News, The Morning Context

Why do so many OfBusiness employees run other companies?

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The article asks why so many OfBusiness employees run other companies. It focuses on three companies, Zarielle Projects and Services LLP, Lendcierge Estate Pvt. Ltd, and Strike Infracon LLP, with links to employees. The existence of these related entities raises questions about whether they are used to overcount revenue or as a way to avoid or save on Goods and Services Tax (GST). This corporate structure is also linked to the company’s credit business.

News, The Morning Context

Is India’s celebrated startup OfBusiness a real business?

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The company is aiming for an IPO by August next year. But what exactly is this firm—a financing operation, a tech business, an overvalued minefield of round-tripping or something else entirely? In an efficient physical world, a company like OfBusiness would have no reason to exist. Today, OfBusiness trades both almonds and steel bars on the same platform. These are just two out of the many products it deals in.

News, The Morning Context

Madhabi Puri-Buch’s Blackstone connection deserves a closer look

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The SEBI chairperson seems to have been economical with the truth in her responses to the Hindenburg allegations on conflicts of interest, especially to do with her Blackstone ties. What could prove far more problematic for Puri-Buch than her name appearing alongside an entity she is overseeing the investigation of is her close connection with American private equity major Blackstone. The Blackstone connection has ensured that Hindenburg’s allegations aren’t another blip in the news cycle.

News, The Morning Context

India goes after companies with a big tax stick

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A wave of demands for payment of GST on intra-company transactions has opened up a new front between corporates and the government. A dent to the ease-of-doing-business rankings the likely first casualty. Early in August, it emerged that India’s Goods and Services Tax authorities had slapped IT services company Infosys with a whopping Rs 32,000 crore demand for unpaid taxes. The demands were centred around taxes payable on intra-group transactions—between subsidiaries and parent companies, between branch offices and head offices.

News, The Morning Context

Adani’s ties with Adi group make convenient business sense

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Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out. An investigation by The Morning Context lays out how the lines between client, supplier, investor, associate and proxy blur. The Adi group’s businesses range from coal and commodity trading to real estate development. Its founder, Utkarsh Shah, is described as a friend of Adani group chairman Gautam Adani for over 30 years.

News, The Morning Context

Multi-crore duty evasion behind alleged silver import scam at GIFT City

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There’s more to the accusations of irregularities in silver imports than meets the eye. For starters, dubious links have emerged between some importers and exporters. A large-scale silver imports scam has possibly been brewing in India. A back-of-the-envelope calculation shows that import duty to the tune of at least $105 million (around Rs 880 crore) may have been evaded on $1.6 billion (Rs 13,600 crore) worth of silver imports from the UAE.

News, The Morning Context

M.D. Overseas and Augmont Enterprises linked to Dubai silver suppliers, GIFT City halts clearance

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Links have emerged between the two companies and Dubai-based exporters in connection with the alleged violation of India-UAE free trade agreement norms on silver imports. Delhi-based M.D. Overseas and Mumbai-based Augmont Enterprises are among the private firms whose names have emerged in connection with the alleged violation. Also, customs authorities at GIFT City have stopped clearing all consignments of silver from the UAE.

News, The Morning Context

NFRA, India’s audit regulator, is partial towards the Big 4

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Six years in, the audit regulator has settled into a pattern—stiff penalties for small firms, and little more than strong words for their larger peers—that questions its very existence. In April and May this year, India’s audit regulator slapped penalties on three firms in connection with audits of three of Anil Ambani’s companies. The National Financial Reporting Authority did not include PwC and KPMG affiliate BSR, which had acted as joint statutory auditors.

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