The Delhi High Court has quashed the Institute of Chartered Accountants of India (ICAI) decision against auditor P Ramakrishna in the Global Trust Bank (GTB) case. The decision comes as a relief for P Ramakrishna, who is a Partner in Lovelock & Lewes, a network affiliate of Price Waterhouse. ICAI held Ramakrishna guilty of professional misconduct in the Global Trust Bank probe.
Taking a leaf from the management schools, the Institute of Chartered Accountants of India (ICAI) is all set to include case studies as part of its agenda to test the application skills of the students. The institute also plans to offer accounting technician courses to the middle east countries.
Income Tax sleuths on Wednesday raided the office of IPL team Chennai Super Kings, owned by India Cements, in the wake of the controversy surrounding the source of IPL funds and bidding. I-T officials were tight-lipped but police sources said the raids were on and expected to continue till late night.
Income Tax officials, probing alleged financial irregularities in cash-rich IPL, on Wednesday raided the offices of the Kolkata Knight Riders and Cricket Association of Bengal (CAB). “The income tax officials are here looking for papers relating to IPL. We are cooperating with them,” CAB president Jagmohan Dalmiya’s personal assistant said.
The net is ever widening on all aspects of the cash awash Indian Premier League. Even as a case was registered to investigate the foreign exchange violations by the IPL franchises, Income Tax sleuths Wednesday searched the premises of telecast rights holders Multi Screen Media (owners of Sony Entertainment Television Asia) and World Sports Group,
The income-tax department will take a close look at the unaccounted expenditure incurred by the franchisees of the Indian Premier League over the last three years, creating the possibility of a large tax liability for them later. The initial findings in the ongoing investigation into the Indian Premier League point at large unexplained expenditure and investments routed through complex corporate structures, located overseas in many cases.
After delaying liberalisation for foreign banks by over a year due to global financial meltdown, the Reserve Bank on Tuesday decided to review its position by September this year in the wake of improving conditions worldwide. The central bank will prepare a discussion paper on the mode of presence of foreign banks through branch or wholly- owned subsidiary (WOS) by September 2010, RBI said in its annual monetary policy for 2010-11.
Market-regulator Securities & Exchange Board of India (Sebi), on Tuesday, said it is looking at the need to put a check on mis-selling of mutual fund (MF) products by the distributors through a compliance certification examination.
Reserve Bank of India, in its Annual Monetary Policy, allowed four more credit information companies (CIC) to start operations. This will strengthen the credit appraisal system. Bankers felt that soon electricity bill, telephone bill and other payments would become part of the credit appraisal system that banks use before sanctioning a loan to the customer.
Corporate Affairs Minister Salman Khurshid on Wednesday downplayed fears that investors would lose confidence due to the row between SEBI and IRDA over market-linked insurance policies, as the issue will be resolved in favour of either one regulator or the other by the courts.
