CAG warns most states of fiscal imprudence as March spending overshoots limits, with key departments exhausting large portions of budgets in the last month of FY24.
Stressing the need to make evidence-based policy formulation an integral part of governance, the prime minister said auditors must resort to technical tools to iron out any chances of fraud in organisations and give a new identity to new India.
With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
On July 25 and 26, the regulator's team carried out the surveillance of Air India in the areas of internal audit, accident prevention work and availability of required technical manpower.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
In a serious data breach, personally identifiable information of 815 million Indians has been up on the dark web for sale, according to a report by US-based cybersecurity firm Resecurity. Details such as Aadhaar and passport information along with names, phone numbers and addresses are available for sale online, it has said.
The Comptroller and Auditor General of India (CAG) has pointed out several flaws in the financial practices of the Gujarat government and said there was a need to formulate a realistic budget based on the needs of the departments.
From the time he first rose to prominence during the movement against the then UPA government, Arvind Kejriwal has regularly grabbed headlines for his surprise moves and decisions. Here are 10 such instances.
The new army chief's highest priority must be to address the critical hollowness in the Indian Army's operational preparedness, says Brigadier Gurmeet Kanwal (retd).
A special court on Saturday granted bail to four former Indian Air Force (IAF) officers in the AgustaWestland chopper deal corruption case after they appeared before it following summons issued on the last date of hearing.
The Board of Control for Cricket in India no longer enjoys the tax exemptions it got in the guise of being a charitable organisation but the government does not plan to bring it under the ambit of audit by Comptroller and Auditor General.
'If you look at assets truly working for us, you should look at Aakash and Great Learning.'
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
National auditor says a significant part of NPAs was due to fraud and may never be recovered
The company's accounts were audited by CAG as its shareholders include public sector banks.
The Supreme Court on Friday directed the Board of Control for Cricket in India (BCCI) not to release funds until the state associations file an affidavit implementing recommendations of Justice (Retd.) RM Lodha-led- panel. Issuing the direction, the apex court said the state associations cannot get any money from the national cricket body till the time they follow the Lodha committee's recommendations.
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.
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
The auditor also raised doubts over the safety procedures.
Vinod Rai, former Comptroller and Auditor General of India, former India women's captain Diana Edulji and banker Vikram Limaye were present at the meeting held at the IDFC Bank's premises in suburban Bandra-Kurla Complex.
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
The Supreme Court-appointed Committee of Administrators (COA) on Monday sacked some of the previous officials of the Board of Control for Cricket in India, including Team India's media manager Nishant Arora.
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
The Committee of Administrators (COA) held a fruitful first meeting with coach Anil Kumble and rest of the Indian cricket team's support staff on the sidelines of the Board of Control for Cricket in India's Awards in Bengaluru.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
A vacation bench of Justices M M Shantanagoudar and Deepak Gupta was informed by Guha's counsel that he had tendered his resignation on May 28 to Vinod Rai, Chairman of the Committee of Administrators of the Board of Control for Cricket in India.
The Competition Commission of India (CCI) is to be congratulated for imposing a large fine, of nearly Rs 1,800 crore (Rs 18 billion), on Coal India Ltd for alleged abuse of its monopolistic position.
Government auditor CAG has expressed concern over the post of chairperson of Cyber Appellate Tribunal lying vacant for about five years, saying this has led to not a single case being heard or disposed of despite pending appeals.
Former Comptroller Auditor General Vinod Rai has come out with a stinging criticism of former Prime Minister Manmohan Singh saying integrity is not just financial but intellectual and professional too and claimed that Congress leaders had sought to apply pressure on him to keep the PM's name out of audit reports.
]If Andhra Pradesh's middle class is denied salaries and pensions or, if these are delayed, it will rise against Jagan Mohan Reddy with the same fervour with which it voted him in.
Implementation of Lodha Committee recommendations in the Board of Control for Cricket in India will be complete in the next four-five months, said Vinod Rai, head of the Supreme Court-appointed panel of administrators to manage the cricket board's affairs.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
'These trends put at risk not only minorities or the media or some other out-of-favour group, they can and do concern everyone,' warns T N Ninan.
The CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data.
Hailing from a family of lawyers from Maharashtra, he was part of a nine-judge Bench of the Supreme Court which in August 2017 declared the right to privacy as a fundamental right of an individual.
Instead of only government departments and state-owned undertakings, the CAG can now audit private companies, too.
The Conflict ruling suggested in the Lodha reforms for BCCI came under criticism from several quarters as they believed it stopped the former cricketers from coming forward to help Indian cricket and cricketers.
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