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1. PGC NEWSLETTER 21ST AUG, 2014 1
PGC
NEWSLETTER
21st
Aug 2014
THOUGHT OF THE DAY
“COURAGE DOES NOT MEAN YOU DO NOT HAVE FEAR. RATHER YOU HAVE THE
KNOWLEDGE THAT SOMETHING ELSE IS GREATER IN LIFE THAN FEAR."
SEBI/COMPANIES UPDATES
• Kerala-based Federal will be spending about Rs 21 crore this year on its Corporate Social
Responsibilities activities, including about Rs 15-18 crore in the state.
• McDonald's estranged India partner Vikram Bakshi said dissolution of the joint venture
with the US fast food chain was the only solution to end the dispute between the two,
Connaught Plaza Restaurant Private Limited, the 50:50 venture between the two, runs
165 McDonald's outlets in north and east India
• The Ministry of Finance is in the process of strengthening the regulatory framework of
the commodity derivative markets, greater empowerment of Forward Markets
Commission (FMC).
• The Finance Ministry has ordered a forensic audit after reports of misappropriation of
funds worth Rs. 436 crore at the branches of Dena Bank and Oriental Bank of
Commerce.
• A joint venture between the Tata Group and the Kolkata-based Srei Group, is
considering raising funds through a real estate investment trust (REITs) besides listing
and selling a stake to a strategic investor.
• The first information reports filed by the Central Bureau of Investigation in the
Syndicate Bank bribery case indicate that its probe may cover more banks and
corporates.
• The seven sister states of India, having arguably one of the worst road links in the
country and a doddering air network, can finally expect better air connectivity between
them, as the northeastern states have agreed to fund Alliance Air's losses in operating
these flights.
• India Resources Limited (IRL) has signed a placement agreement with Resource Capital
Fund VI for issuing nearly 200 million shares at a price of $0.008 to raise up to $1.6
million.
RBI / TAX LAW UPDATES
• The Reserve Bank of India (RBI) said neither the infrastructure sector nor the housing
sector was starved of bank finance.
• CBDT hereby extends the due date for obtaining and furnishing of the report of audit in
case of assessees who are not required to furnish report under section 92E of the Act
from 30th day of September, 2014 to 30th November, 2014.
MARKET UPDATES
SENSEX
26,414.78 100.49
CNX NIFTY
7,9.5.50 30.20
DOLLAR/ RUPEE
61.64 - 0.02
MCX SILVER
42,121.0 - 0.53
MCX GOLD
28,060.0 - 152.0
MCX CRUDE OIL
5,691.0 - 0.16
Dow Jones Industrial
Average
16,979.0 59.0
Nasdaq Composite
4,526.0 - 2.0
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