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  1. 1. PGC NEWSLETTER16th, April 2014 1 PGC NEWSLETTER 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” ECONOMICS NEWS  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- 14. MARKET UPDATES SENSEX 22,503.58 18.65 CNX NIFTY 6,741.45 8.35 DOLLAR/ RUPEE 60.22 -0.02 MCX SILVER 42011.00 -0.67 MCX GOLD 28,384.00 -194.0 MCX CRUDE OIL 6254.00 -0.38 Dow Jones Industrial Average 16,262.56 89.32 Nasdaq Composite 4034.16 11.47
  2. 2. PGC NEWSLETTER16th, April 2014 2 COMPANIES ACT,2013 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. www.proglobalcorp.wordpress.com