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....

Former Chief Justic of India KG Balakrishnan does a U-turn on disclosing his assets. Justic Balakrishnan has informed the Inecome Tax Department that he does not want to disclose his assets because it is not related to public welfare in any way.   Under intense pressure, former CJI and the current NHRC chief had early this month agreed to publicise details of his assets. The ex-CJI has faced allegations that he has wealth that...

The draft bill seeks to create an institution that will be independent of those it seeks to police, and will have powers to investigate and prosecute all public servants, and others found guilty of corrupting them. A number of commentators have raised issues about the provisions in the draft of the Jan Lokpal Bill. They have asked whether it would be an effective instrument to check corruption. They have pointed to...

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...

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...