Hailing Prime Minister Narendra Modi's Make in India campaign and the emphasis on ease of doing business, India Inc today said the initiative mirrors the country's ambition to sprint ahead in the global manufacturing race, thereby creating jobs and boosting economic growth.
On the other hand, wages in the UK and US are projected to rise by a third by 2030
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
China's biggest carmaker, which own brands like Maxus, MG, Roewe and Yuejin, plans to invest $1 billion in India manufacturing unit, reports Swaraj Baggonkar from Mumbai.
The accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th largest economy in 2013 to the third largest by 2030.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
Mutual fund houses do have several challenges ahead to win more investors.
It's the same sourcing norms that have been a hurdle for multinationals such as Apple Inc in setting up retail operations in India.
The company will now focus on value creation for shareholders in the defence and construction businesses.
An analyst says, due to excess capacity, investment in manufacturing will not be forthcoming
Mjunction plans ventures for chartering ships and selling tea to businesses.
On January 31, the US Federal Trade Commission cleared the merger.
Petrol attracts a total excise duty of Rs 17.46 per litre.
The government is considering a proposal to privatise some state-owned banks in phases.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Most of the land, in small fragments, was lying barren.
'Localisation saves a lot of time and cost for them. Keeping an eye on a long-term market, this is the best way these car-makers can build momentum for their brands.'
Less than 50 per cent respondents admit that their company has sufficient security controls, says PricewaterhouseCoopers.
Physical format stores are here to stay.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
Tech major is in discussion with film-makers, sport administrators to enter the fast-growing sectors.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
Since January 2011, a third of firms making such offers failed to meet new floor; current penalties would have been hefty.
.jpg)
Railway Board Chairman Arunendra Kumar said the discussions at the day-long meet involved an overview of five models of participative policy, framework of engineering, procurement and construction contracts and sectoral guidelines for foreign and domestic investment.
The ban has been in force since last Friday.
The government's stated vision is that it wants to make India a manufacturing hub and that is where such a rush or confusing policies don't help, reports Shubhomoy Sikdar.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
According to a survey done by PricewaterhouseCoopers, the average cost due to security incidents for Indian companies more than doubled from $194 in 2013 to $414 in 2014.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
Many members of ministry panel give dissent note on clause; no clarity yet on whether it will apply to existing shares or new ones.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
Facebook, LinkedIn, Twitter had 160 mn users but made less than Rs 100 cr in 2012-13
Does away with much of auction process in this market and reinvestment checks
Stakeholders' Empowerment Services (SES) has advised Diageo to renege on its deal with United Spirits (USL) chairman Vijay Mallya.
Abhishek Singhania left a career at PwC to work in a food security project as a research fellow.
K C Venugopal (Congress) charged the Modi government with providing little funds for the MGNREGA.
Indian CEOS are very innovative, says a PwC report.
E-auaction cannot totally end corruption in the system.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances