The slowdown in the world's largest jewellery market could provide an opportunity for acquisitions. Following the acquisitions of two jewellery chains in the US, Samuel Jewels in December 2006 and Rogers in November 2007, Gitanjali Gems is eyeing a few more buyouts in the world's largest jewellery market.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
The government on Tuesday gave formal approval to the multi-services special economic zone of Mukesh Ambani- promoted Reliance Industries Limited in Gurgaon and in principle approval to the company's port-based SEZ in Rewas.
Officials said they have put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group.
ED attached 21 properties of Nirav Modi and his group worth over Rs 523 crore.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
The gold prices on Tuesday dipped as low as Rs 11,000 per 10 gram, down nearly one-fifth from this year's high of Rs 13,650 scaled nearly a month-ago on July 15. The price has come close to its level seen during the Diwali season last year, when it stood at near Rs 10,500 per 10 gram. This year, Diwali falls on October 28.
The month-long carnival (after the April 20 wedding) will be held in 10 or12 cities and will showcase a collage of the couple's films, paintings and photographs, apart from exhibiting Gitanjali's new wedding collection.
Vipul Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex in Mumbai for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
Gitanjali Group on Friday launched Diamond Price Index and Online Diamond Store ezeediamonds.com, to promote diamonds as an investment option.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
Here's a look at celebs who graced the ramp on Day 2 of Indian International Jewellery Week 2015.
The I-T department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.
The US Department of Justice declined to comment on Modi.
There is a two-minute footage about Choksi in the series which allegedly shows him in a bad light and therefore, could affect the various proceedings against him in India.
'The fact remains that as of today, the justice that I deserve is far off, as it shall take time to prove my innocence, and the future seems uncertain presently,' Mehul Choksi tells his employees in a letter.
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.
Shares of jewellery makers on Monday fell sharply by up to 20 per cent following dip in global prices of gold.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Officials said the Enforcement Directorate along with the Central Bureau of Investigation launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
The 91.9 per cent slide in the stock price of Gitanjali Gems since April has depleted the value of promoter Mehul Choksi's holding in the company by at least Rs 17 crore (Rs 170 million) a day on an average.
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
A quick computation puts the following value to the seizures.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Ajit Mishra answers reader queries on the stock market.
Polling for the 288-seat Assembly is being held in a single-phase on Wednesday.
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.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
The price is at a 4-year low, stabilising around Rs 25,000/10gm.
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
Gold was Rs 28,100 per 10 gm on July 26, 2014.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
Nultiple regulators are probing the nexus of scamsters with diamonds after a state-run bank got defrauded of $1.8 billion by designer jeweller Nirav Modi.
Buying had been muted in the past few weeks.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances