| Professional
News |
| INCOME
TAX |
| Share buyback expenditure not
taxable: Income Tax Appellate
Tribunal |
|
Maharashtra : In an order
that will have a bearing on companies opting to buy back
shares at a premium, the Income Tax Appellate Tribunal (ITAT),
Mumbai held that tax is not payable for the expenditure
incurred for such buybacks. Such buybacks involve an
expenditure incurred for a smooth and efficient functioning of
a company and therefore are in the nature of business
expenditure, the Tribunal held. Business
expenditure,
|
| Misc. - Indirect
Tax |
| Ministry for R&D cess on chemical
industry |
|
Maharashtra : The Union
ministry of chemicals proposes to impose a chemical
upgradation and innovation cess at the rate of 0.5 per cent ad
valorem on chemical industries. The aim is to collect funds
for establishing a Technology Upgradation and Innovation Fund.
An official source said this proposal was in line with the
cess imposed by the ministry of new and renewable energy to
set up a clean energy fund or as with the case of the telecom
fund of the department
|
| SEBI |
| ASE members likely to challenge new
Sebi norms in HC |
|
Gujarat : Shareholders and
members of the Ahmedabad Stock Exchange (ASE) have decided to
move court next week against the stringent norms issued by the
capital market regulator for regional stock exchanges (RSEs).
The rift between the Securities and Exchange Board of India
(Sebi) and RSEs seems to be gaining momentum with five members
and shareholders from ASE deciding to file a writ petition in
the Gujarat High Court against the new norms. RSEs says the
Sebi norms would lead to their complete closure.
|
| Sebi refused to accept documents
about investors' details: Sahara |
|
Maharashtra : Sahara has
accused capital market regulator Sebi of refusing to accept
truckloads of documents sent by the company to meet the
deadline set by the Supreme Court. According to the
Lucknow-based business group, the trucks are waiting since the
evening of September 10, 2012 outside Sebi headquarters in
Mumbai. Directing two Sahara Companies - Sahara India Real
Estate Corporation Ltd. and Sahara Housing Investment
Corporation Ltd - to refund Rs 17,400 crore along with
interest to investors of optionally fully convertible
debentures,
|
| Sebi notifies new governance rules
for depositories |
|
Delhi : Market regulator
Sebi has notified new governance rules for the depositories
including those related to composition of their boards,
salaries of top officials and their listing. Depositories are
those entities that hold securities deposited by others and
where these securities are exchanged, while Depository
Participant (DPs) largely function as agents of the
depositories and as intermediaries between the depository and
the investors.
|
| EPF AND MISC
PROVISIONS ACT, 1952 |
| Permanent PF a/c number by
2013 |
|
Chandigarh : Come March
2013, salaried employees will be able to switch jobs, without
worrying about withdrawing or transferring their savings with
the Employees Provident Fund Organisation (EPFO). As the EPFO
migrates from a decentralised to a centralised system, it
intends to give permanent account numbers to their
holders.
