Raut was responding to a reporter's question about opposition parties' claim that Gadkari was targeted through the Comptroller and Auditor General (CAG) report on alleged irregularities in the work done by the National Highway Authority of India (NHAI).
"Undue favours" to builders, including Robert Vadra's Skylight Hospitality, by the Haryana government during the Congress regime has come under attack from the Comptroller and Auditor General.
The accounting and audit fraternity clearly wants to disassociate itself from the DLF-Vadra saga.
The Central Bureau of India on Monday opposed the bail plea of Price Waterhouse auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
The PwC survey found more than 50 per cent respondents reporting lack of adequate skill sets
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
Edtech firm Think and Learn Private Ltd, owner of Byju's, on Thursday said neither the company's founder and CEO Byju Raveendran nor any other board member will attend the extraordinary general meeting called by some select investors. Shareholders at Byju's are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures". Byju's has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.
In a significant decision, the Securities and Exchange Board of India (Sebi) has decided to set up a panel to review all records maintained by auditors on the quarterly results of companies listed on the Bombay Stock Exchange 30-share Sensex and the National Stock Exchange 50-share Nifty.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
On March 30, the ICAI asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts where a company needed to comply with accounting standard AS11. So far, Indian companies were not required to declare their gains or losses on derivatives; the ICAI's new accounting standard AS30 required them to reveal these gains or losses from April 1, 2011, a deadline it advanced by three years.
The corporate affairs ministry has ordered an inspection of the books of Byju's, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.
Former CAG lead auditor R P Singh, who had questioned the loss figure of Rs 1.76 lakh crore in 2G spectrum allocation, on Tuesday came under fire in the JPC with opposition members contesting his claim.
Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
A bench headed by Chief Justice K G Balakrishnan directed Talluri to furnish a personal bond of Rs 20 lakh (Rs 2 million) and two sureties of like amount.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
The 61-year-old MLA from Islampur seat of Maharashtra has been asked to depose before the federal agency in Mumbai on Friday, they said. Patil, a former minister of home and finance, is also the Maharashtra president of the NCP and is a seven-term legislator.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
The committee will consist of retired Supreme Court judges S I Imam and Rohini Marasinghe, and Irangani Perera, retired High Court judge.
Contractor, Nayak & Kishnadwada, the chosen audit agency, has told DoT in a letter that Bharti has started providing some of the pending information, which is being verified.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
'What has happened at Byju's is no surprise to anyone.'
DRDO's failures over the decades have contributed significantly to India becoming the world's biggest weapons importer, points out Lieutenant General Prakash Katoch (retd).
The Supreme Court on Friday directed the Board of Control for Cricket in India (BCCI) not to release funds until the state associations file an affidavit implementing recommendations of Justice (Retd.) RM Lodha-led- panel. Issuing the direction, the apex court said the state associations cannot get any money from the national cricket body till the time they follow the Lodha committee's recommendations.
After assuring shareholders that Byju's is on a strong footing, Chief Executive Officer Byju Raveendran, after much delay, spoke to employees in a townhall session. In his first-ever address to employees since problems began at Byju's, Raveendran spoke about the resignation of auditors and board members, the Term Loan B dispute, and the future of educational technology (edtech). Raveendran also asked his team to 'rise above the noise' and work with resilience and determination.
ICAI starts proceedings against software firm's CFO and head of audit cell.
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