STATUTORY AUTHORITIES
Delhi High Court orders income tax exemption for Noida
The Delhi High Court has directed the income tax department to grant income tax exemption to the New Okhla Industrial Development Authority (NOIDA) under Section 10(46) of the Income Tax Act, 1961. The court rejected the Central Board of Direct Taxes' decision that denied NOIDA's request for tax exemptions, stating that the revenue department erred in categorizing NOIDA's activities as commercial.
Delhi HC upholds FSSAI regulation to enhance statutory warning size on pan masala packages
The Delhi High Court upheld the Food Safety and Standards Authority of India (FSSAI) regulation, which enhanced the size of the statutory warning on Pan Masala packages to the extent of 50 per cent of the front-of-pack of the label from the erstwhile warning size of 3 millimetres on Thursday.
IPs spend significant time on issues related to statutory authorities during IBC process: Survey
Insolvency professionals face challenges with statutory authorities and enforcement agencies during the resolution process, as per a survey by IIIPI. Issues include initiation of proceedings against Corporate Debtors during moratorium, and notices for matters pre-CIRP. IPs spend up to 25 per cent of the IBC process timeline on these matters. IIIPI Chairman Ashok Haldia noted difficulties in responding to authorities when records are missing or only past management is accountable.
CJI Chandrachud announces Lok Adalat from July 29 amid concerns about large backlog of cases
Chief Justice of India DY Chandrachud announced the commencement of a special Lok Adalat from July 29 to August 3. He urged citizens, lawyers, and advocates to participate in resolving cases swiftly and amicably to address the large backlog of cases. He highlighted on the informal and technology-based nature of the Lok Adalat and termed it as a voluntary and consensual dispute resolution mechanism that offers final and binding awards with no appeal process. The system promotes cost-effective and efficient settlement of various disputes including matrimonial, property, motor accident, compensation, and service-related cases pending before the Supreme Court.
First NFRA annual report on eight audit firms by November
The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
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Provide compensation to families of those killed in heatwave: Rajasthan HC to govt
The Rajasthan High Court directed the state government to provide compensation to dependents of heatwave victims and emphasized declaring heatwaves and cold waves as national calamities.
SC upholds acquisition of land by DDA, DSIIDC, DMRC between 1957 and 2006 for public infra projects
After hearing arguments on a batch of hundreds of petitions, a bench of justices Surya Kant, Dipankar Datta and Ujjal Bhyan passed the verdict on May 17 setting aside a Delhi High Court order, which had declared the acquisition proceedings to have lapsed in terms of Section 24(2) of the Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act, 2013.
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case
The National Financial Reporting Authority (NFRA) has penalized two auditors with fines totaling Rs 2.5 crore for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. It imposed a Rs 2 crore fine on Shridhar & Associates and Rs 50 lakh on Ajay Vastani, along with a 5-year ban on Vastani from undertaking audits. The penalties were issued following a report of suspected fraud and inadequate audit procedures by the auditors.
IndiaFirst Life Insurance appoints Rushabh Gandhi as MD & CEO
IndiaFirst Life Insurance has announced the elevation of Rushabh Gandhi, currently the deputy CEO, as its new MD and CEO. Gandhi, with over 29 years of experience in Indian and international markets, will succeed R.M. Vishakha, who is retiring on June 30. Gandhi's appointment is effective July 1 or upon regulatory approvals. The move aligns with the company's succession planning, leveraging Gandhi's strategic vision and experience in driving growth and profitability. His appointment is subject to IRDAI approval and other statutory clearances.
Hindujas get Irdai nod for buying Reliance Capital business; conditions apply
According to sources familiar with the situation, the insurance regulator has granted approval for the Hinduja Group to acquire Reliance Capital's life, general, and health insurance businesses, with the condition that shares of the companies will not be pledged. However, the deal is still pending approval from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).
Punjab National Bank (PNB) to close these bank accounts: Is your account affected? Check here to find out
Punjab National Bank (PNB) has decided to close accounts where there has been no operation by the customer for the last three years and there is no balance in these accounts.
CBI seizes Rs 1.42 cr during searches in FSSAI bribery case, total haul rises to Rs 1.8 cr
Besides the cash, the Central Bureau Investigation (CBI) also seized two gold biscuits, a laptop and incriminating documents during the further searches on Tuesday at the premises of Reliable Analytical Laboratories Pvt Ltd's senior manager Harshal Chougule. Chougule was arrested for allegedly paying a bribe of 1.20 lakh rupees to Jagtap in order to clear the pending bills of the company, according to reports.
