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<ul><li><keyword id="9637999" type="General" weightage="20" keywordseo="ILFS-AUDITOR" source="Orion">IL&amp;FS auditor</keyword> <keyword id="7600207" type="General" weightage="20" keywordseo="SRBC" source="Orion">SRBC</keyword> &amp; Co has resigned with effect from September 28.</li><li>The group’s board has appointed CNK Associates as the new <keyword id="6437332" type="General" weightage="20" keywordseo="AUDITOR" source="Orion">auditor</keyword> to the firm for fiscal 2022.</li><li>The development comes amid recent allegations of ‘<keyword id="75331" type="General" weightage="20" keywordseo="professional-misconduct" source="Orion">professional misconduct</keyword>’ against SRBC.</li></ul>Bankrupt infrastructure financier, Infrastructure Leasing &amp; Financial Services (<keyword id="6357293" type="General" weightage="20" keywordseo="ILFS" source="Orion">IL&amp;FS</keyword>), on Friday, said its statutory auditor SRBC &amp; Co has resigned with effect from September 28, 2021. “M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years,” it said in a stock exchange filing. The IL&amp;FS board has appointed CNK Associates as the new auditor to the firm for fiscal 2022. The development comes amid allegations of ‘professional misconduct’ against SRBC, as per an assessment by the National Financial Reporting Authority (<keyword id="1500518" type="General" weightage="20" keywordseo="NFRA" source="Orion">NFRA</keyword>), part of the Ministry of Corporate Affairs. The NFRA reviewed the fiscal 2018 audit of IL&amp;FS Transportation Networks Ltd. (ITNL). In its September 23 <keyword id="12220678" type="General" weightage="20" keywordseo="audit-quality-review" source="Orion">audit quality review</keyword> <a href="https://nfra.gov.in/sites/default/files/AQRR%20ITNL.pdf">report</a>, the government body alleged that SRBC, which used the EY logo and brand name in a misleading manner, and failed to provide adequate evidence supporting their assessment of the going concern status of ITNL. The 343-page NFRA report, in its assessment, further alleged that SRBC, <ul><li>Failed to disclose material facts known to them which are not disclosed in financial statements.</li><li>Failed to report a material misstatement known to them to appear in a financial statement.</li><li>Not exercised due diligence, or have been grossly negligent in the conduct of their professional duties</li></ul>Among other such allegations, NFRA concluded that SRBC did not perform the audit procedures in a consistent manner. “This renders the audit documentation completely unfit for the intended purpose. In not rectifying these deficiencies, the audit firm is guilty of serious professional misconduct,” it said. In 2018, debt-ridden IL&amp;FS group had gone bust creating a ripple effect in India’s shadow banking sector. Recently the IL&amp;FS board, led by billionaire banker Uday Kotak, said that it would resolve about 62% of the group's debt of nearly ₹99,000 crore, by the end of ongoing fiscal. As of April, the group has addressed debt worth ₹43,100 crore, short of its initial target to resolve about ₹50,000 crore by end of March. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-led-oyo-files-preliminary-papers-for-its-1-2-billion-ipo/articleshow/86674003.cms">Ritesh Agarwal-led OYO files preliminary papers for its $1.2 billion IPO</a> <a href="https://www.businessinsider.in/business/corporates/news/heres-why-paras-defence-and-space-tech-got-the-best-listing-post-ipo-this-year/articleshow/86674479.cms">Paras Defence &amp; Space Technologies makes space cameras and it just made the best listing post-IPO this year</a> <a href="https://www.businessinsider.in/india/news/from-increased-premium-payments-to-getting-seven-midnight-calls-users-vent-on-social-media-against-rbis-new-auto-debit-rules/articleshow/86673532.cms">From increased premium payments to getting seven midnight calls, users vent on social media against RBI’s new auto-debit rules</a>

IL&FS replaces auditor SRBC & Co amid allegations of professional misconduct by NFRA

The <keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword> on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- <keyword id="115294" type="COMPANY" weightage="20" keywordseo="Deloitte-Haskins">Deloitte Haskins</keyword> &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the <keyword id="3778499" type="COMPANY" weightage="20" keywordseo="NATIONAL-COMPANY">National Company</keyword> Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J Mukhopadhaya. The case relates to IFIN, a subsidiary of IL&amp;FS. Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed. "As rules of natural justice are to be followed, if any order is passed against one or other, including investigation, it is always open to the Tribunal to ask such party to be impleaded," the NCLAT said. The MCA had asked the NCLT to freeze the assets of the former auditors in the case, involving alleged fraud in IFIN. The appellate tribunal, however, granted relief to both the auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. After the judgment was pronounced by the NCLAT in the open court, a request was made by counsels, representing accounting firms and other independent directors, to allow the interim order passed by it on July 29, 2019 for two weeks, which was accepted by the appellate tribunal. "We allow the prayer and continue the interim order passed on 29th July, 2019 for another two weeks," the bench said. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and independent directors of IL&amp;FS. Earlier on July 23, the NCLT had allowed the plea of the <keyword id="6376435" type="COMPANY" weightage="20" keywordseo="ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword> (MCA) to implead the auditors and independent directors of IFIN. Moreover, visualsing the possible impact of IL&amp;FS crisis on the Indian economy, the NCLAT in its 72-page-long order said that various acts "prejudicial to public interest" have been highlighted, which has cascading impact on various sectors of economy and even the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> -- which is responsible for the financial stability of the country -- too has raised "Red Signals" of the likely collapse of 'IL&amp;FS' in its confidential note dated September 30, 2018. "In the circumstances, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited 'IL&amp;FS' and/ or those who have managed or were concerned with 'IL&amp;FS' or its Group Companies, it cannot be held to be illegal. "We find no merit in these appeals. They are accordingly, dismissed," the NCLAT said. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of the concerned company, which has jeopardized the financial health apart from causing serious damage and financial loss to various stakeholders. However, the tribuanl said that as the matter is still pending before the NCLT, it is "not inclined to express any opinion whether the allegations made against one or other require further investigation and the order what is required to be passed in public interest". While commenting on the development, Deloite India spokesperson said: "We will review the written order before determining our further course of action, which may include an appeal". Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said. "We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice," he added. There was no immediate comment from KPMG.

