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.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
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.
The Enforcement Directorate on Tuesday questioned former Indian cricket team captain and Congress leader Mohammed Azharuddin for over nine hours in a money laundering case linked to alleged financial irregularities in the Hyderabad Cricket Association, official sources 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 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.
In FY24, the net income generated from Waqf properties fell to about Rs 1.26 crore from Rs 150 crore in FY20.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
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.
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.
Given the gap between budgetary allocation and use, a parliamentary standing committee has asked the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (Ayush) to take steps to prevent underutilisation of funds under the National Ayush Mission (NAM) scheme. According to the data, the ministry was allocated Rs 1,200 crore for the mission in the Budgetary Estimate (BE) for FY24. The Revised Estimate (RE) for the year fell to Rs 815 crore, of which Rs 589 crore, or 74 per cent, has been spent till January.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
The Delhi Police on Friday filed a first information report (FIR) under sections related to death by negligence after the collapse of the roof of Delhi airport's Terminal-1 killed one person and injured six others.
Sources said the entire opposition, including the Congress, supported TDP MP CM Ramesh's candidature.
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.
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.
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 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.
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.
Board, audit panel to meet on September 4.
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.
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.
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.
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 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.
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 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 current process for selecting auditors could compromise their "independence".
The govt auditor also indicts DGH and management committee of D1 and D3 fields
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.
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
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 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.
