Business Today: Latest Business News, India economy News, Stock Markets, Sensex, Mutual Funds and Indian Tax
Search

Total 65 results found. Search for [ who is nirav modi ]

Results 1 to 21 of 65
PTI
July 1, 2018
Punjab National Bank MD Sunil Mehta has said there are \"positive developments\" in favour of the lender pertaining to bankruptcy case filed in the US by Nirav Modi's firm Firestar Diamond Inc.


Ankit Kumar
June 27, 2018
According to an ED letter to Mumbai's regional passport office, those eight Indian nationals are either shareholders or directors of companies, associated with the absconding billionaire, in Hong Kong and Dubai.


Virendrasingh Ghunawat
June 16, 2018
The Directorate of Revenue Intelligence is once again examining all crucial findings in 14,000 pages of Prosecution Complaint filed by the Enforcement Directorate against Nirav Modi and others.


BusinessToday.In
June 12, 2018
The Minister of State for Countering Extremism in UK's Home Office assured Union Minister of State for Home Kiren Rijiju of Britain's full cooperation in the Indian government's efforts to expedite the extradition of Modi, liquor baron Vijay Mallya and several others.


PTI
June 11, 2018



PTI
May 30, 2018



PTI
May 27, 2018
The agency, empowered by the Union government to enact the new power in the country, will seek an official declaration to categorise Nirav Modi as a \"fugitive\" based on its prosecution complaint under the Prevention of Money Laundering Act.


BusinessToday.In
May 22, 2018
The CBI has claimed that former MD and CEO of the Punjab National Bank Usha Ananthasubramanian was aware of the fraudulent transactions worth Rs 14,000 crore involving diamond merchant Nirav Modi. Ananthasubramanian headed the PNB from August 2015 to May 2017.


Virendrasingh Ghunawat
Mumbai, May 21, 2018
The biggest crooks in the entire list were the former CEO and MD of PNB Usha Ananthsubramanian, KV Brahmaji Rao (ED, PNB), Sanjiv Saran (ED, PNB) and Nehal Ahad (GM of PNB.


BusinessToday.In
New Delhi, May 21, 2018
China, US avert trade war: Beijing agrees to import more from America  Averting a trade war, China and the US have struck a deal under which Beijing will \"significantly increase\" its purchases of American goods and services to reduce the whopping USD 375 billion trade deficit with Washington. After lengthy second round of talks in Washington, the two sides issued a joint statement vowing not to launch a trade war against each other.  US Treasury Secretary Steven Mnuchin said, \"We're putting the trade war on hold. Right now, we have agreed to put the tariffs on hold while we try to execute the framework.\"Tata Steel completes $5.2 bn purchase of bankrupt Bhushan SteelTata Steel has  completed the acquisition of a 72.7 percent stake in Bhushan Steel Ltd, which was in bankruptcy court over unpaid loans. As part of the deal, a unit of Tata Steel is paying 352.33 billion rupees ($5.18 billion) to Bhushan Steel's creditor banks. It will also pay Bhushan Steel's operational creditors, such as vendors, another 12 billion rupees over 12 months.The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel. Bamnipal has appointed members to Bhushan Steel's board.Hero Cycles to launch bicycle priced at Rs 1,999  Bicycle manufacturing giant Hero Cycles today said it will soon roll out one of the cheapest bicycles priced at Rs 1,999. The new roadster model features technologically specific solutions designed by Hero's Manchester based GlobalDesign Center (HGD), specially for the daily commuter. Hero Motors Company Chairman Pankaj M Munjal said, \"We will be using state of the art material and parts that will be available to the mass user at virtually subsidized rates. Also, our new roadster will not be a rehash of the old model. It will be an entirely new product, built from the ground up, developed with alternate materials that are remarkably durable but light-weight.\" Nirav Modi is in London on Singapore passport: SourcesFugitive billionaire jeweller Nirav Modi who is at the centre of the Punjab National Bank scam is currently in London on a Singapore passport, sources told India Today. Sources added that Nirav's brother, Neeshal Modi, is currently in Antwerp on a Belgian passport along with his sister Purvi Mehta. Purvi Mehta's husband Mayank Mehta of Rosy Blue Diamond is reportedly shuttling between Hongkong and New York on a British passport. The Enforcement Directorate (ED) had earlier issued notices against Neeshal Modi, Purvi Mehta and Mayank Mehta under the Prevention of Money Laundering Act (PMLA). Absconding Nirav Modi seems to be travelling on different passports issued by different jurisdictions PNB refuses to disclose details of over Rs 13,000 crore scamState-run Punjab National Bank or PNB has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company. It has cited a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders.In reply to an RTI query, the state-owned bank also declined to share copy of inspection reports related to the scam.China's Mobike to foray into India in next few weeks  App-based bicycle-sharing platform Mobike is firming up plans for its entry into the Indian market in the next few weeks and is in advanced discussions with authorities in various cities to start services. Mobike, which offers services in 16 countries across over 200 cities, was acquired by Chinese firm Meituan Dianping for an estimated USD 2.7 billion last month.Mobike India CEO Vibhor Jain told PTI, \"\"We are in advanced stages of discussions with authorities of various cities in India and are also looking at smart city projects. We want to be a part of the India story. We are looking at launching our services here in the next couple of weeks.\" The Internet of Things (IoT)-powered bicycles are equipped with GPS and proprietary smart-lock technology that enable users to find a bike near them, reserve and unlock it using Mobike's app.