In the IL&FS scam, auditors will not be left off the hook for their role

<ul><li>Former IL&amp;FS directors, Arun Shah and K Ramchandra were arrested by the Enforcement Directorate (ED).</li></ul><ul><li>The arrest comes after the Serious Fraud Investigations Office (SFIO) filed first chargesheet in May.</li></ul><ul><li>The arrests were made under the prevention of money laundering act (PLMA). R C Bawa and Hari Sankaran were also arrested under the same act.</li></ul>The government has been moving fast to arrest financial criminals in India. As proof, the Enforcement Directorate (ED) arrested two former directors of scam-ridden Infrastructure Leasing &amp; Financial Services (IL&amp;FS). The ED arrested Arun Shah and K Ramchandra on June 19, under the Prevention of Money Laundering Act (PMLA), <a href="https://economictimes.indiatimes.com/news/politics-and-nation/two-directors-of-ilfs-arrested-by-mumbai-ed-reports/articleshow/69863036.cms">according to reports</a>. Arun Shah was the Joint Managing Director of IL&amp;FS Financial Services while K Ramchandra was the Managing Director of IL&amp;FS Transportation Networks (ITNL). The arrests were made after the Serious Fraud Investigations Office (SFIO) filed its first chargesheet in late May, as a special case. “Arun Shah and K Ramachandra, former directors of IL&amp;FS, were arrested today by the Mumbai branch of ED. Further probe is underway,” an ED official <a href="https://economictimes.indiatimes.com/news/politics-and-nation/two-directors-of-ilfs-arrested-by-mumbai-ed-reports/articleshow/69863036.cms">reportedly</a> said. This is the second set of arrests as former IL&amp;FS CEO R C Bawa and another former director, Hari Sankaran are in judicial custody, after SFIO arrested them. Another former chairman of the company, Ravi Parthasarathy could not be <a href="https://www.tribuneindia.com/news/business/former-md-of-il-fs-financial-services-arrested-in-fraud-case/757866.html">taken into custody </a>due to health reasons. The ED registered a case in February under the Prevention of Money Laundering Act (PMLA) against 19 entities including ILFS Rail, ITNL. The registration was followed by searches conducted by the agency in Mumbai and Delhi. The SFIO had later unearthed multiple counts of fraud and criminal conspiracy, after investigation. There were also instances of misreporting, dubious transactions, conflict of interest, and the ever-greening of loans. Personal enrichment of top level employees was also a part of the many things that went wrong at the non-banking finance company (NBFC). The scam surfaced in July last year as IL&amp;FS’ debt ballooned to ₹910 billion, of which ₹570 billion are bank loans. The huge amount of money it defaulted on, has left the country's banks and other lenders reeling under a cash crunch ever since. Government had superseded the board of IL&amp;FS in October with a new board under Kotak Mahindra’s head Uday Kotak’s stewardship, <a href="https://www.moneycontrol.com/news/business/ed-makes-first-arrest-in-ilfs-case-4116731.html">according to reports</a>. This case has also landed its auditors Deloitte Haskins &amp; Sells and BSR &amp; Associates in trouble, for not identifying its problems. The Ministry of Corporate Affairs wants to ban both the auditors for five years, for their involvement in the scam.

IL&FS case: The latest arrests in India's largest financial scandal of 2018 are for alleged money laundering

