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CBI seeks Red Corner Notice against Nirav Modi and his uncle Mehul Choksi in the PNB scam et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 12, 2018 1:00 PM 2 min read
Editorial

End of Day Wrap-up (Tuesday / June 12, 2018) #CBI #NiravModi #MehulChoksi #PNB #Patanjali #Adani #RuchiSoya #RBI #HSBC #Facebook #Transfin

Editor's Comment: CBI has asked the Interpol to issue a Red Corner Notice against absconding billionaire jeweller Nirav Modi and his uncle Mehul Choksi in the c. INR13,500cr PNB scam.

 

Patanjali and Adani Group submit revised bids to acquire debt-ridden Ruchi Soya as lenders of the edible oil firm have decided to hold a fresh round of resolution process to maximise asset value.

 

RBI to tighten working capital loan norms. Pushes large borrowers to ensure atleast 40% of their working capital facility to be designated as a term loan. Suggested proposal only applicable to borrowers with an aggregate fund-based working capital limit of INR1.5bn and above.

 

RBI purchased $5.536bn and sold $8.019 billion in the spot market, as per its June bulletin. RBI’s intervention in the foreign exchange market is to curb volatility in the Indian currency. The rupee has depreciated more than 6.5% this year and is one of the worst performing currencies in Asia.

 

HSBC to invest c. $15-17bn in the next three years in areas including technology and its core Asian markets of Hong Kong and China. Chief Executive John Flint rules out major acquisitions in the near future, swings from a strategy of cost-cutting to growth. 

 

Facebook to crack down on e-commerce businesses that flood users’ feeds with ads for products that are unsatisfactory or don’t arrive on time.