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Vadodara: The case of Fraud took place in Gujrat. CBI had booked Vadodara based absconding directors of a Gujarat based pharma company, which is being probed in a 5000 cr fraud case. 

According to the sources, the company and its directors are being probed. CBI booked Chetan Jayantilal Sandesara, Dipti Chetan Sandesara Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director Andhra Bank Anup Garg and some unidentified persons in connection with the alleged bank fraud case.

The police officials said that the members were arrested in Dubai on a non-bailable arrest warrent issued in India.

"The legal process post the arrest is taking place in Dubai. We are waiting for details. Indian agencies will try to get him deported," a senior official said.

According to the information, it is alleged that the company had taken loan of over rs 5000 cr from a consortium led by Andra Bank, which had turned into non-performing asset. The total amount of loan on the company is estimated to be around 5383 cr as on december 31st, 2016. The Enforcement officer had arrested some of the people. 

Sources revealed that Multiple prosecution chargesheet had been filed by it, before the special court.


New Delhi:  The country's biggest fuel retailer Indian Oil Company had reduced petrol diesel price in the national capital to 9 paise to rs 77.14 per litre on Monday, while of diesel by 5 paise to 68.72 per litre.

The downward price revision was also implemented in other major cities. Petrol prises in three cities Mumbai, Chennai, Kolkata were reduced to Rs 84.58, Rs 80.14 and Rs 80.10 per litre, respectively. While diesel prices were reduced to Rs 72.96, Rs 72.59 and Rs 71.56 per litre, respectively, on Monday.

On 29th May, the petrol and diesel prices got hiked to the max level of  Rs 78.43 per litre and Rs 69.30 per litre, respectively and have decreased since then.

The oil companies, on June had dumped the 15 year old practise of revising rate on 1st and 16th of every month and had implemented daily prise revision.

New York: It is the proud moment for India because four talented people out of which three are women have been named by the Fortune40 Under 40 among the most inspiring and influential young people of business, under the age of 40.

On the first place, Instagaram co-founder and CEO Kevin Systrom and Facebook owner Mark Zukerberg bagged the first place , whereas US largest automaker, General Motor Dhivya Suryadevera stand at the fourth place, including Vimeo CEO Anjali Sud at 14th place, Co founder and co-CEO of Robinhood Baiju Bhatt at 24th position and Female Founders Fund founding partner Anu Duggal at 32nd position.

The ‘Ledger 40 Under 40’ supplementary honour roll list shines a light on the pioneers building some of the world’s fastest-growing businesses.

New Delhi:  In the process of smart city project in Dehradun, hope had finally floated, as the top ranking official was appointed to lead the project.

According to the company staement, Mussorie-Dehradoon Development Authority(MDDA) had appointed the Delhi based Rudrabhishek Enterprise(REPL) as the project management consultant for the smart city project.

Pradeep Misra, CMD of REPL said, “We are already working as project management consultants for smart cities of Varanasi, Kanpur and Indore. Within Uttarakhand also, we are working on projects related to planning, GIS and infrastructure.”

Dehradoon's ABD ( area based development) look upto retrofit and redevelope 875 acres centered on Central Business District(CBD) of Dehradoon. 

REPL will design, develop and manage smart city project, which will be monitored and controlled by the SPV --Dehradun Smart City Ltd (DSCL).


Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday admitted that Videocon Industries Ltd. was under the Insolvency and Bankruptcy Code. Anuj Jain from KPMG has been appointed as the interim resolution professional at the company by the NCLT.

Last year in December the insolvency petition had been filled by State Bank of India against Videocon Industries, following directions from the Reserve Bank of India. The regulator in August 2017 had sent a list of 29 stressed corporate accounts to bankers for action under the insolvency process. The RBI gave banks six months to resolve the cases outside the NCLT, failing which, the insolvency process would be initiated.

According to the bankers, the claims of financial creditors may exceed Rs 20,000 crore. The total of 27 banks consisted by Indian lending association to Videocon Industries, which includes SBI and its five associate banks. 

Sources revealed that Videocon Industries fell into financial stress after its oil business suffered losses. The company tried to sell some of its assets and repay banks loan but nothing serious materialised.