Archive for January, 2009

NEW DELHI: Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said on Tuesday. The board will meet for two days starting January 22 in Hyderabad and would discuss issues such as search CEO and CFO, legal matters and [...] Full Article

Concerned over the increasing instances of financial wrongdoings by corporate, the government on Sunday said those who are guilty would not be let off just by payment of some fine. “We are making stiff provisions under the new Companies Bill, 2008. The number of crimes for which provisions of compounding are available under the present [...] Full Article

NOTIFICATION NO: 5/2009, Dated : January 7, 2009 Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed at New Delhi on the 8th day of February, 2006; [...] Full Article

The RoC’s findings ? which it said will be made final after all documents are made available ? suggest that in approving the acquisition of 100 per cent in Maytas Properties and 51 per cent in Maytas Infrastructure, Satyam’s board had violated Section 372A of the Companies Act. Sub-section 1 of Section 372A stipulates that [...] Full Article

Today, the fraud at Satyam Computer Services is one of  the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone’s mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the [...] Full Article

The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest. Clearing the air: The Reserve Bank of India’s New Delhi office. Its directive comes a week after it asked banks to state whether Price [...] Full Article

The Satyam scam has made auditors realise the need to have a ‘fraud-finding’ approach, rather than the conventional fault-finding mode while examining the books of companies. Looking at the need and appetite for such accounting practices, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI), has introduced new study modules for [...] Full Article

Plans are afoot to make International Financial Reporting Standards (IFRS) mandatory for large-scale companies by April 2011, said K Raju, central council member of the Institute of Chartered Accountants of India (ICAI). Inaugurating an investor’s awareness programme organized by Mangalore chapter of ICAI in association with Kanara Chamber of Commerce and Industry (KCCI) here on [...] Full Article