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SEL booked for Rs 113 crore fraud by CBI

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Recently, CBI registered an FIR against the directors and owners of SEL Manufacturing Company Limited. The company has come up for allegedly causing a wrongful loss of Rs 113.55 crore to Bank of Maharashtra. Central Bureau of Investigation registered an FIR against the owners Neeraj Saluja, Dheeraj Saluja and Ram Saran Saluja. Apart from them, nine other people were booked by the CBI under Sections 120B r/w, 403 and 420 of the IPC, 13(2) r/w 13 (1) (d) of the Prevention of Corruption Act, 1988.

On Tuesday, CBI teams had conducted raid son various locations throughout the country which included Ludhiana relating to 7200 bank fraud. 2 business houses – one of a liquor baron and the other of SEL came under scanner as defaulters. Sel had already been classified by RBI as a fraud company in 2018.

“A written complaint dated November 2 had been received against SEL Manufacturing Company Limited and its directors, alleging a fraud perpetrated on the bank by the company and its directors in the credit facilities sanctioned by BoM, main branch Ludhiana,” the CBI said.

“It was alleged that SEL and its directors resorted to various malafide activities such as diversion of funds, not utilising the loan fund for the purpose for which it was sanctioned, improper reporting of financial data to commit misappropriation and cheating, thereby causing a loss to BoM to the tune of Rs 113.55 crore,” the CBI said.

 

SOURCE: TOI

 

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Will kill myself if extradited to India- Nirav Modi

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Wanted For PNB scam, Indian fugitive Nirav Modi told in the UK court that he will commit suicide if extradited to India. Nirav’s 4th bail plea stating that he had been suffering from depression after the PNB scam and money laundering. The court even rejected the additional offer of the security amount being doubled to four million pounds and a house arrest.

Nirav Modi committed a scam of 13,500 crores against PNB making him the highest defaulter in the country leaving behind Vijay Mallya who committed a crime of 9000 crores.

Modi was born in a diamond business family and belongs to Gujarat. He was born in Palanpur, Gujarat. Modi had earlier applied for political asylum in Britain. He was arrested by Scotland Yard on March 19.

Nirav Modi has not returned to India despite repeated summons from various authorities over his alleged fraud worth thousands of crores.

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Vodafone India’s former CEO says ‘Indian telecom has been a bad dream’

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It is rumored that telecom giant Vodafone might exit the Indian market soon. Commenting on the company’s journey in India, a former Vodafone India’s CEO and Plc board member Marten Pieters said that its a bad dream for most foreign investors.

Marten Pieters added that Indian Telecom market developed in an extremely negative for those investing here. He pointed out to the regulatory hurdles and entry of money-backed Reliance JIO were major hurdles.

Pieters told, “With a new player seemingly having access to infinite money and the other operators having headwinds in regulation and now with the judicial outcome of the longrunning case about the definition of revenue sharing with the government, you can see that investment has not paid off.”

Vodafone Idea is expected to pay dues of Rs 39,000 crores within 3 months.

 

 

SOURCE: THE ECONOMIC TIMES

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Vodafone might ‘pack up and leave’ the Indian market anytime soon

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If rumours are to be believed, Vodafone might pack its bags anytime and leave the Indian market. This is due to the hefty losses mounting on the joint venture company. If the telecom company plans to leave the market, it isn’t certain what shall be happening to the Vodafone users. These might stop working all of a sudden.

In addition to the losses, this expected exit might also be due to declining market capitalisation and loss of lakhs of subscribers every month. These things are negatively impacting Vodafone Idea’s balance sheet and preventing any fund-raising possibilities.

In addition to this, Vodafone’s shares have been declining continuously. It reported a net loss of Rs 4,067.01 crore in Q1 June 2019 compared with a net loss of Rs 2,757.60 crore in Q1 June 2018.

On top of it, the company has been ordered by the Supreme Court to pay about Rs 28,309 crore related to its AGR judgement.

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