Government says ED analysing 120 shell companies in PNB fraud case
Posted on 24th March 2018 |
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| The Directorate of Enforcement (ED) is analysing 120 shell companies in connection with the Punjab National Bank (PNB) fraud allegedly committed by jewellery designer Nirav Modi, the government said today. The state-owned PNB has been defrauded of over $2 billion by fraudulent use of Letters of Undertaking (LoUs) allegedly by Nirav Modi and his associates. “As per inputs received from the Directorate of Enforcement, analysis of 120 shell companies in India in the case of PNB fraud is being done,” Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha. The bank, he added has stated that the matter is under under investigation and “it will not be in public interest” to share details along with the names of the companies as the same may hamper ongoing probe. In another reply, the minister said the ED has filed two cases against Nirav Modi and Mehul Choksi under the provisions of the Prevention of Money Laundering Act and conducted 247 searches at various locations in the country. He further said that total assets amounting to Rs.7,638 crore was attached till February. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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