CBI issues Non-Bailable Warrant against Nirav, Choksi
The Central Bureau of Investigation (CBI) on Sunday issued Non-Bailable Warrants (NBW) against celebrity jeweler Nirav Modi and his uncle and business partner, Mehul Choksi, in connection with Punjab National Bank (PNB) scam. The warrants were issued after a special CBI court in Mumbai allowed it. The PNB in February detected the multi-crore scam, wherein Modi and Choksi had allegedly cheated the bank to the tune of Rs 114 billion, with the purported involvement of a few employees of the bank.
CAs, company secretaries may face SEBI action for failure to flag lapses
Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by SEBI. The role of auditors and valuers has come under the scanner in a number of high-profile cases recently involving PNB, WhatsApp and Fortis as also the Satyam and Kingfisher frauds earlier. SEBI is looking to enhance the oversight to check such frauds with new regulations for fiduciaries in the securities markets, a senior official said.
Bad loans menace: Over three dozen CAs under RBI lens
With the RBI cracking the whip on bad loans menace, more than three dozen chartered accountants are under the scanner for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, sources said. At a time when more number of companies with stressed assets are coming under the Insolvency and Bankruptcy Code, the central bank is also looking at the role of various key personnel associated with such entities.
PNB scam: ED unearths Rs5, 000 crore money trail
The Enforcement Directorate (ED) has traced more than Rs5,000 crore that has been funneled through layers of shell companies controlled by jeweler Nirav Modi and his uncle Mehul Choksi in the Punjab National Bank (PNB) fraud case, two people directly aware of the matter said. Based on the investigations, ED will likely file charges against Modi and Choksi within a month, the people, including an official at the investigative agency, said, and requesting anonymity.
SBI, PNB put 15 NPAs worth Rs 1,063 crore for sale
Leading public sector Lenders State Bank of India and Punjab National Bank have put their 15 non-performing assets worth Rs 1,063 crore for sale. Both the banks said they will conduct the e-auction on 20th of this month. SBI has put up a total of 12 accounts with total outstanding of Rs 848.54 crore for sale. “…we place these accounts for sale to asset reconstruction companies (ARCs)/banks/NBFCs/financial intuitions,” said SBI, the country’s largest bank.
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