| IBPSMASTER.COM |
|
SBI Clerk exam Online practice
Solution
|
Sunday 29 June 2014
IBPSMASTER.COM
webiste : http://ibpsmaster.com
Thursday 26 June 2014
Dairy Entrepreneurship Development Scheme 2014
Dairy entrepreneurship development scheme (DEDS)
A centrally sponsored scheme implemented through NABARD with an objective to promote setting up of modern dairy farms for production of clean milk, encourage heifer calf rearing, bring structural changes in the unorganized sector and generate self employment.
Eligibility
- Farmers, individual entrepreneurs, NGOs, companies ,pensioners, groups of
- unorgainsed and organized sector etc. including self help groups, dairy cooperative societies, milk unions , milk federations etc.
- An individual will be eligible to avail assistance for all the components under the scheme but only once for each component
- More than one member of a family can be assisted under the scheme provided they set up separate units with separate infrastructure at different locations. The distance between the boundaries of two such farms should be at least 500m.
- Entrepreneur contribution ( margin) – 10 % of the outlay ( minimum)
- Back ended capital subsidy –25% for general and 33% for SC/ST.
- Effective Bank Loan – Balance portion, Minimum of 40% of the outlay
- Repayment Period will depend on the nature of activity and cash flow and will vary between 3- 7 years. Grace period 3 to 6 months in case of dairy farms and upto 3 years for calf rearing units.
Approach the nearest Veterinary Assistant Surgeon, Block Veterinary Officer
or the Chief Animal Husbandry Officer of the concerned District along with :
- Affidavit of being unemployed and not a defaulter of any bank or financial institutions
- Photocopy of Ration card/State Subject
- Land papers for mortgage if loan amount exceeds Rs.1.00 lacs
- Photocopy of category certificate if any.
- Three passport size photographs
- Copy of driving license if the unit is Refrigerated vehicle
- Degree certificate of BVSc&AH in case of Mobile/Stationery Vet. Clinic.
- Establishment of small dairy units with crossbreed cows/graded buffaloes up to 10 animals = Rs. 5.00 lac for 10 animal’s( minimum unit size is 2 animals and Maximum 10 animals)
- Rearing of heifer calves crossbreed/ graded buffaloes- up to 20 calves = Rs. 4.80 lac for 20 calf unit (minimum unit size 5 calves and Maximum 20 calves).
- Vermi-compost (to be considered with milch animals and not separately) = Rs. 20,000/-
- Purchase of milking machines/ milkotesters/ bulk milk cooling units ( up to 2000 litre capacity) = Rs: 18 lac
- Purchase of dairy processing equipment for manufacturing of indigenous milk products = Rs: 12 lac
- Establishment of dairy product transportation facilities and cold chain = Rs: 24 lac
- Cold storage facilities for milk and milk products. = Rs: 30 lac
- Establishment of private veterinary clinics = Rs: 2.4 lac for mobile clinic and Rs. 1.80 lac for stationary clinic
- Dairy marketing outlet/dairy parlour = Rs: 56,000/-
Download the Application Form for Dairy Entrepreneurship Development Scheme 2014-2015
at the link below, the format for application for banks and individuals is towards the end of report.application-form-deds-2014
New Companies Act 2013 – Starting a new Company
The new Companies Act 2013 introduces a new form of entity ‘one-person company’ and incorporates certain new
provisions in respect of memorandum and articles of association. For
instance, the concept of including entrenchment provisions in the
articles of association has been introduced.
The 2013 Act introduces a new type of entity to the existing list i.e. apart from forming a public or private limited company, the
2013 Act enables the formation of a new entity ‘one-person company’ (OPC). An OPC means a company with only one person as its member [section 3(1) of 2013 Act].The draft rules state that only a natural person who is an Indian citizen and resident in India can incorporate an OPC or be a nominee for the sole member of an OPC. *
• Name of the company with last word as limited or private limited as the case may be
• State in which registered office of the company will be situated
• Liability of the members of the company
However, as against the existing requirement of the 1956 Act, the 2013 Act does not require the objects clause in the memorandum to be classified as the following:
(i) The main object of the company
(ii) Objects incidental or ancillary to the attainment of the main object
(iii) Other objects of the company [section 4(1) of 2013 Act]
The basic purpose in the 1956 Act for such a classification as set out in section 149 of the 1956 Act, is to restrict a company from commencing any business to pursue ‘other objects of the company’ not incidental or ancillary to the main objects except on satisfaction of certain requirements as prescribed in the 1956 Act like passing a special resolution, filing of declaration with the ROC to the effect of resolution.
Reservation of name: The 2013 Act incorporates the procedural aspects for applying for the availability of a name for a new company or an existing company in sections 4(4) and 4(5) of 2013 Act.
3. Articles of association
The 2013 Act introduces the entrenchment provisions in respect of the articles of association of a company. An entrenchment provision enables a company to follow a more restrictive procedure than passing a special resolution for altering a specific clause of articles of association. A private company can include entrenchment provisions only if agreed by all its members or, in case of a public company, if a special resolution is passed[section 5 of 2013 Act].
4. Incorporation of company
The 2013 Act mandates inclusion of declaration to the effect that all provisions of the 1956 Act have been complied with, which is in line with the existing requirement of 1956 Act.
Additionally, an affidavit from the subscribers to the memorandum and from the first directors has to be filed with the ROC, to the effect that they are not convicted of any offence in connection with promoting, forming or managing a company or have not been found guilty of any fraud or misfeasance, etc., under the 2013 Act during the last five years along with the complete details of name, address of the company, particulars of every subscriber and the persons named as first directors.
The 2013 Act further prescribes that if a person furnishes false information, he or she, along with the company will be subject to penal provisions as applicable in respect of fraud i.e. section 447 of 2013 Act [section 7(4) of 2013 Act; Also refer the chapter on other areas]
5. Formation of a company with charitable objects
An OPC with charitable objects may be incorporated in accordance with the provisions of the 2013 Act. New objects like environment protection, education, research, social welfare etc., have been added to the existing object for which a charitable company could be incorporated.
As against the existing provisions under which a company’s licence could be revoked, the 2013 Act provides that the licence can be revoked not only where the company contravenes any of the requirements of the section but also where the affairs of the company are conducted fraudulently or in a manner violative of the objects of the company or prejudicial to public interest. The 2013 Act thus provides for more stringent provisions for companies incorporated with charitable objects[section 8 of 2013 Act].
Incorporation of a company under New Companies Act 2013
1. One-person companyThe 2013 Act introduces a new type of entity to the existing list i.e. apart from forming a public or private limited company, the
2013 Act enables the formation of a new entity ‘one-person company’ (OPC). An OPC means a company with only one person as its member [section 3(1) of 2013 Act].The draft rules state that only a natural person who is an Indian citizen and resident in India can incorporate an OPC or be a nominee for the sole member of an OPC. *
2. Memorandum of association
Content: The 2013 Act specifies the mandatory content for the memorandum of association which is similar to the existing provisions of the 1956 Act and refers inter-alia to the following:• Name of the company with last word as limited or private limited as the case may be
• State in which registered office of the company will be situated
• Liability of the members of the company
However, as against the existing requirement of the 1956 Act, the 2013 Act does not require the objects clause in the memorandum to be classified as the following:
(i) The main object of the company
(ii) Objects incidental or ancillary to the attainment of the main object
(iii) Other objects of the company [section 4(1) of 2013 Act]
The basic purpose in the 1956 Act for such a classification as set out in section 149 of the 1956 Act, is to restrict a company from commencing any business to pursue ‘other objects of the company’ not incidental or ancillary to the main objects except on satisfaction of certain requirements as prescribed in the 1956 Act like passing a special resolution, filing of declaration with the ROC to the effect of resolution.
Reservation of name: The 2013 Act incorporates the procedural aspects for applying for the availability of a name for a new company or an existing company in sections 4(4) and 4(5) of 2013 Act.
3. Articles of association
The 2013 Act introduces the entrenchment provisions in respect of the articles of association of a company. An entrenchment provision enables a company to follow a more restrictive procedure than passing a special resolution for altering a specific clause of articles of association. A private company can include entrenchment provisions only if agreed by all its members or, in case of a public company, if a special resolution is passed[section 5 of 2013 Act].
