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.
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.
Firms denied peer review certificate may be barred from auditing
'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 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.
The Department of Telecom (DoT) has decided to do a special audit of Reliance Communications' (RCom) telecom licence companies.
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.
Charges against Raju and others include criminal conspiracy and forgery.
Vodafone Idea Ltd (VIL) CEO Ravinder Takkar did some plain speaking. In an analyst call after its quarterly results recently, Takkar said that the main stumbling block to raising fresh capital from investors is "pricing" - telecom tariffs, in other words. Nine months ago, the telecom company's board had cleared a proposal for raising Rs 25,000 crore from investors, after the promoters made it clear that they were not ready to pump in more money. But potential investors are concerned that without clarity on tariff hikes (there have been none for more than 18 months) they might just lose their money. The lack of visibility on raising tariffs has also impelled VIL to request the Department of Telecom (DoT) for a fresh reprieve by extending the two-year moratorium on paying its spectrum instalment of Rs 8,200 crore for another year till FY23.
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.
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 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.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
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.
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.
The compulsory peer reviews of auditors' notes for Sensex and Nifty companies for Q3 results of the last fiscal and full-year results of 2007-08 have proved a virtual non-starter, owing to confusion over its scope and the appointment of auditors.
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.
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.
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
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.
The report said a dedicated organisation for dealing with safety issues awaits government's sanction.
Addition of new capacity, initially scheduled for Q4 of 2009, has been deferred in view of the current economic slowdown, which has impacted the automobile industry, resulting in a drop in demand, a senior offical of HSCI said. The company had anounced an initial investment of Rs 1,000 crore (Rs 10 billion) at the Rajasthan plant, of which Rs 600 crore (Rs 6 billion) had already been used.
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.
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.
Food to be cooked in base kitchens instead of trains; private players to be involved
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.
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.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
According to an official close to the development, in the coming financial audit report, to be tabled in Parliament's Budget session next year, CAG will detail the slide in the government's share in petroleum sector profits due to a drop in gas production.
A special court on Tuesday set March 9, 2015, as the date for the verdict in the multi-crore accounting fraud in erstwhile Satyam Computer Services Limited.
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.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
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.
'We don't have any agenda in that, there will be no discrimination against anyone. Constitution will be Gita in that'
Sebi has asked exchanges to appoint independent auditors to conduct forensic audit of these firms for verification, including their credentials/financials.
Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
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.
