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The Grey Area that made IL&FS Audits Tricky.
Evergreening is a ploy to mask loan default by giving new loans to help delinquent borrowers repay or pay interest on old loans. For years, it was central to functioning of IL&FS. In his statement to the Serious Fraud Investigation Office (SFIO), Sampath Ganesh, partner at the auditor BSR & Co LLP, a KPMG affiliate, said that since the Reserve Bank of India’s (RBI) final inspection report on the IFIN was pending, there was no regulatory clarity on what kind of transactions shoul... Read More
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YES Bank's non-executive director Ajai Kumar resigns.
YES Bank on Monday issued a statement claiming Ajai Kumar, non-executive (non-independent) director of the bank has resigned with immediate effect. "We would like to inform that Ajai Kumar, non-executive (non-independent) director of the bank has tendered his resignation on June 9, 2019 with immediate effect due to personal reasons," a regulatory filing from the bank stated... Read More
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Role of Good Corporate Governance in Building Sustainable Business Models
Corporate Governance basically centres around Internal Controls, Policies and Procedures which constitute the wireframe of a company’s operations and how it deals with its various stakeholders viz; Customers, Employees, Shareholders, Government and other Industry Bodies. Good Corporate Governance stresses on the need for organisations to focus on upholding the principles of Transparency, Integrity, and Ethics. Read More
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RBI Guv calls for performance evaluation of bank chiefs.
The RBI has recently issued a discussion paper on the proposed guidelines for compensation in private banks which also deliberates upon the minimum variable pay component and clawback arrangements, among many others. Furthermore, The performance of chiefs of public and private sector banks should be closely monitored by the Board of Directors either through a sub-committee or an external peer group review, according to Reserve Bank of India Governor, Shaktikanta Das. Read More
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Two Jet suppliers seek to land airline in bankruptcy court.
Banks have so far tried to keep Jet out of court-monitored insolvency proceedings, as sought now by the two operational creditors, as they wanted to maximise the money they could recover from the debt-ridden airline. If the National Company Law Tribunal (NCLT) accepts the pleas of Shaman Wheels and Gaggar Enterprises under the Insolvency and Bankruptcy Code (IBC), these financial creditors would also have to become party to the case to recover their money. Read More
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