VerSe Innovation, the parent company of content platform Dailyhunt and short-video app Josh, has received a clean opinion from Deloitte on its consolidated financial statements for the financial year 2024. Deloitte, which serves as the auditor for the company, confirmed that the financial statements present a “true and fair view” of the company’s financial position.

A VerSe Innovation spokesperson stated, “Deloitte has issued a True and Fair view of our FY24 Consolidated Financial Statements. While Deloitte identified control weaknesses, their report confirmed these findings do not impact their opinion on the Financial Statements. We are committed to strengthening our controls and remain confident in our plan to achieve break-even in the second half of this fiscal year.”

According to MCA filings, Deloitte noted: ““We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Consolidated Financial Statements of the Company for the year ended March 31, 2024, and these material weaknesses do not affect our opinion on the said Consolidated Financial Statements of the Company.”

VerSe Innovation said its proprietary technology platform powers over 350 million users to consume content in their local language on Dailyhunt, and also powers the short-video app Josh.

Income Tax Return Filing FY 2024-25: The Income Tax Department has issued ITR form 3, applicable for individuals and HUFs earning income through business or professional activities. The announcement was made via X platform on Thursday night, confirming that ITR-3 for Assessment Year 2025-26 was officially notified on April 30.

What’s new in ITR-3?

A significant change includes the increase in the reporting threshold for assets and liabilities under ‘Schedule AL‘ from Rs 50 lakh to Rs 1 crore, providing relief to middle-income taxpayers through reduced disclosure requirements.
The ITR’s Schedule Capital Gains section now requires separate reporting of capital gains based on their occurrence, whether before or after July 23, 2024.
Following the Budget presentation on July 24, 2024, the administration proposed reducing long-term capital gains tax on property to 12.5 per cent without indexation benefits, down from the previous 20 per cent rate with indexation.
Also Read | ITR filing FY 2024-25: New ITR-1 form notified with major changes – here’s what taxpayers should know
The indexation benefit enables taxpayers to calculate property cost prices whilst accounting for inflation.
This revision allows individuals or HUFs who acquired properties before July 23, 2024, to choose between two options: either pay LTCG tax at 12.5 per cent without indexation or continue with the existing system of 20 per cent tax with indexation benefits.
AKM Global’s Partner-Tax, Sandeep Sehgal highlighted that the CBDT has implemented significant modifications to ITR Form 3 for Assessment Year 2025-26, simplifying the compliance process for individuals and Hindu Undivided Families earning income from business or professional activities.
“Dropdowns for deductions like Section 80C and section-wise TDS reporting have also been introduced, enhancing transparency, accuracy, and ease of filing. Overall, these changes reflect the CBDT’s ongoing efforts to promote ease of compliance, improve data accuracy, and align reporting with emerging policy developments,” Sehgal added.
On April 29, the authorities announced ITR forms 1 and 4 for assessment year 2025-26, simplifying the filing process for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities.
The administration has incorporated alterations regarding deductions under sections 80C, 80GG and others, whilst introducing a dropdown menu in the utility for tax filers to choose from.
Additionally, taxpayers must now provide detailed section-wise information concerning their TDS deductions in the ITR.

File picture of Adani Enterprises Director Pranav Adani
| Photo Credit: PTI

The Securities and Exchange Board of India (SEBI) has alleged Pranav Adani, director of several Adani group companies and the nephew of founder Gautam Adani, shared price-sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.

Pranav Adani, the nephew of Gautam Adani, was sent a notice by the markets regulator last year, which alleged he shared information about Adani Green’s 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.

The matter has not been previously reported.

Pranav to settle, denies violation of securities law

In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges “to put an end to the matter, without admission or denial of the allegations” and that “he has not violated any securities law”.

Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.

Latest challenge for Adani group

The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them “baseless”.

Pranav Adani “communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition” to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.

Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made “ill-gotten gains” of 9 million rupees ($108,000), the document added.

The Shah brothers said in a statement sent by their law firm that the trades were not executed with the “knowledge of any unpublished price sensitive information nor with any mala fide intent.”

“The information in question was already generally available in the public domain,” the statement said.

SEBI did not respond to Reuters requests for comment.

Largest acquisition in sector

Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.

Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.

SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.

Pranav Adani’s settlement plea would be taken up after SEBI’s ongoing review of its settlement process is over.