|
| RBI |
| Industry for immediate rate cut; RBI
unlikely to oblige |
|
Delhi : Industrial
production crept back into the black in July, but not enough
to calm those waving red flags of concern about the economy
and crying for urgent action to prevent growth from slipping
further. Data released by the Central Statistical Office on
Wednesday showed that industrial output as measured by the
index of industrial production (IIP) expanded just 0.1%
year-on-year in July,
|
| FDI
Policy |
| Anand Sharma, Vayalar Ravi to meet
today to iron out issues |
|
Delhi : The ministry of
micro, small and medium enterprises (MSME) has softened its
stance on sourcing requirement for foreign direct investment
in single brand retail, amid demands to that effect by Swedish
furniture major IKEA. However, the ministry has stuck to its
position that it will not allow any change to the definition
of MSME.The MSME ministry gave this indication at a meeting
between its secretary R K Mathur and his counterpart in the
department of industrial policy and promotion,
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Firms must bid to sell captive coal
power: Moily |
|
Delhi : a profit margin of
41%. During the same period, NTPC’s profit margin stood at
15%, which is close to the industry norm. The company has
denied all allegations and said that its higher profits is due
to its efficiency. Other firms who have been allocated captive
blocks but are yet to commission associated power plants are
Tata Group,
|
| CCI investigating 70 real estate
companies for alleged collusion |
|
Delhi : The Competition
Commission of India, or CCI, is investigating around 70 real
estate developers around the country, including Unitech,
Parsvnath Developers and Omaxe as well as several big builders
in Mumbai, for entering into one-sided agreements with buyers
and for allegedly colluding with each other to arm-twist
them.In probably the biggest scrutiny of the industry,
|
| Unorganised property agents to come
under proposed real estate regulator’s
ambit |
|
Delhi : The government plans
to bring unorganised property agents and brokers under the
ambit of the proposed real estate regulator, imposing
stringent penalties including imprisonment on those who dupe
buyers or operate without a valid registration."We have added
a chapter on real estate agents in the Real Estate (Regulation
and Development) Bill. This will bring in the much needed
order in the segment," a senior official in the ministry of
housing and urban poverty alleviation said on condition of
anonymity. He said the bill will be sent to the Cabinet next
week.
|
| Export policy on agri commodities to
stay: Pawar |
|
Delhi : The Government is
expected to continue with its export policy on agricultural
commodities such as rice, wheat and sugar, the Union Minister
for Agriculture Sharad Pawar, said here on Wednesday. “We are
against a switch-on, switch-off policy on exports. The current
export policy will continue and I don’t see any
problem,”
|
| Audit & Acc -
Misc. |
| IFRS will be effective from next
year: Moily |
|
Delhi : India will enforce
an adapted version of International Financial Reporting
Standards (IFRS) from financial year 2013-14, making the
financial statements of companies in the country comparable
with those in more than 100 other countries, corporate affairs
minister M Veerappa Moily said on Wednesday. IFRS followed in
many advanced economies including Europe, relies on a fair
value based accounting system to capture a more realistic
picture of a company's financial health than the conservative
Indian accounting standards that follow a historical cost
approach (the cost of acquiring an asset).
|
| Finance & Money
Markets |
| International Paper must pay
non-compete fee to minority shareholders:
SAT |
|
Maharashtra : The Securities
Apellate Tribunal, or SAT, has upheld an order by market
regulator Sebi that directed the USbased International Paper
to fork out non-compete fees to all minority shareholders of
Andhra Paper,
|
| Higher inflows push MF assets to
Rs.7.5 lakh cr in Aug |
|
Maharashtra : into the
category continued to be on account of fixed maturity plan
(FMP), new fund offers (NFOs) as well as inflows into dynamic
bond funds, short-term income funds and ultra short-term debt
funds," the report said. Equity funds, however, witnessed a
dip in average AUM by 1.19 % to R1.76 lakh crore last month on
the back of outflows of over R2,300 crore. "The outflows were
a result of profit-booking on recent gains in the equity
market," the report said, adding the domestic market moved
higher due to positive cues.
|
| Merchant bankers play blame game in
IPO scam |
|
Maharashtra : The capital
market regulator's probe into the irregularities in various
initial public offerings (IPOs) has brought to the fore a
much-deeper rot due to the alleged nexus between merchant
bankers and companies. Every time the regulator has questioned
the banker, the latter has washed his hands off saying the
company did not disclose the information. In the
process,
|
| Commodities rally on German court
ruling on EU bailout |
|
Delhi : Global commodity
markets rallied on Wednesday, with crude rising for a fifth
straight day and gold scaling a six-month peak, after a German
court cleared hurdles for a fund to bail out debt-trapped euro
zone and optimism gained pace about further stimulus from the
US Federal Reserve.
