ICICI Bank's Chanda Kochhar, Axis Bank's Sikha Sharma summoned over Gitanjali loans

The mumbai wing of the Serious Fraud Investigation Office has summoned ICICI Bank CEO Chanda Kochhar and Axis Bank CEO Shikha Sharma in the Rs 5,000 crore loan extended to Mehul Choksi’s Gitanjali Gems. The summons sent to both Kocchar and Sharma requests them to appear in person or send a representative.

Almost 31 banks are a part of a consortium which had given Rs 5,280 crore working capital facility extended to Choksi’s companies of which ICICI Bank is the lead lender. People in the know also indicated that the fraud office may soon summon other banks who are part of the consortium.

Investigative agencies are probing all loans and facilities extended to Mehul Choksi and Nirav Modi and their associate companies in the Rs 12000 crore fraud which hit Punjab National Bank last month.

Both Choksi and Modi have fled the country before the fraud emerged at the end of January. Now, Nirav Modi’s associate companies have filed a bankruptcy petition in the US court seeking respite.

In its bankruptcy filing in New York, Firestar said liquidity and supply chain challenges were responsible for the insolvency. The company has also listed about $100 million in assets and debt as per the Chapter 11 documents.

PNB informed the stock exchanges last week that the quantum of fraud in the case could exceed the Rs 11,400 crore figure it had disclosed on February 14 by more than Rs 1,300 crore, taking it to Rs 12,700 crore.

The bank went public with the alleged fraud that has been going on since 2010 at the Brady House branch of the bank in Mumbai earlier this month. It came to light after an employee who was said to be wrongfully rolling over letters of undertaking (LoUs) retired. As many as 30 banks discounted the bills based on PNB’s LoUs.

Comments

Avengers Endgame Movie Review: Marvel's Stirring, Emotional Superhero Marathon

(There are spoilers in the review, so proceed at your own will. Or, you can come back to this review after watching the film.) Avengers Endgame, the last in the recent Marvel’s superhero series has been shrouded in secrecy what with the producers guarding the secret with all their resources. The leak of the film online by TamilRockers a few days before the film’s release in India only underscored the reality that this was not paranoia but necessary caution. Even at the media show on Thursday evening, everybody had to submit their phones to the security before stepping in to watch the film. There are spoilers ahead, so read frth On the pertinent question whether the film is worth the wait, Anthony Russo and Joe Russo give us a befitting conclusion to the 22 preceding stories. And it's good enough to make you want and wait for the second season of Superheroes. The film opens where Avengers: Infinity left off with Tony Stark in space with Thanos’ (Josh Brolin) d...

Counterpoint Research released its three-month report on smartphone shipments in India. According it Xiaomi is in the lead with 27% share, followed by Samsung and vivo with 23% and 10%, respectively. Oppo is taken down to fifth, while Micromax makes a surprising appearance at fourth with 9% shipments between July and September. Company Market share Q3 2018 Market share Q2 2018 Xiaomi 27% 28% Samsung 23% 29% viv o 10% 12% Micromax 9% N/A Oppo 8% 10% The report also revealed that total shipments increased by 24%, compared to the previous quarter, and 5% on a yearly basis. The increase is such a huge jump that India managed to surpass the United States in shipments, Karn Chauhan, research analyst at Counterpoint, revealed. The number of users in India exceeded 400 million, making the Asian country the second biggest smartphone market in the world, following China. The report stated that nearly a third of all devices shipped had a retail price between $150 and $250, while the...

Train 18, Indian Railways first engine-less train, to take passengers to India’s 1st world-class station!

Indian Railways first world-class semi-high speed train set will take passengers to India's first world-class railway station at Habibganj! While Train 18 is expected to roll out this month, the redevelopment work at Habibganj railway station is expected to be over by December end this year. From January 2019, Indian Railways ’ first engine-less train – Train 18 – will most likely replace India’s fastest Shatabdi Express on the Delhi-Bhopal route. What makes this development more special is the fact that the final destination of the Delhi-Bhopal Shatabdi Express is Habibganj – the first Indian Railways station that is being developed as a world-class transit hub. To put it simply, Indian Railways first world-class semi-high speed train set will take passengers to India’s first world-class railway station at Habibganj! While Train 18 is expected to roll out this month, the redevelopment work at Habibganj railway station is expected to be over by December end this year. Be...

Look in

Search This Blog