SC blocks further probe against army major by J&K Police. The Supreme Court on Monday restrained the Jammu and Kashmir Police from carrying out any investigation in pursuance to FIR registered against Major Aditya Kumar in the wake of the death of three civilians as the army tried to disperse a stone-pelting mob in Shopian district in Kashmir.
Restraining the Jammu and Kashmir Police from carrying out further investigations, a bench of Chief Justice Dipak Misra, Justice A. M. Sunjuwan terror strike mastermind killed by army in south Kashmir. Security forces on Monday killed Jaish-e-Mohammed terrorist Mufti Waqas, believed to be the mastermind of last month's Sunjuwan terror attack, during an encounter in South Kashmir's Awantipora, officials said.
Acting on a specific intelligence input, a small team of the army along with the elite Special Operations Group cordoned off the Hatwar area in Awantipur and carried out a "surgical attack" on a house, the army said. Jaish-e-Mohammed's operational commander Waqas, the mastermind of the terror attack on the Sunjuwan army camp in Jammu and the suicide attack on a CRPF camp in South Kashmir's Lethpora, was killed in the surgical operation, it said.
There have been no civilian casualties or collateral damage, the army said. Business Standard. Sensex ends 300 pts down, Nifty 1% lower; Metal, auto stocks decline. Nifty Auto falls over 1% Metal stocks lead fall, Nifty Metal index down over 3% Sectoral Trend Sensex heatmap Markets at Close The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,358, down 99 points Geojit on Larsen & Toubro We project Sales/PAT CAGR of 12.2/17.5% over FY17-20E.
Recovery in domestic business, strong order pipeline, sale of non-core assets, focus on improving RoE & working capital and healthy execution of large order backlog will drive the stock going forward. Hence, we upgrade the stock to BUY as we roll forward our valuation to FY20 with a SOTP based TP of Rs. 1,515. The domestic indices ended nearly 1% lower on Monday taking cues from its Asian counterparts. The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,359, down 99 points. In economic data, business conditions in India’s service sector deteriorated modestly in February, Nikkei PMI data for services showed on Monday. How loopholes in PSBs' systems were flagged but never fixed until PNB fraud.
Gokulnath Shetty, a middle-aged bank manager of middling rank, spent his days in the foreign exchange department on the mezzanine floor of Punjab National Bank's Brady House branch in Mumbai.
It was there, past the loan desk and up a flight of stairs, that the Central Bureau of Investigation (CBI) says Shetty hatched India's largest-ever bank fraud, which the bank values at nearly $2 billion and says was engineered between 2011 and 2017. ALSO READ: PNB scam: CBI arrests director of Gitanjali along with auditor, 2 employees The room where Shetty worked was visited on a quarterly basis by external auditors approved by the central bank, who sifted through documents but failed to spot any problem, according to interviews with two bank employees with first-hand knowledge of the department's operations. That heightens worries about what other problems might lurk within India's state-run lenders, which hold some 70 percent of the sector's assets in the world's fastest-growing major economy. R. Business Standard. RInfra arbitration notice to Pipavav Defence promoters over Rs 54 bn claims. Reliance Infrastructure on Monday said it has issued an arbitration notice against founder-promoters of Pipavav Defence and Engineering for indemnity claims aggregating to Rs 54.40 billion.
The notice has been issued against Pipavav Defence founder- promoters Nikhil Gandhi and Bhavesh Gandhi and their companies namely SKIL Infrastructure, SKIL Shipyard Holdings and Grevek Investments and Finance, RInfra said in its statement. “Notice has been issued for breach of warranties under purchase agreement by founder promoters for acquisition of Pipavav Defence shares,” Rinfra added in its statement. RInfra singed the purchase agreement for Pipavav Defence and Engineering in March 2015. Post completion of the acquisition, Pipavav Defence was renamed as Reliance Naval and Engineering . In its statement to the exchange, RInfra said the arbitration tribunal would be pursuant to SIAC, Singapore rules. Congress helped Nirav, Choksi under 80:20 gold scheme: Ravi Shankar Prasad. The Bharatiya Janata Party (BJP) on Monday said the Congress helped Punjab National Bank (PNB) fraud accused Nirav Modi and Mehul Choksi under 80 Addressing a press conference here, Union Law Minister Ravi Shankar Prasad said former Finance Minister Chidambaram favoured seven private companies, including Fire Star Diamond of Nirav Modi and Gitanjali Gems of Mehul Choksi, under the 80:20 gold scheme on the day of election results in 2014.
