Q: What are the changes that you see in your peer group of independent directors?A: Today, directors are very, very conscious that very serious liabilities could be on their head if things go seriously wrong or if some big fraud was to come about in the organisation that they could not rectify, control or resolve. In terms of being conscious of the role of the director, India has moved a lot in the last 10-12 years.Q: One view is that given the stringent requirements, being an independent director is simply not worth the trouble…A: (laughs) Yes, I agree with you.Q: So is it a deterrent?A: For someone without practice and knowledge, it can be a deterrent. For sure.Q: So there is a need for skills...A: Yes, especially if you are going to be on the audit committee whether as a chair or a member. Audit committee by far is the most complex of Board committees. And in case of non-banking (finance) companies or a banking company it is infinitely more complex.Even today the fees paid by … [Read more...] about What is a good way to run an Audit Committee?
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The airline tweeted: "SpiceJet has decided to suspend Mr. Kunal Kamra from flying with the airline till further notice." (sic), and tagged the Ministry of Civil Aviation, DGCA India, Minister of State (MoS) for Civil Aviation Hardeep Singh Puri and IndiGo's twitter accounts.SpiceJet has decided to suspend Mr. Kunal Kamra from flying with the airline till further notice. @[email protected]@[email protected] … [Read more...] about SpiceJet and GoAir ban comedian Kunal Kamra from flying, join IndiGo and Air India
The update would address concerns around "accounting treatments, operational complexity and implementation challenges raised by various stakeholders." Hence, if India were to implement the new standards including Ind AS 104, it would necessitate a change soon afterwards. This interim measure would cause avoidable costs. … [Read more...] about IRDAI defers new accounting norms for insurers
While everything is linked, the basic issue is that this wheel does not work because professionals are not standing up. That can only change due to punitive legislation. I think CFOs must be made criminally liable for participating in cases of outright fraud. The intent of the promoter is actually executed by the CFO. In 95 percent of the cases, unless the CFO is involved you cannot perpetrate a fraud. So, punitive legislation to make CFOs legally liable, (if not criminally liable) is very, very important. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
Nearly 52 countries have adopted such a refund mechanism. It has been noted that such a scheme helps in attracting tourists and is in line with the avowed objectives of the GST regime of zero rating of goods for exports and Make in India initiative. Presently section 15 of the IGST Act has not been enacted. This provides the power of refund of the integrated tax paid on supply of goods to tourists leaving India. … [Read more...] about 2020 promises key GST milestones