PGC / PROGLOBAL CORP Newsletter 21st may 2014

1. PGC NEWSLETTER 21st May 2014 1
PGC
NEWSLETTER
21st
May 2014
THOUGHT OF THE DAY
“DELIVER YOUR WORDS NOT BY NUMBER BUT BY WEIGHT”.
ECONOMIC NEWS
• Gujarat State Petroleum, the highprofile state firm of the Narendra Modi
government in Gujarat, is poised for an IPO as it is ready to start gas
production for its KG Basin block that borders Reliance Industries' KG-
D6 region.
• According to NitiCentral, several Congress leaders like Priyanka Gandhi
Vadra, Salman Khurshid, Sachin Pilot,Abhishek Manu Singhvi, Capt
Amrinder Singh and Karti Chidambaram have multiple Director
Identification Numbers (DIN), an offence under the Companies Act.
SEBI/COMPANIES UPDATES
• Snapdeal has raised $100 million (Rs 590 crore) from a group of five
investors including Azim Premji's family office, the latest in a flurry of
dealmaking in India's fast-growing online retail space.
• The US Food and Drug Administration has continued its import ban on
Sun Pharma's Karkhadi plant in Gujarat, Sun Pharma has 15 days time to
reply to the various concerns raised by the FDA related to the plant.
• To take on Amazon, Flipkart & Myntra to merge this week- Online
retailer Flipkart will announce its merger with rival Myntra on Thursday
• SFIO has clearly pointed out alleged violation of some provisions of the
Companies Act by S K Gupta Roy, the auditor-cum-audit firm of key
Saradha outfits like Saradha Realty, Saradha Construction Company,
Saradha Tours and Travels and Bengal Media. SFIO has specifically
pointed out seven-eight such violations based on a report of Registrar of
Companies (ROC) through which Saradha Group has allegedly siphoned
off over Rs 150 crore.
RBI / TAX LAW UPDATES
• Income-tax (Fifth Amendment) Rules, 2014-Substitution of Forms 49a
and 49aa Notification no. 26/2014 [f.no.142/15/2013-tpl]/so 2045(e).
• Customer protection code to be mandatory for banks: To protect
consumer interest, the Reserve Bank of India (RBI) is formulating
guidelines to discourage lenders from mis-selling and hold them
responsible for the products they offer.
MARKET UPDATES
SENSEX
24,320.28 -56.60
CNX NIFTY
7,260.35 15.15
DOLLAR/ RUPEE
58.75 0.11
MCX SILVER
41210.00 .41
MCX GOLD
28189.0 .00
MCX CRUDE OIL
6075.00 0.98
Dow Jones Industrial
Average
16,374 138
Nasdaq Composite
4,097 29