Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
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.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
Vipul Ambani, a runner who participated in city marathons, never wore his last name on his sleeve, was easy-going, mild-mannered and always smiling. Yet, the question that begs to be asked is why would he join a luxury jewellery company, says Pavan Lall.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
India looking at bringing back Choksi under Antiguan law applicable to Commonwealth countries
Members from parties, including National Democratic Alliance partner Telugu Desam Party, All India Anna Dravida Munnetra Kazhagam and Trinamool Congress, continued their protests on various issues.
'Paying my taxes, diligently repaying my loans, following the rules, scrupulously doing things by the book, when there's this big, beautiful world of unregulated chicanery I could have indulged in for years before just flying off to greener pastures, like Lalit Modi, Vijay Mallya and Nirav Modi,' says Mitali Saran.
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
"Guide to looting India by Nirav Modi - - 1) Hug PM Modi 2) Be seen with him in Davos. Use that clout to: A) Steal 12,000 crore B) Slip out of the country like Mallya, while the government looks the other way," Congress chief Rahul Gandhi tweeted.
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 capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
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.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
The opposition has been protesting over various issues, including the Punjab National Bank scam, since Monday when Parliament had reconvened after a month-long recess in the Budget session.
The BJP chief said the ED and the CBI have taken prompt action in the Nirav Modi case.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
Tuesday was the 12th day in a row that Parliament did not functioned and the current stalemate has entered the third week.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
'NiMo having skipped, the next best bet is a high-profile banker.' 'Ms Usha happens to be in the wrong place at the wrong time.' 'Ms Usha's crime? That's as thin as it gets.'
The Congress chief alleged that in the 2016 demonetisation exercise, black money became white, nobody went to jail and contrary to the BJP's promise, no one received Rs 15 lakh in their bank account.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
Despite high exposure of public sector banks to power, iron and steel sectors, analysts remain in a wait-and-watch mode.
The question being silently telegraphed around the court room was: When did this happen? Wasn't this trial about Indrani murdering her daughter to prevent her from marrying Rahul Mukerjea, her husband Peter Mukerjea's son from his first marriage?
It is not often that Goswami's Nation-Wants-to-Know shows become material evidence in a murder trial no less. Nor was it something CBI Special Judge J C Jagdale was wildly enthused about. It had to be done because as he put it to CBI Special Public Prosecutor Kavita Patil caustically: "Your witnesses gave interviews to channels about a serious crime."
'With folded hands, on humanitarian grounds, if she can get temporary bail on medical grounds so she can get treatment.' 'If she dies, the whole trial gets derailed.'
A glance back at some of the important ups and down Indian Inc faced in 2018.
After ten minutes no one could keep track of the legal team's questions on the geography of the route Sandeep Patil took on his Pulsar Bajaj motorcycle, on the morning of April 25, 2012. Not the judge. Or the onlookers. Least of all Patil.
'... not even a moral one, let alone a legal one.' 'Even if it is assumed that Deepak Kochhar tried to influence his wife into doing something dodgy for his 'social acquaintance', why would she do it?' 'By all accounts she has been granted share options in ICICI Bank of a very substantial amount which easily makes her a multi billion-pati.' 'She did not become CEO against some stiff competition by being stupid and concocting devious cock-and-bull renewable energy stories.' S Murlidharan, former managing director, BNP Paribas, unravels the Deepak Kochhar-Videocon controversy.
Then came the electrifying climax of Tuesday's hearing. Pasbola showed Sharma copies of cheques that had been deposited at the bank with Indrani's signature on them. He accused Sharma of forging Indrani's signature and collecting the money for herself. In the back Indrani stood up in the accused box and very pointedly nodded her head up and down and mouthed, "She did!".
One always ponders over why the witnesses should not have poor memory when answering cross examination questions or recounting events that occurred six years ago. Too many witnesses seemed to have drunk some Harry Potter-esque Philosopher's Stone magic elixir that has Botoxed their fading memory to make it as good as new again.
Something about the big car and its passengers, standing solemnly outside their vehicle, piqued the biker's interest.
Shyamvar Pinturam Rai and Pradeep Waghmare. Both erstwhile employees of Peter and Indrani Mukerjea. In the witness stand on Monday, Waghmare came across as a cheerful, straightforward man who is attempting to clamber his way towards prosperity. In the witness stand on Friday, Rai shed his customary jauntiness and broke down weeping, begging forgiveness from CBI Special Judge Jayendra Chandrasen Jagdale.
One couldn't help feeling a certain melancholy viewing these now vagrant documents and photographs that would never be rightfully cherished. The pictures spoke to you. They offered slices of extinguished lives. They breathed sadness too, for what could have been and will never be. The sweet promises that Life made and insolently, arrogantly never kept.
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