PNB MD: POSITIVE DEVELOPMENTS IN NIRAV CASE IN US

NEW DELHI: Punjab National Bank MD Sunil Mehta has said there are “positive developments” in favour of the lender pertaining to bankruptcy case filed in the US by Nirav Modi’s firm Firestar Diamond Inc. Firestar Diamond is a group company of billionaire diamantaire Nirav Modi, who is accused of defrauding PNB of about ₹14,000 crore, the biggest ever baking fraud of the country. Soon after the multi-crore fraud was unearthed by the bank, the Us-based Firestar Diamond Inc. filed for bankruptcy under Chaper 11 in the New York Southern Bankruptcy Court in the last week of February. Subsequently, the bank approached the court to make it one of the party as it was of the view that the group used a part of the fraud money to run the Firestar Diamond Inc.

Sahara has third suitor for New York Plaza

NEW YORK: The storied New York Plaza hotel’s ownership drama has taken another turn. United Capital Real Estate Development Corp. has emerged as a third suitor for the property, according to court filings. United Capital Real Estate is suing Subrata Roy, chairman of Sahara India Pariwar, as well as its US entity, the property’s majority owner, alleging that they breached an agreement by seeking a separate deal, and fraudulently induced United to enter into contracts, show proof of funds and place money in escrow, according to a complaint filed in New York state court on June 22.

FDI growth hits 5year low of 3% in 201718

NEW DELHI: Foreign direct investment (FDI) in India seems to be petering out with the inflows growth rate recording a five-year low of 3% at $44.85 billion in 2017-18. According to the latest data of the department of industrial policy and promotion (DIPP), FDI in 2017-18 grew by only 3% to $44.85 billion. Foreign inflows grew by 8.67% in 2016-17, 29% in 2015-16 and 27% in 2014-15.

COMPILED FROM AGENCIES