Nirav Modi : The man at the centre of PNB scam !!!

If he is not making Priyanka Chopra feel daddy’s pampered little girl, he is probably co-hosting a Michelin chef’s table for Bollywood and business A listers Vikas and Gayatri Oberoi, Aryama Sundaram, Pirojsha Godrej, VryaSwati Piramal and Sonam Kapoor with Massimo Bottura.

But for a man always at the centre of a glittering and effervescent universe, Nirav Modi is enviably taciturn. Even when he speaks, the Wharton school dropout turned hautest diamantiere with a weakness for Canali suits, Bentley cars, Francis Newton Souza canvases, is almost inaudible.

Not his eponymous jewellery label though.

Within a span of a decade, and emerging out of nowhere, it has blazed its trail across high streets of Madison Avenue or MGM Macau and Marina Bay Sands to emerge as the biggest luxury label to have ever come out of Asia. Till the law caught up with him.

PNB fraud: Two rogue employees, one famed jeweller, and Rs 11,300 crore vanishing into thin air

How did two employees try to fool a stodgy bank in the largest diamond house fraud that surfaced on Valentine’s Day, when thousands of pearls and gems change hands across the world? 

In raising funds and moving money out of Punjab National BankBSE -11.97 % (PNBBSE -11.97 %), the two employees of the state-owned lender directly used SWIFTBSE -1.22 % — the global financial messaging service used to move millions of dollars across borders every hour — and bypassed the core banking system (CBS) which processes daily banking transactions and posts updates. 

It was a ploy to avoid immediate detection: the SWIFT messages used to raise overseas credit were not readily available in PNB’s FINACLE software system as these were issued without entering into the bank’s CBS. 

Shobhan Mittal felicitated with the Industry Leadership Award: Construction Week Online

Shobhan Mittal, Greenply Industries Ltd, JMD and CEO was felicitated with the industry Leadership Award at The Economic Times Asian Business Leaders Conclave 2017 in Malaysia, for his years of significant contributions to the industry and his expertise in the wood panel industry. 

This has been an eventful year for the wood panel industry, which recently witnessed the single biggest tax reform post-independence – the Goods and Services Tax (GST), which makes our nation amongst the progressive economies which have adopted a unified tax structure. The roll-out of GST has generated a lot of interest and response from the industry with reactions pouring in from across the country.

Expressing his gratitude, Shobhan Mittal said that the government’s focus on creating more infrastructure, attracting foreign direct investment (FDI) in real estate, the government’s ‘housing for all’ initiative and development of smart cities to accommodate India’s growing urban population, are some of the growth drivers for the development of real estate and construction sector. Greenply Industries Limited (GIL) being one of the largest interior infrastructure companies in India stands to be benefited by these growth drivers.

With the objective of continuously seeking new pathways forward, Mittal created the Engineered Panel Division of Greenply Industries Limited which manufactures, markets and exports Medium Density Fibreboard (MDF) and Flooring solutions.

Source: Construction Week Online

Kupwara army camp attacked by fidayeen militants in Kashmir; three armymen, two terrorists killed

Terrorists on Thursday attacked an armed force camp in Kupwara area of Jammu and Kashmir.

An armed force commander and two officers were slaughtered in the assault. The armed force officer executed was recognized as Captain Ayush, official sources told PTI. It was before mistakenly written about TV that five armed force staff had been murdered in the assault.

As indicated by a report in the IANS, the ambush on the armed force camp, which is 120 kilometers from Srinagar, was a fidayeen or a suicide assault. “Fidayeen psychological militants assaulted the Panzgam armed force camp near the Line of Control (LoC) (at) around 4.30 am,” Defense Ministry Spokesman Colonel Rajesh Kalia told IANS.

India, US discuss measures to strengthen partnership at UN

The US Ambassador to the UN, Nikki Haley talked about with her Indian partner Syed Akbaruddin the financial and hostile to debasement changes embraced by India to goad development and measures to fortify Indo-US association at the world body.