4. Incorporation of company
The 2013 Act mandates inclusion of declaration to the effect that all provisions of the 1956 Act have been complied with, which is in line with the existing requirement of 1956 Act.
Additionally, an affidavit from the subscribers to the memorandum and from the first directors has to be filed with the ROC, to the effect that they are not convicted of any offence in connection with promoting, forming or managing a company or have not been found guilty of any fraud or misfeasance, etc., under the 2013 Act during the last five years along with the complete details of name, address of the company, particulars of every subscriber and the persons named as first directors.
The 2013 Act further prescribes that if a person furnishes false information, he or she, along with the company will be subject to penal provisions as applicable in respect of fraud i.e. section 447 of 2013 Act [section 7(4) of 2013 Act; Also refer the chapter on other areas]
5. Formation of a company with charitable objects
An OPC with charitable objects may be incorporated in accordance with the provisions of the 2013 Act. New objects like environment protection, education, research, social welfare etc., have been added to the existing object for which a charitable company could be incorporated.
As against the existing provisions under which a company’s licence could be revoked, the 2013 Act provides that the licence can be revoked not only where the company contravenes any of the requirements of the section but also where the affairs of the company are conducted fraudulently or in a manner violative of the objects of the company or prejudicial to public interest. The 2013 Act thus provides for more stringent provisions for companies incorporated with charitable objects[section 8 of 2013 Act].
6. Commencement of business, etc
The existing provisions of the 1956 Act as set out in section 149 which provide for requirement with respect to the commencement of business for public companies that have a share capital would now be applicable to all companies.
The 2013 Act empowers the ROC to initiate action for removal of the name of a company in case the company’s directors have not filed the declaration related to the payment of the value of shares agreed to be taken by the subscribers to the memorandum and that the paid-up share capital of the company is not less than the prescribed limits as per the 2013 Act, within 180 days of its
incorporation and if the ROC has reasonable cause to believe that the company is not carrying on business or operations [section 11 of 2013 Act].
7. Registered office of company
Where a company has changed its name in the last two years, the company is required to paint, affix or print its former names along with the new name of the company on business letters, bill heads, etc. However, the 2013 Act is silent on the time limit for which the former name needs to be kept [section 12 of 2013 Act].
8. Alteration of memorandum
The 2013 Act imposes additional restriction on the alteration of the object clause of the memorandum for a company which had raised money from the public for one or more objects mentioned in the prospectus and has any unutilised money. The 2013 Act specifies that along with obtaining an approval by way of a special resolution, a company would be required to ensure following if it intends to alter its object clause:
• Publishing the notice of the aforesaid resolution stating the justification of variation in two newspapers
• Exit option can be given to dissenting shareholders by the promoters and shareholders having control in accordance with the regulations to be specified by the Securities and Exchange Board of India (SEBI) [section 13 of 2013 Act].
9. Subsidiary company not to hold shares in its holding company
The existing provision of section 42 of the 1956 Act which prohibits a subsidiary company to hold shares in its holding company continues to get acknowledged in the 2013 Act. Thus, the earlier concern that if a subsidiary is a body corporate, it may hold shares in another body corporate which is the subsidiary’s holding company continues to apply[section 19 of 2013 Act].
Prospectus and public offer
The 2013 Act has introduced a new section [section 23] to explicitly provide the ways in which a public company or private company may issue securities. This section explains that a public company may issue securities in any of the following manners:
• To public through prospectus
• Through private placement
• Through rights issue or a bonus issue.
For private companies, this section provides that it may issue securities through private placement, by way of rights issue or bonus issue.
Section 23 also provides that compliance with provisions of part I of chapter III is required for the issue of securities to public through prospectus. For private placement compliance, with the provisions of part II of chapter III are required.
The 2013 Act also introduces certain changes with respect to prospectus and public offers aimed at enhancing disclosure requirements as well as streamlining the process of issuance of securities.
1. Issue of prospectus
Currently, the matters and reports to be included in the prospectus are specified in parts I and II of Schedule II of the 1956 Act. In the 2013 Act, the information to be included in the prospectus is specified in section 26 of 2013 Act. The 2013 Act mandates certain additional disclosures:
• Any litigation or legal action pending or taken by a government department or a statutory body during the last five years immediately preceding the year of the issue of prospectus against the promoter of the company
The existing provisions of the 1956 Act as set out in section 149 which provide for requirement with respect to the commencement of business for public companies that have a share capital would now be applicable to all companies.
The 2013 Act empowers the ROC to initiate action for removal of the name of a company in case the company’s directors have not filed the declaration related to the payment of the value of shares agreed to be taken by the subscribers to the memorandum and that the paid-up share capital of the company is not less than the prescribed limits as per the 2013 Act, within 180 days of its
incorporation and if the ROC has reasonable cause to believe that the company is not carrying on business or operations [section 11 of 2013 Act].
7. Registered office of company
Where a company has changed its name in the last two years, the company is required to paint, affix or print its former names along with the new name of the company on business letters, bill heads, etc. However, the 2013 Act is silent on the time limit for which the former name needs to be kept [section 12 of 2013 Act].
8. Alteration of memorandum
The 2013 Act imposes additional restriction on the alteration of the object clause of the memorandum for a company which had raised money from the public for one or more objects mentioned in the prospectus and has any unutilised money. The 2013 Act specifies that along with obtaining an approval by way of a special resolution, a company would be required to ensure following if it intends to alter its object clause:
• Publishing the notice of the aforesaid resolution stating the justification of variation in two newspapers
• Exit option can be given to dissenting shareholders by the promoters and shareholders having control in accordance with the regulations to be specified by the Securities and Exchange Board of India (SEBI) [section 13 of 2013 Act].
9. Subsidiary company not to hold shares in its holding company
The existing provision of section 42 of the 1956 Act which prohibits a subsidiary company to hold shares in its holding company continues to get acknowledged in the 2013 Act. Thus, the earlier concern that if a subsidiary is a body corporate, it may hold shares in another body corporate which is the subsidiary’s holding company continues to apply[section 19 of 2013 Act].
Prospectus and public offer
The 2013 Act has introduced a new section [section 23] to explicitly provide the ways in which a public company or private company may issue securities. This section explains that a public company may issue securities in any of the following manners:
• To public through prospectus
• Through private placement
• Through rights issue or a bonus issue.
For private companies, this section provides that it may issue securities through private placement, by way of rights issue or bonus issue.
Section 23 also provides that compliance with provisions of part I of chapter III is required for the issue of securities to public through prospectus. For private placement compliance, with the provisions of part II of chapter III are required.
The 2013 Act also introduces certain changes with respect to prospectus and public offers aimed at enhancing disclosure requirements as well as streamlining the process of issuance of securities.
1. Issue of prospectus
Currently, the matters and reports to be included in the prospectus are specified in parts I and II of Schedule II of the 1956 Act. In the 2013 Act, the information to be included in the prospectus is specified in section 26 of 2013 Act. The 2013 Act mandates certain additional disclosures:
• Any litigation or legal action pending or taken by a government department or a statutory body during the last five years immediately preceding the year of the issue of prospectus against the promoter of the company
• Sources of promoter’s contribution
The 2013 Act has also relaxed the disclosure requirements in some areas. Examples of certain disclosures not included in the 2013
Act are as follows. Particulars regarding the company and other listed companies under the same management, which made any capital issues during the last three years
- Export possibilities and export obligations
- Details regarding collaboration
The 2013 Act states that the report by the auditors on the assets and liabilities of business shall not be earlier than 180 days before the issue of the prospectus [section 26 (1) (b)(iii) of 2013 Act]. The 1956 Act currently requires that the report will not be earlier than 120 days before the issue of the prospectus.
2. Variation in terms of contract or objects
The 2013 Act states that a special resolution is required to vary the terms of a contract referred to in the prospectus or objects for which the prospectus was issued [section 27 (1) of 2013 Act]. The 1956 Act currently requires approval in a general meeting by way of an ordinary resolution. The 2013 Act also requires that dissenting shareholders shall be given an exit offer by promoters or controlling shareholders [section 27 (2) of 2013 Act].
3. Offer of sale of shares by certain members of the company
The 2013 Act includes a new section under which members of a company, in consultation with the board of directors, may offer a part of their holding of shares to the public. The document by which the offer of sale to the public is made will be treated as the prospectus issued by the company. The members shall reimburse the company all expenses incurred by it [section 28 of 2013 Act].
