The Ministry of Corporate Affairs (MCA) has shelved its idea of auditing the books of listed companies by independent auditors.
Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion.
The junior Ambanis - Anmol and Anshul - were inducted on the board to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board.
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.
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.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
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.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
With audits being taken up in a host of areas including private firms now, the process demands trained manpower.
Siddhartha alleged in his letter that there was a lot of harassment from the previous DG Income Tax in the form of attaching "our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although revised returns have been filed by us".
The report said a dedicated organisation for dealing with safety issues awaits government's sanction.
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.
Food to be cooked in base kitchens instead of trains; private players to be involved
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.
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.
Charges against Raju and others include criminal conspiracy and forgery.
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.
The assignment was earlier given to global audit firm EY. But it has now been reassigned owing to 'certain conflict of interest', the Bengaluru-based company said.
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.
The government's decision to buy 36 Rafale fighter jets from French company Dassault has become a controversial political issue, with the main opposition party Congress levelling allegations of corruption and impropriety, and the ruling dispensation defending the move.
Firms denied peer review certificate may be barred from auditing
High court orders Swan Telecom's promoter Shahid Balwa, the director of Kusegaon Fruits and Vegetables, Rajeev Agarwal, and three firms, namely Dynamic Realty, DB Realty, and Nihar Constructions to plant 3,000 trees each in the Delhi's South Ridge forest area.
The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
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.
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.
In fresh embarrassment to the erstwhile United Progressive Alliance regime, particularly to former Prime Minister Manmohan Singh, former Comptroller Auditor General Vinod Rai has claimed that coalition functionaries had deputed politicians to get him leave out names from the audit reports in the Coalgate and Commonwealth Games scams.
With the use of e-wallets gaining momentum after the note ban, e-wallet service providers have doubled down on developing new security features in their apps. Sharath Chowdary reports.
The committee has decided that access to 4G internet in J-K will be given in a calibrated manner and outcome of the trial will be reviewed after two months.
Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
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 61-year-old, who was administered the oath of office by Jammu and Kashmir High Court Chief Justice Gita Mittal at a simple function in the Raj Bhavan, also said he wants to accelerate development in the union territory, carved out of the erstwhile state of Jammu and Kashmir last year.
Sebi has asked exchanges to appoint independent auditors to conduct forensic audit of these firms for verification, including their credentials/financials.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
According to a report by the Association of Democratic Reforms, the ruling party's assets rose to Rs 1,483.35 crore in 2017-18 over its previous financial year's declaration of Rs 1,213 crore.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
Scam-tainted Satyam Computer is planning to restate its financial results for the third quarter ended December 2008 by March-end. "Our auditors are working towards this end," a Satyam spokesperson said on Friday, adding that the only caveat to this possibility would be if the auditors decide to restate results of the company over the past several years, which could further delay a clearer picture of the Hyderabad-based IT company's actual financial position.
The government has asked the Telecom Regulatory Authority of India (TRAI) to speed up its responses on the allegations that Reliance Communications (RCom) has violated revenue reporting norms. The government will also appoint a special auditor to scrutinise RCom's books.
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