 "News digest: PNB fraud, Vikram Kothari arrested, Bond yields jump, and more")
Rs 114-bn fraud: Submit concrete plan to pay dues, PNB tells Nirav Modi
Punjab National Bank on Thursday told Nirav Modi, one of the prime accused in the Rs 114 billion letters of undertaking (LoUs) fraud, to submit “a concrete and implementable plan” to clear his liabilities. Read More...
UltraTech Cement closer to acquiring Binani; seeks CCI nod for takeover
UltraTech Cement is leading the race to take over Binani Cement by offering around Rs 62 billion and a 20 per cent stake in the company to unsecured financial creditors. Dalmia Bharat Cement had made a slightly better offer at Rs 63 billion, but is likely to lose as UltraTech has offered equity stake to creditors. Read More...
Rs 37-bn loan default case: CBI arrests Rotomac owner Vikram Kothari, son
The CBI on Thursday arrested Rotomac owner Vikram Kothari and his son Rahul, both directors in the company, for alleged default on loan repayments to the tune of Rs 37 billion, officials said here. Read More...
India's 10-year bond yields hit two-year high on hawkish RBI minutes
Ten-year bond yields spiked 10 basis points (bps) after minutes of the February 5-6 meeting of the Monetary Policy Committee were revealed by its members on Wednesday. Read More...
Scam-hit PNB says it has transferred 1,415 employees since Feb 19
State-owned Punjab National Bank, which is hit by “Letter of Undertaking” fraud, has transferred over 1,400 employees since February 19, 2018 following advisory from Central Vigilance Commission (CVC). Read More...
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