The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Pakistan's supreme court decided to launch contempt proceedings against Interior Minister Rehman Malik on Monday for "interfering" in a probe into alleged financial irregularities in a state-run steel firm, rejecting his explanation as being devoid of an "apology".
The panel, investigating BAI secretary general Vijai Sinha's alleged financial irregularities has recommended disciplinary actions against him, sources said.
Suspended Commonwealth Games Organising Committee (CGOC) Joint Director General T S Darbari will appear before the Enforcement Directorate at 11.30 a.m. on Monday and is expected to be quizzed over the financial irregularities case pertaining to the 2010 Games.
The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
Former captain Bhaichung Bhutia demanded the resignation of All India Football Federation president Kalyan Chaubey.
The Comptroller and Auditor General has pulled up the Defence Research Development Organisation pointing out "deficiencies" and "procedural irregularities" committed by it in taking up new projects and splitting sanctions for them to bring it within financial powers of the organisation head.
The CBI today accused NCP MP Padamsinh Patil of conspiring to murder Congress leader Pawanraje Nimbalkar due to political rivalry and fear of exposure of financial irregularities committed by him.
Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses
The government on Monday clarified that accounting regulator ICAI hasn't reported any irregularity in the account books of some Indian Premier League teams. 'The Institute of Chartered Accountants of India (ICAI) has not reported any irregularities in the accounts and violations of auditing norms by some Indian Premier League (IPL) teams,' Corporate Affairs Minister Salman Khurshid told the Rajya Sabha.
Various alleged administrative and financial irregularities worth crores have been pointed out in execution of development works in worst Naxal-hit Bastar district of Chhattisgarh by state Accountant General.
The politician, Rao Nadeem, who is also a property dealer, did not attribute any reason for selling off his property.
The Enforcement Directorate (ED) has arrested Shiv Sena MP Sanjay Raut in a money laundering case linked to alleged irregularities in the redevelopment of a Mumbai 'chawl', officials said.
The government is examining alleged financial irregularities, sources of funding and other aspects of Jet Airways, the Lok Sabha was informed on Friday.
The Comptroller and Auditor General detected financial irregularities of over Rs 10,000 crore in Bihar government departments during the financial year 2012-13.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year. Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process. The central bank had prepared a draft scheme of amalgamation and the same was placed in the public domain on November 22 as part of seeking suggestions and objections, if any, from members, depositors and other creditors of PMC Bank and USFB.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
According to officials, the Union health ministry had received complaints about alleged corruption at the regional branches of the Red Cross Society in Tamil Nadu, Kerala, Assam, Karnataka and the Andaman and Nicobar Islands.
The Comptroller and Auditor General has found gross financial mismanagement and irregularities in the implementation of the National Rural Health Mission at almost every level in Uttar Pradesh.
From working in a garment factory, selling bread, and driving an autorickshaw, the 24-year-old fast bowler's path to representing domestic giants Mumbai was anything but easy.
There was speculation that he might meet the party's All India Congress Committee in-charge of Rajasthan Sukhjinder Singh Randhawa and other senior leaders, but sources close to Pilot said no meetings were fixed.
Former Indian Premiere League chief Lalit Modi, accused of financial irregularities in India, launched a scathing attack on Rahul Gandhi on Thursday and threatened to take the senior Congress leader to court in the United Kingdom over his 'Modi surname' remark.
NEET is a court-ordered examination, supposedly aimed at meritocracy. However, over the past years when the incumbent Narendra Modi government at the Centre began implementing it, it took on political and casteist colours, observes N Sathiya Moorthy.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
Karvy Computershare Pvt Ltd engaged in fraudulent activities with respect to certain initial public offerings in 2005, market regulator Sebi said.
The probe pertains to alleged financial irregularities in the Congress-promoted Young Indian Private Limited, which owns the National Herald newspaper.
The Delhi high court on Wednesday gave an interim stay on summons issued by the ED to former Jammu and Kashmir chief minister Mehbooba Mufti, her daughter said.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
American Ursula Papandrea will continue to lead the sport's governing body as Acting President.
India on Friday described a United States State Department report citing alleged incidents of human rights violations including in Manipur as 'deeply biased' and said it reflects a poor understanding of India and it attach no value to it.
The recent revelations of financial irregularities, as in real estate firms allegedly involved in a loan syndication bribery case and the 2G telecom licence scam, may impact credit flow.
The central probe agency that began action against the banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited.
Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
IPL Twenty20 cricket tournament should be banned if malpractices and irregularities in it cannot be controlled, West Bengal Sports Minister Kanti Ganguly said on Wednesday.
'The Railways decided to go for kavach three years back, but the progress has been very slow.'
In March, Adidas had announced top level management change and appointed Germans on the top positions.
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