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Government “intolerant towards financial irregularities”, ensures strict action: PM Modi

News Desk



PM Modi

 Prime Minister Modi said that the management and auditors of the banks should perform their duty with due diligence. He appealed to policymakers to perform their duties with dedication.


After coming under fire for not talking about the alleged 11,400 crores Punjab National Bank scam by the absconding diamantaire Nirav Modi, Prime Minister Narendra Modi finally broke his silence on Friday. PM Modi was addressing a gathering of businessmen and industry professionals at the Global Business Summit. Referring to the PNB scam and the multi-crore loan default by Mehul Chowksi of Gitanjali Gems, he said that his government will not tolerate such a loot and he will ensure that strict action is taken against the culprits.

PM Modi said, “Our government has time and again taken stringent action against the financial irregularities.” “We will continue to do so in future as well,” Modi assured.

Recently, Finance Minister Arun Jaitley reacting to PNB scam had come down heavily on the management and auditor of Punjab National Bank for not being able to identify the fraud at the earliest. He also highlighted that the supervisory agencies should put in place a new mechanism to detect such irregularities and frauds.

Reiterating the Finance Minister’s statement, Prime Minister Modi too said that the management and auditors of the banks should perform their duty with due diligence.  He further appealed to policymakers to maintain the ethics of their profession and perform their duties with utmost dedication.

A few days ago, the opposition Congress had hit out at PM Modi for maintaining silence on the scams in the country. In a video titled “Maun Modi”, the party took a jibe at PM Modi’s alleged silence on crucial issues that are a matter of national concern. The Congress is also planning to corner the government in the budget session over the PNB and Rotomac scam.


Daiichi-Ranbaxy row: HC directs Singh brothers to disclose foreign bank accounts, assets





New Delhi | The Delhi High Court today directed former promoters of India’s Ranbaxy Laboratories Ltd, Malvinder and Shivinder Singh, to disclose their bank accounts and assets overseas in a case related to execution of the Rs 3,500 crore arbitral award won by Japanese pharma major Daiichi Sankyo.

Justice Rajiv Shakdher also ordered the Singh brothers not to transfer or create any third party in their shareholdings in RHC Holding Pvt Ltd or trademarks. The court said both the brothers will disclose in an affidavit, in a sealed cover, their assets and bank accounts outside India and also the details of art and paintings.

When advocate Anuradha Dutt, appearing for Singh brothers, raised objection to the direction to disclose foreign assets and accounts on the ground of lack of jurisdiction, the court said it was just asking to give the details and the jurisdiction issue will be dealt with later.

The order came on the plea by Daiichi, through senior advocate Arvind Nigam, seeking a direction to the Singh brothers to disclose their assets outside India and for their personal appearance on the ground that they were taking contradictory stands in their affidavits.

The court was also informed that a chartered accountant, who was appointed local commissioner in the matter, had expressed difficulty in selling the unencumbered shares of the respondents in listed companies. Justice Shakdher directed that the shares be sold by the local commissioner through his demat account linked to his saving bank account.

It said as the transactions will be carried by him at the behest of the high court’s direction, it should not be reflected in his income tax record. The court listed the matter for further hearing on September 25.

The chartered accountant had earlier submitted a report giving the list of shares of the Singh brothers, their family members and firms including RHC Holding Pvt Ltd and Oscar Investments Ltd, in listed companies.

The court had directed the local commissioner to sell the entire lot of unencumbered shares of the respondents, other than Malvinder Singh in listed companies. The high court had earlier also ordered the attachment of all unencumbered assets of RHC Holdings Pvt Ltd and Oscar Investments Pvt Ltd.

A Singapore tribunal had in April 2016 passed the award in Daiichi’s favour holding that the brothers had concealed information that their company was facing probe by the US Food and Drug Administration and the Department of Justice while selling its shares.

The high court on January 31 had upheld the international arbitral award passed in the favour of Daiichi and paved the way for enforcement of the 2016 tribunal award against the brothers who had sold their shares in Ranbaxy to Daiichi in 2008 for Rs 9,576.1 crore. Sun Pharmaceuticals Ltd had later acquired the company from Daiichi.

It had, however, said that the award was not enforceable against five minors, who were also shareholders in Ranbaxy, saying they cannot be held guilty of having perpetuated a fraud either themselves or through any agent.

Daiichi had moved the high court here seeking direction to the brothers to take steps towards paying its Rs 3,500 crore arbitration award, including depositing the amount. It had also urged the court to attach their assets, which may be used to recover the award.

On February 16, the Supreme Court had dismissed Singh brothers’ appeal against the high court verdict upholding the international arbitral award. Singh brothers’ counsel had argued that the award granted consequential damages which were beyond the jurisdiction of the arbitral tribunal and the award cannot be enforced under the provision of the Arbitration Act.

They had claimed that Daiichi was fully aware of all facts and still chose to retain the Ranbaxy shares, instead of terminating the agreement and returning them.

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Temple is not a private property, women must be allowed to pray: SC on Sabarimala case

News Desk




New Delhi | The Supreme Court on Wednesday while hearing petitions that challenge the traditional ban on the entry of women between 10 and 50 years of age in Kerala’s Sabarimala Temple said that a woman’s right to pray is equal to that of a man and it is not dependent on a law to enable you to do that.

The five-judge constitutional bench of the Apex court which includes Chief Justice of India Dipak Misra, Justices RF Nariman, AM Khanwilkar, Justice DY Chandrachud and Indu Malhotra said,”Every woman is also the creation of God and why should there be discrimination against them in employment or worship.”

Justice DY Chandrachud said, “All persons are equally entitled to freedom of conscience and the right freely to profess, practice and propagate religion… This means your right as a woman to pray is not dependent on a legislation. It is your constitutional right.” Justice Nariman said, “The age notification is ‘arbitrary’ as it leaves out the 9-year-old girl and 53-year-old woman who are menstruating.

Earlier in October last year, the Apex court referred the issue to the Constitution bench, framing five “significant” questions. The Prime question among these was whether the ban amounts to discrimination against women and violates their Constitutional rights.

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ED files supplementary chargesheet in AgustaWestland case

News Desk




New Delhi | The Enforcement Directorate on Wednesday filed a supplementary charge sheet in the AgustaWestland case in Delhi’s Patiala House Court.

ED has filed chargesheet against former Air Force chief SP Tyagi and his two cousins, lawyer Gautam Khaitan, Italian middlemen Carlo Gerosa and Guido Haschke, Finmeccanica, the parent company of Agusta Westland, among others.

Earlier the Central Bureau of Investigation (CBI) filed a charge sheet against retired Tyagi, former Air Marshal J. S. Gujral and ten others in the case on 1 September 2017.

The case filed by the ED stated that UK-based AgustaWestland International Limited had paid 58 million Euros as kickbacks through Tunisia-based Gordian Services Sarl and IDS Sarl.

Shivani Saxena, an active director of UHY Saxena in under the provisions of the Prevention of Money Laundering Act (PMLA) and is currently in judicial custody.

The ED’s case reports that UHY Saxena and Matrix Holdings were the ones through whom the proceeds of the crime were routed and further layered and integrated into buying the immovable properties/shares among others.

The court will take up the chargesheet for consideration on July 20.

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