The ED is analysing 120 shell companies in connection with the Punjab National Bank fraud allegedly committed by Nirav Modi, the government said.
A special CBI court remanded in judicial custody till March 28 the 11 accused arrested in connection with the multi-crore Punjab National Bank (PNB) fraud case.
PNB said it will honour all "bonafide" Letter of Undertakings, an instrument which was used by billionaire diamantaire Nirav Modi to defraud the bank of Rs 12,968 crore.
Public sector banks want PNB to honour its commitment with regard to LoUs allegedly issued by it to Nirav Modi and its associates, said SBI Deputy MD M S Sastry.
Reacting to RBI's decision to scrap the system of issuing LoUs and LoC, industry body CII said it would have a disruptive impact on the buyers credit market.
RBI banned banks from issuing LoUs instruments used allegedly Nirav Modi and Mehul Choksi to defraud PNB of Rs nearly 13,000 cr in connivance of bank officials.
Jaitley said Nirav Modi obtained his first fraudulent guarantee from PNB's Brady House branch on March 10, 2011 and managed to get 1,212 more such guarantees in six yrs.
Rahul Gandhi alleged that Arun Jaitley was silent on the Rs 12,600 crore PNB fraud case to "protect his lawyer daughter" and asked why her firm was not "raided".
RBI has initiated special audit of state-owned lenders with focus on trade financing activities, especially relating to issuance of LoUs by them, banking sources said.
Assocham cautioned that overreaction by banks and the investigative agencies, in the backdrop of the PNB fraud, could hurt essential credit disbursement to the industry.
Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively
To add platform capabilities in the insurance segment which contributes 15% of total business
The Acquisition is expected to close within the next 3 months
Sells Essar Steel loan to Deutsche Bank
Has sold its $385 mn Foreign currency loan extended to Essar Steel
Bank has taken a 38% haircut
Rs 1600 cr is expected earnings to the bank from the deal
Economic Times Reports
To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn
The co is also in discussions to sell its residential and commercial projects in Chennai
To convene shareholder’s meet on 23rd March in regard to the proposed divestment
Gets Order Worth Rs 230 Cr From NTPC
To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators
Will help NTPC commission the 3x 660MW plant started 12years
Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI
The completion period for the project is 30 months