"PNB, the anchor bank, has appointed E&Y as advisor for harmonisation of capital norms, precisely net worth of the three banks as on March 31, 2020," United Bank of India's MD and CEO Ashok Pradhan said. At present, the consulting firm is looking at the balance sheets of the three banks and their audited reports of the second quarter of the current financial year, he added.
The Centre is likely to sell 28 per cent stake in BEML Ltd through strategic disinvestment and retain 26 per cent after the dilution of its shareholding in the public sector undertaking.
With more company secretaries moving to various countries, there was need for more International offices abroad, ICSI president Ranjeet Pandey told reporters.
“We are pleased to have Varun join our firm. He will be a great addition to our general corporate practice,” said Cyril Shroff, managing partner of CAM in a statement. Cyril Amarchand Mangaldas is the biggest full-service law firm in India, with over 750 lawyers including over 130 partners.
Players see up to 25% growth in forensic business in past 3 years even as strict regulatory action hits audit operations.
They are seeking risk premium in the form of hikes and special bonuses, following actions Sebi and others.
RGM Legal focuses mainly on structuring, corporate M&A, PE, venture capital and Fintech space and with Shah joining the firm, it will have real estate transaction and dispute resolution practice to cover commercial disputes, insolvency & bankruptcy (IBC) and arbitration amongst other things.
Sanjay Kaushik, managing director of Netrika Consulting, told that his company has a dominant presence in on-ground security and antifraud solutions and the acquisition has brought in online capabilities.
"The acquisition of Ashni's Practice is in keeping with the firm's focus on scaling its technology, media and entertainment practice into a market leading practice. We are also delighted to welcome Ashni Parekh to the firm," Managing Partner of Law firm Cyril Amarchand Mangaldas Cyril Shroff said in a statement. Ashni Parekh is a media and entertainment lawyer.
The primary reason, for global tie-ups, being cited is the growing complexity in audit business.
“As the largest shared services centre for Cargill, India brings in unique value to our enterprises and functions. Under Sumit’s leadership, we hope to continue the stride in enabling our teams to deliver high quality services and build their careers with the company,” said Kim Skanson, president and global leader for Cargill Business Services.
Prafulla Chhajed, President of the ICAI said " “India and Kuwait share a cordial relationship, strengthened and nurtured with historical trade links, cultural affinities and presence of large number of Indian nationals in Kuwait" adding that there was a need to promote Kuwait-India business partnerships when signing the MoU.
There's no slowdown for lawyers: In just the past two years, the legal sector's fee income has jumped by 62%.
The Supreme Court on Monday stayed a direction in the order of Securities Appellate Tribunal (SAT), which stopped market watchdog Sebi, from barring the auditors from auditing listed companies. In January 2018, the Securities and Exchange Board of India slapped a two-year ban on Pricewaterhouse (PwC), an arm of PricewaterhouseCoopers India, from auditing any listed company for its role in the Rs 7,800 crore Satyam scam. The SAT, however, quashed the two-year ban.
The SAT, in its order which set aside the ban on audit firm Price Waterhouse (PwC), had noted that SEBI does not have the power to bar auditors. Earlier, the SEBI had challenged SAT's decision to quash a two-year ban that was imposed on PwC in connection with the Rs 7,800 crore Satyam fraud.
Tom Velema, EY’s alliances leader for EMEIA, who was in India recently, told ET that the shift in strategy had been initiated almost a decade ago but got a sharper focus only in the last few years. “This is an ecosystem play we adopted, which started with a global partnership with SAP. This is also a reflection of the market and embracing the drive to digital,” Velema said.
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