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Larsen & Toubro Infotech announces change in compliance officer
Mar 30,2017

Larsen & Toubro Infotech has accepted the resignation of Rajesh S. Narang as Company Secretary and Compliance Officer with effect from 30 March 2017. The Company has designated Angna Arora, Head-Secretarial as the Compliance Officer of the Company w.e.f. 31 March 2017.

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Vama Industries secures new order
Mar 30,2017

Vama Industries has received an order worth Rs 12.32 crore from DRDO.

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Environment Minister Launches Online Filing of Access and Benefit Sharing Applications
Mar 30,2017

Taking yet another important step towards contributing to and promoting Digital India and Ease of Doing Business, Minister of State (Independent Charge) of Environment, Forest and Climate Change, Shri Anil Madhav Dave, launched the online filing of Access and Benefit Sharing (ABS) applications through videoconferencing, here today. Emphasising that the meaning of good governance lies in making processes transparent, Shri Dave said that the Prime Minister, Shri Narendra Modi, inspires everyone to embrace E-governance. The Environment Minister expressed the hope that E-governance will be made 100% operational in the near future and all the processes of the Ministry will be made fully transparent.

Secretary, Ministry of Environment, Forest and Climate Change, Shri Ajay Narayan Jha, said that digital technology must be accessed not only to promote Ease of Doing Business, but also to facilitate transactions for the general public. Shri Jha expressed the hope that NBA will put all the other processes in a digital format, so that the people who used these services are served in a better manner.

The National Biodiversity Authority (NBA), teamed up with the National Informatics Centre (NIC), to launch the Online Filing of Access and Benefit Sharing (ABS) Applications at - www.nbaindia.org - to enable E-filing of applications. Applications seeking such approval are to be made on the appropriate forms available online. If Indian or foreign individuals and entities like registered companies wish to access biological resources and associated knowledge to carry out various activities, prior approval of NBA, or the State Biodiversity Boards is a pre-requisite. NBA will adhere to stipulated timelines to process applications. With the process being made online, the attempt is to address these issues better and also to keep pace with digitisation.

The online portal is in sync with the Governments policy of n++Digital Indian++. The NBA website hosts the detailed procedure to be observed for filing of applications, the key information required and information regarding the supporting documents that are to be filed by applicants. This online process is user-friendly and has salient features such as editing, reviewing, printing, digital signature, online payment of fee. These features are expected to considerably reduce the processing time of applications. For any new user, the portal provides a step-by-step guide, right from choosing the relevant form, to submission. Tool tips/pop up messages are provided to assist the applicants in filling up the columns in the application. The portal also provides the facility for making online payment of application fee before submission of the application. Once the online portal is fully operational, it is expected to ease the submission of application and speed-up the process of granting approvals by NBA. As part of n++Digital Indian++ policy, Genetic Engineering Approval Committee (GEAC) will also accept online application, which will help in tracking applications and reducing delays.

The primary factor to be ascertained before filing any application in NBA is to identify whether the applicant is dealing with a biological resource, as defined by the Biological Diversity Act. Applications are scrutinized at different levels, before the Authority decides to grant approval. Till date, over 1, 600 applications have been received and 980 applications have been cleared. A total of 440 agreements have been signed by the NBA with the applicants, which is construed as an approval.

In the past, a large number of applications could not be processed, as they lacked important information/documents needed for scrutiny.

The National Biodiversity Authority (NBA) is a statutory body established under the provisions of the Biological Diversity Act (2002). NBA performs facilitative and advisory functions for the Government of India on issues of conservation, sustainable use of biological resources and fair and equitable sharing of benefits arising out of the use of biological resources.

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The MCA has undertaken a major reform in the regulation of combinations under the Competition Act, bringing India in line with the global practice
Mar 30,2017

The Ministry of Corporate Affairs (MCA) has undertaken a major reform in the regulation of combinations under the Competition Act, bringing India in line with the global practice. The Act which was passed by Parliament in 2002 had initially provided for notice of combinations to be given by enterprises, as per Section 5 of the Act, on a voluntary basis. However, this Section was amended in 2007 making the notice mandatory.

In 2011, in response to concerns expressed by various stake holders, the Government had issued a notification exempting an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than Rs. 250 crores in India or turnover of not more than Rs. 750 crores in India from the applicability of Section 5 of the Competition Act, 2002, for a period of 5 years. These limits were enhanced to Rs. 350 crores and Rs. 1000 crores, respectively, in March, 2016.

It was, however, noted by the Government that the said notification was being applied to Combinations which resulted only from acquisition but was not extended to Merger/Amalgamation and Acquiring of Control Cases. It was also noted that where only a segment/portion/business of an enterprise was being combined with another enterprise, the relevant assets and turnovers attributable to the target segment/portion/business were not being considered and instead the transferors total assets and turnover were being considered for determining the applicability of the exemption.

Stakeholders had been voicing their concerns over the issue and in keeping with the Governments principle of Minimum Government and Maximum Governance, the Ministry has issued fresh notifications No. S.O. 988 (E) and No. S.O. 989(E) dated 27.03.2017 wherein, the Central Government intends to provide

(i) Clarity on the applicability of the threshold exemption limits to all forms of combinations as referred under Section 5 of the Act.

