The compulsory peer reviews of auditors' notes for Sensex and Nifty companies for Q3 results of the last fiscal and full-year results of 2007-08 have proved a virtual non-starter, owing to confusion over its scope and the appointment of auditors.
The current practice which involves dealing with the Institute of Chartered Accountants to deal with auditors, is long and so tedious, and in practice offers practically no remedy at all.
Both are in serious trouble, but the Satyam and Subhiksha cases appear vastly dissimilar in many respects, except for one stunning similarity.
The role of audit committees and independent directors and the levels of responsibility as well as the limits to their accountability will come under greater scrutiny in future with the negative fallout likely to be a greater reluctance on the part of professionals and academicians of repute to participate on company boards and chair audit committees.
Sebi said it was constrained to approach the apex court for urgent relief related to the most serious financial scam that had large-scale national and international ramifications. A bench headed by Chief Justice K G Balakrishnan allowed Sebi to mention the matter on Tuesday after solicitor general G E Vahanvati and counsel Pratap Venugopal submitted the request on behalf of Sebi.
The Securities and Exchange Board of India's decision to subject all Nifty and Sensex companies to a peer review of their accounting statements, may not be a bad idea, if some pitfalls are avoided.
The Sebi chairman had started a series of meetings in New Delhi from Saturday when he met corporate affairs minister Prem Chand Gupta and his secretary Anurag Goel.
The board of directors of the company at its meeting on Monday day have approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.
The team first went to Raju's house for an inspection, but returned on finding it locked. It had earlier issued summons for him to appear before the team.
Tech Mahindra, the highest bidder for Satyam Computer Services, has tied up Rs 875 crore funding from mutual funds and insurance companies and is in talks with banks to mobilise Rs 1,000 crore bridge loans.
The arguments were made by the government before the CLB, which is considering a petition by the government for removal of the board of Maytas Properties. The CLB is likely to pass the order later. The government also alleged that the valuation of Maytas Properties by the consultancy firm was done in a day.
Tech Mahindra would pay Rs 1,756 crore (Rs 17.56 billion) before the deadline of April 21 for acquiring 31 per cent stake in Satyam Computer for which it got the approval from the Company Law Board on Thursday.
India's booming IT and ITeS sector is estimated to have hired 3,80,000 people during the current financial year as demand for technology talent gained further momentum, officials said.
His compensation in FY17 was more than the combined salaries of the entire boards of TCS, Wipro and Infosys. 'I am a self-made man from a very modest background,' Tech Mahindra's CEO C P Gurnani tells Shyamal Majumdar.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Every move that strengthens Cyrus Mistry's position in companies like Indian Hotels could prolong the uncertainty.
'Family businesses have to put competent people in charge who believe they can get to the top.'
'If you don't remove the glass ceiling, you won't get the best talent.'
NEDICT has also got in touch with companies, which will be limited to the role of 'donors'.
The Sensex opened with a positive gap of 25 points at 8,814, but dropped to a low of 8,769 in late morning deals.
The Sensex opened with a positive gap of 22 points at 5,913.
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.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
A passenger on Guwahati-bound Rajdhani train found that the vegetarian dish he ordered contained pieces of bones.
Often these IDs sit on the audit committee of the board or even chair it.
The city houses National Remote Sensing Centre and is also home to several companies offer geographical information system services.
The agency did not seek a reappointment in FY12.
Railways has said that it plans to suspend two senior officials of Northern Railway, following searches carried out by the Central Bureau of Investigation at 13 locations and recovery of Rs 20 crore in cash in connection with alleged corruption in supply of packaged drinking water in premium trains.
Future Group aims to increase customer spends - average of Rs 20,000 over 10 visits at its stores in a year
Insider trading -- dealing in securities with prior access to unpublished price-sensitive information -- has been attracting regulatory attention worldwide.
Fraud is a big concern among many board members.
'Never suited & booted' Little Eye Labs team looking forward to move to the social media giant's California headquarters.
'The audience will make you a superstar or will reject you, no matter whose son or brother-in-law you are.'
The film faces opposition from fringe Rajput groups, who allege that it distorts history and show Queen Padmavati in "poor light".
On Reva, Mahindra says electric cars are an innovation that can disrupt the automobile sector.
In a society where corruption is endemic and you want to get something done then it is all too tempting to offer a bribe, Swraj Paul said.
Andhra Pradesh Chief Minister N Chandrababu Naidu, who was instrumental in developing Hyderabad as a key information technology services destination in the country, is now embarking upon a mission to establish the state as an electronics manufacturing hub.
Every day when Akhilesh returns after a joust with political adversaries to his Camelot, which is Lucknow's 5, Kalidas Marg, it is time to hold court with advisors and loyalists.
Instead of only government departments and state-owned undertakings, the CAG can now audit private companies, too.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
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