Nandan Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled 'Disturbing unethical practices' and an undated note with the title, 'Whistleblower Complaint'.
Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.
Diageo, the world's largest distiller, has been focusing on compliance at United Spirits Ltd (USL) after its acquisition of a controlling stake in India's largest spirits maker.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
The ICC Board, at its first meeting of 2016 in Dubai on Wednesday, considered amendments made to the ICC's constitution in 2014 and agreed that, in order to avoid any potential conflicts of interest and follow best practice principles of good governance, it will seek to re-establish as quickly as possible the 'independent' position of ICC chairman.
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
The BJP member also sought to put the LVB-DBS merger on hold in order to facilitate a forensic audit of the takeover of the assets of both banks.
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 market intermediaries have also been told to appoint designated directors to ensure compliance with new norms, who would face penal action for any lapses.
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 corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
In a statement, Rosen Law Firm said it is investigating potential securities claims on behalf of shareholders of Infosys resulting from allegations that the company may have issued materially misleading business information to the investing public.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
Wide-body aircraft like B747 and A350 have a bigger fuel tank and can therefore travel longer distances in comparison to narrow-body aircraft like B737 and A320. A wide-body aircraft also needs a longer runway length to take off or land. The table top runway 10 of the Kozhikode airport is approximately 2,700 metres long. Wide-body aircraft operations were permitted at this airport from 2019.
Capital markets regulator Sebi on Tuesday asked listed companies to work towards splitting the roles of chairman and managing director before the April 2022 deadline, as the new directive is not aimed at weakening the position of promoters. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020 onwards. However, based on industry representations, an additional time period of two years was given for compliance. The regulation will now be applicable to the top 500 listed entities by market capitalisation, with effect from April 1, 2022.
Start-ups don't care that mad-money funding comes to a hard stop after an IPO, observes Debashis Basu. As a listed entity, corporate actions have to take the interests of all shareholders, especially minority shareholders, into account. So far, we are not seeing any sign of it, observes Debashis Basu.
The ICICI board, which consists 12 members, is divided on whether Kochhar should be on leave during the internal enquiry
Fraud is a big concern among many board members.
About 40 per cent of respondents felt fraud had gone up in India, while 67 per cent said the new Act would improve governance.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
The Delhi-based airline currently has 13 Airbus A320 aircraft in the fleet and it plans to take another seven (A320 Neo) planes by June 2018.
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
Stock exchanges and other market infrastructure institutions as well as their top officials are liable to face penalties for lapses in handling and recitfying technical glitches, with Sebi putting in a place a stricter compliance system driven by "financial disincentives". The markets watchdog has come out with a detailed Standard Operating Procedure (SOP) for Market Infrastructure Institutions (MIIs) less than five months after a technical glitch halted trading at the country's largest bourse NSE for nearly four hours. There will be a "financial disincentives" structure for MIIs -- stock exchanges, clearing corporation and depositories -- for any business disruption beyond pre-defined time, according to a circular issued on Monday.
Strengthening of rules governing insider trading is among the key proposals in the agenda set by Sebi for 2018-19, along with making improvement to the Prohibition of Insider Trading Regulations (PIT) and Prohibition of Fraudulent and Unfair Trade Practices regulations.
Prabhu asks Indian Railways to save Rs 5,000 cr on energy bill.
Reforms in the Board of Control for Cricket in India will not pull the cash-rich body back, the Supreme Court said on Tuesday and made it clear that it does not intend to reduce the popularity of the BCCI or hinder its growth but wants structural reforms which would make the cricket body more transparent.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
The arbitration clause is present in almost 95 per cent of corporate agreements, according to tax and audit firm Ernst & Young.
With 11 hospitals in India and three more to come up, Columbia Asia is changing some of the rules of the game
Vistara is trying to be leaner and meaner, while staying focused on the original brand promise; it aims to be profitable by FY21. Arindam Majumder reports.
According to SFIO, the modus operandi of the Reebok fraud involved filing fictitious invoices to show inflated sales, recording fictitious sales by raising prices of goods sold.
The Swadeshi Jagaran Manch has pointed out that these firms pose a threat to domestic manufacturing and retailing as they do not pay relevant taxes such as GST, giving them a huge edge over local players.
We present our alphabet of 2020, pulling in everything you'll remember about this year we'd rather forget.
Renjen had to go through 15 rounds of interviews before he got the job.
'Somewhere along the way, elected office-bearers appeared to have lost sight of the interest of cricket and begun to pursue their own interpretation of what the game should be.' 'Families made it a tradition to have their representatives occupy, if not usurp, positions in state associations,' points out Vinod Rai, who will step down as head of the BCCI's Committee of Administrators on Wednesday, October 23.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
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