Latest news with #DeeptiGaurMukerjee
Time of India
6 hours ago
- Business
- Time of India
Panel may be set up for creating local 'Big Fours'
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government may set up a panel under corporate affairs secretary Deepti Gaur Mukerjee to prepare a framework to build an "enabling ecosystem" to create large home-grown chartered accountancy (CA) firms comparable to the 'Big Four,' people familiar with the development said. The plan follows a meeting by the Prime Minister's Office (PMO) on Friday to deliberate on creating a system where CA firms would be encouraged to pursue expansion and growth, they meeting was chaired by Shaktikanta Das, principal secretary-2 to Prime Minister Narendra Modi , and attended by senior officials from the PMO and the corporate affairs ministry , among planned panel will likely suggest changes required to the extant policy and regulatory frameworks to enable small firms to scale up through both local and global tie-ups, the people said. It could also review impediments currently discouraging firms to grow in the Big Four-EY, Deloitte, KPMG, PwC-along with Grant Thornton and BDO dominate the Indian audit ecosystem "With policy support, regulatory momentum, and entrepreneurial drive, it is realistic that India could produce its own Big 4 in this decade itself," said Rakesh Nangia, founder & managing partner at Nangia & Co LLP."Indian firms must invest in quality, governance, and global presence, while regulators must enable visibility and innovation," added Dinesh Kanabar, chief executive at Dhruva Advisors.
Time of India
27-05-2025
- Business
- Time of India
MCA, Sebi discuss probe into Gensol Engineering
New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told ET. The meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance lapses. Last month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance lapses. The corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last week. The Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC). Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to press. Following a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and BluSmart. Sebi started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at Gensol. Gensol's share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim report. But by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
Economic Times
26-05-2025
- Business
- Economic Times
MCA, Sebi discuss probe into Gensol Engineering
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC).Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
Time of India
26-05-2025
- Business
- Time of India
MCA, Sebi discuss probe into Gensol Engineering
New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told ET. The meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance lapses. Last month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance lapses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses India (Prices May Surprise You) Container House | Search ads Search Now Undo The corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last week. The Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC). Live Events Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to press. Following a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and BluSmart. Sebi started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at Gensol. Gensol's share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim report. But by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