Global banking giant HSBC has filed a winding up petition in a Singapore court against an overseas subsidiary of IL&amp;FS Transport Services Ltd (ITNL) for recovery of dues totalling more than Rs 1,000 crore. In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) Group, the Hongkong and <keyword id="848515" type="COMPANY" weightage="20" keywordseo="Shanghai-Banking-Corporation">Shanghai Banking Corporation</keyword> (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by <keyword id="8871445" type="COMPANY" weightage="20" keywordseo="itnl-offshore">ITNL Offshore</keyword> Pte Ltd. As per a notice published in Singapore's government gazette on March 3, HSBC filed its <keyword id="6355821" type="UNKNOWN" weightage="20" keywordseo="application">application</keyword> for winding up of ITNL Offshore Pte Ltd in Singapore High Court on February 27. The application has been listed for hearing on March 20 and "any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose", the notice said. When contacted, an IL&amp;FS spokesperson told , "The company is engaging with bondholders and aims to arrive at an amicable solution to resolve their debt." After a huge crisis came to light due to outstanding debt of over Rs 90,000 crore at IL&amp;FS, the government in October 2018 seized control of the debt-trapped company and superseded its board by appointing a new one, led by eminent banker <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> as its chairman. ITNL alone is said to account for outstanding debt totalling nearly Rs 40,000 crore, while the company and many other subsidiaries of IL&amp;FS have defaulted on several debt instruments due to insufficient funds. The new board, as part of the overall resolution process for the IL&amp;FS Group, has sold a number of assets to clear dues and debt. ITNL and several other IL&amp;FS entities are also facing multiple probes for alleged wrongdoings by the erstwhile management, while role of auditors and credit rating agencies have also come under the scanner. On Wednesday, the National Company Law Appellate Tribunal dismissed pleas of auditors of debt-ridden IL&amp;FS -- Deloitte Haskins &amp; Sells and <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at group firm IFIN. The central government had submitted that the act of fraud perpetuated is on account of "mis-representation and falsehoods about the financial state of affairs" of IFIN, which jeopardised its financial health and also caused serious damage and financial loss to various stakeholders. BJ MKJ

HSBC moves to liquidate IL&FS company in Singapore court

New Delhi, Mar 15 () Auditors need to be equipped with the latest available technological tools to execute high quality audits, right-leaning think-tank Centre for Economic Policy Research (CEPR) has said in a new report. "The business in present times is becoming larger and more complex. It is becoming difficult for the auditor to really access the complete data and study the systems to achieve the in-depth examination and subsequent analysis," CEPR said. "The limited tools to access and analyse the data and study the systems to bring out effective reports is becoming a big challenge and these limitations are across both the large and small enterprise," it added. According to the report, a rapid increase in the volume of data requires auditors to be equipped with the latest available technological tools to analyse a much higher volume of data in their audits than previously required. Vijay Gupta, a former central council member of the ICAI, said, "The globalised businesses of the clients that the audit firms serve, calls for the latest audit techniques and processes that needs to get deployed by such audit firms, the absence of which becomes a handicap in apt deliverance of their duties." He said there is a need for better IT infrastructure to create more robust audit framework. The audit industry has been facing multiple challenges in the current macro-economic environment and these are further getting aggravated by a prevailing negative narrative around the audit profession in the country. There has been a spate of actions taken against auditors in the recent times, including against PwC in the Satyam scam case, and against Deloitte and BSR with regard to the IL&amp;FS fraud. Also, in the 2013 case of NSEL, auditors were arrested by the Economic Offences Wing (EOW) Mumbai, but were realised on bail later. According to CEPR, latest advances in technology promise significant benefits for the audit profession, with a number of key drivers signalling the need for technological change in audit. Such drivers include the rapid increase in volume of data, changes in business models, shift towards automation and the demand for a proactive and forward-looking approach to audit. These developments require auditors to be technologically sound to enable them to execute high quality audits, the CEPR report said. "An effective IT infrastructure at the auditor's end has become a must now to carry out error free audits and build confidence from overall governance perspective," said Pavan Kumar Vijay, founder of Corporate Professional, a corporate and legal advisory firm. He said the volume of transactions and data in businesses has increased dramatically since 2016 and is expected to keep increasing in the future, which underlines that the use of advanced technologies and data analytics promises a transformation in the audit and build confidence. BJ ABM

Auditors must use latest tech tools for quality audits: CEPR

New Delhi, Mar 4 () The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of debt-ridden IL&amp;FS auditors -- Deloitte Haskins &amp; Sells and KPMG arm BSR &amp; Associates -- challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&amp;FS. A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and the independent directors of IL&amp;FS. Earlier on July 23, the NCLT had allowed the plea of the Ministry of Corporate Affairs (MCA) to implead the auditors and independent directors of IFIN. "On the request of the counsel, we allow (that) interim order dated July 29 would continue till another two weeks," the bench said. The MCA had asked the NCLT to freeze the assets of the former auditors in the case involving alleged fraud in IFIN. While, commenting on the development, Delloite India spokesperson said: "We will review the written order before determining our further course of action, which may include an appeal." Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said. "We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice," he added. KRH MKJ

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter

New Delhi, Jan 10 () Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR &amp; Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&amp;FS.
 The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. 
 The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing &amp; Financial Services (IL&amp;FS).
 Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and whether there is a fraud or not has to be tried on merit when the appeal is contested.
 The counsel said it is not relying solely on the SFIO report but also on the findings of the RBI's Inspection report.
 The auditor firms have said that the SFIO's interim report is not admissible and argued that they are not associated with IL&amp;FS Financial Services (IFIN) anymore.
 The government's financial fraud probe agency SFIO had recommended necessary action against the auditors and also a detailed internal investigation by the RBI to identify reasons for the delay in detecting the lapses. RSN MKJ

