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Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
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Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
The founder of the outsourcing giant Satyam may have admitted committing the largest corporate fraud in Indian history when he made up $1 billion out of thin air, but Satyam’s auditor, PricewaterhouseCoopers, could pay the price.
Following is the text of the statement made by Shri Prem Chand Gupta, Minister of Corporate Affairs, at the Press Conference held here this evening:
20. We have heard both the parties and have carefully gone through the orders of the authorities below. Explanation 2 below sub section (2) of section 80IB provides that where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed 20 per cent of the total value of the machinery or plant used in the business, then for the purpose of clause (ii) of sub-section 2 of section 80IB,
The Institute of Chartered Accountants of India (ICAI) said on Monday it would reveal to the public the names of audit firms that overlook due diligence while auditing companies. This would act as a deterrent to audit firms from compromising on the quality of audit work as the bad publicity would make it lose its […]
ADAG group chairman Anil Ambani has asked market regulator SEBI to ensure confidentiality of commercial and other information while carrying out counter audit of top corporate houses in the wake of a mega financial fraud in Satyam leaving a blot on India Inc’s image. Welcoming Sebi’s initiative on establishing and certifying quality of audit, Ambani […]
Price Waterhouse, the statutory auditor to Satyam Computers, on Thursday said that their audits of Satyam’s books were conducted in accordance with auditing standards. “Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services. The audits were conducted by Price Waterhouse in accordance […]
The fraud admitted by the promoter of Satyam Computer Services demonstrates the ineffectiveness of the present Company Law in ensuring corporate governance. Facts about how the board approval was obtained for Satyam’s ‘investment’ in Maytas are not yet in the public domain. Company chairman Ramalinga Raju now says the aborted acquisition deal was “the last […]
The ministry of Corporate Affairs is looking into the statement sent by Ramlinga Raju to stock exchanges admitting fraud in Satyam’s accounts. “If the message was true and a fraud has happened in Satyam it is very shameful. It should not have happened,” Corporate Affairs inister Premchand Gupta told reporters on Wednesday . The corporate […]
The chairman of India’s Satyam Computer Services Ltd. quit Wednesday after admitting the company’s profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent. The news dragged down the benchmark Sensex stock index 7.3 percent to 9,594.47. The company’s balance sheet was loaded with “fictitious” […]
NEW DELHI, Jan 7 (Reuters) – India’s government will examine the role of Satyam’s auditors and directors, after its chairman resigned and said the company profits had been inflated, the federal company affairs minister said on Wednesday. “Anybody found guilty will be dealt with accordingly,” Prem Chand Gupta told reporters. A spokeswoman for Satyam’s auditor, […]
