Chartered Accountant ( 公認会計士) (공인 회계사 )(CONTABILISTAS)
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(COMPTABLES CHARTERES)
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(сметководители) (MUHASEBE MÜTEAHHİTLİĞİ) (محاسبون قانونيون) (CHARTERED AKUNTAN)(Geoktrooieerde Rekenmeesters)(registeraccountants)(RAGIONIERI REGISTRATI)חשבונות רואי חשבון) (This blog is non-commercial and is used here to put important news only for the educational purpose of Students doing CA and CS.
Lok Sabha had passed the Bill on the last day of the budget session by a voice-vote, but could not get the approval of the Rajya Sabha
The Bill seeks to put in place a mechanism by which such depositors can be compensated
The lower House, or the Lok Sabha, had passed the Bill on the last day of the budget session by a voice-vote, but could not get the approval of the Rajya Sabha.
This was informed by Finance Minister Arun Jaitley after meeting of the Union Cabinet.The Cabinet has requested the President of India to promulgate an Ordinance in this regard.
The Bill seeks to put in place a mechanism by which such depositors can be compensated. It has incorporated recommendations of the Standing Committee on Finance.
The legislation is aimed at effectively tackling the menace of illicit deposit-taking activities, and prevent such schemes from duping the poor.
The proposed law provides for severe punishment and heavy pecuniary fines to act as deterrent.
The Bill was initially introduced in Parliament on July 18 last year in the Lok Sabha and was referred to the Standing Committee on Finance.
Six firms linked to Singh brothers were used to divert Fortis funds to Gurinder Singh Dhillon and Sanjay Godhwani
Malvinder Singh claimed his brother Shivinder connived with Dhillon to sell these firms to RHC Holdings
The Securities and Exchange Board of India (Sebi), too, suspects that the total size of the Fortis fraud could be much higher than the ₹403 crore it originally estimated, a second person familiar with the development said, requesting anonymity.
Sebi has already passed an order against Fortis to recover ₹500 crore from the Singh brothers for funds diverted to the promoter and promoter-related entities in December.
“At the heart of the alleged fund diversion is Gurinder Singh Dhillon, head of Radha Soami Satsang Beas, and Sanjay Godhwani, a former associate of Malvinder and Shivinder Singh. Six promoter-related companies were used to effect the funds diversion," the first person cited above said on condition of anonymity.
Some of these facts also emerged from the complaint filed by Malvinder Singh with the Economic Offences Wing in Delhi and findings by SFIO. These depict a dark picture of a series of transactions between RHC Holding Pvt. Ltd, the holding company promoted by brothers Malvinder and Shivinder Singh, wherein RHC extended loans worth ₹5,482 crore to Dhillon family members, their associates or entities controlled by them.
This is independent of the ₹1,006.3 crore allegedly provided by Fortis and Religare Enterprises Ltd, another company controlled by the Singh brothers, to the six promoter-related entities. The funds belonged to shareholders of Fortis and Religare, among others. The six companies are Best Healthcare Pvt. Ltd, Devera Developers Pvt. Ltd, Fern Healthcare Pvt. Ltd, Modland Wears Pvt. Ltd, Adept Creations Pvt. Ltd and Green Line Buildwell Pvt. Ltd.
This came to notice during an assessment, as Malvinder Singhclaimed in his complaint, conducted after an audit found these companies under heavy debt. Malvinder Singh claimed his brother Shivinder connived with Dhillon to sell these firms to RHC, thus putting more strain on the holding company.
Malvinder Singh added that the companies were acquired without any legal due diligence, execution of agreements and any check on their businesses.
The twist in the tale came when Dhillon sought to discharge himself from the said liabilities, asking the Singh brothers to sign a family settlement that would encompass no legal proceedings or criminality in any circumstance against him.
According to the proposed settlement, Shivinder Singh was offered a position to head the Radha Soami Satsang Beas sect—one that Dhillon would abdicate. In return, the Singh brothers were to write off these loans as bad debt.
While Shivinder agreed to the deal, Malvinder did not, the latter said in the complaint.
In his complaint filed with the Economic Offences Wing against his brother, the Dhillon family and Sunil and Sanjay Godhwani, Malvinder Singh alleged misappropriation of company funds and sought ₹8,742 crore in compensation.
According to the second person cited above, funds from Fortis or Religare group companies were extended to any of these six companies and a portion of these loans were advanced to Dhillon family members and Godhwani brothers.