NCLAT reserves order over NCLT's jurisdiction to implead auditors in IFIN case

<ul><li>SRBC &amp; CO, an EY affiliated company, is accused of sharing sensitive data over emails and with third parties by Infibeam Avenues. </li><li>Infibeam has its own problems with its stock opening to an 8% dip on Monday after reports of the <keyword id="608402" type="PERSON" weightage="20" keywordseo="data-breach">data breach</keyword> came in over the weekend. </li><li>SRBC &amp; CO is "strongly" denying the allegations while Infibeam is citing "breach of trust" and "loss of faith."</li></ul>A chartered accountancy firm, SRBC &amp; Co — known for being affiliated to Ernst &amp; Young (EY) — is "strongly" denying the allegations of a data breach. But, Infibeam Avenues — a digital company in India that deals with online transactions and e-commerce — is still terminating its contract with the accounting firm, according to stock market filings seen by the <a href="https://www.cnbctv18.com/information-technology/infibeam-fires-auditor-for-sharing-price-sensitive-info-3203941.htm">Press Trust of India.</a> 
 <div type="ExtQuote" text="We strongly deny the allegations against us. We have conducted a comprehensive investigation in the matter and stand by our findings. We are confident of our position and are open to a third party/regulatory inspection in the matter and will respond to the regulators, as required." auname="SRBC &amp; Co Statement"></div>



 Infibeam — a digital company in India that deal with online transaction and e-commerce — informed the Indian stock exchanges that its auditor SRBC &amp; Co, shared unpublished price sensitive information (UPSI) over emails and with third parties not once, but multiple times. And, as the stock markets opened Monday morning, its stock price plummeted by almost 8% to ₹40 per share before recovering. The National Stock Exchange (NSE) and the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> (BSE) — two of India’s biggest stock markets — are yet to act on the issue but Infibeam maintains that there has been a breach of trust and loss of faith. 
 <div type="ExtQuote" text="The board was not convinced with the auditor's explanations, processes and conduct leading to unauthorised sharing of company UPSI. Thus in the interest of the company and with board approval, the auditors were terminated." auname="Infibeam Avenues statement"></div>



 The relationship between Infibeam Avenues and SRBC &amp; Co is dates back to the merger between Avenues India and Infibeam. The accused had raised several alarms over Avenues India’s payment gateway. For one, ₹240 million of the <a href="https://m.dailyhunt.in/news/india/english/entrackr+english-epaper-entrackr/auditor+alarms+concerns+over+advance+payments+to+vendors+and+revenue+filed+by+infibeam+in+q3-newsid-109043718">reported</a> revenue by Infibeam in December 2018 actually belonged in the first and second quarters of the financial year according to the auditors asking Infibeam to clarify its calculation processes. Even in the market, things haven’t been the smoothest for Infibeam, where its stock prices <a href="https://economictimes.indiatimes.com/markets/stocks/news/how-a-whatsapp-note-triggers-crash-in-infibeam-avenue/articleshow/66002863.cms">dipped</a> by 75% in the last financial year. After SRBC &amp; Co’s termination, accounting firm Shah &amp; Taparia will continue on as auditors for the company. The public scrutiny has a detrimental effect on SRBC &amp; Co’s reputation as well as EY in light of IL&amp;FS defaulting on its payments to lenders. EY, along with PwC, <keyword id="6358918" type="COMPANY" weightage="20" keywordseo="deloitte">Deloitte</keyword> and KPMG, have been <a href="https://www.livemint.com/companies/news/govt-likely-to-ban-deloitte-for-five-years-for-alleged-malpractice-in-il-fs-accounts-1556425159041.html">asked to refrain</a> from practicing law until otherwise specified as well as disclose all of their financial details and dealings with IL&amp;FS. In fact, the biggest financial scandal of 2018 may end up costing Deloitte <a href="https://www.businessinsider.in/the-biggest-financial-scandal-of-2018-may-cost-deloitte-five-years-of-business-in-india/articleshow/69090512.cms">five years of business in India.</a> See also: <a href="https://www.businessinsider.in/the-biggest-financial-scandal-of-2018-may-cost-deloitte-five-years-of-business-in-india/articleshow/69090512.cms">The biggest financial scandal of 2018 may cost Deloitte five years of business in India</a> <a href="https://www.businessinsider.in/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/articleshow/67148364.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a> <a href="https://www.businessinsider.in/sbi-data-breach-leaves-millions-of-users-data-exposed/articleshow/67767832.cms">India’s largest bank leaves the data of millions of users exposed</a>

Indian e-commerce firm Infibeam fires its auditor for alleged data breach — stock tanks as much as 8%

