Season’s greetings from all of us at #ATIDI. #RethinkingRisk #EnablingFinance
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July-October 2024 Incredible outreach, Conversation on Audit Quality including Group audits SA 600 revisions, valuable feedback and perspectives. Reserve Bank of India (RBI) Karnataka State Chartered Accountants Association BCAS - Bombay Chartered Accountants' Society Confederation of Indian Industry ASSOCHAM (The Associated Chambers of Commerce and Industry of India) #AuditQuality #AuditingStandards #GroupAudits #SA600 #FinancialReporting #Accountability #Transparency
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It's with great disappointment that I bring to light the unprofessional conduct of SUSHMA Group. Over the past months, the company has completely failed to deliver on its promises of monthly returns to clients. Even worse, the advance cheques provided have been bouncing, leaving investors in a state of frustration and uncertainty. Instead of providing clear communication or resolution, clients are met with vague reassurances to “wait another 15 days,” with no real progress. Calls to the General Manager of Sales, go completely unanswered, and no other team members are willing to step up and offer any meaningful assistance or updates. This reflects a serious lack of transparency, integrity, and respect toward the very clients who trusted them with their investments. This is not how a company should treat its customers. If SUSHMA Group values its reputation and client relationships, they need to step forward and address these issues promptly and professionally. Failing to do so will only further damage the trust of their investors and clients. Clear communication, timely payments, and respect for clients should be at the forefront of their business practices, but sadly, they’ve failed in all these aspects. It’s time to make sure that companies like SUSHMA Group are reminded of the value of trust and good business practices. #SushmaGroup #RealEstate #CustomerService #InvestmentIssues #Transparency #Accountability #RealEstateInvestments #InvestorsRights #BusinessEthics #NehaGupta #InvestorProtection #ChequesBounced #TrustBetrayed
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The launchpad for HBL’s automation revolution! What might seem like just an ordinary computer to many, for us it is the spark that ignited HBL’s automation journey (RPA). Reflecting on the path since 2020, the progress has been nothing short of transformative. We’ve achieved revolutionary automation milestones across key areas of the Bank, evolving into a technology company with a banking license. None of this would have been possible without the guidance, strategy, and support of our leadership Jamal Nasir Abrar M. Syed Azeemushan Journey continues, with HBL set to reach even greater heights through automation and visionary leadership. #HBL #RPA #Leadership #Vision #Automation #Journey #Transformation
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𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐫𝐚𝐜𝐤𝐝𝐨𝐰𝐧: 𝐂𝐚𝐟𝐞 𝐂𝐨𝐟𝐟𝐞𝐞 𝐃𝐚𝐲’𝐬 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐑𝐞𝐬𝐭𝐫𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 𝐔𝐩𝐝𝐚𝐭𝐞 In a recent regulatory update, shares of Cafe Coffee Day’s parent company, Coffee Day Enterprises Ltd (CDEL), will now only be traded once a week—on Mondays or the first trading day—until a review is conducted by stock exchanges after a minimum one-month period under IBC Stage I. Additionally, in a landmark order, the Securities & Exchange Board of India (SEBI) has suspended Aravind Maiya, CEO of Embassy REIT’s manager, Embassy Office Parks Management Services Pvt Ltd, from his role as interim CEO with immediate effect. Mr. Maiya, previously the engagement partner (EP) for CDEL’s audit, was also barred for ten years by the National Financial Reporting Authority (NFRA) from conducting financial or internal audits for any company. NFRA has further imposed a ₹50 lakh penalty on him. This enforcement action marks a significant step in financial regulation and corporate governance. #LegalUpdate #FinancialRegulation #CorporateGovernance #SEBI #NFRA #CafeCoffeeDay #EmbassyREIT #AravindMaiya #Audit #corporategovernance #financialregulation #CCD #StockExchangeBoardofIndia
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The Supreme Court on 07.11.2024 pronounced its landmark Judgement in the case of Jet Airways Ltd. (State Bank of India v. Consortium of Murari Lal Jalan & Florian Fritsch) wherein Sanjay RPK Law represented the Lenders led by State Bank of India (Erstwhile CoC). The said decision will revolutionise the implementation of the Resolution Plans under the IBC, 2016. The Supreme Court, noting the gross violations of the terms of the Resolution Plan and abuse of due process on part of the Successful Resolution Applicant (SRA), directed liquidation of Jet Airways Ltd. by invoking Art. 142 of the Constitution of India. The Court in its 169 page Judgement has streamlined the entire process to be carried out before the NCLTs & NCLAT and has directed the Tribunals to not provide unnecessary exclusions/extensions of the timelines, which causes further monetary loss to the Lenders. The above decision emphasises on the accountability of the SRAs in delaying the implementation of the Resolution Plan. It highlights the importance of a 'timely liquidation' over a prolonged and cluttered resolution process, to secure and maximise value of remaining assets, in consonance with the IBC, 2016. Additionally, the Court has also suggested the NCLTs to outline the next immediate steps to be taken by the Lenders & SRA at the stage of approval of the Resolution Plan, to enhance efficiency and transparency in the implementation of the Plan. #SupremeCourt #JetAirways #IBC2016 #IBC #SBI #NCLT #NCLAT #CompanyLaw #LegalUpdate #Resolution #InsolvencyLaw
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Department of Financial Services ( DFS ) in the Finance Ministry has given its ‘in- principle’ nod to consider ‘Consolidation of #IFCI Group’. This would entail merger/amalgamation of IFCI Limited and #StockHolding Corporation of India Limited and other group companies of IFCI Limited. Finance Ministry has also advised IFCI Limited to take further necessary action and to commence the process in accordance with the applicable laws, rules and regulations. #ifci @IFCI_LTD @SHCILServices @FinMinIndia
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An NCLAT bench, chaired by Justice Ashok Bhushan, noted that the matter is already pending before the Supreme Court. Following this, the Consortium of Murari Lal Jalan and Florian Fritsch decided to withdraw their appeal. JKC had initially requested that the Rs 200 crore infused by the successful resolution applicant (consortium) be transferred from the share application account to an interest-bearing escrow account until the shares of Jet Airways are issued to them. The tribunal's stance was firm, asking JKC to either withdraw its plea or face dismissal. Consequently, the consortium chose to withdraw. Jet Airways, which ceased operations in April 2019, saw the Jalan Kalrock Consortium emerge as the winning bidder under the insolvency resolution process. However, the transfer of ownership has faced delays due to ongoing disagreements between the lenders and the consortium. On March 12 earlier this year, the NCLAT had upheld the resolution plan for Jet Airways, approving the transfer of ownership to JKC. As part of the process, JKC was directed to pay Rs 350 crore but opted to pay only Rs 200 crore in cash, proposing that the remaining Rs 150 crore be adjusted from a performance bank guarantee they had submitted. This proposal was opposed by the lenders but was initially upheld by the NCLAT. #JetAirways #JalanKalrockConsortium #NCLAT #AviationNews #CorporateLaw #InsolvencyResolution #AirlineIndustry #JetRevival #LegalBattles #OwnershipTransfer
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May God bless you all manifold with immense success in all your professional and personal endeavours. Happy Chartered Accountant’s Day! #icai #charteredaccountants #gstupdates #gstindia #companiesact2013 #india #companysecretary #cfos #JHSassociates #startupfounders #india #sebi #fema #rbi #icai #indirecttaxes #directtaxes
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Is India a part of the Financial Action Task Force (FATF)? Stay informed with our latest FAQs. 🤔 #FATF #India #GlobalPartnership #AML #FinancialSecurity
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At the inaugural session of our collaboration with CII on ‘Key aspects concerning board members and independent directors’, Sanjeev Krishan, Chairperson of PwC in India, while anchoring an engaging discussion with leading board members and independent directors present, highlighted the profound evolution in the role of independent directors due to increasing regulatory complexity, technological disruptions and investor pressure. He emphasised that in today’s transformative era, building trust is paramount for organisational success. Independent directors, he asserted, are pivotal in enhancing this trust and value creation. #IndependentDirectors #CorporateGovernance #BuildingTrust #CII
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