Going by the provisions of the new company law, the responsibility and accountability equation for independent directors has seen a major change.
iLabs Private equity fund, a $300 million India-centric fund promoted by former COO of Satyam Computer Systems Srini Raju, has invested Rs 42 crore (over $10 million) in VSoft Corp.
Raju pleaded for leniency citing his philanthropic activities.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Now, it is life as usual in the merged entity, said an associate.
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
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.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
Instead of only government departments and state-owned undertakings, the CAG can now audit private companies, too.
Every day when Akhilesh returns after a joust with political adversaries to his Camelot, which is Lucknow's 5, Kalidas Marg, it is time to hold court with advisors and loyalists.
The plan of UID/Aadhaar-based surveillance does not end with the collection of fingerprints and iris scan, it goes quite beyond it and poses a lethal threat to the idea of India, says Gopal Krishna.
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