The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
Replying to a query in Rajya Sabha, Finance Minister Nirmala Sitharaman said there was no delay by the Centre in taking action after identification of fraud by the State Bank of India following the forensic report from Ernst & Young.
Company says confident of raising funds; to raise Rs 688 crore by February-end.
In a surprise move, ABG Shipyard on Wednesday exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG move comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
Country' biggest private sector shipbuilder ABG Shipyard today said it will acquire Vipul Shipyard for an undisclosed amount.
ABG close to winning bid for container-handling berth at Haldia.
It had also washed its hands off the fourth container terminal at Jawaharlal Nehru Port Trust, despite making a winning bid, with Port of Singapore Authority as the lead partner.
ABG Shipyard, the largest private sector shipbuilding firm, has raised the open offer price to buy out drilling firm Great Offshore to Rs 520 a share from the Rs 450 announced last week. This is the second increase in the open offer price by ABG in a week's time, as it continued to purchase shares from the open market to outbid its rival, Bharati Shipyard, in an attempt to take control of the drilling firm.
The bidding war for Great Offshore ratcheted up a notch with ABG Shipyard saying it would come out with a counter-offer to rival Bharati Shipyard's offer of Rs 560 a share announced on Wednesday after it acquired 3.1 per cent from the open market to take its total holding to 22.4 per cent.
As already reported, citing continued threats to law and order and the security of its staffers, HBT announced on Wednesday that it was no longer bound by its 2010 agreement with the Kolkata Port Trust to run cargo handling operations at Haldia till 2020.
The company cites safety of employees as reason for pullout after the abduction of three officials at gunpoint last Sunday
Pirojsha Godrej, 43, patriarch Adi Godrej's son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna's 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
All these companies were provided loans by PNB as part of consortium lending.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
Haldia Bulk Terminals pulled out of 10-year contract for cargo-handling operations, blaming the political climate and "vested interest".
Labour unions bent on preserving jobs, with active help from the political class, is an old story in West Bengal.
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
First day of the sixth edition of 'Vibrant Gujarat' saw investment commitments of Rs 28,000 crore from corporates such as Essar, ABG Shipyard, Jubilant Lifescience and Adanis.
Sanjeev Gupta of Liberty House, a global supplier of metals and engineering solutions, who has emerged front-runner for a number of stressed companies, plans to fund a string of companies through a mix of equity and debt.
A lookalike of the R&B singer, Chhattisgarh's Renee Kujur is challenging India's obsession with fair models.
The global credit crisis has affected Korean and Chinese shipyards, which are seeing order cancellation in dry bulk and wet bulk carriers. Hindustan Shipyard, which handles both government and private clients, has not not seen any order cancellations, a top official of the company said.
Bharati Shipyard said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
The Lodha Group has bought land parcels worth Rs 12,000 crore in Mumbai
What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides.
These next generation ships can patrol the oceans for three or four months compared to the navy's current patrol boats, which can be at sea for a maximum of 45 days.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
With Nikesh Arora's exit from Softbank, India's start-ups have lost one of its biggest supporters.
The project has been delayed by three years, after a consortium of Port of Singapore and ABG Ports, which had won the bid by offering to share more than 50 per cent of the revenue with JNPT, backed off from the project, citing several reasons.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
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Barring one, three are debt-free and sitting on large cash reserves.
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