Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well. This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case....

After forming syndicates, the liquor mafia in Nizamabad district is now targeting young workers of Mahatma Gandhi National Rural Employment Guarantee Scheme ( MGNREGS) to rake in more moolah. Towards this end, the powerful mafia succeeded by roping in village development committees (VDCs) to help them open more belt shops in villages. Though it was illegal, a majority of these belt shops are being run in residential colonies, slum areas and...

A court on Wednesday put on trial the first set of officials and businessmen indicted in the country's biggest corruption case, a multi-billion dollar telecoms scandal that has weakened the government and put off some foreign investors. The graft scandal is one of several to have emerged in the past few months, tarnishing the reputation of Prime Minister Manmohan Singh, whose government has gone on the defensive against an emboldened opposition. While...

Enforcement Directorate has begun attaching Madhu Koda and his friends’ properties, mostly flats and land in Bihar, Jharkhand and Maharashtra, valued at over Rs 300 crore. Armed with an April 6 approval order from the adjudicating authority for cases under the Prevention of Money Laundering Act (PMLA), the directorate is sticking to the higher valuation even though 2007 revenue department assessments pegged the properties’ worth at around Rs 130 crore. “This is...

Two companies based in Mumbai and Delhi have allegedly duped scores of farmers of more than 2,000 bigha of agricultural land spread across several villages near Phalodi town in Jodhpur district. In one case, the entire land of Mandali village measuring 632 bigha, belonging mostly to the Rebari tribe, has been sold. Though the district administration has ordered an inquiry, complicity of officials is not ruled out since the land was...