Even as most of its large-cap pharmaceutical peers have struggled to stay above water on the returns front, Zydus Lifesciences has been one of the big outperformers within the sector over the past year with a return of over 30 per cent. The gains have come on the back of multiple triggers such as the scaling up of new product launches in the US market, clearance for its Moraiya (Gujarat) facility and steady performance in the domestic market. Though it has been the top pharma gainer in the 2022-23 financial year (FY23), brokerages continue to maintain their 'buy' stance, given the strong visibility in the US market.
Widening the scope of its enquiry regarding practices adopted by foreign auditing firms to operate in India through surrogate entities, ICAI has asked 11 more domestic chartered accountancy firms to furnish details of operational arrangement with them.
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
The decision comes in the backdrop of the Rs 7,800 crore fraud at Satyam. Independent directors in other firms have also resigned from their board positions in recent months. "It is possible they may have left due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," says ICAI President Uttam Agarwal.
ICAI president Uttam Prakash Agarwal said the new board, to be called the Review Reporting Board, will have powers to examine even unlisted firms. Currently, the Financial Reporting Review Board, which was set up in 2004 to monitor and regulate the functioning of CAs in the country, picks up audit reports of about 50-60 listed companies and non-government organisations to see whether procedures are being followed.
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
At the NSE, it tumbled 8.45 per cent to Rs 132.10.
The officers did not arrest Neeraj Singhal despite CBI Director Ranjit Sinha's orders.
Besides the national capital, polling will be held Saturday in 14 seats in Uttar Pradesh, all 10 seats of Haryana, eight seats each in Bihar and West Bengal, six seats in Odisha, four seats in Jharkhand and one seat in Jammu and Kashmir. Simultaneously, polling will be held for 42 assembly constituencies in Odisha.
The Enforcement Directorate (ED) has attached 8.86 acres of land in Ranchi allegedly owned by former Jharkhand chief minister Hemant Soren as part of a money laundering investigation against him and his associates, the federal agency said on Thursday.
Following is India's schedule at the Asian Games in Hangzhou on Friday, September 29.
AAP supremo and Chief Minister Arvind Kejriwal had claimed before the results were out that Muslim votes shifted to the Congress at the last moment.
After a year and a half of investigation, the agency has failed to name any public official involved in the scam.
Bigg Boss 15 contestant and choreographer Nishant Bhat celebrated his birthday by inviting his buddies from the reality show.
Zero-coupon bonds don't give out interest but are issued at a deep discount to the face value, making it difficult to ascertain the net present value.
The lackadaisical approach on part of the management of Oreva company resulting in "one of the most severe and tragic human calamities" cannot be countenanced, the SIT said.
'The good governance which the Congress government claims has resulted in a regime where women in Rajasthan are afraid to go out of their homes.'
The ruling Bharatiya Janata Party won the mayoral elections in 10 of the 17 municipal corporations in Uttar Pradesh, results for which were announced on Saturday, virtually adding a third engine to its "double-engine" government.
Senior Congress leader Ajay Maken is all set to be the party's Lok Sabha candidate in New Delhi constituency as no other leader of the party has come forward under the Rahul Gandhi-promoted 'primaries' system.
The appointments holds significance as a large number of senior leaders, who had no organisational post currently, have now been given new responsibilities.
Nearly eight months after the government repealed the three controversial farm Acts, it has constituted a high-powered panel under the chairmanship of former agriculture secretary Sanjay Agarwal to make the minimum support price (MSP) mechanism more effective and transparent as promised by Prime Minister Narendra Modi in his televised address announcing the repeal. The names of three members from the Samyukta Kisan Morcha (SKM), the main grouping that spearheaded the year-long agitation at Delhi's borders, have been withheld, pending receipt by the government, stated a gazette notification. NITI Aayog member Ramesh Chand, Indian Institute of Management-Ahmedabad Professor Sukhpal Singh, Indian Farmers Fertiliser Cooperative chairman Dilip Sanghani, secretaries of the Departments of Agriculture, Indian Council of Agricultural Research, Food and Consumer Affairs, Cooperation and Textiles, along with representatives from the state governments of Karnataka, Andhra Pradesh, Sikkim, and Odisha will also form part of the panel.
However, Covid infection can spread faster during the third wave if any new virulent variant of SARS-CoV-2 emerges, said Manindra Agarwal who is working with the Sutra Model -- the mathematical projection of the COVID-19 trajectory.
The Centre's decision to not reduce the face value of shares of India's Crown Jewel - Life Insurance Corporation (LIC) - was taken to make shareholders feel they are acquiring something 'precious'. The face value of LIC's shares was retained at Rs 10, quoted in the draft prospectus, as it would also align the insurer's shares with those of its private sector peers. Even as the LIC Act was amended to "consolidate or reduce the nominal or face value of the shares", with the Centre's approval, it was decided to stick to the current face value of shares at Rs 10 without splitting the existing 6.32 billion shares.
25 student suicides in 2023 at India's coaching hub Kota have revealed the mindboggling stress children confront every day, reports Prakash Bhandari.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
There is nothing of the level of Yes Minister, House Of Cards, Madam Secretary or Veep but there are at least 10 Hindi series and an OTT-released film or two, to whet the viewer's appetite for power-mongering, corruption and intrigue.
It's like any other OTT gangster show with a lot of action, drama, revenge and cuss words.
President Ram Nath Kovind presented Padma awards to 73 individuals, some posthumously, at a ceremony held in the Rashtrapati Bhavan here on Monday.
Earlier, a special CBI court had issued non-bailable warrants against Neeraj Singal, Vice Chairman and Managing Director of Bhushan Steel Ltd, and Purushotam Totlani, an alleged middleman, in connection with the Syndicate Bank bribery case.
The judge had on Wednesday dismissed the anticipatory bail plea of Singal.
'It is creditable that the BJP builds the organisation set-up and then looks for leaders.' 'The Congress on the other hand has to care for the leaders more than the organisation.'
The Aam Aadmi Party on Saturday declared their third list of candidates for 20 Lok Sabha seats with prominent names being Savita Bhatti, wife of late comedian Jaspal Bhatti's, who has been given a ticket from Chandigarh, and Anand Kumar, a professor from JNU, from Delhi.
Senior bureaucrats Avinash Joshi and Niraj Verma are among the 10 candidates who are in the race to become chairman and managing director of India's largest oil and gas producer, ONGC. Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh are the other prominent names in fray for the top job, according to a candidate shortlist by the Public Enterprise Selection Board (PESB). PESB - the government headhunter - will hold interviews to select the new head of Oil and Natural Gas Corporation (ONGC) this week. Both the bureaucrats are from the 1994 batch of IAS officers belonging to the Assam-Meghalaya cadre.
Union minister of state for home Ajay Mishra's son Ashish Mishra, arrested for his alleged role in the Lakhimpur Kheri violence, was on Friday remanded in police custody for two days.
The Centre on Tuesday issued a 'Leave India' notice and cancelled the business visa given to the actor.
Given the controversy over Uttar Pradesh's population control moves, Hemant Shivsaran/Rediff.com digs deep to find out how many children BJP MLAs in UP have.
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