SEBI says it is looking into trades in Ranbaxy stock

The Securities and Exchange Board of India (Sebi) is examining trades in the Ranbaxy stock

The Securities and Exchange Board of India (Sebi) is examining trades in the Ranbaxy stock, that took place before Sun Pharma acquired the company from Daiichi Sankyo in a $4-billion deal, announced on April 7.

“It is very much on our radar,” a senior Sebi official said, adding that the study of the trades could take some time and that any action, if warranted, would be taken subsequently.

The Ranbaxy scrip had jumped as much as 20.09% on the BSE in four trading days leading up to the deal. The troubled company, which is firefighting various manufacturing issues identified by the USFDA in four of its plants, has seen a drop of approximately 18.5% in its market value in the one year preceding April 2, 2014.

On Tuesday, the Andhra Pradesh High Court issued an order to the BSE and the NSE to maintain interim status quo on the acquisition after a group of individual investors filed a petition with the court.

The petition asked the HC to direct Sebi to investigate claims of alleged insider trading of Ranbaxy shares and take appropriate action against Sun Pharma and SilverStreet Developers, a limited-liability partnership that is an indirect subsidiary of Sun Pharma.

SilverStreet held 59 lakh Ranbaxy shares as on December 31, 2013, and upped its stake by 10 lakh in the first quarter of CY2014. It held 1.64% of Ranbaxy stock or approximately 69.67 lakh shares as on March 31, 2014.

Meanwhile, Sun Pharma issued an official statement on Wednesday. “The matter related to purchase of shares of Ranbaxy Laboratories does not violate insider trading rules. With regards to the petition filed, the matter is sub judice and, hence, we cannot make specific comments, but we would be taking appropriate action as advised by our legal counsel,” Sun Pharma's official spokesperson said in a statement.

Ranbaxy did not respond to an email requesting comments on the court order.

Source: http://www.financialexpress.com/news/sebi-says-it-is-looking-into-trades-in-ranbaxy-stock/1245881

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GDP to grow at 5.2-5.5% in FY15

Care Ratings on Wednesday projected the country's gross domestic product (GDP) to grow at 5.2-5.5% in FY15, higher than the 4.9% advance estimate.

Care Ratings on Wednesday projected the country's gross domestic product (GDP) to grow at 5.2-5.5% in FY15, higher than the 4.9% advance estimate.

“It is expected that the economy in general will improve in FY15, albeit gradually on the premise that a strong government would be in place after the elections, which will reduce uncertainty in the business environment and focus on reviving growth,” said the ratings agency in a report. Care added that there would also be less global uncertainty with respect to tapering of quantitative easing measures in the developed world.

It, however, warned that with the met department bringing out its recent forecast for the southwest monsoon at 95% of the long-period average, there was some uncertainty on the performance of the farm sector. “With 56% forecast probability of the monsoon being below normal, the performance of the agricultural sector would be dependent on what finally happens,” it said.

The biggest downside risk would be an El Nino, Care said.

Source: http://www.financialexpress.com/news/gdp-to-grow-at-5.25.5-in-fy15-care/1245849

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China likely to pip us as world’s biggest economy this year

As per the more widely used exchange rate-based estimate, the US economy...

As per the more widely used exchange rate-based estimate, the US economy was almost double the size of China’s even as late as 2012. But the assessment at a common price level, a more pertinent one, would indicate the professedly communist country outdoing the US to become the world’s largest economy this year, well ahead of the previously thought 2019, reports fe Bureau in New Delhi.

Gauged by purchasing power parity (PPP), China’s economy was already 87% of that of the US in 2011, a sharp climb up from 45% in 2005, going by the 2011 Round of the World Bank’s International Comparison Program (ICP) released recently.

What bolsters the prediction is the fact that China’s economy grew 24% between 2011 and 2014 while the US is believed to have expanded only 7.6% during the period.

The world economy’s reorganisation aided by rapid strides by emerging and developing countries was also reflected in India zooming past Japan and seven other countries to be the third largest economy in terms of PPP in 2011. Only the US and China were ahead of India. India’s economy was 37% of US’ on a PPP basis, a great improvement from 18.9% in 2005, revealed the World Bank-ICP report.

“The six largest middle-income economies — China, India, Russia, Brazil, Indonesia and Mexico — account for 32.3% of world GDP, whereas the six largest high-income economies — US, Japan, Germany, France, United Kingdom, and Italy — account for 32.9%,” the report said. Clearly, things have already evened out.

The ICP’s is by far the most extensive effort to gauge PPPs across countries. Put differently, the US’ share in world GDP according to PPP was 17.1% in 2011 and that of China 14.9%. India’s was 6.4%.

