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Ex-CFO Shashidhar Kotian arrested in Rs 5,600 cr NSEL scam
Kotian was produced before a court on Friday.

Ex-CFO Shashidhar Kotian arrested in Rs 5,600 cr NSEL scam

19 Jan 2019 | 11:28 AM

MUMBAI: Mumbai Police have arrested former chief financial officer of NSEL Shashidhar Kotian in connection with the Rs 5,600-crore now-shuttered commodities spot exchange scam, a senior Economic Offences Wing (EOW) official has said.

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Mumbai, January 19

Mumbai Police have arrested former chief financial officer of NSEL Shashidhar Kotian in connection with the Rs 5,600-crore now-shuttered commodities spot exchange scam, a senior Economic Offences Wing (EOW) official has said.

Kotian was produced before a court on Friday, which remanded him to police custody till January 28, the official said. The agency sought his remand on the grounds that they had come across from fresh facts and needed to confront the same.

The NSEL scam refers to the payment crisis driven by the physical absence of the commodities against the invested money. As many as 13,000 investors have claimed losses after the trading platform faced a payment crisis, forcing the government to order its shuttering.

The crisis broke out on July 31, 2013 when the exchanged failed to honour its commitments to its investors. Since then the regulator banned promotor Jignesh Shah from running and managing almost half-a-dozen exchanges he had set up in country and outside, after finding him not “fit and proper” to do so.

However, his company 63 Moons Technologies (which was earlier known as Financial Technologies), where he is chairman emeritus, owned 99.99 per cent in NSEL. He owns around 45 per cent in 63 Moons.

On December 27, 2018, the Mumbai police filed chargesheets against 63 entities--27 individuals and 36 companies.

Companies named as accused in the chargesheet include NSEL, 63 Moons Technologies, India Bullion Market Association; commodities brokerages like Anand Rathi Commodities, Geofin Comtrade and India Infoline Commodities among others.

Several other companies who also defaulted on paying back investors have also been named as accused in the chargesheet which lists cheating, criminal conspiracy under IPC and several sections of the Maharashtra Protection of Investors and Depositors Act and includes a statement of 520 witnesses and details of 509 bank accounts.

Earlier in 2014, the police had filed a chargesheet against six individuals and subsequently against NSEL founder Jignesh Shah who was arrested on May 7, 2014 and is now out on bail. PTI

India aims for ‘top 50’ in ease of doing business: PM

India aims for ‘top 50’ in ease of doing business: PM

19 Jan 2019 | 7:12 AM

GANDHINAGAR: Prime Minister Narendra Modi today said his government was trying hard to reach among the top 50 nations in the world in respect of “ease of doing business” to attract more and more global investors to the country.

North India emerging as big market for seafood

North India emerging as big market for seafood

19 Jan 2019 | 7:11 AM

CHANDIGARH: The northern region, predominantly a non-vegetarian market for poultry and meat products, is witnessing a strong demand for seafood. Out of the total meat products’ sale, seafood contributes 10-20%. The absence of cold chain logistics and storage facilities is restricting the desired growth.

Hero to invest Rs 400 cr in Ludhiana

19 Jan 2019 | 7:11 AM

CHANDIGARH: The Punjab government today signed an agreement with Hero Cycles Ltd for allotting 100 acres of land to set up an industrial park in the upcoming Hi-tech cycle valley project at Ludhiana.

Bookings open for Honda CB300R

19 Jan 2019 | 7:11 AM

GURUGRAM: Honda Motorcycle & Scooter India has announced the launch of Neo Sports Café-inspired Honda CB300R in India. It will be available through the completely knocked down (CKD) route for the Indian market.

India aims ‘Top 50’ rank next year in ease of doing biz: PMVibrant Gujarat Summit

India aims ‘Top 50’ rank next year in ease of doing biz: PM

18 Jan 2019 | 10:08 PM

GANDHINAGAR: Prime Minister Narendra Modi on Friday said India is aiming at being in the list of top 50 countries next year in the ‘ease of doing business’ category.

China cuts 2017 GDP from 6.9 to 6.8 per cent

China cuts 2017 GDP from 6.9 to 6.8 per cent

18 Jan 2019 | 8:56 PM

BEIJING: China on Friday lowered its GDP growth for 2017 from 6.9 per cent to 6.8 per cent after final verification of data, pointing to the continued slowdown of the world’s second largest economy.

Mukesh Ambani urges PM Modi to end 'data colonisation'Vibrant Gujarat Summit

Mukesh Ambani urges PM Modi to end 'data colonisation'

18 Jan 2019 | 8:38 PM

GANDHINAGAR: Richest Indian Mukesh Ambani on Friday urged Prime Minister Narendra Modi to take steps to end increasing “data colonisation” by global corporations, saying Indians should own and control their own data.

Rupee settles 16 paise down at 71.19 vs USD; registers 2nd weekly loss

Rupee settles 16 paise down at 71.19 vs USD; registers 2nd weekly loss

18 Jan 2019 | 6:52 PM

MUMBAI: The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.

