Restated numbers are better than the Street's expectations.
The Institute of Chartered Accountants of India has recommended strict penal action, including imprisonment, for auditors who are found associated with serious accounting frauds.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
The Rajya Sabha gave its nod to the Railways for withdrawing additional funds of Rs 1024.61 crore (Rs 10.24 billion) for 2010-11 amidst din.
At a time Life Insurance Corporation (LIC) is under the scanner due to the alleged bribe-for-loan scam at its housing finance arm, the mutual fund company of the corporation has been continuously losing business. Its assets have dipped substantially this year. As the mutual fund industry faces redemption pressure, LIC Mutual Fund, a state-owned fund house, has performed worse than the industry so far in the current financial year.
Pained by reports of his alleged involvement in the Commonwealth Games-related scam, former Organising Committee chairman Suresh Kalmadi said he will resign as Member of Parliament in case any proof of him having taken even a single rupee surfaces.
An Indian-origin man and his two partners in one of Britain's largest investment scams were today ordered to pay nearly 115 million pounds for illegally accepting deposits from customers without authorisation from the Financial Services Authority (FSA).
HR guru Mayank Rautela provides a three-point plan.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Goldman Sachs' director Rajat Gupta tipped off Raj Rajaratnam, an accused in insider trading scam, about a deal between Buffett-led Berkshire Hathaway and the Wall Street giant, before the public announcement.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
The RBI will take action against, apart from erring auditors, those responsible for wrong information in a bank's financial statements, incorrect certification given by auditors, wrong information given in the Long Form Audit Report, and any other violations of the RBI's rules and regulations on auditing.
Six national parties collected 86.91 pc (Rs 1,041.80 crore) of their total income from voluntary contributions for 2017-18.
Money Matters Financial Services, whose managing director and two top executives were arrested by the Central Bureau of Investigation in relation to real estate scam, did a debt syndication for at least four real estate companies to the tune of Rs 5,300 crore (Rs 53 billion) since April 2008, an analyst report said.
The court also extended the judicial remand of all the 10 accused till March 18.
Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.
The three points on which clarifications are sought include widening of powers of special designated courts and that no court could grant anticipatory bail and a suggestion by the Centre for adding a new provision for compounding offences.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
The special court trying the Satyam scam cases on Tuesday posted the matter to June 4, on CBI's plea for examination of former chairman of Satyam Computers B Ramalinga Raju, through video conferencing in connection with the multi-crore financial fraud in the IT firm.
The 1995 judgment in the Union of India vs Cricket Association of Bengal case emphasised that free speech is essential for a successful democracy and citizens must have a plurality of views and a range of opinions on all public issues, says M J Antony.
While the virus out there meddling big-time with our lives, danger is lurking in our email boxes too.
The 82-year-old former Jammu and Kashmir chief minister received the ED summons a day after the formation of the People's Alliance led by him was announced on October 15.
The quarterly reports filed by listed companies with the Securities and Exchange Board of India can be obtained and scrutinised by the ministry to find out discrepancies and take appropriate actions, sources said. Since the disclosure of the Satyam scam, the ministry of corporate affairs has been trying to develop an early warning system so that it can take advance action to prevent large-scale corporate frauds.
Mohammedan Sporting have opted against playing in the second division of the I-League and also pulled out of the Durand Cup football tournament, beginning October 28, apparently due to financial crisis.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
N Chandrababu Naidu wanted a judicial probe by a sitting judge into the affairs of Satyam Computer Services, Maytas Infra, Maytas Properties, the 14 companies promoted by Jaganmohan Reddy and also Heritage Foods owned by his (Naidu's) wife and family.
Gurnani succeeds A S Murthy who was appointed by the government board after the multi-crore rupee scam broke out in then Satyam Computer Services. Gurnani has been heading the global operations of Tech Mahindra.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
Many members of the association, who had bought shares of the IT firm at Rs 540 some four months back, had suffered heavy losses when the scrip crashed to Rs 39 on Wednesday, he said.
A Supreme Court Bench headed by Justice Altamas Kabir on Monday dismissed the bail plea of investment banker Nimesh Kampani.
With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
The ED had sent summons to the painter, considered close to ruling Trinamool Congress in West Bengal, for the second time to seek clarification on the business deal he had entered into with Sudipto Sen, chief of Saradha group.
Bidding guidelines for inviting a strategic investor in Satyam Computer Services Ltd are expected to be ready in 10-15 days, Corporate Affairs Minister Prem Chand Gupta has said. "It would be a transparent process," said Gupta. The Satyam board was in touch with the financial consultants and would take a decision soon, he added.
Long-term investors should consider moving into smaller stocks. Rather than try to pick stocks, it makes sense to build a diversified portfolio by exposure across midcap and small caps funds, suggests Devangshu Datta.
RSA, the security division of EMC, points out that the evidence of this trend lies in the fact that several Indian banks came under attack in 2008, and there have been over 400 phishing scams in the last few months. However, more alarming is the fact that these attacks are likely to increase in future.
The Andhra Legislative Assembly witnessed noisy scenes and constant exchange of words between the ruling Congress and the TDP members through the 90-minute reply by the chief minister.
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