PNB posts biggest ever quarterly loss of Rs 13417 crore in Q4
15 May, 2018, 22:24 | Author: Candice Daniels
Separately, two sources familiar with the matter said the Central Bureau of Investigation (CBI) had named Ananthasubramanian, diamond jeweller Nirav Modi, and more than 20 others in a charge sheet filed at a Mumbai court on Monday.
Briefing reporters, financial services secretary Rajiv Kumar said there is a set process for removal and dismissal of directors from the board of banks and that has been initiated.
Under instructions from the finance ministry to act on India's largest ever bank scam involving diamond merchants Nirav Modi and Mehul Choksi, the PNB board divested its executive directors K V Brahmaji Rao and Sanjiv Sharan of their financial and executive powers. The charge sheet has been filed under sections of cheating and conspiracy of the Indian Penal Code and relevant sections of the Prevention of Corruption Act, 1988. Another CBI official said a special court had not yet taken cognisance of the chargesheet. The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.
These fraudulent guarantees enabled Nirav Modi to secure loans from overseas banks which he siphoned off, the CBI alleged. The duo have denied the allegations against them, and authorities said they both left the country before the fraud was uncovered.
The ED had registered the money laundering case against Nirav and others on the basis of a CBI FIR.
Shares in Allahabad Bank closed 3.4 percent lower on Monday, while those in PNB ended slightly higher on the day. These arrested accused include Gokulnath Shetty, former deputy general manager of PNB; Manoj Kharat, single window operator of PNB; Hemant Bhat, authorised signatory of Modi's company; Bechhu Tiwari, then chief manager in the forex department of PNB; Yashwant Joshi, scale-II manager in forex department; and Praful Sawant, scale-I officer handling exports section.
The agency has not given in detail the role of Mehul Choksi in the present charge sheet. Since the bank's SWIFT, an global messaging system, was not integrated with its core banking system, the fraud went undetected for seven years. PNB's earnings will be pressurised as it will have to make enough provisions to deal with the scam-related payouts to other banks. They are at large after defrauding PNB of over Rs 14,000 crore using 1,200 illegally secured letters of undertakings (LOUs).
The International Atomic Energy Agency (IAEA) has repeatedly confirmed that Tehran has been meeting its nuclear commitments fully. On Sunday, White House National Security Adviser John Bolton said sanctions on European firms were "possible".
The BJP President also said that Parrikar was keen to know how the party had fared in Karnataka, which voted on Saturday. He said the BJP's "soul" lies in its booth workers who are the focal point of the party.
The girls performed better with 72.38% clearing the Class 12 exams past year , while the boys pass percentage was at 64.16. Madhya Pradesh Board of Secondary Education (MPBSE) will declare results of 10th and 12th at 10.30 am this morning.
This weekend, he'll play at PNC Park as a visitor, when the San Francisco Giants face the Pittsburgh Pirates . He doesn't have a win in his past 12 road starts , with his last win coming last May 21 against Seattle.
He'd hit him for another six in his following over to pick up another fifty and then back it up with a four in the same over. Just as the table toppers looked set for a big total, CSK bounced back by sending both the set batsmen back to the pavilion.
This will be materialized by 2019 with the foldable smartphone to be released in 2018 to be named Andromeda CShell. As per the patent application, the information found on the third screen depends on the state of the hinge.
Oops; Gap apologizes for T-shirt's wrong China map
It also apologised for "this unintentional mistake and is now conducting internal investigations to quickly rectify this mistake". While Taiwan is self-governed, only a minority of countries recognize its sovereignty as a nation independent of China.
White House Goes Silent on Remark about McCain
Trump's nominee for C.I.A. director because of her past ties to an interrogation program that used torture on terrorist suspects. But instead, that was overcome by saturation cable TV coverage about Sadler's comment.
Annual Law Enforcement Memorial Ceremony
The service will be held at the side entrance of the sheriff's office, located at 117 Justice Center Drive in Rogersville. Both numbers have decreased since 2016, in which a total of 118 officers were killed in the line-of-duty.
Severe weather warnings for Maryland and Virginia Sunday night
Stay with News 12 New Jersey for the latest weather information, and download the News 12 app for on-the-go weather updates. Monday will see a 20 percent chance of showers and thunderstorms on a mostly cloudy day with a high of 80 and a low of 63.