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Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
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CBI's FIR exposes IRS officer Jeevan Lal Lavidiya's alleged corruption, involving benami property deals and hawala transactions. Lavidiya, commissioner of income tax, reportedly received a Mumbai flat as a bribe and accepted cash payments to influence tax appeal decisions. Intermediaries facilitated bribes from various firms, including NDW Development Corporation and Ventura Securities.
IndusInd Bank faces scrutiny as auditors demand clarity on its derivative accounting discrepancy, potentially classifying it as fraud. The issue, involving losses near 2,000 crore, stems from differing accounting treatments in internal and external forex transactions. The bank's board must decide on the 'fraud' designation, impacting regulatory reporting and potentially setting an industry precedent.
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The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes.
Manappuram Finance reported a 203 crore consolidated Q4 loss due to severe stress at Asirvad Micro Finance. Standalone profit dipped slightly, while a 500 crore equity infusion was announced to support the troubled subsidiary.
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U.S. Treasury Secretary Scott Bessent reported "substantial progress" in trade talks with China, aiming to de-escalate the damaging trade war. U.S. Trade Representative Jamieson Greer described the outcome as "a deal we struck," anticipating a reduction in the U.S. global goods trade deficit. Details of the agreement are expected to be announced on Monday.
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Andhra Pradesh Deputy Chief Minister Pawan Kalyan has declared a property tax exemption for all active Indian Defence personnel owning homes within gram panchayat limits.
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