ECONOMY & NATION


A court here on Thursday gave the CBI custody of former Finance Minister P. Chidambaram's son Karti for questioning till March 6 in the INX Media alleged bribery case.   CBI Judge Sunil Rana gave the order after three hours of heated arguments between Karti's lawyer and the CBI...

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As the country struggles to bring back the main accused of multi-crore fraud committed in Punjab National Bank -- diamond trader Nirav Modi and his uncle Mehul Choksi owner of Gitanjali Gems -- the Cabinet on Thursday approved Fugitive Economic Offenders Bill 2018, which would facilitate...

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The recently announced escalation in the Punjab National Bank (PNB) fraud amount by Rs 1,300 crore is attributable to Nirav Modi's uncle Mehul Choksi-owned Gitanjali Gems, the bank said in a clarification on Thursday.   In another clarification, the bank said it had assigned forensic...

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The Enforcement Directorate (ED) on Thursday said it has registered a case against Simbhaoli Sugars' chairman Gurmit Singh Mann and others in connection with a Rs 109 crore loan default case.   According to the financial probe agency, the case was registered against Mann, CEO G.S.C....

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The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.   An ED official told IANS: "At least 41 properties worth Rs...

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The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis.   "There have been reports in a section of media that Reserve Bank of India has not conducted any audit at...

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Moving out of India can be exciting because it opens up new opportunities. But with opportunities come problems. In the past, one could go abroad without updating one’s financial accounts with the new non-resident Indian (NRI) status. You may have violated laws by not showing Indian income in...

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IANS 28 February 2018
Aircel on Wednesday filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for undertaking Corporate Insolvency Resolution Process (CIRP) for Aircel Cellular Limited, Dishnet Wireless Limited, and Aircel Limited, a company statement said here.   "The Board...

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CS Vinita Nair 28 February 2018
Some changes are being made in the Companies Act through amendments. Section 42 has been substituted by way of section 10 of Companies (Amendment) Act, 2017, which is yet to be enforced. Draft rules amending Rule 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014 have been...

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IANS 28 February 2018
A week after the Income Tax Department evinced interest in a firm linked to Punjab National Bank (PNB) fraud accused Nirav Modi's sister in Singapore, the Enforcement Directorate (ED) is also now on its trail.   Sources said the ED was looking into Islington International Pte Ltd, a...

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IANS 28 February 2018
The Enforcement Directorate (ED) on Wednesday arrested R. Subramanian, the promoter of retail chain Subhiksha, in an alleged bank fraud case, an official said.   A case has been filed against the accused under the Prevention of Money Laundering Act.    Subhiksha Trading...

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The Finance Ministry’s decision to ask public sector banks (PSBs) to examine and report all bad loans above Rs50 crore for possible fraud in the next 15 days, could not have come a day too soon.  The Nirav Modi and Rotomac Global scams are unravelling almost like the Harshad Mehta scam of...

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IANS 28 February 2018
Jayendra Saraswati, who broad based the activities of the Sankara Mutt with inclusive activities, died here on Wednesday in a private hospital. He was 82.   The 69th pontiff of the Mutt, established by Adi Shankaracharya in the 8th century, was ailing for quite some time. He was...

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Moneylife Digital Team 28 February 2018
The Central Bureau of Investigation (CBI) on Wednesday registered a case against Kolkata-based RP Infosystems and its directors for cheating a consortium of banks for over Rs515 crore.   State-run Canara Bank had on Monday lodged a complaint with the investigation agency alleging that the...

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IANS 28 February 2018
 India's fiscal deficit for April-January period of 2017-18 stood at 113.7 per cent of the full year's target, official data showed here on Wednesday.   The data furnished by the Comptroller General of Accounts (CGA) showed that during April-January, the fiscal deficit stood at Rs...

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Dr Philip Kotler 28 February 2018
Do We Need a New Vision that Will Better Fit the Reduced Global Level of American Power and Influence?   If our government’s financial resources are strained to the point where the government periodically faces a possible shutdown, the government needs to change our priorities!  The...

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Anand Singh (IANS) 28 February 2018
The Enforcement Directorate (ED), looking at the money trail related to jeweller-designer Nirav Modi, have found it leading to the Delaware state in the United States.   "The agency is probing details of the operations of Nirav Modi's firms in Delaware," an ED source told IANS, adding...

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IANS 28 February 2018
Cautioning the public against "fake" advertisements appearing in the newspapers about a special scheme for allotting petroleum distributorships, the Centre on Tuesday said it does not appoint dealers and distributors for petroleum products.   The Petroleum Ministry referred to certain...

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IANS 28 February 2018
Karti Chidambaram, son of former Union Finance Minister P. Chidambaram was arrested by the Central Bureau of Investigation (CBI) here on Wednesday, said an official.   He was arrested in connection with the alleged irregularities in the Foreign Investment Promotion Board (FIPB)...

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IANS 27 February 2018
In the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) by accused diamantaire Nirav Modi and his uncle Mehul Choksi, the government on Tuesday set a deadline of 15 days for public sector banks (PSBs) to examine all non-performing assets above Rs 50 crore for possible...

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