Yash Trading Finance: Outcome of board eeting

Yash Trading & Finance has informed regarding Outcome of Board Meeting held on August 28, 2014.

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Aplab: Outcome of board meeting

Aplab at its meeting held on August 28, 2014, has approved to make Corporate Debt Restructuring (CDR) application to Corporation Bank and Bank of Maharashtra in view of the present financial condition and large outstanding debts.

Aplab Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 28, 2014, has approved to make Corporate Debt Restructuring (CDR) application to Corporation Bank and Bank of Maharashtra in view ofthe present financial condition and large outstanding debts.Source : BSE

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Asian Paints: Board to consider interim dividend

Asian Paints board meeting will be held on September 17, 2014, to consider and approve payment of interim dividend for the financial year ending March 31, 2015. Further, as per

Asian Paints Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 17, 2014, inter alia, to consider and approve payment of interim dividend for the financial year ending March 31, 2015.Further, as per "Asian Paints Limited - Code of Conduct for Prevention of Insider Trading" the trading window of the Company will be closed between September 01, 2014 to September 18, 2014 (both days inclusive) on account of declaration of interim dividend. The same is being informed to the Directors, persons belonging to the Promoter Group and Designated employees of the Company.Source : BSE

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Axon Finance: Outcome of board meeting (AGM on Sept 30, 2014)

Axon Finance has informed regarding Outcome of Board Meeting held on August 28, 2014.

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Tumus Electric Corporation: Outcome of board meeting (AGM on Sept 29, 2014)

Tumus Electric Corporation has informed regarding Outcome of Board Meeting held on August 28, 2014.

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MSR India: Outcome of board meeting

MSR India at its meeting held on August 28, 2014, has approved the Draft Notice of 31st Annual General Meeting. Appointment of M/s. Karvy Computershare Private Limited as e-voting agent and Appointment of Surender Benzi, Practicing Company Secretary, Hyderabad, as a scrutinizer for e-voting in Annual General Meeting.

MSR India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 28, 2014, inter alia, has approved the following;1. Draft Notice of 31st Annual General Meeting.2. Appointment of M/s. Karvy Computershare Private Limited as e-voting agent.3. Appointment of Surender Benzi, Practicing Company Secretary, Hyderabad, as a scrutinizer for e-voting in Annual General Meeting.Source : BSE

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NTPC: Outcome of AGM (Clause 35A)

NTPC has informed that the 38th Annual General Meeting (AGM) of the Company was held on August 27, 2014, under Clause 35A.

NTPC Ltd has informed BSE that the 38th Annual General Meeting (AGM) of the Company was held on August 27, 2014, under Clause 35A.Source : BSE

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Sujana Universal Industries: Outcome of board meeting

Sujana Universal Industries at its meeting held on August 28, 2014, has considered and approved the appointment of Dr. V. Malakonda Reddy as an Additional Director (Independent Director), under Section 149 & 161 of the Companies Act, 2013 and as Independent Non-Executive Chairman of the Board.

Sujana Universal Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 28, 2014, inter alia, has considered and approved the following :- Appointment of Dr. V. Malakonda Reddy as an Additional Director (Independent Director), under Section 149 & 161 of the Companies Act, 2013 and as Independent Non-Executive Chairman of the Board.Source : BSE

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Sujana Metal Products: Outcome of board meeting

Sujana Metal Products has informed regarding Outcome of Board Meeting held on August 28, 2014.

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Sujana Towers: Outcome of board meeting

Sujana Towers at its meeting held on August 28, 2014, has considered and approved the appointment of Shri M. V. Bhaskara Rao (existing Independent and Non-Executive Director) as Independent and Non-Executive Chairman of the Board of Directors of the Company.

Sujana Towers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 28, 2014, inter alia, has considered and approved the following :- Appointment of Shri M. V. Bhaskara Rao (existing Independent and Non-Executive Director) as Independent and Non-Executive Chairman of the Board of Directors of the Company.Source : BSE

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Tarang Projects Consultant's company secretary Pinky Singh resigns

Tarang Projects & Consultant has informed that Ms. Pinky Singh, the Company Secretary of the Company has tendered her resignation.