4. Shelf prospectus
The 2013 Act extends the facility of shelf prospectus by enabling SEBI to prescribe the classes of companies that may file a shelf prospectus. The 1956 Act currently limits the facility of shelf prospectus to public financial institutions, public sector banks or scheduled banks [section 31 (1) of 2013 Act].
6. Global depository receipts (GDR’s)
The 2013 Act includes a new section to enable the issue of depository receipts in any foreign country subject to prescribed conditions [section 41 of 2013 Act]. Currently, the provisions of section 81 of the 1956 Act relating to further issue of shares are being used in conjunction with the requirements mandated by SEBI for the issuance of depository receipts. In several aspects across the 2013 Act, it appears that the 2013 Act supplements the powers of SEBI by incorporating requirements already mandated by SEBI.
7. Private placement
The 2013 Act requires that certain specified conditions are complied with in order to make an offer or invitation of offer by way of private placement or through the issue of a prospectus.
• The offer of securities or invitation to subscribe securities in a financial year shall be made to such number of persons not
exceeding 50 or such higher number as may be prescribed {excluding qualified institutional buyers, and employees of the company being offered securities under a scheme of employees stock option in a financial year and on such conditions (including the form and manner of private placement) as may be prescribed}. This provision of the 2013 Act is in line with the existing provision of the
1956 Act.
• The allotments with respect to any earlier offer or invitation may have been completed.
• All the money payable towards the subscription of securities shall be paid through cheque, demand draft or any other banking channels but not by cash.
• The offers shall be made only to such persons whose names are recorded by the company prior to the invitation to subscribe, and that such persons shall receive the offer by name.
• The company offering securities shall not release any advertisements or utilize any media, marketing or distribution channels or agents to inform the public at large about such an offer [section 42 of 2013 Act].
The 2013 Act has also relaxed the disclosure requirements in some areas. Examples of certain disclosures not included in the 2013
Act are as follows. Particulars regarding the company and other listed companies under the same management, which made any capital issues during the last three years
- Export possibilities and export obligations
- Details regarding collaboration
The 2013 Act states that the report by the auditors on the assets and liabilities of business shall not be earlier than 180 days before the issue of the prospectus [section 26 (1) (b)(iii) of 2013 Act]. The 1956 Act currently requires that the report will not be earlier than 120 days before the issue of the prospectus.
2. Variation in terms of contract or objects
The 2013 Act states that a special resolution is required to vary the terms of a contract referred to in the prospectus or objects for which the prospectus was issued [section 27 (1) of 2013 Act]. The 1956 Act currently requires approval in a general meeting by way of an ordinary resolution. The 2013 Act also requires that dissenting shareholders shall be given an exit offer by promoters or controlling shareholders [section 27 (2) of 2013 Act].
3. Offer of sale of shares by certain members of the company
The 2013 Act includes a new section under which members of a company, in consultation with the board of directors, may offer a part of their holding of shares to the public. The document by which the offer of sale to the public is made will be treated as the prospectus issued by the company. The members shall reimburse the company all expenses incurred by it [section 28 of 2013 Act].
4. Shelf prospectus
The 2013 Act extends the facility of shelf prospectus by enabling SEBI to prescribe the classes of companies that may file a shelf prospectus. The 1956 Act currently limits the facility of shelf prospectus to public financial institutions, public sector banks or scheduled banks [section 31 (1) of 2013 Act].
6. Global depository receipts (GDR’s)
The 2013 Act includes a new section to enable the issue of depository receipts in any foreign country subject to prescribed conditions [section 41 of 2013 Act]. Currently, the provisions of section 81 of the 1956 Act relating to further issue of shares are being used in conjunction with the requirements mandated by SEBI for the issuance of depository receipts. In several aspects across the 2013 Act, it appears that the 2013 Act supplements the powers of SEBI by incorporating requirements already mandated by SEBI.
7. Private placement
The 2013 Act requires that certain specified conditions are complied with in order to make an offer or invitation of offer by way of private placement or through the issue of a prospectus.
• The offer of securities or invitation to subscribe securities in a financial year shall be made to such number of persons not
exceeding 50 or such higher number as may be prescribed {excluding qualified institutional buyers, and employees of the company being offered securities under a scheme of employees stock option in a financial year and on such conditions (including the form and manner of private placement) as may be prescribed}. This provision of the 2013 Act is in line with the existing provision of the
1956 Act.
• The allotments with respect to any earlier offer or invitation may have been completed.
• All the money payable towards the subscription of securities shall be paid through cheque, demand draft or any other banking channels but not by cash.
• The offers shall be made only to such persons whose names are recorded by the company prior to the invitation to subscribe, and that such persons shall receive the offer by name.
• The company offering securities shall not release any advertisements or utilize any media, marketing or distribution channels or agents to inform the public at large about such an offer [section 42 of 2013 Act].
Share capital and debentures
The chapter on share capital and debentures introduces some key changes in the 2013 Act. To illustrate, the 2013 Act does not give any cognisance to the existing requirement of section 90 of the 1956 Act that provided some saving grace to private companies. Therefore, the applicability of following sections of the 2013 Act is no longer restricted to public companies and private companies which are subsidiaries of a public company and are now applicable to private companies also.
• Two kinds of shares capital
• New issue of shares capital to be only of two kinds
• Voting rights
1. Voting rights
The provisions of 2013 Act regarding voting rights are similar to the existing section 87 of the 1956 Act. The only change noted in the
2013 Act is the removal of distinction provided by the 1956 Act with respect to the entitlement to vote in case the company fails to pay dividend to its cumulative and non-cumulative preference share holders [section 47 of 2013 Act]
The provisions regarding private placement and additional disclosures in prospectus will also help to strengthen the capital markets.
The 2013 Act proposes to re-instate the existing concept of shares with differential voting rights. Pursuant to this section the company may face hardship with regards to computation of proportionate voting rights.
2. Variation of shareholder’s rights
Similar to the other provisions of the 1956 Act, the 2013 Act acknowledges the requirements of section 106 of the 1956 Act with an additional requirement in respect of those classes of share holders whose rights are affected pursuant to any variation. The proviso to section 48(1) of 2013 Act states that if the variation by one class of shareholders affects the rights of any other class of shareholders, the consent of three-fourths of such other class of shareholders shall also be obtained and the provisions of this section shall apply to such variation.
3. Application of premiums received on issue of shares
The 2013 Act lays down a similar requirement in section 52 as that of the section 78 of the 1956 Act in respect of application of premiums received on issue of shares; however, the section of 2013 Act has a non-obstante provision in respect of certain class of companies which would be prescribed at a later date. The 2013 Act states that these classes of companies would not be able to apply the securities premium towards the below specified purposes, unless the financial statements are in compliance with the accounting standards issued under section 133 of 2013 Act:
• Paying up unissued equity shares of the company as fully paid bonus shares
• Writing off the expenses of or the commission paid or discount allowed on any issue of equity shares of the company
• Purchase of its own shares or other securities
The 2013 Act restricts the application of securities premium for a certain class of companies if they
fail to comply with the accounting standards. The 2013 Act continues to state that securities premium amount can be utilised for purpose of writing off preliminary expenses. However, in view of the requirements of accounting standard 26, intangible asset, the requirement of this sub-section appears to be superfluous.
4. Prohibition on issue of shares at a discount
Companies would no longer be permitted to issue shares at a discount. The only shares that could be issued at a discount are sweat equity wherein shares are issued to employees in lieu of their services[section 53 and Section 54 of 2013 Act].
Further, explanations I and II to the existing section 79A of the 1956 Act that prescribe the provisions in respect of sweat equity have not been included in the 2013 Act. Explanation I defined company for the purpose of this section and explanation II defined sweat equity.
5. Issue and redemption of preference shares
The existing requirement of sections 80 and 80A of the 1956 Act with respect to the issue and redemption of preference shares continues to be acknowledged by the 2013 Act. The 2013 Act reiterates the existing requirement that a company cannot issue preference shares with a redemption date of beyond 20 years. However, it gives an exemption for cases where preference shares have been issued in respect of infrastructure projects. Infrastructure projects have been defined in Schedule VI of the 2013 Act and these shares would be subject to redemption at such percentage as prescribed on an annual basis at the option of such preference shareholders.
