2014 2
DISCLOSURE OF INTEREST
According to Section 184 of The Companies Act 2013 (herein after referred to as an “Act”) every director is required to
disclose his concern or interest in any company or companies or bodies corporate (including shareholding interest),
firms or other association of individuals, by giving a notice in writing in Form MBP-1.
Every director shall at the first meeting of the Board in which he participates as a director and thereafter at the first
meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at
the first Board meeting held after such change, disclose his concern or interest in any company or companies or bodies
corporate, firms, or other association of individuals which shall include the shareholding,
According to Section 179 (3) (k), the Board of Directors of a company shall exercise the power to take note of the
disclosure of director’s interest and shareholding.
According to Section 117(3) (g) of the Act resolutions passed in the sub section (3) of section 179 shall be filed with
Registrar within 30 days of passing the resolution in Form MGT -14.
If a director of the company contravenes the provisions of section 184 of the Act then such director shall be punishable
with imprisonment for a term which may extend to one year or with fine which shall not be less than fifty thousand
rupees but which may extend to one lakh rupees, or with both.
Thus it is necessary for all the companies to obtain declaration in Form MBP 1 from all its directors and has to file the
same with MCA in form MGT 14 within 30 days of the first board meeting in the financial year.