French, German Leaders Urge 'European Response' To Migrant Crisis
U.S. quits UN Human Rights Council
Canada Passes Bill To Legalise Recreational Marijuana
SFIO summons ICICI CEO, Axis Bank MD
07 March 2018, 06:54 | Bernice Figueroa
CBI Books Billionaire Diamond Merchant in Rs 280 Crore Cheating Case
As many as 31 banks had extended loan worth Rs 5,280 crores to Choksi's Gitanjali Gems.
ICICI Bank said in a statement that it has no exposure to the Nirav Modi group of companies but noted, "We are working capital lenders to the Gitanjali group of companies along with several other banks in the consortium". "The liability is still not established for the banks, given the web of companies related to Choksi and Modi", said a senior official at a state-run bank.
After media reports that ICICI Bank managing director and chief executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by SFIO regarding the case, stock exchanges had sought clarifications from both the lenders.
He said Chitalia was taken away from the Mumbai airport by the CBI, soon after he landed in the city from Bangkok.
"We have summoned Mehta (the head of the beleaguered bank) and he is expected to appear before us tomorrow", said an SFIO official.
ICICI Bank led a consortium of 31 banks that lent money to the Gitanjali Group.
This comes in the midst of reports that the Central Bureau of Investigation (CBI) on Monday kept Vipul Chitalia, VP (saving money tasks), Gitanjali Group, at Mumbai airplane terminal in the Punjab National Bank misrepresentation case.
The fraud was allegedly perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. The initial probe by investigating agencies has revealed that about 30 banks had discounted the bills based on PNB LOUs.
A slew of agencies, including the CBI and ministerial arms like the Enforcement Directorate as well as the SFIO, are probing the over '12,000-crore scam.
"In the normal course of trade business, the bank, through the overseas branches, undertakes transactions against LoUs (Letters of Undertaking) issued by other banks".
Last week, a special court issued a non-bailable warrants (NBWs) against diamond traders Nirav Modi and Mehul Choksi in the alleged Rs 12,700-crore Punjab National Bank scam. "Some of the banks have already started replying", said an ED official.
Axa to acquire XL Group for $15bn
AXA's shares fell 6.9 percent to 23.33 euros by 0955 GMT, as some analysts said the deal looked pricey. The offer is 1.51x XL's fully diluted book value per common share of $38.04 as at 31 December.
Turkish soldiers martyred, 13 wounded in Afrin
Al-Mayadeen said the airstrike occurred after the Popular Forces hit a Turkish helicopter gunship. He said that the Free Syrian Army (FSA), on the other hand, has had 116 of its members killed.
Bland Strong But Sharma Surprise Leader In Mexico
Sharma said he consistently found the fairways during the round and is happy with his drive. "I couldn't be in a better situation. Sharma hit a 3-wood that landed on the green and settled 2 feet away for an eagle on the opening hole at Chapultepec Golf Club.
London's Cold Snap Left 20000 Homes Without Running Water
Councillors at the Kent flood risk management meeting today criticised South East Water for its handling of the situation. It is estimated 5,000 homes in the county have had their supply cut off following the extreme changes in temperature.
Putin: Russia Needs Facts on Meddling
Putin's bombshell announcement comes as he is set to easily win another six-year presidential term in the March 18 election. She explained that, in relation to Russia, NATO has a dual approach that provides for defense, containment and dialogue.
Critically ill man 'former Russian spy'
British media say a former Russian spy is in critical condition on Monday after being exposed to an "unknown substance". They were taken to Salisbury District Hospital and are being treated for suspected exposure to an unknown substance.