Corporate | Kanabar resigns from PwC; may join KPMG

Corporate | Kanabar resigns from PwC; may join KPMG

Mumbai: Dinesh Kanabar, executive director of the tax practice at global consulting and audit firm PricewaterhouseCoopers Pvt Ltd(PwC), has resigned to join arch rival KPMG India Pvt. Ltd, taking 15 partners with him, according to PwC officials familiar with the situation.

PwC, in a statement, confirmed that Kanabar had resigned along with some tax executive directors, without specifying how many.

“We have appointed Ketan Dalal and Shyamal Mukherjee as the new joint leaders for PwC’s tax and regulatory practice," it said in a statement.

Kanabar, who has been a tax practitioner for 28 years and joined PwC in February 2007, confirmed he had resigned along with a few partners. There were some integration-related issues, he told Mint on the phone on Monday . He declined to disclose his future plans.

Kanabar, along with 15 partners, came to PwC from RSM,the tax and audit arm of Ambit Corporate FinancePvt. Ltd, promoted by investment banker Ashok Wadhwa.

About 1,200 of the 7,000-odd employees at the audit and consulting firm are with the tax practice division, 170 are with audit, and the rest with consulting. Rival KPMG has been looking to expand its tax practice for some time.

Earlier this month, PwC India had a high-profile exit when chairman Ramesh Rajan stepped down to be replaced by Gautam Banerjee, who had been executive chairman for six years and named to the advisory board of the firm in April.


Essar Steel to raise flat product prices

Mumbai:Essar Steel Ltd, India’s fourth biggest producer, will increase prices of flat products by as much as 4% from January on higher demand from car makers.

We have decided to raise prices after witnessing a revival in demand, said Mahadev Iyer, chief financial officer at Essar Steel Business Group.

Tata Steel Ltd and Steel Authority of India Ltd (SAIL), India’s biggest producers, last week announced an increase in prices of construction-grade products for January, signalling higher demand from car makers and builders.

— Bloomberg