Deloitte Financial News

11.07 / 10:19

UPS Booking COMPOSITE Deloitte BAC Centre Byju's account books on radar as Centre orders inspection: Report

edtech startup Byju's. It has sought a report in six weeks, the Bloomberg News reported, citing people familiar with the matter. A media report (Hindu Business Line) on July 8 said the SFIO, a multi-disciplinary organization under the Ministry of Corporate Affairs (MCA), has begun its probe against Byju's.

11.07 / 09:47

Booking Deloitte Government orders inspection of Byju's account books

India’s government has ordered an inspection into the account books of education-technology titan Byju’s, which has been rocked by the resignation of its auditor and three board members last month, according to people familiar with the matter. The Ministry of Corporate Affairs has sought a report in six weeks, said the people, asking not to be named as the information isn’t public.

11.07 / 02:37

UPS FIVE Progressive Action PwC Deloitte Mid-tier shortcomings undermine challenge to big four

London | The British accounting regulator has criticised BDO and Mazars for “unacceptable” shortcomings in their audits, underlining the challenge the groups face in loosening the grip of the big four firms on the market.

11.07 / 00:49

UPS Provident Digital CEO Platform Deloitte Artificial intelligence lashes at the doorstep of films, entertainment

NEW DELHI : India’s entertainment industry is poised to witness the gradual integration of artificial intelligence (AI) into its operations, with growing anticipation regarding its potential impact on various aspects of the industry, like in other sectors. Currently, tools are already being utilized to generate songs in the voices of artistes who did not originally sing them, as well as creating posters featuring actors in different roles. However, experts predict that AI will aid scripting, casting, shooting, post-production, marketing, and even the generation of melodies and lyrics.

10.07 / 18:55

Digital Deloitte Net direct tax collection rises 16% to Rs 4.75 lakh cr so far this fiscal

net direct tax collections have risen 16% to ₹4.75 lakh crore so far this fiscal, on the back of improved economic activity and compliance, official data released Monday showed. The Central Board of Direct Taxes, the apex direct taxes body, said in a statement the collections touched 26.05% of FY24 budget estimate for direct taxes pegged at ₹18.23 lakh crore. Collections are in line with other data that point to sustained recovery despite global headwinds including goods and services tax collections and automobile sales.

10.07 / 10:23

UPS Provident CEO PwC Deloitte Political Donations PwC to ban political donations over tax leaks scandal

PwC Australia will cease most of its political donations as part of a plan to rehabilitate its public image amid the ongoing tax leaks scandal, depriving the major political parties of contributions worth an average of more than $200,000 a year.

09.07 / 02:03

Deloitte NOT In charts: 28% GST on eGaming not a win-win

The industry in India was worth just $0.54 billion in FY16 but has since grown to reach $2.6 billion in FY22 and estimated to touch $8.6 billion by FY27: a CAGR of 27%. To boot, Indian gaming companies have raised $2.8 billion from investors across the globe over the last 5 years.Also read | Online gaming companies plan to talk rules with states However, a report from Deloitte titled GST on Online Gaming, says a shift from the current 18% GST on Online Gaming (on a Gross Gaming Revenue basis) to 28% GST on a Contest Entry Amount basis, may result in industry degrowth leading to a drop in GST mop-up.

08.07 / 16:49

UPS Action COMPOSITE Deloitte BAC SFIO begins probe into edTech major Byju’s irregularities: Report

Hindu Business Line on 8 July. In June, three directors — GV Ravishankar of Peak XV Partners (Sequoia Capital India), Russel Dreisenstock of Prosus, and Vivian Wu of Chan Zuckerberg Initiative — stepped down from Byju’s Board.

07.07 / 20:59

Booking Deloitte exit Govt weighs SFIO probe after auditor exit at Byju’s

The ministry of corporate affairs is exploring the possibility of involving the Serious Fraud Investigation Office (SFIO), which has experts from different arms of the government, to probe the auditor resignation and delayed financial reporting by Think and Learn Pvt. Ltd, which runs online tutor Byju’s, two people familiar with the development said.

06.07 / 23:53

IPO NASDAQ Software Deloitte Southeast Asia's IPO market is an investor favorite amid global headwinds, Deloitte says

Southeast Asia's initial public offering market is showing promising signs despite a global IPO slowdown in the first half of 2023, according to a new Deloitte report.

06.07 / 04:45

COST Citi Manufacturing CEO Strategy Pool Deloitte The Ukraine war changed this company forever

This 50-acre plot in Oradea, Romania, close to the border with Hungary, beat out scores of other sites in Europe to become the home of Nokian Tyres’ new 650 million-euro ($706 million) factory. Like an industrial-minded Goldilocks, the Finnish tire company had searched for the just-right combination of real estate, transport links, labor supply and pro-business environment. Yet the make-or-break feature that every host country had to have would not have even appeared on the radar a few years ago: membership in both the European Union and the North Atlantic Treaty Organisation.

05.07 / 18:43

Manufacturing Merit Hyundai Deloitte Auto Inc puts pay hikes in top gear as profits surge

Maruti Suzuki, Tata Motors, Hyundai Motor India and Hero MotoCorp rise, these companies are rewarding their employees with salary increases averaging more than 10%. «With the excellent efforts of employees, Maruti Suzuki has performed well in FY23,» said Rajesh Uppal, member executive board, HR, Maruti Suzuki, which recorded the highest-ever turnover of ₹1 lakh crore. «Our sales of 19.66 lakh units were the highest ever… the company recognises the efforts of employees and shares the fruit of their good work with them,» Uppal told ET.

05.07 / 18:39

Provident FIVE Booking Aware CEO Deloitte Covenant Byju’s shareholders clamour for clarity on funds at EGM

MUMBAI : Anxious shareholders grilled the founders and the management of edtech giant Byju’s at an emergency meeting on Tuesday, seeking explanations about funds utilization, with some even demanding that founder Byju Raveendran step aside to make room for an interim chief executive officer (CEO). According to four people aware of the development, shareholders of the online tutor pressed its leadership for pro-forma financials at the extraordinary general meeting (EGM) following the exit of its long-time auditor and three external directors amid delay in financials and lawsuits in the US.

04.07 / 16:29

UPS CEO Platform Gap BlackRock Deloitte Byju’s promoters have sold shares worth $408.53 million since 2015: Report

edtech major, have together sold shares worth about $408.53 million in 40 secondary transactions since 2015, according to research and data platform PrivateCircle. PrivateCircle used the closest available primary share price and analysed various public data sources to arrive at the findings, in cases where the secondary share price was not available. Also Read: Byju’s exposes gap in NFRA mandate “Byju's promoters have put the entire secondary sale proceeds back into the business to scale it up further over the years," a spokesperson for the company told business daily ET in response to a query on the secondary share sales.

04.07 / 07:43

Provident FIVE CEO Platform BlackRock Deloitte Byju’s promoters have sold shares worth $408.53 million since 2015: PrivateCircle

Byju Raveendran, Divya Gokulnath and Riju Ravindran, the promoters of beleaguered edtech major Byju’s, have together sold shares worth about $408.53 million in 40 secondary transactions since 2015, according to research and data platform PrivateCircle. In two instances where the secondary share price was not available, PrivateCircle used the closest available primary share price and analysed various public data sources to arrive at the findings.

04.07 / 07:19

Enterprise Deloitte Chris Rokos and Deloitte settle £40m tax bill dispute

Chris Rokos and Deloitte have ended their legal battle over a £40m tax bill that the billionaire hedge fund manager blamed on bad advice from the Big Four firm by reaching a settlement, according to reports.

04.07 / 01:03

COST UPS Aware Platform Deloitte Deal NOT Shah Rukh Khan may not renew deal with Byju’s

Shah Rukh Khan when it ends in September, people aware of the matter said. “With the edtech platform in serious trouble, Shah Rukh’s team is also hesitant to continue the association with the brand,” one of the people said. Byju’s had signed up the Bollywood actor in 2017 for an annual fee of close to Rs 4 crore, and he has been the edtech platform’s most visible face ever since.

03.07 / 22:17

UPS Provident CEO PwC Deloitte PwC $1 fire sale to Allegro done, new name revealed

Private equity investor Allegro Funds has bought PwC’s government consulting arm for $1 and will invest $100 million in the newly renamed Scyne Advisory. The move is part of a risky and ambitious plan to reshape the industry by creating a huge advisory outfit that consults only to public sector clients.

03.07 / 19:11

UPS Provident FIVE Booking Deloitte Boards of IDFC firms approve merger ratio

MUMBAI : The boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank on Monday approved a merger under which shareholders of IDFC will get 155 equity shares of the bank for every 100 shares held. The merger entails the amalgamation of IDFC Financial Holding into and with IDFC, and of IDFC into and with the bank.

02.07 / 07:41

Citi Deloitte NSE explores carbon credit market, introducing electricity derivatives

National Stock Exchange is exploring opportunities in electricity derivatives and the voluntary carbon credit (VCC) market to deepen its product portfolio as part of its transformation into a multi-asset stock exchange. The world's largest derivatives stock exchange also plans to introduce derivative contracts based on the indices of the corporate bond index and government bond index, subject to clearance from regulators. «We are evaluating the voluntary carbon credits market.

01.07 / 23:27

Waves Action Deloitte NOT Optus says it still does not know how much data was stolen in hack

Optus says it still does not know how much customer information was stolen nearly a year after a massive cybersecurity breach, and has denied it had a duty of care to protect the affected customers from harm.

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