Further, the 2013 Act adds another administrative requirement of
obtaining special resolution with respect to the preference shares
which could not be redeemed by a company. The 2013 Act states that
where a company is not in a position to redeem any preference shares or
to pay dividend, if any, on such shares in accordance with the terms of
issue, it may, with the consent of the holders of three-fourths in value
of such preference shares and with the approval of the Tribunal issue
further redeemable preference shares equal to the amount due, including
the dividend thereon, with respect to the unredeemed preference
shares. On the issue of such further redeemable preference shares, the
unredeemed preference shares shall be deemed to have been redeemed.The chapter on share capital and debentures introduces some key changes in the 2013 Act. To illustrate, the 2013 Act does not give any cognisance to the existing requirement of section 90 of the 1956 Act that provided some saving grace to private companies. Therefore, the applicability of following sections of the 2013 Act is no longer restricted to public companies and private companies which are subsidiaries of a public company and are now applicable to private companies also.
• Two kinds of shares capital
• New issue of shares capital to be only of two kinds
• Voting rights
1. Voting rights
The provisions of 2013 Act regarding voting rights are similar to the existing section 87 of the 1956 Act. The only change noted in the
2013 Act is the removal of distinction provided by the 1956 Act with respect to the entitlement to vote in case the company fails to pay dividend to its cumulative and non-cumulative preference share holders [section 47 of 2013 Act]
The provisions regarding private placement and additional disclosures in prospectus will also help to strengthen the capital markets.
The 2013 Act proposes to re-instate the existing concept of shares with differential voting rights. Pursuant to this section the company may face hardship with regards to computation of proportionate voting rights.
2. Variation of shareholder’s rights
Similar to the other provisions of the 1956 Act, the 2013 Act acknowledges the requirements of section 106 of the 1956 Act with an additional requirement in respect of those classes of share holders whose rights are affected pursuant to any variation. The proviso to section 48(1) of 2013 Act states that if the variation by one class of shareholders affects the rights of any other class of shareholders, the consent of three-fourths of such other class of shareholders shall also be obtained and the provisions of this section shall apply to such variation.
3. Application of premiums received on issue of shares
The 2013 Act lays down a similar requirement in section 52 as that of the section 78 of the 1956 Act in respect of application of premiums received on issue of shares; however, the section of 2013 Act has a non-obstante provision in respect of certain class of companies which would be prescribed at a later date. The 2013 Act states that these classes of companies would not be able to apply the securities premium towards the below specified purposes, unless the financial statements are in compliance with the accounting standards issued under section 133 of 2013 Act:
• Paying up unissued equity shares of the company as fully paid bonus shares
• Writing off the expenses of or the commission paid or discount allowed on any issue of equity shares of the company
• Purchase of its own shares or other securities
The 2013 Act restricts the application of securities premium for a certain class of companies if they
fail to comply with the accounting standards. The 2013 Act continues to state that securities premium amount can be utilised for purpose of writing off preliminary expenses. However, in view of the requirements of accounting standard 26, intangible asset, the requirement of this sub-section appears to be superfluous.
4. Prohibition on issue of shares at a discount
Companies would no longer be permitted to issue shares at a discount. The only shares that could be issued at a discount are sweat equity wherein shares are issued to employees in lieu of their services[section 53 and Section 54 of 2013 Act].
Further, explanations I and II to the existing section 79A of the 1956 Act that prescribe the provisions in respect of sweat equity have not been included in the 2013 Act. Explanation I defined company for the purpose of this section and explanation II defined sweat equity.
5. Issue and redemption of preference shares
The existing requirement of sections 80 and 80A of the 1956 Act with respect to the issue and redemption of preference shares continues to be acknowledged by the 2013 Act. The 2013 Act reiterates the existing requirement that a company cannot issue preference shares with a redemption date of beyond 20 years. However, it gives an exemption for cases where preference shares have been issued in respect of infrastructure projects. Infrastructure projects have been defined in Schedule VI of the 2013 Act and these shares would be subject to redemption at such percentage as prescribed on an annual basis at the option of such preference shareholders.
The 2013 Act does not envisage any penalty in respect of non-compliance with the provision of this section, as was prescribed in sub- section (6) and (3) of section 80 and 80A of the 1956 Act respectively [section 55 of 2013 Act].
6. Refusal of registration and appeal against registration
The provision relating to refusal of registration of transfer or transmission of securities by private and public companies has been separately clarified in the 2013 Act. The private and public companies are required to send notice of refusal within 30 days of the receipt of instrument of transfer, and aggrieved party may appeal to the Tribunal against the refusal within the specified number of days [section 58(2) of 2013 Act].
7. Further issue of share capital
The existing requirement of section 81 of the 1956 Act in regard to further issue of capital would no longer be restricted to public companies and would be applicable to private companies also, since sub-section 3 of section 81 of the 1956 Act has not been acknowledged in the 2013 Act.
Further, the 2013 Act provides that a rights issue can also be made to the employees of the company who are under a scheme of employees’ stock option, subject to a special resolution and subject to conditions as prescribed. Further, the price of such shares should be determined using the valuation report of a registered valuer, which would be subject to conditions as prescribed [section 62 of 2013 Act].
8. Issue of bonus shares
The existing 1956 Act does not have any specific provision dealing with issue of bonus shares although it has referred to the concept of bonus shares at many places. The 2013 Act includes a new section that provides for issue of fully paid-up bonus shares out of its free reserves or the securities premium account or the capital redemption reserve account, subject to the compliance with certain conditions such as authorization by the articles, approval in the general meeting and so on [section 63 of 2013 Act].
9. Unlimited company to provide for reserve share capital on conversion into limited company
This section corresponds to section 32 of the 1956 Act and seeks to provide that an unlimited company having a share capital may be re-registered as a limited company by increasing the nominal amount of each share, subject to the condition that no part of the increased capital shall be capable of being called up, except in the event and for the purposes of the company being wound up. The
2013 Act further provides that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up[section 65 of 2013 Act].
10. Reduction of share capital
The 2013 Act gives cognizance to one of the amendments made in the listing agreement by SEBI. A new clause 24(i) was inserted to the listing agreement which provided that a scheme of amalgamation or merger or reconstruction, should comply with the requirements of section 211(3C) of the 1956 Act. A similar requirement has been introduced in section 66 of 2013 Act, which states that no an application for reduction of share capital shall be sanctioned by the Tribunal unless the accounting treatment, proposed by the company for such a reduction is in conformity with the accounting standards specified in section 133 or any other provision of the 2013 Act and a certificate to that effect by the company’s auditor has been filed with the Tribunal.
Further, the 2013 Act clarifies that no such reduction shall be made if the company is in arrears in repayment of any deposits accepted by it, either before or after the commencement of the 2013 Act, or the interest payable thereon.
11. Power of the company to purchase its own securities
The existing provision of section 77A of the 1956 Act has been acknowledged by the 2013 Act. The only difference is that the option available to company for a buy-back from odd lots is no longer available [section 68].
The 2013 Act provides flexibility in management and administration by recognising the electronic mode for notices and voting, which is in line with the MCA’s efforts to give cognisance to use of electronic media as evident from a number of green initiatives’ introduced recently, maintenance of registers and returns at a place other than the registered office.
Top 50 Microfinance Institutions in India
In late 2009 , CRISIL which is India’s leading ratings, research and
risk advisory company released it’s list of top 50 microfinance
institutions in India. The report titled India’s Top 50 Microfinance
Institutions presents an overview of leading players in India’s
microfinance institution (MFI) space.
This is the first inagural issue and includes additional commentary analysing the key strengths and challenges of different microfinance players in the sector. The publication is part of CRISIL’s enabling role in the structured evolution of the MFI sector in India.
CRISIL launched MFI grading as early as in 2002 and has since then become the world’s first mainstream rating agency to develop a separate methodology and scale to assess MFIs. Currently CRISIL has assessed more than 140 MFIs, and is currently the most preferred rating agency in the Indian microfinance space.
In light of SKS Microfinance’s proposed IPO in the coming days the CRISIL report is presented below for the benefit of the readers of this blog. Market sources reveal that some of these microfinance institutions which figure in the top 50 are in talks with merchant bankers and investors to tap the primary markets and want to gauge the response to SKS Microfinance’s IPO before they fast track their own listing plans.
