CII Global Regulatory Update, September 2013

Regulatory
GLOBAL
UPDATE
4
NATIONAL UPDATE
ARTICLES
GLOBAL UPDATE 11Inside
September 2013, Volume 3, Issue 10
114
1616
Confederation of
Indian Industry

DISCLAIMERCLAUSE
This Regulatory Update has been compiled with a view to update readers and CII membership of changes on the covered
topics in the Corporate Governance & Regulatory Affairs domain in the international as well as the domestic front. The
compilation must not be taken as an exhaustive coverage of announcements and news nor should it be used as
professional advice. Although, every endeavour has been made to provide exhaustive information, no claim would be
entertained in the event any information/data/details/text is found to be inaccurate, incomplete, at variance with official
data/information/details released through other sources prior or subsequent to release of the issue. This is only a
compilationandnotareproductionofannouncements/articles/items.CIIdoesnotsubscribetotheviewsexpressedinthe
items. These reflect the author’spersonal views and in the event of any violationof IPR by the subscribers,CII would not be
held responsible in any manner. Further, no part of this Update may be reproduced, copied or used without the prior
permissionofCII.

3
DOMESTIC UPDATES
National Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Appointments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
GLOBAL UPDATES
International Updates . . . . . . . . . . . . . . . . . . . . . . . . . 11
ARTICLES
Competition Law Update. . . . . . . . . . . . . . . . . . . . . . . . . . . 18
CII's Recent Initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
REPORTING AND COMPLIANCE
Hedging the financials from. . . . . . . . . . . . . . . . . . . . . . . . . 16
foreign exchange fluctuations
Contents

GLOBAL REGULATORY UPDATE
4
DOMESTIC UPDATES
NATIONAL
By :
Notification of selective
sections of the Companies Act
2013
The Companies Act 2013 received
Presidential assent on 29 August 2013.
While the entire law comprising 29
chapters - containing 470 sections and
VII Schedules - has been enacted,
currently 99 sections have been
notified. Section 1 (Short title, extent,
commencement and application) of
theActwasnotifiedon30August2013
while 98 sections were notified on
12thSeptember,2013.
Someoftheimportantonesinclude
(i) Definitionofsubsidiary2(87)
(ii) Loanstodirectors(185)
(iii) Prohibitionofinsidertrading
(iv) Sections for Constitution of
NationalCompanyLawTribunal
(v) Offencestobenon-cognizable
(vi) Punishmentforfraud
(vii) Powertoremovedifficulty
During the CII National Conference on
Companies Act, 2013, CII had brought
up that while the sections of the new
Act had been notified, the
corresponding sections of the old Act
wereyettoberepealed.
To clear this discrepancy, MCA has
vide Circular No.16 dated 18-09-2013,
clarified that with effect from 12-09-
2013, the relevant provisions of the
Companies Act, 1956, which
correspond to provisions of 98
Sections of the Companies Act, 2013
brought into force on 12.09.2013,
Clarification on applicability of
notified sections vis-à-vis old
Companies Act
cease to have effect from that date
(12-09-2013).
MCA has also issued Companies
(Removal of Difficulties) Order, 2013
dated20thSeptember,2013
[F.No. l/l 5/20 I 3-CL-V] to clarify that
matters, proceedings or cases before
the Company Law Board shall
continue with the Board until transfer
totheTribunalu/s434.
The Companies Act, 2013 relies heavily
on subordinate legislation for the
implementation of various provisions
of the Act. Currently, the Ministry of
Corporate Affairs has developed draft
Companies (Removal of
Difficulties) Order, 2013
MCA hosts draft Rules under
the Companies Act 2013 for
public consultation

5
Rulesfor24chaptersandpostedthem
on the Ministry's website for
comments from stakeholders. The
first tranche of Rules cover the
following16chapters:
ChapterI-Preliminary
Chapter II - Incorporation of Company
andMattersIncidentalThereto
ChapterVI-RegistrationofCharges
Chapter VIII - Declaration and
PaymentofDividend
ChapterIX-AccountsofCompanies
ChapterX-AuditandAuditors
Chapter XI - Appointment and
QualificationofDirectors
Chapter XII - Meeting of Board and its
Powers
Chapter XVI - Prevention of
OppressionandMismanagement
Chapter XVIII - Removal of Name of
Companies from the Register of
Companies
C h a p t e r X I X - R e v i v a l a n d
RehabilitationofSickCompanies
C h a p t e r X X I I - C o m p a n i e s
IncorporatedOutsideIndia
Chapter XXIII - Government
Companies
Chapter XXIV - Registration Offices
andFees
ChapterXXVI-Nidhi
ChapterXXIX-Miscellaneous
The Ministry has provided a 30 day
windowtill8October2013forindustry
and other stakeholders to respond to
thedraftrules.
The second tranche covers 9 chapters
which were hosted on 20 September
2013. A similar 30 day window has also
been provided for these Rules for
industry and other stakeholders to
submittheirviews.
ChapterIII-ProspectusAndAllotment
OfSecurities
Chapter IV - Share Capital And
Debentures
Chapter VII - Management and
Administration
Chapter XIII - Appointment And
Remuneration Of Managerial
Personnel
Chapter XV - Compromises,
ArrangementAndAmalgamations
ChapterXVII -RegisteredValuers
Chapter XXI - PART I. - Companies
authorizedtoregisterunderthisAct
Chapter XXVIII: (Rules in respect of
C l a u s e 4 4 2 : M e d i a t i o n A n d
ConciliationPanel)
National Company Law Appellate
TribunalRules,2013.
The remaining rules are slated to be
placed for public consultation at the
endofthismonth.
CII is in the process of building
up industry's viewpoints on the
draft Rules. Based on a
considered and consensual
view emerging out of various
deliberations, CII would be
submittingitsdetailedinputson
the drafts with an objective of
making the process conducive
to business environment.
Members are requested to
write in with their views on the
draft Rules urgently to
chitra.mittal@cii.in
Committee for Reforming the
Regulatory Environment for
Doing Business in India submits
its report
The Committee for Reforming the
Regulatory Environment for Doing
Business in India submitted its report
to the Ministry of Corporate Affairs in
September 2013. The Committee was
set up in August 2012. The proximate
cause of the establishment of the
Committee was the Word Bank's
Doing Business Report which ranked
India amongst the countries ranked at
the bottom of various sub-indices. The
Committee was tasked to look into
various parameters which affect the
regulatory environment for doing
business in India and make
appropriaterecommendations.
The Report of the Committee has
been crystallized in six thematic
chapters covering the dispute
resolution, architecture of the
regulatory space, measures to boost
efficacy of regulatory process,
improving business environment for
micro, small and medium enterprises,
addressing issues at the state level
and revisiting the report of the World
Bank Review Panel on Doing Business
Report.

