The special court for trying Satyam Computer Services Ltd financial fraud case will hear the arguments again on framing of charges on August 24. Mr B.V. Ln Chakravarti, the XXIII Additional Chief Metropolitan Magistrate has posted the case for next hearing on Tuesday.
Peeved that Indian corporate have to face tough norms in global government purchase orders totalling an estimated $3 trillion, the Commerce Ministry has suggested that the industry too should root for similar norms back home. “I (India) have given my market to everbody in the globe, …(but) I do not get access in their (Western) government purchase, what do I do?” Additional Secretary in Commerce Ministry D K Mittal said at a Ficci function here.
Indian Banks’ Association (IBA) has reported that banks have been permitted by Reserve Bank of India (RBI) to allow free cash withdrawal at their ATMs by customers from other banks upto five times in a month free of charge. Banks are generally complying with the guidelines issued by RBI in this regards from time to time.
A day after the Supreme Court suggested that SFIO could help banks in recovering bad loans, the government on Thursday said it would look into the possibility of engaging the corporate fraud probing body to deal with the menace of non-performing assets.
The finance ministry has asked market regulator Sebi and insurance watchdog IRDA to deposit their surplus funds with the government, a move that may be resisted by these bodies citing regulatory autonomy. The directive follows repeated suggestions by the Comptroller and Auditor General (CAG) of India, the government’s statutory auditor, which says this will improve the regulators’ accountability to the exchequer.
A few months ago, Gujarat Chief Minister Narendra Modi walked up to Finance Minister Pranab Mukherjee and said: “Gujarat is awaiting the Goods and Services Tax (GST) eagerly.” On Tuesday, at a meeting of state finance ministers where it was decided that a decision on GST would be deferred by a month, possibly leading to an indefinite postponement in its rollout, BJP-ruled Gujarat was at the forefront in opposing the tax in its present form.
The financial year 2011-12 is going to be more vibrant, especially for the accounting professionals, with the implementation of Direct Taxes Code (DTC) and the convergence of Indian accounting standards with IFRS (International Financial Reporting Standards), according to Mr G. Ramaswamy, Vice-President of the Institute of Chartered Accountants of India (ICAI).
The Reserve Bank of India has invited stakeholders interested in scheduling discussions on the Discussion Paper on Entry of New Private Sector Banks in the Private Sector to get in touch with the Chief General Manager, Reserve Bank of India, Department of Banking Operations and Development, Central Office, 5th Floor, World Trade Centre-1, Cuffe Parade, Mumbai-400005 or email to fix the schedules for meetings.
Retail investors will now get to subscribe more in initial public offers (IPOs). The Securities and Exchange Board of India (SEBI) has proposed to raise the investment limit for retail investors from the current Rs 1 lakh to Rs 2 lakh. The move is seen as an intermediate step before increasing the limit to Rs5 lakh and is expected to help companies obtain more retail subscriptions in IPOs.
Chances of a speedy resolution to l’affaire Satyam receded on Wednesday with the Andhra Pradesh high court granting bail to the company’s founder and former chairman, B. Ramalinga Raju, freeing, albeit temporarily, the last of the accused in a corporate fraud that came to light in early 2009 with Raju’s confession and whose magnitude has since doubled to a claimed `14,000 crore.