Download CRISIL – Top 50 Microfinance Institutions in India
CRISIL Ratings India’s top 50 MFI’s – 68 Pages – 1.8 MB -
The above report includes detailed profiles and ratings of India’s top Microfinance Institutions.
CRISIL List of Top 50 Microfinance Institutions in India by Loan Amount Outstanding for 2009
This is the first inagural issue and includes additional commentary analysing the key strengths and challenges of different microfinance players in the sector. The publication is part of CRISIL’s enabling role in the structured evolution of the MFI sector in India.
CRISIL launched MFI grading as early as in 2002 and has since then become the world’s first mainstream rating agency to develop a separate methodology and scale to assess MFIs. Currently CRISIL has assessed more than 140 MFIs, and is currently the most preferred rating agency in the Indian microfinance space.
In light of SKS Microfinance’s proposed IPO in the coming days the CRISIL report is presented below for the benefit of the readers of this blog. Market sources reveal that some of these microfinance institutions which figure in the top 50 are in talks with merchant bankers and investors to tap the primary markets and want to gauge the response to SKS Microfinance’s IPO before they fast track their own listing plans.
Download CRISIL – Top 50 Microfinance Institutions in India
CRISIL Ratings India’s top 50 MFI’s – 68 Pages – 1.8 MB -
The above report includes detailed profiles and ratings of India’s top Microfinance Institutions.
CRISIL List of Top 50 Microfinance Institutions in India by Loan Amount Outstanding for 2009
1. SKS Microfinance Ltd (SKSMPL)
2 Spandana Sphoorty Financial Ltd (SSFL)
3 Share Microfin Limited (SML)
4 Asmitha Microfin Ltd (AML)
5 Shri Kshetra Dharmasthala Rural Development Project(SKDRDP)
6 Bhartiya Samruddhi Finance Limited (BSFL)
7 Bandhan Society
8 Cashpor Micro Credit (CMC)
9 Grama Vidiyal Micro Finance Pvt Ltd (GVMFL)
10 Grameen FinancialServices Pvt Ltd (GFSPL)
11 Madura Micro Finance Ltd (MMFL)
12 BSS Microfinance Bangalore Pvt Ltd (BMPL)
13 Equitas Micro Finance India P Ltd (Equitas)
14 Bandhan Financial Services Pvt Ltd (BFSPL)
15 Sarvodaya Nano Finance Ltd (SNFL)
16 BWDA Finance Limited (BFL)
17 Ujjivan FinancialServices Pvt Ltd (UFSPL)
18 Future Financial Services ChittoorLtd (FFSL)
19 ESAF Microfinance & Investments Pvt. Ltd (EMFIL)
20 S.M.I.L.E Microfinance Limited
21 SWAWS Credit Corporation India Pvt Ltd (SCCI)
22 Sanghamithra Rural Financial Services (SRFS)
23 Saadhana Microfin
24 Gram Utthan Kendrapara,
25 Rashtriya Seva Samithi (RASS)
26 Sahara Utsarga Welfare Society (SUWS)
27 Sonata Finance Pvt Ltd (Sonata)
28 Rashtriya Gramin Vikas Nidhi
29 Arohan Financial Services Ltd (AFSL)
30 Janalakshmi Financial Services Pvt Ltd (JFSPL)
31 Annapurna Financial Services Pvt Ltd
32 Hand in Hand (HiH)
33 Payakaraopeta Women’s Mutually Aided Co-operative Thrift and Credit Society (PWMACTS)
34 Aadarsha Welfare Society(AWS)
35 Adhikar
36 Village Financial Services Pvt Ltd (VFSPL)
37 Sahara Uttarayan
38 RORES Micro Entrepreneur Development Trust(RMEDT)
39 Centre for Rural Social Action (CReSA)
40 Indur Intideepam Federation Ltd (IIMF)
41 Welfare Organisation for Multipurpose Mass Awareness Network (WOMAN)
42 Pragathi Mutually Aided Cooperative Credit and Marketing Federation Ltd(PMACS)
43 Indian Association for Savings and Credit(IASC)
44 Sewa Mutually Aided Cooperative Thrift Societies Federation Ltd (Sewa)
45 Initiatives for Development Bangalore, Foundation (IDF)
46 Gandhi Smaraka Grama Seva Kendram (GSGSK)
47 Swayamshree Micro Credit Services (SMCS)
48 ASOMI
49 Janodaya Trust
50 Community Development Centre (CDC)
India Skills Development Report 2014 by CII
The Confederation of Indian Industry(CII) has released a report titled
“India Skills Report 2014″ in partnership with Wheebox &
Peoplestrong. The report released towards the end of 2013 is a thorough
assessment of the challenges that India faces in providing marketable
skills to it’s growing population and making them employment ready. With
a manpower of […]
Student Mobilisation Challenges for Skill Development in India 2014
The National Skill Development Agency of India has released a new report
by LeapRidge. The study is designed to understand the approach of
candidates and their parents to skill development programmes, and the
mobilisation efforts associated with them. The study was conducted
through a series Focus Group Discussion’s (FGD’s) and Personal
Interviews with skilled / […]
Global Consumption Database released
In early May 2014, the International Finance Corporation launched a new
database on the spending patterns of low income groups from around the
world. Global Consumption Database Companies seeking to expand in
emerging markets increasingly see the 4.5 billion people at the
so-called base of the economic pyramid (BOP) as potentially important
customers, diverse new […]
Innovations in Digital Finance 2014 Report
Major new trends and innovations in digital financial services are
opening up the possibility of significantly expanding financial
inclusion in Africa, according to a new study released this week by IFC,
a member of the World Bank Group, and The MasterCard Foundation. The
study, “In The Fast Lane: Innovations in Digital Finance“, highlights
advances in distribution […]
Poverty in India 2014 Facts, Report and Statistics PDF
In India, the Planning Commission is the premier agency for conducting
research and analysis on the poverty data and statistics and presenting
these to the public. It is a fact that this is a controversial
issue with many government ministries keen to manipulate this data to
exaggerate the success of their poverty eradication schemes. The
Planning Commission of […]
Guide For Creating Your Own Angel Investor Group
infoDev’s has released a new guide titled “Guide for Creating Your Own
Angel Investor Group” which aims to educate entrepreneurs and angels
from around the globe. It offers hands-on examples, such as financial
worksheets, application forms, term sheets, contracts, and checklists
that may be used as templates. The publication is a substantial update
of the […]
Social Media Marketing Report 2014
The Social Media Examiner has released it’s annual report on Social
Media Marketing for 2014. This 50-page report contains easy-to-digest
insights into how marketers are currently using social media and their
future plans. If you’re in charge of marketing your business, you’ll
want to closely examine the 70+ charts given in the report.The report
will […]
World Internet Trends 2014-2015
KPCB has released it’s latest edition of the annual Internet Trends
report 2014 which includes: Key Internet trends showing slowing Internet
user growth but strong smartphone, tablet and mobile data traffic
growth as well as rapid growth in mobile advertising. Emerging positive
efficiency trends in education and healthcare. High-level trends in
messaging, communications, apps
Nainital Bank Recruitment 2014 - Specialist Officers & Management Trainees Vacancies
| Post Date :: Jun 24 | Last Date :: July 20 | Category :: Both (Fresher & Experience) | Type :: Permanent |
Nainital Bank requires to appoint eligible desirous candidates for the posts of Specialist Credit Officer in Officers' Grade Scale-II, III and Management Trainees.
Interested candidates may forward their applications with self- attested requisite documents as proof of academic qualification, date of birth, post qualification experience (if any) and Caste etc.
The Candidates should ensure that information in appended application are in typed form only. Before dispatch, the Candidates must ensure mention of "Application for _____ " on the top of front side of envelope in bold letters.
Last date of receipt of application is July 20, 2014.
Vacancies & Eligibility Criteria :
| Post | Age Limit | Qualification | Pay per month | Experience |
| MANAGEMENT TRAINEES | 21 - 27 | Graduation with minimum 60% marks and Post Graduation with minimum 55% marks in any stream (Arts/ Science/ Commerce/ Management/ Agriculture/ Information Technology/ Computer Science/ Law/ HRM) | Rs. 23,000/- | --- |
| Officers Grade/ Scale-II | 25 - 25 | Chartered Accountant OR Chartered Financial Analyst (C.F.A.) | Rs. 19400 - 28100/- | 02 years |
| Officers Grade/ Scale-III | 25 - 25 | Rs. 25700 - 31500/- |
Dates to Consider :
Date of application issued : Jun 20, 2014
Last date of receipt of application is July 20, 2014.
