'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
After confiscating properties of corrupt officials, Bihar government has now confiscated properties of two middlemen who indulged in misappropriation of government funds, officials on Monday said.
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
Naseer Khan, the blind actor and co-producer of Shadow, was arrested for his alleged involvement in a multi-crore chit fund scam in Balasore district.
A good example of just how little comes to light are the series of serious allegations made by the Ambani scions in their fight over the years of wrongdoing by each other - none of these are anything that the MCA came up with, nor have they been seriously investigated afterwards.
Adani group is in talks to acquire a 50.5 per cent stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter said.
The three promoters - Anil Kumar Sharma, Ajay Kumar and Shiv Priya - had diverted Rs 1,500-1,600 crore through bogus methods like loans and advances between group firms at inflated rates.
Riyaz Bhatkal had reportedly fled with a large amount of money from the IM's coffers. Riyaz, who hails from the coastal town of Bhatkal, was in possession of Rs 38 lakh that was collected through hawala transactions and donations. The money was supposed to be used for terror operations in and around Karnataka.But the blasts near Chinnaswamy Stadium in Bangalore in April, 2010, were not a costly affair at all.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
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.
In its chargesheet filed in a special court in Srinagar, the CBI alleged that Abdullah as the association president at that time had connived with the treasurer of JKCA and others for undue siphoning off and misappropriation of funds, a CBI spokesperson said in New Delhi.
The Delhi high court on Monday allowed journalist Rana Ayyub to travel abroad while questioning the Enforcement Directorate over a Look Out Circular (LOC) issued against her barring her from travelling abroad.
The probe agency has found that the company's vast network of sales agents across the globe was not independent of Jet Airways and several of these entities were linked to its founder, Naresh Goyal.
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
'One cannot avoid speculating whether there was something else at play that led to the uncovering of this saga.'
The Central Bureau of Investigation has admitted that a file pertaining to investigations into the allegations of siphoning of secret funds of the Research and Analysis Wing by one its former chiefs during his tenure has gone missing.
The Securities and Exchange Board of India is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices.
The directors who have come under the Company Law Board order are former chairman and founder of Satyam B Ramalinga Raju, erstwhile whole-time directors B Rama Raju and Rammohan Rao Mynampati, former CFO Srinivas Vadlamani and CS G J Jayaraman. They also have to submit details of their bank accounts and movable and immovable properties in India and abroad by February 20 this year.
Prime Minister Narendra Modi hit out at the Congress saying they had made the state their political battle ground, pitting one community against the other.
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.
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.
Several questions about the crime, his conversations with his wife Indrani Mukerjea and his own statements were put to him during the test by CBI officials at the Central Forensic Science Laboratory.
Prashant Indulkar, 37, was secretary to VSNL's Managing Director N Srinath and was picked up by the Dadar police on February 1 after VSNL filed a complaint alleging that he had siphoned off funds.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
The Supreme Court came down heavily on cash-rich BCCI on Tuesday, saying the cricket body was running like a "mutually beneficial society" and "practically corrupting" its members by not seeking any explanation on how crores of rupees allotted to them were being spent. While scrutinising the fund allocation and expenses of the Board of Control for Cricket in India (BCCI), the apex court also pulled it up for not giving funds to neglected states for promotion of cricket and said it has done nothing to encourage the game. It was also critical of the discrimination meted out to different states by BCCI and said the states begged for money from the board which follows a "no questions asked" policy as a method to buy votes in a certain manner. Lauding the work done by Justice R M Lodha-led committee for bringing out massive structural change in functioning of BCCI, the bench said "this is not an ordinary panel. It is a committee on which we have complete faith. It is committee of judges and its findings have to be relied upon. We cannot say that the findings are perverse."
The Economic Offences Wing of the city police arrested Gawli, the president of the Akhil Bharatiya Sena.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
'No action will be taken against Ajit Pawar. I am sure.'
The lawsuit accuses Trump of "an unconstitutional and unlawful scheme".
Sharad Pawar said pending the Board's action, Jagmohan Dalmiya can attend BCCI meetings as president of Cricket Association of Bengal.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
The ministry informed the tribunal that former head of ILFS Financial Services Ramesh Chandra Bawa withdrew/transferred Rs 1 crore and Rs 14 lakh from Axis Bank accounts in two instances which are in violation of the December 3, 2018 order of the tribunal which had frozen these accounts.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing during 2009-13.
