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ICICI, Axis Chiefs Summoned For Questioning et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 6, 2018 1:26 PM 1 min read
Editorial

End of Day Wrap-up (Tuesday / March 06, 2018) #PNB #NiravModi #IT #Paytm #Softbank #Temasek #Primavera #RBI #ICICI #Axis #Gitanjali #Modi #China #XiJiping #Transfin

Editor's Comment: PNB's gold import business suffers with foreign banks refusing to sell bullion, in light of the Nirav Modi scam. PNB has emerged as one of the largest gold importing banks in the country.

 

IT department discovers INR1,000cr fraud with government employees claiming tax refunds via document forgery, inflated expenses etc. Most refunds claimed by employees working in government departments or PSUs.

 

Paytm Mall in final stages to close a $600m round at a valuation of c.$2bn. Round to include existing shareholders Softbank along with Temasek and Chinese fund Primavera. Company to focus on e-grocery segment to compete against Amazon Pantry and Amazon Now.

 

ICICI and Axis Bank chiefs Chanda Kochhar and Shikha Sharma summoned by agencies for questioning in regard to grant of loan facility to Gitanjali Group, in light of Nirav Modi scam.

 

China's National People's Congress likely to scrap Presidential term limits enabling Xi Jinping to stay in power indefinitely.