Nirav Modi case: PNB receives Rs. 24.33 crores as first tranche of recovery from US

News Network
August 26, 2020

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New Delhi, Aug 26: The central government on Tuesday said that Punjab National Bank (PNB) has informed the Ministry of Corporate Affairs (MCA) that it has received USD 3.25 million (the equivalent of Rs. 24.33 crores) as the first tranche of recoveries in fugitive Nirav Modi case from the USA.

"Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants," MCA said in a release.

The Ministry also has initiated proceedings for disgorgement of monies from the perpetrators-- the entities promoted and/or controlled by Nirav Modi/Mehul Choksi.

"Punjab National Bank Limited in 2018 informed the MCA that three companies promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of New York, United States of America," MCA said.

PNB requested the MCA to support and join the bankruptcy proceedings in New York, USA in order to help PNB realize its claims in the debtors' assets.

The US Bankruptcy Court of Southern District of New York, by its order dated July 26, 2018 recognized the claims of PNB in the proceeds of sale of assets of the properties of the debtor companies. It also authorized PNB to issue subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali under oath.

Subsequently, on August 24, 2018, the Examiner appointed by the New York Bankruptcy Court submitted his report. The Report explains the modus operandi of the fraud and the manner in which the US-based employees of the debtors participated in the fraud.

"One prominent feature of the fraud was the apparent facade of independent companies, which were, in reality, entities promoted and/or controlled by Nirav Modi, that engaged in 'round-tripping' of the diamonds amongst themselves," it said.

Interpol has issued a red corner notice against fugitive Nirav Modi's wife, Ami Modi, in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Earlier in July, the ED had attached properties of diamantaire Nirav Modi worth Rs 329.66 crores under the Fugitive Economic Offenders Act, 2018 (FEOA).

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News Network
September 25,2024

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New Delhi: The Supreme Court today closed proceedings against Karnataka High Court Judge Justice Vedavyasachar Srishananda, following his public apology for controversial comments made during court sessions. Chief Justice of India DY Chandrachud, leading a five-judge bench, stated that the decision was made in the interest of justice and the dignity of the judiciary.

Justice Srishananda during a recent court hearing. Justice Srishananda, while addressing a landlord-tenant dispute, referred to a Muslim-majority area in Bengaluru as "Pakistan" and made a misogynistic comment involving a woman lawyer. His comments, which went viral on social media, prompted the Supreme Court to seek a report from the Karnataka High Court, which was submitted shortly after the incident.

"No one can call any part of territory of India as 'Pakistan'," Chief Justice Chandrachud said. "It is fundamentally against the territorial integrity of the nation. The answer to sunlight is more sunlight and not to suppress what happens in court. The answer is not to close it down."

The Supreme Court had taken up the case on its own and had sought a report from the Karnataka High Court over the controversial remarks. A five-judge bench led by CJI Chandrachud, along with Justices S Khanna, B R Gavai, S Kant, and H Roy, had on September 20 expressed the need for establishing clear guidelines for constitutional court judges regarding their remarks in court. 

"Casual observational may indicate personal biases especially when perceived to be directed at a certain gender or community. Thus one must be wary of making patriarchal or misogynistic comments. We express our serious concern about observations on a certain gender or a community and such observations are liable to be construed in a negative light. We hope and trust that the responsibilities entrusted to all stakeholders are discharged without bias and caution," CJI Chandrachud said today. 

The Supreme Court bench said that when social media plays an active role in monitoring and amplifying courtroom proceedings, there is an urgency to ensure judicial commentary aligns with the decorum expected from courts of law.

Videos of Justice Srishanananda were viral on social media.

In one video, he refers to a Muslim-dominated locality in Bengaluru as "Pakistan" and in another video he was seen making objectionable comments against a woman lawyer. In the second incident, Justice Srishanananda can be heard telling the woman lawyer that she seemed to know a lot about the "opposition party", so much so that she might be able to reveal the colour of their undergarments.

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News Network
September 28,2024

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A new wave of Israeli airstrikes have reportedly hit the Dahiyeh area in the south of Lebanon’s capital Beirut, which had come under deadly aerial attacks by the regime just hours earlier.

The strikes targeted several buildings in the al-Hadath and Laylaki neighborhoods in the area on Saturday.

Shortly afterwards, reports pointed to “a third wave of strikes” on al-Hadath as well as strikes against Choueifat, another southern Beirut suburb, with subsequent accounts putting the total number of the attacks at more than 30.

The Israeli military claimed that it was conducting strikes targeting “weapons belonging to Hezbollah…that were stored beneath civilian buildings” in southern Beirut.

Hezbollah's Media Relations’ Office, however, asserted, “The enemy's claims about the presence of weapons or weapons depots in the civilian buildings targeted by the bombing in the southern suburb are false.”

Simultaneous Israeli airstrikes targeted areas near the city of Tyre in southern Lebanon, including al-Bass, Burj al-Shamali, and al-Maashouq.

Also on Saturday, the United Nations humanitarian coordinator in Lebanon warned that the country was facing bloodshed not seen in decades, and that the crisis could deteriorate even further.

"The recent escalations in Lebanon are nothing short of catastrophic,” Imran Riza said. “We are witnessing the deadliest period in Lebanon in a generation, and many express their fear that this is just the beginning.”

On Friday, Israeli warplanes struck at least six residential structures in Dahiyeh's Haret Hreik neighborhood, killing at least eight people and wounding some 80 others.

The attacks came as part of the regime’s escalation against Lebanon that has been targeting the country since October 7, when Tel Aviv launched a genocidal war on the Gaza Strip.

The escalation has taken a deadlier turn since Monday, claiming the lives of more than 700 people across the country.

Hezbollah has been responding to the aggression with numerous retaliatory operations targeting the occupied Palestinian territories.

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