 "News Digest: PNB staff transfers, Nirav Modi papers, GST benefits and more")
PNB tightens staff transfer policy to ensure irregularities do not recur
Fraud-hit Punjab National Bank (PNB) on Monday held its board meeting for five hours and decided to replace the current lax transfer policy with strict as well as clear norms to ensure that such irregularities do not recur. The board also resolved that internal and external auditors must ensure that system procedures, particularly those involving SWIFT and forex transactions, are followed in all the branches. Read More...
PNB fraud case: Key Nirav Modi papers seized from law firm
The Central Bureau of Investigation (CBI) has seized “crucial documents” related to the Nirav Modi case from the premises of Mumbai-based law firm Cyril Amarchand Mangaldas (CAM). A CBI official confirmed this, saying the agency had conducted a search operation at the law firm last week in connection with the Rs 114-billion fraud at Punjab National Bank. Read More...
Anti-profiteering drive: HUL to offer govt another tranche of GST benefits
Fast-moving consumer goods major Hindustan Unilever (HUL) is set to offer the government another tranche of goods and services tax (GST) benefits that it could not pass on to consumers. Read More...
Ruia trust offers to exit Numetal to participate in Essar Steel bid
The Singapore-based trust that owns a 25 per cent stake in Numetal, the bidder for Essar Steel, has offered to sell its stake to other shareholders of Numetal if the trust is found ineligible to participate in the bid. Read More...
UPI-based system mulled for retail investors in IPOs
The Securities and Exchange Board of India (Sebi) is considering introducing a UPI-based payment system for retail investors in initial public offerings (IPOs), a move that will help do away with cheque payments and reduce the time taken between the closing of an IPO and listing of the security to just three days. Read More...
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