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Government likely to ban Deloitte for Alleged Malpractice in IL&FS Accounts

29Apr

By InstaFinancialsNo Comments

Corporate

Government likely to ban Deloitte for Alleged Malpractice in IL&FS Accounts

Highlights Deloitte Haskins and Sells has been under the radar over its role in the IL&FS audit process, and are likely to be banned for 5 yearsThe Ministry of Corporate Affairs may consider to invoke section 140 (5) of the Companies Act to debar the companyDeloitte asserted that the group’s defaults started in May 2018.Deloitte audited IL&FS, ITNL along with SRBC&Co (E&Y) and IFIN by its own, in 2016-17 Deloitte Haskins and Sells has been under the radar over its questionable approach towards the role in the IL&FS audit process, and are likely to be banned for 5 years by the government. Apparently, the Ministry of Corporate Affairs may consider to invoke section 140 (5) of the Companies Act to debar the company for alleged malpractice in IL&FS accounts. ...

Update from IBBI – 2-6 Dec 2018

Update on Public Announcements and Invitation of Resolution Plans from Insolvency and Bankruptcy Board of India mentioned below for your reference. Update from IBBI – 2 Dec 2018 Invitation of Resolution Plans 22-12-2018 Invitation of Resolution Plans in the matter of Applicomp India Ltd 23-12-2018 Invitation of Resolution Plans in the matter of Sadbhav Enterprises Pvt Ltd 17-12-2018 Invitation of Resolution Plans in the matter of Diamond Power Infrastructure Ltd What's New 02-12-2018 - IBBI organizes Conclave for Insolvency Professionals in Hyderabad Update from IBBI – 4 Dec 2018 Public Announcements 29-11-2018 Public Announcement of Liquidation Process-Sri Vinayaka Paper & Boards Ltd. 30-11-2018 Public Announcement of Corporate Insolvency Resolution Proce...

Visakhapatnam a Booming IT City with 17 New Companies

[Word Count: 295 Estimate Read Time: 1 Min 28 Sec] Summary 17 new IT/ITES companies inaugurated by Andhra Pradesh Minister N Lokesh NaiduExpected to generate an employment of 10,170 and an investment of INR 558.70 croresThe government is establishing a 1400 acre IT mega park where 5 lakh IT professionals can live and workThe Andhra Pradesh Government is committed to developing an IT/ITES ecosystem The Andhra Pradesh government in an initiative to uplift the IT sector in Visakhapatnam inaugurated 17 new IT and ITes companies at a go. These companies are expected to generate an employment of 10,170 and an investment of INR 558.70 crores. The government has opened its door and encourages diverse investment opportunities to companies ranging from startups to multination...