The 80:20 scheme was launched in August 2013 to curb gold imports to tame the current account deficit. The Congress-led United Progressive Alliance (UPA) government had eased some of the curbs and private agencies were allowed to import gold under the scheme that mandated traders to export 20 percent of all gold imported while retaining 80 percent for domestic use.
"Then Finance Minister (P. Chidambaram), who is also a constitution expert and a lawyer, must know that when the election results are expected; the government becomes a lame duck. RBI to infuse Rs 1 trn into banking system via special auctions in March. The Reserve Bank of India (RBI) will infuse up to Rs 1 trillion into the banking system through special auctions this month to manage additional demand for liquidity as activities of banks and corporate entities pick pace before the close of the financial year.
The current financial year (2017-18) ends on March 31. Treasury executives said liquidity in the system has been under pressure, with supply falling short of demand on some days. The RBI has maintained its stance to keep liquidity close to neutral. The announcement to conduct special auctions to inject additional resources into the system to tackle the changing situation — high activity and outgo on account of tax payments — will give respite to the market, and prevent any sharp rise in short-term interest rates. Compiled by BS Research Bureau It will conduct four variable-rate term repo auctions in March 2018. I-T Dept probes Rs 10-bn tax refund fraud by govt and PSU employees. With less than a month left for revising income-tax (I-T) returns for 2016-17, the I-T department has unearthed a giant fraud in multiple cities, where government employees allegedly claimed huge tax refunds forging documents, inflating expenses and not revealing complete information.
In Mumbai alone, around 17,000 revised returns have been filed claiming refunds. Similarly, in Bengaluru, the I-T department has found over 1,000 returns filed with inflated claims on account of payments towards home loans. Since the I-T department is still investigating the matter, the loss to the department could not be ascertained, but it could go up to over Rs 10 billion, sources said.
They added most of these refunds were being claimed by employees working for the government or in public sector undertakings (PSUs). PNB scam: Court issues non-bailable warrants against Nirav Modi, Choksi. A special court on Saturday issued non-bailable warrants (NBWs) against diamond traders Nirav Modi and Mehul Choksi in the alleged Rs 114 billion Punjab National Bank scam.
The court, set up under the Prevention of Money Laundering Act (PMLA), issued the NBWs on applications filed by the Enforcement Directorate (ED), one of the agencies probing the bank fraud cases registered last month. The ED had earlier issued summonses to Modi and Choksi, both key accused in the scam cases, asking them to appear before the central agency. ALSO READ: PNB chief Sunil Mehta admits the collusion of employees in LoUs scam However, the two diamond traders, who are said to have left the country before criminal cases were registered, had failed to appear before the ED, promoting the agency to move the PMLA court for issuance of NBWs against them. Another bank fraud? Borrowers misuse SBI loan of Rs 32 mn to produce a film.
In yet another fraud on a public sector bank, as many as 13 people including a kabaddi player got a loan of Rs 32.9 million for buying top-end cars, but 'misused' the money for producing a Tamil film.
When the fraud came to light, the Madras High Court, on a plea from the State Bank of India (SBI), granted an interim injunction against the movie's release. The fraud was done with the connivance of an auto loan counsellor who allegedly hacked the bank's computers to facilitate the loan sanction and its disbursement. ALSO READ: PNB scam: Court issues non-bailable warrants against Nirav Modi, Choksi Justice C V Karthikeyan passed the interim order on a civil suit of the lender restraining White Screen Productions (WSP) from releasing the movie till March 16, 2018. ArcelorMittal signs JV agreement with Nippon for Essar Steel acquisition. Steel giant ArcelorMittal has signed a joint venture (JV) formation agreement with Japan’s Nippon Steel & Sumitomo Metal Corporation (NSSMC) to acquire and manage Essar Steel, currently undergoing proceedings under the Insolvency and Bankruptcy Code (IBC), subject to approval of its bid from regulatory authorities.
ArcelorMittal’s subsidiary, ArcelorMittal India Private Limited (AMIPL), gave a resolution plan on February 12, which outlined its intention to have NSSMC formally join its bid for Essar Steel. Sources said since it was already mentioned in the resolution plan, no alteration was required in the wake of the JV formation agreement. Should the submitted resolution plan be selected and accepted by the National Company Law Tribunal (NCLT), ArcelorMittal and NSSMC would jointly acquire and manage Essar Steel, ArcelorMittal said in a statement. Infosys, Income Tax officials under CBI scanner for 'role' in I-T fraud. The Central Bureau of Investigation is probing an Income-Tax fraud allegedly involving several Infosys employees, officials of the Income Tax Department-managed Centralised Processing Centre (CPC) in Bengaluru and a fake Chartered Accountant believed to be the kingpin.
