Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
Most listed corporate entities in the country are in a fix. With the sudden declaration in late March of a nationwide lockdown to tackle the Covid-19 pandemic, the final calculations of their financial results for the year 2019-20 (FY20) are hanging in limbo. Till April 19, only 41 of the 3,947 companies listed on the BSE have managed to finalise the dates for the declaration of their yearly financial results.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts.
She was among the key executives brought in by Sikka from SAP and was overseeing large deals
In the male-dominated corporate world, these brilliant women have proved their mettle and made a big difference.
While Infosys board gave a clean chit to the Panaya deal, Murthy stands firm on his allegations and said, 'sadly, it appears we will no longer know the truth'.
Lalit Ahluwalia, CFO, Ranbaxy North America, presents his views on the Indian Budget 2009 at Asia Society in New York.
Tata Consultancy Services (TCS) on Wednesday announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share. In 2017 and 2018 too, TCS had undertaken buyback offers of similar sizes.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Talks between Chinese Vice Foreign Minister Xie Feng and US Deputy Secretary of State Wendy Sherman to improve the relations got off on a rough note at the northeastern Chinese port city of Tianjin, with Xie launching a blistering attack on Washington, accusing it of being the "owner of coercive diplomacy".
Chief financial officers in the country are cautiously optimistic about the future and are neutral about their companies' performance in the short term, said the Deloitte India CFO Survey 2013.
PepsiCo's India-born Chief Indra Nooyi is 13th; Cisco Chief Technology and Strategy Officer Padmasree Warrior is 71st on Forbes list on '100 most powerful women'
Online travel firm MakeMyTrip's top executives Deep kalra and Rajesh Magow have decided to draw 'zero salary' from April 2020, while the rest of its leadership team will take a reduction of around 50 per cent in their compensation amid the covid-19 outbreak. Group Executive Chairman Deep Kalra and its group CEO Rajesh Magow have decided to take 'zero salary' from April 2020 as the company plans to undertake multiple "tough measures" to keep overall expenses at a minimum amid the covid-19 outbreak.
The Bengaluru-based firm's revenue grew 17.3 per cent to Rs 20,609 crore in the quarter under review as compared to Rs 17,567 crore in the same period of 2017-18
Ex-Infosys CFO V Balakrishnan said the IT companies 'have to get employees who understand new technologies, they have to get rid of some of the employees, who are more on the legacy, and try to attract talent which is more digital'.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
Twitter CFO Mike Gupta grilled banks about how to sidestep the problems that beset Facebook's IPO from start to finish.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
'Overall, compared to the previous episode, we are in a better shape because the vaccine is already out there and vaccination drives are proceeding'
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Kumar joined KPMG in 1995 as a Finance Management Leader and from 2005 until his retirement in September 2013 he led the firm's West Coast Finance Management Consulting practice.
In an online chat with Get Ahead readers, Balwant Jain, CFO and tax expert, ApnaPaisa.com, answered queries on the benefits of leave travel allowance.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
However, they put in Rs 2,744 crore in the debt markets during the period under review.
Indian pharmaceutical majors Dr Reddy's Laboratories and Ranbaxy Labs have made it to the list of 105 best pharmaceutical companies in Asia.
On the occasion of International Women's Day, Vibha Padalkar, ED and CFO, HDFC Life, offers a five-step plan for urban women to attain financial freedom.
The one-time restructuring of loans will help every firm and prevent cost-cutting measures such as lay-offs.
RBI, Enforcement Directorate to see if money was sent to tax haven
Wipro posted a 4.6 per cent rise in revenue at Rs 15,711 crore in January-March quarter compared to Rs 15,006.3 crore in the year-ago period.
The issue relates to alleged Rs 870-crore (Rs 8.7-billion) financial fraud at the company last year.
Most Indian IT firms work as system integrators for Huawei and though the exposure is very less as of now, the potential is more due to 5G roll out. As pressure to keep the Chinese firm out of the 5G network grows, other global firms, including Japan's NEC, South Korea's Samsung, Finland's Nokia and Sweden's Ericssion are increasing their investments to grab more market share in the telecom sector.
Majority also said that their risk appetite has not increased over one year.
Many firms have asked those joining on April 1 to delay their on-boarding by 2-3 months. The outlook for the airline, tourism, hotel, and media industries is bleak too.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
The lingering slowdown, election-led uncertainties and strict regulatory interventions have been affecting growth and pulling down profits, according to a survey of chief financial officers.
