15th July 2019
India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting… Read More
11th July 2019
The Prime Minister’s Office (PMO) has called for expeditious freezing of bank accounts belonging to shell companies after some of them were found to be active, after around 350,000 inactive companies were struck off the official records since 2016-17. Nripendra Misra, principal secretary to the Prime Minister, wrote a letter… Read More
9th July 2019
Shares in Punjab National Bank slid after the lender said it had reported a suspected 38 billion rupee ($554.63 million) fraud in Bhushan Power & Steel Ltd’s account, potentially delaying a sale of the firm’s assets and consequent repayments to creditors. PNB is among nearly 34 financial creditors who have… Read More
4th July 2019
Pakistani authorities announced a crackdown on Wednesday against Hafiz Saeed, leader of the group blamed for deadly attacks on Mumbai in 2008, amid growing international pressure to act against militant groups. Pakistan’s counter-terrorism department said it had launched 23 cases against Saeed and 12 aides for using five trusts to… Read More
3rd July 2019
AP — U.K. judges have ruled that Indian entrepreneur Vijay Mallya may appeal his extradition to India in Britain’s High Court. Tuesday’s ruling by a two-judge panel means the 63-year-old tycoon will be able to have a full hearing on his appeal to overturn an extradition order. India accuses him of… Read More
17th June 2019
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part… Read More
13th June 2019
Shares in Indiabulls Housing Finance Ltd plummeted as much as 8.8% on Tuesday even as the mortgage lender and its top management moved to quash allegations of financial misconduct and money laundering within the company. A criminal writ petition filed on Monday in India’s Supreme Court alleged that about 980… Read More
12th June 2019
Shares in India’s Jammu and Kashmir Bank Ltd slumped for a second consecutive day on Tuesday, after local media reported that an anti-corruption probe into the bank had uncovered a sizable fraud at the state-run lender. Shares in the bank closed down 6.72% at 48.55 rupees, after falling 12.4% on… Read More
20th May 2019
India’s ruling Bharatiya Janata Party (BJP) has one unwanted lead in this month’s general election race – according to data from an electoral watchdog it is fielding the most candidates among the major parties who are facing criminal charges. Its main rival, Congress, is just a step behind. Election laws… Read More
10th May 2019
The European Union will defend the Iran nuclear accord despite Tehran’s decision to backtrack on its commitments in response to U.S. sanctions, diplomats believe, but European powers expect it to collapse without a deal to sell Iranian oil to China or India. Britain, France and Germany, which signed the 2015… Read More