| Professional
News |
| COMPANY
LAW |
| New Companies Act may give directors
sleepless nights |
|
Delhi : The old corporate
testament of 1956 has been pushed into the annals of history,
beginning the All Fools Day this year. 282 vital sections of
the new company law have been made effective, giving vent to a
modern, resilient regulatory testament. The new law assumes
directors and key management personnel to be the sentinels of
governance. It seeks to put in a quandary the questionable
independence of independent directors.
|
| RBI |
| RBI steps in to end 'unfair' scrutiny
of PSU bankers |
|
Maharashtra : The constant
fear of being haunted by the Central Vigilance Commission
(CVC) for taking an incorrect decision may be a thing of the
past for the government-owned banks if the Reserve Bank of
India (RBI) has its way. The CVC, an authority set up to weed
out corruption among government-owned units, is the mostfeared
organisation among bankers since it can question business
decisions taken by lenders anytime in future, unlike its peers
in private banks.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Operator's permit to AirAsia won’t
violate code of conduct: Civil Aviation
Ministry |
|
Delhi : The civil aviation
ministry has told the Election Commission that granting air
operator's permit to AirAsia India will not violate the model
code of conduct for the Lok Sabha elections. "The issuance of
the permit is not a new scheme and does not involve any
sanctions or expenditure from the government," the ministry
said in a letter, a copy of which was seen by ET. The Election
Commission had sought a reply from the ministry after BJP
leader Subramanian Swamy complained that grant of air
operator's permit would be in violation of the model code of
conduct.
|
| Competition panel to vet Sun-Ranbaxy,
Lafarge-Holcim mega deals |
|
Delhi : The proposed Sun
Pharma-Ranbaxy merger and the Lafarge-Holcim deal, which are
likely to raise competition concerns in their respective
sectors, will have to be vetted by the fair trade regulator,
Competition Commission of India (CCI).Sources in the CCI said
the competition panel could seek modification in the deal
structures in case it found the deals disturbing the fair
trade eco-system.Sun Pharma’s proposed acquisition of Ranbaxy
Laboratories in an all-stock transaction, valued at over $3.2
billion, will need CCI nod. Defining the relevant market would
be a key challenge for both the drug-makers and the CCI, say
experts.
|
| Finance & Money
Markets |
| Net profit of TCS, Infosys, Wipro
& HCL Tech may see marginal slide of 0.1% for the March
quarter |
|
Delhi : After a few quarters
of stellar growth, the performance of top software services
companies is likely to be sombre in the quarter to March on
account of a slower offtake of projects due to the annual
budgeting exercise by clients.Also, a flat rupee against the
dollar on a sequential basis will not be able to provide
support to the bottomline. At the aggregate level, top four
software exporters, including TCS, Infosys, Wipro and HCL Tech
are expected to show a marginal drop of 0.1 per cent in net
profit for the March quarter on a sequential basis.
|
| Inflation Indexed Bonds fail to
attract retail investors |
|
Delhi : The much touted
Inflation Indexed National Savings Securities have failed to
attract retail investors. The poor response is attributed to
the lack of awareness, absence of tax benefits, and a fall in
retail inflation.According to a Finance Ministry official, the
total mobilisation through this 10-year instrument, which was
meant to be a hedge against inflation, has been around Rs. 100
crore.
|
| IT companies may report muted Q4
numbers, count on newer technologies in FY
15 |
|
Karnataka : Indian software
companies, which begin reporting their fourth-quarter earnings
next week, will be keeping a keen eye on emerging technologies
while preparing for a year that is expected to be slightly
better than 2013-14. As the US economy improves, technology
budgets of large American corporations are expected to
increase, helping India's top technology outsourcers report
higher growth in the coming year, companies and analysts
said.
|
| Commodities |
| Hybrid maize seed market set to
double in two years |
|
Andhra Pradesh : India's
hybrid maize seed sector could more than double to twolakh
tonne a year from 90,000 tonne now in the next two years
thanks to expanding demand from poultry and industrial
sectors, say analysts and industry leaders. High yields,
coupled with remunerative selling prices, are influencing
farmers to shift to hybrid maize cultivation from crops like
hybrid cotton that have seen near saturation, they say.
|
| INTERNATIONAL
BUSINESS |
| US jury slaps $9-billion fine on Eli
Lilly, Takeda Pharma |
|
A US jury ordered Takeda Pharmaceutical
and Eli Lilly to pay $9 billion in punitive damages over a
diabetes medicine linked to cancer, but Japan's biggest
drugmaker said on Tuesday it will “vigorously challenge” the
decision. The US district court in western Louisiana decided a
$6-billion penalty for Takeda and $3 billion for its business
partner and co-defendant Eli Lilly. It also ordered $1.5
million in compensatory damages in favour of the
plaintiff.
|
| Banking |
| Differentiated Bank Licence: Will
they be old wine in a new bottle?
