Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The penalty collected from Mazumdar-Shaw will be donated to a charitable organisation of her choice.
Infosys said it is also "aware of a securities class action lawsuit" that has been filed against the company in a federal court in the US, based on the generalised allegations in the anonymous complaints. The company intends to defend itself vigorously in such a lawsuit.
"The company has been in touch with the Securities and Exchange Commission (SEC) regarding the anonymous whistleblower complaints (anonymous complaints) and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the SEC's investigation," Infosys said in a statement.
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.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
The Centre on Monday made public the rules under the recently-notified anti-paper leak law, mandating the National Recruitment Agency (NRA) to prepare norms, standards and guidelines for the computer-based tests among others.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
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.
The audit is under progress and the report is yet to be finalised. The information cannot be given under Section 8(1)(C) of the RTI Act as the disclosure would cause breach of Parliament, the CAG said.
Rakesh Gangwal had raised concerns that various RPTs involving Bhatia's InterGlobe Enterprises Group were executed without seeking the audit committee's approval and without seeking competitive bids from third parties.
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.
The Securities and Exchange Board of India is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices.
While the Management Committee of KG-D6 block in August agreed to approval of capital spending plans pending for past three years, the resolution has so far not been signed.
Comptroller and Auditor General Vinod Rai on Wednesday rejected reports that there was pressure from Parliament's Public Accounts Committee chairman Murli Manohar Joshi to expedite audit work of 2G spectrum allocation and said no findings were ever shared with the PAC.
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.
Justice Mukul Mudgal was on Thursday elected as head of FIFA's governance committee at the world football governing body's 67th Congress in Bahrain's capital city of Manama.
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.
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
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.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
Sources said the entire opposition, including the Congress, supported TDP MP CM Ramesh's candidature.
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.
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.
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 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 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.
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 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 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 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".
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.
'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.'
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.
Board, audit panel to meet on September 4.
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.
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