United Bank of India said its board of directors has approved in principle a plan to raise ‘up to Rs 3,000’ cr via a preferential sales of shares ahead of its merger with two other banks. A preferential sale of shares, as distinct from a private placement, is a quicker form of selling shares to […]
Punjab National Bank, hit by a $2 billion scam, said the government of India has purchased around 63.82 cr shares in the bank. At the current market price of Rs 71 each, the shares are worth Rs 4,530 cr. With this, the government’s stake in the bank has risen to 71.92% from 66.09%. The transaction […]
Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural and technological changes required to prevent a repeat of the incident. Two key technical changes being implemented are a revamp of the way the bank […]
Two key personnel of Gitanjali Ltd — its chief compliance officer and its chief financial officer — resigned last week, regulatory filings on Tuesday showed. While Pankhuri Warange, the chief compliance officer and the company secretary, resigned over concerns about “absence of disclosures” from the company, Chief Financial Officer Chandrakant Karkare resigned due to a […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. Speaking at a press conference called to address the allegations and controversies surrounding the ‘scam’, Mehta said he cannot go into the details, given that […]
