Pgc newsletter 10 09-2014
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The newsletter provides updates on corporate law, tax law, and RBI regulations. Key points include: - ICICI Bank approved splitting shares to increase stock liquidity. - RBI guidelines state that if guarantee companies do not honor guarantees for wilfully defaulting groups, they should also be considered wilful defaulters. - RBI updates KYC and AML standards and adds Taliban sanctions list updates. - RBI sets an upper age limit of 70 for private bank MDs and other top management. - A court case established location of removal is decided on a case-by-case basis.
Pgc newsletter 10 09-2014
- 1. PGC NEWSLETTER 1 PGC NEWSLETTER 10th September, 2014 THOUGHT OF THE DAY “In order to succeed, your desire for success should be greater than your fear of failure.” CORPORATE LAW UPDATES ICICI Bank, country's largest private lender, today approved sub-division of one equity share into five with the aim to increase liquidity of scrip. RBI / TAX LAW UPDATES As per Notification of RBI vide notification no- RBI/2014- 15/221,DBOD.No.CID. 41/20.16.003/2014-15, while dealing with wilful default of a single borrowing company in a Group, the banks /FIs should consider the track record of the individual company, with reference to its repayment performance to its lenders. However, in cases where guarantees furnished by the companies within the Group on behalf of the wilfully defaulting units are not honoured when invoked by the banks /FIs, such Group companies should also be reckoned as wilful defaulters As per notification of RBI vide notification no- RBI/2014- 15/223RPCD.RRB.RCB.AML.BC.No.31/07.51.018/2014-15, Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Client Due Diligence measures As per notification issued by RBI vide notification no-RBI/2014-15/219 RPCD.CO.RRB.RCB.AML.No.2790/07.51.019/2014-15, RBs/StCBs/CCBs - Implementation of Section 51-A of UAPA, 1967 - Updates of the UNSCR 1988(2011) Taliban Sanctions List. As per notification issued by RBI vide notification no- RBI/2014-15/217, DBOD. APPT.BC.No. 40 /29.39.001/2014-15, It has been decided that the upper age limit for MD & CEO and other WTDs of banks in the private sector should be 70 years, i.e. beyond which nobody should continue in the post. The decision of Hon’ble Chhattisgarh High Court in the case of Ultratech Cement Ltd. vs. CCE 2014 (35) STR 641 (Chhattisgarh), the Hon’ble Court held that place of removal is to be decided on facts and circumstances of each case. MARKET UPDATES SENSEX 27,146.53-118.79 CNX NIFTY 8,117.95-35.00 DOLLAR/ RUPEE 60.80.2 MCX SILVER 41970.00166.00 MCX GOLD 27,402.00141.00 MCX CRUDE OIL 5,675.0086.00 Dow Jones Industrial average 17,013.87-97.55 Nasdaq Composite 4,552.29-40.00 http://www.proglobalcorp.com