Nehal Modi, in his appeal to the Interpol commission, had said that he will not get a fair trial if he is extradited to India. He said he had “no institutional ties” with Nirav Modi’s companies and the sale of 50 kg gold of a liquidated firm was “legal”.
Earlier this year, the ED had requested the Interpol to issue a Red Notice against Nehal for his role in helping Nirav Modi. It found Nehal "knowingly and intentionally" assisted Nirav in concealing the alleged laundering of money and "destroying evidence".
The tribunal said that only Institute of Chartered Account-ants of India (ICAI), the apex body of auditors, can take any action against its members, adding that fraud cannot be proved on the basis of negligence in auditing.
In April this year, Bhatia was elevated to the post of CEO at ITNL by the new board of IL&FS headed by banker Uday Kotak. Bhatia was the Chief Financial Officer (CFO) at ITNL before the collapse of the IL&FS Group.
The agency has found that Karendralenny, a former Venezuelan soldier, became a drug mule after a Nigerian national contacted her on Facebook in February and offered her $5,000 to smuggle about 1,000 gm of cocaine to India.
A complaint filed by a whistleblower alleged that Ultimate Branding is getting commission from UBL for “getting business” and also “getting significant margins in USD in trading of Kingfisher beer in international markets via front companies”.
The decision to lend to a Sterling Group company in 2015 by the SBI-led consortium has come under the scanner of investigating agencies because the RBI norms mandate that no new credit facilities can be given to promoters and companies who are on the list of wilful defaulters.
The complaint alleged that CAM was legal adviser to the former board of IL&FS, which is facing criminal and legal action by government agencies, and continues to perform that role for the new board, too.
Since January 2017, National Company Law Tribunal, the adjudicating authority for bankruptcy and corporate cases, has admitted 1,858 cases
and managed closure in little over a half. No surprise then that ‘judicial members’ usually have one advice: settle
Sitharaman said startups and their investors who file requisite declaration and provide information in their returns will not be subjected to any kind of income tax scrutiny in respect of valuations of share premiums.
The DRI is probing at least 40 companies, including two companies of the Adani Group, two Essar Group firms and a few public sector power firms, for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore.
The banking regulator’s response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI’s assistance in obtaining information from two state-owned banks on the alleged Rs 29,000-crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group among others.
A LR is a formal request from one country to another under the Mutual Legal Assistance Treaty (MLAT) seeking judicial assistance in accessing information on an offshore entity in connection with an ongoing probe.
Incidentally, the tribunal set aside the crucial order of the revenue department even though the two main accused in the case -- ABG Shipyard and its promoter -- have not appealed against the DRI order in the tribunal.