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: form 3cd :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« ICAI »
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
 CPE Events 20th March - 25th March 2017
 Invitation for contributions to Question Bank in respect of Information System Audit-(Assessment Test (ISA-AT) (New Syllabus)
 Reconstitution of Group for Rohini Land at Delhi
 Group to review the Terms of Reference of Infrastructure Development Committee
 Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May/ June 2017.
 Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
  Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
  Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 6th March - 11th March 2017
 Group to review for compensation package for employees of the Institute

ICAI faults sale, calls it a 'speculative' deal
April, 16th 2009

Indias accounting standards regulator on Wednesday opposed the proposed sale of Satyam Computer Services to Tech Mahindra before restating the accounts of the scam-hit IT outsourcing company.

I am not happy with the deal as the companys correct financial position was not yet known, Institute of Chartered Accountants of India (ICAI) president Uttam Prakash Agarwal said here on Wednesday.

He said ICAI would decide on taking up the matter with the authorities concerned after its apex council meeting debates the speculative deal this week.
On Monday, the interim board of Satyam, appointed by the government to save the company with about 48,000 employees from collapsing, named Tech Mahindra as the highest bidder to buy a majority stake in Satyam.

Satyams financial accounts, which are being restated by audit firms KPMG and Deloitte after its founder and former chairman B Ramalinga Raju revealed a Rs 7,000-crore accounting fraud, is likely to take some more time.

The accounting regulators objection is based on the premise that the sale process has been initiated without knowing Satyams current financial position. Such a large deal has taken place without finalising the companys accounts and assessing its current valuation, Mr Agarwal said.

However, ICAIs objection is unlikely to make an impact on the strategic sale, which is being executed under the supervision of former chief justice of India SP Barucha as per a process laid down by the capital market regulator Sebi. The entire process is being done with the permission of the Company Law Board, an independent quasi-judicial body that adjudicates on company law matters.

Also, the government wants to execute the deal swiftly as it is important to find a new owner with resources and management expertise to bring Satyam back to a healthy and stable state before its clients and employees leave the company.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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