Catamaran, the family office of Infosys founder Narayana Murthy, is targeting 15 per cent returns on its portfolio investments per annum as it shifts focus from early-stage investments to growth and late-stage bets. This would double the firm's assets under management (AUM) from the current $1 billion to $2 billion over the next five years. "For direct investments, we are focusing on growth-stage investments and very selectively on early stage," Deepak Padaki, president, Catamaran, told Business Standard. "(This is) primarily because the early-stage space in India, in the last three-four years, has completely changed. "There has been a huge influx of capital in the last two years. It has become a very crowded space for early-stage investment," he said.
The billionaire Mistry family's estate is likely to soon change hands. The assets in the name of Cyrus Mistry, who died in September last year, may soon be divided equally among his wife Rohiqa and sons Firoz and Zahan, according to sources. The reorganisation will also include the 9.2 per cent stake in Tata Sons, which is currently in Cyrus Mistry's name and held through his investment company Cyrus Investments.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
The churn in Indian labour markets will be led by technology-driven sectors like artificial intelligence and machine learning (38 per cent), followed by data analysts and scientists (33 per cent) and data entry clerks (32 per cent).
The Adani group will have understood the fragility of investor trust in the group. The group needs to improve transparency including in areas like share-ownership (which they have long and mistakenly believed can be side-stepped) and related-party transactions, among others, Amit Tandon and Hetal Dalal point out.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
'Elections in Madhya Pradesh have so far largely avoided freebies.' 'But this time both the Congress and BJP are making such announcements.'
Reliance Industries chairman Mukesh Ambani has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of $84.3 billion, according to Forbes Real-time billionaire list for 2023. Ambani overtook Adani after the Reliance Industries chairman's assets went up 0.19 per cent with an increase of wealth by $64 million while Gautam Adani's assets went down by 4.62 per cent with the industrialist's weath pegged at $84.1 billion according to the real time tracker of Forbes of 5 pm EST on Tuesday. Adani who figured among the top three billionaires in the world has dropped in the ranking to number 10 just below Mukesh Ambani.
Despite the hope that lessons will be learnt, the next accident invariably shows that nothing has been learnt -- or if learnt, they have been ignored, observes Prosenjit Datta.
This, Byju, was the time to apply the business lens, treat your company as a business, run your company as a business. Instead, you splurged, observes Suveen Sinha.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Aadhaar is falling behind on technology, missing out on confidentiality and has gaps in its data archiving policy and preserving confidentiality in delivery of the cards to people, says a report by the Comptroller and Auditor General of India (CAG). The performance report, 'Functioning Of Unique Identification Authority Of India', tabled in Parliament on the last day of the budget session notes, assigning a unique identity to all resident Indians was supposed to be the key feature of Aadhaar. But "There were instances of issue of Aadhaar with the same biometric data to different residents indicating flaws in the de-duplication process and issue of Aadhaar on faulty biometrics and documents". It says close to half a million such records had to be cancelled by the Unique Identification Authority of India up to 2016.
Railway officials also indicated that possible 'sabotage' and tampering with the electronic interlocking system, which detects the presence of trains, led to the Friday accident.
The Sena and Shiv Sena-Uddhav Balasaheb Thackeray labelled each other gaddar (traitor) after Shinde's rebellion split their original party last year, while Deputy Chief Minister Devendra Fadnavis publicly asserted he had exacted revenge on Thackeray for his betrayal.
Prime Minister Narendra Modi on Tuesday said data is information and it will dictate history in the future as he exhorted for strong and scientific audits to make systems strong and transparent. Speaking at the Audit Diwas event of the Comptroller and Auditor General of India (CAG), he said in the past information was transmitted in form of stories.
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
Maharashtra Nationalist Congress Party (NCP) president Jayant Patil appeared before the Enforcement Directorate (ED) in Mumbai on Monday in a money laundering case linked to alleged financial irregularities in the now bankrupt financial services firm Infrastructure Leasing and Financial Services Limited (IL&FS), an official said.
Kavitha has asserted that she had done nothing wrong and alleged that the BJP-led Centre was "using" the ED as the saffron party could not gain a "backdoor entry" in Telangana.
A key feature of the new version is to identify the people transacting on its portal by linking each user ID with the person's permanent account number (PAN), followed by a two-factor authentication through mobiles and email IDs. Those who cannot complete the KYC requirements cannot use the portal.
'It's an open secret that the UK business is structurally not in a great place.'
Although there is a lot of talk on social justice, Dalits in Tamil Nadu face atrocities of some kind every other day, Governor R N Ravi has said, apparently targeting the ruling Dravida Munnetra Kazhagam after a gap of about a month.
ITC's first foreign venture in the hotel space - a premium and luxury mixed-use development - has been "adversely impacted" by Sri Lanka's economic crisis, the firm said. The $300-million project under WelcomHotels Lanka (Private) Limited (WLPL), a wholly-owned subsidiary of ITC, comprises a luxury hotel and a super-premium residential apartment complex on 5.86 acres of prime sea-facing land in Colombo. In its latest annual report for financial year 2021-22 (FY22), ITC mentioned that the project's construction was running on schedule till the third quarter (Q3) of FY19, but was adversely impacted due to disruptions in the aftermath of the terror incidents in 2019 and thereafter by recurrent waves of the Covid-19 pandemic.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
Chahal was facing multiple allegations with the primary one being, the enrolment of illegal voting members without consent from the Apex Council.
One fallout of Rahul Gandhi's disqualification will be reflected in the Opposition's role in Parliament and related institutions.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
The Opposition party asked whether the prime minister will take responsibility for the 'deadliest rail tragedy' of this century.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
More than 70 per cent of Indian youth aged between 15 and 29 can't!
The RBI on Friday asked Paytm Payments Bank to stop opening new accounts amid "material supervisory concerns" observed in the bank. "Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers," the central bank said in a statement. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.
Significant controls and exemptions to the government under the proposed Digital Personal Data Protection bill 2022 are likely to make it harder for companies to invest in data centres and data processing activities in India, according to global technology industry body ITI. The ministry of electronics and IT has floated draft Digital Personal Data Protection (DPDP) Bill 2022 and has invited comments on the same till January 2. "The Bill grants significant controls to the executive arm of GOI (Government of India) and delegates much of the detailed rulemaking authority to separate, as yet undefined processes.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Everything Everywhere All forgets to tell a coherent story, complains Mayur Sanap.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
'They (the ransomware attackers) are not after any VVIP data.' 'Had that been the case, they would have quietly installed a different malware.'
The Reserve Bank of India has on Wednesday lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms. "In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect," RBI said. Similar bans were imposed on Diners Club International and Mastercard previously.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
Maharashtra Congress leader and former Lok Sabha MP Milind Deora has demanded a Central Bureau of Investigation probe into Rs 12,000 crore spent by Mumbai's civic body on road works between 2017 and 2022.
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