ICWAI has been actively engaged in the professional development of its Members through various initiatives. The latest is ICWAI and M/s C&K Management Ltd. signing an MOU on 17th March 2011. Under the agreement, Members and students of the Institute as well as other financial and accounting professionals will be equipped with the essential knowledge in International Financial Reporting Standards (IFRS). The delivery will be online through highly convenient e-learning modules.
The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examination commences from 2.00 PM, then the candidates will be given Question Papers at 1.45 PM. This reading time will not be available for CPT and all post qualification Courses Examinations.
The Competition Commission will finalise rules for corporate merger and acquisitions by the first week of May, following which it will be mandatory for companies to seek the Commission’s approval for such deals. The notification will be finalised in the first week of May and would be implemented from June 1, 2011, Secretary in the Ministry of Corporate Affairs D K Mittal told reporters on the sidelines of a FICCI event here.
The government today said it will issue a public notice by next week to reconstruct 44,000 missing files from the trademarks office. The files will be reconstructed as per an undertaking given by the Controller General of Patents, Designs and Trademarks to the Delhi High Court which had issued directives in this regard.
In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has locus standi to oppose the merger of two subsidiaries of its Indian joint venture partner Essar.
Boston – An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his favour – in short, blackmail.
Income Tax Department today said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. “The maximum cash — Rs 17.5 crore was seized from Tamil Nadu and (Union Territory of) Puducherry,” a CBDT official said.
The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year. “The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags,” an official source said here today.
The new Companies Bill, which seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon Session of Parliament. “The Companies Bill will come in for discussion in Parliament in the Monsoon Session,” the Corporate Affairs Minister, Mr Murli Deora, told reporters on the sidelines of a FICCI event here today.
The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam’s internal auditor V S Prabhakar Gupta, directing them to surrender by April 30. A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them to surrender within this period, failing which the central investigative agency will take steps to arrest them.
