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The Economic Times
The Economic Times Robin Banerjee calls for phased rollout of SA 600 to balance audit quality and practicality in India
In a revealing conversation with Robin Banerjee, Chairman of Nucleon Pvt Ltd, ETCFO explores the heated debate over SA 600, examining its implications for audit accountability and financial reporting standards in India.
The Economic Times SpiceJet's Ajay Singh may sell over 10 pc stake in airline to raise funds
Ajay Singh, SpiceJet's chairman, may offload over 10% of his stake in the airline as part of a funding round closing by September's end. The budget carrier aims to raise Rs 3,200 crore through various means to meet obligations and revive its grounded fleet. Discussions with potential investors are ongoing.
The Economic Times ED restores assets worth over ₹16,000 crore
The Enforcement Directorate (ED) aims to expedite the restoration of assets to victims defrauded under the Prevention of Money Laundering Act. The agency has already restored ₹16,400 crore in high-profile cases involving Vijay Mallya, Nirav Modi, and National Spot Exchange Ltd. Efforts are ongoing to return assets in other significant fraud cases.
The Economic Times Some PE, VC investors more equal than others? Sebi seeks to find out
The capital market regulator Sebi has asked private equity and venture capital funds to disclose the names of investors who have been given special terms and representation on investment committees. This move aims to ensure transparency and address concerns about differential rights that may undermine other investors' interests.
The Economic Times IndiGo plans to expand international reach, enhance cargo operations
IndiGo plans to expand its international destinations to 40 by March 2025 and introduce wide-body aircraft by 2027. The airline will also launch a new business class product and a frequent flyer program. IndiGo aims to become a leading global airline by 2030.
The Economic Times Surplus liquidity shows govt's foot on spending pedal
Government expenditure is rebounding, leading to surplus liquidity in the banking sector as the Centre injects cash into the system. The Reserve Bank of India's tolerance of this surplus suggests a potential shift toward softer monetary policy. Analysts note that government spending has been steadily increasing over the past few months, supporting economic growth.
The Economic Times Sebi employees protest at HQ; demand Buch's resignation
None of the protesting employees spoke to the media, but a handout purported to have been drafted by the protesting officials sought the withdrawal of a press release issued by Sebi on Wednesday and also Buch's resignation.
The Economic Times Hexaware files DRHP for Rs 9,950-crore IPO
Hexaware Technologies has filed a draft red herring prospectus with SEBI to raise ₹9,950 crore through an IPO. The offering will be an offer for sale from CA Magnum Holdings, affiliated with Carlyle Group. Hexaware, delisted in 2020, reported a profit of ₹997.6 crore in 2023, with revenue growing by 12.8% to ₹10,380.3 crore.
The Economic Times DIPAM Secy Tuhin Kanta Pandey appointed as Finance Secretary
Tuhin Kanta Pandey has been appointed as the new finance secretary, succeeding T V Somanathan. Pandey, currently the secretary of DIPAM, is known for his role in the sale of Air India and the listing of Life Insurance Corporation. He belongs to the 1987 batch Odisha cadre.
The Economic Times Byju's auditor BDO resigns a year after Deloitte’s exit: a timeline of events
Troubled edtech company Byju's said in a statement that its auditing firm, MSKA Associates, an affiliate of BDO International, resigned because Byju's refused to backdate its financial reports. The auditing firm informed the company's board of its resignation as the statutory auditor, although it had been appointed for a five-year term set to end in FY27.
The Economic Times GST council to discuss insurance premium, online gaming
The GST Council will meet to discuss important topics like insurance premium taxation, an amnesty scheme, and rate rationalization. They will also review GST on online gaming and tackle fake registrations. Chaired by Finance Minister Nirmala Sitharaman, the council aims to explore potential tax reliefs and reforms with state ministers.
The Economic Times Mid-size companies centre on India to set up GCCs
India's appeal as a hub for global capability centres is growing, attracting Fortune 500 companies and smaller firms. Mid-sized GCCs with 1,000-2,000 employees are setting up in India, leveraging cost advantages and skilled workforce. Bengaluru and Hyderabad lead this growth, with technology-focused GCCs dominating office space leasing.
The Economic Times Consumer goods companies talk up innovation but cut down R&D spends
Many Indian consumer goods companies, including ITC and Maruti Suzuki, have reduced their R&D spending as a percentage of revenue over the past five years. Despite emphasizing innovation in their reports, only a few have marginally increased their R&D budgets. Reliance Industries remains a top spender in this segment.
The Economic Times Tata Sons chairman N Chandrasekaran takes home Rs 135cr in FY24, up 20%
Tata Sons chairman N Chandrasekaran's compensation rose by 20% to Rs 135 crore in FY24, making him India's highest-paid professional chief. CFO Saurabh Agrawal earned Rs 30 crore. TCS CEO K Krithivasan and IHCL head Puneet Chhatwal had remunerations of Rs 25 crore and Rs 19 crore, respectively. Several other Tata Group CEOs also saw significant earnings.
The Economic Times Semiconductor mission may get $10-billion booster shot
ISM, a division within the Digital India Corporation tasked with furthering the country’s semiconductor manufacturing, packaging, and design capabilities was first established in 2022 with a budgetary allocation of $ 10 billion. “The second phase of ISM will be launched soon; the allocation will be around the previous phase. Two more proposals are expected to get approvals,” said an official.
