BSE Healthcare, Oil & Gas, Consumer Durable, TECk, Power and Metal indices declined between 0.5-1%.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
The industry alleges the government has been apathetic, despite their pleas for quick action. However, H2 may be different as The US-China trade war had opened a window for Indian exporters to ship more to America.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
If there is a morality tale here, it is that debt and death spare no king.
Prime Minister Narendra Modi will leave for the Belgian capital as part of a three-nation tour during which he will attend the Nuclear Security Summit in Washington and visit.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
The possibility of the slowdown affecting more players is greater if the industry doesn't get access to easier finance in the next six to eight months.
The 49-year-old jeweller, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year, appeared via videolink for the remand hearing at Westminster Magistrates' Court in London.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
The 49-year-old jeweller, fighting extradition in the estimated $2-billion Punjab National Bank (PNB) scam case, will appear via videolink from Wandsworth Prison in south-west London for the latest hearing in the case, during which District Judge Samuel Goozee will hear his defence team's arguments against the admissibility of certain evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in order to establish a prima facie case against the accused.
Fugitive diamond merchant Nirav Modi, wanted in India in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case. The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.
'We want the government to provide job security for all these workers,' says E S N Reddy, district general secretary of CITU.
Nirav Modi, wanted in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant. The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29.
A UK judge presiding over the extradition proceedings of Nirav Modi on Tuesday ruled that the evidence submitted by the Indian authorities to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible. District Judge Samuel Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) at Westminster Magistrates' Court in London and concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. He then adjourned the case for a two-day hearing on January 7 and 8 next year, when he will hear the final submissions in the case before he hands down his judgment a few weeks later.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
As the death toll in the country from coronavirus jumped by a record 445 to 13,699, the Centre maintained that the number of infections per lakh population was among the lowest in the world. The new cases surged by over 10,000 for the 11th day in a row and rose by 14,821 to take the total to 4,25,282, according to health ministry data.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
It is revealed that the 2G scam money has been transferred from Chennai to Dubai and Hongkong via Surat.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
Banerjee, the 34-year-old nephew of West Bengal Chief Minister Mamata Banerjee, is stated to have sent an email to the investigating officer of the case citing some personal reasons for his non-appearance.
Precious ornaments are estimated to become 3% costlier under GST
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
It was unclear how bankers were deciding which jewellers to support
At $2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.
Building a global brand was Choksi's idea, which Modi borrowed from him.
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
As many as 68 artworks went under the hammer on Tuesday evening and included works by the greats like Raja Ravi Varma, V S Gaitonde, F N Souza, Jogen Chowdhury, and Akbar Padamsee among others.
Trade sanctions on Russia by Europe and the US offer an opportunity for India, but the devaluation of the rouble may play spoilsport
Raj Sheth stood first in the country by scoring 630 marks out of 800 in the final CA exams.
Bharatiya Janata Party's prime ministerial candidate, Narendra Modi, last month urged small traders to compete with foreign retail chains through e-commerce.
He said both countries are opening new areas of cooperation in the energy sector, telecommunications and science and technology and they have set up funds to facilitate investment in high technologies.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances