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.
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.
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.
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.
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.
A special PMLA court here on Wednesday granted bail to Yes Bank founder Rana Kapoor, businessman Gautam Thapar and seven others in a case pertaining to the sale of a property at a prime location in Delhi. Kapoor and Thapar, however, will not walk out of jail as they are in judicial custody in connection with some other cases. The present case pertains to allegations in the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor's wife, Bindu Kapoor, for which a separate FIR had been registered by the Central Bureau of Investigation (CBI) in Mumbai last year.
Many of the industrialists profiled in the book are no longer riding the wave of success.
Fijian-born golfer Vijay Singh on his golden run of form that led to one of the greatest individual years in the history of the game.
Commerce Minister Arun Jaitley will visit the United States from June 8 to June 13 in order to promote Indo-US trade and economic relations.
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.
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.
Special court judge M G Deshpande, who has granted bail to Shiv Sena MP Sanjay Raut, terming his arrest as "illegal, without reason and a witch-hunt", had pulled up the Enforcement Directorate (ED) on multiple occasions this year over its approach in dealing with money laundering cases.
The Delhi high said that the trial court order was unsustainable in law.
"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"
Advocate Abbad Ponda, his lawyer, said a person with low immunity is easily susceptible to catching coronavirus.
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).
Only a handful of overseas acquisitions by Indian firms have survived the bloodbath, says Bhupesh Bhandari.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
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.
'Fiscal purists would quarrel with the idea of selling assets to pay for current expenditure -- such as the payout to farmers and the health insurance programme -- for the obvious reason that the process cannot go on forever.' 'At some point, the list of assets available for sale will run out,' notes T N Ninan.consultations -- something already aired in connection with the lease of airports to the Adani group, says T N Ninan.
The court was hearing the plea filed against the arrest of the rights activists -- Varavara Rao, Arun Ferreira, Vernon Gonsalves, Sudha Bharadwaj and Gautam Navlakha -- in the case.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
The court asked the Maharashtra police to file their case diary pertaining to the ongoing investigation in the case by September 24.
Maharashtra Police had on August 28 raided the homes of the prominent Left-wing activists in several states and arrested at least five of them for their alleged Maoist links, sparking a chorus of outrage from human rights defenders.
The company plans to raise Rs 750 crore; other realtors may follow.
The Supreme Court on Friday refused to interfere in the arrest of five rights activists in connection with the Koregaon-Bhima violence case and declined to appoint a SIT for probe into their arrest.
The bench, which also comprised Justices A M Khanwilkar and D Y Chandrachud, told the Maharashtra government to make its police officials "more responsible" on matters pending before the court.
ACP Shivaji Pawar has been asked to file his affidavit by August 15.
Minal Gadling, in her petition, claimed that all the arrested five, including her husband, have been in a false and mala fide way implicated in the case even when there was no involvement on their part in any such activity.
On the last date of hearing, the Maharashtra police had produced additional letters to establish Moist links of the arrested accused even as the petitioners described it as cooked-up evidence.
"Every criminal investigation is based on allegations and we have to see whether there is some material," the court said.
A day after the world was rocked by the revelations made by what is now being called the Panama Papers, the Indian Express has disclosed a second list of Indians who were involved in offshore companies.
The apex court also rejected the plea to appoint a Special Investigation Team for probe.
The Delhi high court freed Navlakha from house arrest on Monday, five weeks after he and four other rights activists were arrested in connection with the Koregaon-Bhima violence in Maharashtra.
The poet and professor's 'life breath is now in the hands of those sworn to uphold his Constitutional right to life.' 'Will they be true to their oath?', asks Jyoti Punwani.
The apex court questioning the police about the arrests said that 'dissent is the safety valve of democracy and if you don't allow these safety valves, it will burst.'
'My only interest is that the law is upheld for each and every citizen.' 'Whenever this case is decided, it will be protection for you and every Indian.' 'I just want the rule of law of to be followed.'
