US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
The Securities and Exchange Board of India's decision to subject all Nifty and Sensex companies to a peer review of their accounting statements, may not be a bad idea, if some pitfalls are avoided.
Equities in India saw record FPI inflows of $16.8 billion in November and December, taking the benchmark indices to new highs.
Of the Rs 4,405 crore unpaid debt of 12 companies, more than half was locked in just one Mumbai-based real estate company, Kohinoor CTNL Infrastructure.
It may be a 'no-go' for banking licences to large industrial houses.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
Nobody bothered to articulate the upsides; instead, the four-year tour of duty and denial of life-long pensions got played up.
Job-seekers for government and related opportunities found that their future was at risk, points out Shreekant Sambrani.
Existing trade deals, especially the 2009 pact with the Asean bloc, have been panned by the Centre for not boosting exports but flooding the domestic market with cheap imports. Subsequently, New Delhi has called for reviewing FTAs with Japan and South Korea. Going by that, a trade deal with the US is unlikely to be beneficial, say experts.
The remaining 0.35 per cent will be credited in December this year, if the EPFO is able to redeem its equity investments.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
The Tata Steel Group has extended substantial financial support to the UK business and suffered asset impairment of more than 2 billion pounds in the last 5 years.
'What this incident must do is provide a renewed impetus to urgently bring in police reforms; changes that will ensure that political patronage and extraneous pressure are reduced to a minimum and allow the police to function independently and honestly,' argues Vivek Gumaste.
The chief of the Central Intelligence Agency on Friday apologised for the United States' spy agency's surveillance of computers used by lawmakers and their staffers involved in investigating the organisation's harsh interrogation techniques.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
The regulator has extended the deadline by 45 days till June 30 for submitting half-yearly financial results for NCDs, NCRPS and CPs, while it has given a time period of another 30 days till June 30, for filing annual earnings.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore during the period under review from Rs 13,423.4 crore in the same quarter last year.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Reserve Bank has almost finalised the structure of Central Fraud Registry.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
'China would want to take a tougher stance against India forming those strategic partnerships and prevent Quad from becoming a military alliance.'
Indian politics, held captive in one way or the other by Ayodhya, may now well seek its emancipation from this issue, and the pursuit of welfare, asserts Congress leader Salman Khurshid in this excerpt from his latest book, Sunrise over Ayodhya.
"Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter," Wipro CEO and executive director Abidali Z Neemuchwala said.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
Sports Awards could to be delayed: Ministry official
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
