Articles for tag: Audit, Auditor, BDO, Byjus, Companys, Dramatically, Faces, forensic, insolvency, Plunges, Resigns, Triggering, Turmoil

September 7, 2024

Byju’s faces turmoil as auditor BDO resigns amid insolvency, triggering a forensic audit, while the company’s value plunges dramatically.

Byju’s, the Indian edtech giant, is facing significant challenges as its auditor, BDO Global, has resigned amid ongoing insolvency proceedings. The company claims it could not provide the requested documents because its board is currently suspended due to these proceedings. Byju’s has requested a forensic audit of BDO’s resignation, which was ordered by an insolvency ...

September 6, 2024

Market News

Business

Byju’s faces a $101 million tax claim amid $1.5 billion in creditor disputes, sparking turmoil for its thousands of employees.

Byju’s, once India’s leading ed-tech startup, is facing severe financial challenges, with Indian tax authorities claiming $101 million in dues as it enters insolvency. Valued at $22 billion in 2022, the company’s fortunes have plummeted due to regulatory issues and a dispute with U.S. lenders over $1 billion in unpaid debts. A court-appointed resolution professional ...

September 5, 2024

Market News

Business

Sahara Group faces urgent Supreme Court directives to deposit ₹1,000 crore or risk losing valuable Mumbai land in ongoing legal turmoil.

The Supreme Court has ordered the Sahara Group to deposit Rs 1,000 crore into an escrow account within 15 days and is allowing them to form a joint venture to develop their Versova land in Mumbai. This is part of a broader effort to ensure the return of Rs 10,000 crore to investors, as mandated ...

September 5, 2024

Market News

Business

Delhi CM Arvind Kejriwal faces legal turmoil as the CBI’s arrest sparks a dramatic battle over corruption allegations in an excise policy scandal.

Delhi Chief Minister Arvind Kejriwal is seeking bail from the Supreme Court after being arrested by the CBI on June 26 related to an alleged excise policy scam. His lawyer argued that Kejriwal was not named in the CBI’s FIR and emphasized that he is not a flight risk, highlighting previous bail grants by the ...

September 5, 2024

Market News

Business

India’s NIIF aims to raise billion for infrastructure, marking a bold restart under new leadership after previous turmoil.

India’s NIIF aims to raise $4 billion for infrastructure, marking a bold restart under new leadership after previous turmoil.

The National Investment & Infrastructure Fund (NIIF) of India is planning to raise approximately $4 billion, aiming for its largest funding round yet. This initiative comes as part of the government’s effort to enhance the country’s infrastructure. The new fund is set to be significantly bigger than the last Master Fund, which concluded with $2.34 ...

September 5, 2024

Market News

Business

Hunter Biden faces a tumultuous trial over tax evasion, exposing his controversial foreign dealings and personal struggles amid family turmoil.

Hunter Biden is facing serious legal issues as he prepares for a new trial concerning alleged tax evasion on millions in income from foreign businesses. This trial comes after his recent felony gun conviction, which has raised concerns about his past spending habits and lifestyle choices. Although the political ramifications of these trials may have ...

September 4, 2024

Market News

Business

Volkswagen Faces Turmoil: Fierce Union Resistance Against Proposed Factory Closures

Volkswagen is facing a challenging meeting as management proposes major cuts, including potential factory closures in Germany, to achieve a profit target of 6.5% by 2026. CFO Arno Antlitz and VW brand chief Thomas Schaefer will address the workforce in Wolfsburg, while works council head Daniela Cavallo warns of strong opposition to these plans. The ...

September 1, 2024

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Business

Opposition Rallies for Change as Shivaji’s Legacy Sparks Political Turmoil

NCP president Sharad Pawar has declared that the opposition will vigorously work to remove the current Mahayuti government in Maharashtra within the next two months. Speaking to party workers in Mumbai, he criticized the government for the recent collapse of a statue of Chhatrapati Shivaji in Sindhudurg, suggesting that those in power lack respect for ...

September 1, 2024

Market News

Business

LPG Prices Surge: A Shift Amidst Market Turmoil and Economic Forces

Oil Marketing companies have recently raised the price of a 19 kg commercial LPG cylinder by Rs 39, making the new price in Delhi Rs 1,691.50. This increase follows previous reductions, where the price was lowered multiple times since May. Back in July, companies had cut the cylinder price by Rs 30 to Rs 1,646, ...

August 31, 2024

Market News

Business

Elon Musk’s X Faces Shutdown in Brazil Amid Legal Turmoil

Elon Musk’s social media platform X faces a shutdown in Brazil after a Supreme Court justice, Alexandre de Moraes, ordered the company to appoint a legal representative in the country. The platform has been reluctant to comply with these orders, leading to a standoff over issues of free speech and misinformation. De Moraes issued a ...