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July 10, 2015
The month of June, 2015 left the Maggi lovers in a great set back as Central food safety regulator FSSAI banned Nestle’s most popular food item -Maggi saying it as unsafe and hazardous for consumption on finding excessive levels of lead in its taste enhancer monosodium glutamate (MSG) and for violation of labelling regulations. At least this episode is an  eye opener  for many who use processed food items without being bothered about its content and its impact on  health. On the positive note, the regulators are not only cautious about the food quality but have also taken aggressive steps by withdrawing  unsafe and unhealthy food items from the market. Coming to IPO market, the year 2015 has been better when compared to the past couple of years which did not have many successful listings. Analysts cheer for new IPO’s in pipeline which are significant due to two reasons-  one, being IPO’s of newer business models and the other being timed after a couple of years of bull market cycle. Let's hope a good number of corporates witness successful IPO’s  during this year. It is also noteworthy to know that SEBI banned Karvy Stock Broking from IPO work for one year  due to its involvement  in scam during 2003-2005 periods. In order to reduce the time period between the closures of an IPO to its listing from the current 12 days to six days, SEBI has decided to make ASBA (Application Supported by Blocked Amount) mandatory in all IPOs from next year. This helps in doing away with the entire refund process that takes a couple of days in the normal process. By introducing such reforms, the market regulator has surely increased the hope for more of such investor friendly reforms in the days to come. Digital India Digital India is an initiative of Government of India to integrate the government departments and the people of India. Prime Minister Narendra Modi has successfully launched “Digital India” on 1st July 2015 in the presence of many industrialists. The objective is to promote e-governance through eminent industrialists promising 4.5 lakh crore rupees investments and 18 lakh jobs in the sector. This is another great product from the mind of a true leader which India was lacking for the past decades. Earlier in the month of June, 2015 Government launched digital employment exchange which enables industrial enterprises to find eligible candidates and job-seekers to find employment.  Greek crisis The Greek crisis is unlikely to impact India and its financial system due to the limited commercial bilateral engagement. This crisis may actually be a boon  for India as  it could delay  the US rate hike. It is expected that with higher interest rates in the US, the FPIs (Foreign Portfolio Investors) will be led away from the emerging markets such as India. A day after the voters resoundingly rejected more austerity demands from creditors in a referendum big questions remain about what's next for Greece. Will the lenders offer more money? Will Greece  remain with  the euro? What does the vote even mean  to the  people living in the cash-strapped country? Greek banks are expected to stay closed. Banks have been struggling to keep cash in ATMs . MCA Updates Ministry of Corporate Affairs (‘MCA’) has issued four notifications  on 5th June 2015 and thereby granted several exemptions to Private companies, Section 8 companies, Government Companies and Nidhi companies. These notifications are issued under section 462 of the Companies Act, 2013 (“the Act”). MCA has provided much awaited relief to these Companies from complying with the stringent provisions of Companies Act, 2013. Thanks Bhavani Partner  
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