An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
Sebi on Wednesday revised the disclosure requirements for Real Estate Investment Trusts and Infrastructure Investment Trusts, revising norms related to financial information in offer documents and post-listing disclosures. Under the new rules, REITs and InvITs issuing offer documents or follow-on offers must disclose audited financial statements for the last three financial years and a stub period, if applicable, Sebi said in two separate circulars.
The Lilavati Kirtilal Mehta Medical Trust (LKMMT), which runs Mumbai's Lilavati Hospital, has accused its former trustees and related individuals of misappropriating over Rs 1,500 crore. The trust has filed complaints with the Enforcement Directorate (ED) and the Bandra Police Station, alleging that the misappropriation, uncovered during a forensic audit, has impacted the trust's operations and healthcare services. The trust has also claimed that black magic was performed in the hospital premises by former trustees and related individuals. The Bandra Magistrate Court has ordered an inquiry against these individuals. The current trustees have identified large-scale irregularities in the hospital management body's affairs and appointed forensic auditors who found that over Rs 1,500 crore has been siphoned and misappropriated by the former trustees. The Mumbai police's Economic Offences Wing (EOW) has initiated a probe into an alleged cheating case of Rs 85 crore registered against three former trustees of the hospital.
Dravida Munnetra Kazhagam's Lok Sabha MP Dayanidhi Maran has accused his brother Kalanithi Maran of "financial crimes," and asked him to restore the entire shareholding position of Sun TV and related companies to their original state or face legal and regulatory action.
Zohram Kwame Mamdani would be the city's first Muslim and Indian American mayor if elected New York mayor this November.
As the election nears, political positions on prohibition are shifting.
'We never waste a crisis. There will be learning and the supervisory tools will get better with each episode.'
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
The revised salaries of MPs are significantly lower than the salaries drawn by top bureaucrats in the country.
Reserve Bank of India (RBI) Deputy Governor Swaminathan J criticised some non-banking financial companies (NBFCs) for lax loan appraisal practices and charging excessive interest rates, even as he acknowledged the sector's rapid expansion over the past decade, especially in recent years. "Unfortunately, some NBFCs seem to believe they can operate with weak underwriting in the pursuit of fast growth while levying excessive and unsustainable interest rates - sometimes disguised as upfront or processing fees - followed by aggressive recovery methods in case of default," Swaminathan said at the conference of NBFCs in Chennai last month.
The Supreme Court of India has sought the government's response on a Public Interest Litigation (PIL) that challenges the appointment process of the Comptroller and Auditor General of India (CAG), arguing it's unconstitutional. The PIL, filed by the Centre for Public Interest Litigation, claims the current process, solely through executive appointment by the Prime Minister, undermines the CAG's independence and violates constitutional principles. The court, while acknowledging the importance of institutional trust, questioned the extent to which it should intervene in the appointment process and whether this would constitute rewriting constitutional provisions. The PIL suggests the CAG's appointment should be similar to other independent bodies, with a selection committee comprising the Prime Minister, Leader of the Opposition, and Chief Justice of India. The case has implications for the independence and transparency of India's audit system.
The exchanges have also revised the instances which will be considered a technical glitch excluding instances where the broker is not at fault.
External auditor PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
The firm, headed by Sunil Kumar Gupta, was appointed auditors of the PM's National Relief Fund in 2019, reports Archis Mohan
Stressing the need to make evidence-based policy formulation an integral part of governance, the prime minister said auditors must resort to technical tools to iron out any chances of fraud in organisations and give a new identity to new India.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
Atishi alleged that the BJP had disrespected BR Ambedkar by removing his portrait from the chief minister's office.
The RBI will take action against, apart from erring auditors, those responsible for wrong information in a bank's financial statements, incorrect certification given by auditors, wrong information given in the Long Form Audit Report, and any other violations of the RBI's rules and regulations on auditing.
Global brokerage CLSA has lowered its target price for IndusInd Bank from Rs 1,200 to Rs 900 while maintaining an outperform rating on the stock after the private lender disclosed a net worth hit of Rs 1,500 crore due to an accounting gap. The revised price target still implies an upside of 34 per cent from current levels.
Puzzled about the Waqf Bill? Syed Firdaus Ashraf explains how the amended Waqf law will plug loopholes in the existing legislation.
The Delhi high court on Monday said the state government dragged its feet on the issue of tabling of several Comptroller and Auditor General (CAG) reports before the assembly, raising 'doubts on its bona fides'.
In mid-September, the auditors had raised questions on Kingfisher Airlines' viability to run operations, based on the 2010-11 profit & loss statement.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
The Supreme Court has agreed to examine a PIL alleging that Arunachal Pradesh Chief Minister Pema Khandu awarded government contracts to his family members. The court has asked the state government to provide details of the beneficiaries and inform if due process was followed. The bench also sought responses from union ministries of home affairs, finance and the Comptroller and Auditor General of India on the issue within five weeks.
With 'dafli' beats in the background, AAP leaders held placards with photos of Ambedkar and raised slogans against the ruling party -- "BJP sun le, Jai Bhim, Jai Bhim" ... "BJP ki tanashahi nahin chalegi (BJP's dictatorship won't work)".
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
But it does not mention its views on the government demand to ban these two auditors for five years from business.
This pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
Crorepatis build wealth through disciplined saving, smart investing, and strategic risk-taking, proving that true financial freedom is earned, not inherited, says Ramalingam Kalirajan
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
Of the total 199 small and medium enterprises (SMEs) listed this year so far, 22 had an issue size of less than Rs 10 crore, which the Securities and Exchange Board of India (Sebi) will no longer allow in the listed ecosystem after its recent consultation paper. The market regulator on Tuesday proposed an overhaul of the rules governing the initial public offerings (IPOs) of SMEs and corporate governance norms for listed SMEs, following concerns over 'systemic risk' seen in the ecosystem with instances of fund diversion and price manipulation.
The study found that many big groups have not changed their auditors in several years.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The Reserve Bank of India on Tuesday banned chartered accountant firm Haribhakti & Co LLP from undertaking any type of audit assignments for regulated entities for a period of two years starting April 1, 2022.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
