In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
Following the end of the grandfathering period given to India Inc to replace their independent directors who had already served for 10 years, certain companies have come up with unique ways to replace the old guard.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
Responding to a query about corruption in the scheme's implementation, Minister of State for Rural Development Upendra Kushwaha said almost all members know about it and added that steps are being taken for improving the scheme.
The Supreme Court today ordered that former Comptroller and Auditor General of India Vinod Rai will supervise special audit of property of Kerala's famous Sree Padmanabha Swamy temple, which is facing charges of financial irregularites, and constituted a new administrative committee headed by District Judge, Thiruvananthapuram.
A judicial source said the raids were part of a probe opened into suspicion of "illegal taking of interest, favoritism and concealment" in the award of several contracts.
On October 24, the NSE sought clarification from the IT major on the whistleblowers' allegations and why the company had not disclosed the same to the exchanges.
The high court also said that Kejriwal's absence cannot allow students to go through the first term without free text books, writing material and uniform in schools under the Municipal Corporation of Delhi.
Board, audit panel to meet on September 4.
According to estimates, a total of 11.80 lakh polling stations would be required to be set up across India for Lok Sabha polls this year.
The Election Commission had pegged the cost of procuring additional Electronic Voting Machines and paper-trail machines for holding synchronised Lok Sabha and assembly polls at nearly Rs 9,300 crore.
The enquiry had been ordered by the Agra administration last week after a video clip surfaced on social media in which the owner of the city's Shri Paras Hospital was purportedly heard saying that he conducted a "mock drill" in which oxygen supply was cut off for COVID-19 patients for five minutes.
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.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
The headquarters of SOLIDEO, the public body responsible for delivering Olympic and Paralympic infrastructure, were also being searched amid a preliminary investigation dating back to 2022, following an audit by the French Anti-Corruption Agency, the PNF added.
The Supreme Court-appointed committee headed by former CJI RM Lodha, who has been assigned to make administrative reforms in BCCI, has sent out a questionnaire containing more than 80 queries under seven sub-heads to office-bearers of the cricket body.
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
The government said it had received many representations seeking extension of time citing many difficulties due to the second wave of Covid-19 and the subsequent lockdowns. MCA has asked the registrar of companies to approve the extension of the time limit to hold the AGM.
The current process for selecting auditors could compromise their "independence".
The govt auditor also indicts DGH and management committee of D1 and D3 fields
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
'In many ways, cricket is growing and, on the surface, seems financially strong. However, we are increasingly seeing a game which focuses on a powerful few, as opposed to a democratic and inclusive approach for the benefit of the whole sport.'
Many corporates lack listing governance norms, says NSE
Nomination of candidates by Oct 18, still no unanimity on voting process.
The board has decided to expand into all financial services for the rural population. SKS would, however, continue to be a strong player in the microfinance business. Financial inclusion would continue to be in the centre of our activities.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company. Khona had returned to Go First in August 2020 as its CEO.
The Supreme Court on Tuesday deprecated criticism of electronic voting machines (EVMs) and calls for reverting to ballot papers, saying the electoral process in India is a "humongous task" and attempts should not be made to "bring down the system".
An expert committee has recommended to Defence Minister Manohar Parrikar that supply of equipment need not be blocked even if bribery charges emerge.
Pakistan's Foreign Minister Khawaja Asif in a tweet said that Trump could hire a US-based audit firm "on our expense" to verify the $33 billion aid figure and "let the world know who is lying and deceiving".
Noted banker Deepak Parekh on Thursday pitched for simpler corporate governance norms that focus more on trust than just compliance, saying economics and ethics are not trade-offs but complementary. Behind each financial crisis there is a governance failure but it is the entire system that gets impacted, because an eruption of a corporate or financial crisis almost always means a tightening of rules and regulations and increased compliance for all, he said. The HDFC chairman, who was addressing a seminar on corporate governance organised by former Sebi chairman M Damodaran's advocacy Excellence Enablers in Mumbai, stressed that the ultimate objective should be that corporate governance systems must become simpler and not more complicated.
The government is now mulling the possibilities of increasing the reserve stock upto 1000 MT to meet any adverse situations, authorities said.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
In efforts to bolster corporate governance among listed companies, Sebi on Tuesday approved various amendments to rules governing the appointment, re-appointment and removal of independent directors, including the requirement to disclose resignation letters of such individuals. There will be a one-year cooling period for an independent director transitioning to a whole-time director in the same company/ holding/ subsidiary/ associate company or any company belonging to the promoter group. As part of the review of regulatory provisions related to independent directors, the Sebi board has cleared amendments to Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
