“Progress is impossible without change, and those who cannot change their minds cannot change anything.” George Bernard Shaw
“When you’re finished changing, you’re finished.”Benjamin Franklin
I take this opportunity inter-alia to share with you, one of the Happiest Moments of our journey which was ‘R & A’s Birthday’ and its 15th Foundation day. We cheered ourselves by conducting another mega event at Chiran Fort Club on 23rd October, 2011 along with the staff, their families and Alumni. We were indeed honored to have Mr Datla Hanumantha Raju, the past president of our Institute as one of our Chief Guest on this very special day and to bless us. The Foundation Day celebration was a great success with whole hearted support and contribution of one and all. You can view the pictures of the same here.
Coming to the initiatives taken up by the Ministry of Corporate Affairs (MCA), let us all appreciate MCA for taking a bold and path breaking step in trying to make Indian Financial Reporting at par with the International standards by introducing XBRL Filing for Financial Statements. Now it’s time for the Corporates to play their role by finalising the right vendor among the options available as the final taxonomy, validation tool and e-forms for filing financial statements in XBRL mode have been released by the MCA.
In a big-bang market reform, the Securities and Exchange Board of India (Sebi) notified its new takeover code (Substantial Acquisitions of shares and takeovers – regulations), 2011, which will make corporate takeovers easier. The main change in the new takeover code is that the trigger for making an open offer has been raised from 15 percent to 25 percent. A company can now invest upto 25 percent in another company without making an open offer. Sebi has also raised the open offer size, once the takeover code is triggered, to 26 percent from 20 percent earlier, thus offering an easy exit for investors. In addition to this, the non–compete fees has been abolished. The changes have come into effect from 22nd October, 2011. It is a good move for the Promoters, Private Equity and Institutional investors who need not restrict themselves to 14.99% stake in every listed company as per the existing regulations. These revisions surely will change the dynamics of Mergers and Acquisitions in India and also attract strategic investors.
The 42-day-long strike by the government employees of Telangana region was withdrawn on Monday evening i.e., 24th October, 2011. The indefinite strike, which initially involved the teachers, lecturers, workers of the Singareni Collieries and the Road Transport Corporation had paralysed the administration in Hyderabad and nine other districts of the region. The strike caused a huge loss to the state’s economy and dented the State’s image as a lucrative investment destination. Hopefully, the Centre will find a win-win formula which is acceptable to pro-Telangana leaders as well as leaders from the coastal Andhra and Rayalseema regions of Andhra and bring about the dawn of the new day.