THE ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the limited liability partnership (LLP) model more suitable for the small and medium sector enterprises in the country.
The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment. The Ministry is constantly working towards improvement in the legislative framework and administrative set up to enable easy incorporation and exit of the companies, convenient compliance of regulations with transparency and accountability in corporate governance.
The country’s two prime bourses Bombay Stock Exchange and National Stock Exchange will carry out a special 90-minute trading session on Saturday to help NSE test an upgrade its trading system.The special live trading session on February 6, in cash and futures segments, would open at 11 am and close at 12:30 pm, NSE and BSE said in separate circulars.
The Supreme Court granted bail to PriceWaterhouseCoopers auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry and expected to become law in 2010-11 is in several instances incongruent with the new global accounting standards.
Aimed at encouraging research and teaching activities, the proposed 14 Innovation Universities is likely to get exemption from CAG audit, a privilege currently enjoyed by institutions like Bhaba Atomic Research Centre, Atomic Energy Commission and ISRO.
Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it has found two auditors guilty of professional misconduct in the Global Trust Bank (GTB) scandal. A final notice would be soon sent to S Gopalakrishnan, facing trial in Satyam scam case, before pronouncing him guilty in the GTB scam, the ICAI said in a statement.
