The US Securities and Exchange Commission (SEC) on Tuesday sanctioned five India-based affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam Computer Services Ltd. These Indian PwC affiliates have been accused of repeatedly conducting deficient audits of Satyam’s financial statements and enabling a massive accounting fraud to go undetected for several years.
CBI arrests an Inspector of Central Bureau of Narcotics and a Private Person in a bribery case of Rs.Three Lakh- The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w Section 7, 8 and 10 of Prevention of Corruption Act, 1988 on the basis of written complaint against an Inspector of Central Bureau of Narcotics, Garoth, Distt. Mandsore and a private person R/o Village Shyam Garh, Mandsore. It was alleged that they had demanded a bribe of Rs.Ten lakhs from the complainant as a motive for not implicating the complainant in NDPS case of Central Bureau of Narcotics and removing his name from the case. After negotiations, the amount was first reduced to Rs.8 lakh and it then further reduced to Rs.Seven lakh.
The Jan Lokpal Bill (Citizen’s ombudsman Bill) is a draft anti-corruption bill drawn up by prominent civil society activists seeking the appointment of a Jan Lokpal, an independent body that would investigate corruption cases, complete the investigation within a year and envisages trial in the case getting over in the next one year.
The Supreme Court has declined to admit a plea by the Central Circuit Cine Association, an apex body of film traders, challenging investigations against it by the fair trade regulator Competition Commission of India(CCI). The association moved the court after it failed to get relief from the Competition Appellate Tribunal (CAT) on the point that they don’t fall under the purview of the CCI Act.
Bank of America has given shares worth nearly Rs 11 lakh to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist, who joined the US banking giant’s board last month. Ambani may get a total of over Rs 1 crore of annual compensation in cash and stocks, going by the bank’s director compensation policy.
Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions. The regulations under Foreign Exchange Management Act (FEMA), 1999, do not permit resident Indians to trade in foreign exchange in domestic or overseas markets.
In order to check the misuse of funds raised by companies via public offerings, the government has directed the Registrar of Companies (RoCs) to look for diversion of IPO funds while inspecting their annual accounts. In a directive to RoCs and Regional Directors, the Corporate Affairs Ministry has asked them last week to check for fund diversions by companies from the objectives stated in the prospectus and related party transactions, and carry out inspections soon after the filing of annual accounts.
The government today said it will continue to focus on fiscal consolidation and would stick to the deficit target for the current fiscal, despite the uncertainty over global crude oil prices. “We are on the fiscal consolidation path. We don’t want to occupy more space in the public borrowing, and we will stick to our fiscal deficit target and our revenue deficit target,” Finance Secretary Sushma Nath said at a CII conference here.
CBDT highly appreciates & admires the hard work put in by one & all to lower the interest costs & minimize the grievances by prompt issue of around 4.4 lac refunds from April 01, 2011 to April 08, 2011. On the request of ITGOA received through its Delhi Representatives, namely Sh Baswanand & Sh Rajesh Menon, the date for issue of all refunds is extended to April 20 2011. Chairman,CBDT
The US government has sought permission from a federal court to ask for information from HSBC about Americans who may be hiding money in offshore accounts in India to dodge taxes. The Department of Justice said on Thursday it is seeking an order from a San Francisco court to authorize the Internal R evenue Service (IRS) to serve a so-called “John Doe” subpoena on HSBC to obtain information about people whose identities are unknown.
