Posted: 03 Nov 2009 07:16 PM PST

The nation's premier audit body Comptroller and Auditor General (CAG) has constituted a high-level team for auditing Reliance Industries' (RIL) expenses on eastern offshore KG D-6 fields and the exercise will begin this month. The CAG, which has...

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Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day

Posted: 03 Nov 2009 07:10 PM PST

Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises...

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Corporate Affairs Ministry may soon introduce the concept of 'knowledge test' for directors

Posted: 03 Nov 2009 05:42 PM PST

The Corporate Affairs Ministry wants to introduce a new concept called the 'knowledge test' to find out if directors had previous knowledge of a company's wrongful acts. As a first step, it would be ensured that the board processes are totally...

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MCA's new mantra: B e a facilitator in corporate growth instead of just another regulator

Posted: 03 Nov 2009 05:33 PM PST

The Ministry of Corporate Affairs (MCA) wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator. The mantra is now...

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ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor

Posted: 03 Nov 2009 05:28 PM PST

The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister's...

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Profit may be the key condition for levying MAT in the final draft of the DTC

Posted: 03 Nov 2009 05:17 PM PST

The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being...

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