6 June 2020: Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL. A total of Rs 285.52 crore has… Read More ›
Corporate Governance
TOI: PMC Bank case: Chargesheet against five directors, two valuers
6 June 2020: The city economic offences wing (EOW) on Friday filed a 2,000- page chargesheet in the Esplanade court against five directors and two valuers of Punjab and Maharashtra Cooperative (PMC) Bank. The two valuers are accused of giving… Read More ›
ET: Bankruptcy process at Indu Techzone set aside by NCLAT
29 May 2020: The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings at Indu Techzone, providing relief to promoters led by I Syam Prasad Reddy, who is a co-accused in the disproportionate assets case against Andhra… Read More ›
HT: CBI books rice mill, 3 directors in ₹100-cr cheating cases
28 May 2020: The CBI has booked Karnal-based Shakti Basmati Rice Pvt Ltd and its three directors for allegedly cheating the State Bank of India (SBI) to the tune of over Rs 100 crore, officials said on Wednesday. Directors Shyam… Read More ›
TNIE: Money laundering case: DHFL promoters Wadhawans sent to jail
27 May 2020: A special court here on Wednesday remanded DHFL promoters Kapil and Dheeraj Wadhawan, arrested by the ED in connection with money laundering probe against Yes Bank co-founder Rana Kapoor and others, to 14-day judicial custody. They were… Read More ›
BS: Govt orders probe against Jaiprakash Associates, Jaypee Infratech
27 May 2020: The Serious Fraud Investigation Office (SFIO) will probe Jaypee group’s flagship firm Jaiprakash Associates and bankruptcy-bound Jaypee Infratech for alleged financial irregularities, according to a source. The probe agency comes under the corporate affairs ministry. The source said the ministry has ordered an SFIO probe… Read More ›
ET: Sterling Biotech case: Far-reaching NCLAT order sets new bankrupcty precedent
4 September 2019: The National Company Law Appellate Tribunal (NCLAT) has set aside a lower court order to liquidate debt-ridden Sterling Biotech, allowing its promoters to take back control of the company once they make full payment to the lenders…. Read More ›
DNA: Lenders fail to attach Sterling Biotech’s overseas assets
22 August 2019: Banks have failed to take adequate safeguards to protect the loans extended to Sterling Biotech by attaching the oil assets of the promoters in Nigeria. Instead of carrying out a prior examination on how this could be… Read More ›
LM: Lights out for CG Power as serious lapses are revealed
20 August 2019: The board of Gautam Thapar-promoted CG Power and Industrial Solutions Ltd said the company will restate accounts after discovering “significant accounting irregularities” and governance lapses, sending its shares plunging by the maximum daily limit of 20% on… Read More ›
LM: The Jaypee jigsaw: Filling the final pieces
31 July 2019: It will be over someday soon, but, hopefully, not before it has taught a lesson to everyone involved—the government, the judiciary, homebuyers, and the promoters of Jaypee Infratech Ltd (JIL), an arm of the Manoj Gaur-run Jaiprakash… Read More ›
