PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
The aggression shown by corporate houses till not a long ago has given way for consolidation in the backdrop of current economic downturn and the companies in the next fiscal, beginning tomorrow, would need to focus on growing their core businesses and conserving the resources, global consultancy firm PwC executive director Sanjeev Krishnan told PTI.
Besides the Raju brothers, the CBI would be quizzing Satyam's former CFO Vadlamani Srinivas and audit house Price Waterhouse's partners S Gopalakrishnan and Talluri Srinivas in connection with the Rs 7,800 crore (Rs 78-billion)accounting fraud at Satyam Computer.
According to a report by consulting firm PricewaterhouseCoopers, "93 per cent Indians belonging to a demographic group called millennials are ready to work outside their home country during their career."
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
The Indian film and television industry is expected to reach a size of over Rs 600 billion (Rs 60,000 crore) in the next five years
While FICCI officials said that parting of ways with Price Waterhouse was not related to the Satyam episode, sources said all business chambers have become wary of associating with those getting infamy from the country's largest corporate fraud.
A bench headed by Chief Justice K G Balakrishnan directed Talluri to furnish a personal bond of Rs 20 lakh (Rs 2 million) and two sureties of like amount.
Indian drug makers may lose out on outsourcing contracts as overseas pharmaceutical companies defer their visits to the country in the wake of Mumbai terror attacks, according to industry experts.
India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
Last Monday, PwC India announced the appointment of Gautam Banerjee as chairman and Peter Harvey as deputy chairman, by-passing elections. Banerjee, who comes with a big reputation from PwC Singapore, replaces Ramesh Rajan, whose term ended abruptly with 18 months yet to go.
The Union Budget 2021-22 has made it easier for sovereign wealth funds and pension funds to invest in Indian infrastructure projects, but some of the new rules may need more clarity, experts said. The proposed regime requiring investments through holding companies may have adverse tax implications for such funds and may create an arbitrage between the new and old projects, they said. Besides, the ownership structure of holding companies through which investments are to be made requires further clarification, they added.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
A local court on Friday extended the judicial remand of Satyam Computer founder B Ramalinga Raju, his brother Rama Raju, former CFO of the IT firm V Srinivas and two former auditors of PricewaterhouseCoopers by 14 days.
ICAI starts proceedings against software firm's CFO and head of audit cell.
DiPiazza's visit coincides with Price Waterhouse suspending two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of scam-hit Satyam Computer Services and were arrested last week.
PwC is the auditor of Satyam Computer Services whose founder Ramalinga raju earlier this month admitted to financial irregularities of about Rs 7,800 crore (Rs 78-billion). The newly-inducted board of the company later hired two foreign audit firms -- KPMG and Deloitte Touche Tohmatsu -- to restate the accounts books.
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
Bangalore, the country's IT capital, is ranked No.1 on development prospects and 4th on investment prospects among Asia-Pacific (Apac) cities in 2009 from 13th poistion in 2008, according to the Emerging Trends in Real Estate Asia Pacific 2009 Report, which collated responses from participants across Asia-Pacific.
Outsourcing is just no more about cost savings but also companies' accessibility to right talent and geographic expansion, a latest survey on business outsourcing revealed.
The economic slowdown, which has come like an avalanche in the last few months, has changed the way the country's top management consultants do business.
Barack Obama's priority would be stabilising his country's economy by cutting cost and he would not be able to achieve that without outsourcing.
Sumit Makhija, associate director, PwC said, "We have seen that frauds are happening in three main areas asset misappropriation by employees, financial mismanagement and corruption and bribery."
Technical competence and administrative skill - are the ones that will result in long-term sustainable improvements to quality of life in Mumbai.
India is one of the top three nations globally, where the company's chief executives believe the government is business friendly and are taking adequate steps to reduce regulatory burden on firms, a report says.
Volatility will rise in the near term as not more than 40% of an FII's assets can be invested via P-Notes
In a report for the World Economic Forum in Dalian, PricewaterhouseCoopers has pointed out that many of India's successes have taken place in urban hotspots while the rural areas have lagged behind.
An early action to allow domestic banks to participate in the commodity markets would not only help in improving their competency but would also help in develop their trading and product development skills in commodity derivatives.
PricewaterhouseCoopers Executive Director Shyamal Mukherjee tells Business Standard that the real changes in the Budget, from the taxation point of view, will be evident in the new tax code the finance minister is developing.
According to a survey, Indian CEOs are most confident of economic growth in next year. India is followed by other BRIC nations, Brazil, Russia and China.
It's not just the post graduate students (PGPs) who opt for summer placements in consultancy firms.
There is a need for devising effective rehabilitation packages so that the displaced are not deprived of the fruits of development.
"The cost of economic crime in India is significant, which is also evident from some of the large frauds experienced by the country in the last two years," said PricewaterhouseCoopers Advisory Leader Ashwini Puri, adding, "Additionally, average cost to manage economic crime in India is close to double as compared to global averages."
Audit firm PricewaterhouseCoopers, which has major companies like HCL Infosystems, GMR Group, Bosch, and Maruti Suzuki among its over 100 clients in India, faces a possible axe after its role has come into question in the Satyam fraud case, of about Rs 7,800 crore (Rs 78 billion).
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