Ajit Mishra answers reader queries on the stock market.
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.
'The chowkidar took away your money by demonetisation and GST. The keys to the banks were handed over to thieves like Anil Ambani'
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.
He also attacked Modi on the CBSE question papers leak and on the 'leak' of assembly election date for Karnataka, saying Modi was silent on these issues too.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Do you blow your fuse at the drop of a hat? Beware, because the more anger you experience, the worse the consequences when it comes to heart health.
'I am not a Hinduwadi leader, but a nationalist leader. I am a leader of every religion, every caste, every language and every class'
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
She will give a tough fight to the Congress there, he said.
In his complaint, the BJP legislator had alleged the Congress leader had defamed the entire Modi community with his remarks, made during the Lok Sabha campaign this year.
There is a two-minute footage about Choksi in the series which allegedly shows him in a bad light and therefore, could affect the various proceedings against him in India.
'Modi's speech was like one of our sour food preparations; Rahul's was sweet.'
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.
You can imagine the standard of Pagalpanti's humour when characters are named Wifi, Bully and Tully, a hospital placard reads Dr Trump and bitter gourd is mistaken for poison to evoke laughs, warns Sukanya Verma.
Affluence without conscience, haunted homes and heads, a big fat Punjabi wedding and more on OTT this week. Here are Sukanya Verma's 10 recommendations.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
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.
With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
The BJP chief said the ED and the CBI have taken prompt action in the Nirav Modi case.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
'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'
Reader Nirav Trivedi sent us a picture od Saina Nehwal from Surat.
Vipul Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex in Mumbai for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
Choksi said that the ED has attached his properties illegally.
Rahul Gandhi aslos asked the JD-S to clarify whether it was with the BJP and the Sangh Pariwar.
The ED had summoned Patel, 70, twice for questioning in the case but the Congress Rajya Sabha MP from Gujarat later cited prevailing COVID-19 guidelines that advises senior citizens to stay indoors in order to remain safe from the pandemic.
'Modi had promised to deposit money in the accounts of people, but he has done it only in the case of some rich businessmen like the Ambanis'
#MainBhiChowkidar was trending world wide on Twitter.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
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 task force has provided probe agencies with a list of attributes, including disproportionate investments, debt, advances or cash, to red-flag such firms.
None of them who took to the dais at the farmers' morcha spoke about the Forest Rights Act, lack of irrigation facilities, minimum support price, and under-employment among the tribals, issues dear to the agitationists, says Prasanna D Zore.
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.
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.
Britain has finalised 1 billion pounds worth of new trade and investment with India, creating over 6,500 jobs in the UK, to be signed off at a virtual summit between Prime Minister Boris Johnson and his Indian counterpart Narendra Modi on Tuesday. The investments confirmed by Downing Street on Monday evening form part of an Enhanced Trade Partnership (ETP), which will set the ambition to double the value of UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer," Johnson said.
The CBI has initiated the action on the complaint of Bank of Baroda, which was a member of consortium led by Bank of India, which had approached the agency fearing that Kothari may flee the country like Nirav Modi and his uncle Mehul Choksi.
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