1,198 corporates admitted under IBC - IBBI
Posted Date : 04-Nov-2018 , 10:48:19 pm | Posted By CASANSAAR
As many as 1,198 corporates were admitted into the resolution process under the Insolvency and Bankruptcy Code (IBC) by September end, of which 52 yielded resolution while 212 resulted in liquidation, an official said here on Saturday.
"As of September 30, 1,198 corporates were under i...
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Insolvent Professional |
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RBI kick-starts process to set up PCR for capturing details of borrowers
Posted Date : 04-Nov-2018 , 10:43:03 pm | Posted By CASANSAAR
The Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies.
The PCR will also include data from entities like mar...
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RBI |
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SEBI to introduce alternative payment mechanism for retail IPO investors from Jan
Posted Date : 01-Nov-2018 , 10:30:15 pm | Posted By CASANSAAR
Sebi Thursday said it will launch Unified Payments Interface as an alternative payment option for retail investors, buying shares in a public issue, in a phased manner from January 1 next year, which will cut listing time for an IPO to three days from six at present.
The new mechanism will increa...
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SEBI |
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GST collections cross Rs 1 lakh crore mark in October
Posted Date : 01-Nov-2018 , 10:28:29 pm | Posted By CASANSAAR
GST collections have crossed Rs 1 lakh crore mark in October this year.
In September, the revenue from goods and services tax was 94,000 crore rupees.
In a tweet, Finance Minister Arun Jaitley said, the success of GST is lower rates, lesser evasion, higher compliance, only one tax ...
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GST |
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NFRA necessary reform, needs to be strengthened - Expert panel
Posted Date : 01-Nov-2018 , 09:38:32 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is a necessary institutional reform to align the Indian audit landscape with the global position and the authority should be strengthened to address challenges in relation to auditors, audit firms and networks operating in India, a government-appoint...
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NFRA |
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Amrapali affairs run by a Syndicate - Forensic auditor tells SC
Posted Date : 01-Nov-2018 , 09:35:20 am | Posted By CASANSAAR
The Supreme Court was on Wednesday told by forensic auditors that affairs of the real estate major Amrapali group of companies were being run by a "syndicate" and that group's former Chief Financial Officer and statutory auditor were part of it.
"I don't have an iota of dou...
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Auditing |
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RBI board to meet on 19 November to discuss key issues
Posted Date : 01-Nov-2018 , 09:32:39 am | Posted By CASANSAAR
The RBI’s Central Board, headed by Governor Urjit Patel, is scheduled to meet in Mumbai on 19 November , sources said amid reported rift between the government and the central bank over certain key issues.
Sources said it is a pre-scheduled and routine meeting of the central board of the RB...
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RBI |
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IL&FS shortlists BDO, Grant Thornton as auditors
Posted Date : 01-Nov-2018 , 09:28:26 am | Posted By CASANSAAR
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services Ltd has shortlisted Indian arms of Belgium-based BDO and Chicago-headquartered Grant Thornton to investigate alleged irregularities in its operations, three people with direct knowledge of the matter said.&n...
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Auditing |
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Committee of Experts submits its report on Regulating audit firms and the Networks
Posted Date : 01-Nov-2018 , 09:20:59 am | Posted By CASANSAAR
The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the Hon'ble Supreme Cour...
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Auditing |
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SEBI cautions investors against unregulated foreign trading portals
Posted Date : 31-Oct-2018 , 09:05:18 am | Posted By CASANSAAR
Markets regulator SEBI warned investors against participating in unregulated web portals offering transactions in securities, including derivatives, which are executed on the terminal of overseas exchanges.
SEBI has observed that investors in India are being offered services by various firms thro...
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SEBI |
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SEBI asks suspected shell cos to cooperate in forensic audits
Posted Date : 31-Oct-2018 , 08:58:01 am | Posted By CASANSAAR
Sebi has asked over a dozen suspected shell companies to extend cooperation to ensure completion of forensic audits in a time-bound manner, failing which they would face stringent trading curbs.
The forensic audit is being conducted by independent auditors appointed by stock exchange on the direc...
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SEBI |
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Centre, states apportion Rs 32,000 crore IGST in October
Posted Date : 31-Oct-2018 , 08:48:51 am | Posted By CASANSAAR
As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October.
The states' share would be over Rs 15,000 crore, the official said.
The apportionment would add to the goods and services ...
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GST |
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RBI allows banks for fire audit of currency chests
Posted Date : 30-Oct-2018 , 09:57:24 am | Posted By CASANSAAR
The Reserve Bank has relaxed norms for the fire audit of currency chests allowing banks to get it done from approved agencies in case of shortage of staff at district fire offices.Banks maintaining currency chests are required to get fire audit done once in a two years.
In a recent notifica...
