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: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: list of goods taxed at 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: articles on VAT and GST in India :: empanelment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

Satyam Effect: Alerts system to check frauds
September, 10th 2009

In a bid to crack down on closely-guarded corporate frauds in early stages, the ministry of corporate affairs has kick-started its early warning system on company frauds, with initially about 50 companies coming under the governments radar.

The early warning system, which has been set up through the use of a sophisticated computer network and involves the functioning of multiple regulators including SEBI and various departments under the corporate affairs ministry, has been started off on a pilot project basis, before being extended to cover all companies operating in the country.

The initiative, which was mulled early last year, gained speed after after the emergence of the multi-crore financial fraud in the erstwhile Satyam Computer Services. The scam went untraced for seven years before its promoter B Ramalinga Raju decided to confess of wrongdoings in the company.

Senior officials in the ministry said that the initial list of 50 companies has been prepared in consultation with other regulators including the SEBI, and includes companies which are presently under some form of scrutiny at the governments end.

The early warning system involves active participation of capital markets regulator SEBI, and will keep round-the-clock watch on activities of companies. The aim is to crack the whip on any suspicious corporate activity as and when it is found, thus reducing the extent of damage it may cause if it is allowed to reach an uncontrollable level.

Once it tracks any suspected malfunctioning, the government will attempt to rectify the malaise through regulatory action.

We have worked out a model of the early warning system. We are already running a pilot project... with 50 companies, corporate affairs minister Salman Khurshid said, while declining to name the companies which have initially come under the cover of the new system.

The experience gained during the operation of the pilot project will be used to fine tune the system and give it a final shape, Mr Khurshid said. The pilot project aims at finding out the limits up to which the government can seek information from companies that have suspected area of operation.

With the new system in place, the government will look for unusual developments in a companys financial operations and decision making process by scrutinising quarterly results of companies, their public announcements, filings with stock exchanges, tax returns and media reports. Even as the ministry mulled the setting up of an early warning system on corporate frauds last year, the project gained speed.

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

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