<ul><li>NTA will soon release admit card/hall ticket for <keyword id="626560" type="General" weightage="20" keywordseo="UGC-NET-exam" source="Orion">UGC NET exam</keyword> December 2020 and June 2021 cycle on their official website.</li><li><keyword id="457382" type="General" weightage="80" keywordseo="ugc-net" source="Orion">UGC NET</keyword> 2021 exam will be held from October 6 to October 8 and October 17 to October 19.</li><li>Candidates should note that the confirmed dates for online admit cards are still awaited.</li></ul><keyword id="581232" type="General" weightage="20" keywordseo="national-testing-agency" source="Orion">National Testing Agency</keyword> (NTA) will soon release admit card/hall ticket for <keyword id="56459" type="General" weightage="20" keywordseo="university-grants-commission" source="Orion">University Grants Commission</keyword> National Eligibility Test (<keyword id="44171" type="General" weightage="100" keywordseo="ugc" source="Orion">UGC</keyword> NET) exam for December 2020 and June 2021 cycle on their official website of <a href="https://ugcnet.nta.nic.in/WebInfo/Page/Page?PageId=1&amp;LangId=P">UGC NET</a>. UGC NET 2021 exam will be held from October 6 to October 8 and October 17 to October 19. The UGC NET exam admit card was supposed to be released in the last week of September. Candidates should note that the confirmed dates for online admit cards are still awaited. However, the exam dates are final and as per the revised schedule. This is how you can download your admit card online — <ol><li>Open the official website of <a href="https://ugcnet.nta.nic.in/WebInfo/Page/Page?PageId=1&amp;LangId=P">UGC NET</a> and click on ‘UGC NET 2021 Admit card download’.</li><li>Enter your login credentials -- Application number and date of birth.</li><li>The <keyword id="5905069" type="General" weightage="20" keywordseo="UGC-NET-admit-card" source="Orion">UGC NET admit card</keyword> will be displayed on your screen.</li><li>Download and take a hard copy of the admit card for future reference.</li></ol> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/du-admission-2021-all-you-need-to-know-about-the-online-admission-process/articleshow/86676064.cms">DU Admission 2021: All you need to know about the online admission process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ilfs-replaces-auditor-srbc-co-amid-allegations/articleshow/86675709.cms">IL&amp;FS replaces auditor SRBC &amp; Co amid allegations of professional misconduct by NFRA</a>

UGC NET Exam 2021: Here’s how to download hall ticket for December/June cycle

New Delhi, Dec 8 () With an aim to upgrade skills and build their bandwidth, an increasing number of domestic audit firms are looking for global tie-ups to take on multinational giants in the sector.
The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates.
"There has been a significant jump in the number of mid-sized Indian audit firms looking for global tie-ups in the recent past. More than a dozen such firms have approached various global players in past few weeks," said a consultant who is helping local firm scout for a foreign partner.
The primary reason being cited is the growing complexity in businesses, which auditors must understand to deliver a high-quality audit, compounded by the fear of stringent action by regulatory and investigating agencies for negligence or collusion by them in cases of corporate frauds and business failures.
In recent times, there has been a spate of actions against auditors, including against PwC in the Satyam case and against Deloitte and BSR in the IL&amp;FS matter.
The Supreme Court recently stayed an order by the Securities Appellate Tribunal, which held that Sebi lacked powers to bar auditors, after the capital markets regulator contested a SAT ruling that had quashed a two-year ban on PwC in connection with the Rs 7,800-crore Satyam scam.
In the IL&amp;FS case, the NCLT had launched proceedings against the company's erstwhile auditors but the Bombay High Court later granted a stay. Besides, some auditors were recently arrested by the Economic Offences Wing of the Mumbai Police in the NSEL matter, though they were released subsequently on bail.
Some auditors, including in the case of IL&amp;FS matter, have also come under the scanner of the Serious Fraud Investigation Office (SFIO), while National Financial Reporting Authority (NFRA) is looking into alleged accounting lapses at Infosys.
The regulatory and government officials have often pointed out that auditors are supposed to be the conscience-keepers of a company and it is their duty to ring the alarm bells even at the slightest hint of a financial wrongdoing.
Within the auditor community, there is a growing feeling that the globalised businesses of the clients they serve call for the latest audit techniques and processes and their absence can be seen as a major obstacle in delivering on the audit mandate.
A robust IT infrastructure is the another biggest gap area that the domestic audit firms are looking to address through global tie-ups.
"Lack of a strong technology infrastructure has been an area of concern for Indian audit firms in carrying out audit for their clients. An effective IT infrastructure at the auditor's end calls for a substantial investment and a global tie-up or getting associated with a multinational network can help significantly on that front," said an audit committee head at a Nifty-50 company.
At the same time, the prevailing macro-economic environment is creating multiple challenges for the industry, while a negative narrative that has got built around the audit profession is making the things worse, experts said.
Vijay Gupta, ex-central council member of the ICAI, said, "Global tie-ups provide local audit firms access to better processes and practices already undertaken by the global partner, thereby building a much-needed bandwidth to serve the clients".
He cited the resource constraints faced by local firms as crucial for pushing them towards global tie-ups, and said the aim is to have a better IT infrastructure to create a more robust audit framework.
"The liability mechanism for auditors is an area that needs to be duly addressed. Drastic actions are being taken against auditors even in the absence of being proven guilty," said an auditor working with a leading firm.
He said a complete ban on any audit firm has a much larger impact on the industry and on people working in it.
On the other hand, officials at regulatory and enforcement agencies have been saying that audit firms tend to put the blame on individuals after finding themselves in the dock for their alleged role in frauds.
Experts opine that availability of trustworthy financial information on performance of companies is important for proper functioning of a market economy, but the entire auditing system has got into a precarious situation as questions are being raised around integrity of auditors.
Serious concerns arise if auditors' independence is compromised or when trust reposed in them gets betrayed as independent audits are fundamental to taking informed and correct investment decisions.
Experts feel that it is important to facilitate a business-friendly environment for corporates as well as for professionals in India and therefore it is vital that Indian laws and regulations on professional services keep pace with the changing market dynamics. BJ
BAL

