CBI, I-T department, ED widen probe into PNB’s Rs 114-billion fraud
The central government’s agencies have widened their probe into Punjab National Bank’s (PNB’s) Rs 114-billion fraud, with the income tax (I-T) department launching criminal prosecution against Nirav Modi and also seizing bank accounts of his entities as well as real estate spread across the country on Friday. Meanwhile, the Central Bureau of Investigation (CBI) filed its second First Information Report (FIR) against three companies — Gitanjali Gems, Gili India, and Nakshatra — owned by Modi’s maternal uncle Mehul Choksi. The Enforcement Directorate (ED) too filed its second FIR against the three companies under the Prevention of Money laundering Act (PMLA).
WhatsApp Pay vs Paytm: NPCI says interoperability must to roll out UPI app
The National Payments Corporation of India (NPCI) will allow the full-scale public launch of any Unified Payments Interface (UPI)-enabled app only if the app fulfils the principles of interoperability, it said in a statement on Friday. The statement was a defence against allegations levelled by Paytm founder Vijay Shekhar Sharma of NPCI supporting messaging app WhatsApp during the beta launch of its Unified Payments Interface -based payments service. The principles for interoperability in essence include the ability to send and receive money through any Unified Payments Interface ID and generate a BHIM/Bharat QR code, said NPCI.
Ranbaxy case: SC rejects plea by Singh brothers against Daiichi Sankyo’s Rs3,500 crore award
The Supreme Court on Friday rejected an appeal by former Ranbaxy Laboratories Ltd owners Malvinder and Shivinder Singh against an order of the Delhi high court allowing Daiichi Sankyo Ltd to recover Rs3,500 crore from them. “We are not inclined to interfere. Our answer at the moment is no,” said Justice Ranjan Gogoi. On 31 January, the Delhi high court had allowed Daiichi Sankyo to enforce a foreign arbitral award ordering the Singh brothers and 13 others to pay about Rs3,500 crore to the Japanese drug maker. The Singh brothers approached the Supreme Court challenging this order.
Walmart wants to buy Flipkart, but SoftBank opposed to a sale
American retailer Walmart Inc. may end up taking a large stake in Flipkart Ltd at a price that could value India’s largest e-commerce firm between $20 billion and $23 billion, said three people close to the development. If it goes through, the deal will pit Walmart against Amazon in India, mirroring the fight between the two companies in the US. Walmart has expressed an interest in buying Flipkart but a buyout is unlikely to go through as a key Flipkart investor SoftBank Group Corp. is opposed to a sale, the three people added on condition of anonymity.
PNB Rs 114-bn fraud: Diamond industry could give more headache to banks
Punjab National Bank’s financial trouble with the Nirav Modi jewellery firm could be the beginning of banks’ trouble with the industry. The finances of the listed diamond jewellery companies suggest the industry is in deep financial trouble with no immediate respite in site. The industry’s combined net sales were down 15.9 per cent year-on-year (y-o-y) during the first half of the current financial year while their net profit (adjusted for exceptional items) was down 18.9 per cent y-o-y during the period.
The scalpels are out ahead of ‘Special 301’ Report
For the past five years, a lone Indian pharmaceutical representation goes out to the Office of the US Trade Representative (USTR) every February to explain the lay of the land in respect of intellectual property rights (IPR). The annual exercise precedes the release of the USTR’s ‘Special 301 Report’, which evaluates trading partners’ track record in implementing IPR. The IP report-card will be out late in April, but submissions to the USTR concluded last week. The pharmaceutical industry’s submissions are always among the most combative as actions stemming from this report could have serious ramifications for public health across countries.
Reserve Bank data shows India’s loan fraud problems extend far beyond PNB
Investors may have been shocked when one of India’s biggest banks disclosed a $1.77 billion fraud by a billionaire jeweler, but the central bank has recorded data that shows the problem runs far deeper and wider. Reserve Bank of India (RBI) data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 “loan fraud” cases totaling Rs. 612.6 billion ($9.58 billion) over the last five financial years up to March 31, 2017.
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