Jacob Turner’s Post

I am excited about the upcoming discussion on my favourite topic with some prominent figures!! 🔍 . . . . #WhiteCollarCrime #InternalAudit #InternalInvestigations #Integrity #Ethics #Compliance #CodeOfConduct #Investigation #FraudInvestigation

ROC Chennai has imposed penalty of INR 1 Lakh in total on the Company and its Director for not disclosing the date of Board Meetings in the Board Report.   This ROC Adjudication order serves a stern reminder not only the number of Board Meetings but also the importance of disclosing the date of Board Meetings and attendance report in the Directors Report. The Company has to have in place a complete checklist points required under law to be disclosed in the Board Report to avoid the non compliances. Attaching the ROC order for reference. #mca #companylaw #Companysecretaries #Corporategovernance #compliance #adjudicationorder

I had the opportunity to present my views on ‘Forensic audit’ at the seminar held by THANE BRANCH (WIRC) OF ICAI AND THANE WICASA (Thane branch of ICAI). I covered aspects pertaining to definitions around the subject, process of undertaking forensic audits, opportunities therein, case studies, and role of statutory auditors in fraud reporting #casushrutchitale #icai #thaneicai #forensicaudit #frauds

The recognition conferred upon me is emblematic of the collective achievements and forward-thinking approach of the entire Bankai Group. I am eager to continue my pursuit of knowledge and excellence within the legal domain, contributing to the ongoing success of Bankai Group and the broader legal tech ecosystem. BANKAI GROUP OF COMPANIES Panamax Inc. Panamax HRD Panamax Infotech Transformance Forums Transformedia @Indialegaltech @indialegaltechconclave&awards2024

A big step forward and the first of many more!    We are thrilled to announce the participation of Ayush Banka as a speaker at the upcoming 120th Lawyers Round Table titled “Put & Call Options – A Quagmire of Valuation”, scheduled to take place in Bangalore on May, 17th, 2024!   #Arbitration #DisputeResolution #Disputes #Valuations #ExpertWitness #QuantumExperts #OsbornePartners

#NCLT Hyderabad (22 May 2024): The Term “Connected Person” Under Explanation-I Of Section 29A(J) Of IBC 2016, Relates To Resolution Applicant And Not Corporate Debtor # This distinction is significant because it determines who can be disqualified from submitting a resolution plan. Here's a breakdown: • Resolution Applicant: The entity that submits a plan to revive the distressed company. • Corporate Debtor: The distressed company that is undergoing insolvency proceedings. # Implications of the Ruling • Resolution Applicant Focus: By specifying that the term "connected person" pertains to the resolution applicant, the NCLT has clarified that the disqualifications under Section 29A are meant to prevent ineligible entities from becoming resolution applicants, based on their connections. If you need more details or have specific questions about this ruling, feel free to ask!

**Satyam Scandal: A $1 Billion Corporate Fraud in India** The Satyam scandal was one of the largest corporate frauds in India's history. The company's founder admitted to inflating revenues, profits and cash balances by over $1 billion (Rs. 7,800 crores), representing over 90% of Satyam's reported cash and 70% of its revenue. This massive fraud put over 50,000 jobs at risk, caused Satyam's share price to collapse by 90%, and severely damaged investor confidence in India's IT sector. The Indian government intervened, leading to Satyam's acquisition by Tech Mahindra and the implementation of stricter corporate governance regulations. The Satyam scandal exposed major gaps in India's auditing and regulatory oversight, serving as a wake-up call for reforms to prevent such large-scale frauds in the future. #SatyamScandal #CorporateFraud #IndiaBusinessNews #AccountingScandal #FinancialRegulation #CorporateGovernance #InvestorTrust #IndiaIT

Always a pleasure talking to professionals...this time IPs who are forensic auditors, transaction auditors, and who are dealing with them... #learning #forensicscience #forensicaudit #transactionaudit #training #insolvencyprofesisonals #ibc #statutoryaudit #internalaudit #pufe #rrrinsolvency #specifictransactionsunderibc

𝐑𝐞𝐯𝐢𝐯𝐚𝐥 𝐚𝐧𝐝 𝐠𝐨𝐢𝐧𝐠 𝐜𝐨𝐧𝐜𝐞𝐫𝐧 𝐬𝐭𝐚𝐭𝐮𝐬 𝐨𝐟 𝐚 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐝𝐞𝐛𝐭𝐨𝐫 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐠𝐨𝐚𝐥𝐬 𝐨𝐟 𝐈𝐁𝐂: 𝐍𝐂𝐋𝐓 In the case Universaltech Paper LLP vs. Mr. Krishnaswami CVR NCLT Kolkata held that on the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. It was also noted that the primary goal of a resolution plan as well as the sale of a Corporate Debtor as a going concern remains the same i.e revival of the Corporate Debtor’s business. by B.R. Garima Rao #nclt #nclat #companylaw #companylawtribunal #insolvency #insolvencylaw #bankruptcy #bankruptcylaw