The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
The best solution would be the one followed in 2018 -- allow cost indexation until March 31, 2024 -- but exit at any time. The second-best alternative would be to allow time until March 31, 2025 for investors to exit their investments under the old indexation regime, points out Harsh Roongta.
The government on Tuesday put on hold the district training programme of controversial Indian Administrative Service officer Puja Khedkar, who is under the scanner for allegedly forging disability certificates to clear the Civil Services examination.
Low-cost carrier IndiGo has asked American aerospace manufacturer Pratt & Whitney (PW) to quickly provide engines for the airline to press its grounded planes back into service, sources said on Wednesday. The airline wants to increase its domestic frequency to fill the supply-side void created after Go First's exit, they added. Go First stopped operating flights from May 3 after filing an insolvency application with the National Company Law Tribunal.
The exchange has written to MCX for greater details on the special audit. BSE has sought the names of related parties, which have been withheld by MCX.
The single judge bench of Justice S Rachaiah in its judgement recently said, "Once PW.1 (complainant woman) is considered as second wife of the petitioner, obviously, the complaint filed against the petitioner for the offence under Section 498-A of IPC ought not to have been entertained."
PricewaterhouseCoopers, the tax and advisory services firm, has changed its branding to "strengthen and modernise" how it represents its worldwide network to its clients, its people and the communities in which it operates.
Indian airline Go First is considering legal action against Pratt and Whitney (PW) for failing to provide compensation after March 2020 for planes grounded due to engine supply delays, sources said on Thursday. About 90 per cent of the airline's fleet of aircraft uses PW engines. About 24 of the airline's 55 planes are grounded due to delays in engine supply by PW.
Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business.
Professional services firm PricewaterhouseCoopers is close to arranging the first acquisition of a non-performing asset in India.\n\n\n\n
"Now is the right time to enter and establish operations in India's booming retail sector. Domestic and global retailers who have already entered the Indian market are learning about consumer wants, preferences and needs," the PwC said in its report.
PwC has about 1,200 tax professionals and 55 executive directors servicing domestic and international companies.
The presence of an engine maintenance, repair, and overhaul (MRO) facility in India could have prevented Go First airline from going "belly up", as sending engines abroad for servicing is not an efficient way to operate a carrier, Piyush Srivastava, senior economic advisor, Ministry of Civil Aviation, said in a statement on Tuesday. On May 3, Go First suspended its flights and filed for insolvency, squarely blaming engine manufacturer Pratt & Whitney (PW) for its cash crunch. The airline claimed that about half of its 54 aircraft were grounded on May 3 due to a delay in the supply of engines by the US-based company. PW has denied the charges.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
The Supreme Court on Monday sought reply from PricewaterhouseCoopers as to why the non-resident company should not pay advance tax on fee charged by it for providing services in India.
"American jurisdiction will decide independently of what we do here. We cannot be on any help to them (PW) in the US. We cannot go and say (to PW) don't worry we will pay for you," Corporate Affairs Minister Salman Khurshid said.
The global chairman, Dennis M Nally of Satyam, the auditor for the scam-tainted company, says that with the lessons learnt and a small number of clients lost, their focus is to harness quality clients and talent.
Nearly 200 of the 789 aircraft of Indian carriers are expected to be grounded by the end of March due to ongoing supply chain issues, according to the report released on Monday by CAPA India. At present, 161-166 aircraft are grounded. "More aircraft will be on the ground than expected due to serious supply chain issues, which were supposed to improve but actually deteriorated," it noted.
The Institute of Chartered Accountants of India (ICAI) is likely to take disciplinary action against two Pricewaterhouse Coopers (PwC) auditors who were involved in auditing the account books of erstwhile Satyam Computers.
India offers a better chance than China to investors to pump money into non-performing assets restructuring as it has a better environment for recovery, according to consulting firm PricewaterhouseCoopers.
PricewaterhouseCoopers' new chairman is busy putting the past behind the consultancy and raising the bar on risk and quality.
For the first time, more than half of the CEOs surveyed by global consultancy PwC said they believe the rate of global GDP growth will decline. In comparison, the survey had found a record level of optimism among CEOs two years ago in 2018.
Reserve Bank of India (RBI) is unlikely to cut the benchmark interest rate at its upcoming monetary policy review meeting, taking place soon after the announcement of the Lok Sabha election results, amid inflation challenges, said experts. The Monetary Policy Committee (MPC) may also refrain from rate cut as economic growth is picking up, notwithstanding the elevated interest rate of 6.5 per cent (repo) prevailing since February 2023. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for June 5 to 7.
A new PwC report, '2010 Internal Audit State of the Productivity of the Profession Survey', said about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
PricewaterhouseCoopers suggested on Friday that the new Public Company Accounting Oversight Board of US should "mutually recognise" other oversight bodies including the one proposed in India, which could be the Institute of Chartered Accountants
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
'We are looking at the next target which is to be a $1 billion ARR firm in the next 4-5 years.'
Audit firm PricewaterhouseCoopers, which has major companies like HCL Infosystems, GMR Group, Bosch, and Maruti Suzuki among its over 100 clients in India, faces a possible axe after its role has come into question in the Satyam fraud case, of about Rs 7,800 crore (Rs 78 billion).
The Securities Appellate Tribunal on Wednesday directed the Securities and Exchange Board of India (Sebi) to allow PW cross-examination of former key executives of Satyam - former chairman Ramalinga Raju, former managing director Rama Raju, former chief financial officer (CFO) Vadlamani Srinivas and former vice-president (finance) G Ramakrishna.
One of the high points of the proceedings was when Indrani Mukerjea's lawyer smartly utilised Dr Zeba Khan's expert status to pose her A Most Curious Question. He asked her if a skull can grow new teeth, even after the person, who it belonged to, had died, three years before. We can be sure that the discrepancy between the number of teeth discovered in the skull unearthed in 2012 and the skull shown in court in September 2019 will come up soon in Courtroom No 51. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
While FICCI officials said that parting of ways with Price Waterhouse was not related to the Satyam episode, sources said all business chambers have become wary of associating with those getting infamy from the country's largest corporate fraud.
The 6th Additional Chief Metropolitan Magistrate on Monday reserved his order for Tuesday on the police custody of PwC representatives S Gopalakrishnan and Talluri Srinivas.
PwC is the auditor of Satyam Computer Services whose founder Ramalinga raju earlier this month admitted to financial irregularities of about Rs 7,800 crore (Rs 78-billion). The newly-inducted board of the company later hired two foreign audit firms -- KPMG and Deloitte Touche Tohmatsu -- to restate the accounts books.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
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