6
The Recommendations are classified
in various headings, namely, (a) legal
reforms (b) regulatory architecture
(c) boosting efficacy of regulatory
process (d) enabling MSMEs, and (e)
addressing state level issues. They
include:
LegalReforms
1) Reviewoflawsandregulations
2) Encouraging arbitration to resolve
contractualdisputes
RegulatoryArchitecture
3) Carving out clear mandate for a
newregulatoryauthority
4) Appointments in and supervision
ofregulatoryauthorities
5) A u t o n o m y o f r e g u l a t o r y
authorities
6) Self evaluation by regulatory
organizations
Boosting Efficacy of Regulatory
Process
7) Ensuring effective consultation
throughatwo-stageprocess
8) Allocating priority to systemic
issues
9) P u t t i n g i n p l a c e c o n s e n t
mechanism for matters of low
significance
10)Draftingregulation
11) Systemofadvanceruling
12) Setting up regulatory review
authority
13) R e v i e w i n g t h e p r o p o s e d
regulations
14)Regulatory Impact Assessment
(RIA)
EnablingMSMEs
15) Setting up a overarching body to
enable policy and process
coordinationforMSMEs
16) Singlewindowmechanism
17) Timebounddecisionmaking
AddressingStateLevelIssues
18) Information facilitation through
nodalpoint
19) Incentivising regulatory reforms
amongststates
20) Building in appellate process by
design
Indian Institution of Corporate Affairs
(IICA) and BSE Ltd. have signed an
MoU to work collaboratively to
develop a Corporate Social
Responsibility (CSR) index, take up
capacity building on CSR, conduct
e d u c a t i o n a n d a w a r e n e s s
programmes, and other activities to
facilitate a more effective corporate
participation in CSR areas. In the new
Companies Act, 2013 it has been
mandated for eligible companies to
spend 2% of their profits on CSR
activities.
The proposed IICA-BSE CSR Index
shall assess impact and performance
of companies listed at BSE in CSR
Indian Institute of Corporate
Affairs Signs MoU with BSE to
Collaborate on Developing
India's First CSR Index
activities.TheIndexwouldalsolookat
theperformanceofcompaniesintheir
mandatory CSR spend as per the new
Companies Act, 2013 as one of the
important and objective criteria. The
information provided in the public
domain on CSR activities by these
listed companies and which is also
assured,shallhavemorepreferencein
the various evaluation parameters of
the Index. Performance of the
companies in CSR areas would be
c o m b i n e d w i t h t h e m a r k e t
performance of companies for
selection of companies. The Index
would be sector neutral. Companies
eligible to be included in the Index for
further evaluation shall ensure basic
compliance as per proposed CSR
regulations.
RBI has issued circular dated 13
September 2013 for revising the FDI
policy for definition for control and
sector specific conditions. The
definitionof'control'shallbe:
'Control' shall include the right to
appoint a majority of the directors or
to control the management or policy
decisions including by virtue of their
shareholding or management rights
or shareholders agreements or voting
agreements.
The Governments of Himachal
Pradesh and Karnataka have also
given consent to implement the FDI
Notification or revision of FDI
Limits in FEMA

7
policy on Multi Brand Retail Trading in
Himachal Pradesh and Karnataka
respectively. As such, the list of
States/Union Territories which have
conveyed their concurrence stands
modified. Also in order to bring
u n i f o r m i t y i n t h e s e c t o r a l
classification position for FDI as
notified under the Consolidated FDI
Policy Circular with the FEMA
Regulations, the policy on FDI caps
and routes for various sectors has
since been reviewed. These deal with
change in the definition of control,
notification of MBRT clarifications
dealing with back-end infrastructure,
sourcing from MSMEs and cities in
which retail outlets may be set up and
revision of routes and sectoral caps in
sectors like telecom, courier services,
ARCs, commodity exchanges, CICs,
powerexchangesetc.
With a view to having a broad-based
representation of all classes of
shareholders on the Board of
Directors of the Exchange to
strengthen corporate governance,
the Commission has decided the
following:-
(i) The representation of the Anchor
investor on the Board of the
Exchange shall not be more than
t h e p r o p o r t i o n o f t h e i r
shareholding, which will be a
maximum of 26% at the end of the
fifth year of the Exchange's
operation.
Forward Markets Commission
issues Guidelines for
constitution of the Board of
Directors, Nomination of
Independent Directors and
appointment of Chief
Executives at the Nationwide
Multi Commodity Exchanges
(ii) The representation of the class of
Shareholders at 3(b) and 3(c)
above shall not be less than one-
half of the total number of
Shareholder Directors. Further,
any of these shareholders shall
not have more than one
representativeontheBoard.
(iii) The representation of other
classes of shareholders on the
Board shall be as per their
eligibility for appointment on the
Board.
The RBI by its circular dated August 19,
2013 has permitted Foreign
Institutional Investors ('FII') to invest
in Asset Reconstruction Companies
('ARC') and has increased the cap on
foreign direct investment from 49% to
74%.The ARC investment will be
subject to the sponsor'sholding not
exceeding50% and the FII's holding
not exceeding 10%of the total paid-up
capitaloftheARC.
The circular has enhanced the FII
investment limits in Security Receipts
('SR')from 49% to 74% of the paid up
valueofeachtrancheofschemeofthe
Foreign Investment in Asset
Reconstruction Companies
SR. The earlier individual limit for
investment by a single FII in each
trancheofSRhasbeenremoved.
TheRBIbyitscirculardatedAugust20,
2013 has liberalised the policy for
investment in Portfolio Investment
Scheme ('PIS') for Non-resident
Indians ('NRI') to attract inflow of
foreign currency. The earlier
requirement for banks to maintain a
unique code for each branch, which
made the process cumbersome has
been dispensed with. The designated
branch of the bank is now permitted
to grant a one-time permission to the
NRI applicant for the purchase and
sale of shares or convertible
debenturesofanIndiancompany.The
said shares or debentures acquired by
the NRI under the scheme cannot be
pledged for giving loan to a third party
without prior permission of the RBI or
investintherealestatesector.
The RBI with a view to improving
transparency in the securities market
has by its circular dated August 26,
Portfolio Investment Scheme
for NRIs relaxed
Reporting of OTC transactions
in Securitized Debt Instruments