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Victoria Mills: Updates on outcome of board meeting

Victoria Mills in its meeting held on August 13, 2014, have appointed Mr. Dady K. Contractor, one of the Director on the Board, as an Independent Director of the Company w.e.f. August 13, 2014.

Victoria Mills Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2014, have appointed Mr. Dady K. Contractor, one of the Director on the Board, as an Independent Director of the Company w.e.f. August 13, 2014.Source : BSE

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Ceat's board meeting on August 26, 2014

Ceat board meeting will be held on August 26, 2014, for considering further issue of securities through issuance of equity shares or debentures or equity linked securities and/or any instrument convertible into equity shares by way of private or public offerings, including qualified institutes placement and/or on a preferential allotment basis.

Ceat Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on August 26, 2014, inter alia, for considering further issue of securities through issuance of equity shares or debentures or equity linked securities and/or any instrument convertible into equity shares by way of private or public offerings, including qualified institutes placement and/or on a preferential allotment basis.For the above purpose, the Trading Window shall, pursuant to the Code of Conduct for Prevention of Insider Trading under the SEBI (Prohibition of Insider Trading) Regulations, 1992, remain closed from August 22, 2014 to August 27, 2014 (both days inclusive) and shall re-open on August 28, 2014.Accordingly, the Promoters, Directors, Designated Employees and all persons covered under the Code have been advised not to deal in the securities of the Company from August 22, 2014 to August 27, 2014 (both days inclusive).Source : BSE

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ISL Consulting's board meeting on August 28, 2014

ISL Consulting board meeting will be held on August 28, 2014, to consider the appoint Mr. Ankit J. Shah as Chief Financial Officer (CFO) of the Company as per Section 203 of the Companies Act, 2013.

ISL Consulting Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on August 28, 2014, inter alia, to consider the following business:- To appoint Mr. Ankit J. Shah as Chief Financial Officer (CFO) of the Company as per Section 203 of the Companies Act, 2013.Source : BSE

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Zyden Gentec appoints Simranjeet Kaur as Company Secretary CO

Zyden Gentec has informed that Ms. Simranjeet Kaur is appointed as Company Secretary and Compliance Officer of the Company w.e.f. August 14, 2014 and Ms. Anita Kumari resigned from the job of Compliance Officer with effect from the same date.

Zyden Gentec Ltd has informed BSE that Ms. Simranjeet Kaur is appointed as Company Secretary and Compliance Officer of the Company w.e.f. August 14, 2014 and Ms. Anita Kumari resigned from the job of Compliance Officer with effect from the same date.Source : BSE

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Lloyd Electric Engineering: Updates on outcome of AGM

Lloyd Electric & Engineering has submitted a copy of the proceedings of 27th Annual General Meeting of the Company held on July 21, 2014.

Lloyd Electric & Engineering Ltd has submitted to BSE a copy of the proceedings of 27th Annual General Meeting of the Company held on July 21, 2014.Source : BSE

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Genus Power Infrastructures: Outcome of board meeting

Genus Power Infrastructures at its meeting held on August 21, 2014, has decided the appoint M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, as Joint Statutory Auditors alongwith the existing Auditors of the Company, subject to consent of members.

Genus Power Infrastructures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 21, 2014, inter alia, has decided the following:1. To appoint M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, as Joint Statutory Auditors alongwith the existing Auditors of the Company, subject to consent of members.2. To transfer/sell/dispose of Company's 'Home & Industrial Products' ("HIP") business i.e. manufacturing of a complete range of Inverters/UPS, Solar PCU and Batteries, subject to approval of members and other regulatory authorities, if any.3. To appoint Mr. Jitendra Kumar Agarwal as Joint Managing Director of the Company, for a period of 5 years with effect from September 20, 2014, subject to consent of members.Source : BSE

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ASIS Logistics director Ameet Bansal resigns

Asis Logistics has informed that the Board of Directors of the Company has, vide its resolution dated August 14, 2014 considered and accepted the resignation of Mr. Ameet Bansal w.e.f. from August 01, 2014.