|
| Top private banks ICICI, HDFC &
Axis cut deposit rates by over 25 bps |
|
Maharashtra : The country's
top three private banks, ICICI Bank, HDFC and Axis Bank, have
slashed their deposit rates by more than 25-50 basis points,
possibly with a view to offering customers a lower interest
rate on their loans. The lower cost of funds would help banks
maintain their margins at a time when demand for credit
remains subdued. The largest private lender in the country,
ICICI Bank, on Wednesday cut rates across maturities ranging
from 91 days to less than five years by 50 basis points. The
bank's best offering on fixed deposit is now 8.75% from 9.25%
earlier.
|
| NRI deposits fall in July, show RBI
data |
|
Maharashtra : Dollar inflows
into bank deposits through non-resident Indians tapered off
slightly in July after rising for three consecutive months,
data from the Reserve Bank of India showed. Non-resident
external rupee accounts saw inflow of $953 million during
July,
|
| MCX-SX flagship index unveiled as
‘SX-40’ |
|
Delhi : The flagship index
of the MCX Stock Exchange (MCX-SX) will be known as “SX-40”,
said Jignesh Shah, Vice-Chairman of the new stock exchange.
The SX-40 will be a free-float-based index of large market-cap
and liquid stocks representing most importing sectors. MCX-SX
will work with Indian Statistical Institute,
|
| Commodities |
| Platinum holdings poised for record
on mining disruption |
|
Platinum assets in exchange-traded
products (ETP) are poised to climb to a record as worsening
labour unrest in South Africa, the world's largest producer,
threatens supplies. Prices surged to the highest level in five
months. The amount held in ETPs was 45.727 tonne on Tuesday,
|
| Banking |
| RBI sets stage for a bank supervision
overhaul |
|
Maharashtra : The Reserve
Bank of India (RBI) has decided to change the way it monitors
and supervises banks in order to make the process more
forward-looking. The move comes against the backdrop of the
risks that have emerged after the global financial crisis of
2008,
|
|
![]() |
| Economy |
| India |
| Industry for immediate cut of interest rates as
IIP grows 0.1%; RBI unlikely to oblige |
| Whirlpool, Videocon, Panasonic miffed with
GfK-Nielsen India's under reporting |
| India, China retail real estate stock to grow 15%
per year until 2020: Jones Lang LaSalle |
| Kelkar committee recommends an annual fiscal
deficit reduction of 0.5% to 2013-14 |
| Cabinet set to OK stake sale in Hindustan Copper,
NALCO, Neyveli Lignite, Oil India and MMTC |
| India to push exports via trade
diplomacy |
| 12th Plan outlay proposed at Rs 47.7 lakh
cr |
| Rs 51.46 lakh cr infra outlay projected during
12th Plan |
| ‘India’s growth hit by tight monetary
policy’ |
| India shifts gear: Utility vehicles overtake
sedans in auto sales |
| Growth in bank lending to real estate drops to 4%
in June: Report |
| Use your cash or lose it, Chidambaram tells
PSUs |
| Countries make a beeline to woo rising tribe of
Indian vacationers |
| Telcos ring up ARPU as subscriber base falls
|
| Fitch India review in Q3 fiscal deficit &
inflation remain issues |
| |
| International |
| Eurozone crisis: Why adopting the euro is a trap
for some nations |
| Court ruling puts euro fund ball back in Angela