8
the stages of construction of the
housing project. These include the
exposure of the banks in case of
disputes between parties, borrowers
being exposed to a lower credit rating
o n d e l a y e d p a y m e n t s b y
developers/builders on behalf of
individualborrowers.
In order to avoid the aforementioned
risks banks have been asked to not
make upfront disbursal in cases of
i n c o m p l e t e / u n d e r -
construction/green field housing
projects.
The RBI by its Circular dated
September 4, 2013 has decided to
increase the permissibility for
exporters to cancel and rebook
forward contracts involving Rupee as
one of the currencies, from 25 percent
to 50 percent of the contracts booked
in a financial year for hedging their
contracted export exposures. Also,
the importers which were earlier not
permitted are now allowed to hedge
their current and capital account
transactions to the extent of 25
percent of the contracts booked in a
financialyear.
These changes have been made
keeping in mind the evolving market
conditions and with a view to
providing operational flexibility to
exporters and importers to hedge
theirforeignexchangerisk.
September10,2013modifieditsearlier
Exporter and Importers
allowed tohedge their foreign
exchange risk
Overseas Direct Investment
Regulation modified-Corporate
Guarantee can be furnished by
entity having indirect holding
circular pertaining to overseas direct
investment. The Indian party issuing a
corporate guarantee on behalf of the
second generation or subsequent
levelstepdownoperatingsubsidiaries
will be considered under the Approval
Route, provided the Indian party
indirectly holds 51 per cent or more
stake in the overseas subsidiary for
which such guarantee is intended to
be issued. The dispensation of the
"direct" holding of 51% now permits
companiestofurnishguaranteeseven
without directly holding a 51% stake in
the company on behalf of which it is
issuingtheguarantee.
The RBI has by its circular dated
September 4, 2013 decided to allow
eligible borrowers to avail of external
commercial borrowings ('ECB')from
their foreign equity holders
('Lender')to be utilized for general
corporatepurposessubjectto:
i. the Lender holding directly a
minimum paid-up equity of 25% of
theborrower;
ii. the a vailment of ECB shall be
according to the extant ECB
guidelines;
iii. Repayment of the principal has to
commence only after completion
ofatleast7years.Noprepayment
willbeallowedbeforematurity.
increase the borrowing limit for
authorised dealers from Head Office/
branch or correspondent outside
ECBs can now be utilized for
General Corporate Purposes
Foreign Exchange Management
(Borrowing or Lending in
Foreign Exchange) (Fourth
Amendment) Regulations, 2013
2013 made the reporting of over the
counter ('OTC') transactions in
securitized debt instruments within 15
days of its trade on the Fixed Income
Money Market and Derivatives
AssociationofIndiamandatory.
The RBI has by its circular dated 30
August 2013 prohibited Urban Co-
operative Banks ('UCBs') from making
donations to trusts having charitable
or benevolent objects in which the
directors or their relatives of such
UCBs are interested."Interest" has
been defined to mean the director or
his relative is either a trustee or a
beneficiary or is working in a way
which is likely to influence the
independenceofthedirectors.
The RBI by its circular dated
September 3, 2013 has highlighted the
risks involved in the innovative
housingloan schemes (popularly
known as 80:20, 75:25 Schemes)
introduced by certain banks in
association with developers/builders
that provide up front disbursal of
loans without linking the disbursals to
Restriction on donations to
Trusts and Institutions where
Directors, their relatives hold
position or are interested
Innovative Housing Loan
Products risky

9
India. This has been increased from
50% to 100% or such other limit as may
bedecidedbyRBIfromtimetotime.
The RBI by its circular dated
permit AD Category- I bank to issue
bank guarantee on behalf of a non-
resident acquiring shares or
convertible debentures of an Indian
company through open offers /
delisting/exit offers, provided that the
guarantee is covered by a counter
guarantee given by a bank of an
internationalrepute.
permit an increase which now allows
any person resident in India to take
outside India or who had previously
gone out of India on a temporary visit,
to bring into India (other than to and
from Nepal and Bhutan) currency
notes upto Rs. 10,000 from the earlier
Rs7,500.
allow Non-resident Indians to acquire
shares of a listed Indian Company on
the recognised stock exchanges
through a registered broker under the
FDI Scheme provided thatthe non-
resident investor has already acquired
and continues to hold the control in
Issue of Bank Guarantee on
behalf of person resident
outside India for FDI
transactions
ExportandImportofCurrency
Purchase of shares on the
recognised stock exchanges in
accordance with SEBI
(Substantial Acquisition of
Shares and Takeover)
Regulations
accordance with the SEBI Takeover
Regulations,2011.
The other conditions that are required
to be complied with include those
relating to pricing, manner of
payment of consideration and
compliance with other aspects of the
FDIpolicysuchassectoralcaps.
With a view to providing greater
flexibility to AD Category - I banks in
seekingaccesstooverseasfundsfrom
its head office, overseas branches or
correspondents, the RBI by its circular
dated September 10, 2013 has
enhanced its borrowing limit to 100%
of its unimpaired Tier I capital as at the
close of the previous quarter or USD
10 million, whichever is higher, subject
tocertaincompliancesincluding:
(i) The bank having a board
approved policy on overseas
borrowings which shall contain
the risk management practices
that the bank would adhere to
while borrowing abroad in
foreigncurrency;
(ii) The bank to maintain a CRAR of
12%.
(iii) The borrowings to have a
minimummaturityof3years.
Furthertheborrowingbankmayenter
into a swap transaction with RBI in
respect of the borrowings raised in
pursuance of the issuance of the
circular.
SEBI by its circular dated September
13, 2013 has extended the investment
Enhancement of limit for
Overseas Foreign Currency
Borrowings by AD
FIIs/QFIs investment in
Government Debt in line with
Corporate Debt investment
principle which is currently in place for
FIIs/QFIs investing in corporate debt
to FIIs investing in government debt
as well. Now FIIs/QFIs can invest
without purchasing debt limits till the
over all investment reaches 90% after
which the auction mechanism shall be
initiated for allocation of there
maininglimits.
The SEBI has provided a framework
for registration and regulation of
angel funds provided under Category
I- Venture Capital Funds by notifying
amendments to SEBI (Alternative
Investment Funds) Regulations, 2012
('AIF Regulations') on 16September,
2013.
Angel funds have now been included
in the definition of 'Venture Capital
Funds' ('VCF'). For an individual angel
investor to qualify as a VCF it has to
have at least 10 years of investment or
entrepreneurial or management
experience and net tangible assets of
at least Rs. 2 crore. While, corporate
angel investors are required to have
Rs. 10 crore net worth of a registered
AIF/VCF.
Amendments to SEBI (Alternative
Investment Funds) Regulations, 2012

