Indian government may amend Companies Act to boost local auditors

Posted on 13/10/2025 by admin

**Indian Government May Amend Companies Act to Boost Local Auditors**
*By Mudit Dube | Oct 13, 2025, 02:41 PM*

The Ministry of Corporate Affairs (MCA) is considering significant amendments to the Companies Act aimed at strengthening the position of domestic audit firms. This initiative is part of a broader effort to help Indian auditors compete more effectively with global giants such as Deloitte, PwC, EY, and KPMG. The proposed changes are expected to be introduced through the Companies Act Amendment Bill.

**Relaxing Partner Composition Norms**

One of the key proposals under consideration is the relaxation of partner composition norms for audit firms. Currently, Section 141(1) of the Companies Act mandates that a majority of partners practicing in India within an audit firm must be chartered accountants. The amendment seeks to modify this requirement to offer greater flexibility and encourage the growth of local firms.

**Tender Reforms to Increase Domestic Participation**

Apart from legislative changes, the government is also evaluating reforms in tender norms related to government audits. At present, large-value government audit contracts are predominantly won by international audit firms. To boost opportunities for Indian firms, the government plans to make participation of domestic auditors mandatory in government tenders and adjust eligibility criteria to widen the bidder base.

**Role of ICAI and Regulatory Alignment**

The Institute of Chartered Accountants of India (ICAI) has been engaged to help align regulatory frameworks with global best practices. As part of this collaboration, ICAI is finalizing a digital platform to facilitate mergers among CA firms, aiming to strengthen the domestic audit sector. These regulatory enhancements are expected to roll out in the coming months alongside the legislative changes.

**Proposed Amendments to Conflict-of-Interest Provisions**

In addition to partner composition reforms, amendments to Section 144 of the Companies Act are also being considered. Section 144 governs conflict-of-interest provisions, and the proposed changes intend to ensure the regulatory environment evolves in line with new business models in auditing and advisory services.

**Towards a Level Playing Field**

Collectively, these proposed amendments and policy initiatives are designed to create a more level playing field for Indian audit firms by enhancing their capacity to compete against international counterparts. The government’s focus on strengthening domestic capabilities signals a strategic move to nurture local talent and increase indigenous participation in the critical audit segment.

*Stay tuned for updates as the Companies Act Amendment Bill progresses through the legislative process.*
https://www.newsbytesapp.com/news/business/indian-government-may-tweak-companies-act-to-boost-local-auditors/story

Sahara seeks Supreme Court approval to sell properties to Adani

Posted on 29/09/2025 by admin

**Sahara Seeks Supreme Court Approval to Sell Properties to Adani**

*By Mudit Dube | Sep 29, 2025, 04:54 PM*

Sahara India Commercial Corporation Limited (SICCL) has approached the Supreme Court seeking approval to sell several key properties, including the well-known Amby Valley in Maharashtra and Sahara Saher in Lucknow. The proposed buyer for these properties is Adani Properties Private Limited. The plea, filed through advocate Gautam Awasthi, has been listed for hearing and is likely to be taken up on October 14.

### Sahara’s Long Journey of Asset Liquidation

The plea details the arduous journey undertaken by SICCL and the Sahara Group to liquidate various movable and immovable assets over time. The proceeds from these asset sales have been deposited into the SEBI-Sahara Refund Account.

According to the petition, “Out of a total principal amount of ₹24,030 crore, the Sahara Group, through sale and liquidation of their assets, has realized approximately ₹16,000 crore.”

### Challenges in Liquidating Assets

The plea also highlights SEBI’s inability to liquidate Sahara assets despite engaging reputed estate brokerage firms for the purpose. It underscores that all deposits made to the SEBI account have been through the Sahara Group’s own efforts via SICCL.

Following the death of Sahara Group chief Subrata Roy in November 2023, the group lost its principal decision-maker, complicating ongoing liquidation processes.

### Roy Family Not Involved in Operations

The Sahara plea clarifies that Subrata Roy’s family members were not involved in the day-to-day business operations or management of the Sahara Group. Nevertheless, to safeguard investor interests, the family has decided to proceed with liquidation of the Group’s assets at maximum value and as quickly as possible.

This move aims to comply with court orders, discharge Sahara Group’s outstanding liabilities, and put an end to ongoing contempt proceedings.

### Proposed Property Sale

The plea requests the Supreme Court’s approval for the sale of 88 properties based on a term sheet dated September 6, between SICCL and Adani Properties. This deal is being hailed as a major breakthrough, expected to unlock significant value from Sahara’s key immovable assets.

