The demolition of five illegal high-rise apartment buildings in Kochi has snowballed into a major controversy, with some of the state’s prominent politicians who openly supported the illegal buildings now coming under fire from social media and even their own colleagues. The initial response of the political community in the state was one of support […]
The arrest of former finance minister P Chidambaram has thrown many critics of the current administration into a quandary. On the one hand, they know that there may be some truth to the allegations of corruption made by the investigating agencies. They would, therefore, like nothing better than for corrupt politicians to be probed just […]
The Supreme Court has appointed former judge Justice A K Patnaik to conduct a detailed inquiry into the allegation that external forces hatched a conspiracy to remove Chief Justice Ranjan Gogoi from benches seized of high-profile cases. Justice Patnaik will have the full use of three investigating agencies, including the Central Bureau of Investigation, Delhi […]
Former cabinet minister Anand Sharma today warned against what he called the misuse of tax and investigation agencies in the country, and warned BJP leaders that they may not always be in power. He said the BJP government has ‘spoiled the habits’ of agencies like Enforcement Directorate, Income Tax Vigilance and Central Bureau of Investigation, […]
The Supreme Court bench of Justice Arun Mishra and Justice Sanjay Kaul has removed the ‘immunity’ enjoyed by Enforcement Directorate official Rajeshwar Singh and said the government can go ahead with any probe into his conduct, and remove him, if it wants to, from the investigation. Rajeshwar Singh, on his part, claimed that his life […]
BJP leader Subramanian Swamy has expressed suspicions of an ‘internal sabotage’ of the investigations into the so-called Aircel-Maxis scam, in which the accused include former finance minister P Chidambaram and son Karthi. “BJP government at Centre, judging by today proceedings on Aircel Maxis in SC, is under internal sabotage. Have to find out who is […]
The ongoing allegations around the sanction of a loan by ICICI Bank to the Videocon Group and the bank’s reluctance to support an independent probe into the matter has created doubts about the bank’s internal governance standards, global ratings agency Fitch said. “..the presence of the bank’s CEO on this credit committee – and the […]
The Central Bureau of Investigation has closed its investigation into complaints of financial irregularities at the Delhi & District Cricket Association, the Lok Sabha was informed today. “A preliminary enquiry was registered in SC-II branch (of the CBI) on 23.10.2015 against unknown office bearers of Delhi & District Cricket Association (DDCA) and unknown others, on […]
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 […]
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its money back as the loans are guaranteed by PNB. “The […]
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 […]
National Stock Exchange of India, India’s largest securities trading platform, has sought details from Punjab National Bank on media reports regarding raids by enforcement agencies on the bank’s premises in the Nirav Modi case. “The exchange has advised the company to provide clarification or confirmation on the news item (on the raids) in detail,” the […]
The decision by a trial court in Delhi’s Patiala House complex to dismiss charges of corruption and conspiracy against former telecom minister and others in the 2G scam case has created a curious legal imbroglio as the order seems to fly counter to the Supreme Court’s verdict in the 2G scam case. The special court […]
Nawaz Sharif is third time unlucky to have to abandon his term as the democratically elected Prime Minister of Pakistan. With the Supreme Court disqualifying him over the corruption cases for ten years, sixty-seven-year-old Sharif’s premiership comes to end one year before his term expires. It also potentially means the termination of an eventful political […]
Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock’s counter. “Fullshare is supposedly a commercial and residential property developer, but this business is tiny compared to its market capitalization. In FY 2016, Fullshare generated a paltry RMB 132 million […]
Kerala Police have filed a first information report against the head and eight members of the ‘investigation team’ of a newly launched TV channel for a botched up sting operation targeting a minister. The FIR has been filed under sections of the Information Technology Act, sections of the Indian Penal Code dealing with conspiracy and […]
Fitch Ratings has withdrawn its ratings on India-based Rolta India Limited, after the Indian IT company said it was no longer interested in continuing with the arrangement. “Fitch is withdrawing the ratings as Rolta has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. […]
63 moons technologies ltd, formerly known as Financial Technologies, said it received a provisional attachment order from the Directorate of Enforcement, Mumbai, attaching securities amounting to face value of Rs 1,065 crore in its demat account. In India, shares and securities are held electronically in a dematerialized (or “Demat”) account, instead of the investor taking […]
63 moons technologies ltd, formerly known as Financial Technologies, said the Directorate of Enforcement, Mumbai has requested the National Securities Depository Ltd. and Central Depository Services (India) Ltd to freeze the Demat Account of the company maintained with them. In India, shares and securities are held electronically in a dematerialized (or “Demat”) account, instead of […]