10
Angel funds are allowed to make
investment only in investee
companies that: are incorporated in
India and are not more than 3 years
old; and have a turnover of not more
than Rs. 25 Crores; and are unlisted;
and are not promoted, sponsored or
related to an industrial group whose
group turnover is in excess of Rs. 300
Cr; and has no family connection with
the investors proposing to invest in
the company. The investment limit by
the angel fund in the company is
floored by Rs. 50 lakh and capped at
Rs. 5 Crore with a lock-in period of 3
years.
After taking into account the
h a r m o n i s e d m a s t e r l i s t o f
infrastructure sub-sectors, the RBI by
its Circular dated 18 September, 2013
has expanded the definition of the
infrastructure sector for raising funds
through external commercial
Expansion of definition of
'infrastructure' under ECB
borrowings ('ECBs'). The widened
definition provides: the energy sector
to now include electricity generation,
transmission, distribution and oil
pipelines; communications to include
mobile telephony services or
companies providing cellular services,
fixed network telecom and telecom
towers; water and sanitation to
includeirrigationandwatertreatment
plants; social and commercial
infrastructure to now include
hospitals and hotel and convention
centresetc.
APPOINTMENTS
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Mr. Raghuram Rajan appointed as
RBIGovernor
Essar Steel India appoints
Mr. Firdose Vandrevala as
ExecutiveViceChairman
Mr. Anjan Lahiri appointed CEO of
Sasken
Mr. D.K. Sarraf appointed ONGC
chairman
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Mr. Vijay Gopalan appointed Air
AsiaIndiaCFO
E s s a r E n e r g y a p p o i n t s
Mr.SushilMarooasCEO
Mr. R.S. Gujral given additional
charge of the post of Secretary,
DepartmentofDisinvestment
Mr. Sudhir Chaturvedi joins NIIT
TechasCOO
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Mr. Joe King Appointed as Head of
AudiIndia
Jones Lang LaSalle Appoints
Mr. Juggy Marwaha as MD south
India Operations
WNS appoints Mr. Sanjay Puria
asCFO

11
By :
GLOBAL
INTERNATIONAL UPDATES
Recommendation 7.4 states that
"a listed entity should disclose
whether, and if so how, it has
r e g a r d t o e c o n o m i c ,
environmental and social
sustainability risks". The
Consultation Paper states that
t h i s R e c o m m e n d a t i o n i s
intended to address "the
increasing attention being given
by the investment community to
environmental and social issues
and the investment risks they
raise". At present, there is no
proposal to mandate this
reporting, and the ASX Council
considers that it would be
premature to expect listed
entities in Australia to adopt
mandatory integrated reporting
until the international framework
for such reporting is better
developed than it currently is.
1. ASX corporate governance
principles propose
environmental risk
disclosure obligations
The Australian Stock Exchange
Corporate Governance Council
has recommended that entities
listed on the Australian Stock
Exchange (ASX) disclose
environmental and social
sustainability risks to investors.
The proposed amendments to
include environmental risk
disclosure are embodied in the
revisionofPrinciple7.
Principle 7, titled "Recognise and
manage risk", recommends that
"a listed entity should establish a
s o u n d r i s k m a n a g e m e n t
framework and periodically
review the effectiveness of that
framework".
The consultation paper notes
that, amongst other things, the
framework needs to adequately
address issues such as relevance,
materiality, timeframe, exclusion
of commercially sensitive
information and the compliance
burden, before listed entities
across the board can be
reasonably expected to adopt
integratedreporting.
The Draft is available for
commentuntilNovember152013.
The Association of British
Insurers (ABI) has issued a report
o n i m p r o v i n g c o r p o r a t e
2. Association of British
Insurers publishes paper on
improving corporate
governance and
shareholder engagement

12
governance and shareholder
engagement. The paper reviews
t h e e x i s t i n g r o l e s a n d
responsibilities in corporate
governance and shareholder
e n g a g e m e n t a n d m a k e s
recommendations on how these
could be enhanced, with
reference to the UK Corporate
GovernanceCode.
T h e r e p o r t m a k e s
recommendationsfor:
Improving corporate governance
reporting;
Encouraging companies to
review the time-commitment
requirements of different non-
executiverolesandhowdifferent
non-executive roles may best be
structured;
Empowering non-executive
directors, with measures to
ensuretheyreceivetherightlevel
of information to enhance their
ability to support and challenge
theExecutiveDirectors;
EnsuringNon-ExecutiveDirectors
receive early and full information
on potential M&A transactions,
including where appropriate
independentadvice;
Maintaining the UK's leadership
p o s i t i o n i n s h a r e h o l d e r
engagement, by opening ABI
collective engagement to non-
members and launching an
Investor Exchange mechanism;
and
Improving mutual understanding
by encouraging companies to
develop a transparent investor
relations programme that
includes the schedule of
corporate governance-related
meetings
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3. Ireland Central Bank
proposes changes to
Corporate Governance
Code for Credit Institutions
and Insurance
Undertakings
The Central Bank has published a
consultation paper in which it
proposes the introduction of a
number of changes to the
Corporate Governance Code for
Credit Institutions and Insurance
Undertakings. The Code applies
on a statutory basis to all credit
institutions and insurance
undertakings which are licensed
or authorised by the Bank
(including reinsurers but
excluding captives which are
governed by a separate
CorporateGovernanceCode).
The significant proposed
amendments include provision
relating to risk committees to
require that the committee be
composed of a majority of non-
executive directors; introduce a
new requirement for all
institutions to appoint a Chief
Risk Officer (CRO); issues
surrounding the implementation
of the current requirement for
High Impact institutions to hold
eleven board meetings per year;
a l l o w t h e C h a i r m a n o f
subsidiaries of groups which are
designated as Medium-High,
Medium-Low or Low Impact
institutions, to hold more than
one Chairman position in another
credit institution or insurance
undertaking provided that the
institution resides within the
same group and the Chairman
has sufficient time available to
fulfill the role; amend the current
prohibition on the CEO holding
more than one CEO position in
another credit institution or
insurance undertaking at any one
time; amend the provision
concerning Annual Compliance
Statements to permit institutions
with a non-calendar year financial
reporting period to change the
submission basis of the annual
compliance statement to that of
the institution's financial year;
board diversity requirements;
etc. The consultation runs until 1
October2013.
T h e C o m m i s s i o n e r o f
Competition has announced a
new whistleblowing program
developed by the Competition
Bureau's Criminal Matters
Branch. The Criminal Cartel
Whistleblowing Initiative will
encouragemembersofthepublic
to provide information to the
Competition Bureau regarding
possible violations of sections 45
to 49 of the Competition Act, i.e.,
the criminal cartel provisions
which prohibit, among other
4. Canada Competition Bureau
Introduces Criminal Cartel
Whistleblowing Initiative

