Committee of Experts on regulating audit firms and net- works set up by Ministry of Corporate Affairs in response to the issues raised by the Honorable Supreme Court in the judgement of S.Sukumar Vs. Institute of Chartered Accountants of India(February 23, 2018) submitted its report on October 25, 2018. It deals with steps to be taken to strengthen the legal regime of auditors and promote audit as a profession. I am here through this article to express my views on audit profession in India with my vast decades of combined audit experience in India as well as U.S.A.
In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decision taken by the largest percentage in the Committee of Creditors in case of a deadlock. For a homebuyer or commercial property buyer, both of them involved in this case, the judge made an eventful judgement which approved the appointment of Interim Resolution Professional as Resolution Professional and that agenda items 4, 6 to 9 were also deemed to have been approved by majority of Committee of Creditors
Germany has been changing income tax laws since 1964 to keep pace with the changing industrial scene in the world. Its complex income tax structure and progressive tax rates are explained in this article. With the opening up of their economy for working professionals from software super power like India, Indian professionals have started learning in German universities and started working in high tech companies. This article would open up the tax system in Germany for these brilliant young professionals. Your kid may be one of them to do business or work in one of their high- tech industries
Insolvency and Bankruptcy Code, 2016, experts say, emanated from the noble hearts of the rulers who decided to help those who gave their life savings/assumption of unlimited liabilities based on the beautiful pictures and glib lectures of mostly young kids on flats, villas or dream like palaces but on a razor thin margin of reality. I feel sad but also remorseful that these financial creditors as the courts would start calling them, just got jinxed and most of them did not even file claims as per laid down procedures in above code
Germany introduced the Bankruptcy Act, 1877 ranking itself as one of the topmost industrial nations which allowed its industries to opt for bankruptcy, if needed. After a long period, in 1999, with twenty years of discussions, hearings and meetings, Insolvency Statute replaced the relevant acts in erstwhile West Germany as well as the East Germany. Again, due to industrial distress, the above act was reformed with an update in 2012, 2014 and 2017. The full act can be referred at the following web site:
Hundreds of cases have been settled under Insolvency and Bankruptcy Code, 2016 (I &B) or being battled out. Can we learn lessons from the obvious mistakes committed by some of the better lawyers? I have analyzed many cases under section 7, 8, 9, and 10. Frequent interaction with I&B resuscitates my intellectual curiosity.
With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a small review of their achievements and tribulations from actual court cases drawn from NCLT/NCLAT/Supreme Court.
I have in my earlier article on Ease of doing business in India, published by Tax Guru on 06.11.2017 had informed that RBI had agreed to take necessary steps to set up a Public Credit Registry in India and in tune with that, RBI recently got a report on Public Credit Registry in India from a High-Level Task Force set up by RBI itself.
With snow reportedly falling in Philadelphia, USA and other places, Internal Revenue Service(IRS), the most dynamic tax collecting wing of the Federal Government of USA, opened the electronic filing window on January 29, 2018, enabling millions of tax payers to start the process of tax filing and aspire for tax refunds, if eligible.
Flummoxed was the correct reaction when I heard from my son that thousands of pages of research papers have been written in USA over government securities. But, when Mr. Viral V. Acharya, Deputy Governor, RBI in his speech at annual dinner of FIMMDA, Mumbai stated that current bond future contracts, introduced only in 2014
