Bhushan Power and Steel Limited former CMD arrested by Enforcement Directorate
“BPSL had devised a peculiar modus operandi to siphon funds obtained as loans from various banks/financial institutions,” the ED said. “Singals did not use the bank funds for the purpose for which the same were sanctioned, committed forgery and falsified accounts, causing wrongful loss to the lending banks.”
INX Media case: Delhi court allows ED to quiz Chidambaram in Tihar on Nov 22, 23
The Enforcement Directorate (ED), in its plea, had sought pe...
Rose Valley chit fund scam: ED raids 5 locations in Kolkata
West Bengal: Enforcement Directorate (ED) is conducting a raid at five different ...
SC to hear Chidambaram's bail plea in INX money-laundering case on Wednesday
A bench, headed by newly-sworn-in Chief Justice of India S A Bobde, on Monday ordered the listing of the bail plea before an appropriate bench on Wednesday. "List on November 20, before an appropriate bench, subject to curing of defects," the bench said in its order uploaded late evening.
Vijay Mallya's Kingfisher House to go under the hammer again
The Debts Recovery Tribunal has announced a new auction date of Nov 27 through an online bidding process, for the beleaguered property. From the original reserve price of Rs 135 cr during the first auction of the property -- valued at around Rs 150 cr in 2016 -- for the 8th auction this time, the reserve price is fixed at a staggeringly low of just Rs 54 cr.
High Court clarifies allegations in contentious para of Chidambaram's bail order
Justice Suresh Kait said it is nowhere mentioned in paragraph 40 of the November 15 bail order that the allegations relates to Chidambaram's case. The court made the clarification while disposing of an Enforcement Directorate's plea seeking rectification of the "accidental slip/inadvertent error" in certain paragraphs of the order.
Vasan Healthcare RP may push for strategic partners
The outstanding claims to banks, financial institutions and Asset Reconstruction Company Edelweiss are at ?1,268 crore, according to the company’s list of financial creditors put up on its website. The first meeting of the committee of creditors (CoC) is slated for Thursday.
ED investigating 7,393 FEMA, - 963 PMLA cases
Investigating agencies had imposed Rs 1,907 crore penalty and confiscated Rs 3.45 crore under FEMA in 2018-19. Penalties worth Rs 179 crore and confiscations of Rs 11.49 crore were made in 2017-18. As for PMLA, Rs 15,490 crore worth of properties were attached in 2018-19, up from Rs 7,432 crore in FY18.
INX Media money laundering case: Chidambaram moves SC challenging HC order dismissing bail plea
The Delhi high court had on Friday dismissed Chidambaram's bail plea in the case filed by the ED, saying prima facie allegations against him are serious in nature and he played an "active and key role" in the offence. Chidambaram was first arrested by the CBI on August 21 in the INX Media corruption case and was granted bail by the SC on October 22.
NCLAT gives 30 days more to Sterling Biotech promoters to settle dues
A three-member bench headed by Chairperson Justice S J Mukhopadhaya also said the Enforcement Directorate will probe and ascertain whether the money paid by the promoters is not from proceeds of crime. The promoters of the company include absconding Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara.
ED attaches Rs 21.96-cr assets in NH-74 widening scam case
The assets include agricultural and industrial land, commercial plots and buildings located in Dehradun and Udham Singh Nagar districts of Uttarakhand, and Rampur district in Uttar Pradesh. The ED said it was found in the probe that the farmers and the land owners who got higher compensation had utilised the excess amount in buying immovable properties.
INX Media: ED moves HC seeking rectification of inadvertent error in Chidambaram's bail order
The ED in its application urged the court to correct the "accidental slip/inadvertent error" that is there in the November 15 verdict passed by Justice Suresh Kait. The facts of another case have found mention in the Delhi High Court order denying bail to Chidambaram.
Iqbal Mirchi’s Mumbai property set to be auctioned
Safema authorities have fixed a reserve price of Rs 3.45 crore for the 1245-sq feet flat at the plush Juhu Tara road in suburban Mumbai belonging to Mirchi. The winner will have to deposit Rs 86.50 lakh as earnest money.
Govt plans to shield IBC cos from PMLA action against promoters
FM Nirmala Sitharaman indicated that a system may be worked out under which action related to the PMLA against the promoter doesn’t impact a company’s resolution under the IBC. The ED’s action has resulted in main applicant JSW reviewing its offer as several assets of one of the most highprofile IBC cases will not be part of the transaction.
Personal guarantees may aid bad loan resolution
In a notification on November 15, the ministry of corporate affairs (MCA) included personal guarantees on corporate loans under the bankruptcy code effective from December 1. The promoters who have given personal guarantees include Jet Airways founder Naresh Goyal & The Ruia family which just last week lost its Rs 42,000 crore battle to keep Essar Steel.
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