13
t h i n g s , a g r e e m e n t s o r
a r r a n g e m e n t s a m o n g
competitors to fix prices, allocate
markets, restrict output or rig
bids.
T h e U n f a i r C o m p e t i t i o n
Prevention and Trade Secret
ProtectionActprotectsIPrightsby
preventing unfair competition and
the misappropriation of trade
secrets. Recent amendments to
theactidentifyadditionalactivities
t h a t a r e d e e m e d u n f a i r
competition and reward those
whoapprisetheauthoritiesofsuch
behaviour, among other things.
The amendments will become
effective on January 31 2014. The
existing act lists nine specific
unlawful activities that support a
potential unfair competition claim.
The recent amendment has added
a 10th anti-competitive activity
under Article 2(1)(x), as follows:
"an act of infringing a person's
5. Korea adds to the list of
activities deemed as unfair
competition
right to profit by using that
person's product, which was the
result of considerable effort and
investment, without authorization
for one's business through a
method that contravenes fair
commercial trade practice or
competitionorder."
The European Union and the Swiss
Confederation have signed a
Cooperation Agreement in
Competition Matters. The
agreement provides for broad
possibilities of the Swiss
competition authority and the
E u r o p e a n C o m m i s s i o n t o
e x c h a n g e p r o t e c t e d o r
confidential information they have
obtained in their investigations,
even without the consent of the
investigatedcompanies
T h e r e p o r t ' s G l o b a l
Competitiveness Index (GCI)
places Switzerland at the top of
the ranking for the fifth year
running. Singapore and Finland
remain in second and third
positions respectively. Germany
moves up two places (4th) and the
United States reverses a four-year
downward trend, climbing two
places to fifth. Hong Kong SAR
(7th)andJapan(9th)alsoclosethe
gap on the most competitive
economies, while Sweden (6th),
the Netherlands (8th) and the
United Kingdom (10th) fall. The
United States continues to be a
world leader in bringing innovative
products and services to market.
Its rise in the ranking is down to a
6. EU Swiss Bilateral
Cooperation Agreement In
Competition Matters
7. WEF Global Competitiveness
Report 2013-2014.
perceived improvement in the
country's financial market as well
as greater confidence in its public
institutions. However, serious
concerns persist over its
macroeconomic stability, which
ranks117outof148economies.
Of the five BRICS, the People's
Republic of China (29th) continues
to lead the group, followed by
South Africa (53rd), Brazil (56th)
India (60th) and Russia (64th).
Among the BRICS, only Russia
improves its ranking, climbing
three places, while Brazil drops
eightplaces.
The Securities and Exchange
Commission said Tuesday that
foreign private issuers who
prepare their financial statements
in accordance with International
Financial Reporting Standards do
nothavetosubmitinteractivedata
files until the SEC decides on a
suitableXBRLtaxonomy.
More AIM companies are set to
become subject to the provisions
oftheUKTakeoverCodeattheend
of September 2013 as a result of
changespublishedearlierthisyear.
The Code will now also apply to
Jersey and Guernsey companies
whose shares are admitted to
tradingonaUKmultilateraltrading
facility (MTF), e.g. AIM, regardless
of where the company is managed
andcontrolled.
This means that Jersey and
Guernsey companies whose
shares are admitted to trading on
8. SEC Changes IFRS XBRL
Rules for Foreign Private
Issuers
9. Changes to the UK Takeover
Code

14
AIM and which are not currently
subject to the Code because they
are centrally managed and
controlled outside the United
Kingdom, the Channel Islands and
the Isle of Man, will now have
certainty that the Code applies to
them and that they are subject to
the jurisdiction of the Takeover
Panel with effect from 30
September2013.
Global credit rating agency
Moody cautioned that India is
among the countries that are
most vulnerable to capital
outflows as it relies heavily on
external funding. In its report -
10.India's vulnerability to cash
outflows
'How US Monetary Tightening
Affects Asian Markets' the agency
have highlighted the impact of
the US Fed agency
announcements on the bond
yields in the Indian market. To
counter the effect the RBI
Governor has said India needs to
build a "bullet-proof national
balance sheet" to deal with the
fallout on the economy from US
Fed's tapering of stimulus.
The Japanese Minister Hakubun
Shimomura, on the sidelines of
the World Economic Forum
meeting at Dalian in China has
shown interest in funding and
sharing technology in a bullet
train project in Karnataka. Also,
Karnataka State officials said
Malaysia's Q1 Group has
expressed interest in investing in
e-retail, IT and education sectors
in Karnataka while Spanish firm
Acciona in waste water
treatment, renewable energy
projects and wind energy.
11. Investor interest in infra,
technology and renewable
sectors
12.U.S. bans import of generic
drugs from Ranbaxy's Indian
plant
13.Cooper Tire & Rubber deal
with Apollo Tyres comes to a
standstill
The $2.5 billion deal between Cooper
Tire & Rubber and Apollo Tyres has
come to a standstill by the decision of
the arbitrator to block the sale of
Cooper's Texas plants to Apollo on the
ground that the consent of the
workers at the two plants was not
obtained. The biggest ever takeover
of the US company by an Indian group
was brought to notice by the United
Steel Workers, the union which
objected to the takeover. The
arbitrator, James Oldham, ruled that
on the basis of the 'successor ship
clause' a consent of the workers of
both the factories had to be taken in
case of any change of control. As this
was not taken, the deal could not go
ahead. After the decision of the
arbitrator, both the companies have
agreed to enter into discussions with
the union of United Steel Workers.
The basic concern of United Steel
Workers was the amount of debt
which was going to be placed on
Cooper as a result of the merger.
Hence,itwillbeinterestingtoseehow
the parties will finally settle the
matter. The two companies had
announced the $35 per share all-cash
deal in June which would create the
world'sseventh-biggesttyremakerby
revenues.

