Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
« News Headlines »
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…

Govt sidesteps demand for JPC probe into Satyam scam
February, 18th 2009

Government today did not accede to the Opposition demand in Rajya Sabha for a Joint Parliamentary Committee probe into the Satyam Computers Scam.

Corporate Affairs Minister Prem Chand Gupta stating that only on Monday the government had ordered CBI investigation into the whole issue, completely evaded the demand for a JPC.  He however told the Opposition members that the government was ready to answer each and every question they had on the issue.

Replying to supplementaries during Question Hour he said collapse of Satyam is not in the long-term interest of the country with 53,000 employees, 300,000 shareholders, 150 plus Fortune 500 companies on its clientele and operations in 66 countries.

Stating that the case of Satyam was "very unfortunate" he said it had shaken the confidence of the corporate sector in India and abroad and also investors as a whole.  It had given a bad name to the corporate sector and the regulatory mechanism, however it is "an aberration" and not the practice, he added.

Satyam Computers Scam dominated entire question hour today, as Opposition members in the Rajya Sabha did not allow any other question to be taken up.

Gupta said Reserve Bank of India has no power to black list or ban any audit company and it can only issue advisory. It is Institute of Chartered Accountants of India an independent and statutory body that allows the auditing firms to function, which was competent to do so.

He said the Serious Fraud Investigation Office (SFIO) under his ministry had also been given three-months to wrap up its probe into the Satyam scam.

He also did not say if investigation would be launched into accounts of the companies audited by Price Waterhouse, the statutory auditors for Satyam.

"The SEBI has ordered peer audit review of companies listed on Sensex and Nifty. Once peer review is over, government will decide what to do," he said.

Gupta said RBI had in October 2004 issued advisory to banks not to engage Price Waterhouse for audits after unearthing of accounting deficiencies in Global Trust Bank (GBT), whose account it was auditing.

Asked if ICAI had been asked by RBI to look into the role of Price Waterhouse in the audit of GTB accounts and submit its report, he said ICAI has completed inquiry into the audit of accounts for 2001-02 while the same for 2002-03 financial year was under process.

"Proper (and) due action will be taken against the erring officers," he said, adding that ICAI had found three persons guilty and they are in the process of taking appropriate action against them.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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