Audit firms eye global tie-ups to upgrade skills, build bandwidth

New Delhi, Mar 4 () Following are the top business stories at 1824 hours:DEL77 CAB-LD AIRINDIAGovt permits NRIs to own up to 100% stake in Air IndiaNew Delhi: The government on Wednesday permitted NRIs to control up to 100 per cent stake in disinvestment-bound Air India. DEL80 CAB-BANKS MERGERBanks' merger to come into effect from Apr 1, says SitharamanNew Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020. DCM23 LSQ-TELECOM-AGR DUESBalance AGR dues of telcos pegged at Rs 1,30,440 crore: DhotreNew Delhi: The government has received Rs 15,896.5 crore payment from telecom companies towards AGR liabilities, placing the remaining dues at Rs 1,30,440.4 crore, the Lok Sabha was informed on Wednesday. DEL69 CAB-COMPANIES LAWGovt approves more amendments to companies lawNew Delhi: The government on Wednesday cleared more amendments to the companies law, including decriminalising various offences. DEL97 BIZ-LD-NCLAT-ILFS-AUDITORSNCLAT dismisses Deloitte, KPMG and auditors pleas against impleadment in IL&amp;FS matterNew Delhi: The NCLAT on Wednesday dismissed the pleas of auditors of debt-ridden IL&amp;FS -- Deloitte Haskins &amp; Sells and KPMG arm BSR &amp; Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. DEL93 CORONAVIRUS-BIZ-HAND SANITIZERSChemist shops run out of hand sanitizers, face masks in several parts of Delhi-NCRNew Delhi: Hand sanitizers and face masks vanished from chemist shops in many areas of the national capital and adjoining towns as people resorted to panic buying amid the coronavirus outbreak. DEL89 BIZ-LD STOCKSMarkets recoil as coronavirus cases spike in India; bank, finance stocks slumpMumbai: Equity indices resumed their downward march on Wednesday as domestic investors were spooked by a sudden spike in coronavirus cases in India. DCM41 BIZ-TELECOM-DUES-PSUSGovt detaches GAIL, OIL, other PSUs from AGR caseNew Delhi: The government has detached gas utility GAIL India, explorer Oil India and other PSUs from a Supreme Court order that had led to Rs 1.47 lakh crore being sought from telecom firms such as Bharti Airtel and Vodafone Idea in past dues, the Lok Sabha was informed on Wednesday.DCM22 BIZ-LLP SCHEMEGovt to bring settlement scheme for LLPsNew Delhi: The government will come out with a one-time settlement scheme for Limited Liability Partnerships (LLPs) that will provide more time to submit their pending documents as well as immunity from prosecution for defaults. DCM17 BIZ-NCLAT-LD CCI-FLIPKARTNCLAT asks CCI to probe against Flipkart over allegations of unfair practicesNew Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked fair trade regulator CCI to initiate again the probe against e-commerce major Flipkart for an alleged use of its dominant position. DCM32 BIZ-IPO-LD SBICARDSSBI Cards IPO subscribed 15.15 times so far on third day of biddingNew Delhi: SBI Cards and Payment Services initial public offer was subscribed 15.15 times so far on the third day of bidding on Wednesday. SHWSHW

