The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS).
This is because tracking activities of all registered companies could pose to be a challenge.
In an attempt to help banks reduce their tax outgo, the Union Budget offered a 1 percent tax sop on provisions towards non-performing assets (NPAs). However, bankers are not too happy as this may not be a substantial gain for the banks.
Hemant Joshi of Deloitte Haskins and Sells believes mobile tariffs are likely to go up to meet high cost of spectrum following the aggressive bidding though the quantum and timing of tariff hike wick depend in competition on ground.
In an interview with CNBC-TV18, Narendra Murkumbi, Co-Founder, VC and MD of Shree Renuka Sugars; CA Gupta, Partner of Deloitte Haskins & Sells; Prashant Deshpande, Senior Director of Deloitte Haskins & Sells and HP Ranina, Corporate Tax Lawyer, spoke about their takeaway of the budget 2011.
The governments move towards fiscal consolidation was most pleasing part about the budget.