The investigative arm of corporate affairs ministry says there may also be involvement of others in alleged fraud, besides top executives.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
A senior official of the Reserve bank of India has joined the Central Bureau of Investigation for providing the agency with financial management tips and inputs for investigating bank frauds and other economic offences.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
Mumbai-based Dream11, which is run by Sporta Technologies Private Limited, reported a profit of Rs 181 crore (Rs 1.81 billion) in FY2020, making it one of the few Indian consumer-tech unicorns to have turned profitable.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move.
The truth can no longer be hidden despite 'headline management' by the ruling dispensation, the opposition party said.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
The order says he was the 'highest beneficiary' of NSEL fraud and has proven unfit to handle affairs of any exchange.
A more informed electorate, rather than the Lokpal, can fight corruption better, argues Neeta Kolhatkar.
The auditors -- the local arms of the Big Four global firms Deloitte Haskins & Sells and KPMG which has BSR & Associates as an affiliate here-had challenged the jurisdiction of the NCLT to ban them.
On October 31, Chaudhuri was arrested from his Delhi home by the Jaisalmer police for his alleged role in crippled Rs 200 crore Garh Rajwada hotel project in the city which was sold for Rs 25 crore to Alchemist ARC in March 2014. The project was financed by the bank in 2007.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
Markets regulator Sebi on Monday imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender's AT-1 bonds few years ago. Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the head of the private wealth management team, and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. The two individuals were part of the private wealth management team at the time of violation. They need to pay the penalty within 45 days, Sebi said in its order.
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
The England and West Indies cricket boards suspended sponsorship negotiations with financier Allen Stanford following fraud allegations against the Texas billionaire on Tuesday. The US Securities and Exchange commission charged Stanford and three of his companies with alleged fraud involving a multi-billion dollar investment scheme.
Terry Walsh quit as coach of India's men's hockey team on Tuesday after his demands were not met by Hockey India and the Sports Authority of India. The 60-year-old Australian, who guided India to the men's hockey gold at the Incheon Asian Games, however, said he could return if his demands are met.
The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
Says company yet to file audited accounts, without which it can't proceed.
Y H Malegam, 80, will head the panel that will look into non-performing bank assets and their relation to the Rs 114-bn PNB scam.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
Roma teenager Afena-Gyan plays down apparent racist remark.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler concluded there were "substantial grounds" to believe that Modi would fail to surrender as he does possess the means to "abscond".
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
Do not share your passwords or personal information with anyone.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
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