News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« General »
 HC asks Tax Dept to permit GST assessees to file for transitional credit
 Himachal ready with scheme to settle dues of pre-GST era
 Can laid off employees save tax on their severance pay?
 Can laid off employees save tax on their severance pay?
 Government unlikely to go for income tax cut due to fiscal stress
 Why we need better property tax systems
 The tax matter India must not cede ground on
 Small savings schemes: Look at post-tax return before deciding to invest
 Financial services firms come under taxman’s scanner
 Filing Income Tax Return Using Aadhaar Leads To Allotment Of Aadhaar. Read Latest Rules Here
 If you are not paying income tax, get ready for I-T department's call

Govt will inspect group companies
January, 12th 2009

Initiating action against Satyam, government on Thursday ordered inspection of books of accounts of eight companies controlled by the IT company or its promoters, including Maytas Properties and Maytas Infrastructure. Government has also asked the Institute of Chartered Accountants of India (ICAI) to get the internal working paper of auditing of Satyam from the statutory auditor Pricewaterhouse.

Corporate affairs minister Prem Chand Gupta said the inspection would be conducted as per the provisions of Section 209A of the Companies Act. The companies whose accounts will be verified are Maytas Properties, Maytas Infrastructure, Satyam BPO, Nipuna Services, Knowledge Dynamics, Nitor Global Solutions, Ca Satyam AS Pvt Ltd and Satyam Venture Engineering Services. Asked on the status of these companies, he said some were subsidiaries of Satyam while in some the promoters held a stake.

The working paper is considered to be important document in the investigation as it contains the strategy an audit firm adopts before undertaking audit of a company. Gupta said ICAI has sought the working paper from Pricewaterhouse within three days. Separately, ICAI president Ved Jain said the statutory body, that regulates the accounting profession in India, will take action against the the auditors in the next two to three months, if found guilty. A show-cause notice would be issued to Pricewaterhouse in a week after collecting information from Sebi and Registrar of Companies, he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions