Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
'No action will be taken against Ajit Pawar. I am sure.'
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
No government can 'ignore inclusiveness in a democracy', Montek Singh Ahluwalia tells Anjuli Bhargava.
The Federal Trade Commission said the defendants used phony debt collection calls from India and bogus claims that they would reduce consumers' credit card interest rates to bilk consumers.
Govt went against its own recommendation of Jun 20, 2007, where along with the 2 Jindal companies, it wanted 40% coal block to go to Lanco.
Two of the depositors had died of cardiac arrest, while another, a woman doctor, allegedly committed suicide.
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.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
Sanjay Gulati, a resident of suburban Oshiwara, went to a protest march held outside a city court on Monday morning and had been under stress because of his deposit being stuck.
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.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
Prasad, who became chief minister of Bihar in 1990, had anointed his wife on the CM chair after he was sent to jail in 1997 over multi-crore fodder scam cases.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Samajwadi Party chief Mulayam Singh Yadav on Thursday took a dig at Narendra Modi over his remarks that Bharatiya Janata Party will turn Uttar Pradesh into a Gujarat, reminding the BJP's prime ministerial nominee that "atrocities and massacres" were carried out in the state ruled by him.
The agency has written to the Interpol to issue a Red Corner Notice which would mean that the member countries of the Lyon-based international police cooperation agency can arrest and extradite Nirav Modi
The Congress president said the PM should apologise for the note ban decision.
The MNS has convened a meeting of party office-bearers on Tuesday in Mumbai to discuss the issue.
'Let's walk on two legs: Facilitate better resolution under the present system and set up PARA as well by transferring loans amounting to, say, Rs 1 lakh crore.'
There can't be a parallel inquiry and parallel monitoring by the courts, Attorney General K K Venugopal told the court.
Fugitive diamond merchant Nirav Modi, wanted in India in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case. The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.
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.
Twenty-six immovable properties worth Rs 101.45 crore, and bank balance totalling Rs 2.28 crore in 22 accounts have been attached provisionally under the Prevention of Money Laundering Act (PMLA) by the Lucknow zonal office of the agency, they said. The Greater Noida-headquartered Bike Bot taxi service is accused of scamming about Rs 3,000-Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
Gandhi accused Odisha CM Naveen Patnaik of being remote-controlled by Modi
Rahul said that although Modi repeatedly attacked him, his father Rajiv Gandhi, grandmother Indira Gandhi and great grandfather Jawaharlal Nehru, he gave him a hug.
The party is less forthcoming about who the chief minister will be if it stays in power.
Addressing a joint rally in Kanpur with Uttar Pradesh Chief Minister Akhilesh, Rahul urged voters to ensure that the outcome of Bihar election is repeated, where the Bharatiya Janata Party was trounced by a coalition led by Nitish Kumar.
Nirav Modi, wanted in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant. The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29.
Gandhi added the minimum income guarantee would be implemented across the country.
The new telecom policy-2011 is also expected to come out with new norms for mergers and acquisitions, enhancing rural coverage, and spectrum allocation, among other things.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
the money involved is more than Rs 2,000 crore across Andhra Pradesh
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Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
