The founder of India’s struggling Jet Airways is to step down as chairman as part of a debt restructuring plan agreed with its lenders. Naresh Goyal, a former travel agent who founded Jet in 1992 and built it into India’s largest international airline, will also leave the board as part of a resolution plan that will give lenders a majority stake of 50.1 per cent in the company’s shares. The lenders also agreed to provide additional funding of up to Rs15bn ($218m), secured against the company’s assets, according to a stock exchange filing.
LONDON/NEW DELHI, March 20 (Reuters) - Fugitive billionaire jeweller Nirav Modi, wanted by Indian authorities over a $2 billion loan fraud at state-run Punjab National Bank (PNB) was remanded in custody after appearing before a British court on Wednesday. India asked Britain last August to extradite Modi, 48, whose diamonds have sparkled on famous Hollywood stars, after he was accused of massive bank fraud, charges he denies.
LONDON (AP) — Diamond tycoon Nirav Modi, whose jewels once adorned stars from Bollywood to Hollywood, was ordered held without bail in London on Wednesday, more than a year after Indian authorities alleged he was involved in a $1.8 billion bank fraud.
U.K. police arrested Modi on Tuesday at the request of Indian authorities as he opened a bank account. The tycoon, who dressed stars including Kate Winslet, Dakota Johnson and Priyanka Chopra, faces charges of fraudulently acquiring guarantees from Punjab National Bank that was later used to obtain loans from abroad, according to complaints filed by the lender. Judge Marie Mallon made the ruling in a London court on Wednesday, after Modi, wearing a white button down shirt and black trousers, said he would fight extradition.
On a flight from Dubai to Heathrow, anger at himself eventually gave way to frustration as he stumbled through the twisting corridors of the lost property maze. Have you ever had a travel nightmare or were you pleasantly surprised by an act of goodwill and professionalism?
Key stock indexes had gained in the previous seven days to more than six-month highs. The benchmark S&P BSE Sensex swung at least twelve times between losses and gains before ending the day up 0.1 percent at 38,386.75 in Mumbai. A looser-than-expected global monetary stance has revived investors’ interest for riskier emerging market assets while hopes that Prime Minister Narendra Modi will get another five-year term in the national polls, that conclude in May, have boosted fund flows to India.
India's civil aviation minister has called for an emergency meeting about Jet Airways Ltd as the cash-strapped carrier struggles to make payments to its creditors and has been forced to cancel hundreds of flights. The minister, Suresh Prabhu, has asked the civil aviation secretary to call for a meeting to discuss grounding of flights, advance bookings, cancellations, refunds, and safety issues, if any, at Jet. Saddled with debt of more than one billion dollars, Jet is struggling to stay afloat.
The local unit of Ericsson had accepted a 5.5 billion rupees ($80 million) settlement to keep its petition for Reliance Communications Ltd.’s $7 billion bankruptcy in abeyance. The telecom equipment vendor subsequently won a contempt-of-court order to put Chairman Anil Ambani in jail if the long-delayed payment – which he personally guaranteed – wasn’t received by Tuesday. When a history of the early years of India’s 2016 bankruptcy code is written, Ericsson’s lawyers will deserve a glowing mention.
Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.
The embattled former billionaire, Anil Ambani, thanked his brother Mukesh and sister-in-law after Anil’s Reliance Communications Ltd. completed the required 5.5 billion rupee ($80 million) payment to a local unit of Ericsson AB for past maintenance services provided to his group. Repeated failures to pay and Anil’s personal guarantee landed him in trouble in February, with India’s top court giving him a month’s notice to comply or face prison. After Mukesh and Anil carved up the conglomerate, the older brother’s oil and petrochemicals business flourished, while Anil’s businesses ranging ...
The Ambani brothers, whose public feud over control of the Reliance empire after their father's death in 2002 led to a split in the conglomerate, may have taken a major step to a more harmonious relationship on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries that is now worth many times the troubled business group run by his younger brother Anil, appears to have offered some kind of support to ensure Anil paid off a 5.5 billion rupees debt. If Anil didn't pay the debt, then he had been threatened by India's Supreme Court with a prison ...
(Reuters) - Anil Ambani-led Reliance Communications Ltd (RCom) said on Monday it terminated a deal to sell its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Anil's elder ...
The tycoon’s heavily indebted telecom business had promised to pay the local unit of Ericsson AB about 5.5 billion rupees ($80 million) for past maintenance services. If the payment isn’t resolved by Tuesday, Ambani, 59, risks a three-month jail term. Ambani’s net worth has shrunk to about $300 million from at least $55 billion in 2008, according to data compiled by Bloomberg.
Some stocks are best avoided. It hits us in the gut when we see fellow investors suffer a loss. For example, we sympathize with anyone who was caught holding RelianceRead More...
India's debt-laden Jet Airways Ltd denied a media report on Monday that it had secured a 20.50 billion rupee ($293 million) loan from state-owned Punjab National Bank (PNB) to help pay overdue plane leasing fees and salaries. The airline, which has had to ground planes after failing to make payments to leasing companies and is behind on paying pilots' wages, said in a statement to the stock exchange that it has an existing credit facility of $300 million from PNB and that the bank has not provided any fresh credit. Indian daily Mint had reported earlier on Monday that Jet had secured ...
India's debt-laden Jet Airways Ltd denied a media report on Monday that it had secured a 20.50 billion rupee ($293 million) loan from state-owned Punjab National Bank (PNB) to help pay overdue plane leasing fees and salaries. The airline, which has had to ground planes after failing to make payments to leasing companies and is behind on paying pilots' wages, said in a statement to the stock exchange that it has an existing credit facility of $300 million from PNB and that the bank has not provided any fresh credit. Indian daily Mint had reported earlier on Monday that Jet had secured ...