Going forward, the investment expenditure figures put out by ICP clearly indicate that the balance of economic power could tilt more decisively in favour of countries in the Asia and the Pacific region. “At 27%, China now has the largest share of the world’s expenditure for investment (gross fixed capital formation); followed by the US at 13%. India, Japan and Indonesia follow with 7%, 4% and 3%, respectively,” the report said.

PPP estimates reveal the real cost of living and are considered a better measure than one using volatile exchange rates to estimate the size of economies. The International Monetary Fund has estimated the US GDP in 2012 at $16.2 trillion and China’s at $8.2 trillion. As per the ICP’s new data, the world economy produced goods and services worth over $90 trillion in 2011, and almost half of the world’s total output came from low- and middle-income countries.

But the ICP admitted to the limitations of the data. “The ICP is designed to compare levels of economic activity across economies, expressed in a common currency, in a particular benchmark year. As such, PPP-based expenditures are not directly comparable with the 2005 ICP round estimates because they are based on two different price levels,” the report said.

Source: http://www.financialexpress.com/news/china-likely-to-pip-us-as-world-s-biggest-economy-this-year/1245897/0

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Letter of Appointment Of Director- Attachment of DIR-12

(ON COMPANY’S LETTER HEAD)

(MUST BE SIGNED AND SEALED BY AUTHORISED SIGNATORY OF THE COMPANY)

Date _____________

Name

Address        

SUBJECT: LETTER OF APPOINTMENT

Dear ____________,

With reference to your interview and subsequent discussions you had with us, the company is hereby pleased to appoint you in our organization w.e.f. (dd/mm/yyyy) on the following terms & conditions:

1.   DESIGNATION:

You will be designated as _____________ for the role of _____________ in _____________

2.   PLACE OF POSTING:

You will be posted in our office at _____________

3.   REMUNERATION:

You will be entitled to the following remuneration, subject to the fulfillment of service conditions:

(Give all the details of the compensation)

Annual Salary: Rs. _____________

(Tabular breakup)

4.     BENEFITS:

Apart from your annual salary, you will be eligible for additional employee benefits like bonus which would amount to Rs. _____________and leave salary (______ days paid leave) which would amount to Rs. _____________post confirmation which would be paid annually on pro-rata basis.

You are entitled to gratuity which will be paid only after completion of five years with the organization. If termination with the organization is post ______ years, gratuity will be paid on the date of termination.

5.      LEAVE FACILITIES:

You are entitled to ______ days paid leave - ______ earned leaves and ______ casual leaves.

6.     TRANSFER:

The company may put you through inter-department transfer or intra-city transfer within Choice group.

7.     PROBATION:

You will be on probation for a period of _____________ months from the date of joining service. Based on your performance and conduct, this period may be increased or decreased at sole discretion of the management and unless an order in writing is given to you, you shall be not be deemed to have been confirmed.

8.     SEPARATION:

During probation or extended period(s) thereof, your service is liable to be terminated without assigning any reason or payment in lieu thereof. Subsequent to confirmation, either side can terminate this contract by giving a notice of _____________ Month or payment of _____________ month’s salary in lieu thereof.

9.     OTHER RULES & REGULATIONS:

You are expected to discharge the duties assigned to you from time to time with due diligence, integrity and responsibility to the entire satisfaction of the management and also maintain high standard of work expected of you by the company.

Your appointment in the company is full time and you shall devote yourself exclusively to the business of the company. You will not engage yourself in any other employment or business (part – time or full – time) as long as you are employed in the company. Any action contrary to this shall render your services liable for termination without any notice or payment in lieu thereof.

You are required to deal with the Company’s money, materials and documents with utmost honesty. If at any time you are found dishonest in dealing with the Company’s money, materials and documents, you shall render yourself liable for termination without any notice or payment in lieu thereof.

You will not divulge or give public any information related to any aspect of the company to anyone not employed by the company, including in such activity shall render you liable for termination without any notice or payment in lieu thereof.

If any declaration given or information furnished by you to the company is found to be false or if you are found to have willfully suppressed any material information at any point of time during your services, you are liable to be terminated immediately without any notice or payment in lieu thereof.

Any disputes arising out of this contract would be settled in the court of law under _____________ jurisdiction.

Please sign the copy of this letter as a token of your acceptance.

We welcome you again to our family and trust your association with us would be a long and meaningful one.

Yours Faithfully,

____________________________________

Manager – Human Resources

(OR OTHER AUTHORIZED SIGNATORY)

                                                                                    __________________________

                                                                                    Received & Accepted

Name

Date

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