NOTHING IS PERMANENT IN UNIVERSE

Nothing Is Permanent in Universe

WA killed SMS
Email killed Fax
Youtube killed DVD
Internet killed Library
Uber killed Yellow Cab
Google killed Dictionary
Social Media Killed MSM
Netflix killed Cable Channels
Wikipedia killed Encyclopedia
AND
*Rahul Gandhi Killed Stand Up Comedians.......

About 200 US companies seeking to move manufacturing base from China to India: Report

Washington: About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant.

The US-India Strategic and Partnership Forum's (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India.

Aghi said that USISPF’s recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process.

“I think that's critical. We would advise to bring more transparency in the process and to make it more consultative because in the last 12 to 18 months, we are seeing US companies look at some of the decisions being made, either e-commerce or data localisation, as more domestic-oriented than global," he told PTI in an interview.In his reply to what the agenda of the new Indian government should be to attract investment, Aghi suggested that New Delhi needs to accelerate reforms, be more transparent in the process and engage more.

“We need to understand how we can attract those companies. And that means all the way from land issues to customs issues to being part of the global supply chain. Those are critical issues. There’s a whole plethora of reforms that need to go further down, and I think that is also going to create a lot of jobs," he said.

He said that Mark Linscott, the former Assistant US Trade Representative for South and Central Asian Affairs, is working with USISPF member companies to come up with a recommendation as to what India needs to do to enhance its exports and work up from that perspective.“One recommendation, which I strongly believe is going to help India is that we should now start thinking of a Free Trade Agreement (FTA) between India and the US," Aghi said.

"I think if India is concerned about cheap goods coming from China, an FTA will eliminate that need. You can put barriers to Chinese goods and still have the U.S. providing access to the Indian market and Indian companies having more access to the US market, and issues like GSP would diminish," he said.

Aghi said that they have formed a high-level manufacturing council within the member companies, led by John Kern, Senior Vice President of Supply Chain Operations at Cisco who are putting a document together detailing what India needs to do to turn it into a manufacturing hub."We plan to have the document ready by the time elections are over as part of recommendation," he said.

“What they're saying is we want a backup strategy to start manufacturing in India. There are small-small issues, which can slow them down. And at the moment most of them are waiting for elections to be over. But there's a large deluge of companies keen to not only manufacture in India but also who want to go after the domestic market," he said.

On the amount of investment these companies would bring to India, he said the number in question is substantial.

“If you look at, our member companies in the last four years have invested over USD 50 billion," he added.

Father, two brothers of Sri Lanka suicide bombings mastermind killed in gun battle Authorities have detained more than 100 people, including foreigners from Syria and Egypt since the April 21 bombings. REUTERS|Apr 28, 2019, 03.53 PM IST

The father and two brothers of the suspected mastermind of Sri Lanka's Easter Sunday bombings were killed when security forces stormed their safe house two days ago, police sources and a relative of the suicide bombers told Reuters on Sunday. 

Zainee Hashim, Rilwan Hashim and their father Mohamed Hashim, who were seen in a video circulating on social media calling for all-out war against non believers, were among 15 killed in a fierce gun battle with the military on the east coast on Friday, four police sources said. 

Niyaz Sharif, the brother-in-law of Zahran Hashim, the suspected ringleader of the wave of Easter Sunday bombings that killed over 250 people in churches and hotels across the island nation, told Reuters the video showed Zahran's two brothers and father. 

Three of the people killed in Friday's gun battle were the same people who were seen in the undated video on social media, in which they discus martyrdom and urge their followers to kill all non believers, police sources said. 

Sri Lanka has been on high alert since the attacks on Easter Sunday, with nearly 10,000 soldiers deployed across the island to carry out searches and hunt down members of two local Islamist groups believed to have carried out the attack. 

Authorities have detained more than 100 people, including foreigners from Syria and Egypt since the April 21 bombings.In the video, Rilwan Hashim is seen calling for all out 'jihad', or holy war, while children cry in the background. 

