Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
Amid news of a fuel shortage in some parts of the country and wider unrest over fuel issues in the neighbourhood, an analysis of the data from international tracker globalpetrolprices.com shows that the per litre price of petrol is higher in India than in seven out of its nine neighbours.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
This alternative is being planned as the existing projects continue to be delayed due to land acquisition troubles. The ministry is thinking of adding new track lines to its existing eastern and western DFCs passing major areas in the proposed stretches, senior officials said.
'Career paths are no longer linear as professionals look to build a more holistic career portfolio that is true to their professional and financial goals.'
The coming years will be among the most exciting of your professional lives, IndiGo's new chief executive officer (CEO) Pieter Elbers wrote to the airline's staff after taking charge on Tuesday. Elbers, who spent three decades at KLM Royal Dutch Airlines, replaces Ronojoy Dutta at the top post. "Earlier, IndiGo communication summarised it all in just three words: 'Towards new heights' and-let me add here: 'across new frontiers'. "With that vision in mind, you should feel assured that the coming years will be among the most exciting of your professional lives," Elbers said.
Financial index provider MSCI on Thursday said that it is reviewing the free float status of some Adani Group securities after market participants flagged concerns over eligibility of some of the group firms' securities for its indexes. MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in the public equity markets by international investors. In a statement, the index provider said that it has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
A strong performance by sectors including banking raised the profits of Indian companies by 28 per cent in the three months ended March 2022. The rate of growth is, however, lower than the 30 per cent seen in December. Growth in net sales was also lower than what was seen in the December quarter for the sample under consideration.
If the deal is indeed being considered, this will be the first time that Ambani will be putting his money in a print media venture since he and his younger brother, Anil Ambani, split businesses to form their own groups
A Tamil Nadu fisherman on Friday sustained bullet injuries when the Navy "fired warning shots" in mid-sea and Chief Minister M K Stalin sought Prime Minister Narendra Modi's intervention to prevent such incidents.
States have been told to prepare in advance to counter any impact of an adverse southwest monsoon.
'With Ramaland, the tourism department is looking to attract children and adults alike. It'll be learning with entertainment.'
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
A 48-page report by Amnesty, Reality Check 2021, said that practices such as withholding salaries and charging workers to change jobs was still rife, despite labour reforms in 2014, as the country prepares to host the soccer tournament next year.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
This will be done across five cities - Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. Thereafter, it will be scaled up and launched in 100 cities over a period of six months, said a senior government official.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
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.
Sellers downloading their monthly financial reports were served with those of other vendors, leading to a breach of competitive businesses data.
La Nina, construction worsen air quality; spike in respiratory ailments.
'It is Dhoni, Fleming and the support staff who decide on cricket.' 'The fans expect CSK to do well, and with Dhoni at the helm, CSK is capable of it.'
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
CreditSights has dialed back on its language on debt levels at richest Indian Gautam Adani's group but has maintained that the group's leverage is elevated. In a new note published after discussions with the group's management, CreditSights, a Fitch group firm, said it "has discovered calculation errors" in its recent debt report on two Adani Group companies but these did not change its investment recommendations. On August 23, CreditSights stated that the Adani group was "deeply over-leveraged" and may "in the worst-case scenario" spiral into a debt trap and possibly a default.
With lot of England stalwarts including former skipper David Gower already starting their annual criticism of the cash-rich T20 league, it is understood that Stokes, who could have again fetched bug bucks, has decided to stay away.
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.
China's GDP grew by 4.9 per cent in the third quarter, down from 7.9 per cent in the second, confirming the slowdown of the world's second-largest economy which was under pressure from the crisis-hit property sector, curbs on energy and tardy recovery from the Covid-19 pandemic.
The Adani group will have understood the fragility of investor trust in the group. The group needs to improve transparency including in areas like share-ownership (which they have long and mistakenly believed can be side-stepped) and related-party transactions, among others, Amit Tandon and Hetal Dalal point out.
The agreement on sharing of financial information is a distinct and welcome break from its trend.
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.
'When I talk to my colleagues in the Railways, they say 'aadmi toh bohot hai, lekin matlab ka aadmi ek bhi nahi hai (the Railways has a bloated workforce, but doesn't have employees with have the skillsets that matter)'.'
The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm's bid for Ambuja Cements. According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. The JSW Group chairman has offered $7 billion for Ambuja Cements, including $2.5 billion of investments from private equities, the Financial Times reported on Tuesday.
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