Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
PNB has rich experience in the integration of commercial banks.
The bench also made it clear that only the court-appointed forensic auditors -- Ravi Bhatia and Pawan Kumar Aggarwal -- and persons authorised by them would enter these premises after they were sealed.
Yashvardhan Kumar Sinha was appointed as the chief information commissioner on Saturday, according to a Rashtrapati Bhavan statement.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
The CAG has pulled up the union government for adopting an erroneous process of devolution of IGST to states and short-transfer of cesses to reserve funds, which resulted in under-reporting of deficit figures for the 2017-18 and 2018-19 fiscals. The Integrated Goods and Services Tax (IGST), which is levied on inter-state sale of goods and services, is shared between the Centre and states in the 50:50 ratio. In its report on the union government accounts tabled in Parliament, the Comptroller and Auditor General of India (CAG) found that a sum of Rs 13,944 crore was left unapportioned and retained in the Consolidated Fund of India (CFI) in 2018-19, even though the amended IGST Act now provides for a process for ad-hoc apportionment of IGST.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
Zomato said late on Friday that it was pushing the implementation of the new food quality policy to May 3 from April 18.
In the quest for 'Atmanirbhar Bharat', Indian Army has developed and launched a secure messaging application named the 'Secure Application for the Internet (SAI)' that supports an end-to-end secure voice, text and video calling services for Android platform over internet, the Ministry of Defence said in New Delhi on Thursday.
A new Congress leader may make an electoral impact by his very presence. Congress voters who had moved away from the party, after being influenced by the BJP's 'family rule' campaign, can now return with a certain moral satisfaction, observes N Sathiya Moorthy.
Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business.
Leader of Opposition Suvendu Adhikari objected to Roy's elevation, arguing that the MLA, who had crossed over to the ruling Trinamool Congress last month after winning the polls on a BJP ticket, cannot be considered a legislator of the saffron camp.
Nirupam had filed a defamation case against Rai after the former CAG in his book in 2014 made the allegation against him and repeated it in interviews to the media.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
The SC bench directed the court-appointed forensic auditors to complete their detailed investigation on divergence of home buyers money by Amrapali group before March 22 and list the matter for hearing on March 24.
A questionnaire sent to Price Waterhouse was not answered.
Many federations and former athletes alike have been calling for an anti-doping legislation to implement the existing rules.
"Yeh sab doglapan hai." With these words, Ashneer Grover not only called out an entrepreneur being hypocritical, but also shot to fame as a reality television star. It happened in the first few days of January, when the funded part of the start-up world needed some warm-up to get back to work, and inevitably Grover's antics on the show became a talking point. The Twitterati also debated whether it was unbecoming of a founder to diss a peer's business model with such abrasion. And hundreds of memes, with the dialogue set in various circumstances, flooded social media.
The e-commerce companies believe the government is using this exercise to take an unauthorised look into their financials, shareholding and operations.
The Congress declared Rs 526 crore as income from unknown sources which is 15.57 per cent of the total income of the national parties from unknown sources, the ADR said.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
'Banking is a business of trust.'
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
The audit is under progress and the report is yet to be finalised. The information cannot be given under Section 8(1)(C) of the RTI Act as the disclosure would cause breach of Parliament, the CAG said.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The Reserve Bank of India (RBI) has approved a three-member committee of directors to run the day-to-day functioning of cash-strapped Lakshmi Vilas Bank.
The government has reached out to investors to apprise them about Life Insurance Corporation of India's (LIC's) growth and prospects as it prepares for the country's largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials, so that the IPO process can be hastened once its embedded value is derived. "A detailed presentation has been made to investors, giving them details on how LIC is positioned beyond what is known. "This includes how LIC is being restructured ahead of the IPO, and investors are keen to know that," said an official. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
People like Manmohan Singh and P Chidambaram, who as finance minister had fully supported the NPS, refuse to exercise their moral and political influence to try and stop Ashok Gehlot and others hell-bent on wrecking the states' finances, notes Virendra Kapoor.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
The Bombay high court on Thursday directed the Comptroller and Auditor General of India (CAG) to look into allegations of irregularities in toll collection on the Mumbai-Pune Expressway.
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
Vodafone Idea will gradually lose market share given its weak balance sheet and limited financial flexibility, says Fitch.
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