"We will destroy these non-believers to protect this land and therefore we need to do jihad," Rilwan says in the video, sitting beside his brother and father. 

"We need to teach a proper lesson for these non-believers who have been destroying Muslims." 

Authorities suspect there may be more suicide bombers on the loose. Defence authorities have so far focused their investigations on international links to two domestic groups they believe carried out the attacks, the National Thawheedh Jamaath and Jammiyathul Millathu Ibrahim. 

Islamic State has claimed responsibility for the Easter bombings, and on Sunday the group said three of its members clashed with Sri Lankan police for several hours in Friday's gun battle on the east coast before detonating their explosive vests, the militant group's news agency Amaq said. 

The group said 17 policemen were killed or injured in the attack, but the Sri Lankan military has denied this. A police source told Reuters two policemen were slightly injured in the battle. 

Police have said six children were among the other 12 people who died in the gun battle, but have not released further details. 

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Sri Lanka troops kill four suspected IS gunmen Police later said clearing operations on Saturday showed a total of four suspected suicide bombers had died during the overnight confrontation.

Colombo, April 27, 2019 -Sri Lankan security forces exchanged fire with suspected Islamic State affiliated militants and killed at least four of them in the east of the country, police and the military said Saturday. 

Gunmen opened fire on troops when they attempted to storm a house in the town of Kalmunai, military spokesman Sumith Atapattu said. "In our retaliatory fire, two gunmen were killed," he said adding that a civilian caught in the crossfire was also killed. 

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Govt may debar Deloitte for five years over alleged misconduct in IL&FS case This extreme action is being warranted after Deloitte's alleged misdemeanours and conduct in the IL&FS case. IANS|Updated: Apr 28, 2019, 10.45 AM IST

New Delhi: Even as Deloitte Haskins and Sells remains perched precariously on the high wire over its questionable role in the IL&FS audit process, it appears that the Ministry of Corporate Affairs may invoke section 140 (5) of the Companies Act to debar the firm for alleged malpractice in IL&FS accounts. This extreme action is being warranted after Deloitte's alleged misdemeanours and conduct in the IL&FS case. 

This Section essentially looks at the following: 

(5) Without prejudice to any action under the provisions of this Act or any other law for the time being in force, the Tribunal either suo motu or on an application made to it by the Central Government or by any person concerned, if it is satisfied that the auditor of a company has, whether directly or indirectly, acted in a fraudulent manner or abetted or colluded in any fraud by, or in relation to, the company or its directors or officers, it may, by order, direct the company to change its change its auditors. 

If this were to happen, it will be the second such instance after Price Waterhouse was nailed in the Satyam scam. 

In January, 2018, nine years after the Satyam scandal stunned corporate India, SEBI banned Price Waterhouse (PW) from providing audit services to listed companies and market intermediaries for two years in the Satyam fraud. Two PW partners were banned for three years. The regulator also imposed a disgorgement of Rs 130.9 million on Price Price Waterhouse, and two of its chartered accountants - S Gopalakrishnan and Srinivas Talluri. 

The three entities also have to pay 12 per cent interest on the disgorgement amount since January 7, 2009, in 45 days from the date of the order. Further, it said that no listed company or intermediary registered with SEBI to be engaged with any audit firm associated with the PW network for issuing any certificate with respect to compliance of statutory obligations which SEBI is competent to administer and enforce, under various laws for a period of two years. These entities were charged under SEBI prohibition of Fraudulent and Unfair Trade Practices (FUTP) regulation.

When contacted, Deloitte spokesperson told IANS: "The investigations on the company IFIN are in progress and we are cooperating fully. We reaffirm that we have conducted our audits in accordance with the Standards on Auditing and applicable laws and regulations." 