Asis Logistics Ltd has informed BSE that the Board of Directors of the Company has, vide its resolution dated August 14, 2014 considered and accepted the resignation of Mr. Ameet Bansal w.e.f. from August 01, 2014 :1. Name : Mr. Ameet Bansal Designation : Director Appointment/Resignation with effective from : August 01, 2014Remark : Resignation2. Name : Mr. Rakeshkumar AgarwalDesignation : Non Executive Director Appointment/Resignation with effective from : August 14, 2014Remark : Appointment3. Name : Mrs. Alka DayalDesignation : Executive Director Appointment/Resignation with effective from : August 14, 2014Remark : AppointmentSource : BSE

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Factors assisting revival of Monsoon in India

Monsoon in India is not a uniform phenomenon and as reiterated by Skymet, it is inherited with a variety of phases ranging from active Monsoon to weak, lull, break and the like. The lean phase of Monsoon began before 8th of August and after a prolonged period of weak Monsoon conditions, it finally takes a break.

However, this abnormality in the Monsoon season will not last for long as any abnormal condition in the atmosphere has a tendency to get back to normal.

Break in Monsoon

In last few days, the Monsoon current remained weak for major part of the country and rain was confined to only few pockets. The national capital witnessed the last spell of rain on the 10th of August while Amritsar received just 9 mm of rain in last 10 days. Patiala did not receive any rain during this period. Keeping up to the features of 'break in Monsoon', Dehradun received two spells of torrential rain of 120 mm and 135 mm, on the 15th and 16th respectively.

Mid of August is most prone to 'breaks' and that too longer breaks. Break in Monsoon can be witnessed in July and end of August as well but for short durations. September is the withdrawal month, receiving only sporadic rain but no breaks as such. Therefore, this could be the last break of the Monsoon season.

In break Monsoon condition, rain does not decrease in totality but the pattern and intensity varies. Heavy showers remain confined to the foothills of Himalayas and Northeast India.

Revival of Monsoon

For Monsoon to revive during normal conditions, firstly, the Monsoon trough should get established or restored.

Monsoon is normally revived by the formation of a low pressure area or depression in north Bay of Bengal. This will initially pull down the eastern arm of the Monsoon trough. As the system moves inland, it will pull down the other end of the trough as well.

Though, Indian seas are not prone to cyclones during this season, typhoons building up in western Pacific Ocean travel across South China Sea to reach coastal parts of China and Vietnam.

Remnants of such typhoons enter Bay of Bengal as a weak low pressure area but become a depression soon. Present conditions indicate that revival is not likely for another week or so.

Picture courtesy- Deccan Chronicle

By: Skymetweather.com

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India's exports to reach $750 bn by 2018-19: FIEO

Slowdown in these western markets have severely impacted India's outbound shipments. The country's exports in the last three years have been hovering at USD 300 billion.

India's exports are expected to reach USD 750 billion by 2018-19 with improvement in the global trade scenario, apex exporters body FIEO said today. Global commerce is showing improvement and it is expected to grow at 4.7 per cent this year and 5.3 percent in 2015, said the Federation of Indian Export Organisations.

"We are optimistic that we would be able to cross USD 350 billion this fiscal. FIEO projects an export target of USD 750 billion by 2018-19. This would require a CAGR of 19.14 percent during 2014-19," FIEO President Rafeeq Ahmed told reporters here.

Also Read: Falling crude, LNG, coal prices huge positive, says Crisil

He said India's traditional markets - the US and Europe -are also posting better economic results. These regions account for about 30 percent of the country's exports. Slowdown in these western markets have severely impacted India's outbound shipments. The country's exports in the last three years have been hovering at USD 300 billion. It was USD 312.35 billion, USD 300.4 billion and USD 307 billion in 2013-14, 2012-13 and 2011-12 respectively.

