Since April, India has seen multiple strains of the coronanavirus sweep the nation, upending life and businesses alike. Out-of-home retail and discretionary categories such as durables, auto, fashion, lifestyle, hospitality, food services, travel, and tourism have been the worst-hit as Covid cases remain high, leaving state governments with no option but to curtail mobility and economic activity.
The New York Stock Exchange-listed Indian IT major Satyam Computer Services' founder and then-chairman Ramalinga Raju had shocked the world three weeks ago on January 7 with the disclosure of a massive financial wrongdoing to the tune of over a billion dollar at the company. This was followed by the NYSE suspending trading in Satyam shares the very same day.
Companies' annual reports can hide as much as they reveal. Investors can get early warning signals of wrongdoing by frequently speaking to other stakeholders.
Though the Satyam episode was shocking, the markets will move on, placing greater premium on good managements and governance and punishing companies that don't inspire confidence
Intelligence Bureau agents say Abu Hamza followed the Lashkar brief, promising the would-be terrorists escape and safety in Pakistan once their mission was completed.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
The Election Commission has moved the law ministry with a proposal for introduction of 'Totaliser' machine for counting of votes.
Raise the amount of life cover you own if your liabilities and responsibilities have increased during the year, says Arvind A Rao.
Seeking to enhance secrecy of votes during counting, Election Commission proposes introduction of a new machine to prevent disclosure of voting pattern.
A recent clarification by the Institute of Chartered Accountants of India regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
The whistle-blower's letter to Sebi said future disclosures on any wrongdoing could potentially not be exposed if Infosys is let off the hook now.
Directors that are shareholders will also face more problems.
Sebi found that on average, the remuneration paid to CEOs in certain Indian companies are far higher than the remuneration received by their foreign counterparts.
It was found the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.
The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market. Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.
Sebi will soon put in place new norms for changes in constituents of the key stock market indices.
Between January 2008 and February 2009, the company saw a total of 9,400 staff leave, with the highest monthly attrition of 1,602 seen in February this year. According to a disclosure of financial information of the company made to the Bombay Stock Exchange, "As of March 28, 2009, the company (standalone) had 41,622 associates."
IL&FS Financial Services has acquired 14.5 per cent stake in Maytas Infra, promoted by former Satyam chairman B Ramalinga Raju's kin, through invocation of pledge and off-market transactions.
The disclosure was made by the BBC Two programme Newsnight, which was told by a former employee of the school that it received thousands of pounds from City Council and other sources.
Terming Satyam's shocking disclosure of about the Rs 8,000-crore (Rs 80 billion) financial fraud as a 'one off case', corporate leaders today expressed confidence and said it will not damage the image of India Inc.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
Terming disclosures of financial wrong-doings at Satyam as an event of 'horrifying magnitude,' the Securities and Exchange Board of India on Wednesday said it would take all steps under the law for which it has started discussions with government and bourses.
RBI proposed that at least half of the compensation of a CEO should be variable. It also said that stock options should be part of the variable pay, against the extant practice of keeping it beyond and above the scope of the official compensation package.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
Twenty-three of the 31 stocks in his publicly disclosed portfolio consist small-cap stocks. jhunjhunwala's portfolio rose 15.2% in Q3.
Former FIFA executive committee member Chuck Blazer was banned for life from all football activities on Thursday by the sport's governing body, which is engulfed in a scandal over alleged corruption.
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.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
Armed with automatic information exchange pact with the US, government on Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
Bandhan Financial Services, which is to start banking operations soon, has received a combined equity commitment of Rs 1,600 crore (Rs 16 billion) from International Finance Corp (IFC) and GIC, Singapore's sovereign wealth fund.
Last week, Sebi made amendments to key regulations that govern capital raising activities to ensure that wilful defaulters do not get access to capital markets
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
While considering the options before it, what the government can do is revive the defunct Textile Upgradation Fund Scheme, which lapsed on March 31, 2007.
The failed deals could be the much-needed wake-up call for the M&A space.
One indictment accuses Huawei of trying to steal trade secrets from T-Mobile, and of promising bonuses to employees who collected confidential information on competitors. A second indictment claims the company worked to skirt US sanctions on Iran.
Top officials in key ministries, including finance and IT, are of the opinion that a sensitive payments system such as UPI should not be on a platform whose security is possibly compromised.
Banks cannot shirk their responsibility in cases of frauds.
The UIDAI, set up in 2009, will manage the generation and authentication of Aadhaar numbers.
Wealth management seems to have moved from family office solutions to CXO office solutions.