Deloitte on its part contends that the Group's defaults began in May 2018. The three principal arms of IL&FS Group - IL&FS, ITNL and IFIN -- according to sources within Deloitte saw SRBC &CO (E&Y) audit two of the firms in both 2017-18 and 2018-19, namely IL&FS and ITNL. IFIN meanwhile was audited by BSR (KPMG) in 2018-19 DHS (Deloitte) and BSR (KPMG). 

In 2016-17 DHS audited IL&FS, ITNL along with SRBC &Co (E&Y) and IFIN on its own. Of course, till 2015-16 for many years DHS audited all three Group entities Trying to maintain distance from the opaque architecture of the 347 subsidiaries - majority of them overseas -- Deloitte has clarified that they were audited by various smaller firms, most of them being non Big Four. It has also emerged that during the many years that Deloitte was auditing the Group, secured loans were sufficiently collaterised which in turn was independently valued by reputable parties such as Knight Frank or realty and N M Raiji. 

The value of the assets and loans was corroborated by the fact that in 2015-16, Piramal Group had proposed to acquire a stake in IL&FS at Rs 750 a share after commissioning a detailed due diligence exercise by KPMG. LIC had at the time bunged in a monkey wrench, saying that the value was too low citing fair value at Rs 1100. 

Similarly, Deloitte has claimed that they did not audit the financial statements of 111 subsidiaries, 36 jointly controlled entities, 11 associates in 2016-17, or the financial information of 13 subsidiaries, two jointly controlled entities or six associates. This is where the real jiggery pokery exists. 

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ARE YOU RICHER THAN YOU THINK?

Japan creates first artificial crater on asteroid

Updated: 26 Apr 2019, 02:26 PM IST

1/5

First-ever artificial crater

Japanese scientists have succeeded in creating what they called the first-ever artificial crater on an asteroid, a step towards shedding light on how the solar system evolved, the country's space agency said on Thursday.

The announcement comes after the Hayabusa2 probe fired an explosive device at the Ryugu asteroid early this month to blast a crater in the surface and scoop up material, aiming to reveal more about the origins of life on Earth.

In pic - Project manager Yuichi Tsuda of The Japan Aerospace Exploration Agency

AP

2/5

Artificial crater

Yuichi Tsuda, Hayabusa2 project manager at the Japanese space agency (JAXA), told reporters they confirmed the crater from images captured by the probe located 1,700 metres (5,500 feet) from the asteroid's surface.

"Creating an artificial crater with an impactor and observing it in detail afterwards is a world-first attempt," Tsuda said. "This is a big success."

In pic - In this computer graphics image released by the Japan Aerospace Exploration Agency (JAXA), the Hayabusa2 spacecraft is seen above on the asteroid Ryugu

AP

3/5

Key achievement

NASA's Deep Impact probe succeeded in creating an artificial crater on a comet in 2005, but only for observation purposes.

Masahiko Arakawa, a Kobe University professor involved in the project, said it was "the best day of his life".

"We can see such a big hole a lot more clearly than expected," he said, adding the images showed a crater 10 metres in diameter.

In pic - The handout photo received from the Hayabusa2 spacecraft and made available by the Japan Aerospace Exploration Agency (JAXA) shows stone and sand after bullets were fired into the surface to collect data by the Hayabusa2 spacecraft after landing on the asteroid Ryugu

AFP

4/5

One of the first

Japanese space agency scientists had previously predicted that the crater could be as large as 10 metres in diameter if the surface was sandy, or three metres if rocky.

"The surface is filled with boulders but yet we created a crater this big. This could mean there's a scientific mechanism we don't know or something special about Ryugu's materials," the Professor said.

AFP

5/5

"Dragon Palace"

The aim of blasting the crater on Ryugu is to throw up "fresh" material from under the asteroid's surface that could shed light on the early stages of the solar system.

The asteroid is thought to contain relatively large amounts of organic matter and water from some 4.6 billion years ago when the solar system was born.

Photos of Ryugu which means "Dragon Palace" in Japanese and refers to a castle at the bottom of the ocean in an ancient Japanese tale - show the asteroid has a rough surface full of boulders.

