The Ministry of Corporate Affairs (MCA) has ordered a Serious Fraud Investigation Office probe in travel firm Cox & Kings after it uncovered prima facie evidence of siphoning of money, a source told Moneycontrol.
The MCA ordered an SFIO probe on the recommendations of the Western Regional Director of the MCA, which, in its report on CG Power submitted last month, found diversion of funds.
Banks should be looking at other options for recovering loans before invoking IBC, especially in those cases where the amount of bad loans is not significant, he said.
MCA officials met with key management personnel during its physical inspection at the company's registered office Mumbai on September 30.
“Delhi’s RoC, which has been probing Aarush Forex Pvt for a while now, unearthed some suspicious transactions in its books and came across several companies, including Thomas Cook,” a source said.
Venkatesh who was sacked recently by the company citing misconduct and breach of trust
Gautam Thapar, who was sacked as chairman recently, has also been summoned.
The MCA also conducted a physical inspection of the CG Power headquarters on August 30
This order is huge set back to Delliotte and BSR Associates which is part of KPMG group. Deliotte spokesperson said ““We note the NCLT’s ruling, which is unfortunate. We will review the order and decide on a course of action shortly. DHS LLP remains committed to high standards of audit quality and ethical conduct in its professional practice. The firm has faith in the regulatory and judicial processes and will continue to cooperate fully with the authorities.”
The move may be considered after the Parliament amended the Companies Act to allow criminal action on companies that do not fulfil their CSR obligations
The scrutiny is on. Auditors can no longer shirk their responsibilities by taking refuge under we-are-watchdogs-not-bloodhounds argument
In the next phase of GST, the government is expected to take up many unfinished agenda, reforms, simplification of compliance procedures, rationalisation of tax rates, among others
Deloitte Haskins & Sells and BSR & Associates Llp will have to file reply by June 19.
BSR & Co, an arm of KPMG, was an auditor of IFIN for financial year 2017-2018 soon after the scam broke out.
The MCA is looking to bring out the amendment in the Monsoon session of Parliament, a source told Moneycontrol.
The MCA wants to look into several instances where Jet had written off investments in various subsidiary companies without any apparent reason.
The report casts serious doubt about the credibility of a database used to compute GDP
A government official defended the calculations saying that since the tax collections match up with the database, it is not unusable.
Late submissions will result in the companies being marked as "ACTIVE Compliant" after a payment of Rs 10,000.
The MCA expressed concerns over the sector's exposure to the NBFCs and HFCs, which is pegged at nearly Rs 1 lakh crore.
“A large part of provident fund investments are in the Rs 50,500 crore assets,” the source said, adding, “..and they are likely to take a significant hit, as they will get their money only after secured lenders have been paid off"
This time around, IBA may apply only for Amber companies of IL&FS after a meeting with the Secretary of the Ministry of Corporate Affairs and new Uday Kotak-led board on January 22
This is the first time the NCLT has banned an auditor in such a fashion.
The move comes as the agency prepares to file charge sheets in the controversial scam, they said.
As of November 30, the Ministry of Corporate Affairs (MCA) has deregistered 6.07 lakh from its records as part of a plan to crack down on shell or paper companies