In this week's 'Word on the Street' column, here's some unreported chatter from the world of business and markets, put together by our fly-on-the-wall reporters.
Google and Amazon had a spat leading to a policy of not sharing each other’s video streaming content. While on the one hand Android TVs certified by Google did not allow Amazon Prime videos to be streamed, on the other, YouTube was pulled out from the Amazon Fire TV Stick. In mid-April both parties reached an agreement to end this spat. However, TV makers were still puzzled about why no new Android TVs had the Amazon Prime video feature. Now, it is learnt that the two entities are slowly ironing out differences and the feature will soon be available on all TVs from August.
Checks and balances
With the government cracking the whip on Big 4 audit firms and seeking a five-year ban for alleged lapses in the IL&FS case, calls for mandatory joint audits are growing louder. "Sebi and MCA can push for this. After all, the top brass of a company maybe able to influence one auditor, but influencing two auditors would be difficult," is a candid feedback of a senior CA.
The move could be a shot in the arm for small Indian audit firms that have historically lost the battle of "branding and perception" when compared to the glitzier Big 4.
The IL&FS crisis has dented the same "brand and perception", but the Big 4 firms have denied any lapses and are not giving up without a fight. A little birdie tells us some of the country's top legal eagles like senior counsels Janak Dwarkadas, Amit Desai and Darius Khambatta may be roped in by these firms for a high stakes criminal and civil litigation.(Contributed by: M Saraswathy and Ashwin Mohan)The Great Diwali Discount!
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