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Multi Commodity Exchange of India gets SEBI approval for appointment of Chairman
Dec 01,2016

Multi Commodity Exchange of India announced that SEBI vide its letter dated 01 December 2016 has accorded its approval to the appointment of Saurabh Chandra as Chairman of the Governing Board of the Company in terms of the Clause 6.3.3 of SEBI circular dated 13 December 2012.

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PTL Enterprises announced change in directorate
Dec 01,2016

PTL Enterprises announced that the Company have received an order dated 02 November 2016 on 01 December 2016 from Govt, of Kerala, which states that earlier order issued (dated 04 October 2016) by the Govt. of of Kerala nominating Nazaruddin K. on the Board of Directors of the PTL Enterprises stands cancelled.

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Maharashtra Seamless announces change in direcorate
Dec 01,2016

Maharashtra Seamless announced that S P Raj has resigned as Whole Time Director of the Company and has been relieved on 30 November 2016. However, he will continue as Non Executive Director of the Company.

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Timex Group India shifts registered office
Dec 01,2016

Timex Group India announced that the registered office of the Company has been shifted to 106-107, Ambadeep, 14, Kasturba Gandhi Marg, New Delhi -110001 with effect from 01 December 2016.

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With effect from midnight of 2 December 2016, old Rs 500 bank notes will not be accepted at petrol, diesel & gas outlets & for purchase of Air Tickets
Dec 01,2016

After the cancellation of legal tender character of old Rs. 500 and Rs. 1000 denomination bank notes, the Government had exempted certain categories of transactions wherein the old high denomination bank notes were accepted. The Government had extended the exemption period for these categories from time to time. At present, exemptions are allowed on certain types of transactions wherein payment of old Rs. 500 bank notes are permitted up to a specified date.

The processes of production, dispatch and distribution of currency notes have been continuing and more cash is flowing into the system steadily. The digital transactions have also made an impressive progress and are expected to significantly improve during the coming days. Now, therefore, as digital transaction options have been increasing across different sections of the economy, it has been observed that the outlets of the oil and gas marketing companies are better equipped to accept payments through digital means. Hence, it has been decided that with effect from the midnight of 2nd December, 2016, petrol, diesel and gas outlets of Public Sector oil and gas marketing companies will be removed from the exempted category for receipt of old Rs. 500 bank notes. It may be noted that supply of LPG continues to be in the exempted category for payment through old Rs. 500 bank notes.

Similarly, purchase of air tickets at the airports was included initially in the exempted category. It is observed that air ticketing counters have facilities to accept non cash/digital payments. Further, enough time has been allowed for travelers to be prepared with legal tender and/or non cash modes of payment. It has, therefore, been decided that with effect from midnight of 2nd December, 2016, the exemption allowed for purchase of air tickets at airports through old Rs. 500 notes will be removed from the exempted category.

The other exempted categories that have earlier been notified will continue to accept old Rs. 500 notes as per the said notifications.

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Apcotex Industries provides update on scheme of amalgamation
Dec 01,2016

Apcotex Industries announced that the Scheme of Amalgamation has become effective post filing of e-Form INC-28, on 01 December 2016 with the Registrar of Companies / Ministry of Corporate Affairs.

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Bank of Maharashtra plans to issue Basel III Compliant AT1 Bonds
Dec 01,2016

Bank of Maharashtra proposes to raise funds by issue of Basel III Compliant AT1 Bonds of Rs 250 crore with Green Shoe Option of Rs 750 crore aggregating Rs 1000 crore on private placement basis.

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Torrent Power shifts registered office
Dec 01,2016

Torrent Power announced change in registered office with effect from 01 December 2016 to Tapovan, 600, Tapovan Ambawadi Ahmedabad - 380 015.

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Caprihans India to announce September quarter results
Dec 01,2016

Caprihans India announced that a meeting of Board of Directors of the Company will be held on 07 December 2016 to consider and approve the Un-Audited Financial Results (Provisional) for the quarter ended 30 September 2016.

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Board of Vascon Engineers to consider September quarter results
Dec 01,2016

The Board of Vascon Engineers will meet on 13 December 2016 to consider, approve and take on record the unaudited Financial Results (reviewed) of the Company for the quarter ended 30 September 2016, along with other matters.

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Shriram Transport Finance Company to consider fund raising plans
Dec 01,2016

Shriram Transport Finance Company announced that the Company is considering raising of funds through various options of borrowings including by way of issue of Secured Redeemable Non-Convertible Debentures (NCDs) on private placement basis. Based on the market conditions the meeting(s) of Banking and Finance Committee will be held during the current month ending 31 December 2016 to consider and approve the terms of such borrowings.

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Board of Blue Circle Services to consider expansion of business
Dec 01,2016

Blue Circle Services announced that the meeting of Board of Directors of the Company will be held on 06 December 2016, to consider following Agenda:

1. To consider and if thought fit, to accept resignation of Anil Kumar Purohit, Managing Director and to appoint new KMP in his place.

2. To expand its business and to enter into new business segment.

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Board of Educomp Solutions to consider September quarter and half year results
Dec 01,2016

Educomp Solutions announced that the Meeting of Board of Directors of the Company will be held on 14 December 2016, inter alia, to consider and approve the unaudited financial results of the Company for the quarter and half year ended on 30 September 2016.

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Board of Gujarat NRE Coke to consider September quarter results
Dec 01,2016

Gujarat NRE Coke announced that a meeting of the Board of Directors of the Company has been convened to be held on 10 December 2016, inter alia, to consider, approve and take on record the Unaudited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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Government clarifies apprehension under the proposed Taxation Laws (Second Amendment) Bill, 2016
Dec 01,2016

In the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha, some rumours have been making rounds that all gold jewellery including ancestral jewellery shall be taxed @75% plus cess with a further penalty liability of 10% of tax payable.

It is hereby clarified that the above Bill has not introduced any new provision regarding chargeability of tax on jewellery. The Bill only seeks to enhance the applicable tax rate under section 115BBE of the Income-tax Act, 1961 (the Act) from existing 30% to 60% plus surcharge of 25% and cess thereon. This section only provides rate of tax to be charged in case of unexplained investment in assets. The chargeability of these assets as income is governed by the provisions of section 69, 69A & 69B which are part of the Act since 1960s. The Bill does not seek to amend the provisions of these sections. Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources. The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as unexplained cash or asset or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such.

It is clarified that the jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions. In this connection, a reference to instruction No.1916 is also invited which provides that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made. Further, legitimate holding of jewellery upto any extent is fully protected.

In view of the above, the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed amendment is totally unfounded and baseless.

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