Business highlights

Social enterprises are fast emerging as sustainability power engines of world economies. They are driven by vision to improve society. They identify and solve societal problems through innovation and technology. They feed the hungry, resolve injustices, educate the illiterate, reach healthcare in the remotest corners of the world to cure the diseases, and protect the environment. Social enterprises are movers and shakers of the twenty first century — they are action oriented, they helped the needy (be it organizations or individuals). They act locally but impact globally. Indian social enterprises have been playing a key role in eliminating societal problems. iKure, an Indian social enterprise delivers primary healthcare, wellness, prevention health services to rural, semi-urban and urban areas and has treated 2.5 million people across 6,400 villages. They reach where no doctor reaches. Similarly, Thaely, founded by Ashay Bhave, 21-year-old former student of Amity University, has been manufacturing shoes from fabric derived from waste plastic bags. Each pair of shoes use a total of 15 plastic bags and 22 bottles that are sourced from scrap processing supermarkets and waste collection zones. Thaely is creating wealth out of waste and solving the societal problem by recycling plastic. Likewise, Dinesh who founded of incrEDIBLE, mass-produces edible from 100 million plastic utensils used every day in U.S. Social enterprises led by social entrepreneurs are solving the problems faced by living beings on planet earth, however they too are faced with one major challenge – and that’s funding. Though most social entrepreneurs self-fund their enterprises during inception, they experience growth challenges due to limited fund availability. As per industry reports, about 50% of all social enterprises have reported that funding is their number one business challenge, while 31% face challenges in attracting senior, and middle management. <keyword id="137810" type="General" weightage="100" keywordseo="tie" source="Orion">TiE</keyword> Sustainability Summit plans to solve both the problems. TSS 2021 hosted by <keyword id="2688812" type="General" weightage="20" keywordseo="tie-hyderabad" source="Orion">TiE Hyderabad</keyword> is being held between Oct 4-6, 2021, through a virtual platform, will leverage its technology platform to facilitate funding of social enterprises. TiE is confident of funding at least 50 to 100 social enterprises during the summit, where the social entrepreneurs will be making a pitch to about 200 global investors. Through its technology platform TiE is confident of facilitating funding to a tune of $20 million in the short-term and about $100 million in the long term to promising social enterprises with ability to create a deep impact on human society, animals and nature. The invested will be made by social impact investors and large businesses who find a social enterprises with a promise of future growth and profits. TiE will play the role of a facilitator to help the most suitable social enterprises meet their potential funding partners. <keyword id="441047" type="General" weightage="20" keywordseo="manohar-reddy" source="Orion">Manohar Reddy</keyword>, <keyword id="12221455" type="General" weightage="20" keywordseo="tss-global-chair" source="Orion">TSS Global Chair</keyword> and President TiE Hyderabad said, “We see social enterprises as the change agents of the world and will play a key role in shaping the future of world economy. At TSS, we have designed a “Match Making’ Technology Platform for potential social impact investors to meet their prospective investees (social enterprises) who have the capability and promise to not only provide high return on investment, but also create a deep social impact.” This thought was further echoed by <keyword id="3816912" type="General" weightage="20" keywordseo="mahavir-sharma" source="Orion">Mahavir Sharma</keyword>, Immediate past Global Chairman of the Board, <keyword id="12221456" type="General" weightage="20" keywordseo="tie-global-and-co-founder" source="Orion">TiE Global and Co-Founder</keyword>, <keyword id="12221454" type="General" weightage="20" keywordseo="rajasthan-angel" source="Orion">Rajasthan Angel</keyword>, who said, “Social enterprises are the future unicorns of the world. They will be building a trillion dollar economy. At TiE we stay committed to fulfilling the needs of social entrepreneurs who are faced with the challenges of funding, attracting talent – we will be solving both these by partnering with social impact funds and large business to fund them to a tune of $100 million in the long term spread across a few phases based on business viability and ability to create the societal impact and generate high return on investment. Secondly, we will help them find suitable mentors and board members who can act as guiding force by providing strategic inputs, business modelling, go-to-market strategies, connect them with other ecosystem players.” Disclaimer: Business Insider is an insight partner to the event. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ilfs-replaces-auditor-srbc-co-amid-allegations/articleshow/86675709.cms">IL&amp;FS replaces auditor SRBC &amp; Co amid allegations of professional misconduct by NFRA</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/hondas-futuristic-plans-include-flying-taxis-rockets-and-robots-that-can-roam-on-the-moon/articleshow/86675013.cms">Honda’s futuristic plans include flying taxis, rockets, and robots that can roam on the moon</a>

TiE Sustainability Summit to enable $100 million funding for Social Enterprises

New Delhi, Jan 6 () The National Financial Reporting Authority (NFRA) is looking to hire consultants in the areas of law and finance as the watchdog strengthens its manpower.
 The independent watchdog for auditing profession has sought applications for 10 posts of consultants and senior consultants on one-year contract basis.
 These people would assist the NFRA in data analysis and identification of audit reports to be taken up for review, preparation of draft charge sheets, among other works, according to a public notice.
 The deadline for submitting the applications is February 7.
 Chartered accountants, law graduates and those who have completed MBA in Finance and Post Graduate Diploma in Management in Finance would be eligible to apply. They should have at least five years experience.
 Applications have also been sought from those with at least 10 years of work experience as well as from chartered accountants with 15 years of experience.
 Various other conditions would also be applicable on the prospective candidates, as per the notice.
 The full-time assignments would be for one-year on contract basis, and the individuals would not be permitted to take up any other work during their stint with the NFRA.
 The selected candidates should not practice their profession and would be required to surrender their certificate of practice before joining the organisation, the notice said.
 The jurisdiction of the NFRA, which comes under the Corporate Affairs Ministry, extends to all listed companies as well as large unlisted public companies. It has powers to debar an erring auditor or auditing firm for up to 10 years, besides slapping heavy penalties.
 Like in the cases of IL&amp;FS and Infosys, the ministry can refer other entities for investigation by the NFRA where public interest is involved. AST RAM RVK

