Jaitley also said that several states have framed laws to deal with ponzi scheme-related cases
Confiscation of the tycoon's properties will start from February 5.
State's move is seen as a pilot for a national rollout of online land title records. Maharashtra plans to start the system in Mumbai.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
Understanding the basics of a sale deed can help you stay protected from getting duped. Let us see the basics of a sale deed, its importance, how it is prepared, what does it contain and how does it work! Read on . . .
Brazilian authorities have blocked assets of Barcelona star Neymar, including a yacht, a jet and several properties worth almost US$50 million, according to The Associated Press.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
After the NHB asked housing finance cos to desist from offering interest subvention schemes, disbursement of loans are likely to get delayed, points out Tinesh Bhasin.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
The authorities have received the opinion of structural engineers, and would start removing exotic fittings, valuable fixtures, window grills and other utensils, as per their advice. They also found cushions, glass frames, a plush swimming pool and a spa, furniture made from Burma teak.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
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.
Amjed Ullah Khan, who carried out investigations of his own and helped rescue 15 women from Hyderabad, tells Syed Firdaus Ashraf/Rediff.com how the women get trapped in an underground slave market that 'sells' them to employers who force them to work for less or no pay and often under inhuman conditions.
It was a replay of the annual general meetings of the cable companies of the M P Birla group last month even as the Birla side raised "illegalities" in the latest poll results.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
Legal experts are not sure if threat of confiscation of property will be deterrent enough for fleeing offenders
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
Chinese companies have 'designed' the sugar syrup which is used to adulterate honey so that it can pass Indian laboratory tests, reveals Sunita Narain.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
Maradona's inheritance process is likely to be a messy affair between his large family, with eight children from six different partners
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
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.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
In some countries opening and running a business is as easy as travelling from one city to another, while in some it means battling layers of bureaucracy.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
Mallya said the allegations of money laundering and stealing money against him are 'completely false'.
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
Devyani Khobragade, the Indian diplomat who is at the centre of a diplomatic row with the United States, is one of the 25 allottees who have been found ineligible to own a flat in the controversial Adarsh Housing society by a judicial panel which probed the scam.
