Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
A special court here on Friday granted bail to Yes Bank co-founder Rana Kapoor in the Rs 466.51 crore bank fraud case, paving the way for him to walk out of jail after four years. The Enforcement Directorate (ED) arrested Kapoor in March 2020 in a money laundering case, and he has been booked in eight cases related to fraud at the bank.
The CBI has filed a charge sheet against former Chief Executive and Managing Director of Yes Bank Rana Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore alleged fraud in the bank, officials said. Kapoor was not named a suspect in the FIR registered on June 2 last year in the case. His role, however, surfaced during the investigation, they said.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
The Delhi high court on Wednesday dismissed a bail plea by Avantha Group promoter Gautam Thapar in a Rs 500-crore money laundering case lodged by the Enforcement Directorate (ED). Justice Manoj Kumar Ohri denied the relief to Thapar, who was arrested under the Prevention of Money Laundering Act (PMLA) on August 3, 2021, after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The detailed order of the high court is awaited.
A currency slump and slowing economy have cost India its biggest golf tournament after sponsors pulled out of the country's only European Tour event on Thursday.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
Striking another major deal in less than four months, Adani Power on Mondayentered into a binding agreement with Gautam Thapar-led Avantha Group to buy out its 600 MW Korba West unit for more than Rs 4,200 crore.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Kapoor is already facing an ED criminal case for receiving alleged kickbacks, through companies purportedly controlled by his family, for going slow on bad loans extended by his bank to some big corporate.
The month also saw Adani Power acquiring the 600-Mw Korba West thermal power plant from the Gautam Thapar-led Avantha group for Rs 4,200 crore (Rs 42 billion).
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
"India will be home to a fifth of humanity, its economy 16 times bigger than today, and one of the world's largest consumer markets. India will be a world better in many areas"
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
It reported a loss of Rs 36 crore (Rs 360 million), the first such negative result in 10 years.
The company plans to raise Rs 750 crore; other realtors may follow.
India Inc is either shutting loss making businesses or is hiving off allied verticals to enhance revenues.
The good news for the group has come from the port business.
In the domestic market, the Tata Group has lost ground in the passenger car business.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
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