Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
Breaking silence over the Rs 12,967 crore scam at Punjab National Bank, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
Choksi filed the affidavit in connection with two petitions submitted by him in the HC seeking dismissal of an application filed by the ED in a special court for declaring him a fugitive economic offender.
The total number of arrests by the CBI has risen to six -- four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company -- after Monday's development.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Meet to review progress on lending, impact of recent rate cuts and what is being done on NPAs, among other things
PNB Housing Finance on Wednesday said it will disclose the outcome of shareholders' meeting held a day earlier -- on Rs 4,000 crore capital infusion led by Carlyle Group -- in accordance with the order of the Securities Appellate Tribunal next month. The company moved the tribunal on Monday after the capital markets regulator asked it on June 18 not to go ahead with the proposed capital raise plan by allotting preference shares to the investors until it carried out a valuation of shares from an independent registered valuer. The SAT in an order dated June 21 allowed the company to go ahead with the EGM, but restricted it not to announce the voting results by the shareholders, as the matter is pending before the court.
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.
Banks might hold on to lending rates for the time being.
State Bank of India is also expected to tap the markets this year
A slowing economy needs stimulus packages to bring back growth on the track. It is my belief that while the government has to do its bit in areas like infrastructure, hard and soft, the private sector is yet to do enough this time around.
Summary of sports events and persons who made news on Tuesday
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
The government on Thursday cleared the long-awaited sale of the UTI Asset Management Company to three state-owned banks and the LIC at a price of Rs 1,237 crore.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
Diamond merchant Nirav Modi on Wednesday lost his appeal against extradition on mental health grounds as the high court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing at the Royal Courts of Justice earlier this year, said in their verdict that District Judge Sam Goozee's Westminster Magistrates' Court order from last year in favour of extradition was "sound". The leave to appeal in the high court had been granted on two grounds - under Article 3 of the European Convention of Human Rights (ECHR) to hear arguments if it would "unjust or oppressive" to extradite 51-year-old Modi due to his mental state and Section 91 of the Extradition Act 2003, also related to mental health.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
Public sector Punjab National Bank on Friday said it had no plans to raise the rate of interest on home loans, after two leading private sector banks hiked interest rates by 0.5 per cent across the board.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
The Industrial Finance Corporation of India is likely to be merged with the Punjab National Bank or the Bank of Baroda and a final decision is expected to be taken shortly.
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.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
The stakes are significant for the BJP in this round as the party had in 2019 won an overwhelming majority of these seats, including all in Gujarat, Chhattisgarh, Bihar and Madhya Pradesh, that will go to polls on May 7.
The judge also asked the Indian government to provide within 14 days the information on which prison he will be held at.
Leading US-based money changer Western Union on Wednesday announced a strategic tie-up with Indian Overseas Bank to provide money transfer service to Indian diaspora.
The government on Friday said interest rates will remain attractive to depositors as well as borrowers and the Reserve Bank of India would address the issue of shortage of lendable money in the system.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
The revised rates will come into effect from April 16.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Sensex falls 117.03 pts to end at 28,883.11; Nifty closes 32.85 pts down at 8,723.70.
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