Employee got Rs 13 lakh after winning wrongful termination case, but company became insolvent; Karnataka High Court orders release of Rs 13 lakh to him

On October 23, 1999, Mr. Rao started working as a customer service assistant at a company. His probation period was six months and after the probation period was over, he was confirmed in the job. Thereafter he was posted in the customer service department of the company’s Bengaluru branch. He was confirmed as a customer…

ICAI Introduces New Audit Review Standards Amid Insolvencies

The Institute of Chartered Accountants of India’s Financial Reporting Review Board (FRRB) has implemented new parameters to enhance the quality of auditing among companies. These include low audit fees, negative reserves, high leverage, and involvement in insolvency resolution processes. The parameters will be integral to reviewing corporate financials. The FRRB reviews company financial statements…

TT-Line faced potential insolvency without emergency borrowing, TASCORP reveals

TT-Line could have faced insolvency without emergency borrowing arrangements approved during the election caretaker period, Tasmania’s lending authority has revealed. TASCORP chair Gary Swain told a parliamentary committee the ferry operator’s financial position was “not sustainable” when it requested an extra $410 million in borrowing capacity in April. The Tasmanian Public Finance Corporation approved a…