BT Podcast: Several systemic loopholes led to PNB loan fraud, says ICAI panel : Bulletin: Business Today
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BT Podcast: Several systemic loopholes led to PNB loan fraud, says ICAI panel

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BusinessToday.In | April 4, 2018

Several systemic loopholes led to PNB loan fraud, says ICAI panel

A high-power group, constituted by the Institute of Chartered Accountants of India (ICAI) to look into the PNB loan fraud case, has found systemic failure at many levels that led to the fraud in the first place and then failed to detect it for a long time. The group found that Nirav Modi's company was granted loan despite his company having only current account with the Brady House branch of the bank. "When there is only current account, no credit facility should be granted -- neither the letter of undertakings (LoUs) nor Letter of credit (LoCs)," a member of Central Council, ICAI has said.

McDonald's goes healthy

McDonald's is trying to get nutritious options to India in a bid to position itself as a health-conscious fast food chain. McDonald's franchisee in west and south India, Hardcastle Restaurants, a subsidiary of Westlife Development, has increased efforts to reduce sodium, oil and fats, covering nearly 75-80 per cent of the menu in the process.  The entire McDonald's menu in the west and south will be covered in the coming months as reported by Business Standard. The burger chain has said it had reduced sodium in french fries, nuggets, patties and sauces by over 20 per cent from 10 per cent earlier.

Air India employees to get VRS, ESOPs says Jayant Sinha

Air India employees are the government's top priority minister of state for Civil Aviation Jayant Sinha has said, ahead of the sale of a 76% stake in the national carrier. The employee protection plans under consideration include a voluntary retirement scheme (VRS), an employee stock option (ESOP) scheme, a government-funded scheme to meet the medical expenses of retired employees and settlement of past dues from the merger of Air India and Indian Airlines as reported by business daily Mint.

Amazon may offer to buy India's Flipkart: Mint report Inc may submit an offer to buy Indian e-commerce firm Flipkart, which is currently in talks with Walmart Inc for a stake sale, business daily Mint has reported, citing sources. A deal with Walmart is more likely to go through, according to people with knowledge of the matter, the report added. Amazon declined to comment while Flipkart did not immediately respond to a request seeking comment. Walmart is in talks to buy a stake of over 40 percent in Flipkart, a direct challenge to Amazon in India.

Government confident of meeting fiscal deficit, tax revenue targets

The government is on its way to achieve the revenue collection and fiscal deficit targets for 2017-18. While announcing the latest GST and direct tax collection figures, Revenue Secretary Hasmukh Adhia said in a press briefing that the government would not only stick to the 3.5 per cent fiscal deficit target but also the revised tax revenue collection figures for 2017-18. Central Board of Direct Taxation (CBDT) chairman Sushil Chandra said that they are confident of achieving the revised estimates as well.
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