(ii) Clarity on the methodology to be adopted for calculating the relevant assets and turnover of the target when only a portion or segment or business of one enterprise is being combined with another.

With the issue of these notifications, combinations falling within the threshold limits would not require to be filed before the Competition Commission of India. The reform is in pursuance of the Governments objective of promoting Ease of Doing Business in the country and is expected to make India a more attractive destination for Foreign Direct Investment. The notification is expected to enable greater freedom to industry in taking legitimate business decisions towards further accelerating Indias economic growth.

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Outcome of board meeting of Navkar Corporation
Mar 30,2017

Navkar Corporation announced that the Board of Directors of the Company at its meeting held on 30 March 2017 has transacted the following -

Approved the Scheme of Amalgamation of Navkar Terminals (transferor company) into Navkar Corporation (transferee company).

Took on record Independent Valuation Report submitted by M/s Thadani & Company,and Fairness Opinion issued by M/s Choice Capital Advisors, SEBI registered Category I Merchant Bankers.

Recommended and approved, subject to the approval of the shareholders, to vary the terms of the objects as stated in the prospectus dated 29 August 2015 issued by the Company in relation to its initial public offering and approved the Notice of Postal Ballot.

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Board of Stellar Capital Services approves appointment of company secretary and compliance officer
Mar 30,2017

Stellar Capital Services announced that the Board of Directors at its meeting held on 30 March 2017 have consider and approve the appointment of Priya Datta Joshi, an Associate member of Institute of Company Secretaries of India as the Company Secretary and Compliance officer of the Company.

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Board of Shailja Commercial Trade Frenzy appoints director
Mar 30,2017

Shailja Commercial Trade Frenzy announced that the Board of Directors of the Company at their meeting held on 30 March 2017, considered and approved the appointment of Deepak Diwan Bachwani as an Additional Executive Director.

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Swarna Securities announces change in directorate
Mar 30,2017

Swarna Securities announced that Eswar Chandra Vidya Sagar has been appointed as Independent Director of the Company and Karunakar has been releaved from the Company.

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Rupee softens
Mar 30,2017

Rupee traded in ranges on Thursday (30 March 2017) to close lower at 64.9150/9250 per dollar, versus its previous close of 64.90/91 per dollar.

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Board of Permanent Magnets approves change in company secretary and compliance officer
Mar 30,2017

Permanent Magnets announced that the Board of Directors of the Company at its meeting held on 30 March 2017 has approved the following transactions:

1. Resignation of Bhavana Shah from post of Company Secretary & Compliance Officer of the Company with effect from 30 March 2017 for better prospectus.

2. Appointment of Rachana Rane as a Company Secretary & Compliance Officer of the Company with effect from 30 March 2017.

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Cimmco to hold EGM
Mar 30,2017

Cimmco announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 2 May 2017 .

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Outcome of board meeting of Power Grid Corporation of India
Mar 30,2017

Power Grid Corporation of India announced that the Board of Directors of Company at its meeting held on 29 March 2017 accorded approval for the investments aggregating Rs 429.21 crore for three projects associated with the Northern Region Systems Strengthening scheme.

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Vippy Spinpro appoints director
Mar 30,2017

Vippy Spinpro announced that the Board of Directors of the Company at its meeting held on 30 March 2017, has considered and approved the appointment of Deepa Sudhir Mekal as Additional (woman) Director of the Company w.e.f. 31 March 2017.

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FPIs remain net buyers of equities
Mar 30,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 417.54 crore from the secondary equity markets on 29 March 2017, compared with net inflow of Rs 7193.36 crore on 28 March 2017. On that day, the Sensex advanced 121.91 points or 0.41% to settle at 29,531.43, its highest closing level since 17 March 2017.

The net inflow of Rs 417.54 crore on 29 March 2017 was a result of gross purchases of Rs 9090.18 crore and gross sales of Rs 8672.64 crore.

There was a net inflow of Rs 262.52 crore from the category primary market & others on 29 March 2017, which was a result of gross purchases of Rs 263.14 crore and gross sales of Rs 0.62 crore.

FPIs bought stocks worth a net Rs 30400.12 crore in March 2017 so far (till 29 March 2017). They had purchased stocks worth a net Rs 8322.23 crore in February 2017.

FPIs have purchased shares worth a net Rs 37407.22 crore from the secondary equity markets in calendar year 2017 so far (till 29 March 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 1067.21 crore from FPIs into the category primary market & others in March 2017 so far (till 29 March 2017). FPIs bought stocks worth a net Rs 1579.95 crore from the category primary market & others in February 2017.

FPIs have purchased shares worth a net Rs 2785.69 crore from the category primary markets & others in calendar year 2017 so far (till 29 March 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Outcome of board meeting of Jumbo Bag
Mar 30,2017

Jumbo Bag announced that the Board of Directors of the Company at its meeting held on 29 March 2017 has reviewed the setting up a new manufacturing unit at Peruvoyal Village, Thiruvallur District in the State of Tamil Nadu which will take over the production outsourced to various satellite units.

Revised plan of new unit -

Proposed capacity of new unit - 250 MT per month
Perio within which the proposed capacity is to be added - By May 2017
Investment required - Rs 3 crore
Mode of financing - Term loan

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