The fraud is alleged to have caused the department a loss of Rs 50 million by way of refunds against forged documents. According to the CBI FIR, which was reviewed by Business Standard, Nagesh Shastri, a partner with one SSK Associates and a professed Chartered Accountant, had filed nearly 1,010 fraudulent returns involving around 250 private sector employees. Solid development agenda in Tripura took BJP from 'shunya' to 'shikhar': PM. Commending party workers for 'working assiduously on the ground' to ensure the BJP's triumph in the Tripura assembly elections, Prime Minister Narendra Modi said in a tweet that the victory wasn't an ordinary one. He said that the journey from 'shunya' (zero) to 'shikhar' (pinnacle) had been made possible due to a solid development agenda and the strength of the organisation.
His statement was made in context the fact that the saffron party was nowhere in the reckoning in Tripura during the 2014 general elections, but had now emerged with a clear mandate in the assembly polls. "I bow to every BJP Karyakarta for working assiduously on the ground for years," the Prime Minister tweeted. Assserting that the 'historic victory' in Tripura was as much an ideological one, Modi said that was a win for democracy over brute force and intimidation. What Tripura win means for the BJP & its 'Congress-Mukt' Bharat mission. Prima facie, it can seem that the Bharatiya Janata Party (BJP) has been able to achieve its objective of ushering in a Congress-mukt (free) India in the northeast, especially in Tripura, by being in a position to come to power in at least two of the three states which went to the polls last month.
However, such a conclusion will be facile. The reason is that in Tripura, for instance, the BJP has succeeded in coopting virtually all the entire 30-plus per cent support base of the Congress. Business Standard. BJP snatches Tripura, may form govt in Nagaland; hung Assembly in Meghalaya. The Bharatiya Janata Party (BJP) on Saturday expanded its footprint further in India’s ethnically and religiously diverse Northeast by ousting the Left Front government in Tripura and was on its way to forming a coalition government in Nagaland.
But Meghalaya threw up a hung Assembly with the incumbent Congress emerging as the single-largest party. With the BJP’s improved performance in the Northeast — it now runs governments in Manipur and Assam as well — the Narendra Modi government will now need to face the challenge of delivering on the contentious Naga Accord. In Nagaland, the BJP had contested the polls with the Neiphiu Rio-led Nationalist Democratic Progressive Party (NDPP). On its own, the BJP won a creditable 11 seats and 14.6 per cent if the votes. With its ally NDPP winning 15 seats, the alliance fell short of the halfway mark. Lending rate hike coming? SBI raises term deposit rates across maturities. Morgan Stanley cuts its India overweight to 50 bps, citing weak earnings. Amazon launches Prime Music service in India, to take on Gaana, Wynk. Food production exceeds target in 2017-18, say second advance estimates.
Hyundai's NEXO Electric SUV can travel 609 km on a single charge. Harley Davidson launches two models Low Rider, Deluxe in Softail portfolio. Jan core sector growth sharply rises to 6.7%; cement, refinery output zoom. India factory growth slows to 4-month low as rising prices dent demand: PMI. PNB fraud & more: Nifty PSU Bank sees worst monthly fall in two years. INX Media case: Two of India's former regulators may come under CBI lens. April-January fiscal deficit touches 113.7% of full-year target. India added one new billionaire each week in 2017, says Hurun report. Karti Chidambaram arrested at Chennai airport in INX Media case by CBI: Top 10 developments. Aircel files for bankruptcy, cites Jio's disruptive entry as a reason. India's Q3FY18 GDP growth rises 7.2% South Korean cos head to Delhi as Modi pushes for investment expansion.
China deploys J-20 stealth jet fighter, names India as threat. Mobile wallets have to comply with February-end KYC deadline, says RBI. Rotomac case: I-T dept files six chargesheets against Vikram Kothari. Anti-profiteering drive: HUL to offer govt another tranche of GST benefits. Rs 114-bn PNB fraud gets bigger: Bank says total dues can be Rs 13 bn more. Coca-Cola India set to launch frozen fruit dessert in India: Coca-Cola's global strategy. Sun Pictures teams up with Rajinikanth for his next movie. We've excess power but no access to it: Environment lawyer Ritwick Dutta. Over 50,000 SMEs on verge of closure due to plastic ban in Maharashtra. Viacom18 sharpens focus on regional GECs.
