In 2019-20, the capital expenditure of Indian Railways (IR) increased 60 per cent over 2016-17. The draft National Railways plan envisages a further increase in IR's capital expenditure, but an analysis by Business Standard shows that IR has come to depend more on borrowings and budgetary support. In 2016-17, while 11 per cent of its capital expenditure (capex) was funded by internal sources, in 2019-20 the ratio dropped to less than 1 per cent. A 2015 Committee on Restructuring Railways had flagged that over-reliance on borrowings could exacerbate the financial situation of Railways.
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
If there is a morality tale here, it is that debt and death spare no king.
The CAG said the strategic missile system, which were to be deployed on the China border, procured from the state-run Bharat Electronics Ltd were deficient in quality.
The Supreme Court on Wednesday declined a plea filed by Padmanabhaswamy Temple Trust seeking to exempt it from the audit of 25 years as ordered by the top court last year.
While the likelihood of these states going the Lanka or Greece way may be an alarming assessment, the financial situation of some states such as Punjab and West Bengal is indeed quite weak.
National auditor says a significant part of NPAs was due to fraud and may never be recovered
Finance Minister Arun Jaitley on Wednesday asked the CAG not to sensationalise its findings to get into headlines, a view the Congress party had voiced in the past after huge notional losses were projected in reports on 2G and coal allocation scams.
A day after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank on issuing new credit cards, the country's largest private sector lender on Wednesday said it had resources and plans in place to "further reinforce pole position in the credit card segment" and that it would "come back with a bang". "We will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships," Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, said in a letter to his employees. The bank's management had earlier indicated that the lender had been sourcing liability customers aggressively over the past few months.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
Defending the proactive approach of the CAG, Rai emphasised that the job of the public auditor was also to ensure that executive and the government are held financially accountable to legislature.
Tech giant Apple on Monday said it is undertaking a detailed investigation following the violent incident at its supplier Wistron's Narasapura facility in Karnataka last week.
Battered by various Comptroller and Auditor General reports on alleged scams, government says it is "actively" considering a proposal to make the official auditor a multi-member body.
The auditor said that in the case of performance audit on hydrocarbon production sharing contracts, 'interactive meetings were held with two operators, including RIL, prior to the finalisation of the draft performance audit report'.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
Supreme Court has done its best to have the BCCI implement the Lodha panel's sweeping reforms, said the committee's Chairman Justice (Retd) R M Lodha after the apex court asked the Cricket Board to not disburse funds to its state until they abide by the recommendations. "If the Supreme Court has done something, it must be for the implementation of its judgment on July 18. The court has done what it thought was best for having its order implemented. Let's see to what extent the order is carried out by the BCCI," said Lodha.
"It cannot be that the Supreme Court is wrong, the CAG is wrong and only the dynast is right. Satyameva Jayate -- the truth shall prevail. The CAG Report on Rafale reaffirms the dictum," Jaitley said in a series of tweet.
The minister also said that four cases of corruption in defence deals have been registered by the CBI since 2015.
The Supreme Court on Thursday directed that former Unitech promoters Sanjay Chandra and Ajay Chandra be shifted from Tihar Jail in Delhi to Mumbai's Arthur Road Jail and Taloja prison in Maharashtra after the ED said they were conducting business from the premises in connivance with the staff.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
The EOW suspects a nexus between some of the accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.
The project shows a lack of respect for history, even if an inalienable part of it is colonial history, asserts T N Ninan.
India national team and Bengaluru FC footballer, CK Vineeth was given the pink slip by Kerala Accountant General for lack of attendance
Under attack over his remarks that official auditor should not "sensationalise" its audit findings, Finance Minister Arun Jaitley on Thursday said media did not accurately reflect the spirit of his speech at the CAG conference.
As a result, the deadline for filing June quarter results ends on August 15. However, only 1,538 companies out of the 4,000-odd listed firms managed to declare their results within the usual deadline.
The Comptroller and Auditor General's reports on the scams under the watch of the UPA government at the Centre are being celebrated by the BJP, but when the auditor indicts the government of its blue-eyed boy in Gujarat, the party is strangely silent. K Shah reports from Gandhinagar
The company will have to retain independent auditor, do annual compliance review.
A week after violence broke out at its Narasapura facility in Karnataka, contract manufacturer Wistron on Saturday said it has fired its vice-president who was heading India operations even as iPhone maker Apple placed the Taiwanese firm on probation. Wistron, which assembles the latest version of the iPhone SE at the violence-hit plant, admitted that there were faults in its wage payment processes. A section of workers at Wistron Corporation's facility in Narasapura Industrial Area in Kolar district near Bengaluru went on rampage last week over non-payment of their wages.
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
USL board said its second forensic audit by EY has revealed fund diversion worth Rs 1,225 cr to Mallya companies.
In New Delhi's corridors of power, debate continues on whether the navy even needs a third aircraft carrier.
Sebi on April 4 gave the brokerages 60 days to have their books vetted by third-party auditors.
Banerjee also criticised Dhankhar over his recent visit to North Bengal, claiming a conspiracy was being hatched to divide the region.
With increase in range and payload capability, Madhavan said the new variant will be much superior than Tejas Mark-IA, 73 of which are being procured by the Indian Air Force from the HAL under a Rs 48,000 crore deal that was approved by the government on January 13.
The auditor also raised doubts over the safety procedures.
The Securities and Exchange Board of India (Sebi) has directed Franklin Templeton MF to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and imposed a two-year ban on launching new debt schemes for alleged irregularities in running six of its debt schemes that were shuttered last year.
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