Haley met Akbaruddin at the Permanent Mission of India to the UN here yesterday.
“They talked about peacekeeping change and India’s financial and hostile to debasement changes that have helped organizations and prodded development,” as indicated by an announcement issued by the US Mission to the UN.

The two representatives likewise talked about the “close ties between the two nations and chances to promote the association between the US and India at the United Nations.”

Mallya could fight extradition on political grounds

Indian business tycoon Vijay Mallya, who has been pronounced an announced guilty party, is probably going to test his removal to India from the UK in light of the fact that the charges against him are politically roused, a legitimate master said today.


The 61-year-old alcohol noble, who has been living in willful outcast in Britain since a year ago, was captured by Scotland Yard yesterday on misrepresentation assertions, setting off an official removal prepare in the British courts.

Mallya was discharged on restrictive safeguard a couple of hours after the fact subsequent to giving a safeguard bond worth 650,000 pounds and guaranteeing the court of maintaining all conditions related with removal procedures, for example, the surrender of his international ID and a prohibition on him having any travel reports.

Centre to do away with Service Charge on Food Bills

The administration arrangements to issue a consultative to states requesting that they break down against out of line inconvenience of service charge on food and drink bills, Food and Consumer Affairs Minister Ram Vilas Paswan said today.

“Benefit charge does not exist. It is in effect wrongly charged. We have arranged counseling on this issue. We have sent it to the PMO for endorsement,” Paswan told columnists here.

A senior service official said the counseling, once endorsed by the Prime Minister’s Office (PMO), will be issued to all states and union regions.

The counseling will likewise be valuable for Voluntary Consumer Organizations (VCOs) battling for shopper right, he said.

“No client ought to be compelled to pay benefit charge. On the off chance that clients need they can pay a tip to servers or give their agree to demand the charge in the bill,” the authority said while clarifying the way of proposed counseling.

Indian Banks Loan Rose to 5.1% in Two Weeks to March 31 – RBI

Indian banks’ loans rose 5.1 percent in the two weeks to March 31 from a year earlier, while deposits rose 11.8 percent, the Reserve Bank of India’s weekly statistical supplement showed on Friday.

Outstanding loans rose 3.16 trillion rupees ($49.08 billion) to 78.82 trillion rupees in the two weeks to March 31. Non-food credit rose 3.18 trillion rupees to 78.28 trillion rupees, while food credit fell 19.30 billion rupees to 539.30 billion rupees.

Bank deposits rose 2.63 trillion rupees to 108.05 trillion rupees in the two weeks to March 31.

Source: NewsNetwork

UK Parliament Terror Attack : What We Know So Far

Four people were killed, including the assailant, and 40 injured after being run over and stabbed in a terror attack at the heart of Britain's seat of power attributed by police to "Islamist-related terrorism". The lightning attack unfolded on Wednesday across Westminster Bridge in the shadow of Big Ben, a towering landmark that draws tourists by the millions and stands over Britain's Houses of Parliament -- the very image of London. The attacker was shot dead by police within the perimeter of UK Parliament. Here's what we know:

THE ATTACK

The attacker used a car to run down several pedestrians on the iconic Westminster Bridge. At least one woman and one other person were killed by the vehicle and others were left with "catastrophic injuries," according to police. Three police officers were among those injured on the bridge.

The driver then rammed his car into the Parliament fence and fatally stabbed a police officer as he tried to enter the building. 

Police tape off Parliament Square in London after reports of loud bangs. (Photo: Reuters)

Htsyndication covers Greenply CEO Shobhan Mittal

Shobhan Mittal, the CEO and Joint MD of Greenply Industries Limited stated that he is expecting an eight to ten percent growth in revenues by end of financial year 2017.

Shobhan Mittal has been spearheading Greenply Industries for over a long time and his company is well-known for producing plywood products that meet with the international standards.