Fear of being banned for failing to keep an eagle eye on company books has prompted a spate of resignations from top audit firms
ON JUNE 12, 45 MINUTES AFTER midnight, Reliance Home Finance (RHF) announced on the Bombay Stock Exchange (BSE) that one of its auditors, Price Waterhouse & Co Chartered Consultants LLP (PwC), had resigned. Two minutes later, Reliance Capital (RCAP), another company of the Reliance ADA Group, said PwC had resigned from its firm. At 11 am earlier that day, group chairman Anil Ambani had taken to a conference call to elaborate his plans to service the `35,000 crore debt of the conglomerate.
In filings submitted by RCAP and RHF to the BSE, PwC stated that as part of an ongoing audit for 201819, it noted certain observations/ transactions that in its assessment, if not resolved satisfactorily, might be significant or material to the financial statements, and that it did not receive satisfactory responses to its queries.
As per the filings, PwC had sent out queries on April 24, which RCAP disputed. On May 14, PwC issued another letter and said RCAP did not convene an audit committee meeting within the expected time. RCAP also stated that it might initiate legal proceedings against the auditor.
Denne historien er fra July 5, 2019-utgaven av Forbes India.
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Denne historien er fra July 5, 2019-utgaven av Forbes India.
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Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
