News digest: PNB fraud, Essar Steel auction, Rotomac scam, and more

PNB fraud: Govt to chase down those who cheat banking system, says Jaitley

Finance Minister Arun Jaitley on Tuesday blamed senior officials of public sector banks (PSBs), lenders’ auditors and the regulator for financial fraud. Read More...

PNB crisis: RBI's Malegam-led panel to look into NPA divergence, bank fraud

The Reserve Bank of India (RBI) on Tuesday constituted an expert panel that will look at the divergence in asset classification and provisions reported by banks vis-à-vis those interpreted by the central bank’s auditors, and also to examine the rising incidence of fraud in the banking system. Read More...

I-T sleuths question PNB's Sunil Mehta; CBI arrests Firestar's Vipul Ambani

Income tax (I-T) officials on Tuesday questioned Punjab National Bank (PNB) Managing Director and Chief Executive Officer Sunil Mehta in the Rs 114 billion scam allegedly involving Nirav Modi and the Mehul Choksi group of companies. “The I-T department came to the PNB headquarters for questioning that went on for hours,” said a source. Read More...

ArcelorMittal, Numetal bids for Essar Steel fail eligibility test

The bids of both Numetal, a company having VTB Bank as a majority shareholder and the Ruias as a minority partner, and ArcelorMittal for Essar Steel have failed the eligibility test of the legal advisors appointed by the resolution professional as both bidders had connections with non-performing assets (NPAs) in India. Read More...

Cabinet ends Coal India monopoly, allows commercial mining by private firms

Private companies would soon be able to mine and sell coal in India, alongside state-owned Coal India (CIL). Read More...

Rotomac scam: Vikram Kothari is fighting a battle that might be hard to win

Known for aggressive use of celebrity advertising for Rotomac Pens, his exclusive list included Bollywood stars such as Salman Khan delivering the catch line ‘Likho India Ki Nai Pehchan’ and Raveena Tandon ‘Likhte Likhte love ho jaye’. Lyricist and writer Javed Akthar’s tagline ‘Fighter Hamesha Jeet Ta Hai’ made Rotomac a household name. Read More...