Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration."
The high court in London on Tuesday began hearing evidence from two leading experts in the field of psychiatry to determine the level of suicide risk faced by Nirav Modi if he is extradited to India to face charges of fraud and money laundering, amounting to an estimated $2 billion in the Punjab National Bank (PNB) loan scam case. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay heard from Andrew Forrester, Professor of Forensic Psychiatry at Cardiff University, and Seena Fazel, Professor of Forensic Psychiatry at Oxford University, in the final stages of the extradition appeal being pursued by the 51-year-old diamond merchant. The two psychiatrists weighed up Nirav's level of depression, which could pose a "substantial" or "elevated" risk of suicide.
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
The Enforcement Directorate (ED) ED will soon seek an Interpol arrest warrant against liquor baron Vijay Mallya based on a non-bailable warrant issued on Monday by a Mumbai court in a money laundering case.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Reserve Bank of India on Friday said it has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank. A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.
The onus is on you to reject financial products that don't suit your needs.
The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
An official request has been made to the CBI to get a notice issued through its Interpol wing
Mallya is understood to be in the UK after he left India on March 2.
The UK on Thursday (local time) closed Tier 1 Investor visa route to all new applicants from all nationalities with immediate effect over security concerns. Home Office took the action as the route failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK. UK Home Secretary, Priti Patel took decisive action with immediate effect.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
The CBI recently approached the special court in Mumbai for issuance of LoR to conduct a probe to ascertain utilisation of funds received in the US-based bank accounts of Mallya and now defunct Kingfisher Airlines.
ED's zonal office in Mumbai, they said, is preparing legal papers to take the next step in the wake of Mallya skipping the third summons that required him to "personally" join investigations on April 9.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
Enforcement Directorate is seeking to invoke the India-United Kingdom Mutual Legal Assistance Treaty to extradite Mallya from Britain
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 Government of Dominica has told a court there to reject the habeas corpus petition filed on behalf of businessman Mehul Choksi who had claimed that he was abducted and forcefully brought to the Caribbean island nation, local media reported. The high court of Dominica ordered that the businessman be produced in a magistrate court to answer charges of his illegal entry into the country and adjourned the hearing on the habeas corpus petition till Thursday, according to local media. Rejecting the submission of Choksi who is wanted in India in an alleged Rs 13,500 crore loan fraud case in Punjab National Bank, the prosecution said the habeas corpus petition does not stand as he had illegally entered the country and was subsequently detained.
Liquor baron Vijay Mallya's passport has been suspended.
There seems to be no respite for Adani Group companies from the market carnage. All 10 stocks belonging to the conglomerate came under a fresh bout of intense selling pressure on Wednesday as the group's debt levels and repayment capabilities continued to plague investors. Analysts said investors are also concerned about whether the group will be able to maintain its pace of growth, given the current turmoil that has wiped out over Rs 12 trillion in market capitalisation (m-cap) since the start of the year.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The National Company Law Tribunal (NCLT) has directed to freeze and attach assets and properties of Videocon promoters following a petition by the ministry of corporate affairs. The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
The CBI filed a charge sheet against its four officials in a bribe-for-relief case involving the investigation against Frost International for allegedly committed a bank fraud of over Rs 4,300 crore, officials said.
Billionaire Gautam Adani's group on Monday listed out details of the $2.87 billion stake sales in group firms since 2019 and how $2.55 billion of this was ploughed back into business, as it looked to counter Congress leader Rahul Gandhi's claim of Rs 20,000 crore coming in to the conglomerate through 'shell companies'. While investors such as Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC) invested $2.593 billion in group firms such as Adani Enterprise Ltd and Adani Green Energy Ltd (AGEL), promoters sold stake in Adani Total Gas Ltd and AGEL to raise $2.783 billion. "These funds were reinvested by promoter entities to support the growth of new business and in portfolio companies such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Power Ltd," the group said.
The Madhya Pradesh Police have arrested the father of former Indian cricketer Naman Ojha in connection with a case of alleged embezzlement of funds in Betul district in 2013.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
A picture released by the federal agency showed bundles of seized Rs 500 currency notes along with a few in the denomination of Rs 2,000 and Rs 200 stacked together on a bed.
The rout in Adani Group stocks after US-based short seller Hindenburg Research released a report on January 24 has sparked a rebound in trading activity this month. The average daily trading volume (ADTV) for the cash segment (both NSE and BSE combined) so far in February stands at Rs 59,346 crore, and is around 15 per cent more than the previous month's tally of Rs 51,844 crore, which was the lowest in six months. The ADTV for the futures and options (F&O) segment rose to a record Rs 204 trillion (notional turnover) against Rs 202 trillion in January.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
The enforcement agency had received queries from the Interpol to this effect in May last week.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
Jignesh Shah, the promoter of National Spot Exchange Ltd (NSEL), and its former CEO Anjani Sinha on Friday traded charges in connection with the multi-crore payment crisis at the crippled bourse which has affected over 13,000 investors.