In pic - A handout photograph released by the Japan Aerospace Exploration Agency (JAXA) shows the Small Carry-on Impactor (SCI) after the separation from Hayabusa2 probe

TRUTH ABOUT TERRORISM

Is it true that except Amul ice-cream every other Indian brand uses vegetable oil instead of milk for ice cream production and can we file case against those in consumer court?

Source:-Quora Digest Answered by Shailendra Singh
 

Some people may be knowing it from before and others will be surprised to know that what they are eating on name of ice-cream is actually isn't ice-cream.

Except Amul, Mother Dairy and few others all the leading brands which include kwality Walls and Vadilal are selling frozen desserts and not ice-cream. Ice-cream should be made of milk (milk fat) but these are made of vegetable oil (vegetable fat) and hence are frozen desserts, not ice-cream.

They are advertised, packed and presented as ice-cream in form of bricks,cups cones etc just like ice-cream. Most of us eat them thinking we are eating ice-cream but in fact we are eating something else.

When I heard it for the first time I immediately checked the ingredients of leading ice-cream brand and shocked to find it true. The word ice-cream is not written anywhere. You will only find frozen dessert written in small fonts. You can also check it when you have a cone or cup of a leading brand in your hands next time.

Vegetable oil is not very harmful and is abundantly used in Indian kitchens but there is a catch. Production of frozen desserts from vegetable oil is eighty percent cheaper than milk ice-cream. So we are not only harming our health but paying excessively for it.

Strong 6.1-magnitude earthquake rocks Northeast India Arunachal Pradesh is India's least densely populated state, but is still home to more than 1.2 million people.

Representative image only Source moneycontrolcom

A strong 6.1-magnitude earthquake struck India's northeastern state of Arunachal Pradesh early on April 24, the US Geological Survey said.The epicenter of the shallow quake was about 40 kilometres (25 miles) southeast of Along, and 180 kilometres southwest of the state capital Itanagar.

It struck at 1.45 am (2015 GMT Tuesday).Arunachal Pradesh is India's least densely populated state, but is still home to more than 1.2 million people, according to the state government's website.China's official state news agency Xinhua said the quake was felt in Tibet, which neighbours the Indian state.Arunachal Pradesh also borders Myanmar and Bhutan. USGS estimated there was a "low likelihood" of casualties and damage from the quake.

First Published on Apr 24, 2019 07:30 am

Companies may take only 3 days to register with central agencies

In a bid to break into the top 50 countries for ease of doing business, India may soon put in place a simple, single clearance process to incorporate a company with seamless registration of permanent account number, Tax Account Number, Goods and Services Tax, Employee Provident Fund Organisation and Employee State Insurance Corporation in flat three days. The Department for Promotion of Industry and Internal Trade or DPIIT, is working on the next set of measures for improving India’s Ease of Doing Business ranking by 27 places for the country to enter the top 50. 

At present, there are issues on name reservation that is being sorted out by the ministry of corporate affairs, said a senior government official. Sometimes, due to queuing at other agencies, clearances can take longer, which is being fixed. A seamless process in html format is being proposed for registration with all central agencies, which will ensure a single layer of process. An alternative to authentication in place of digital signatures will be established as part of this plan to speed up registration.

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SHAMELESS RAHUL GANDHI:-Rahul Gandhi expresses regret over his remarks on Rafale verdict in SC The apex court on April 15 had given a categorical clarification that in its Rafale judgment there was no occasion for it to make a mention of the contemptuous observation that "chowkidar Narendra Modi chor hain" as has been attributed to it by Gandhi.

Congress president Rahul Gandhi expressed regret in the Supreme Court on Monday over his remarks in connection with the Rafale judgment which the apex court had said was "incorrectly attributed" to it.

The apex court on April 15 had given a categorical clarification that in its Rafale judgment there was no occasion for it to make a mention of the contemptuous observation that "chowkidar Narendra Modi chor hain" as has been attributed to it by Gandhi.

The court had directed Gandhi to give his explanation on April 22 on a petition filed by BJP MP Meenakshi Lekhi seeking criminal contempt action against him for his remarks. It is scheduled to hear Lekhi's petition on Tuesday.

Gandhi, who filed an affidavit in response to the apex court's April 15 order, said he had made the statement in the heat of political campaigning which has been misused by his opponents. He said he had no intention to lower the dignity of the apex court.He, however, also alleged that the prime minister too has used the SC judgment in the Rafale jet deal case to claim the government has been given a "clean chit" in the matter.A bench headed by Chief Justice Ranjan Gogoi on April 15 had decided to consider the criminal contempt petition filed by Lekhi against Gandhi for attributing to it some observations that were not in the Rafale judgment.

It observed that politicians should not attribute any findings or views to the court in their speeches.In her plea, Lekhi, the Lok Sabha MP from New Delhi constituency, has alleged that Gandhi has attributed his personal remarks to the top court and tried to create prejudice.The Rafale fighter is a twin-engine Medium Multi Role Combat Aircraft manufactured by French aerospace company Dassault Aviation.A deal to procure the jets was signed between India and France in 2015. The delivery is expected to begin in September this year.

First Published on Apr 22, 2019 12:27 pm PTI moneycontrolnews

188 killed, 500 hurt as 8 blasts rock Sri Lanka

Last updated on: April 21, 2019 17:24 IST

Suicide bombers were involved in at least two of the eight attacks that struck three churches and luxury hotels frequented by foreigners in Sri Lanka on Easter Sunday, killing 188 people and injuring around 500 others, shattering a decade of peace in the island nation after the end of the brutal civil war with the Liberation Tigers of Tamil Eelam.

The blasts -- one of the deadliest in the island nation's history -- targeted St Anthony's Church in Colombo, St Sebastian's Church in the western coastal town of Negombo and a church in the eastern town of Batticaloa around 8.45 am (local time) as the Easter Sunday mass were in progress, police spokesman Ruwan Gunasekera said.

Explosions were reported from three five-star hotels -- the Shangri-La, the Cinnamon Grand and the Kingsbury in Colombo on Sunday morning.

According to officials, a suicide bomber blew himself up at the restaurant of the Cinnamon Grand hotel.

IMAGE: Sri Lankan military officials stand guard in front of the St Anthony's Shrine, Kochchikade church after an explosion in Colombo, Sri Lanka. Photograph: Dinuka Liyanawatte/Reuters

Harsha de Silva, Sri Lanka's minister of economic reforms and public distribution, said that there have been "many casualties including foreigners."

The death toll following eight blasts has risen to 188, hospital sources said, adding that more than 450 people have been injured in these attacks.

At least 11 foreigners, including two Chinese, were reported killed in the attacks, they said. Americans and British citizens were also among the dead.

IMAGE: The Colombo National Hospital spokesperson, Dr Samindi Samarakoon, said more than 300 people have been admitted with injuries. Photograph: Dinuka Liyanawatte/Reuters

The Colombo National Hospital spokesperson, Dr Samindi Samarakoon, said more than 300 people have been admitted with injuries.

Dr Kalanidhi Ganeshalingam, the spokesperson for the Batticaloa hospital, said over 100 have been admitted with injuries from St Michael's Church explosion.

Local media reported that tourists from India, Pakistan, US, Morocco and Bangladesh are also reported to have been injured in the explosions.

Later in the day, a powerful blast in the capital's southern suburb near the Colombo Zoo killed two persons, police spokesman Ruwan Gunasekera said.

When a police team entered a house in the Colombo north suburb of Orugodawatta to conduct a search, a suicide bomber blew himself up causing a concrete floor of a two-storey building to crash on them, killing three policemen in the eighth blast, police said.

One suspect has been arrested in connection with the blast near the Zoo. The suspect is being questioned by police, local TV reported.

