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DHFL expects lenders approval of resolution plan by month-end; private equity firms in talks with promoters for strategic stake
Business

DHFL expects lenders approval of resolution plan by month-end; private equity firms in talks with promoters for strategic stake

DHFL has received non-binding indicative term sheets as part of the proposed corporate restructuring of the company

Auditors to debt-ridden DHFL raise red flags around quarterly results; trigger fresh concern about future of troubled lender
Business

Auditors to debt-ridden DHFL raise red flags around quarterly results; trigger fresh concern about future of troubled lender

DHFL, one of India’s biggest housing finance companies with almost 1 trillion rupees ($14.52 billion) in debt, has been hard hit by a liquidity crunch

CCI needs to conduct a survey to assess if Big Four audit firms abusing their dominant position in India: Govt
Business

CCI needs to conduct a survey to assess if Big Four audit firms abusing their dominant position in India: Govt

Ministry of Corporate Affairs, which holds that view, is yet to send any formal request to the CCI to probe the matter, said the official.

SEBI proposes tighter disclosure for auditor resignations, says quitting before completion of audit hampers investor confidence
Business

SEBI proposes tighter disclosure for auditor resignations, says quitting before completion of audit hampers investor confidence

SEBI also proposed a format for disclosing reasons when the auditor of a listed entity or one of its material units resigns

IL&FS probe: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors
Business

IL&FS probe: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors

The NCLT said the corporate affairs ministry can go ahead with the prosecution based on the findings of the probe

DHFL lenders meet bondholders, others on inter-creditor pact; agree to present resolution plan within 7 days
Business

DHFL lenders meet bondholders, others on inter-creditor pact; agree to present resolution plan within 7 days

DHFL owes nearly Rs 90,000 crore to banks and other financial institutions, according to its FY18 annual report

IL&FS crisis: SFIO identifies top management, auditors and independent directors of IFIN involved in fraud case
Business

IL&FS crisis: SFIO identifies top management, auditors and independent directors of IFIN involved in fraud case

The SFIO is also collecting details about all borrowings by IFIN from banks and through market instruments, as also about the role of banks and their officials and of credit rating agencies.

IL&FS crisis: Auditors have many questions to answer; gravity of offence will determine quantum of action: Govt
Business

IL&FS crisis: Auditors have many questions to answer; gravity of offence will determine quantum of action: Govt

Crisis-hit IL&FS group's debt burden is estimated to be more than Rs 94,000 crore and various entities, including some former officials and auditors, are under the scanner for widespread irregularities and huge loan defaults.

Mehul Choksi claims innocence, says not related to two firms involved in over Rs 14,000 cr PNB fraud
Business

Mehul Choksi claims innocence, says not related to two firms involved in over Rs 14,000 cr PNB fraud

In a statement issued by his lawyers, the raids against Choksi were on the basis of "an old and dated (KYC) document" given to PNB

Female labour force participation in India falls to 26% in 2018 from 36.7% in 2005: Deloitte
Business

Female labour force participation in India falls to 26% in 2018 from 36.7% in 2005: Deloitte

The range of challenges for women and girls echoes across Asia and India - lack of education, digital divide, which limits them from gaining employable skill sets

RIL plans to launch Reliance Retail IPO after June this year, bets big on consumer businesses
Business

RIL plans to launch Reliance Retail IPO after June this year, bets big on consumer businesses

In January, Reliance Retail jumped 95 places on Deloitte's Global Powers of Retailing 2019 index, to reach the 94th spot as revenues soared

Premier League spending in January transfer window fell for the first time since 2012, claims report
Sports

Premier League spending in January transfer window fell for the first time since 2012, claims report

Premier League spending in the January transfer window fell for the first time since 2012 after three of the top six clubs decided not to add players to the squad, according to a Deloitte report published on Friday.

One third of UN staff reported sexual harassment at world body in last two years, finds survey; Guterres says 'change needed'
World

One third of UN staff reported sexual harassment at world body in last two years, finds survey; Guterres says 'change needed'

One in three respondents at the United Nations, or 33 percent, reported at least one instance of sexual harassment in the past two years, but that figure climbed to 38.7 percent for those who reported some form of sexual harassment during their time at the United Nations.

Govt moves NCLT to reopen IL&FS group balance-sheets; court seeks views of statutory bodies, regulators
Business

Govt moves NCLT to reopen IL&FS group balance-sheets; court seeks views of statutory bodies, regulators

This is the first time that government has invoked the powers under Section 130 0f the new Companies Act of 2013 to reopen ledgers of a company.

Indian bank frauds up, will continue to rise; root cause not addressed, says Deloitte survey
Business

Indian bank frauds up, will continue to rise; root cause not addressed, says Deloitte survey

According to the third edition of Deloitte India Banking Fraud Survey released on Sunday, about 84 percent of survey respondents pointed to a substantial rise in fraud incidents.

Rural households present big opportunity for consumer firms says Deloitte, FICCI report
Business

Rural households present big opportunity for consumer firms says Deloitte, FICCI report

"Rural households contribute to approximately 50 percent of the GDP, 40 percent FMCG sales, 50 percent two-wheeler sales, 30 percent four-wheeler, and 45 percent telecom contribution," Deloitte, FICCI report said.

Most Indian firms believe EU's General Data Protection Regulation will help in bringing sense of privacy: Survey
Business

Most Indian firms believe EU's General Data Protection Regulation will help in bringing sense of privacy: Survey

71 percent of Indian firms believe EU's GDPR will help in bringing a sense of privacy in business and boost innovation in ideas

KPMG audits show 'unacceptable deterioration', to be first to undergo special supervision, says UK accounting watchdog
Business

KPMG audits show 'unacceptable deterioration', to be first to undergo special supervision, says UK accounting watchdog

The Financial Reporting Council (FRC) said the Big Four auditors - which also include PwC, EY and Deloitte - must act swiftly to reverse the decline in this year’s audit inspection results if they are to hit targets set by the watchdog.

Premier League executive chairman Richard Scudamore to stand down after 20 years in charge by end of 2018
Sports

Premier League executive chairman Richard Scudamore to stand down after 20 years in charge by end of 2018

Premier League Executive Chairman Richard Scudamore will stand down by the end of 2018, the top flight of English soccer announced on Thursday.

Premier League generates record revenue worth £5.5 billion, reflecting a new era of financial stability, claims report
Sports

Premier League generates record revenue worth £5.5 billion, reflecting a new era of financial stability, claims report

The Premier League delivered its "most impressive results" ever in a European football market worth a record 25.5 billion euros – reflecting a new era of financial stability, analysts Deloitte said on Thursday.