Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
The Congress on Friday dismissed as "laughable" the complaint seeking disqualification of its chief Sonia Gandhi from the Lok Sabha for receiving a Belgian honour and said it will give a "strong and fitting reply" to the Election Commission notice to her.
The Delhi Police on Thursday said the statements by Twitter on the ongoing enquiry in the 'toolkit' case was mendacious and designed to impede the lawful enquiry.
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
The Central Board of Excise and Customs has decided to prescribe time limits for various activities following representations from the trade and recommendations from the Comptroller and Auditor General of India
The ED identified the properties as Fatima Heights and Aafiyah Heights in Mumbai, an unnamed project in the Bhandup area of Maharashtra's capital city and a project named Engracia in Pune.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
Referring to the arguments advanced by Chidambaram's counsel on Tuesday that ED wanted to humiliate him by arresting him, Mehta had said, "A victim card is sought to be played. They are saying humiliation. It is not. It is prevention, prevention and prevention with capital P. I am serious about this".
ED had attached properties in the states of West Bengal, Assam and Odhisha.
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
Setting aside the NCLAT order, a 3-judge bench headed by Justice R F Nariman, said the two set of creditors will be treated differently during the insolvency proceedings and taking over of a debt-ridden firm by another company.
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
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Two banks accounts were placed under attachment by Enforcement Directorate sometime back.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
The ED has now seized the property, agency sources said.
The move came a day after the Election Commission announced dates for the forthcoming assembly polls in his state.
The AA bench, in the order accessed by PTI, also rapped the probe officer of the I-T department in Mumbai for seemingly relying on "some press report/online articles" that Khan acquired the property for his benefit, which it said was "incorrect and impermissible in law."
Several depositors were duped in the Rs 460.91-crore alleged fraud engineered by Shivraj Puri, a Global Wealth Manager of the bank working at its branch in Gurgaon.
The agency's latest action, under Prevention of Money Laundering laws, had been taken against the borrower company and its two group companies, which owe the investors Rs 922 crore (Rs 9.22 billion), sources said.
Since the inception of the code, the threat of insolvency has brought many debtors in line
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
A special Prevention of Money Laundering Act court has issued orders for attachment of properties worth Rs 143.74 crore of YSR Congress party chief Jagan Mohan Reddy and his associates in a disproportionate assets case being probed by the Enforcement Directorate.
The NIA has asked him to him to appear before it on March 30 in a case filed against him under an anti-terror law.
While passing the scrutiny of courts is a tough challenge, with eight proposed amendments to the insolvency law, the government has sought to turn the focus back on at least some of the functions of the bankruptcy law.
The actor has been asked to be present before the adjudicating authority of the case here on August 23, they said.
The promoters, instead, raised it to 63.15 per cent, while reporting they'd brought it down to 28.6 per cent.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
The department of economic affairs is said to be in discussions with various probe agencies, including the income tax department and the Enforcement Directorate, and bankers in drafting the final rules.
Property worth Rs 144 crore, which includes 25 flats and a shopping mall, has been attached in connection with the disproportionate assets case against the alleged associates of former Jharkhand Chief Minister Madhu Koda.
The ED has attached assets to the tune of Rs 9,003 crore and filed 173 charge sheets in the financial year 2014-15.
A special anti-money laundering court in New Delhi has attached assets worth over Rs 37.86 crore belonging to former Karnataka minister and mining baron Gali Janardhan Reddy and his wife in connection with an alleged multi-crore iron ore mining scam.
India's debt recovery and restructuring framework is still a work in progress, even six months after the President's assent to the Insolvency and Bankruptcy Code 2016.
The next edition of attachments will be carried out under sections of the Criminal Procedure Code
The government can seek details from sellers such as sources of funds while buying.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
Former telecom minister A Raja, Dravida Munnetra Kazhagam MP Kanimozhi and 17 others were on Friday chargesheeted by the Enforcement Directorate in a special court in connection with a money-laundering case relating to the 2G spectrum allocation scam in which the party-run Kalaignar TV was allegedly paid Rs 200 crore by the promoters of Swan Telecom.
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
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