Mode of Recruitment :
Eligible short listed candidates will be required to appear for personal interview at place and date notified by the Bank. Final selection will be based on their performance in Personal interview.
Fee Structure :
For Specialist Officer : Application fee is Rs. 1000/-.
For Management Trainees : Application fee is Rs. 800/- for general candidates and Rs. 400/- for SC/ST candidates.
The required fee is to be remitted through NEFT as per details given in official notice.
How to Apply :
Interested candidates may forward their applications with self- attested requisite documents as proof of academic qualification, date of birth, post qualification experience (if any) and Caste etc.
The Candidates should ensure that information in appended application are in typed form only. Before dispatch, the Candidates must ensure mention of "Application for _____ " on the top of front side of envelope in bold letters.
Last date of receipt of application is July 20, 2014.
Related :
Monday 16 June 2014
Budget 2014: Economists asks Jaitley to lower interest rate, remove cess
Economists have asked Finance Minister Arun Jaitley to lower interest rate, rationalise subsidies, remove all cess and surcharge, do away with the retrospective tax amendments and scrap dividend distribution tax to revive investment cycle and promote growth.
These suggestions were made by leading economists during the customary pre-budget meeting on Tuesday with the Finance Minister.
While seeking suggestions from economists, Jaitley expressed the commitment of the government to bring the economy back on track and pursue the path of fiscal consolidation.
Observing that the economic growth has slipped to below 5 per cent in recent years, Jaitley stressed, "the economic growth cannot be compromised at any cost".
Some of the suggestions made by economists include introduction of inheritance tax above certain threshold, encouragement to labour intensive manufacturing sector and modification of labour laws.
They also asked the government to use technology to check tax evasion, increase tax base and reduce tax uncertainty as well as discretionary powers of junior tax officers.
It was also suggested that the government should simplify the process for transfer of funds to states, including in case of Centrally Sponsored Schemes (CSS) and formulate National Competition Policy, among others.
Talking to reporters after the meeting, UNESCAP's South and South-West Asia Office Director Nagesh Kumar said: "We discussed how to revive manufacturing and industrial sector, how to rationalise government expenditure and taxes. The revival of public investment which could also help in reviving manufacturing sector."
He further said that suggestions were made to make "subsidies more effective and more targeted to reach the people design for and to avoid the leakages as much as possible."
Echoing similar views, professor of Economics in the Indira Gandhi Institute for Development Research Ashima Goyal said in the meeting that the government's current priority should be to restart growth.
Chairman of Oxus Investments Surjit S Bhalla said, "if the forthcoming budget will not be not a game-changing budget then a lot of people will ask why have we voted you (BJP led NDA) to power."
India's economic growth remained subdued at 4.7 per cent in 2013-14 and at 4.6 per cent in the fourth quarter of the financial year, mainly due to a decline in manufacturing and mining output.
Other economists who participated in today's meeting include Delhi School of Economics professor Rohini Somanathan, CERG Advisory's Omkar Goswami, Nitin Desai, and Ajit Ranade of Aditya Birla Group.
Sunday 15 June 2014
Budget 2014: Economists asks Jaitley to lower interest rate, remove cess
Economists have asked Finance Minister Arun Jaitley to lower interest rate, rationalise subsidies, remove all cess and surcharge, do away with the retrospective tax amendments and scrap dividend distribution tax to revive investment cycle and promote growth.
These suggestions were made by leading economists during the customary pre-budget meeting on Tuesday with the Finance Minister.
While seeking suggestions from economists, Jaitley expressed the commitment of the government to bring the economy back on track and pursue the path of fiscal consolidation.
Observing that the economic growth has slipped to below 5 per cent in recent years, Jaitley stressed, "the economic growth cannot be compromised at any cost".
Some of the suggestions made by economists include introduction of inheritance tax above certain threshold, encouragement to labour intensive manufacturing sector and modification of labour laws.
They also asked the government to use technology to check tax evasion, increase tax base and reduce tax uncertainty as well as discretionary powers of junior tax officers.
It was also suggested that the government should simplify the process for transfer of funds to states, including in case of Centrally Sponsored Schemes (CSS) and formulate National Competition Policy, among others.
Talking to reporters after the meeting, UNESCAP's South and South-West Asia Office Director Nagesh Kumar said: "We discussed how to revive manufacturing and industrial sector, how to rationalise government expenditure and taxes. The revival of public investment which could also help in reviving manufacturing sector."
He further said that suggestions were made to make "subsidies more effective and more targeted to reach the people design for and to avoid the leakages as much as possible."
Echoing similar views, professor of Economics in the Indira Gandhi Institute for Development Research Ashima Goyal said in the meeting that the government's current priority should be to restart growth.
Chairman of Oxus Investments Surjit S Bhalla said, "if the forthcoming budget will not be not a game-changing budget then a lot of people will ask why have we voted you (BJP led NDA) to power."
India's economic growth
remained subdued at 4.7 per cent in 2013-14 and at 4.6 per cent in the fourth
quarter of the financial year, mainly due to a decline in manufacturing and
mining output.
Other economists who
participated in today's meeting include Delhi School of Economics professor
Rohini Somanathan, CERG Advisory's Omkar Goswami, Nitin Desai, and Ajit Ranade
of Aditya Birla Group.
RBI simplifies KYC norms for opening of bank accounts
A bank account can be opened with just one address proof, permanent or local, says a Reserve Bank of India (RBI) decision, helping migrant workers and employees with transferable jobs who at present face cumbersome procedure to access banking services.
"Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation," the Reserve Bank (RBI) said in a notification on Monday. "In case the address mentioned as per 'proof of address' undergoes a change, fresh proof of address may be submitted to the branch within a period of six months," it said.
RBI was receiving representations and references from various quarters, including migrant workers, transferred employees about the problems faced by them in submitting a proof of address while opening a bank account, the notification said.
In cases where customer is not able to furnish local proof of address, the bank may take a declaration of the local address on which all correspondence will be made by the bank with the customer, it said.
"No proof is required to be submitted for such address for correspondence/local address. This address may be verified by bank through positive confirmation such as acknowledgment of receipt of letter, cheque books, ATM cards, telephonic conversation," the apex bank said.
If there is a change in address, customer may intimate the new address for correspondence to the bank within two weeks of such a change, it added.
It further asked banks to revise their KYC policy and ensure strict adherence to the revised guidelines.
PM warns of tough measures on economic front
Prime Minister Narendra Modi on Saturday warned of "tough decisions" over the next couple of years to improve the country's financial health, which he said may not go down well with some sections, and attacked the way the previous UPA government had handled the economy.
"Taking tough decisions and strong measures in the coming one or two years are needed to bring financial discipline which will restore and boost the country's self-confidence", he said addressing BJP workers in Panaji.
This is the first occasion in less than three weeks since taking over reins of power that Modi has made sharply critical comments on the previous Manmohan Singh government's peformance.
"I have taken over the reins of the country in circumstances when there is nothing left behind by the previous government. They left everything empty. The country's financial health has hit the bottom," Modi said.
However, in the short run, such measures may not go down well with everybody, he said.
"I am well aware that my steps may dent the immense love that the country has given to me. But when my countrymen would realise that these steps would result in getting the financial health back, then I will regain that love," said the Prime Minister.
On the other hand, if these tough measures were not taken, the financial situation would not improve, he said, adding "we need to take action wherever required".
"We won't be helping the country by praising Modi and praising BJP. There is no guarantee that just singing praise of Modi would improve the situation. We need to take harsh measures to improve the financial situation," he said.
Shortly later, Modi tweeted that "time has come to take tough decisions in the interest of the nation. Whatever decisions we take will be solely guided by national interest".
Will Obama, Modi walk the talk when they meet?
Prime Minister Narendra Modi. Photo: PTI
Will US President Barack Obama take Narendra Modi for a casual walk across the street to Bombay Club in the American capital for a 'chai pe charcha' on bilateral ties when the Indian Prime Minister comes calling in September?
It may not be as wild a guess as it seems at first glance. For of late "the bear is loose" - to use Obama's own catch phrase - for his recent impromptu escapades from the "bubble" at the White House.
