In this article, I’m going to take a look at Hindalco Industries Limited’s (NSEI:HINDALCO) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject amongRead More...
NEW DELHI (Reuters) - Indian police have launched an investigation into a Delhi-based pharmaceutical company for allegedly defrauding state-run Punjab & Sind Bank and four other banks of 6.21 billion rupees ...
In this article, I will take a quick look at Jaiprakash Associates Limited’s (NSEI:JPASSOCIAT) recent ownership structure – an unconventional investing subject, but an important one. Ownership structure has beenRead More...
For investors, increase in profitability and industry-beating performance can be essential considerations in an investment. Below, I will examine IDBI Bank Limited’s (NSEI:IDBI) track record on a high level, toRead More...
India's state-run Punjab National Bank (PNB) (PNBK.NS) is conducting an internal investigation into an alleged $2 billion fraud and more heads could roll, its chief executive said in an interview on Wednesday. The country's second-biggest state lender disclosed in February that companies owned by two jewellers defrauded it by raising credit from overseas branches of other Indian banks, using illegal guarantees issued by rogue staff at a Mumbai PNB branch over several years. "We are examining every aspect of it, and if we find others involved we will not spare them," said PNB CEO Sunil ...
India’s second-largest private lender, ICICI Bank, is battling one of its biggest crises ever. The Central Bureau of Investigation (CBI), the country’s premier investigating agency, is probing allegations of nepotism in a loan granted by the bank. The episode has called into question the role of Chanda Kochhar, the bank’s managing director and CEO and…
The board of India’s ICICI Bank Ltd., which less than two weeks earlier expressed full faith in Chief Executive Officer Chanda Kochhar, is divided over whether to ask her to step down as federal authorities ...
A special court of the Central Bureau of Investigation (CBI) issued non-bailable warrants against jewellers Nirav Modi and Mehul Choksi, who are central figures in an alleged $2 billion scam at state-run Punjab National Bank (PNB), according to a source within the investigative agency. The CBI is now also questioning some officials at overseas branches of Indian banks which issued loans to companies owned by the two jewellers against bank guarantees - later shown to have been fraudulently issued by certain rogue employees at PNB. The case, dubbed India's largest ever bank fraud, has led to ...
A special court of India's Central Bureau of Investigation (CBI) issued non-bailable warrants against two Indian jewelers who are central figures in an alleged $2 billion scam at state-run Punjab National Bank (PNB) (PNBK.NS), according to a source within the investigative agency. The CBI, a federal police body, is now also questioning some officials at overseas branches of Indian banks which issued loans to companies owned by the two jewelers against bank guarantees - later shown to have been fraudulently issued by certain rogue employees at PNB.
The Central Bureau of Investigation questioned a former senior central bank official on Friday about a gold import scheme as part of inquiries into a $2 billion fraud at state-run Punjab National Bank, a source familiar with the discussions said. The source told Reuters that officers from the federal police had been seeking background information from former Reserve Bank of India (RBI) Deputy Governor H.R. Khan on the "80:20 scheme" and that it was "not a grilling exercise". In 2013, the RBI and the previous government implemented the 80:20 rule to help rein in a spiralling current account ...
Indian police questioned a former senior central bank official on Friday about a gold import scheme as part of inquiries into a $2 billion fraud at state-run Punjab National Bank (PNBK.NS), a source familiar with the discussions said. The source told Reuters that officers from the federal police had been seeking background information from former Reserve Bank of India (RBI) Deputy Governor H.R. Khan on the "80:20 scheme" and that it was "not a grilling exercise". In 2013, the RBI and the previous government implemented the 80:20 rule to help rein in a spiralling current account deficit, ...
The Supreme Court on Thursday lifted a high court stay on sale of the company's assets including media convergence nodes (MCNs), spectrum and real estate, allowing its secured lenders to proceed with the sale. The National Company Law Tribunal had prevented RCom from selling any asset without its permission, following a legal challenge from Swedish telecoms gear maker Ericsson, seeking payment of unpaid dues of 11.55 billion rupees ($177.7 million) by RCom and two of its units.
A corporate court allowed lenders to proceed with selling some assets of Anil Ambani’s Reliance Communications Ltd. to Reliance Jio Infocomm Ltd., but ordered that the proceeds be held in an escrow account ...
Earlier this week, Indian journalists cried foul over a government notification, ostensibly designed to counter the proliferation of fake news, saying it threatened press freedom. Vociferous protests forced the government to backtrack. But just two days later, on April 05, veteran journalists attending a Reserve Bank of India (RBI) press conference, post the monetary policy…
India has asked authorities in Hong Kong to arrest jeweller Nirav Modi, one of the main suspects in a $2-billion fraud at state-run Punjab National Bank, the government said, suggesting it believes the fugitive is in the Chinese territory. The whereabouts of Modi and his uncle Mehul Choksi, the other person accused in India's biggest banking fraud at the country's second-largest state lender, have been unknown since the Central Bureau of Investigation (CBI) launched an investigation in February. "The ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the ...
India has asked authorities in Hong Kong to arrest jeweler Nirav Modi, one of the main suspects in a $2-billion fraud at state-run Punjab National Bank (PNBK.NS), the government said, suggesting it believes the fugitive is in the Chinese territory. The whereabouts of Modi and his uncle Mehul Choksi, the other person accused in India's biggest banking fraud at the country's second-largest state lender, have been unknown since federal police launched an investigation in February. "The ministry has sought the provisional arrest of Nirav Deepak Modi by the government of the Hong Kong Special ...
Four senior Reserve Bank of India (RBI) officials have been called on by investigators to help explain banking processes as police probe deeper into the $2 billion fraud at India's Punjab National Bank, sources familiar with the matter said on Thursday. A Central Bureau of Investigation source said earlier on Thursday the agency was questioning four top RBI officials -- three chief general managers and a general manager -- in relation with the fraud at state-run PNB, but the source did not elaborate on the line of questioning. Two other sources, privy to the RBI officials' meetings with ...
