Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: TDS :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: cpt
 
 
ICAI »
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
 President's Message - December 2016
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6
 Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI
 CPE Events 28th November - 3th November 2016
 Admit Cards for CPT December 2016 Examination
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
  MCA Announcement - To avoid Last Minutes rush please file the Financial Statements and Annual Returns at the earliest.
 CPE Events 21th November - 26th November 2016

ICAI - Planning to send notices to six IPL franchisees
October, 08th 2010

The Institute of Chartered Accountants of India (ICAI) is planning to send notices to six IPL franchisees seeking more information from the companies owning the teams.

The six franchisees including Preity Zinta-promoted Kings XI Punjab, Reliance Industries-promoted Mumbai Indians, GMR-owned Delhi Daredevils, Shilpa Shetty-owned Rajasthan Royals, Chennai Super Kings and Deccan Chargers would be send notices soon, ICAI sources told Media.

Sources said the ICAI has not been able to complete investigations so far because of lack of information about these privately-held companies. Apart from the financial statements, no other information is available, which has made the probe difficult.

The institute was in a dilemma as to whether it should seek the information because as per the rules, the Financial Reporting Review Board (FRRB), which is investigating the matter, can not ask for any other information except the financial statements.

However, the accounting regulator has firmed up its view on the subject matter and is preparing to send the notices soon.

When contacted, ICAI president Amarjit Chopra said, The proceedings are on. Their statements are being reviewed and further information, if need be, will be called for.

However, the sources said, there is no information available on Kolkata Knight Riders, a company promoted by Bollywood star Shahrukh Khan and Vijay Mallaya-owned Royal Challengers. These companies have no published financial statements so the probe in these franchisees is still incomplete, the sources added.

The investigation by the ICAI is a part of the multi-agency probe launched by the government. While the I-T department is probing the tax evasion by the entities involved, ED is looking into alleged money laundering. The MCA is also looking into the source of funding and shareholders pattern.

The accounting regulator has been probing the IPL as well as all private limited companies, for alleged violation of auditing and accounting norms by the auditors of these companies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions