BIG FOUR AUDIT FIRMS
Gensol Engineering shares in focus after founders Anmol and Puneet Singh Jaggi resign
Gensol Engineering’s top executives Anmol and Puneet Jaggi resigned following Sebi’s interim order over alleged fund diversion and corporate misconduct. The Rs 978 crore loan meant for EV procurement was allegedly misused, triggering probes by Sebi, the Ministry of Corporate Affairs, and state lenders. Gensol’s stock has crashed 59% in a month amid mounting regulatory and legal troubles.
India’s insolvency law has bankers going bald
India's bankruptcy code faces new challenges. A court ruling threatens to reverse completed resolutions. Lenders may have to return funds received from distressed asset sales. This decision creates uncertainty for investors. It also undermines the effectiveness of the insolvency process. The government must address these issues to restore confidence. Reforms are needed to ensure fair and predictable outcomes.
Trumpocalypse: The four horsemen of trade disruption
Despite initial market turmoil following trade disruptions, equity and bond markets have stabilized. Trump 2.0's policies, though seemingly chaotic, aim for political gains by addressing wage stagnation, bolstering national security through domestic production, and initiating an international monetary reorder by devaluing the dollar. Revenue generation through tariffs is a secondary goal, with the administration calibrating changes amidst economic uncertainty.
AI presents new opportunities for data and analytic officers: Gartner
A survey conducted by audit and consultancy firm Gartner found that 70% of chief data and analytics officers (CDAOs) have the primary responsibility for building the AI strategy and operating model for the organisation they work for.
Taking on Porter, Uber launches logistics service Courier XL for delivery of large goods
Uber has launched Courier XL in Delhi NCR and Mumbai, enabling delivery of large goods up to 750kg using three- and four-wheelers. Aimed at households and small businesses, it expands on the success of Uber Courier. The service will compete with Porter, Borzo, Mover, and Delhivery.
Some good news is better than none but let’s not get overenthusiastic: Swaminathan Aiyar
Geopolitical tensions show signs of easing. Positive developments are seen in India-Pakistan relations. Progress is noted in US-China trade talks. The stock market is expected to recover. Trump's tariff approach may face resistance. Overall, the outlook is brighter after weeks of uncertainty. However, high US tariffs could slow global trade and GDP growth. The situation requires careful monitoring.
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India Inc taps law firms' pros to make legal their strong suit
Indian companies are increasingly recruiting senior lawyers from top-tier law firms to head their in-house legal teams, driven by growing regulatory complexities and business risks. This trend reflects a strategic shift towards leaders with strong legal expertise, risk management skills, and business acumen. These roles offer lucrative compensation packages, highlighting the elevated importance of legal departments as strategic assets.
PwC lays off nearly 1,500 staff in US amid business review: Report
Per a report by the Financial Times, the job cuts, which were mostly in the audit and tax divisions, impact around 2% of the firm’s 75,000-strong US workforce. Some of those laid off had joined the firm as late as September.
Wall Street brings the Bitcoin versus Gold clash to ETF masses
Tidal Financial plans ETFs to capitalize on the Bitcoin vs gold rivalry, letting investors bet on which asset is the better inflation and crisis hedge. The launch would formalize a long-running ideological and financial clash over store-of-value supremacy.
Baddies Africa: What we know about Baddies Season 7’s cast, audition episodes and where to watch
Baddies Midwest has ended, and Season 7 is ready to begin. Baddies Africa premieres on May 11, 2025, with returning cast members and newcomers. The show will stream on Zeus Network. Viewers can catch the auditions now, which aired in March 2025, before the full season rollout.
IndusInd Bank to look into 'insider trading' allegation after independent probe
IndusInd Bank acknowledges an independent review flagged potential insider trading issues involving its CEO and deputy, who traded shares before public disclosure of accounting lapses. The bank is reviewing the findings and will take necessary legal steps. Moody's Ratings has also revised IndusInd's outlook to 'negative' due to potential solvency and liquidity impacts.
Sebi mulls tweaking disclosure format for corporate governance framework by HVDLEs
Markets regulator Sebi on Friday proposed tweaking its format for disclosure of corporate governance framework by High Value Debt Listed Entities (HVDLE). An entity having outstanding value of listed non-convertible debt securities of Rs 1,000 crore are referred to as 'High Value Debt Listed Entities'.
Road ministry to convert 30,000 km two lane highways into four lane; invest Rs 10 lakh crore: Nitin Gadkari
Union Minister Nitin Gadkari emphasized infrastructure development as crucial for India's economic strength. The highways ministry plans to convert 25,000-30,000 km of two-lane highways into four lanes with a Rs 10 lakh crore investment, utilizing the InvIT model.
Gensol Engineering shares slide 5%, extending 20-day rout after SAT denies interim relief
Gensol Engineering shares remain under pressure after the SAT denied interim relief against Sebi’s market access ban over alleged fund diversion and document forgery. The case revolves around a Rs 978 crore EV loan, with Sebi alleging misuse of funds. Regulatory actions are intensifying, including probes by the MCA and complaints by lenders. The stock has plunged 59% in a month.
Sebi revises REIT, InvIT disclosure guidelines for offer documents
Under the new rules, REITs and InvITs issuing offer documents or follow-on offers must disclose audited financial statements for the last three financial years and a stub period, if applicable, Sebi said in two separate circulars.
India crucial to PwC’s growth strategy, says global advisory head
PwC is increasingly relying on India for its global advisory strategy, leveraging the country's vast talent pool and technological maturity. India is pivotal in scaling managed services, integrating technology into transformation programs, and redefining end-to-end consulting. The firm's 'One Consulting' model and focus on AI are driving growth, with India playing a key role in PwC's global ambitions.
Four iconic brands to watch in 2025
Several standout brands are making significant strides in 2025, demonstrating innovation and market influence. Apex Group, a financial solutions provider, excels with its global reach and diverse services. Natural Remedies Pvt Ltd focuses on research-driven botanical healthcare. Adhyyan Books, led by CA (Dr.) Nitin Soni, is recognized as a rapidly growing self-publishing house.
US Defense Secretary Hegseth to slash senior-most ranks of military
US Defense Secretary Pete Hegseth directs a significant cut in the military's top ranks. He orders a 20% reduction in four-star officers. National Guard general officer positions will also decrease. Hegseth aims to enhance strategic readiness. Senator Jack Reed expresses skepticism. He cites Hegseth's history of dismissals. The Pentagon is reviewing its global footprint. Potential command mergers are under consideration.
Audit laws to keep them on their toes
The Supreme Court has directed a review of the Consumer Protection Act, highlighting the critical need for regular performance audits of laws. This directive emphasizes ensuring laws remain effective and relevant in a dynamic society. Such audits would help the government assess impact, identify deficiencies, and adapt legislation to meet evolving needs, ensuring they remain fit for purpose.
Built in Dubai, made for the world: Inside the city’s blockchain boom
From regulatory clarity to ecosystem development and experimentation with real-world use cases, we dive deep into Dubai’s burgeoning blockchain space.
Snapdeal cofounder Kunal Bahl says governance scandals have hurt trust in Indian startups
Governance scandals have shaken India's startup ecosystem, eroding trust and prompting investors to demand stricter controls, said Snapdeal cofounder Kunal Bahl. He urged founders to prioritise financial discipline and oversight from the start. While challenges persist, there's cautious optimism for increased funding and IPO activity in 2025, contingent on improved governance practices.
Professional services firms seek PE money to expand as scale becomes a necessity
Grant Thornton Bharat is in discussions with multiple funds to secure private equity, mirroring a global trend in professional services. Firms are seeking capital for expansion, technology investments, and to offer competitive compensation. This move could revolutionize the sector in India, potentially leading to more mergers and acquisitions as firms strive for scale and global reach.
Books & marks: India Inc prefers the Big 6 for audit
Big Six audit firms like Deloitte, PwC, and EY handle most audits for top Indian companies. EY leads with the most mandates. Grant Thornton and BDO are gaining ground. PwC is becoming more selective. Many auditor tenures are expiring soon. A major reshuffle in India's audit landscape is expected. The next two years will be very active for audit firms.
Microsoft drops law firm that made a deal with Donald Trump from a case
On April 22, several attorneys at law firm Simpson Thacher & Bartlett informed the Delaware Court of Chancery that they would no longer be representing Microsoft in a case related to the company's 2023 acquisition of video game giant Activision Blizzard, according to court filings.
IndusInd Bank crisis: CEO exits after Rs 1,959 crore loss disclosure - How bad is it?
IndusInd Bank faces turmoil as CEO Sumant Kathpalia resigns after the bank absorbs significant losses from incorrect accounting practices in its derivatives book. The discrepancies, revealed in March, raised concerns about corporate governance and audit oversight.
U.S. accounting firms tap India to alleviate talent crunch
U.S. accounting firms are increasingly turning to India to address a critical shortage of accountants at home. This surge in recruitment is boosting enrollment in specialized commerce courses in India, potentially establishing the country as a hub for accounting talent. Firms like RSM US and Moss Adams are expanding their Indian operations, mirroring the tech industry's outsourcing boom.
Global overhaul at Big Four firms brings fresh alignments for India
Big Four firms are restructuring globally due to slow growth and changing regulations. These changes will impact their Indian operations. Ernst & Young is forming 'super regions', while KPMG consolidates country partnerships. PwC is closing practices in some countries. India remains a growth area, relatively unaffected by job cuts. Grant Thornton plans expansion.
Sebi shortens forensic auditor list to 9 from 20
SEBI has shortlisted nine firms, including Deloitte, BDO, and Chokshi & Chokshi, for conducting forensic audits of listed companies, reducing the panel size from 20. The selection, valid for three years, prioritizes firms with proven experience and quality work in past assignments, aiming for a more focused approach to sensitive fraud investigations.
Sebi picks 9 audit firms to probe corporate fraud
SEBI has shortlisted nine firms, including Deloitte, BDO, and Chokshi & Chokshi, for conducting forensic audits in corporate fraud cases, reducing the panel from the previous 20. The new list, effective for three years, replaces the 2021 panel and emphasizes quality and past performance in the selection process.
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