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Saturday, July 21, 2018

Khushboo Narayan

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Bombay HC directs trial court to hear afresh I-T plea for LR
Sat, Jul 21, 2018

While the HC has stayed the April 13 order of the trial court that approved issuance of LR to Guernsey, it has directed both Birla and the I-T department to appear before the trial court on August 1.

As Chandamama firm goes bust, rare copies, key patents lie locked up in Mumbai building
Mon, Jul 16, 2018

Geodesic Ltd and its top officials are now under the scanner of the Economic Offences Wing of the Mumbai Police, Enforcement Directorate and the Income Tax department for tax evasion and alleged siphoning and laundering of $125 million (Rs 812 crore).

DRI busts Rs 2,000-crore money laundering racket at diamond bourse, 4 held
Fri, Jul 13, 2018

So far, the DRI has arrested the three valuers and the CHA in the case. The agency has also seized Rs 10 lakh in cash and Rs 2.2 crore in demand drafts in multiple raids.

Enforcement Directorate set to use new ordinance to seize Nirav Modi, Mehul Choksi assets
Mon, Jul 09, 2018

Modi and Choksi are wanted by multiple investigating agencies after State-owned Punjab National Bank complained against their companies, saying it had been cheated of Rs 13,600 crore through fraudulent letters of undertaking and foreign letters of credit.

Fake minutes of board meetings were submitted regularly: Gitanjali staff to ED
Wed, Jul 04, 2018

The ED prosecution complaint said that Choksi appointed a number of employees as “dummy” directors of his firms even as these companies had no employees, no board meets and no business.

PNB fraud case: Jewellery seized from Mehul Choksi firm is just 3 per cent of book value
Tue, Jul 03, 2018

According to sources, while the stock value of gold and diamond jewellery at the retail stores of Gitanjali Group was not inflated, the probe agency has found maximum inflation of the stock kept in factories and safe rooms of the group in Mumbai.

DRI inter-state drug bust: Two ‘masterminds’ on the run from law in UK and Canada
Mon, Jul 02, 2018

According to sources, the syndicate had a well-established chain of supply. The payment for the raw material and finished products allegedly took place through hawala.

Air Asia ‘corruption’ case: CBI summons top Tata executive R Venkataramanan
Sat, Jun 30, 2018

Air Asia 'corruption' case: The CBI has alleged that Venkataramanan lobbied with the government to secure mandatory approvals, some of them through “non-transparent means”.

Low-quality gems at high value: Mehul Choksi got Dubai warning
Fri, Jun 29, 2018

The probe agencies have found that the Dubai subsidiary, in an email on October 6, 2015, said the consignment of coloured gems received by them were of such “low quality” that the “stones release colour and the bag inside which stones are kept turns red”.

Mehul Choksi diverted Rs 4,000 crore to Gitanjali subsidiaries: Probe
Wed, Jun 27, 2018

According to sources, the Enforcement Directorate found that Mehul Choksi used four Hong Kong-based firms to allegedly divert about Rs 3,500 crore of the outstanding LoU and FLC funds to related companies in USA, UK, UAE, Thailand, China, Japan, Italy and Belgium.

Vijay Mallya’s plea: Let my firms sell assets worth Rs 13,900 crore, repay banks
Wed, Jun 27, 2018

Vijay Mallya said he “will continue to make every effort to settle with the public sector banks” adding that the bulk of the claims of the banks were on account of interest and that he was being made a “poster boy” of bank default and a “lightning rod of public anger”.

Maharashtra: Less women from state part of work force
Sat, Jun 23, 2018

The other two states, which have low participation of women workforce in professional and technical jobs are Telangana (38) and Chattishgarh (39).

More conflict of interest? Mumbai house of Kochhars has Videocon connection
Thu, Jun 21, 2018

Income Tax probes acquisition of CCI Chambers apartment in Mumbai by husband of ICICI Bank’s Chanda Kochhar.

Vijay Mallya diverted loan funds, didn’t reveal full assets: Enforcement Directorate
Tue, Jun 19, 2018

The agency has said that Vijay Mallya showed his total assets as Rs 1,395 crore, whereas the ED estimated his total assets at Rs 3,164.65 crore as on 2010.

Enforcement Directorate to move court against Vijay Mallya in first case under new fugitives law
Mon, Jun 18, 2018

According to the ordinance, a Fugitive Economic Offender is a person who has an arrest warrant issued in respect of a scheduled offence and who leaves or has left India so as to avoid criminal prosecution, or refuses to return to India to face criminal prosecution.

Maharashtra has highest number of ATMs in country, says RBI
Sat, Jun 16, 2018

During the financial year 2017-18, the number of ATMs in the state has declined marginally from a year ago, as the total number of ATMs in the country has also declined slightly to 2,22,066 from 2,22,318 in the same period.

Nirav Modi used revoked passport four times to travel: Interpol
Tue, Jun 26, 2018

In a June 5 letter to Indian agencies, Interpol said Nirav Modi travelled between United States, United Kingdom and Hong Kong on his Indian passport between March 15 and March 31.

PNB fraud case: Others in family helped Nirav launder money, destroy evidence, ED tells court
Thu, Jun 14, 2018

PNB fraud case: Nirav Modi, his wife Ami (a US citizen), brother Neeshal (a Belgian national) and uncle Mehul Choksi, promoter of the Gitanjali Group, fled the country in January, weeks before the scam broke. While Nirav Modi is in the UK, Choksi is learnt to be in the US.

Now CBI investigates role of top bankers in Kingfisher Airlines loans case
Mon, Jun 11, 2018

Kingfisher owes over Rs 9,000 crore to at least 17 lenders, including SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda and United Bank of India.

NCLT admits insolvency plea by SBI against Videocon Telecom
Sat, Jun 09, 2018

A consortium of 18 banks have an exposure of over Rs 2500 crore to Videocon Telecommunications, which has defaulted on loans and bank guarantees since January 2018.

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