Apex chartered accountants institute ICAI has so far barred CAs from practising for a maximum of five years in 41 cases, but may ban those involved in auditing Satyam books for life, if found guilty. “We have written to the disciplinary committee of ICAI. If found guilty, CAs involved in Satyam Computer’s auditing could be […]
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, […]
LOOK AT FREE/PREFERENTIAL TRADE AGREEMENTS India has entered into trade agreements with neighbouring countries, Thailand, Singapore, China, Korea, Chile, and Afghanistan besides being part of Global System of Trade Preferences that covers 52 developing countries. The agreements cover select items that attract concessional rate of import duties provided origin criterion is met. USE EXIM BANK […]
To curb the misuse of tax exemption given to charitable organisations, the government will now closely scrutinise accounts of large entities, which include NGOs and trade bodies, after it was found that some of them were allegedly indulging in commercial activities. More than 60,000 assessees in seven metropolitan cities are claiming tax exemption under the […]
Bank Branch Auditors Panel for the year 2008-09 is now available as under: NORTH (http://www.meficai.org/north.htm ) SOUTH ( http://www.meficai.org/south.htm) EAST ( ( http://www.meficai.org/east.htm ) WEST ( http://www.meficai.org/west.htm )
The Institute of Chartered Accountants of India (ICAI) has undertaken various initiatives to create a communication link between its members who are practising and those who are employed in the corporate sector. This is to meet the current challenge of finance functions becoming crucial and a chief finance officer developing into a chief strategy officer […]
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL. The new online facility will host of several user-friendly features. The department’s Uniform Resource Locator (URL) – www.incometaxindia.gov.in – is undergoing pilot tests and would […]
