Dear Friends,
Several reorganisations have taken place in the Corporate and Political scenarios during the month of February, 2014.
Amongst all, the predominant one was the passing of the long awaited Telangana Bill in the Parliament against the backdrop of protest and unruly behaviour of the MPs who were against the division of Andhra Pradesh. This was comparable to the breaking up of a joint family and the entire drama appears to be intended to derive political mileage and short term gains.
The other important events were the resignation of two Chief Ministers (CM) during the month of February, 2014. The first being Mr Kiran Kumar Reddy, the CM of Andhra Pradesh who resigned as the Parliament passed the Telangana Bill against the wishes for Samaikyandhra. This led the Union Cabinet to instil Presidents rule in Andhra Pradesh. The second was the resignation by Mr Arvind Kejriwal, Chief Minister of Delhi due to the failure on the part of his Government to introduce the Jan Lokpall Bill. President rule was imposed in Delhi too. These situations call for a serious introspection of the existing state of affairs. Let’s hope that the political parties understand what do people want, need and expect from them. It’s high time that the general interest of public be given due importance against political interests.
Well coming to the Corporate news, Mr Satya Narayana Nadella, Hyderabad born has become the CEO of Microsoft succeeding Steve Ballmer. With Satya Nadella’s lead, it is expected that Microsoft will be ready to build dynamics into an even more exciting platform.
From the regulators end,the Ministry of Corporate Affairs has finally notified the Corporate Social Responsibility Rules which will effective from 1st April, 2014. Of course there are many aspects on which clarifications are sought. Reserve Bank of India after its major attempt to announce withdrawal of pre 2005 notes at the beginning of this year has now set its sight on curbing black money and fake currencies stating that the creation, trading or usage of Virtual money is not authorised by the RBI and is examining its legality. The Supreme Court on the other hand issued non-bailable arrest warrant against Sahara Chief, Mr Subrata Roy on alleged failure by Sahara to refund Rs.20,000 crore to the investors as per the order of SEBI.
Last but not the least relating to Budget month, the trend of introducing the financial budget has taken a different shape by passing interim budget due to upcoming elections. Finance Minister P Chidambaram has presented his Interim Budget considering the new term “Fiscal Marksmanship which means forecasting accuracy in budget making exercise”.
With Best Regards,
CS Bhavani
Partner