India Business Update

1. PGC
NEWSLETTER
3RD MARCH, 2014
THOUGHT OF THE DAY
“QUALITY MEANS DOING IT RIGHT WHEN
NO ONE IS LOOKING”
ECONOMICS NEWS
• The Swiss authorities have told the Indian government they will
not be able to share information on bank accounts without the
consent of the account-holders.
• China's manufacturing weakened in February and employers
cut staff at the fastest rate in nearly five years, a survey showed
Monday, adding to signs growth in the world's second-largest
economy is cooling.
CORPORATE LAW UPDATES
• Competition Act: Where there were large number of players in
wholesale, retail/or real estate market, proposed combination
of Wal-Mart and Bharti group would not have any adverse
effect on competition in India and, therefore, same was to be
approved.
• SEBI shifts through "hopelessly mixed up" documents
submitted by Sahara, chances remain very low of finding
genuine investors and the market regulator suspects it to have
provided details of mostly "ghost or fictitious" investors .
RBI / TAX LAW UPDATES
• IT: Common admin exp. incurred by HO on all its units can't be
apportioned among such units proportionately.
MARKET UPDATES
SENSEX
21,108.65 -11.47
CNX NIFTY
6,268.60 -8.35
DOLLAR/ RUPEE
61.89 0.11
MCX SILVER
46849.0 1.04
MCX GOLD
30,423.00 333.00
MCX CRUDE OIL
6441.0 1.1
Dow Jones Industrial
Average
16,321.71 49.06
• IT: Where assessee was director of a company and said
company had undertaken work of procuring land for 'DLF' and
in this process assessee also acquired certain land in his
individual capacity, it could not be said that assessee had
derived any benefit from above company so as to attract
Nasdaq Composite
4308.12 -10.81
provisions of section 2(24)(iv).
PGC NEWSLETTER 3rd March 2014
1