The government is taking several steps to boost the shipments. Soon it is expected to announce measures in the forthcoming foreign trade policy (FTP). Ahmed said the Commerce Ministry should announce steps such as incentives for project exports, brand promotion, creation of export development fund, measures for service exports and affordable credit to exporters. Besides, there is a need to revive special economic zones, he added. "There is a need for immediate withdrawal of minimum alternate tax and dividend distribution tax and restore the SEZ policy to its original form. This would go a long way in regaining trust and confidence of domestic and foreign investors."

Ahmed also suggested that the government give interest subsidy scheme benefit to all the sectors and exporters and extend it till March 2017. To reduce transactions cost for exporters, FIEO D G Ajay Sahai said that time for approvals and clearances should be reduced besides simplification of procedures, reduction of documentation should be given top priority. Ahmed also recommended that the government announce setting up of country and product specific export clusters or parks on the lines of SEZs.

"It will help in making India a manufacturing and export hub. Government should special emphasis on boosting manufacturing sector as it impacts exports too," he added. Besides, he said, exporters need to explore markets such as Latin America, Russia and Africa. Exports growth slipped to 7.33 percent in July after witnessing a double-digit expansion in the previous two months, pushing up the trade deficit to a year-high of USD 12.22 billion.

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BS: Updates on outcome of board meeting

BS in its Meeting held on August 14, 2014, has appointed Mr. Arun Dogra as Whole Time Director of the Company, categorized as Executive Director, subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.

BS Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on August 14, 2014, has appointed Mr. Arun Dogra as Whole Time Director of the Company, categorized as Executive Director, subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.Source : BSE

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Prakash Constrowell: Outcome of board meeting

Prakash Constrowell in its meeting held on August 14, 2014, has transacted the resignation of Ms. Swapna Naphade was noted and Ms. Madhura Ubale was appointed as Company Secretary.

Prakash Constrowell Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 14, 2014, inter alia, has transacted the following :- Resignation of Ms. Swapna Naphade was noted and Ms. Madhura Ubale was appointed as Company Secretary.Source : BSE

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Gillanders Arbuthnot Company: Outcome of board meeting

Gillanders Arbuthnot & Company has informed that Mrs. Sucharita Basu De has been appointed as an Additional Director of the Company, under Section 161 of the Companies Act, 2013, by the Board of Directors of the Company at its Meeting held on August 14, 2014.

Gillanders Arbuthnot & Company Ltd has informed BSE that Mrs. Sucharita Basu De has been appointed as an Additional Director of the Company, under Section 161 of the Companies Act, 2013, by the Board of Directors of the Company at its Meeting held on August 14, 2014.Source : BSE

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Jaykay Enterprises: Updates on outcome of board meeting

Jaykay Enterprises has now informed that one of the Company's Director Ramapati Singhania, who was due to retire by rotation and eligible for reappointment, offer his reappointment but subsequently shown his unwillingness for reappointment in the Annual General Meeting.

With reference to the earlier letter dated August 13, 2014 regarding Outcome of Board Meeting held on August 13, 2014, Jaykay Enterprises Ltd has now informed BSE that one of the Company's Director Shri. Ramapati Singhania, who was due to retire by rotation and eligible for reappointment, offer his reappointment but subsequently shown his unwillingness for reappointment in the Annual General Meeting. Hence the item concerning his reappointment become in fructuous and/or dropped.Due to non-appointment of Shri. Ramapati Singhania there is a change in the Directorship of the Company.Source : BSE

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Morgan Ventures: Outcome of board meeting

Morgan Ventures has informed that Mrs. Meera Goyal, Director of the Company has resigned from the Directorship of the Company w.e.f. August 14, 2014. Further, the Board of Directors of the Company in its meeting held on August 14, 2014 has appointed Mr. Shahzeb Khan, Company Secretary of the Company.