15
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New Delhi
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East of Kailash
New Delhi 110065
E: delhi@verus.net.in
T: +91 11 26215601 / 02
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CONTACT
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partners@verus.net.in

16
By Mr. Koosai Lehery, Director, Accounting Advisory Services,
KPMG, India
The Rupee has depreciated
significantly against major foreign
currencies (US Dollar, Euro, GBP etc)
over the last few months on account
of the significant current account
deficit and reduced inflows from
foreign institutional investors into
emerging markets, including India.
This has adversely impacted several
companies, especially those that are
i m p o r t d e p e n d e n t o r h a v e
borrowings in foreign currencies.
Conversely, the volatility also affects
exporters in terms of volatile
performance results. An entity may
opt to address such volatility by
entering into derivative transactions
tohedgetheirexposures.
An entity can manage its exposure to
variability in cash flows arising from
exchange rate movements using a
forward contract that fixes the
amount to be paid or received on
settlement.Similarly,foreigncurrency
debt, raised via foreign currency
convertible bonds or external
commercial bonds often creates dual
risk, relating to variable interest rates
aswellasforeignexchangerisk,which
are commonly hedged using cross
currencyswaps.
The current accounting for forward
exchange contracts entered in order
to hedge recognised assets or
liabilities is governed by AS 11 "The
effects of changes in foreign
exchange rates" In accordance with
the guidance in AS 11, the premium or
discount arising at the time of
inception of the forward contract is
Hedging the financials from
Hedging the financials from

17
required to be amortized as expense
or income over the life of the contract
and exchange differences on such
contracts should be recognised in the
profit or loss account in the reporting
period during which there is change in
theexchangerates.
However, in relation to forward
contracts not covered by AS 11 (i.e.
contracts to hedge forecasted
purchase or sale of transactions) and
all other derivative contracts entered
into by an entity, the guidance issued
by the Institute of Chartered
Accountants of India requires
companiestoreflectintheirprofitand
loss statement, all the mark-to-market
losses at each reporting date, on the
basis of prudence. No mark-to-market
gainswhatsoevercanberecognised.
Hence, even if an entity is
economically hedging its forecasted
transactions, such asymmetrical
accounting may result in a distorted
picture of the entity's risk
management strategy, unless it opts
to adopt principles of hedge
accounting enunciated in AS 30
"Financial instruments: recognition
and measurement". This is not yet a
mandatory accounting standard,
however, it may be adopted
voluntarily to the extent that it does
not conflict with the guidance
contained in any notified accounting
standards. This standard allows an
entity to either, measure hedged
a s s e t s , l i a b i l i t i e s a n d f i r m
commitments on a basis different
from that otherwise stipulated in the
accounting standards ("fair value
hedge accounting model") or to defer
the recognition of gains or losses on
derivatives until the underlying
hedged transaction affects earnings,
for example until the forecasted sales
or purchases occur ("cash flow hedge
a c c o u n t i n g m o d e l " o r " n e t
investment hedging") in the profit or
loss, thus aligning the measurement
and reporting relating to the hedged
items, such as a loan or foreign
currency exposure and the hedging
instrument, such as the forward
contractsorcross-currencyswaps.
Hedge accounting can be used not
only for aligning measurement and
reporting, but also for a more
appropriate presentation. Thus, while
companies that do not follow hedge
accounting are required to reflect
foreign exchange gains and losses as a
separate component in the profit and
loss, hedge accounting may enable
presentation of gains and losses on
hedging derivatives along with the
underlyingtransactions.
It should be noted that hedge
accountingispermittedonlywhenthe
criteria prescribed in AS 30 are met.
These include formal designation and
written documentation, as well as,
testing the hedge effectiveness at
inception and on an ongoing basis. Its
implementation can sometimes
present challenges in terms of
determining the hedging relationship,
identifying upfront the methods for
testing hedge effectiveness. Some of
the commonly used methods for
testing effectiveness include the
dollar offset method, hypothetical
derivative method, regression
analysis amongst others. The hedge is
assessed to evaluate if it would be
highly effective on an ongoing basis
throughout the hedge relationship. A
hedge is highly effective if the ratio of
changes in the fair value or expected
cash flows of the hedging instrument
and the changes in the fair value or
expected cash flows of the hedged
item attributable to the hedged risk
falls within the range of 80 - 125
percent, as tested at the reporting
date. Ineffectiveness in hedging
relationships can arise if the key terms
of the hedged item and hedging
instruments do not match, for
example, the notional and principal
amounts for derivative and hedged
item may be different, or, if there are
timing differences in the maturity
datesorcurrencies.
Therefore, whilst hedge accounting
can enable a fairer representation of
an entity's market risk profile in its
financial statements, it should be
remembered that adopting hedge
accounting brings its own share of
challenges. However, careful
evaluation of the requirements at
i n c e p t i o n , e m b e d d i n g t h e
requirements into the entity's
financial reporting framework and
training of employees can lead to a
smoother transition to hedge
accounting. The benefits of hedge
accounting far outweigh the efforts
required.
Mr. Koosai Lehery
Director
Accounting Advisory Services
KPMG, India
Authored by:

18
Competition Law
Update
Competition Law
Update
By Ms. Shweta Shroff Chopra, Partner, Competition Law Practice,
Amarchand & Mangaldas & Suresh A. Shroff & Co.
1. AbuseofDominance
1.1CCI finds no prima facie case of
abuse of dominance by
builders/developers in the real
estatesector
Following its order in the DLF
Cases, the Competition
Commission of India (CCI) has
received a large number of
complaints pertaining to unfair
and discriminatoryclauses in the
apartment buyer agreements,
i.e.,theagreementsforsale.
Recently, the CCI has dismissed
five complaints against different
builders/developers based in
different places, namely,
Hyderabad, Pune, Delhi National
Capital Region and Bhiwadi
(Rajasthan) on the basis that the
builder/developer was not
dominant in the relevant
market. It should be noted that
assessment of dominance of
builder/developer in these cases
is in sharp contrast to the CCI’s
approach in the DLF cases,
where the DLF’s dominance was
assessed in respect of high-end
residential accommodations in
Gurgaon.
Interestingly, in Case no. 31/2013
(AchyutP.Raov.M/sDesignarch
Infrastructure Private Limited),
the CCI has held that e-homes
(residential accommodations
with pre-fitted hi-tech gadgets
such as wifi, finger print security
system and parkings, etc.) in
Delhi NCR cannot be treated
differently in comparison to
o t h e r r e s i d e n t i a l
apartments/flats and therefore,
they are part of the same
product market. Accordingly,
the CCI in this case has defined
therelevantmarketinrespectof
residential flats/apartments in
DelhiNCR.
Further, in relation to the tall
claims made by companies in
respect of their market position
(for example, claims of being a
leading/major/dominant market
p l a y e r ) i n t h e i r p u b l i c
documents, the CCI has stated
t h a t “ s e l f a c c l a i m s b y
enterprises in their own
documents like red herring
prospectus cannot be taken as
evidence of dominance per se”.
(CaseNo.34/2013(CasaParadiso
Owner’s Welfare Association v.
M/s Santharam Enterprises
Limited))
These cases appear to suggest a
retreat from the position taken
by the CCI in the DLF cases. It
acutely shows that it was
perhaps not wise to have
prosecuted the DLF cases under
the Competition Act 2002, if the
intent of the CCI had been to
r e f o r m t h e c o m m o n
malpractices in the real estate
sector, which are followed
irrespectiveofdominanceofthe
builder/developer.
1.2 CCI finds no prima facie case
of abuse of dominance by
Central Bureau of Narcotics
andNarcoticsControlBureau
Recently, the CCI has
dismissed a complaint filed
against the Central Bureau of
Narcotics (CBN)and Narcotics
Control Bureau (NCB) for
alleged violations of the
Competition Act. It has been
alleged that CBN and NCB, the
regulatory authorities
monitoring the import and
export of poppy seeds under