Only last Tuesday, as news reports would have it, Chief of Staff Denis McDonough suggested an afternoon coffee break, and without telling the press or most of the staff, the president walked a block and half to a nearby Starbucks outlet.
"The bear is loose again," Obama told a staffer as the two walked out without jackets and with their shirt sleeves rolled up - tailed by White House reporters and the secret service in tow.
"How's the coffee?" a CBS News correspondent who just happened to be around, asked Obama as the commander-in-chief walked back to the West Wing with a paper cup in hand, greeting construction workers and waving at tourists on the way.
"Uhh...it's tea," the president replied.
The president's staff, according to CBS News, says there's no planned message in these impromptu outings, that he just likes to walk and talk, but they like the message they think it sends: regular guy.
Then next day Obama took Education Secretary Arne Duncan for a short ride across the Potomac to grab a hamburger for lunch at the FireFlies, a small single storey restaurant in Alexandria, Virginia.
Three weeks earlier too while heading over to the nearby Department of the Interior for a meeting, Obama "decided to break with tradition: He walked over instead."
"On the way there, he got to chat with all sorts of people-from roadside vendors to tourists to locals. Needless to say, they weren't expecting it," as the White House blog recorded.
The President also cracked the same joke during that outing shouting to tourists that "the bear is loose."
"I don't get a chance to take walks very often," he then said. "Secret Service gets a little stressed."
"But every once in a while I'm able to sneak off. I'm sort of like the circus bear that kind of breaks the chain."
Obama may be currently at odds with the Russian President Vladimir Putin, but four years ago he took his predecessor Dmitri Medvedev for a ride across the Potomac for lunch at his favourite hamburger joint, Ray's Hell Burger, in Arlington, Virginia.
It was "Just a Couple of Guys Grabbing Burgers" as the New York Times headlined the summit lunch.
So would it be a surprise if Obama takes Modi out for a little tete-a-tete with a once unwelcome guest to let bygones be bygones?
China's economy to slow down to 7.6% this year: World Bank
The Chinese economy will grow at 7.6 per cent this year, a notch lower than last year's 7.7 per cent, and the trend is likely to continue next year as well, a World Bank Economic update said on Friday.
China's growth will moderate over the medium term as the economy continues to rebalance gradually, it said.
Growth is expected to slow to 7.6 per cent in 2014, and 7.5 per cent in 2015, from 7.7 per cent in 2013, it said.
"The rebalancing will be uneven reflecting tensions between structural trends and near term demand management measures," said Chorching Goh, Lead Economist for China.
As the slow down continued in the last two years, Chinese leaders are allaying fears of any crisis while they attempted to restructure the economy with a host of reforms to improve domestic consumption in order to reduce dependence on declining exports.
"China is still in a significant period of strategic opportunity. We must boost our confidence, adapt to the new normal condition based on the characteristics of China's economic growth in the current phase and stay cool-minded," Chinese President Xi Jinping had said last month.
From the heydays double digit growth the world's second largest economy had declined to 7.7 per cent in both 2012 and 2013, the slowest pace since 1999 largely affected by the world economic crisis and declining exports due to global economic slowdown.
China's new leadership headed by Xi ruled out massive stimulus similar to the one in 2008 which amounted to $645 billion to tide over the global economic crisis.
Instead its focus this time is more on deepening reforms and opening up giving private sector bigger play.
The World Bank's update said the slowdown in the first quarter reflected a combination of dissipating effects of earlier measures to support growth, a weak external environment, and tighter credit, especially for real estate, a World Bank press release said.
However, economic activity, including industrial production, has shown signs of a pick-up in recent weeks.
The recent acceleration, which is likely to continue into the next two quarters, reflects robust consumption, a recovery of external demand, and new growth supporting measures, including infrastructure investments and tax incentives for small and medium-sized enterprises, it said.
The Update, identified several risks to this gradual adjustment.
On Thursday, the International Monetary Fund had warned that China should make a priority of containing financial risks that stem from rising debt.
Canadian provinces keen on energy relations with India
At a time when India is trying to downsize its oil import bill, trade delegations led by premiers of western Canadian provinces are planning to meet Prime Minister Narendra Modi and his team.
Come September, the premier of British Columbia (BC) Christy Clark is likely to visit India. The provinces of Alberta, British Columbia, Saskatchewan and Quebec play a major role in Canada's energy security.
Sources said a delegation of senior ministers of the Canadian government along with representatives of companies involved in oil and gas, power, petrochemicals, fertilizers and coal sectors are likely to visit India.
Sources said a delegation of senior ministers of the Canadian government along with representatives of companies involved in oil and gas, power, petrochemicals, fertilizers and coal sectors are likely to visit India.
Speaking to BUSINESS TODAY, Steve Carr, Deputy Minister for Natural Resources in BC, said the Canadian government is looking for a closer partnership with Indian companies. He said the British Columbia government wants Indian companies to invest in the manufacturing sector and also lay crucial pipelines that could help the province transfer oil from inland Alberta to its ports.
In February, India's biggest refiner Indian Oil Corporation had received a cargo of million barrels of heavy oil from Alberta-based oil producer Husky Energy Inc. Through similar moves Canada seems to be slowly positioning itself as the exporter of North American oil.
In Canada, Indian companies are competing with players from China, Korea and Japan.
According to Tim Lisevich, Managing Director (investment and corporate banking) at BMO Capital Markets, most of the Indian firms that evince interest in Canadian assets are not confident of partnering with smaller firms there. Carr hopes that the new dispensation in Delhi will soon set things right.
Officials in the Canadian government say there is a very good scope for Indian companies to be part of integrated oil exploration projects. "The delegation led by the premier will discuss several such propositions. We understand that India wants to diversify its energy mix and sources. We also want to diversify our sources. It is just a perfect marriage," says Carr.
BC is expecting federal government nod to the 'controversial' $7 billion Enbridge Northern Gateway Pipelines Project across the state that connects hydrocarbon sources to the pacific coast. Carr says that there are issues related to sharing of royalties between BC and Alberta and talks are on.
Earlier this year, IOCL had bought 10 per cent stake in Pacific Northwest LNG from Malaysia's Petronas Group. This had given IOCL access to at least 8.35 trillion cubic feet of gas reserves in BC fields controlled by Petronas's Progress Energy Canada Ltd. IOCL aims to bring LNG from there to India.
In Quebec, Indian fertilizer company IFFCO riding on cheap gas available there is all set to start a fertilizer plant. Meanwhile, Saskatchewan province is seeking Indian investment in mining of uranium, a much-need resource for India's nuclear power plants.
World Bank pegs India's growth at 5.5 pc in fiscal 2014-15
The World Bank projected India's growth at 5.5 per cent in fiscal 2014-15, accelerating to 6.3 per cent in 2015-16 and 6.6 per cent in 2016-17 as it urged developing countries to double down on domestic reforms.
Subdued manufacturing activity and a sharp slowing of investment growth in India led to GDP growth in South Asia as a whole slowing to an estimated 4.7 percent in market price terms in calendar year 2013, the Bank said in a new report on Wednesday.
The growth in South Asia was 2.6 percentage points below average growth in 2003-12, the World Bank noted in its twice-yearly Global Economic Prospects report that also lowered projections for global economic outlook.
Firming global growth and a modest pickup in industrial activity should help lift South Asia's growth to 5.3 per cent in 2014, rising to 5.9 per cent in 2015 and 6.3 per cent in 2016, it said
Most of the acceleration is localised in India, supported by a gradual pickup of domestic investmentand rising global demand.
The World Bank, however, cautioned that forecasts assume that reforms are undertaken to ease supply-side constraints (particularly in energy and infrastructure) and to improve labour productivity, fiscal consolidation continues, and a credible monetary policy stance is maintained.
"The financial health of economies has improved. With the exception of China and Russia, stock markets have done well in emerging economies, notably, India and Indonesia," said Kaushik Basu, Senior Vice President and Chief Economist at the World Bank.
"But we are not totally out of the woods yet," he said. "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis."
"In brief, now is the time to prepare for the next crisis," Basu said.
Developing countries are headed for a year of disappointing growth, as first quarter weakness in 2014 has delayed an expected pick-up in economic activity, the Bank said.
The Bank has lowered its forecasts for developing countries to 4.8 per cent this year, down from its January estimate of 5.3 per cent.