Sensex, Nifty end marginally higher; RIL shines post-Q3 show

Sensex, Nifty end marginally higher; RIL shines post-Q3 show

18 Jan 2019 | 6:49 PM

MUMBAI: Markets closed marginally higher on Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues.

Tesla announces 7 per cent cut to workforce

Tesla announces 7 per cent cut to workforce

18 Jan 2019 | 6:44 PM

WASHINGTON: Elon Musk’s electric car manufacturer Tesla announced on Friday it is cutting its workforce by about 7 per cent as it works to meet its timetable for producing the Model 3.

Rupee slips 21 paise to 71.24 vs USD in early trade

Rupee slips 21 paise to 71.24 vs USD in early trade

18 Jan 2019 | 10:17 AM

MUMBAI: The rupee on Friday depreciated 21 paise to 71.24 in early trade in the forex market amid strengthening American currency and rising crude prices.

Sensex, Nifty start on a volatile note; Sun Pharma tanks 10%

Sensex, Nifty start on a volatile note; Sun Pharma tanks 10%

18 Jan 2019 | 11:31 AM

MUMBAI: The BSE benchmark Sensex and NSE Nifty on Friday started on a volatile note tracking heavy selling on pharma and banking counters amid weakening rupee.

Exporters seek hike in cap on overtime hours for workers

Exporters seek hike in cap on overtime hours for workers

18 Jan 2019 | 6:45 PM

CHANDIGARH:In 2013, an inter-ministerial panel appointed by the Centre to suggest measures for enhancing exports, suggested more overtime hours for workers employed in the MSME sector by amending the existing laws.

Adani  enters petrochemicals business

Adani enters petrochemicals business

18 Jan 2019 | 6:56 AM

NEW DELHI:Billionaire Gautam Adani-led Adani Group on Thursday announced a partnership with German chemical giant BASF for a Rs 16,000-crore factory that will mark its foray into the petrochemicals sector which is currently dominated by Mukesh Ambani-run Reliance Industries.

Goyal ready to refuel Jet with Rs 700 cr

Goyal ready to refuel Jet with Rs 700 cr

18 Jan 2019 | 6:56 AM

NEW DELHI:Jet Airways’ chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25%.

RIL posts Rs 10,251-cr profit in Dec quarter

RIL posts Rs 10,251-cr profit in Dec quarter

18 Jan 2019 | 6:57 AM

NEW DELHI:Reliance Industries Ltd (RIL) today became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins.

NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order

NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order

17 Jan 2019 | 11:32 AM

NEW DELHI: The National Green Tribunal (NGT) Thursday slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018, order and directed it to submit the amount within 24 hours.

Rupee opens 9 paise higher at 71.15 against US dollar

Rupee opens 9 paise higher at 71.15 against US dollar

17 Jan 2019 | 10:30 AM

MUMBAI: The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade on Thursday, driven by positive opening in domestic equities and weakening greenback in overseas markets.

Sensex rises over 100 points on sustained DII buying

Sensex rises over 100 points on sustained DII buying

17 Jan 2019 | 10:20 AM

MUMBAI: Extending gains for the third session, the BSE benchmark Sensex on Thursday rose over 100 points tracking sustained buying by domestic institutional investors and positive global cues.

Lukewarm response to listing on BSE’s SME platform

Lukewarm response to listing on BSE’s SME platform

17 Jan 2019 | 7:09 AM

CHANDIGARH: The Northern region, comprising Punjab, Haryana and Himachal Pradesh, is a hub of small and medium enterprises (SMEs), but when it comes to raising capital for growth and expansion, the promoters still rely on conventional channels rather than listing on stock exchanges.

Norms eased for overseas borrowings

17 Jan 2019 | 7:09 AM

MUMBAI: The RBI today came out with a new policy for overseas borrowings, allowing all eligible entities to raise foreign funding under the automatic route and removing sectoral curbs.

Nooyi ‘in race’ for top job at World Bank

Nooyi ‘in race’ for top job at World Bank

17 Jan 2019 | 7:09 AM

NEW YORK: Indra Nooyi is among the candidates being considered by the White House to head the World Bank after the India-born former PepsiCo CEO’s name was floated by Ivanka Trump, the president’s influential daughter, a top American daily reported.

Exim Bank to get Rs 6,000 cr

17 Jan 2019 | 7:09 AM

NEW DELHI: The government today approved a capital infusion of Rs 6,000 crore in state-owned Exim Bank to expand its business.

Soon, your I-T return will be processed in a day

Soon, your I-T return will be processed in a day

17 Jan 2019 | 7:09 AM

NEW DELHI: The government today awarded a contract to Infosys for setting up an integral portal for e-filing of Income Tax (IT) returns and their processing, which is aimed at reducing the time for refund from the current 63 days to one.

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