Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
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Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
There have been more instances of a management team buying out the owners of a company after the pandemic. There are eight such transactions, called management buyouts (MBOs), in the five years ending 2024, according to data from tracker LSEG shared with Business Standard.
While the Indian women again showcased their tactical prowess, outplaying South Africa 66-16 in the semi-finals, the men's team secured their spot in the final with a 62-42 victory over the team from the Rainbow Nation.
The name of fugitive diamantaire Mehul Choksi wanted in a Rs 13,000-crore scam in the Punjab National Bank is understood to have been removed from the Interpol database of Red Notices on the basis of his plea to the Lyon-headquartered agency, people in the know of the development said. The Central Bureau of Investigation (CBI) remained tight-lipped on the development. The Red Notice is highest form of alert issued by the 195-member country-strong Interpol to law enforcement agencies worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
Sebi orders attachment of bank, demat accounts of Mehul Choksi and Gitanjali Gems after they failed to pay fine imposed on them.
The Dominica high court on Wednesday ordered that diamantaire Mehul Choksi be produced before a magistrate there to answer charges of his illegal entry into the Caribbean island country, local media reported. Dominica high court Judge Bernie Stephenson issued the orders after nearly three hours of hearing on a habeas corpus petition filed on behalf of Choksi who had claimed that he was abducted from neighbouring Antigua and Barbuda and forcefully brought to the Caribbean Island nation. She adjourned the habeas corpus matter till Thursday, Dominica News Online reported.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
The ED has filed a fresh chargesheet against absconding jeweller Mehul Choksi, his wife Priti and others under the anti-money laundering law in connection with the over Rs 13,000-crore PNB loan fraud case, officials said on Monday. This is the first prosecution complaint filed by the central agency against Choksi's wife Priti Pradyotkumar Kothari. She has been charged by the Enforcement Directorate (ED) with "helping her husband in layering of the proceeds of crime".
Police in Dominica captured Choksi on Tuesday night (local time) after an Interpol Yellow Notice was issued by Antigua and Barbuda.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
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.
Brazil piled the pressure on India in Turn 3, led by the likes of Mauro Pinto, Joel Rodrigues and especially Matheus Costa, who scored six touch-points.
'My husband is no longer an Indian citizen. 'In 2017, he ceased to be an Indian citizen.' 'The safest place on earth for him is Antigua'
There's not any effort -- not even a smidgen -- to resurrect a superstar on the wane in Sikandar, sighs Sukanya Verma.
"Well, he never used words like escape or shared with me such a plan like this. However, he did ask me twice if I have ever been to Cuba, he also told me that the next time we may meet in Cuba. He never explained the escape plan but I'm certain that Dominica is not his final destination but if you ask my opinion, I can be more and more certain that Cuba could have been his final destination," Barbara told ANI.
The Delhi high court on Friday dismissed a plea by Mehul Choksi, an accused in the nearly USD 2 billion PNB scam, to conduct pre-screening of Netflix documentary Bad Boy Billionaires.
All the proceedings against Choksi of illegal entry into Dominica were dropped on May 20, the spokesperson said.
The Dominica high court has stayed the removal of Choksi from its soil and put a gag order on the developments till the matter is heard in an open court on June 2.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
Alleging that his arrest in Dominica for illegal entry was "dictated" by representatives of the Indian government, absconding diamantaire Mehul Choksi has filed a case in the high court of Roseau, seeking to quash the proceedings against him, local media there reported. The case was filed against the immigration minister of the Caribbean nation, its police chief and the investigating officer of the case. Choksi, who went missing from Antigua and Barbuda where he had been living since 2018 after his escape from India, was arrested on May 23 in neighbouring Dominica for illegal entry. He was declared a prohibited immigrant by the Ministry of Immigration in Dominica.
'I was shocked by the kidnapping episode. I could have lost my life.'
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
A brisk start marked Turn 1 as the Indian attackers took charge of the proceedings. Three batches in the Nepal women were out by simple touches on 7 occasions, putting 14 points to India's kitty.
Fugitive Diamantaire Mehul Choksi who is held in Dominica after his mysterious disappearance from Antigua and Barbuda has alleged that his "friend" Barbara Jabarica was instrumental in his abduction which involved musclemen claiming to be Antiguan Police and mercenaries looking like Indians. The police have started the investigation after receiving a complaint from Choksi, Antigua Prime Minister Gaston Browne said.
The Dominica high court has granted bail to fugitive diamantaire Mehul Choksi, allowing him to travel to Antigua and Barbuda for treatment of his neurological condition, local media there reported. The high court has granted a consent order permitting Choksi to go to Antigua, where he has been staying as a citizen since 2018 after he left India, after depositing Eastern Caribbean Dollars 10,000 (approximately Rs 2.75 lakh as per exchange rate) as bail money, Antigua Breaking News reported. The court has also stayed the ongoing trial before a magistrate for his alleged illegal entry into Dominica on May 23, it said.
It was perhaps over-enthusiasm that prompted the Indian investigative agencies to take a private jet to Dominica to bring back fugitive diamantaire Mehul Choksi. Predictably, the eight-member team had to return empty-handed after almost a week-long wait. The agencies were banking too much on the "state-less" status of Mr Choksi, as Antigua, which had given him citizenship in 2017, wasn't willing to take him back. Thus, the calculation was that Mr Choksi would be whisked away from the Dominican courtroom to the waiting plane. The reason for the optimism was also because Antigua is friendly territory for India.
The Enforcement Directorate on Wednesday said it has attached fresh assets worth Rs 29.75 crore of fugitive diamond trader Nirav Modi under the anti-money laundering law. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach these assets that are in the form of bank deposits, land, and buildings, it said in a statement.
"I can assure you that he will be ultimately deported after exhausting all his appeals. He will be extradited back to India to face whatever charges against him. It is just a matter of time," Gaston Browne told ANI.
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 Antiguan prime minister had told Indian government that even criminals have fundamental rights and Choksi, too, has the right to go to court and defend his position, adding, once all legal options are exhausted, he will be extradited.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
ED attached 21 properties of Nirav Modi and his group worth over Rs 523 crore.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
All these companies were provided loans by PNB as part of consortium lending.
Choksi filed the affidavit in connection with two petitions submitted by him in the HC seeking dismissal of an application filed by the ED in a special court for declaring him a fugitive economic offender.
In a 7-page letter Choksi said, he was being threatened by the individuals with whom he has business relationship and due to the seizure of his assets, his employees, customers and creditors have started to show animosity towards him.
The respect for the four-time former chief minister, often referred to as Saheb, in his stronghold of western Maharashtra is palpable in much of the region. But his estranged nephew also appears to enjoy a stature of his own in Baramati, a constituency represented by the senior Pawar for six terms before he passed the baton to Ajit Pawar in 1991.
