The 49-year-old jeweller, fighting extradition in the estimated $2-billion Punjab National Bank (PNB) scam case, will appear via videolink from Wandsworth Prison in south-west London for the latest hearing in the case, during which District Judge Samuel Goozee will hear his defence team's arguments against the admissibility of certain evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in order to establish a prima facie case against the accused.
The 50-year-old jeweller, who remains behind bars at Wandsworth Prison in south-west London, had lost the first stage of the high court appeals process last week as a judge declined permission to appeal "on the papers". Modi's lawyers had five days to file a renewal application seeking an oral hearing to plead the case for permission to appeal against the extradition ordered by UK Home Secretary Priti Patel on April 16.
Only 40 per cent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued. He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Here's the full text of the statement
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, writes Tamal Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, says Tamal Bandyopadhyay.
Mallya said the allegations of money laundering and stealing money against him are 'completely false'.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
Union Home Secretary Rajiv Mehrishi raised the issue of early completion of the extradition process of Mallya, during his talks in New Delhi with his UK counterpart Patsy Wilkinson, the second permanent secretary in the British home office.
An extradition expert in the UK said the strict social distancing norms in place to try and curb the spread of COVID-19 may add a further dimension to the UK's Article 3 obligations under the European Convention on Human Rights, relating to inhuman and degrading treatment or punishment.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
'No action will be taken against Ajit Pawar. I am sure.'
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
The Enforcement Directorate (ED) has issued fresh summons to Shiv Sena MP Sanjay Raut asking him to appear on July 1 for questioning in a money laundering case linked to the re-development of a Mumbai 'chawl' and other related financial transactions involving his wife and friends, officials said.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
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 trial, which opened at the London court on December 4, is aimed at laying out a prima facie case of fraud against the 61-year-old embattled businessman, who has been based in the UK since March 2016.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
'The amount involved could as high as Rs 3,500 crore as there are a lot of depositors.' 'Yesterday, I met an investor who put in Rs 4 crore. That man doesn't have Rs 2,000 to spend on medicines.'
India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8
'The appellant (Mallya) has five business days to apply for oral consideration. If a renewal application is made, it will be listed before a high court judge and dealt with at a hearing,' a spokesperson for the UK judiciary said.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
"Since 2014, I have never given him any appointment to meet me and the question of his having met me does not arise," Finance Minister Jaitley said in a Facebook post.
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