IMAGE: Relatives of a victim of the explosion at St Anthony's Shrine, Kochchikade church react at the police mortuary in Colombo. Photograph: Dinuka Liyanawatte/Reuters

Soon after the eighth blast, the government imposed curfew with immediate effect. The curfew will be in force indefinitely until further notice.

No group has claimed responsibility for Sunday's attacks.

However, most of the deadly attacks in the past in Sri Lanka were carried out by the LTTE, which ran a military campaign for a separate Tamil homeland in the northern and eastern provinces of the island nation for nearly 30 years before its collapse in 2009 after the Sri Lankan army killed its supreme leader Velupillai Prabhakaran.

Lankan President Maithripala Sirisena has appealed for calm.

"I have been shocked by this totally unexpected incidents. The security forces have been asked to take all action necessary," Sirisena said.

Lankan Prime Minister Ranil Wickremesinghe termed the blasts as "cowardly attacks" and said his government was working to "contain the situation."

"I call upon all Sri Lankans during this tragic time to remain united and strong... The government is taking immediate steps to contain this situation," he tweeted.

Security has been intensified around the religious places across the capital. The government has temporarily blocked all social media platforms.

All necessary emergency steps have been taken by the government, Harsha de Silva said.

"Horrible scenes. I saw many body parts strewn all over," he said.

The Indian High Commission in Colombo said that it was closely monitoring the situation in Sri Lanka.

"We are closely monitoring the situation. Indian citizens in need of assistance or help and for seeking clarification may call the following numbers : +94777903082 +94112422788 +94112422789," the High Commission tweeted.

"In addition to the numbers given, Indian citizens in need of assistance or help and for seeking clarification may also call the following numbers +94777902082 +94772234176," it said.

The first blasts were reported at St Anthony's church in Colombo and St Sebastian's Church in Negombo just outside the capital.

"A bomb attack to our church, please come and help if your family members are there," read a post in English on the Facebook page of the St Sebastian's Church.

Images circulated on social media showed severely damaged St Sebastian's church, with a shattered ceiling and blood on the pews.

Heavy security has been deployed at the Bandaranaike International Airport. The riot police and the Special Task Force, extra police security has been deployed around the airport, state-run Daily News reported.

Leave of all police personnel has been cancelled in the wake of blasts.

Doctors, nurses and health officials who were on leave have been asked to report to work, Health Ministry sources said.

The government schools have been closed for Monday and Tuesday.

Cardinal Malcolm Ranjith said all Easter masses in the Colombo District have been cancelled.

Former president Mahinda Rajapaksa, under whose leadership the Lankan Army crushed the LTTE, termed the attack as "absolutely barbaric".

"We will not tolerate such violence, such acts of terrorism, of cowardice within our borders once again. We will stand together and rise up against it as one voice. We will stand united as a nation," he said.

Reactions to deadly Sri Lanka blasts

"Heartfelt condolences from the people of the United States to the people of Sri Lanka on the
horrible terrorist attacks on churches and hotels... We stand ready to help!"
-- US President Donald Trump

"The acts of violence against churches and hotels in Sri Lanka are truly appalling, and my deepest sympathies go out to all of those affected at this tragic time. We must stand together to make sure that no one should ever have to practise their faith in fear."
-- British PM Theresa May

"To the beautiful people of Sri Lanka, Australia sends its heartfelt sympathies and our prayers and our support -- and our offer to do whatever we can to support you in this terrible time of need. At this time as Easter Sunday draws to a conclusion here in Australia, our heart goes out to those Christians and all of those other innocents who have been slaughtered today in this horrific terrorist attack."
-- Australian PM Scott Morrison

"New Zealand condemns all acts of terrorism, and our resolve has only been strengthened by the attack on our soil on the 15th of March. To see an attack in Sri Lanka while people were in churches and at hotels is devastating. New Zealand rejects all forms of extremism and stands for freedom of religion and the right to worship safely. Collectively we must find the will and the answers to end such violence."
-- New Zealand PM Jacinda Ardern