According to the financial statements of these companies reviewed by Mint, ₹430 crore was received by Best Healthcare from Fortis and Religare group while ₹207.15 crore was advanced to Dhillon’s sons Gurpreet and Gurkirat Singh Dhillon.
An additional ₹287 crore loan was extended to the Godhwani and Dhillon families out of the ₹496 crore received from Fortis and Religare by Fern Healthcare.
A sum of ₹223.15 crore was also advanced to the Dhillon family by Modland Wears, ₹152 crore by Adept Creations and ₹8 crore by Rosestar Marketing Pvt. Ltd (cross holding with Green Line).
“It is clear that Dhillon, in the garb of providing spiritual guidance, had gained complete trust and…amassed wealth from the financial facilities extended to the Dhillon family. The true extent of the fraud has not come to light as the entities are tightly controlled by the accused and requires a thorough investigation," Malvinder Singh alleged in the complaint.
In a statement, Fortis Healthcare said: “Issues related to the erstwhile promoters and the fund diversion have already been disclosed in the statutory filings by the company and are subject matter of investigations being conducted by regulatory authorities (Subject Investigation)."
Fortis is referring to its earlier disclosure that ₹473 crore was diverted by its subsidiary Fortis Hospitals Ltd to third parties. “We strongly deny and refute the contents that have been referred in the email in as much as it suggests that funds in addition to Subject Investigation have been diverted from Fortis," Fortis said, adding that it continues to cooperate with and follow the directions of all relevant regulatory authorities.
Dhillon, Shivinder Singh and Sunil Godhwani did not respond to emails sent on Monday seeking comment.
Lots of hype around Modi ji . Let us set the record straight , the proof of pudding lies in eating ! Maximum number of Jawans have died during Modis rule . 10,000 stone pelters were released . Gen VK Singh has himself said that terror level was less before Modi .
Tell me what is the net result in Kashmir ? You slept , had orgy with PDP then suddenly break the alliance , not before screwing up Kashmir !
Today as things stand , Modi has actually fooled us all . Not even one Kashmiri Hindu returned to the valley . You sanctioned thousands of crores to the valley . NIT students who shouted Bharat Mata ki Jai we're badly thrashed and we're sent back to their home towns . You did nothing !
Army Chief keeps saying that Army will not tolerate any stone pelting , and every day stones are being pelted , Terriorists are hiding behind these stone pelters , nothing is being done ! Govt should have at least now fired at the stone pelters , if not bullets , at least pellet guns ! Just nothing at all . Just one month back it was claimed that all but few terrorists are left in Kashmir and then we see 55 soldiers killed in just 4 days !
You did one Surgical strike then started patting your own back and became hero's , what Happened is Pulwama .
No action on 370 , nothing about Kashmiri Hindus ! What is the use of all the Army , Paramilitary forces when you cannot get back even one Hindu back to valley ?
Total nonsense !
Opinion expressed by Mr.Mohit Datta thru face book
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The Institute of Chartered Accountants of India (ICAI) has made it mandatory for its members to get a unique document identification number, or UDIN, a move to identify and weed out fake chartered accountants.
From January 1, 2019, all paperwork for clients need to show UDIN of the chartered accountants.
It had been noticed that financial documents and certificates were being attested by people who were posing as CA members and were misleading the authorities and stakeholders.
“To curb the practice, ICAI asked all our members to register for UDIN,” .
Chartered accountants can get their UDIN number through the institute’s portal.The Institute of Chartered Accountants of India has also made it mandatory for chartered accountants to register all certificates issued by them with the UDIN portal, which can be verified by users and stakeholders.
8 Times Indian Judicial System Proved That It Works Best For The Rich And Privileged You catch hold of Kanhaiya : Judiciary will release him. You catch hold of Urban Naxals : Judiciary will let them off . You use Force against Militants : Judiciary will poke it's nose You use pellet guns to defend : Judiciary will not allow you . You arrest Hurriyat : Judiciary will set them off . You hang a Terriorist : Judiciary will open its doors at 1:00 am . This is the role our Judiciary is playing to save our Republic ?
From the electric equipment space, Hind Rectifiers and Calcom Vision and from the realty space Arvind Smartspaces and BSEL Infrastructure Realty posted over 100 per cent jump in both top lines and bottom lines.
December quarter earnings season may not have sprung many positive surprises, yet around three dozen smallcap and midcap companies did manage to double both top lines and bottom lines for the September-December period.