Morgan Ventures Ltd has informed BSE that Mrs. Meera Goyal, Director of the Company has resigned from the Directorship of the Company w.e.f. August 14, 2014.Further, the Board of Directors of the Company in its meeting held on August 14, 2014 has appointed Mr. Shahzeb Khan, Company Secretary of the Company, as a Chief Financial Officer of the Company also.Further, to align with the provisions of Section 2(41) of Companies Act, 2013, the Board of Directors has decided to close financial year of the Company on the coming March 31, 2015 by preparing the Financial Statements for a period of 9 months commencing from July 01, 2014 to March 31, 2015.Source : BSE

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Aaswa Trading Exports appoints Aashini A. Shah as director

Aaswa Trading & Exports has informed that Smt. Aashini A. Shah has been appointed as an Additional Director in the Board of Directors of the Company effective from July 31, 2014, as a Non Independent Director liable to retire by rotation.

Aaswa Trading & Exports Ltd has informed BSE that Smt. Aashini A. Shah has been appointed as an Additional Director in the Board of Directors of the Company effective from July 31, 2014, as a Non Independent Director liable to retire by rotation.Source : BSE

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Upper Ganges Sugar Industries: Outcome of board meeting

Upper Ganges Sugar & Industries at its meeting held on August 14, 2014, has decided to issue up to 30,00,000 Non-Convertible Cumulative Redeemable Preference Shares of Rs.100 each on private placement basis, subject to the approval of the Shareholders and compliance with the applicable provisions of law.

Upper Ganges Sugar & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 14, 2014, has decided to issue up to 30,00,000 Non-Convertible Cumulative Redeemable Preference Shares of Rs.100 each on private placement basis, subject to the approval of the Shareholders and compliance with the applicable provisions of law.Source : BSE

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Mohit Industries: Outcome of board meeting (Calendar of Event for Postal Ballot)

Mohit Industries in its meeting held on August 14, 2014, has approved to conduct the postal ballot Pursuant to Section 110 of the companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2004, for seeking approval of Shareholders of the company.

Mohit Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 14, 2014, has approved to conduct the postal ballot Pursuant to Section 110 of the companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2004, for seeking approval of Shareholders of the company by way of Postal Ballot on the following matters:1. Creation of Charge on the Assets of the company in respect of Borrowing2. Insertion of New Object Clause in Memorandum of Association of the Company.In this regards, the Company has submitted to BSE a copy the extract of the Calendar of Event for the said postal Ballot is attached.Source : BSE

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Dhunseri Petrochem Tea: Updates on outcome of board meeting

Dhunseri Petrochem & Tea has informed that Ms. Shraddha Mookim has been appointed as the Director of the Company at die Board Meeting held on August 14, 2014.

Dhunseri Petrochem & Tea Ltd has informed BSE that Ms. Shraddha Mookim has been appointed as the Director of the Company at die Board Meeting held on August 14, 2014.Source : BSE

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Service Tax Audit By Tax Authorities: Valid Or Ultra Vires?

Published on Thu, Aug 14,2014 | 21:17, Updated at Thu, Aug 14 at 21:17Source : Moneycontrol.com 

This indirect tax update by SKP is with respect to service tax audits being undertaken by the tax authorities for selected assessees. Rule 5A(2) of the Service Tax Rules, 1994, and various instructions issued for conducting audits allow the officers to visit the premises of the assessees to collect data, scrutinise transactions, etc. In this context, recently the validity of Rule 5A of the Service Tax Rules, 1994, was challenged in the case of Travelite (India) vs Union of India and Others W.P.(C) 3774/2013 (Delhi High Court). For more please read the attached report by SKP.

Disclaimer: The information/opinions expressed in this report/newsletter are those of the author. This website has not verified the accuracy of the claims made in the report/newsletter, nor does it agree or disagree with, or endorse any information/opinions contained therein.

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