National Financial Reporting Authority to hire legal, finance experts

<ul><li>The Yes Bank crisis could have a cascading effect on the stock markets. </li><li>Businesses with deposit accounts at Yes Bank may not be able to make payments on loans taken from other financial institutions. </li><li>Mutual funds have a total exposure of ₹2,848 crore, and most are already side-pocketing the risk. </li></ul>As the Yes Bank crisis continues to unfold, not everyone is on board with the Reserve Bank of India’s (RBI) scheme to restructure the troubled bank. Mutual funds stand to lose millions and the moratorium limiting withdrawals to ₹50,000 could spell trouble for companies who are using the bank’s services. “With large-sized withdrawals disallowed, a number of companies availing of facilities from Yes Bank could face disruption in their operations, which may constrain their ability to service financial obligations on time,” said global rating firm CRISIL in a statement. As the fourth largest private sector bank in the country, Yes Bank has an asset book of more than ₹3.45 crore and deposits exceeding ₹2 lakh crore. CRISIL believes that the moratorium has “material implications” for companies using Yes Bank for loans, deposits, bonds and other instruments. How Yes Bank crisis could affect other banks The fall out from funds being stuck at the troubled bank could result in companies defaulting on their loans from other financial institutions since their payments are linked to deposit accounts at Yes Bank. It may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by <a href="https://www.businessinsider.in/business/news/yes-bank-reconstruction-may-further-aggravate-liquidity-issues-for-nbfcs-report/articleshow/74579814.cms">Fitch Ratings.</a> “There could also be a marginal uptick in delinquencies in retail loans of banks and non-banks,” said CRISIL. Companies using Yes Bank’s letters of credit and bank guarantees to leverage their businesses may also have to rethink their plans. “There are also some securitisation transactions of other originators where Yes Bank is a counterparty - either as the bank where credit enhancement in the form of fixed deposits is being maintained, or as the collection and paying agent for the transaction,” said CRISIL. NSE Clearing (NCL) and India Clearing Corporation (ICCL), the biggest clearing firms in the country, have told members that any existing benefit toward bank guarantees and fixed deposit receipts issued by Yes Bank were to be squared off by Wednesday, March 11. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds,” Association of National Exchanges (ANMI) president Vijay Bhushan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-fds-bank-guarantees-no-longer-valid-traders-have-to-arrange-funds-by-wednesday/articleshow/74545067.cms">ET.</a> Bonding over bonds Nearly 32 mutual funds are exposed to Yes Bank’s debt with a total exposure of ₹2,848 crore. Many of them are AT 1 (Additional 1) bonds, set to be written off completely. Mutual funds owned by Nippon, Kotak, and Franklin <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-banks-at1-bond-write-down-these-mfs-pension-funds-stand-to-lose-most/articleshow/74555609.cms">have the most to lose</a>. After news broke of RBI superseding Yes Bank’s board, rating agency ICRA downgraded Yes Bank’s debt instruments to a “D” — below investment grade. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund owners with the most to lose from RBI’s scheme to restructure Yes Bank: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Barclays Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹246 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 crore </td></tr></tbody></table> Nippon India Mutual Fund, which has the largest exposure, was the first to side-pocket the risk. The move prevents distressed assets, like Yes Bank, from damaging returns generated from better-performing assets. PGIM India Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Baroda Mutual Fund <a href="https://www.bloombergquint.com/business/yes-bank-news-two-more-mutual-funds-side-pocket-exposures-to-yes-bank-bonds">soon followed suit</a>. Axis Trustee Services, on the other hand, filed a petition to delay any action until its bond investors have had the time to review its impact. It asks the court to give enough time for bond investors to review the proposed plan. <div type="twitter" handle="LiveLawIndia" handlename="Live Law" image="http://pbs.twimg.com/profile_images/897707258334916608/nMQWwGlo_normal.jpg" favoritecount="11" retweetcount="6" status="Axis Trustee Services Ltd, a debenture trustee of #Yes_Bank , on Monday petitioned the Bombay High Court against th… https://t.co/pE53lzxTwl" createdat="1583913099000" id="1237647359091195905"></div>

 According to Axis, the proposal to write off the value of over ₹8,000 AT-1 bonds is unjustified and goes against global best practices. It argues that the scheme put forth by the RBI gives preference to Yes Bank promoters despite their shady record and mismanagement of resources — which landed the bank in hot water, to begin with. The possibility of the moratorium being cut short The proposed restructuring of Yes Bank includes recapitalisation of ₹20,000 crore with equity contribution and bulk deposits of around ₹30,000 crore by multiple-state owned banks. “If equity commitments are in place and CD funds flow in, the moratorium may be lifted by the end of the week,” RBI administrator of Yes Bank told reporters on March 10. CRISIL believes that the challenges in the face of the Yes Bank crisis are likely to be temporary, since they are a direct result of a crunch in liquidity and cash flow. Nonetheless, the temporary crunch will result in systemic risk until the moratorium is resolved — like the cost of borrowing and capital-raising becoming tougher for other banks Sources told <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/under-the-scanner-rbi-to-check-if-yes-bank-auditor-bsr-had-raised-red-flags/articleshow/74568396.cms">ET</a> that RBI is checking with Yes Bank’s auditor — BSR &amp;Co, which is a part of KPMG India — whether or not the proposal for SBI to buy a stake in Yes Bank will have any “material impact” on the existing accounts with the bank. Another one bites the dust The repeated incidents of large — supposedly ‘too big to fail’ — companies are becoming increasingly rampant. Last September, the Mumbai-based Punjab and Maharashtra Cooperation (PMC) Bank faced a similar crisis. It was placed under an RBI administrator for six months after under-reporting of loans going bad. However, banks aren’t the only ones going down. The collapse of Jet Airways and Cox &amp; Kings left many investors — and travelers — stranded. Even stockholders in IL&amp;FS and DHFL saw their money disappear overnight due to mismanagement, fraud and corruption within the companies. More than just getting Yes Bank on its feet, the central government and the RBI will have to address the trust deficit that now plagues the market. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a>

You Searched For "ILFS AUDITOR" and got 14 results

IL&FS replaces auditor SRBC & Co amid allegations of professional misconduct by NFRA

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Business highlights

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TiE Sustainability Summit to enable $100 million funding for Social Enterprises

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