The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
Experts regretted that it has taken too long to deliver justice
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
Kotak Mahindra Bank has decided to buy a 15 per cent stake in Multi Commodity Exchange (MCX) for Rs 459 crore from Financial Technologies India (FTIL).
The highest salary rose by 14.22 per cent from last year.
While two-wheeler sales declined 22 per cent, two other segments, bigger in value while being lower in volume, were much less impacted.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
'IIM Ahmedabad has seen one of the best placement seasons ever and this change can be attributed to the markets opening up after the pandemic.'
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Reliance Capital and Reliance Home Finance said that PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the resignation.
The youngest in the new lot is Rahil Ansari, 38, who is heading Audi in India since February
Budapest ended its bid to host the 2024 Olympics on Wednesday, citing a lack of unity after a political movement opposing the move collected more than a quarter of a million signatures to force a referendum on the issue.
Govt may not announce any new concessions in excise duty
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Companies that are listed or are in the process of being listed, and have a net worth of at least Rs 500 crore, must adopt these standards from April 1, 2016.
The issue will now have to be resolved through arbitration.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
Micron plans an assembly testing, marking and packaging project of $1 billion, and talks are on to set up a memory chip plant for captive requirements.
Globally, the estimated average financial loss from cyber incidents was $2.7 million, a 34-per cent increase over 2013.
Growing the number of electric vehicles on Ola's platform is part of the terms SoftBank has put forth for the funding
Strong festive demand in October helped carmakers register a seven-per cent volume growth in the domestic market, even as the largest player, Maruti Suzuki, reported low single-digit growth.
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.
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.
Ford Motor Co plans to triple exports from India.
If you opt for a petrol variant, you will need to reapply for loan.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
USL board said its second forensic audit by EY has revealed fund diversion worth Rs 1,225 cr to Mallya companies.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
Docomo has now moved the London Court of Arbitration.
The company is currently selling an average 2,000 units each month.
As corporate India prepares to put its house in order, the transition raises concerns
While Renault reported an over 12 per cent decline in sales and lost market share, Market leader Maruti Suzuki grew over 19 per cent.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
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