Importantly, the transaction is structured to ensure full compliance with financial obligations as mandated by court orders.

### Recent Supreme Court Order

On September 12, the Supreme Court ordered the release of ₹5,000 crore from the ₹24,030 crore deposited by the Sahara Group. These funds will be utilized to repay dues to depositors of the Sahara Group, marking a critical step in resolving the group’s financial commitments.

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The Sahara Group’s efforts to monetize its assets and comply with legal directives underscore its commitment to addressing investor grievances and fulfilling its liabilities. The upcoming Supreme Court hearing is expected to provide clarity on the proposed Adani deal and the future course of Sahara’s asset liquidation process.
https://www.newsbytesapp.com/news/business/sahara-seeks-supreme-court-nod-to-sell-properties-to-adani/story

Mumbai: NGT-Ordered Committee Finds Ashapura Meinchem Limited Guilty Of Severe Environmental Violations In Ratnagiri, Recommends Crores In Fines

Posted on 26/09/2025 by admin

**Mumbai: National Green Tribunal Committee Highlights Severe Environmental Violations by Ashapura Meinchem Ltd. in Ratnagiri**

A committee constituted under the orders of the National Green Tribunal (NGT) has released a report exposing major environmental violations committed by Ashapura Meinchem Ltd., a mining company operating in Rowle village, Ratnagiri. The investigation was initiated following a complaint lodged by Bhavesh Karekar, an engineer-turned-agriculturalist, who accused the company of illegal bauxite mining and causing significant environmental degradation in the area.

### Complaint Details

Bhavesh Karekar raised serious concerns about the company’s unregulated excavation activities, including:

– Illegal mining operations without the required permissions or No Objection Certificates (NOCs)
– Haphazard mining and crushing activities leading to severe environmental damage
– Depletion and contamination of groundwater resources in surrounding areas
– Uncontrolled air pollution due to mining without proper air quality monitoring
– Failure to conduct mandated plantation drives in the affected zones
– Damage to public roads caused by overloading of transport vehicles
– Significant structural damage to a public bridge over the Barja River, a critical evacuation route for mined materials
– Night-time mining operations, violating existing regulations

### Committee Findings

The committee’s report corroborated many of Karekar’s allegations and found that Ashapura Meinchem Ltd. had obtained Environmental Clearance (EC) based solely on subsurface mining rights for 228 hectares. However, the company did not hold agreements for surface rights over all the land involved.

Additionally, the report noted the company’s failure to adhere to conditions related to:

– Tree plantation requirements
– Mineral transportation protocols
– Operation of stone crushers without acquiring necessary consents from the Maharashtra Pollution Control Board (MPCB)

### Concerns Regarding Infrastructure

The investigation also raised alarms about the Barja River bridge, which currently shows visible cracks and has limited load-bearing capacity. The committee recommended that the Public Works Department (PWD) and Regional Transport Office (RTO) conduct a thorough safety audit of the bridge. Until the audit is completed, the transportation of minerals via this bridge should be suspended to prevent further damage or potential accidents.

### Recommended Actions

The committee suggested strict punitive measures against Ashapura Meinchem Ltd. for non-compliance, including:

– Installation of CCTV cameras to closely monitor mining activities
– Maintenance and repair of public roads at the company’s expense, following the Polluter Pays Principle

### Environmental Compensation

Based on its findings, the committee recommended imposing substantial environmental compensation fees on the company, including:

– Rs. 1,74,60,000 for violations related to environmental regulations, such as insufficient tree plantation and illegal mining operations
– Rs. 26,73,600 for unauthorized groundwater extraction without obtaining the necessary NOC from the Central Ground Water Authority (CGWA)

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This report underscores the urgent need for stricter regulatory oversight and stringent enforcement of environmental laws to curb illegal mining activities and protect the fragile ecosystem of Ratnagiri.
https://www.freepressjournal.in/mumbai/mumbai-ngt-ordered-committee-finds-ashapura-meinchem-limited-guilty-of-severe-environmental-violations-in-ratnagiri-recommends-crores-in-fines

Salsanis Analytics

Category Archives: corporate

Indian government may amend Companies Act to boost local auditors

Sahara seeks Supreme Court approval to sell properties to Adani

Mumbai: NGT-Ordered Committee Finds Ashapura Meinchem Limited Guilty Of Severe Environmental Violations In Ratnagiri, Recommends Crores In Fines