The only reason for the new deal is to give Rs 30,000 crore to industrialist Anil Ambani, the Congress chief alleged.
Reliance Capital has two credit verticals -- Reliance Commercial Finance and Reliance Home Finance -- with a cumulative asset of over Rs 25,000 crore.
Apex auditor CAG on Friday lamented that private telecom operators are not providing their account books to it, despite a request from the government.
Government auditor CAG on Friday pulled up the Income Tax Department (ITD) for allowing irregular tax exemption to two Tata trusts involving tax implication of over Rs 1,000 crore (Rs 10 billion).
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Institute of Chartered Accountants of India has sought broad-ranging information about the association of its member institutions with foreign auditing firms.The move assumes significance following the accountancy fraud by the promoters of Satyam Computers that brought the role of auditors under scrutiny. The auditors concerned were associate firms of international auditing entity PricewaterHouseCoopers.
'The Modi government has been taking credit for improvement in respect of the ease of doing business in India.' 'But when I look at the scams I cannot help feeling that it is too easy to do business with banks in India, if one is a Harshad Mehta, Vijay Mallya or Nirav Modi and their tribe,' says former Union home secretary Madhav Godbole.
Job opportunities arise as companies try to cut costs and conform to laws, says Joyita Chatterjee.
The DoT had last week sent a detailed reply to all the issues raised by the CAG.
The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.
In what is seen as a significant move, the DAP featured measures to reduce delay in procurement of essential items by the three services as it proposed a new enabling provision to acquire them through capital budget under a simplified procedure in a time-bound manner.
The political row had erupted after the National Democratic Alliance government inked the Rs 59,000-crore deal on September 23, 2016 to procure 36 Rafale jets from French aerospace major Dassault Aviation after a nearly seven-year exercise to procure 126 Medium Multi-Role Combat Aircraft for the Indian Air Force did not fructify during the Congress-led United Progressive Alliance regime.
The Congress has launched an offensive against the Bharatiya Janata Party government over the Rafale deal, alleging corruption and violation of rules by Prime Minister Narendra Modi and demanded answers from him.
Government's decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.
Effective tax rate is the portion of profits which companies pay as corporate tax after seeking exemptions, as against the statutory tax rate of 33.9 per cent.
Even the CBI has filed a case against some unknown officials of the DoT for conniving with private companies for manipulation of licence terms and conditions.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
Consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120 banks and over 120 billers, Xiaomi said.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
With audits being taken up in a host of areas including private firms now, the process demands trained manpower.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
The dreaded Kashmiri terrorist outfit Hizbul Mujahideen may be receiving money through a Pakistan-based agency from an Islamic charity in Canada engaged in helping the poor and needy in this country.
The fund generated a lot of interest immediately after Prime Minister Narendra Modi announced its formation of the fund in the last week of March after the COVID-19 outbreak and appealed for donations, prompting several private firms, government bodies and individuals, including celebrities, to donate money.
In an attempt to avoid Satyam-like frauds, a Sebi panel has suggested rotation of audit partners signing the accounts and giving more teeth to the company's audit committee.
The Supreme Court appointed Lodha Committee has told the Indian Cricket Board (BCCI) that the "proposed MoU" between England and Wales Cricket Board (ECB) and the BCCI "is not a part of the mandate" and no directions can be issued on payments unless details are furnished.
RBI proposed that at least half of the compensation of a CEO should be variable. It also said that stock options should be part of the variable pay, against the extant practice of keeping it beyond and above the scope of the official compensation package.
This comes on the heels of the department of telecom appointing private auditors to look into the books of telcos after it was detected that some of the operators were diverting revenues in segments which attracted lower licence fee.
These benefits would only be available to individuals and corporates, and professionals like auditors will not be able to use this route as they are duty-bound to report any wrongdoing.
Bogged down by kickback charges, the Scorpene submarine deal has now come under criticism from the Comptroller and Auditor General for the delay involved and financial "advantage" given to the French company. In its latest audit report tabled in Parliament on Saturday, the Comptroller and Auditor General came down heavily on the Defence Ministry for the nine-year delay.
Charges against Raju and others include criminal conspiracy and forgery.
The probe agency has found that the company's vast network of sales agents across the globe was not independent of Jet Airways and several of these entities were linked to its founder, Naresh Goyal.
Firms denied peer review certificate may be barred from auditing
Over the next five years, it will be Narendra not Nitish who will be under pressure to deliver vikas and atmanirbharta in Bihar, notes Kanika Datta.
The report said a dedicated organisation for dealing with safety issues awaits government's sanction.
The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
The Board of Control for Cricket in India, on Monday, decided to indefinitely defer the awarding of its global media rights -- broadcast and digital -- which was scheduled for Tuesday as the Justice RM Lodha Committee is yet to appoint an independent auditor to oversee the entire process.
DoT sources confirmed receipt of the report by auditors Parekh and Co and said that it is yet to examine the findings. DoT would ask for RCom's response later.
'We don't have any agenda in that, there will be no discrimination against anyone. Constitution will be Gita in that'
The difference, however, lies in Satyam over-stating its revenue, cash position and profits, while Maytas Infra under- stated its profit in April-June quarter and the discrepancies were 'duly accounted for' in the company's books later. While the role of auditors in Satyam fiasco is questionable as of now, it was statutory auditors of Maytas Infra who pointed out the under-statement in its books.
The All India Muslim Majlis-e Mushawarat, the umbrella body of Muslim organisations in the country, on Friday took serious note of Congress Vice President Rahul Gandhi's claim that an intelligence officer had told him that 'people from Pakistan were talking to the relatives of Muslims killed in the August 2013 Muzaffarnagar riots.
