18 July 2019: State-run Allahabad Bank on Wednesday reported a fraud of Rs 688.27 crore by SEL Manufacturing. The Chandigarh bench of the National Company Law Tribunal (NCLT) initiated insolvency resolution proceedings against the Ludhiana-based textile company last year. “We have… Read More ›
Corporate Governance
BS: Still want Bhushan Power, but reports of fraud a worry, JSW tells NCLT
15 July 2019: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During… Read More ›
TOI: DHFL admits irregularities, warns it may not stay afloat
15 July 2019: Troubled housing finance provider DHFL has admitted to irregularities in recognising some income and in failure to monitor end use of some other loans. In the filing for its Q4FY19 results, the company has warned that it… Read More ›
ET: Jet Airways audit shows diversion of funds, fraudulent billing
15 July 2019: A State Bank of India commissioned forensic audit of Jet Airways books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles, according to two people with direct knowledge of the… Read More ›
RT: Allahabad Bank reports $259 million alleged fraud by Bhushan Power & Steel
13 July 2019: The Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month, adding to concerns about a banking industry burdened with bad… Read More ›
ET: Gitanjali RP seeks to implead ED
10 July 2019: The resolution professional (RP) of Gitanjali Gems, a jewellery retailer promoted by absconding Mehul Choksi, is seeking to implead the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) in the insolvency resolution case since certain… Read More ›
ET: SBI probe flags Rs 5,500 crore deals among Anil Ambani companies
10 July 2019: A probe commissioned by SBI has flagged transactions worth Rs 5,500 crore in the books of Reliance Communications and two other Anil Ambani-led Reliance Group entities for further investigation, four people with direct knowledge of the matter… Read More ›
FE: NCLT sends Siva Industries to insolvency process for Rs 130-crore default
9 July 2019: The Chennai bench of the National Company Law Tribunal (NCLT) has ordered the corporate insolvency resolution process (CIRP) against Siva Industries and Holdings, a Siva Group company promoted by serial entrepreneur and former promoter of Aircel C… Read More ›
LM: More banks likely to have been singed by Bhushan Power fraud
8 July 2019: More lenders to bankrupt Bhushan Power and Steel Ltd may say that the company misappropriated funds given to it after state-run Punjab National Bank first reported a ₹3,800 crore fraud, a top bank official said, requesting anonymity…. Read More ›
ET: Gujarat cancels Dahej port contract given to absconding Sandesara brothers of Sterling group
8 July 2019: The Gujarat government Monday canceled all permissions granted to the bankrupt Sterling group promoted by the absconding Sandesara brothers to develop an all-weather port in Dahej. The absconding promoters of the Sterling group– Nitin and Chetan Sandesara–are… Read More ›
