ARJAVA MEDIA: The National Financial Reporting Authority (NFRA) imposed a penalty of Rs 2 crore on Deloitte Haskins and punished two Chartered Accounts with fines and long-term debarring. ZEEL is a typical case of how promoters with majority shareholding rule the roost while taking the Board of Directors for a ride, sometimes without being on the board. NFRA imposed a penalty of Rs 2 crore on Deloitte Haskins and Sells LLP and fined two Chartered Accounts for lapses in the Financial Year 2018-19 and 2019-20 audit of Zee Entertainment Enterprises (ZEEL). While Chartered Account A B Jani was fined Rs 10 lakh and barred from all types of auditing practice and being appointed as an auditor or internal auditor of any company for five years, Chartered Accountant Rakesh Sharma was fi...
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ARJAVA MEDIA: Hailing from a middle-class Tamil family, the 41 years old Sriram Krishan was born in Chennai. He earned a BTech degree in information technology from SRM Engineering College, Anna University. The Indian-American Sriram Krishnan will serve as a Senior Policy Advisor for Artificial intelligence at the White House Office of Science and Technology Policy, President-elect Donald Trump announced. Before his appointment, he worked at Microsoft, Facebook, Yahoo, Snapchat, and Twitter in leadership roles. Sriram Krishnan is a founding member of Windows Azure. Donald Trump will take charge of the 47th President of the USA on 20 January 2024, his second term.Hailing from a middle-class Tamil family, the 41 years old Sriram Krishan was born in Chennai. He earned a BTech degr...
Read MoreARJAVA MEDIA: The Ministry of Housing and Urban Development Affairs is planning to fund eight new cities in India. Each city will get 1000 crore to build. Fifteenth Finance Commission has allocated ₹8,000 crore as a performance-based challenge fund for the incubation of eight new cities. The Ministry of Housing and Urban Development Affairs (MoHUA) received 28 proposals from 23 States. A State can have only one new city through this fund.In line with the recommendations of the 15th FC, the Ministry constituted an Expert Committee (EC) for the finalisation of bid parameters for new cities. The Committee finalised minimum eligibility conditions and bid parameters. First, the Ministry received 26 proposals from 21 States up to the last date. Due to the non-receipt of qualitative p...
Read MoreARJAVA MEDIA: It is a heavily overpriced IPO with a PE ratio of 64 times as against the peer group average of 55.80 times. Then what is there for investors to earn after the listing? The picture is clear, investors will make nothing while the seller will take home 46 times more profit from its investment. Subscribing to the issue is like betting money on one’s luck. Carraro International S.E, the promoters of Carraro India, is selling its stake in Carraro India at a price band of Rs 668-704 per share to raise an aggregate of Rs 1250 crore. Not a small sum! To raise this much money, Carraro International will have to sell about 17.70 million shares at Rs 704 per share. That constitutes roughly one-third of the company’s equity base of Rs 56.80 crore. Let us not laugh. Carraro...
Read MoreARJAVA MEDIA: “Banks have recovered Rs 14,131.60 crores from me against the judgment debt of Rs 6203 crores and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue,” Vijay Mallya tweeted. The Finance Minister announced in the parliament that the banks recovered 14,131.60 crores from Vijay Mallya. Two days later, Mallya tweeted on X: “The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, banks have recovered Rs 14,131.60 crores from me against the judgment debt of Rs 6203 crores and I am still an economic offender. Unless the ED and Banks can legally justif...
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