NFRA Unplugged
Two words seem to be occupying the mind space of NFRA – ‘fraud’ and ‘auditor’. Undoubtedly, corporate frauds are the biggest economic value destroyers, and auditors are the cornerstone of good corporate governance.
Two words seem to be occupying the mind space of NFRA – ‘fraud’ and ‘auditor’. Undoubtedly, corporate frauds are the biggest economic value destroyers, and auditors are the cornerstone of good corporate governance.
Banks have come together to reject a proposal by corporate lobbies to club borrowers tagged as 'fraud' accounts with 'wilful defaulters'. Senior bankers, who had discussed the suggestion over the last few weeks, arrived at the decision while preparing a standard operating procedure (SOP) for dealing with borrowers before declaring an account as a fraudulent one.
The minister said between July 2017 and June 2023, the government had identified 5,070 cases where fraudulent GST registration had taken place by misusing Aadhaar and PAN . These cases involved illegal benefits of over Rs 27,400 crore .
This is the latest of cases being filed in connection with alleged financial irregularities at Infrastructure Leasing and Financial Services Ltd (IL&FS) and its group companies. The Serious Fraud Investigation Office under the Ministry of Corporate Affairs and the Enforcement Directorate (ED) that investigates money laundering have been probing the IL&FS group for over four years now based on complaints filed by public sector banks.
Finance veteran Robin Banerjee feels when a senior SEBI official says that CFOs are responsible for most of the frauds that have been witnessed in India, it is rather an unfortunate comment on the profession.
The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India.
"The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail," Adani tweeted. The bench also directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the panel which will have to submit its report within two months.
Chief financial officer Jugeshinder Singh made the remarks in response to questions from Bloomberg News while attending investor meetings in Hong Kong Tuesday, the final leg of an Asian tour that began in Singapore Monday.
In a clarification issued to its field formations, the CBIC said if the refund demand or show-cause notice is sent beyond the stipulated period, the entire proceeding has to be dropped. "Where show cause notice under sub-section (1) of section 74 of CGST Act was issued for erroneous refund beyond a period of 2 years and 9 months from the date of erroneous refund, the entire proceeding shall have to be dropped," said a CBIC circular.
Chanda Kochhar and her husband Deepak Kochhar were arrested by the Central Bureau of Investigation (CBI) last week in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. A special court in Mumbai on Saturday remanded both of them to CBI custody until December 26.
The Central Bureau of Investigation (CBI) on Friday arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in a connection with a loan fraud case. They have been arrested in the agency’s ongoing probe connected to the loans sanctioned to Videocon when Kochhar was at the helm of the private bank.