First NFRA Annual Report on Eight Audit Firms by November
|

First NFRA Annual Report on Eight Audit Firms by November

The National Financial Reporting Authority (NFRA) will wrap up its first annual in spection of eight audit firms-including the Big Five and reveal findings by October or November, people aware of the auditing regulator’s plans said. The inspection, focused on the processes and standards adopted by auditors, could reveal how NFRA plans to bolster the…

Tax Parity for IFSC Funds to Help HNIs Avoid US Inheritance Levy
| |

Tax Parity for IFSC Funds to Help HNIs Avoid US Inheritance Levy

Wealthy Indians, betting on Wall Street, can use a fund vehicle GIFT City to escape the US inheritance tax-an unforeseen liability linked to offshore investments that many resident investors or their heirs are unaware of. However, such fund pooling entities-akin to regular mutual funds – formed in India’s financial centre for outbound investments by high…

Mahadev Scam: Accused Firm Had Share Purchase Pact with Delta
| |

Mahadev Scam: Accused Firm Had Share Purchase Pact with Delta

The Enforcement Directorate’s (ED) investigation into the multi-crore Mahadev illegal betting application scam has revealed that one of the accused firms, Ability Games Ltd, entered in to a share purchase agreement with Del ta Corp-a listed company engaged in the casino gaming industry in India, to sell its Nepal-based casino business, court documents reviewed by…

ED Attaches Raj Kundra’s Assets Worth ₹97.8 Crore
| |

ED Attaches Raj Kundra’s Assets Worth ₹97.8 Crore

The Directorate of Enforcement (ED) Thursday said it has provisionally attached immovable and movable properties worth *97.79 crore belonging to businessman Ripu Sudan Kundra, aka Raj Kundra, un- der provisions of the Prevention of Money Laundering Act (PMLA), 2002. Kundra is the husband of Bollywood actress Shilpa Shetty. The agency said the attached properties include…

Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board
| |

Vijay Shekhar Sharma Steps Down from Paytm Payments Bank Board

One 97 Communications Ltd (OCL), the parent company that owns and operates the Paytm brand, on Monday said its founder Vijay Shekhar Sharma will be stepping down as part-time non-executive chairman and board member at associate entity Paytm Payments Bank Ltd (PPBL) as part of a board restructuring. OCL also said, in a BSE filing…

Startup Founders Write to FM, RBI Guv Seeking Review of Paytm Action
| |

Startup Founders Write to FM, RBI Guv Seeking Review of Paytm Action

A group of entrepreneurs has written to Reserve Bank of India governor Shaktikanta Das and finance minister Nirmala Sitharaman, urging them to “review” and “reconsider” the regulatory directive asking Paytm’s payments bank unit to shut its key banking services after February 29. The note, signed by startup founders including Policybazaar’s Yashish Dahiya, Bharat Matrimony’s Murugavel…

Paytm’s Earnings Likely to Take a ₹300-500cr Hit
|

Paytm’s Earnings Likely to Take a ₹300-500cr Hit

One97 Communications, the parent of Paytm, said the Reserve Bank of India’s action against subsidiary Paytm Payments Bank could have an impact of up to 300-500 crore on its annual earnings before interest, tax, depreciation and amortisation. While the company said this in a filing with stock exchanges Thursday morning, group chief financial officer Madhur…

Adani Stocks Recover Most of their Hindenburg Losses

Adani Stocks Recover Most of their Hindenburg Losses

On January 24, 2023, the US-based short-seller Hindenburg Research released a scathing report on Adani Group accusing the conglomerate of engaging in ‘brazen stock manipulation and ‘accounting fraud’, sending the stock prices crashing over the next few months and forcing its flagship company Adani Enterprises to call off its ₹20,000-crore follow on public offer. Till…

HC Discharges I-T Official Charged by CBI for Bribery
| |

HC Discharges I-T Official Charged by CBI for Bribery

The Delhi High Court on Monday discharged Yogendra Mittal, a senior income tax official, of graft charges levelled against him by the Central Bureau of Investigation (CBI) for allegedly demanding bribes from the prime accused in the multi crore “Stock Guru” case. The CBI had alleged that Mittal took illegal gratification of Rs55-60crore from “Stock…

Law Firms Like to Partner the Young Now
| | |

Law Firms Like to Partner the Young Now

Indian law firms are expanding their talent pool with younger partners-a trend triggered by the burgeoning demand for complex and specialized legal assignments in a fast-growing economy increasingly integrated with global money hubs. A boom in legal business amid a rise in M&A deals, a vibrant IPO market, rising litigations, constantly evolving uniform producer levy…