Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
They had gathered at Maharashtra government's Sahyadri Guest House nearby when they were stopped while moving towards Varsha, the official said.
A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this petition under Article 32 (writ jurisdiction). Petitioner can approach the high court concerned for appropriate relief."
Rakesh Wadhawan and his son Sarang Wadhawan, accused of loan default, have been arrested by the Economic Offences Wing.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
Shiv Sena member of Parliament Sanjay Raut on Tuesday said the Bharatiya Janata Party was using central agencies to topple the Maharashtra government by targeting the ruling Maha Vikas Aghadi leaders and their family members.
The civic body plans to build a national memorial dedicated to the social reformer couple at the site, officials said. However, local people and traders had refused to vacate the place and moved court.
The EOW suspects a nexus between some of the accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
Sanjay Gulati, a resident of suburban Oshiwara, went to a protest march held outside a city court on Monday morning and had been under stress because of his deposit being stuck.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
Two of the depositors had died of cardiac arrest, while another, a woman doctor, allegedly committed suicide.
In its EoI document, the bank had said it was open to converting into a small finance bank.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
Congress general secretary in-charge communications Jairam Ramesh said that in the 'Hum Adani ke Hain Kaun (HAHK)' series under which the Congress posed questions to Prime Minister Narendra Modi, the party had asked him about his "favourite business group's links with the Chinese citizen Chang Chung-Ling (aka Lingo Chang) who has been a director in several Adani Group companies along with Vinod Adani and also made an appearance in the Panama Papers".
Srinagar Municipal Corporation has on anvil plans to refurbish the corporation in a big way and is planning to use the experiences of Pune Municipal Corporation in this regard.
The IMD issued a 'red alert' for Pune district and asked people to take precautions.
The state had reported 6,421 cases this year, of which 6,146 were reported only in September, three times the 1,896 registered in September last year.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
The right-hand man of Russian President Vladimir Putin, Gerasimov was one of only three, including the President and defence minister, who were in charge of plotting the invasion of Ukraine.
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
The statement of the Russian Defence Ministry comes after Wagner chief Yevgeny Prigozhin claimed to have taken control of military facilities in two Russian cities.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.
Kremlin spokesman Dmitry Peskov told journalists that the Belarusian President volunteered because he has been acquainted with Prigozhin for about 20 years.
The Supreme Court has dismissed an appeal filed the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged over-valuation of imported goods. "We have heard Balbir Singh, Additional Solicitor General appearing for the appellant(s), and Mukul Rohatgi, senior counsel appearing for the respondents, at length. "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest.
Wagner chief Yevgeny Prigozhin on Monday said the purpose of the march towards Moscow was to stop the destruction of the private military company and "bring to justice those who, through their unprofessional actions, made a huge number of mistakes during the special military operation".
Switching off the engine affects the vehicle's braking ability and this possibly resulted in the truck hitting other vehicles on the bridge slope on Sunday, as per a probe conducted into the accident by the Regional Transport Office (RTO), he said.
The attachment is linked to a money laundering probe linked to a Rs 1,034 crore worth land 'scam' related to the re-development of a 'chawl' in Mumbai.
Only when we are part of the same family, which will happen down the line, then, of course, we will give them (PMC depositors) all the assurance and the comfort.'
The government on Wednesday said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors and prevent repeat of PMC Bank like scams. The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet.
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