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: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: VAT RATES :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
« ICAI »
 Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.
 CPE Events 15th May - 20th May 2017
 Information System Audit - Assessment Test (ISA - AT) New Syllabus, June 2017
 Next batch of the Certificate Course on Cooperatives at Mumbai from 27th May, 2017

ICAI sends notice to Reliance Infra, RNRL
February, 10th 2011

Accounting regulator Institute of Chartered Accountants of India (ICAI) has dashed off notices to Anil Ambani-promoted Reliance Infrastructure Ltd (R-Infra ) and Reliance Natural Resources Ltd (RNRL, since merged with Reliance Power ), seeking clarifications over Sebi's consent order while also asking for their audited balance sheets for three financial years starting 2006-07 . In addition, it has asked Sebi if it noticed any lapses on the part of the auditors - Price Waterhouse and Chaturvedi & Shah - during the course of its investigations.

We have drawn their (the companies) attention to the consent order and to the investigation carried out by SEBI and also to the policy of rotation of auditors adopted by them. We have asked for the audited balance sheet of the companies for the year 2006-07 , 2007-08 , and 2008-09 , while seeking clarifications on the reasons for accepting the policy of rotation of auditors, ICAI president Amarjit Chopra told TOI.

When contacted, a spokesperson for Reliance Infra said, Rel Infra deeply surprised at media comments reportedly by ICAI. Rel Infra has received no queries questioning its accounts from ICAI. Auditors have informed Rel Infra they have received no queries from ICAI. Rel Infra will take strongest legal action against irresponsible and defamatory statements in this regard.

In the letter to Sebi, Chopra said the market regulator was requested to help in identifying whether the auditors were at fault. He said the Sebi order had observed that the two companies will be implementing a policy of rotating their statutory auditors from the financial year 2010-11 . Accordingly , the auditors of March 31, 2010 will not be reappointed for the next year.

In connection to the above, Sebi has been requested to let us know that while carrying out their investigation, had they come across misconduct , if any, on the part of any of the member of ICAI while discharging their professional duties. If yes, they may kindly send us the details with evidence.

Chopra said Sebi officials might be asked to appear before ICAI as witness in the case. ICAI is also writing to the auditors separately, asking for details on the consent order. We have not received any communication from ICAI pertaining to the Reliance Infrastructure audit. We were joint auditors along with Chaturvedi & Shah, and were rotated out in December 2010, as per auditor rotation policy of the company, PriceWaterhouse said in an emailed response. Chopa said ICAI was taking up the matter on an urgent basis as public interest was at stake. There would be no undue delay in the matter. We expect to get replies soon after which we will take steps.

In its consent order on January 14, Sebi had barred senior ADAG executives, including Anil Ambani, from investing in secondary markets in 2011, while two group companies were also barred.

R-Infra to consider share buyback

Mumbai:Reliance Infrastructure on Wednesday said that its board will meet on February 14 to consider a share buyback programme. No other information was provided in its notice to the bourses.
Earlier in the day, the R-Infra stock had crashed nearly 19% on the BSE because of various news reports related to the group as well as rumours. In intra-day trade, the stock was down 25% to dip to a 52-week low of Rs 493. Earlier in February 2009, the company had announced a share buyback programme during which it spent Rs 700 crore. Buyback programmes, during which companies usually buy its own shares from its shareholders through open market purchases, help lift stock price.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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