PTI
New Delhi, May 20, 2018
The CBI is likely to approach Interpol for a Red Corner Notice against absconding billionaire jewellers Nirav Modi and Mehul Choksi who are allegedly the brains behind the over $2 billion scam in Punjab National Bank, agency sources said.


Meetu Jain
May 20, 2018
The billionaire diamantaire seems to be travelling on different passports issued by different jurisdictions despite VK Singh, Minister of State for External Affairs, telling the Rajya Sabha that his Indian passport has been cancelled.


BusinessToday.In
New Delhi, May 14, 2018
Along with Usha, three other tops officials, PNB executive directors KV Brahmaji Rao and Sanjiv Sharan and general manager (international operations) Nehal Ahad, have also been named for lapses in the handling of the SWIFT system. Usha, who served in PNB from August 2015 to 2017, allegedly did not comply with the year 2016 circular of the RBI (Reserve Bank of India) on the Swift system.


BusinessToday.In
May 8, 2018
In a fresh development, a US court has ordered a probe into the alleged banking fraud before deciding on bankruptcy proceedings against Nirav Modi's firms Firestar Diamond Inc, A Jaffe Inc and Fantasy Inc.


Ankit Kumar
May 1, 2018
William K Harrington, the United States Trustee (Region 2), who has objected to the firms' request said, \"The objection is two-fold. Court is aware, the ultimate majority shareholder of the debtors, and the founder of Firestar Diamond-Nirav Modi-has been charged by the State Bank of India with criminal conspiracy, fraud and cheating related to the Punjab National Bank\".


BusinessToday.In
New Delhi, April 27, 2018
PNB hunts for detectives to find whereabouts of loan defaulters The Punjab National Bank (PNB), it seems, is leaving no stone unturned to recover the dues which have been classified as NPAs. The second largest public sector lender is soliciting services of detective agencies to get hold of absconding loan defaulters. The significant move comes amid reports that diamantaire Nirav Modi may be hiding in New York. The celebrity jeweller who owns Firestar Diamond is the main accused in the Rs 13,700-crore fraud at the Punjab National Bank. In an advertisement posted on the PNB's website, the bank lists out locating 'untraceable' loan borrower(s), guarantor(s), mortgagor(s) and their legal heirs both within and outside India as one of the objectives of PNB's latest policy on engagement of detective agencies.IDBI Bank fraud: CBI books former Aircel promoter Sivasankaran, top bankers for Rs 600-crore loan scamOnce he was hailed as a deal master, but now Chinnakannan Sivasankaran, better known as Siva, is grabbing headlines for all the wrong reasons. The CBI has registered a case against the former Aircel promoter, his son and companies controlled by him - Axcel Sunshine Ltd and Finland-based WinWinD Oy - for allegedly defaulting on loans worth Rs 600 crore taken from IDBI bank.The agency has named 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission.Axis Bank reports first quarterly loss due to bad loansAxis Bank Ltd reported its first ever quarterly loss on Thursday after a surge in bad loans, capping a troubled year for the country's third-biggest private sector lender by assets, as reported by Reuters. While the bulk of India's 9.5 trillion-rupee soured-loans as of end-2017 were with the country's dominant state-run banks, among the private sector lenders Axis and its bigger rival ICICI Bank also account for large chunks. The third largest private sector lender posted a net loss at Rs 2,188.74 crore in the Q4FY18, as opposed to a net profit of Rs 1,225.10 crore in the corresponding quarter last year.Amazon India setting up 5 new warehouses Amazon on Thursday said it is setting up five more warehouses in as many cities including Bengaluru, Gurgaon and Mumbai, as reported by Mint. The global e-tailing giant is aiming to strengthen its delivery capabilities amid intense competition from rivals like Flipkart. With the addition of these new facilities, Amazon will have 67 fulfilment centres (FCs) in 13 states, with a total storage capacity of over 20 million cubic feet, it said in a statement. The company said these FCs will be fully operational before the festive season of 2018 but didn't disclose any investment details. FCs are warehouses where sellers can stock their inventory. Amazon.in's network of FCs will enable tens of thousands of small and medium businesses to fulfil their orders in a cost-efficient mannerNirav Modi hiding in US, flew out of Hong Kong in FebruaryHours before Prime Minister Narendra Modi left for Beijing, came reports that Nirav Modi is no longer holed up in Hong Kong. He had in fact left Hong Kong for the UK on February 14. It has now turned out that the absconding jeweller was in Hong Kong for a mere 12 days. A government investigation has revealed that Nirav, after fleeing from Hong Kong in February, stayed in London for a month before finally travelling to New York. Google to launch new India focused mentorship program Google India will launch an India-focused mentorship and boot camp program for start-ups building both business-to-consumer (B2C) and business-to-business (B2B) tech products, the company said in a statement on Thursday. The mentorship initiative named 'Solve For India' was initially launched in pilot mode in India last year along with participation from Google Developers' Launchpad Accelerator team. The project will focus primarily on start-up products that demonstrate expertise in artificial intelligence (AI) and machine learning (ML).


BusinessToday.In
April 26, 2018
The Punjab National Bank (PNB), it seems, is leaving no stone unturned to recover the dues which have been classified as NPAs. The second largest public sector lender is soliciting services of detective agencies to get hold of absconding loan defaulters.


PTI
April 24, 2018



PTI
New Delhi, April 22, 2018
After moving the insolvency authority in the US, Punjab National Bank (PNB) has raised heat by approaching Hong Kong Court against billionaire jeweller Nirav Modi, who is accused of a Rs 13,000-crore fraud.


PTI
April 22, 2018



PAGES 1 OF 4  1234