Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
A total of 254 millionaires from India have used the so-called "golden visa" to settle down in the UK through a large investment into the country since the route opened in 2008, according to a new report released by a UK-based anti-corruption charity on Monday. Spotlight on Corruption said that Indians ranked as the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, adding up to 254 between 2008 and 2020. China topped the list at 4,106, followed by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) ahead of India.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
The bank will be responsible for taking the mixed gold to mint and getting it purified.
'If there is any industry that is unfit for modern corporate form it is the diamond trade.' 'But no one was asking the right questions.' 'The music was playing and so the game was on,' says S Murlidharan, former MD, BNP Paribas.
CBI officials, who questioned former RBI deputy governor H R Khan on Friday, wanted to understand from him why the gold scheme was rushed through without taking into the account the impact and potential misuse.
Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London concluded that she remains unconvinced that he would not interfere with witnesses or fail to surrender before the court for his trial in May 2020.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
The Income Tax Department had last month auctioned several art works that were owned by absconding diamond merchant Nirav Modi for Rs 59.37 crore.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
AIBEA has decided to write to the government and RBI against infusing money into Jet Airways. State-owned banks, including SBI and PNB, are the main lenders to Jet.
Rajan said it is hard to offer an objective self-assessment but the RBI should probably have raised more flags about the quality of lending in the early days of banking exuberance.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
He is set to be produced from custody before Judge Emma Arbuthnot for the first management hearing in the case, during which a broad timeline is expected for his extradition trial.
While the fixtures from the bungalow will be up for auction, three items, a jacuzzi, a chandelier, and a Buddha statue, have been kept aside for handing over to the ED.
His legal team, led by solicitor Anand Doobay, have previously offered one million pounds as security alongside an offer to meet stringent electronic tag restrictions on their client's movements, "akin to house arrest".
It is nearly after 13 years that a foreign brokerage has resumed holistic coverage on stocks of public sector banks (PSBs). To that extent, Morgan Stanley's report dated March 3, where the analysts have listed their order of preference for PSB stocks, is an indication that the state-owned banks may once again be attracting some interest, thanks to three back-to-back quarters of good results in FY21 so far. "State-owned banks' balance sheets have improved, and bad loans formation should moderate going forward," the analysts note and this is the key reason for them to relook at their stance on PSBs. While State Bank of India (SBI) remains their preferred pick, stocks of Bank of Baroda (BOB) and Punjab National Bank (PNB) have been upgraded from 'underweight' to 'equal-weight'. The brokerage maintains its underweight recommendation on Bank of India and Canara Bank.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
Insurer has also made fresh investments since December 2015 quarter when RBI told banks to recognise bad loans
Ajit Mishra answers reader queries on the stock market.
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.
A section of analysts feel now may not be a bad time to buy select PSBs.
India's largest IT-ITeS company, Tata Consultancy Services (TCS), is all set to launch its smart card solution that would enable banks to reach the remote areas and address their need for microfinancing.
This NFO does not offer anything new and investors would be well advised to monitor its performance for 3 years before investing.
The government holds 90 per cent stake in ITI which is valued at Rs 7,550 crore.
PNB reported the maximum number of such frauds.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Government officials were struggling to understand why the lenders denied emergency funds even after giving verbal assurances on providing Rs 1,200 crore.
Officials said they have put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group.
Fund managers have favoured stocks in the financial services and automobile spaces, which include IDFC, PNB, Maruti Suzuki and Hero MotoCorp.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Taking to Twitter, Gandhi posted, "The scamster's escape formula: La(Mo) + Ni(Mo) ---(with) Na(Mo)---> Bha(Go)", while using the hashtag "#ModiRobsIndia".
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Clare Montgomery, Modi's barrister, made a series of offers to try and convince the judge to grant bail.
The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging mails and summons issued to him and that he doesn't want to return to India.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