19
the EXIM Policy 2009-14, have
violated the Competition Act
by permitting import of huge
quantities of poppy seeds
under Special Import Licence
scheme to the detriment of
domestic cultivators. As per
the Government of India’s
regulations, all contracts for
import of poppy seeds are
required to be compulsorily
registered with the NCB.
Further, import of opium
seeds are permissible only
from those countries which
legally cultivate opium poppy
and which can produce the
quantityofseedssoughttobe
imported.
The informant was aggrieved
by the fact that, as a result of
the import of opium poppy
seeds, the prices of poppy
produced by the domestic
cultivators have decreased by
almost 50%. Further over the
time, several restrictions have
been imposed on the Indian
cultivators such that they are
now prohibited from growing
opium in an unrestricted
manner. As a result of the
government policies, the
demand for opium is much
higher than the production
and the deficit is met through
theimports.
After considering the records
produced before it, the CCI
observed that CBN and NCB
are government appointed
agencies who are responsible
for ensuring that illegally
cultivated poppy seeds are
not available in India.
Accordingly, CBN and NCB
cannot be said to be
enterprises within Section
2(h) of the Competition Act.
Further, the CCI has noted
that import of poppy seeds is
governed by the EXIM Policy
of the Ministry of Commerce
and the prices of poppy seeds
are not fixed by either CBN or
NCB. On this basis, the CCI has
observed that a prima facie
case of violation of the
Competition Act has not been
made out against CBN and
NCB.
1.3 CCI gives clean chit to Odisha
MiningCorporationLimited
In a significant decision on
i m p o s i t i o n o f u n f a i r
conditions and pricing by a
dominant enterprise, the CCI
recently passed an order
exonerating Odisha Mining
Corporation Limited (OMC) of
a n y b r e a c h o f t h e
Competition Act in the
context of the conditions and
the prices imposed by OMC
through the Price Setting
Tenders (PSTs). Whilst noting
thatOMCwasdominantinthe
market for friable chrome ore
in Orissa, the CCI found that it
had not abused its position of
dominance.
In relation to the alleged
unfair conditions imposed by
OMC in the PSTs, the CCI
found that the relevant
clauses of the PSTs protected
OMC’s legitimate commercial
interests, as these clauses
allowed OMC to explore
alternative price discovery
systems, especially in
situations where in OMC’s
view, the PST did not reflect
the fair market value of
chrome ore. Interestingly, the
CCI noted that OMC was free
to adopt measures in order to
protectits legitimatebusiness
interests.
In relation to the alleged
unfair pricing, the CCI held
that chrome ore being a non-
renewable natural resource,
its pricing and supply cannot
be determined by the market
forces. Accordingly, while
noting that assessing the
correct economic value of
chrome ore was a difficult
task, the CCI observed that
prices charged by OMC were
not unreasonable on the basis
of the ferro chrome prices in
the international market. The
CCI observed that the prices
charged by OMC did not yield
supra-competitive profits, as
had that been the case, it
would have retained Tata
Steel, who chose to exit the
business of chrome ore sales
(despite OMC being the only
other Indian player), in the
business.

20
2.MergerControl
2.1 CCI approves the proposed
scheme of consolidation of
CIE group’s automotives
Forgings Business with
Mahindragroup
On 21 August 2013, the CCI
c l e a r e d t h e p r o p o s e d
consolidation of the auto-
components business of CIE
g r o u p c o m p a n i e s a n d
Mahindra group companies
stating that the proposed
transaction was not likely to
cause an AAEC in India. The
p r o p o s e d t r a n s a c t i o n
involved consolidation of the
European automotives
forgings business of the CIE
Group Companies with the
f o r g i n g s , c o m p o s i t e s ,
castings, gears, stampings,
and magnetics businesses of
Mahindra Group Companies
into one entity, i.e., Mahindra
CIE Automotive Limited
(Mahindra CIE) through a
series of inter-connected
share acquisitions, open
offers and two schemes of
amalgamation.
Prior to the proposed
transaction, CIE Group
Companies were operational
in European Union, Canada,
Mexico, United States of
America, Brazil, Russia and
China; and Mahindra Group
Companies were primarily
operational in India and
European Union. Therefore,
the proposed transaction was
aimed to confer Mahindra CIE
with a global foot print with
c o m p l e m e n t a r i t y i n
geographies.
W h i l e g r a n t i n g a n
unconditional approval to the
proposed transaction, the CCI
noted that the proposed
transaction did not involve
the merger of two existing
players in the market, as CIE
did not have any presence in
the Indian auto-components
sector and that the existing
t e c h n o l o g i e s u s e d b y
Mahindra Group Companies
would continue to be used
even after completion of the
proposedtransaction.
2.2 CCI clears the proposed
acquisition of certain specific
businesses of Royal Bank of
ScotlandbyRatnakarBank
Through its order dated 10
September 2013, the CCI has
approved the proposed
acquisition by Ratnakar Bank
Limited (Ratnakar Bank) of
the credit cards, mortgage
1
portfolio and business
2
banking segments of Royal
Bank of Scotland (RBS) in
furtherance of the Master
S a l e a n d P u r c h a s e
Agreement. While Ratnakar
Bank had no presence in the
credit cards business prior to
the proposed transaction, the
p r o p o s e d t r a n s a c t i o n
contemplated RBS’ exit from
the credit cards, mortgage
portfolio and business
bankingsegments.
W h i l e g r a n t i n g a n
unconditional approval to the
proposed transaction, the CCI
has observed that given the
1 Mortgageportfoliobusinessincludeshousingloansandloansagainstproperty.
2 Business banking segment includes the high end products and services that are offered to
smallandmediumsizedenterprises.
fact that the banking sector in
India was thriving with a large
number of banks and that
both Ratnakar Bank and RBS
had relatively small number of
branches operating in India,
the proposed transaction was
not likely to cause an AAEC in
India.
2.3 CCI clears proposal for
acquisition of Hexaware
TechnologiesLimited
On 19 September 2013, the CCI
unconditionally approved the
proposed acquisition in
Hexaware Technologies
Limited (Hexaware) by HT
Global IT Solutions Holdings
Limited,a companybelonging
to the Baring Asia Private
Equitygroup(BaringAsia)of:
(i) 4 1 . 4 8 % e q u i t y s h a r e s
(including unlisted American
D e p o s i t o r y R e c e i p t s
equivalent to 7.01% of the
equity share capital) pursuant
t o a s h a r e p u r c h a s e
agreement;and
(ii) an additional 26% equity
shares pursuant to the
mandatory open offer under
t h e S E B I ( S u b s t a n t i a l
Acquisition of Shares and
Takeovers)Regulations,2011.

