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.
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 minister also said that four cases of corruption in defence deals have been registered by the CBI since 2015.
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.
India national team and Bengaluru FC footballer, CK Vineeth was given the pink slip by Kerala Accountant General for lack of attendance
The company will have to retain independent auditor, do annual compliance review.
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.
"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.
USL board said its second forensic audit by EY has revealed fund diversion worth Rs 1,225 cr to Mallya companies.
Sebi on April 4 gave the brokerages 60 days to have their books vetted by third-party auditors.
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 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.
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.
The auditor also raised doubts over the safety procedures.
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.
If there is a morality tale here, it is that debt and death spare no king.
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.
With the figure of Rs 1.76 lakh crore loss in 2G spectrum allocation being disputed, Comptroller and Auditor General Vinod Rai and other officials of the government auditor will be asked to appear before the Joint Parliamentary Committee looking into the issue.
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.
Research reports say insurance agents are likely to sell you unsuitable products. So, you should know your requirements and premium paying ability.
A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co. has sought an extension for three months from mid-July.
DoT though failed to implement TRAI's recommendations to levy spectrum usage charge
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
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.
In the Companies Bill, the Ministry stipulates that no company can appoint or re-appoint an individual or a firm as auditor for more than five consecutive years.
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.
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.
Government auditor, the Comptroller and Auditor General has found that not all disease outbreaks and chemical accidents taking place in different parts of the country are reported to Central authorities which could effect the response to epidemics.
The Comptroller and Auditor General reports saw senior politicians, powerful ministers and top bureaucrats end up in jail. Thanks to those reports, public scams such as 2G, Coalgate and the Commonwealth Games became part of the popular discourse.
The project shows a lack of respect for history, even if an inalienable part of it is colonial history, asserts T N Ninan.
The Central Bureau of Investigation, which is probing the quid pro quo investment case against YSR Congress chief Y S Jaganmohan Reddy, filed one more supplementary chargesheet on Monday.
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.
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.
'It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,' Vijay Mallya said.
It asks banks to take immediate action against officials responsible for lapses.
Comptroller and Auditor General Vinod Rai, whose reports on irregularities in coal block allocations and 2G telecom spectrum had created a major political storm, deprecated the "brazenness" with which the decisions were being taken, calling it "appalling".
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.
Government is considering a proposal to make Comptroller and Auditor General (CAG) into a multi-member body, a move that came under sharp criticism from the opposition and civil society.
Reliance Infrastructure is fully geared to deliver the project in 60 months from the appointed date of June 24, 2019, as per the contract, Reliance Infrastructure said in a BSE filing.
Attacking the Congress over former Comptroller Auditor General Vinod Rai's claims, Bharatiya Janata Party on Sunday said the opposition party stood "exposed" and demanded that the identity of leaders who "approached him" to drop names of those involved in scams during the United Progressive Alliance regime be revealed.
