The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
The TMC also said that the Congress is not the "big boss" of the opposition.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
At the Leo fete, Vijay had this also to tell his fans: 'I know you all are in my heart. But today, I also know that I am also in the hearts of all of you...' A typical politician's line, did you say, asks N Sathiya Moorthy.
Unlike most MF distributors in India, Paytm Money will be offering low-cost direct plans, which don't charge for distribution expenses
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
Today, with China centrally seated and located, the Global South has an intriguing road ahead. Odds of it becoming a Chinese bloc in the emerging new bipolar world are higher than we'd wish them to be, observes Shekhar Gupta.
The FFP regulations are designed to stop clubs running up big losses through spending on players. They also ensure sponsorship deals are based on their real market value and are genuine commercial agreements and not ways for owners to pump cash into a club to get around the rules.
Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Lok Sabha proceedings were adjourned for the day on Friday amid protests by opposition and Bharatiya Janata Party members over Congress leader Adhir Ranjan Chowdhury's remark on President Droupadi Murmu.
Home Minister Amit Shah on Sunday lashed out at opposition Indian National Developmental Inclusive Alliance (INDIA) parties over Dravida Munnetra Kazhagam leader Udhayanidhi Stalin's remarks against 'Sanatan Dharma', accusing them of insulting 'Sanatan Dharma' for votebank and appeasement politics.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
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This is the third meeting between the two parties, including one in which the Company Law Board had taken part.
Last-mile verification with Aadhaar-Based Biometric Authentication have the worst record among other options available to check PDS pilferage. So the Centre's insistence on that option is bewildering, says Reetika Khera.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If only the Congress could rebuild on its strengths and develop a modern enough ideology, we could again be moving towards a clearer two-party political landscape, asserts Shekhar Gupta.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
Gandhi invoked Rule 357 which allows for "personal explanations" and also cited the example of Bharatiya Janata Party MP and then minister Ravi Shankar Prasad, who invoked the Rule to give an explanation regarding comments made by Jyotiraditya Scindia in relation to him in Parliament
Central bank raises red flag, warns of potential risk
The Enforcement Directorate on Friday launched fresh raids in connection with its money laundering investigation into alleged irregularities in the now-scrapped Delhi excise policy, official sources said.
While most others have not been able to replicate the WeChat model successfully, experts expect Jio to be able to score on its 300 million plus new mobile phone users.
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
Noted banker Deepak Parekh on Thursday pitched for simpler corporate governance norms that focus more on trust than just compliance, saying economics and ethics are not trade-offs but complementary. Behind each financial crisis there is a governance failure but it is the entire system that gets impacted, because an eruption of a corporate or financial crisis almost always means a tightening of rules and regulations and increased compliance for all, he said. The HDFC chairman, who was addressing a seminar on corporate governance organised by former Sebi chairman M Damodaran's advocacy Excellence Enablers in Mumbai, stressed that the ultimate objective should be that corporate governance systems must become simpler and not more complicated.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
A global association for regulated funds that is leading efforts to shorten the settlement cycle for US equities has reached out to the Securities and Exchange Board of India (Sebi) with a plea to extend the T+1 implementation timeline by 18 months. The short transition period of four months does not provide foreign portfolio investors (FPIs), their services providers, and broker dealers sufficient time to make the necessary operational and compliance changes to accommodate a shorter settlement cycle, ICI Global said in its letter addressed to Sebi chairman Ajay Tyagi written a few days back. ICI Global carries out the international work of the Investment Company Institute (ICI), a global association for regulated funds, whose members manage assets of more than $42 trillion.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
Bank of New York Mellon Corp has pulled out of providing financial services to the Adani group and its Carmichael coal mine in Australia, saying the venture is incompatible with its environmental, social and governance rules.
Missing the deadline for filing Income Tax returns can lead to consequences.
The jury is still out on the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding. As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'I think when he (Modi) apologises for statements like that, then all of us can apologise for saying the opposite abroad. I think this is the level of political discourse we ought to grow out of'
Our political history tells us this has never worked. A united Opposition does work in some specific, limited situations, especially in the states. But never as some brilliant pan-national collection of diverse interests with no ideological or political core, asserts Shekhar Gupta.
Ravi Singhal explains how a taxpayer can go about reducing her/his tax liability if they suffer losses while investing or trading in the stock market.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
At a time when the overall narrative is around India being an attractive investment destination, the two American multinationals are more specific in projecting India as their centrepiece.
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