"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
26 chartered accountants associated with such shell companies have also been identified
Stalin has given due respect to seniority in the pecking order, but has also taken into consideration the demands of individual ministries and the suitability of individuals, observes N Sathiya Moorthy.
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
On March 30, the ICAI asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts where a company needed to comply with accounting standard AS11. So far, Indian companies were not required to declare their gains or losses on derivatives; the ICAI's new accounting standard AS30 required them to reveal these gains or losses from April 1, 2011, a deadline it advanced by three years.
Corporate profits will come under severe pressure for the fourth quarter ended March 2008 as companies will have to provide for any losses on forex derivative products, owing to a new accounting norm announced on Saturday. The Institute of Chartered Accountants of India has asked all companies to disclose and/or provide for all losses on derivative contracts, except for forward contracts, where a company needs to comply with accounting standard AS11.
The latest passion of the Institute of Chartered Accountants of India (ICAI) is not selling blazers. Nor is it inauguration of residential courses. It is IFRS, IFRS and IFRS. Or International Financial Reporting Standards.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
During the probation period of six months, CAs will get a lump sum payment of Rs 50,000 a month.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
A deal, where a founder has brought back stake from early investors before an initial public offering, is unheard of in India or pretty much anywhere else, analysts pointed out.
After a long hiatus of more than 20 months, the government had on November 26 announced the resumption of scheduled international commercial flights from December 15.
Why must Indians adjust their time-tested system because of what the West needs, asks Sanjeev Nayyar.
Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.
'Any future course of action towards active participation in the alliance when formed would need a lot of deliberation, long term vision and should be in our best national interests,' notes Commodore Vengalil Venugopal (retd).
If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.
In last few years, a number of global players have exited the Indian mutual fund business.
Alert to the looming threat from the 'Omicron' variant, states began to re-tighten curbs and urgently trace people who arrived from abroad in the last one month while a demand to not allow flights from the affected countries was made by Delhi Chief Minister Arvind Kejriwal and Karnataka Chief Minister Basavaraj Bommai.
Instead of the standard VIP motorcade, the Singapore PM hopped onto a chartered bus to reach his hotel in the national capital.
Havells will acquire the entire consumer business infrastructure, people and distribution network. Plus all intellectual property of the Lloyd brand, logo, trademark and attendant rights.
'Kindly have us airlifted at the earliest. We are in a very bad situation here.'
In an online chat with readers, Vidhu Shekhar, Country Head - India, CFA Institute shared crucial advice to crack the competitive exam.
Despite the sops, scheduled carriers might not be interested in operating such routes.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
It is imperative to invest in real time marketing, even at double speed.
The annual talk-fest of rich and powerful from across the world in snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
Traders have all but given up attempting to predict where the new-year rout will end
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Comptroller and Auditor General of India V N Kaul said on Monday that there was a need to review government accounting system for bringing in transparency
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
Indian talent may soon be allowed to work in France without a degree from a French institute.
