This global audit update summarises two recent developments relevant for audit professionals, regulators, standard-setters, preparers, investors and other users of financial information.1. IAASB begins consultation on changes to key International Standards on AuditingThe International Auditing and Assurance Standards B...
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Company Law
Mandatory explanatory statement disclosures missed in CCD private placement: RoC Chandigarh levies reduced penalty
1. What the adjudication was aboutThe adjudication order in the matter of M/s. Thegot Hospitality Private Limited concerns a lapse in the process foll...
Company Law
Founder Today, Ordinary Shareholder Tomorrow: The “No Promoter” Route in Indian IPOs
A quiet but important shift is taking place in India’s public issue market. Several large, founder-led companies that were built over many years by id...
GST
Madras High Court Restores GST Adjudication Where GSTR-7 Difference Was Treated as Suppressed Turnover Despite Exemption Claim
In V.N.S. Construction v. State Tax Officer, decided by the High Court of Madras in W.P.(MD) No. 14734 of 2026 on 03-06-2026, the Court examined wheth...
GST
Belated GST Returns Must Be Examined Before Continuing Section 62 Assessment: Madras High Court
In AMK Athencottasan Muthamizh v. State Tax Officer, decided by the Madurai Bench of the Madras High Court in W.M.P. (MD) No. 11125 of 2026 on 04.06.2...
GST
Madras High Court: Section 74 GST Order Quashed for Want of Hearing Where Turnover Was Claimed to Be Below Registration Limit
In ABIRAMI AGRO AGENCIES v. THE ASSISTANT COMMISSIONER, decided by the High Court of Judicature at Madras in WP No. 18444 of 2026 on 04-06-2026, the C...
GST
GST Treatment of Goods Moved for Job Work Between Separate GST Registrations of the Same PAN
1. Core positionWhere goods are moved by one GST-registered unit to another GST-registered unit under the same PAN but located in different States, th...
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