Article |
|
Delhi : Within two months,
three weeks, and five days of the Nachiket Mor panel
glorifying IDFC for proving its mettle as a differentiated
bank in a shaky Indian banking industry, its chairman Rajiv
Lall was told his company has been granted the licence to
convert it into a full-fledged commercial bank.Soon after
granting the licence to IDFC, and micro-lender Bandhan
Financial Services, Reserve Bank of India Governor Raghuram
Rajan said the industry is on the cusp of a transformation in
the form of differentiated and 'on-tap' banking
licences.
|
| ASEAN and India banking systems well
positioned to cope with tapering and higher interest
rates |
|
Delhi : Moody's Investors
Service said that the banking systems in ASEAN and India are
resilient to the financial impacts of the reduction of
monetary stimulus by the US Federal Reserve, or the risk of
higher interest rates more generally. "The strengths of these
banking systems are currently underpinned by their relatively
strong capital buffers, modest levels of problem loans, high
recurrent profitability and low reliance on foreign funding,"
said Eugene Tarzimanov, a Moody's Vice President and Senior
Credit Officer.
|
| Banks urge Basel Committee U-turn on
asset-based debt |
|
Delhi : Banks from Deutsche
Bank to Barclays attacked proposals to overhaul global capital
rules for asset-backed debt, saying they risk choking
securitisation while clashing with efforts to boost lending to
businesses. Proposals by the Basel Committee on Banking
Supervision would be so onerous for some securitisations that
banks would shun investments in the debt, they said.
|
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/554 (Delhi) 07/04/2014
|
| Investment through Alternative Investment Funds –
Clarification on Calculation of NOF of an NBFC |
| Notification No.
RBI/2013-14/555 (Delhi) 07/04/2014
|
| Reporting of Cross Border Wire Transfer Report on FINnet
Gateway - Primary (Urban) Co-operative Banks (UCBs) |
| Notification No.
RBI/2013-14/556 (Delhi) 07/04/2014
|
| Foreign investment in India in Government Securities |
| Notification No.
RBI/2013-14/557 (Delhi) 07/04/2014
|
| Risk Management & Inter-Bank Dealings: Booking of
Forward Contracts - Liberalisation |
| Notification No.
RBI/2013-14/558 (Delhi) 07/04/2014
|
| Registration of Non-Operative Financial Holding Companies
(NOFHCs) |
| |
|
 |
| Economy |
| India |
| India's growth likely to recover to 5.4 per cent
in 2014: IMF |
| Government terms audit of rural job guarantee
scheme,MGNREGS, as bogus |
| Urea imports dip 12% in 2013-14 |
| Govt plans conclaves to help exporters face
quality, standards barriers |
| India drawing up plan to fix trade gaps, fight
protectionism |
| US tempts Europe with gas, but not enough to keep
Russia away |
| |
| International |
| US plans to allow spouse of H1B visa holder to
work in America |
| IMF sees rich nations propelling global growth,
but risks linger |
| |
| Markets
Today |
| NSE |
6,796.20
|
|
| BSE |
22,702.34
|
|
| NASDAQ |
4,112.99
|
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| |
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| USD |
60.09
|
|
| EURO |
82.85
|
|
| JPY(100) |
58.84
|
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| GBP |
100.62
|
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| |
| Corporate
Watch |
| Wal-Mart shrugs off BJP's manifesto, will
add 50 more stores |
|
Delhi : Walmart Stores won't be
affected by Bharatiya Janata Party's pledge to scrap foreign
investment in supermarkets if it forms the next government, as
the world's largest retailer plans to focus only on its
cash-and-carry business in India.At the same time, it's ready
to launch an e-commerce business whenever India allows foreign
direct investment (FDI) in that segment.
