Seven electric two-wheeler companies have suffered a cumulative loss of over Rs 9,000 crore on account of unpaid dues and loss of market after their subsidies were stopped last year, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. These companies have also been directed by the govt to refund the subsidies availed by them. The audit by SMEV's chartered accountants indicates the total, cumulative damages to affected companies could account for over Rs 9,000 crore on a conservative basis, it noted.
However, in a circular issued earlier, the market regulator had asked stock brokers and trading members to complete the auditing from independent qualified chartered accountants but now the role has been extended to company secretaries or cost and management accountants.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
While financial planning is good for you, the process which a planner can put you through is not so great, observes financial planner P V Subramanyam.
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
Here are some golden nuggets when it comes to creating wealth. Read them and if you find yourself saying, 'This everybody knows', cross your heart and ask yourself how many times you have forgotten these simple rules, says P V Subramanyam.
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.
The fresh meat and seafood delivery startup Licious plans to set up 500 stores nationwide within the next five years as part of an omnichannel strategy. The aim is to attract new users in the offline channel and encourage them to transact online as well. The move would also help the company in its efforts to achieve profitability and go for an initial public offering (IPO) in the next 24 months, according to the sources.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
It has issued two revised accounting standards -- SA 500 and SA 720. The SA 500 lays down norms for obtaining and evaluating audit evidence, on which the final audit findings are based. Under this, a CA will have to go beyond verifying the balance sheet. The second standard -- SA 720 -- requires the auditor to read other information to identify any material inconsistencies vis-a-vis the audited financial statements.
The ED also alleged that Kejriwal, during his questioning, said AAP communication in-charge Vijay Nair 'did not report to him' but to his cabinet colleagues Atishi and Saurabh Bharadwaj and that his interaction with Nair was 'limited'.
Beating the slowdown, chartered accountants (CAs) have bagged jobs with top-notch companies in the latest campus placement drive, which has also seen more newly qualified professionals get jobs.
Charanpreet Singh, associate dean, Praxis Business School, advises readers on MBA programmes.
Price Waterhouse's S Gopalakrishnan was involved in the Satyam case. The other two auditors who have been found guilty by the ICAI's disciplinary committee in the Global Trust Bank case, five years after the bank had collapsed, are Price Waterhouse partner P Ramakrishna and Lovelock & Lewes employee Manish Agarwal. ICAI President Uttam Agarwal said punitive action against the erring auditors would depend upon the gravity of offence.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Do you know what tax-loss harvesting is? Does it help you save tax? Financial planning expert P V Subramanyam offers all the answers.
In order to plug the loopholes that allow foreign audit firms to do surrogate audit practice in India with their Indian associates, the Institute of Chartered Accountants of India (ICAI), the apex body to regulate the chartered accountancy profession in the country, has issued notices to 12 CA firms that have tie-ups with foreign firms.
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.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
If the FM can levy education cess to meet the cost of education, then why not defense cess for defense cost, health cess, food cess, and so on. What are the tax collections meant for, asks Kanu H Doshi, partner of Kanu Doshi Associates, chartered accountants, Mumbai.
'I had told Fadnavisji that I will be with the party till the Lok Sabha election and I will give my 100 per cent to campaign for the BJP. But ultimately I will have to take this decision (to quit the BJP).' 'When I requested him to see this from the point of view of an elder brother, he could not say anything more after that.'
The Anil Ambami controlled-ADA Enterprises on Friday announced the appointment of Gautam Doshi, a leading chartered accountant, as group president and key member of the leadership team.
The government on Tuesday reassured chartered accountants and lawyers that training unemployed youth to be 'Income Tax Preparers' was not aimed at depriving them of work.
The apex body for accountants, ICAI, on Friday said it will seek explanation from R S Lodha on the structure of his audit firms following a complaint for alleged breach of its Code of Ethics and flouting of Companies Act.
Youngsters must remember education is their BIGGEST investment EVER: Their lifelong income-earning provider! asserts CA P V Subramanyam.
No discrimination on basis of gender, age, religion, caste and physical ability.
Justice Dangre said that Ahmedabad, where the FIR against Das was registered, was not too far from Mumbai.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
A resolution which says 'I will be more organised' is not a good one, but a resolution which says 'I will keep my clothes and papers in an organised manner, make my bed, have bath at a regular time, eat at a fixed time, go the gym at a fixed hour and go to bed at a stipulated hour' is a far better resolution, points out P V Subramanyam.
Probe reveals "first and second" level of decision making in ministries of finance and commerce was "compromised".
The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability.