Among the popular names, graphite electrode player HEG posted a 153 per cent year-on-year jump in net profit for Q3FY19 over an 121 per cent rise in net sales.
Indiabulls Ventures and Indiabulls Real Estate posted 122 per cent and 3,275 per cent profit growth on 108 per cent and 425 per cent, rise in top line, respectively.
Shares of HEG, Indiabulls Ventures, and Indiabulls Real Estate have declined 34 per cent, 42 per cent and 17 per cent, respectively, since October 2018.
Among others, Hindustan Oil Exploration, Deccan Cements, TV18 Broadcast, Sadhana Nitro Chem reported over two-fold rise in profit and sales for the quarter. Shares of Sadhana Nitro Chem and Deccan Cements slipped 57 per cent and 3 per cent, respectively, between October 1, 2018 and February 13, 2019. Sectorwise, Capital India, Tiaan Ayurvedic & Herbs and Leading Leasing Finance posted over 100 per cent rise in both net sales and net profit from the financial space.
VMS Industries and Hariyana Ship Breakers reported more than 100 per cent jump in profit and sales from the shipping and shipbuilding space.
E-waste management company Eco Recycling reported a 465 per cent YoY rise in profit on a 176 per cent jump in sales during the quarter gone by. Infibeam Avenues and Zen Technologies reported more than two-fold increase in net sales and net profit.
From the electric equipment space, Hind Rectifiers and Calcom Vision and from the realty space Arvind Smartspaces and BSEL Infrastructure Realty posted over 100 per cent jump in both top lines and bottom lines.
Shares of Calcom Vision rallied 76 per cent between October 1, 2018 and February 14, 2019.
Axtel Industries, which posted 681 per cent YoY rise in net profit in Q3FY19 on a 101 per cent YoY rise in net sales, has witnessed more than 80 per cent jump in share price since the beginning of third quarter.
Despite more than two-fold rise in net profit, shares of companies like BSEL Infrastructure Realty, Jiya Eco Products, Florence Investech, Cravatex, Hindustan Oil Exploration and Alfred Herbert have slipped over 10 per cent since October last year, while CMI FPE, Eco Recycling, and Capital India Finance have witnessed a rise of over 10 per cent in the same period.
One of India’s largest drugmaker Zydus Cadila and smaller firm Macleods Pharma suspended their Srinagar based company executives for posting what they termed as anti-national message on social media networks.
Mumbai based Macleods Pharma in a letter to its employee Riyaz Ahmad Wani said “In respect of the severe terrorist attack on our security forces at Pulwama, J&K state….. You have posted an anti-national message on your Facebook account of social Media as under: ‘‘Athh wanaan surgical strike’ meaning thereby- ‘This is called surgical strike."
Sources in the pharma sector confirmed the development. On Friday late evening, both suspension-cum-show-cause notice letters went viral amongst the pharma industry’s WhatsApp group along with phone recording of HR of Macleoids.
Both companies suspended their respective employees and issued a show cause notice giving 48 hours to respond to clarify their stand along with proper supporting evidence.In case of absence of their response, it will be presumed that they don’t have explanation/clarification of their actions and will be terminated from the job.
*I wish those judges who banned the use of pellet guns, their relatives n those politicians who openly or secretly support those coward terrorists were in that bus........I wish those sympathising with Kashmiris separatists , so called human rights activists who do not value human rights of Soldiers were in that bus.........I wish those Mani Shankars, Prashant Bhushans, Kapil Sibals, Khalids, Kanhaiyas, Barkhas ,Yechuris,Mehboobas etc were in that bus.*
*I wish those who are sitting on JNU tukde tukde gang's file and not permitting their trials were in that Bus. I wish the Bollywood and Amn ki aasha brigade were in that bus.*
*I wish those who wanted proofs of Surgical Strike were in that Bus.*
I wish Secular Hindus who never understand the dangers of Muslim extremism and instead always want to blame RSS were in that bus.
I wish people who try to be Secular by praising Islamic nonsense like Loudspeakers Azaan too as music to their ears were in that bus.
*The list is long. Before blaming Pakistan let us first expose and eliminate the enemies inside... the Secular Hindus who are always ready to bash RSS for nothing but their tongues get tied up whenever Islamic terror attack happens
I wish all of such bas**s are in a bus which gets blown away by 250 kg of RDX planted by their favourite Jihadi community.
Then only the souls of our Army Jawans lost in Pulwama attack will get peace.
