Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
History of electronics indicates that no company, nor any nation for that matter, has been able to cement pole position and maintain it through several cycles. he death of its iconic promoter, Lee Kun-hee, raises questions over how long the chaebol can maintain its gigantic footprint in the global electronics industry, says Devangshu Datta.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
The chargesheet, filed in a special court in Mumbai, also names several other top officials of the bank.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
Despite various challenges, the past year was a good one, says Bruce Cleaver, chief executive officer of the De Beers Group, the global corporation that has been the leading one in all aspects of the diamond trade for over a century.
Most IT companies today have multiple delivery centres, physically verifying documents is arduous and difficult to determine where the actual billing is done
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.
The truth can no longer be hidden despite 'headline management' by the ruling dispensation, the opposition party said.
Not to say that India couldn't have handled the situation better, but on average, it didn't do anywhere near as badly as the naysayers make it out argues Rajeev Srinivasan.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
ANZ Bank has about 100 Satyam contractors who support IT projects. They are mainly based at the bank's Indian subsidiary, which employs about 2,000 people, it said. Last week, the bank told employees that it would develop a contingency plan although its relationship with Satyam was 'modest'.
One indictment accuses Huawei of trying to steal trade secrets from T-Mobile, and of promising bonuses to employees who collected confidential information on competitors. A second indictment claims the company worked to skirt US sanctions on Iran.
Surjewala alleged that Mehta and his family were allowed to leave India even when there were complaints pending against him with the CBI.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
The G20 chair has suggested three areas for the talks in Argentina - the future of work, infrastructure for development and a sustainable food future, areas where India has a lot at stake.
'You need to devalue the currency, ignite inflation, which then begins to oil the wheels of the economy.' 'Without that this severe recession is not going to reverse.'
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
United States Energy Secretary Ernest Moniz has cancelled his crucial trip to India this month in view of the strained relations between the two countries over the arrest of an Indian diplomat on alleged visa fraud charges.
The case goes back to 2014, where the diamond merchant had pleaded guilty, though indirectly, for mis-declaration of exports of diamonds.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
Infosys, the nation's second largest software exporter, on Wednesday paid a record $34 million fine to settle a visa row in the US.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
If the visa issue ultimately requires certain other considerations at govt level, we will consider that, says Ravi Shankar Prasad
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.
Indian-American Amit Priyavadan Mehta has been confirmed by the US Senate as a federal judge in the District of Columbia, becoming the first Asian Pacific American to occupy this important position.
Amid hints that the government might be exploring capping royalty payments by India-based subsidiaries to US companies, experts warn Subhayan Chakraborty why such a move will only hurt the Indian economy.
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
The CBI action comes after the second in command in the CBI, wrote to Cabinet Secretary alleging that the businessman had paid CBI Director Alok Verma Rs 2 crore to get relief in the case.
The proposed changes are forward-looking and non-specific, said Nasscom
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
'Our technology is going to help Indian agriculture the way the White Revolution helped milk production.'