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RBI |
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GST council met 30 times, took 918 decisions in 2 years - FinMin
Posted Date : 30-Oct-2018 , 09:46:32 am | Posted By CASANSAAR
The GST council, chaired by finance minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime in just over two years.
The goods and services tax (GST) council, which comprises state finance ministers and Union minister of state in char...
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GST |
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21,900 entities under IT Dept’s scanner for evading taxes of about Rs 3,400 Cr
Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR
As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...
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Income Tax |
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Income Tax dept proposes online filing of tax exemption application
Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR
Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday.
The department sought comments from stakeholders by November 12 on the amended rules and application forms see...
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Income Tax |
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RBI employees association seek central bank's autonomy
Posted Date : 30-Oct-2018 , 09:10:55 am | Posted By CASANSAAR
All India Reserve Bank Employees Association (AIRBEA) Monday expressed concern over the recent statements made by deputy governor Viral Acharya and sought autonomy of the apex bank.
The association said in a statement on Monday that "Undermining the country's central bank was a recipe fo...
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RBI |
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SEBI proposes relaxed norms for startup listing
Posted Date : 29-Oct-2018 , 08:34:52 am | Posted By CASANSAAR
The Securities and Exchange Board of India has proposed to tweak listing norms for start-ups,in an attempt to make it more attractive for companies in sectors like e-commerce,data analytics and bio-technology.
The regulator has renamed the Institutional Trading Platform(ITP) as 'Innovat...
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SEBI |
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Essar's CoC approves ArcelorMittal's acquisition of Essar Steel
Posted Date : 26-Oct-2018 , 10:32:23 pm | Posted By CASANSAAR
ArcelorMittal on Friday announced that the Committee of Creditors (CoC) to Essar Steel India Limited (ESIL) has voted in favour of the company's acquisition.
ESIL's resolution professional (RP), on behalf of the CoC, has issued the company with a Letter of Intent (LOI) stating that the co...
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Insolvent Professional |
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Govt looks to Discipline Professional Institutes
Posted Date : 26-Oct-2018 , 09:48:36 am | Posted By CASANSAAR
The government is looking to step up its oversight over three professional institutes, including the Institute of Chartered Accountants of India (ICAI), for their failure to discipline errant auditors, despite being ticked off by Prime Minister Narendra Modi 15 months ago.
The government has pull...
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ICAI |
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RBI rejects Gov's proposal to ease PCA norms for banks
Posted Date : 26-Oct-2018 , 09:43:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has pushed back suggestions by the government nominees at its board meeting on Wednesday to ease the so-called Prompt Corrective Action (PCA) norms for banks. The regulator argued that the move had already improved the financial health of some of the lenders under str...
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RBI |
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Promoters of 73,000 companies may face action
Posted Date : 26-Oct-2018 , 09:40:50 am | Posted By CASANSAAR
The government is likely to take action against the promoters of 73,000 companies in which it has detected fraudulent transactions after the demonetisation drive in 2016.
“We have identified 73,000 companies in which Rs 24,000 crore was deposited after demonetisation. The investigatio...
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Companies Act |
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SC seeks report on role of Amrapali Group's statutory auditors
Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR
The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group.
The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...
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Auditing |
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Promoters offer to repay over Rs 54,000 Cr to withdraw Essar Steel from Insolvency
Posted Date : 26-Oct-2018 , 09:32:19 am | Posted By CASANSAAR
Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process.
In a press statement on Thursday, the company’s shareholders said they are willing to pay Rs 54,389 crore to creditors. The ...
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Insolvent Professional |
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Bank of Baroda, Dena Bank and Vijaya Bank to appoint valuers for merger
Posted Date : 26-Oct-2018 , 09:28:54 am | Posted By CASANSAAR
Bank of Baroda (BoB), Dena Bank and Vijaya Bank will appoint valuers ahead of their merger. The three public sector banks have floated a request for proposal (RFP) to appoint valuers for an independent valuation of their respective banks for the proposed merger.
"The boards of the three bank...
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Banking |
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CBDT rejects request for further Tax Audit due date extension
Posted Date : 26-Oct-2018 , 08:58:05 am | Posted By CASANSAAR
As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected.
...
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Tax Audit |
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IBBI notifies mechanism for issuing regulations under insolvency law
Posted Date : 25-Oct-2018 , 08:41:45 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the mechanism to be followed for issuing regulations under the insolvency law.
A set of procedures would be followed for making or amending regulations under the Insolvency and Bankruptcy Code (IBC).
An official release issued on...
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Insolvent Professional |
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Cabinet approves MoU between the ICAI and CPA Afghanistan
Posted Date : 25-Oct-2018 , 08:37:08 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan). The MoU will establi...
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ICAI |
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SC asks Amrapali CFO to appear before it for Memory Test
Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR
In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...
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Auditing |
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RBI cancels licences of 31 NBFCs
Posted Date : 24-Oct-2018 , 07:39:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs).
The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs.
NBFCs have been under pressure...
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RBI |
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