Signs point to strengthening in 2015 and 2016 to 5.4 and 5.5 per cent, respectively.
China is expected to grow by 7.6 per cent this year, but this will depend on the success of rebalancing efforts, the GEP said.
Bad weather in the US, the crisis in Ukraine, rebalancing in China, political strife in several middle-income economies, slow progress on structural reform, and capacity constraints are all contributing to a third straight year of sub 5 per cent growth for the developing countries as a whole, it said.
Fiscal policy needs to tighten in countries where deficits remain large, including Ghana, India, Kenya, Malaysia, and South Africa, the Bank said.
In addition, the structural reform agenda in many developing countries, which has stalled in recent years, needs to be reinvigorated in order to sustain rapid income growth.
The global economy is expected to pick up speed as the year progresses and is projected to expand by 2.8 per cent this year, strengthening to 3.4 and 3.5 per cent in 2015 and 2016, respectively.
High-income economies will contribute about half of global growth in 2015 and 2016, compared with less than 40 per cent in 2013, providing an important impetus for developing countries, the Bank said.
Oil prices hit nine-month high on Iraq crisis
Brent crude oil hit a nine-month high near $115 a barrel as the United States threatened military action against Islamist militants who have taken towns and cities in Iraq, raising concerns over its oil exports.
Sunni insurgents gained more ground in Iraq, moving into two towns in the eastern province of Diyala after security forces abandoned their posts. The jihadists extended their advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest.
Brent hit a session peak of $114.69 a barrel, its highest since September. The contract was up $1.00 at $114.02 by 0830 GMT. It gained more than $3 on Thursday.
US crude touched an intraday high of $107.68, also a nine-month high, and was up 75 cents at $107.28, extending the previous session's $2.13 gain.
Brent was set for gains of more than 5 per cent this week, the biggest weekly rise since July 2013, while US crude was on track for its biggest jump since December.
The International Energy Agency (IEA) sought to play down fears over the possible loss of oil exports from Iraq, saying in its monthly Oil Market Report that supplies did not appear to be at risk for the moment.
"Concerning as the latest events in Iraq may be, they might not for now, if the conflict does not spread further, put additional Iraqi oil supplies immediately at risk," the Paris-based agency said.
But investors were worried that violence in Iraq could disrupt oil supplies from the second-largest OPEC producer.
"There have been no disruptions to oil supplies so far but people are very nervous," said Ken Hasegawa, a fund manager at Newedge in Japan.
The forces of Iraq's autonomous ethnic Kurdish north have taken control of the oil hub of Kirkuk as the troops of the Shi'ite-led government abandoned posts.
Analysts say oil markets are finely balanced at the moment and another significant blow to supply could push up prices even further.
The IEA said on Friday that OPEC would need to produce one million barrels per day (bpd) more oil on average in the second half of 2014 to balance the global market, which will see a steep seasonal spike in demand.
The agency raised its estimate for demand for OPEC crude oil in the second half of this year by 150,000 bpd from its forecast last month to an average of 30.9 million bpd.
The bullish assessment contrasted with the view of OPEC, which on Thursday said extra production would be more than sufficient to meet growing demand.
The cartel of 12 exporters said global oil inventories were comfortable. US stockpiles were high and commercial stocks in the large developed economies were sufficient at the end of April to meet almost two months of consumption.
Overshadowed was US data which showed retail sales rose less than expected in May and first-time applications for jobless benefits increased last week.China's industrial output rose 8.8 per cent in May from a year earlier, while retail sales rose 12.5 per cent, the National Bureau of Statistics said, matching forecasts and helping assure markets of a stable Chinese demand outlook.
Barack Obama names IIT alumnus to Science Foundation board
US President Barack Obama plans to appoint a Madras University graduate and alumnus of the Indian Institute of Technology (IIT) as a member of the National Science Board of National Science Foundation.
The proposed appointment of Dr Sethuraman Panchanathan, Senior Vice President of the Office of Knowledge Enterprise Development at Arizona State University (ASU), was announced by the White House on Friday with 15 other key administration posts
"Our nation will be greatly served by the talent and expertise these individuals bring to their new roles. I am grateful they have agreed to serve in this Administration, and I look forward to working with them in the months and years ahead," Obama said.
At over thirty, the Obama administration has more Indian-Americans working at high places than in any other previous administration.
Panchanathan, who has held his current position at ASU since 2011, previously worked as a Data Communication Engineer for International Software India Limited in Chennai, India in 1986.
He received a BSc from the University of Madras, a BE from the Indian Institute of Science, an MTech from the Indian Institute of Technology, and a PhD from the University of Ottawa, Canada.
Panchanathan has held a number of positions at Arizona State University since 1998.
He has been a foundation chair professor in Computing and Informatics since 2009 and a founding Director of the Centre for Cognitive Ubiquitous Computing since 2001.
Panchanathan founded the ASU School of Computing and Informatics in 2006 and the Department of Biomedical Informatics in 2005.
Prior to working for ASU, Panchanathan served at the University of Ottawa as a founding Director of the Visual Computing and Communications Laboratory from 1990 to 1997.
He worked as Associate Professor in the Department of Electrical and Computer Engineering from 1994 to 1997, and Assistant Professor from 1989 to 1994.
Saturday 14 June 2014
Assam Postal Circle Recruitment 2014 for MTS & Postman Vacancies
Assam Postal Circle Recruitment 2014 apply at http://www.submitonline.in/dopassam: Assam Postal Circle now open vacancies for Multi Tasking Staff (MTS) & Postman/Mail Guard. If candidate completed matriculation and satisfying all terms & condition can apply online mode upto 02/07/2014. According to this notification 77 candidate will get government job If you are one of those job seekers who interested in this position, please read this job resource for all important information:
Details of Vacancies
Post Number 1: Multi Tasking Staff (MTS)
No. of Jobs: 27 Vacancies (OC=14, SC=3, ST=3, OBC=7)
Qualification: Matriculation or ITI
Pay Band: 5200-20200 + GP 1800/-
Age Limit: 18-27 Years
Post Number 1: Postman/Mail Guard
No. of Jobs: 50 Vacancies (OC=40, SC=6, ST=1, OBC=3)
Qualification: Matriculation
Salary Band: 5200-20200 + GP 2000/-
Age Limit: 18-27 Years
Application Fee: Rs. 100/- for all
Examination Fee: Rs. 400/- no fee for SC/ST/PH
How to Apply
All eligible candidate can apply online through official address of recruitment department http://www.submitonline.in/dopassam/, you can also check Assam Postal Circle Recruitment 2014 advertisement for more information like eligibility condition, fee process, examination schedule, admit card, exam date etc.
Examination Fee: Rs. 400/- no fee for SC/ST/PH
MPPSC Recruitment 2014 for 1271 vacancies, Last Date 15 July 2014
MPPSC Recruitment 2014: Madhya Pradesh Public Service Commission has recently issued a notification, inviting applications for position of Medical Officer. There are total 1271 vacancies for this offer. Interested individuals can refer to the official notification for detailed break up of vacancies.
Important dates
- Start Date for online registration: 16 June 2014
- Last date for online registration : 15th July 2014
- Last date for editing form online: 17th July 2014
Total No. of Posts: 1271
Name of the Post: Medical Officer
1.Backlog Category: 327 Vacancies
2. General Category: 944 Vacancies
Name of the Post: Medical Officer
1.Backlog Category: 327 Vacancies
2. General Category: 944 Vacancies
Eligibility Criteria
Age limit: Candidates should not be less than 21 years and should not be more than 40 years on 1.1.2015
Educational qualification: Applicant should have completed their MBBS
**Please note that SC/ST/OBC/PH candidates will be eligible for age relaxation.
How To Apply
Candidates can log in to www.mponline.gov.in, http://mppsc.nic.in, www.mppsc.com in order to fill the application form for position of medical officer. Competitors should follow instructions mentioned on the website in detail. It is important that competitors should provide their updated contact details like telephone number and email address for further communication. Once the application form is submitted, you will receive two emails, first will provide a confirmation for your application and second email will contain your login details.
Candidates who are shortlisted for personal interview will be intimated by MPPSC. Decision of panel members will remain final in terms of personal interview assessment. Candidates failing to appear for person interview will be disqualified.
Subscribe to:
Posts (Atom)