21
The CCI noted neither Baring Asia nor
any companies belonging to the
Baring Private Equity Asia Group has
any investments in any company
engaged in the same sector as
Hexaware (i.e. providing IT and IT
enabled services in domains such as
human resources and business
analytics in the banking and financial,
insurance,healthcare,manufacturing,
transportation and logistics sectors)
in India. On this basis, the CCI
observed that the proposed
transaction was unlikely to cause an
AAECinIndiaasitdidnotcontemplate
a combination of two existing players
in the Indian IT and IT enabled services
industry.
3.1 Delhi High Court holds that
the CCI is not required to
serve a notice to the affected
parties before directing a
furtherinvestigation
Through its order dated 2
September 2013, the High
Court of Delhi dismissed a writ
petition filed by South Asia
LPG Company Private Limited
stating that while passing an
order directing further
investigation into a matter
under Section 26(7) of the
CompetitionAct,theCCIisnot
required to serve a notice to
3. Procedure
the informant or the opposite
party.
To substantiate its order, the
Court has relied on the
decisionoftheSupremeCourt
in Competition Commission of
India v. Steel Authority of India
Limited (2010) 10 SCC 74,
where it was held that no
notice is required to be given
to the affected parties before
the CCI forms an opinion as to
whether or not a prima facie
case exists on the basis of the
records produced before it.
The Court has observed that,
“if the law does not mandate
issue of notice to the affected
party before directing
investigation to be made by
the Director General, there
would be no reason to imply
such a notice before directing
further investigation in
exercise of the powers
c o n f e r r e d u p o n t h e
Commission under sub
section (7) of the said
Section.” Further, the Court
hasalsoobservedthatthereis
no difference between the
directions for investigation
and directions for further
investigation insofar as the
a f f e c t e d p a r t i e s a r e
concerned, since any further
investigation is merely a
c o n t i n u a t i o n o f t h e
investigation carried out by
theDirectorGeneral.
Additionally, in relation to the
petitioner’s claims of alleged
violations of the principles of
natural justice, the Court has
categorically stated that the
principles of audi alteram
partem would not apply as an
order directing a further
investigation cannot be said
to be an order prejudicially
affecting the person against
w h o m i n f o r m a t i o n i s
provided or a reference is
made. The Court appears to
have based its findings on the
fact that an order of further
investigation neither entails
any civil consequences nor
doesitimpairanylegalrightof
anysuchperson.
Ms. Shweta Shroff Chopra
Partner - Competition Law Practice
Amarchand & Mangaldas & Suresh A. Shroff & Co.
Advocates and Solicitors
216, Amarchand Towers, Okhla Industrial Estate
Phase III, New Delhi 110020
Email - shweta.shroff@amarchand.com
Mobile - +91 98100 98335

22
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23 Institutional Area, Lodi Road, New Delhi - 110 003
Tel: 011-41506492 Fax: 011-24615693 Email: prabhat.negi@cii.in

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to
the development of India, partnering industry, Government, and civil society, through advisory and
consultativeprocesses.
CII is a non-government, not-for-profit, industry-led and industry-managed organization, playing a
proactive role in India's development process. Founded over 118 years ago, India's premier business
association has over 7100 members, from the private as well as public sectors, including SMEs and
MNCs,andanindirectmembershipofover90,000enterprisesfromaround257nationalandregional
sectoralindustrybodies.
CII charts change by working closely with Government on policy issues, interfacing with thought
leaders, and enhancing efficiency, competitiveness and business opportunities for industry through
a range of specialized services and strategic global linkages. It also provides a platform for
consensus-buildingandnetworkingonkeyissues.
Extending its agenda beyond business, CII assists industry to identify and execute corporate
citizenship programmes. Partnerships with civil society organizations carry forward corporate
initiatives for integrated and inclusive development across diverse domains including affirmative
action, healthcare, education, livelihood, diversity management, skill development, empowerment
ofwomen,andwater,tonameafew.
The CII Theme for 2013-14 is Accelerating Economic Growth through Innovation, Transformation,
Inclusion and Governance. Towards this, CII advocacy will accord top priority to stepping up the
growth trajectory of the nation, while retaining a strong focus on accountability, transparency and
measurement in the corporate and social eco-system, building a knowledge economy, and broad-
basingdevelopmenttohelpdeliverthefruitsofprogresstoall.
With 63 offices, including 10 Centres of Excellence, in India, and 7 overseas offices in Australia, China,
Egypt, France, Singapore, UK, and USA, as well as institutional partnerships with 224 counterpart
organizationsin90countries,CIIservesasareferencepointforIndianindustryandtheinternational
businesscommunity.
The Mantosh Sondhi Centre
23, Institutional Area, Lodi Road, New Delhi – 110 003 (India)
T: 91 11 45771000 / 24629994-7 F: 91 11 24626149
E: info@cii.in W: www.cii.in
Reach us via our Membership Helpline: 00-91-11-435 46244 / 00-91-99104 46244
CII Helpline Toll free No: 1800-103-1244

CII Global Regulatory Update, September 2013

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CII Global Regulatory Update, September 2013