IFC to back Jain Irrigation's $50-million capital expenditure plan. The not-so-peculiar link between bank frauds and political funding. COAI counters Reliance Jio, says it flagged issue on Trai orders. Sridevi: Bollywood, sports fraternity mourn first female superstar's demise. Neelabh Mishra - 1960-2018: Editor-in-chief of National Herald passes away. After SC order, IndiGo to shift flights in Delhi airport. Carmakers race to build cheaper EVs for India, other growing markets. Liberty House to approach NCLT on Bhushan Power bid rejection by creditors. PNB scam: Passports of Nirav Modi, Mehul Choksi revoked, say MEA sources. Business Standard. PNB fallout: Jaitley talks of tougher law to bring scamsters to justice. Another PNB scam: After Nirav Modi, Rs 6.2 mn Mudra loan fraud reported.
Uber to invest aggressively in South Asia, won't let Softbank rule it: CEO. From 'snub' to scandal: Canadian PM Trudeau's India visit in nutshell. Rs 37-bn loan default case: CBI arrests Rotomac owner Vikram Kothari, son. News digest: PNB fraud, Vikram Kothari arrested, Bond yields jump, and more. Sebi plans safeguards for overseas investors taking private bank route. SoftBank investments won't change dynamics: Uber CEO Dara Khosrowshahi. Scam-hit PNB banks heavily on Bhushan Steel sale for capital boost. PNB scam: Firestar's Vipul Ambani created disproportionate assets, says CBI. Sensex can dip to 30,000; PNB scam dents investors' confidence: Marc Faber. Scam-hit PNB says it has transferred 1,415 employees since Feb 19. Rs 114-bn fraud: Submit concrete plan to pay dues, PNB tells Nirav Modi. TCS, Infy, HDFC help Sensex, Nifty end higher after three losing sessions.
Meet Y H Malegam and B N Srikrishna, the govt's go-to men for every crisis. Kamal Haasan unveils party flag, names his party 'Makkal Needhi Maiam' Nawaz Sharif cannot lead his party PML(N), rules Pak Supreme Court. Canada does not support separatist movement: Justin Trudeau to Punjab CM. HTC U11 Plus review: Pricier, but full of surprises for multimedia fanatics. PNB scam: Nirav Modi lawyer sees no fraud, Vipul Ambani arrested; top 10 developments. Stock exchanges try to assuage concerns after MSCI warning. Over 5.5 million GST returns filed in January, says GSTN chairman. Business Standard annual awards: Power-packed jury to select winners today. AAP MLAs Amantullah, Jarwal arrested in Delhi chief secretary assault case. Creditors reject Liberty House bid for Bhushan Power and Steel. Your 10-digit mobile number stays; 13-digit is only for swipe machines. UP Investors Summit: Adani, Birla, Ambani lead Rs 4 trn investment promises. Auction of Delhi's iconic Taj Mansingh hotel put off for third time.
Budget proposal to cut women's PF contribution to 8% faces opposition. Incumbent telcos feel Trai's tariff order favours Jio, may move courts. PNB 114 billion scam: Govt weighs bank's recapitalisation hike. PNB scam: Bank assures it has strong sovereign backing, adequate capital. EPFO declares 8.55% interest rate for FY18, lower than 8.65% for FY17. Rs 114-bn PNB scam: Why are LoUs or LCs needed and How do LoUs/LC work. Nirav Modi: Jewellers expect more casualties and tighter regulations. Another Nirav Modi in making? Rotomac Pen's Rs 8 bn defaulter flees country.
Sebi eases access norms for investment by foreign portfolio investors. Nirav Modi scam: Billion dollar diamond fraud puts state banks in focus. Why full electrification may be a case of bad economics for Indian Railways. Crude pricing: Politically-motivated tinkering of oil could prove costlier. PNB gives CBI a list of 150 fraudulent LoUs issued to Nirav Modi. Aster DM Healthcare Rs 9.8-bn IPO subscribed 1.33 times on final day. Iran President Hassan Rouhani arrives in Hyderabad on three-day India visit.
Centre to change base year for GDP, IIP to 2017-18, for CPI it will be 2018. Why banks will likely fail to recover Rs 3 trillion from loan defaulters.