|
| Dodsal Group to sell Pizza Hut's India food
business |
|
Maharashtra : Dubai based Dodsal
Group, which owns the franchisee rights to Pizza Hut chains in
South and West India, will sell its food and fine dining
company and has appointed boutique investment bank Euromax
Capital to scout for buyers, three people with direct
knowledge of the development said. Kilachand family, the
owners of Dodsal, has decided to focus on its engineering and
construction business in the Middle East,
|
| Telecom market ripe for consolidation:
Vodafone India's Marten Pieters |
|
Delhi : Vodafone India is bullish
on the telecom sector's prospects with consolidation imminent
as many of the players are making losses and thus may not have
too many options but to sell out.'There are currently about a
dozen players, with many of them making losses,' Marten
Pieters, Vodafone India managing director and chief executive,
told ET.Pieters,
|
| New Zealand-based Steel & Tube Holdings
to acquire Tata Steel International
Australasia |
|
Delhi : New Zealand-based Steel
& Tube Holdings said on Tuesday it will acquire Tata Steel
International Australasia Ltd (TSIAL) on for a cash
consideration of NZ $27.5 million. In a separate statement
later in the day, Tata Steel added Steel & Tube had agreed
to acquire TSIAL on April 14, 2014. TSIAL, a New Zealand based
company, is the leading supplier of stainless steel,
|
| Now, GMR's Philippine project flies into
trouble |
|
Delhi : A consortium led by the
Bangalore-based GMR group, which won the bid for the Mactan
Cebu international airport project in the Philippines, faces a
petition in that country's Supreme Court to scrap the
deal.Serge R Osmeña III, a prominent Philippine politician,
said in his petition filed in court two days before last
week's announcement that the GMR group violated bid conditions
that barred companies with a conflict of interest from
bidding. .
|
| Suzlon arm gets €850-m working capital
loan |
|
Maharashtra : Germany-based Senvion
SE (formerly REpower), a wholly-owned subsidiary of the Suzlon
Group, has secured €850 million as working capital finance
from a consortium of 14 banks headed by BayernLB, Commerzbank
Aktiengesellschaft and Deutsche Bank AG. The credit facility,
an agreement for which was signed in March, is for a
three-year period ending March 2017.Senvion has been receiving
working capital finance for the last five years
|
| SC extends Tata Steel’s Odisha mining
lease |
|
Delhi : Supreme Court has allowed
Tata Steel to continue mining activities at chromite mine in
Sukinda, Odisha, till May 9. The extension is crucial as the
temporary working permit, granted in March 2013 by the
ministry of environment and forest (MoEF) to operate the mine,
was to expire on April 12 and the application for its
extension is pending with the ministry.While issuing notice to
the Centre, the state government and others,
|
| GVK Hancock’s $10-bn Oz coal project gets
nod |
|
Andhra Pradesh : The land court of
Queensland in Australia has granted a conditional clearance to
the $10-billion Alpha coal mine project being developed by the
GVK group.The land court said GVK Hancock’s comprehensive
environmental assessment addressed all the objections raised
with no requirement for further conditions apart from
groundwater.
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| |
| Tenders
& Assignment |
Chief Commissioner Of
Income-Tax,Bangalore-1  |
|
Description :Empanelment of
Auditor for Special Audit u/s 142(2A) of the Incometax Act
–reg.
Last Date : 15/04/2014
Address:C.R.Building,Queen's
Road,Bangalore-560001.
Phone
:080-22864264
|
| Vallabhbhai Patel Chest Institute |
|
Description :Request for
Proposal for carrying out according work of Vallabhbhai Patel
Chest Institute (VPCI) for the financial year 2014-15.
1.
Chartered Accountants for Preparation of annual accounts for
the 2014-15 in r/o vpci.
Last Date :
28/04/2014
Address :Administrative
Block, 3 rd Floor, Multi Storey Building VPCI.
Phone :27402422/23
|
| Central Institute Of Technology |
|
Description :Expression of
Interest for Proposed to entrust the chartered Accountants for
Auditing and Tax consultancy service of this Institute for the
financial year 2014-15
Last Date :
15/05/2014
Address :Kokrajhar - Assam
|
| |
| Reminders |
| Tenders |
| Haryana School Shiksha Pariyojana
Parisad 10/04/2014
|
| Rashtriya Madhyamika Shiksha
Abhiyana 11/04/2014
|
| Security Printing And Minting Corporation Of
India Limited Dewas 15/04/2014
|
| Headquarters Western
Command 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Tumkur Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Davanagere Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Bangalkot Karnataka 15/04/2014
|
| Uttarakhand Compensatory Afforestation Fund
Management And Planning
Authority 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Chickballapur Karnataka 15/04/2014
|
| Rural Development And Panchayati Raj Department -
Haveri Karnataka 15/04/2014
|
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