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
Latest Expert Exchange
« ICAI »
 Register for weekend batch for Spanish Course for ICAI members and students at Delhi organised by Committee for Export of CA Services & WTO
 Hosting of Final Bank Branch Auditors’ Panel for the year 2018-19
 Committee for Capacity Building Members in Practice, ICAI: Commencement of the first batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Trichur.
 An Initiative of the Committee for Capacity Building of Members in Practice (CCBMP), ICAI: Practice Management Software for members in practice & CA Firms of ICAI
 Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board
 Orders of Press Council of India against Economic Times and Hindustan (Hindi) for publishing derogatory and misleading Reports about CA Profession.a
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Indore from 22nd December, 2018 to 13th January, 2019
 Chairman INDIA TV Group
 Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board
 Exposure Draft of SASE 200, " Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing for Audits of Smaller and Less Complex Entities" for Comments
 Announcement for seeking Questions/Queries from members for publication on FAQs for NPOs

ICAI probes Reebok India ex-CFO
June, 06th 2013

Auditing regulator Institute of Chartered Accountants of India (ICAI) has started an inquiry against former CFO of Reebok India Vishnu Bhagat for the alleged multi-crore fraud at the Indian subsidiary of the sports goods major. ICAI is also looking into the role of the statutory auditor of Reebok at that time, the Delhi-based N Narasimhan & Co, to understand whether they had any hand or knowledge of the scam.

Subodh Agrawal, president of ICAI, said they have initiated a probe against Bhagat who was a "key managerial member" of the company. ICAI had already written to Bhagat on the matter and even served a show-cause notice to him seeking details about the alleged Rs 870 crore fraud. "We want to know what was his role, and want to understand his conduct in the whole affair."

Agrawal said the institute has so far decided not to initiate an inquiry against N Narasimhan & Co. "We have only written to them at the moment, and will look at an inquiry only when there are sufficient grounds for that." The government has ordered a probe by SFIO into the matter after an initial inquiry pointed out anomalies in the company's books following an inquiry by the Registrar of Companies, Delhi.

Reebok India had in May last year lodged an FIR with the Gurgaon Police, alleging that its former MD Subhinder Singh Prem and Bhagat had "stolen" products by setting up "secret warehouses", fudged accounts and indulged in fictitious sales to cause a huge financial dent to the company. Both Prem and Bhagat had denied the allegations.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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