It appears that the regulatory hierarchy is sought to be turned upside down.
India has been occupying the top spot since the first survey was conducted by Deloitte in April.
The government had sought to impose a five-year ban on Deloitte and KPMG’s affiliate, BSR & Associates, for aiding the alleged fraud at a unit of Infrastructure Leasing & Financial Services, whose near-collapse in 2018 had triggered financial contagion fears.
These disruptions are likely to pose challenges not only in the next two quarters, but could also linger for some more time before the economy revives, given the uncertainty on how long the pandemic would last, it added.
A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the National Company Law Tribunal, saying it can not be termed as "illegal".
The National Company Law Appellate Tribunal (NCLAT) dismissed the pleas of debt-ridden IL&FS auditors - Deloitte and KPMG arm BSR & Associates - challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.
It said that this voluntary action is in the spirit of self-regulation and extends beyond non-audit services permissible under prevailing rules and regulations in India.
Issuing its first Audit Quality Review (AQR) report, the watchdog has concluded that quality control system and processes of Deloitte Haskins and Sells LLP (DHS) are "severely inadequate and ineffective", according to an official release.
Deloitte had quoted a similar price for its services in the divestment process of Container Corporation of India.
In August, the government had allowed 100 percent foreign investment in coal mining and contract manufacturing.
As retail markets are evolving from 'bricks-and-clicks' to an intermix model, the brands must use multiple channels to ensure a seamless shopping experience for consumer across all channels, the report added.
The government believes that these firms have used their lead position to undertake unfair practices that hindered smaller, domestic firms
The plan was approved by the Special Committee for Resolution Plan at its meeting held on August 6. The draft plan was formulated in consultation with the committee and financial advisors Ernst & Young
On the National Stock Exchange (NSE), shares dropped 10.07 percent to close at Rs 41.95 apiece.
The scrutiny is on. Auditors can no longer shirk their responsibilities by taking refuge under we-are-watchdogs-not-bloodhounds argument
The NCLT in an order posted on its website on July 18 said the corporate affairs ministry can go ahead with prosecution based on the findings of the probe conducted by the Serious Fraud Investigation Office (SFIO).
"Whenever elections deliver a thumping majority for a party, usually big bang reforms happen in the first year. This Budget could provide a roadmap for that," said Sidhwa.
Six entities including the SFIO, the MCA, SEBI, ED, NFRA and ICAI go after two auditors of scam-hit firm and besiege them with charge sheets, petitions and show-cause notices
Renjen, who visited India for personal reasons, met officials in New Delhi, according to the report.
Despite the stress faced by the Indian rupee and the rising crude oil bill, Indiian retail market would grow at a CAGR of 7.8 percent between 2021 and 2026.
The initiative aims to support girls and women by 2030 through education and skills development
The Indian executives also demonstrate the ability to generate profit from purpose and they are most concerned about the ethical use of Industry 4.0 technologies, the Deloitte survey found.
The National Company Law Tribunal allowed the government's plea for re-opening and re-casting of financial accounts of IL&FS and its group companies.
The average cost of bringing a new medicine to market is now $2.18 billion, up from $1.19 billion back in 2010.
These frauds have been detected across sectors, but they are higher in trading- and commodity-based companies.