The income-tax department appears to have turned a blind eye seven years ago to diversion of funds from Satyam to members of the Raju family. A deputy director of investigation in IT found fixed deposits worth Rs 19.5 crore in banks on which tax had not been deducted at source.
While the Central Board of Direct Taxes recently got a go -ahead from the Supreme Court for its showcause notice to Vodafone, the Central Board of Excise and Customs (CBEC) has displeased the apex court by providing insufficient details in its showcause notices sent to defaulting assessees. The Supreme Court has dismissed the case. Taking […]
PriceWaterhouse partners S Gopalakrishnan and Srinivas Talluri have been arrested in the Satyam scam but the Institute of Chartered Accountants of India (ICAI), citing lack of evidence, has taken no action yet. Well, is this regulator effective enough or a mere a rubber stamp for CAs?
After the Satyam scam, the role of chartered accountants (CAs) has come into focus again. This time the Income Tax (I-T) Department has found that CAs have given false certificates, enabling Non-Resident Indians (NRIs) and foreign nationals to evade taxes in India. The government agency has informed the Institute of Chartered Accountants of India (ICAI), […]
Taking a leaf from Satyam scam, National Institute of Securities Market (NISM), an initiative of Sebi, has started a nationwide training programme for the internal audit of the stock brokers. The programme aims at helping the audit professionals to carry out an effective internal audit of the broker’s books in order to satisfy the requirements […]
After the Satyam fiasco, investors seem to be paying more attention to whether promoters have pledged holdings a la Rajus, rather than concentrate on fundamentals.After Satyam announced that lenders had sold 2.45 crore shares pledged by the promoter, the market have shown a negative reaction to similar instances.Signalling their aversion at promoters being financially weak, […]
Scam-hit Satyam Computer has been approached by as many as seven possible suitors, including private equity players, even as the company’s investment bankers are trying to find the best match.
Embroiled in the Satyam scam, auditing firm Price Waterhouse’s assurance leader Thomas Mathew – a top executive in the organisation’s hierarchy stepped down from his position on Tuesday with immediate effect. The firm also suspended S Gopalakrishnan and Srinivas Talluri, the two arrested partners in the Hyderabad office of the company, from their positions until […]
Satyam is close to finalising a new head to help the government-appointed board put the fraud-hit outsourcing firm back on track, a minister said on Wednesday. Corporate Affairs Minister P.C. Gupta said the new head of Satyam would would not be called a chief executive, but declined to name the identified candidate.
Price Waterhouse may not be able to practice in India, if either or both of its partners — S. Gopalakrishnan and Talluri Srinivas — are found guilty in the Satyam Computer Services fraud case. If the regulators concerned agree to the suggestion made by the Institute of Chartered Accountants of India (ICAI), this kind of […]