"Extremely sad at the news of bombings in Sri Lanka. It's unfortunate that one is not able to see that violence is like a chain reaction. This has to stop!
-- Bollywood actor and former Miss Universe Sri Lanka Jacqueline Fernandez

"Sri Lanka, my heart is with you. I'm praying for everyone affected by this horrible tragedy. Stay strong."
-- American pop star Mariah Carey

"Deeply saddened and shocked to hear about the church bomb blasts in Sri Lanka on Easter Sunday... My prayers for those who lost their lives and condolences to their families... We condemn the terror attack."
-- Actor-turned-politician Urmila Matondkar

Rediff.com Source used here for information to public and education purposes only.

HARD FACTS :-INDIA IS AGRO BASED ECONOMY BUT SEE THE DIFFERENCE WHERE CRICKET PITCH GETS PROTECTED FROM RAINS BUT COSTLY FOOD GRAINS ARE LEFT IN OPEN TO GET DRENCHED AND BECOME ROTTEN

IL&FS: Auditor regulator NFRA probing role of EY, KPMG and Deloitte NFRA is probing the role of three of the big four auditors in the alleged financial irregularity in IL&FS. By Sachin Dave, ET Bureau| .

MUMBAI: The newly formed regulator for auditors is probing the role of three of the big four auditors in the alleged financial irregularity in Infrastructure Leasing & Financial Services and two of its group companies. 

National Financial Reporting Authority (NFRA) has asked Indian arms of EY, KPMG and Deloitte to furnish last few years’ financial details of IL&FS, IL&FS Transportation Networks (ITNL) and IL&FS Financial Services (IFIN), four people with direct knowledge of the matter told ET. “NFRA had issued a letter and sought we submit some financial details including audit reports and documents supporting that for the last three years,” said a person working with IL&FS Group. “We understand that there would be a detailed scrutiny of the audits.” He said the letters were issued to the firms in the last week of March. 

This is the first probe NFRA has undertaken after it came into force in November last year under the corporate affairs ministry. 

NFRA would scrutinise the audited accounts and role of the auditors when they audited debt ridden IL&FS and its affiliate firms, the sources said. Investigations would also look into whether the audits were carried out in a negligent or fraudulent manner, said one of the persons close to the development. 

Some of the senior audit partners ET spoke with insisted it’s incorrect to call the exercise undertaken by NFRA an investigation. “It’s more like an audit quality review,” said one.

A legal expert who is aware of the development said the probe raises the question whether the regulator can investigate an irregularity retrospectively—that is, any alleged irregularity or scam that happened before it came into force. “When the alleged irregularity happened in IL&FS and its group companies, NFRA was non-existent. This point could be challenged in the courts as this probe is retrospective in nature,” he said. 

None of the auditors commented on this point. Two of the people close to the development said the issue was never discussed internally after the NFRA notices. “As a policy, we cannot comment on company or client specific matter,” a KPMG spokesperson said. 

Questionnaires sent to EY and the corporate affairs ministry did not elicit any response as of press time on Tuesday. 

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Corporate Affairs ministry withdraws memorandum that barred LLPs from manufacturing activities Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. PTI|Apr 17, 2019, 06.11 PM IST

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. 

The ministry is implementing the Limited Liability Partnership Act. 

"Manufacturing & allied activities were restricted in LLPs vide OM (Office Memorandum)... dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect," the ministry said in a message posted on its website. 

In the memorandum issued on March 6, the ministry had said that LLPs as body corporates have been set up for the purposes of carrying out business activities related to the service sector. 

"Incorporation of LLPs and conversion of LLPs with the proposed business activity (ies), including manufacturing & allied activities are not be allowed," the memorandum had said. 

Consultancy Corporate Professionals' Founder Pavan Kumar Vijay said there was a misinterpretation with the memorandum and that has now been rectified. 

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