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.
'Were the Go First pilots aware that 55 passengers were missing when the aircraft was on ground?'
Larger firms feel that the smaller players have muddied the waters for the IBC process, leading to excessive regulation of resolution Professionals.
The National Stock Exchange (NSE) has made a fresh attempt at settling a regulatory investigation into the misuse of Trading Access Point (TAP) software at the bourse. The Securities and Exchange Board of India (Sebi) rejected a similar application in 2022. "NSE and its employees have filed a consolidated settlement application dated May 4, 2023, with Sebi.
Aviation regulator Directorate Genral of Civil Aviation (DGCA) on Tuesday issued a show cause notice to Go First for 'multiple mistakes' that led to 55 Delhi flight passengers being left behind in a coach at Bangalore airport on Monday and the budget airline has apologised for the incident, saying it happened due to inadvertent oversight in reconciliation.
Sibal alleged that seven wrestlers, including a minor, have made alleged sexual harassment allegations but no FIR has been lodged so far despite the law being very clear on this aspect.
The biometric entry will take place with the consent of the passenger and the present system of check-in will also co-exist.
A number of academicians as well as political scientists Yogendra Yadav and Suhas Palshikar, who were part of the textbook development committee of the NCERT, had asked the council to drop their names from textbooks over 'several substantive revisions of the original texts'.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
The 67-year-old former Goldman Sachs banker, who has been the chairman of the UK taxpayer-funded licence fee-backed British Broadcasting Corporation (BBC), said the investigation found he had breached the governance code for public appointments.
The Directorate General of Civil Aviation has ordered a probe into the incident.
Star wrestlers Bajrang Punia and Vinesh Phogat's request to train in Kyrgyzstan and Poland respectively was approved by TOPS.
When Anand Mahindra becomes non-executive chairman in November, Shah will become the first professional MD and CEO in the history of the Mahindra group to have a complete oversight of and responsibility for the Mahindra group businesses.
Alternative investment funds (AIFs) - pooled investment vehicles catering to high net worth individuals (HNIs) - saw a 30 per cent increase in investment commitments during financial year 2022-23 (FY23). At the end of March 2023, the total investment commitments raised stood at Rs 8.33 trillion, up Rs 1.92 trillion from Rs 6.41 trillion at the end of March 2022. A commitment is the money clients are willing to put into AIFs.
In all this, the political establishment -- and especially the finance ministry -- appears the weakest link, and worse still, the possible reason for the political backing to Narain and Ramkrishna that emboldened them to defy all the sentinels -- the independent board, the auditors, top management persons like the chief compliance officer, the company secretary, and unbelievably the super-regulator Sebi, observes V Ranganathan.
Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a short-seller report published in late January, and on the findings of a recently launched Supreme Court investigation. S&P Global published an FAQ-style commentary titled, "Adani Group: The Known Unknowns".
Russell had opted out of the three-match T20I series against India due to an injury, but he turned up for Vancouver Knights to play in the T20 tournament in Canada.
The Supreme Court on Monday refused to entertain pleas seeking postponement of the National Eligibility-cum-Entrance Test-PG 2023, which is scheduled for March 5, saying there is nothing in this world to prevent somebody who has not made it to try again.
A video clip of the scuffle inside the aircraft was shared widely on social media on Wednesday. In the clip, a man could be seen being slapped multiple times by a few co-passengers.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
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
'We take allegations of bias incredibly seriously, and want to make it clear that we denounce hate and bigotry in any form'
The credit guarantee cover under the scheme would be both transaction-based (for single eligible borrowers) and umbrella-based (for a group of eligible borrowers).
A bench headed by Chief Justice P Sathasivam said the issues raised in the plea need 'examination' and issued notice to the Centre, RBI, Central Board of Direct Taxes, the Institute of Chartered Accountants of India, PwC and the audit firms sharing its brand name.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
A Delhi court on Thursday directed the Central Bureau of Investigation to withdraw a lookout circular issued against the chair of Amnesty International India Board Aakar Patel in a case of an alleged violation of the Foreign Contributions Regulation Act and apologise to him.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
The United States has asserted that it will continue to gather foreign intelligence, which it argued is essential to keep the nation and allies safe, amid report that National Security Agency monitored the phone conversations of 35 world leaders.
Batting great Rahul Dravid has been named in ICC's newly appointed Anti-Corruption Oversight Group as part of the recommendation from its Integrity Working Party of the parent body. The stylish former Indian cricketer, who is among the top run-getters in both Tests and One-Day Internationals (ODI), was included in the group in the ICC's first meeting of 2016 at its Dubai headquarters. "The oversight group will include the Chairman of the Executive Committee (under whose area of responsibility this function rests) and will also include former India captain Rahul Dravid, legal expert Louis Weston and independent anti-corruption advisor John Abbott, who was the Chairman of the Integrity Working Party.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
'We go through 18 years of school and college, but we lack many necessary skills.' 'The biggest lessons we need, to live life, are somehow not taught, and they are only learned on the job.' 'My intention, through my content, my books, and my start-ups, is to make college kids become life ready.'
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