Merkel's court |
| Federal Reserve may announce QE3
today |
| EU's Barroso calls for federation of
nations |
| Italy pays lower borrowing costs in bond
auction |
| Forecast points to solid holiday
growth |
| UPDATE 2-Banks must curb profit drive - Barclays
boss |
| Top German court clears European bailout
fund |
| The real scandal |
| Flat IIP growth is a sign of things to
come |
| UK jobless numbers fall |
| |
| Markets
Today |
| NSE |
5,435.35
|
0.08%
|
| BSE |
18,021.16
|
0.12%
|
| NASDAQ |
3,114.31
|
0.00%
|
| |
|
|
| USD |
55.37
|
|
| EURO |
71.45
|
|
| JPY(100) |
71.29
|
|
| GBP |
89.16
|
|
|
| |
| Announcements |
Appointment of Member (Finance) in
Prasar Bharati 31/10/2012
![]() |
| Corporate
Watch |
| Jaiprakash Associates tumbles after pricing
FCCB issue |
|
Delhi : Jaiprakash Associates
tumbled 7.52% to Rs. 65.15 at 9:27 IST on BSE after the
company said it has priced a $150 million foreign currency
convertible bonds issue which has been fully subscribed The
company made this announcement before trading hours
today,
|
| TVS Motor plans to have common platform in
2-wheeler segment |
|
Tamil Nadu : TVS Motor Company
plans to bring down the number of components in two-wheelers
significantly to reduce costs and improve profitability. “Over
the next three years, we will simplify the number of parts. We
expect to reduce part count by 40 per cent. We currently have
multiple platforms across our two-wheelers. We plan to bring
that down to 2-3 common platforms,” said Venu Srinivasan,
|
| Coal India may spend Rs 14,500 cr more on
12th Plan capex |
|
Delhi : Coal India Ltd on Wednesday
said it may spend additional Rs 14,500 crore as part of
capital expenditure (capex) during the 12th Five Year Plan
period that started on April 1, 2012. Currently, the public
sector miner has lined up a capex of Rs 25,400 crore for the
five year period that ends on March 31, 2017. The additional
expenditure would be made if regulatory approvals come on time
and there is faster progress in land acquisitions, said A.K.
Sinha, Director (Finance) of Coal India.
|
| Canadian firm GrowMax to study phosphate
mining prospects in Peru |
|
West Bengal : Canadian exploration
company GrowMax, in which Indian Farmers Fertilizer
Co-operative Ltd (IFFCO) has a 20 per cent strategic interest,
is acquiring an additional 10,000 hectares phosphate mining
concession in Peru. GrowMax, a subsidiary of Canada-listed
Americas Petrogas Inc, until recently was pursuing only a
potash brine project in the north-western coastal but arid
Piura province of Peru. IFFCO sources told Business Line that
GrowMax’s potash project was set to be expanded to phosphate
also. The explorer has completed
|
| 25 renewable energy firms bid for supplying
power to tower firms |
|
Delhi : At least 25 Renewable
Energy Service Companies (Rescos) have expressed interest in
supplying energy to telecom tower companies. Tower companies,
including Indus, Bharti Infratel, American Tower Corporation
and Viom, had floated a joint proposal for the
project.
|
| Ericsson says it is ready for telecom
manufacturing policy |
|
Delhi : Swedish telecom equipment
maker Ericsson said that it is ready to implement the proposed
manufacturing policy as long as there is level-playing field.