FSSAI 'corruption': CBI arrests assistant director red-handed taking bribe from Pvt Lab
CBI arrests FSSAI Assistant Director and others in a bribery case involving Reliable Analytical Laboratories Pvt. Ltd. Seized cash, gold, documents. The accused remanded to police custody till 2024.
United Spirits gets tax demand for Rs 5.51 crore
United Spirits Ltd confronts a Rs 5.51 crore tax demand for failure to submit forms and proofs. Deputy Commissioner of State Tax, Nanded, imposed the demand post-merger. The company plans rectification or appeal, foreseeing no financial impact.
Top auditors stop offering non-audit work to clients
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues. EY affiliate SR Batliboi & Co is the only top firm still providing such services. This change comes amid global pressure for auditors to maintain independence and avoid conflicts of interest. The NFRA's regulations apply to Indian companies meeting certain thresholds.
United Spirits gets Rs 4.47 cr tax demand from Maharashtra state authorities
The state tax authority has demanded Rs 1.21 crore as MVAT, including a penalty of Rs 1 lakh, and Rs 3.26 crore as CST. "Deputy Commissioner, State Tax has levied demand on non-submission of statutory declaration forms and disallowed an element of input tax credit," it said.
NFRA debars auditor for lapses in books of Maharashtra-based Bilcare
The National Financial Reporting Authority (NFRA) has debarred auditor Ratan Laxminarayan Rathi of RL Rathi & Co for two years and imposed a penalty of Rs 3 lakh for professional misconduct in the audit of Bilcare. The financial statements of Bilcare were misstated due to interest cost recognition. Sebi reported the lapses.
View: Quit tinkering with IBC
The Supreme Court's decision to grant the NCLT the power to recall approval orders may lead to more litigation in insolvency cases. However, the NCLAT already has broad powers to re-adjudicate and set aside NCLT orders, making the expansion of the NCLT's powers unnecessary.
Burmans write to RBI, asks central bank to intervene on open offer as Religare takeover tussle intensifies
REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group. The action by the REL management “impedes the ability of regulatory authorities to perform their obligations,” the Burmans said in the letter, a copy of which ET has seen. “It also costs the public shareholders of Religare.”
MahaRERA takes suo moto action against developers selling plots sans registration
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers selling non-agricultural plots without registering with the authority. Show cause notices have been issued to 41 developers in Maharashtra. Registration with MahaRERA is mandatory for selling plots, flats, or buildings. Majority of the violating projects are from Pune, followed by Konkan and Nagpur regions.
NFRA plans to engage with audit panels of big companies to curb frauds
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.
GIFT City development plan for expansion to 3,300 acres with social infra in final stages
The Gujarat International Finance Tec-City (GIFT) is set to expand to over 3,300 acres and incorporate social infrastructure from 886 acres. The second phase development plan, which includes town planning schemes, is expected to be unveiled after the state government's review and public feedback. The plan aims to make GIFT City a global financial activity hub, with PM Modi highlighting the city's vision to be the nerve centre of a new age of global finance.
SC rejects pleas seeking review of its judgment considering tax authorities as secured creditors
India's top court has rejected pleas which sought a review of its earlier judgment in which it said that statutory creditors like tax authorities would be considered secured creditors. This is a set back to lenders like State Bank of India and Indian Overseas Bank. The judgment ranks crown debts at par with workmen dues.
Tech companies say no to more laws, statutory body to regulate AI
Strong reaction comes after Trai recommends an independent statutory authority for responsible AI
Independent statutory authority needed to oversee artificial intelligence, says Trai
The regulator's latest move assumes significance given the backdrop of raging global debate on the benefits versus risks of AI and generative AI. Many nations, in fact, are rushing to work out norms to govern the use of this new-age technology that holds the promise of sweeping transformation while redrawing the contours of many industries.
Exercise professional scepticism while evaluating fraud at cos: NFRA tells auditors
Reiterating various provisions under the company's law and auditing standards, NFRA stressed that a "statutory auditor shall exercise his/her own professional scepticism while evaluating fraud and need not be influenced by legal opinion provided by the company or its management".
Learn with ETMarkets: Remember Silicon Valley Bank? Here’s why you should know about Liquidity Coverage Ratio (LCR)
In the aftermath of this turbulent episode, investors have become increasingly vigilant. They are actively seeking ways to analyse a bank's liquidity and want to ensure its ability to withstand adverse situations.
NFRA imposes fine, bans auditors for 1 yr for misconduct in audit of DHFL branches
As per the order, NFRA's investigation revealed that the appointment of none of the 33 branch auditors was approved at the Annual General Meeting (AGM) of DHFL, as required by the Companies Act. According to NFRA, the auditors also portrayed themselves as the "branch statutory auditor" in all communications with the DHFL and CAS, and issued an "Independent Branch Auditors' Report".
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