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Fugitive Economic Offenders Bill Passed et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 2, 2018 1:06 PM 2 min read
Editorial

End of Day Wrap-up (Friday / March 02, 2018) #Cabinet #FugitiveEconomicOffendersBill #Aircel #SBI #PNB #NiravModi #Zomato #Trump #tariff #steel #aluminium #Transfin

Editor's comment: Cabinet approves Fugitive Economic Offenders Bill allowing confiscation of assets of fleeing economic offenders in light of the INR12.6k cr Nirav Modi Fraud case. Independent body to regulate CAs called the National Financial Reporting Authority to be setup. Bill to cover cases where alleged amounts exceed INR100cr and will be introduced in post-recess Budget session of Parliament.


Aircel promoter Malaysia based Ananda Krishnan set to lose significant part of his $7bn investment post bankruptcy. Krishnan acquired Aircel in 2006 for $800m and injected $6.2bn in company since via his holding company Maxis Communications Bhd. Discussions ongoing with Jio & Airtel for strategic financing and with key vendor to ensure the network continues to run and company's value is preserved.

 

SBI and PNB raises lending rates by upto 15-20bps, citing liquidity concerns and rising bond yields which have gone up by 125-150bps over the past few months.

 

Zomato Co-founder Pankaj Chaddah quits amidst top senior management reshuffle. He holds 3.1% stake in the company worth INR237cr as per the latest valuation.

 

Potential buyers express strong initial interest in acquiring Nirav Modi's US firm Firestar Diamond Inc. The company and its affliates demonstrated annual sales of $90m with clients including Costco, Wholesale, Macy's and JC Penney.

 


Trump announces tariffs of 25% for steel and 10% for aluminium. US and Asian markets fall post announcement. Canada and EU point towards retaliatory actions.