The manufacturing policy proposes to give preferential access
to companies with local production units. It also prescribes
the amount of value addition that needs to be done by
manufacturers locally. “Any country would like to promote
local manufacturing so we are not fighting it. We have a
manufacturing unit in India so we are ready to comply
|
| Reliance’s low-costtablets may hit 3G
players: Gartner |
|
Maharashtra : Reliance Industries
Ltd’s plans to introduce inexpensive Long Term Evolution
tablets and tariffs, could be disruptive for existing 3G
operators. The company has plans to introduce a Long Term
Evolution (LTE) tablet priced at Rs 3,500 (about $60) in the
Indian market. It has already tied up with Datawind for the
production of these tablets, according to a report by research
and advisory firm Gartner. Long Term Evolution (LTE), commonly
called 4G,
|
| Deccan Chronicle falls 24% in 3
days |
|
Andhra Pradesh : There is more
trouble ahead for the Reddys’ owned Deccan Chronicle Holdings
(DCHL). Its shares hit the lower circuit on Wednesday before
recovering marginally, closing at Rs 11.03, down Rs 1.22 or
about 10 per cent. The sharp fall comes just a day ahead of
the scheduled auction for the sale of its Indian Premier
League cricket team,
|
| |
| Tenders
& Assignment |
Bihar State Cooperative Supply-Sale Federation
Committee ![]() |
Description : Expression of Interest for
Accounting Service
Last Date :
17/09/2012
Address :Bihar State
Cooperative Supply-Sale Federation Committee,Biscomaun Bhawan
1st Floor,west gandhi maidan,Patna
|
Sarva Shiksha Abhiyan ![]() |
Description :Expression of interest for
Internal audit for short listing of panel for internal audit
of accounts
Last Date : 20/09/2012
Address :Madina Housing Colony,Bemina
Srinagar/105 Karan NagarJammu
Phone
:0191-2563496
|
Bharat Sanchar Nigam Limited ![]() |
Description :BSNL is proposed to entrust
the job to a firm of Cost Accountant(s)/Chartered
Accountant(s) who shall prepare the product-wise financial
reports and other related work till the submission of
Accounting Separation Reports for the year 2011-12 to TRAI, as
per Accounting Separation Regulation, 2012 and in line with
Operator Specific Accounting Separation Manual for 24
Telecom
Circles and 2 Metro Districts and consolidate the
same for BSNL as a whole.
Last Date :
20/09/2012
Address :Assistant General
Manager (CA-lll),
BSNL Corporate Office,
1st Floor,
Bharat Sanchar Bhawan,
H.C Mathur Lane, Janpath,
New
Delhi-11000
Phone :011-23734108,
011-23734110
|
National Rural Health Mission ![]() |
Description :Hiring Services of Chartered
Accountant Firm For Concurrent Audit of State Health Society
For F.Y. 2012-13
Last Date :
27/09/2012
Address :Vishal Complex,
19-A, Vidhan Sabha Marg, Lucknow
Phone
:0522 – 2237595
E-Mail :acs.nrhm@gmail.com
|
National Rural Health Mission ![]() |
Description :Hiring Services of Chartered
Accountant Firm For Concurrent Audit of Districts Health
Society For F.Y. 2012-13
Last Date :
27/09/2012
Address :Vishal Complex,
19-A, Vidhan Sabha Marg, Lucknow
Phone
:0522 – 2237595
E-Mail :acs.nrhm@gmail.com
|
Punjab State Transmission Corporation
Limited ![]() |
Description :Empanelment of internal
Auditors for Appointment as Internal Auditors for assignment
of Internal Audit for various offices of PSTCL for the FY
2012-13
Last Date : 05/10/2012
Address :2nd Floor,Shakti Sadan,The
Mal, Punjab State Transmission Corporation Limited
Patila-147001
Phone :096461-11047
|
| |
| Reminders |
| Tenders |
| Mahila Arthik Vikas Mahamandal
Limited 14/09/2012
|
| National Institute Of Pharmaceutical Education
And Research 14/09/2012
|
| Uttarakhand Health & Family Welfare
Society 14/09/2012
|
| Silpabarta Printing Press
Limited 15/09/2012
|
| Sreegopal Banerjee
College 15/09/2012
|
| Power Transmission Corporation Of Uttarakhand
Limited 15/09/2012
|
| Central Bank Financial Services
Limited 15/09/2012
|
| Allahabad City Transport Services
Limited 15/09/2012
|
| District Health
Society 17/09/2012
|
| State Health
Society 18/09/2012
|
| Department Of Health
Services 18/09/2012
|
| Government of India Ministry of Heavy Industries
& public Enterprises Department of public
Enterpris 20/09/2012
|
| Rural Development
Department 20/09/2012
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/203 (Delhi) 12/09/2012
|
| Overseas Direct Investments by Indian Party –
Rationalisation |
| Notification No.
RBI/2012-13/204 (Delhi) 12/09/2012
|
| Comprehensive Guidelines on OTC Foreign Exchange
Derivatives – Cost Reduction Structures |
| |
|
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