Mumbai, <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword>'s "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in connection with the case. Special judge <keyword id="12192455" type="General" weightage="50" keywordseo="m-g-deshpande" source="Orion">M G Deshpande</keyword>, hearing cases related to the Prevention of Money Laundering Act (PMLA), took cognisance of the chargesheet on Wednesday. Goyal in his statement to the ED said that the JIL was grounded as it incurred huge losses due to major factors, including high fuel prices, along with taxes in India, high landing navigation charges and airport charges and predatory pricing. However, in its chargesheet the ED said its probe has established that reasons attributed for the downfall of JIL inter alia include the irrational decision taken by top executives in running the affairs of the airline, resistance of Goyal in diluting his stake and incessant siphoning off of funds from the JIL for personal pecuniary gains. "Due to mounting debt to the creditors and huge wasteful expenditure, the company needed to be recapitalised. Unfortunately, in this regard even the board was seemingly powerless because this was a shareholder matter and without the proactive agreement of the largest shareholder, i.e. the promoter of JIL, this matter would not go forward," it said. Because of the adamant stand taken by the promoter of JIL to suit his needs, the largest shareholder chose not to dilute his share in the company until, again, the fate of the airline was sealed, it claimed. The chargesheet further said its investigation revealed that there were few strategic investors who had shown interest to infuse equity in the airlines, namely Tata, TPG (Private Equity) as well as Etihad, but it did no materialize as it would entail dilution of the equity of Goyal, which he was not inclined to do. The chargesheet claimed that Naresh Goyal was blatantly siphoning off funds from JIL which was already a loss-making entity for a long time. He drained JIL out of funds and kept on infusing money into the related entities which were personally owned by his family members, both in India and abroad without any financial rationale, the charge-sheet said. It mentioned that his family was living an "ultra-luxurious life" and receiving "obnoxious" amounts of funds from the JIL indirectly without contributing anything to the JIL. The probe agency's complaint claimed that Naresh Goyal has created foreign trusts and is holding expensive assets abroad and is totally non-cooperative and evasive in his conduct during its investigation. Its probe into the role of Goyal is complete and hence this prosecution complaint is being filed. Efforts are on to trace all the proceeds of the crime earned by him and parked in multiple entities, it added. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was filed on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The ED, in its chargesheet said that since this amount was obtained from different banks as loan was diverted and siphoned off in the garb of inter alia malafide professional and consultancy expenses, diversion of funds for personal expenses of the Goyal family, lending to related parties and subsequent writing off these loans etc, resulted in turning the loan accounts into NPA. The investigation revealed that the JIL under Naresh Goyal used similar modus operandi for all the consortium loans. Therefore, public money worth Rs 5716.34 crore obtained from the Consortium of Banks led by SBI and PNB is considered to be the total proceeds of crime, generated out of criminal activities relating to commission of scheduled offences by JIL and its promoters. On the role of his wife Anita Goyal, the ED mentioned that she is a beneficiary in several trusts of Naresh Goyal in foreign jurisdictions. She has also been associated with several related entities of JIL in India and foreign jurisdictions from which she derived remuneration/consultancy. The ED claimed that Anita Goyal was appointed as consultant to the CEO of Jetair Pvt Ltd in March, 2015 for a yearly contract of Rs 1,15,00,000. Her contract was renewed in March 2016, with a sharp increment in her consultancy fee to Rs 2,40,00,000 per annum. The contract kept on renewing till date. Moreover, it is noteworthy that there is no document evidencing the services rendered by Anita Goyal to Jetair. The consultancy given by Anita Goyal was based on oral commands, it said. Until March 2023, she had collected a consultancy fee of Rs 12,20,00,000, the charge-sheet claimed. The ED arrested Naresh Goyal on September 1 under the PMLA. He is currently in judicial custody and locked at Arthur Road jail here.

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

Mumbai, A special PMLA court here on Thursday remanded <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The court accepted <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword>'s request to send him to the Arthur Road jail in South Mumbai. The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the special judge for cases under PMLA, MG Deshspande, at the end of his ED remand on Thursday. The court remanded him in judicial custody as no further remand was sought by the probe agency. The court also accepted Goyal's request to send him to the Arthur Road jail in Byculla instead of Taloja jail in Navi Mumbai. Later, Goyal moved an application saying he suffers from a host of health issues and requested that he be allowed to undergo daily medical checkups by his family physician, specialist consulting doctors and personal doctors, and be provided with medical facilities on a regular basis during his stay in the jail. In the application, Goyal said he was suffering from ischemic heart disease and was operated at the <keyword id="6425633" type="General" weightage="50" keywordseo="asian-heart-institute" source="Orion">Asian Heart Institute</keyword> for "treatment of 80 per cent of blockages in his left main artery which is a life threatening condition". His plea said he also has hypertension, diabetes, restricted mobility, severe shoulder impingement and neck pain due to a fall in June 2022. In another application, Goyal sought appropriate bedding on a daily basis considering his medical conditions and home-cooked food as per dietary prescription. The court has asked the prosecution to file its say on Goyal's applications. The money laundering case stems from an FIR of the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

<ul><li>The Enforcement Directorate (ED) registered a fresh case against former <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> and the grounded airline. </li><li>The case has been registered under the Prevention of Money Laundering Act (PMLA). </li><li>It will look into the alleged account irregularities found during the Foreign Exchange Management Act (FEMA) violations case registered last year. </li></ul>The Enforcement Directorate (ED) filed a fresh case to probe the allegations of money laundering against grounded Jet Airways and its former chairman Naresh Goyal. Officials told <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PTI</a> that the ED carried out raids at Goyal’s premises in Mumbai. He was detained at his South Mumbai residence for questioning all night after the case was filed. The new money laundering case was registered under the Prevention of Money Laundering Act (<a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PMLA</a>) against the two yesterday, March 4. In order to register an offence under PMLA, a predicate offence is required. 
	<div type="image" title="jet3" msid="74485789" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Last year, the ED filed its first case alleging violations with respect to the Foreign Exchange Management Act (<a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/ed-questions-jet-founder-naresh-goyal-in-fema-case/articleshow/71532979.cms">FEMA</a>). At the time, authorities were able to get details of 19 companies owned by Goyal, including five located outside India. Money laundering of up to ₹8,000 crore Authorities were able to ascertain the specifics of how money was siphoned offshore by Goyal using nefarious means. The ED is known to have digital evidence and incriminating documents of the payments made to foreign banks. The new case will look into the alleged irregularities, including the diversion of funds, committed by the grounded airline. A <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/agencies-suspect-jet-owners-siphoned-rs-8k-cr-via-bogus-bills/articleshow/72287222.cms">TOI</a> report claims that probe agencies suspect that more than 5,000 bogus bills — including those by aircraft lessors, maintenance agencies and general sales agents — were used to launder as much as ₹8,000 crore from the airline into tax havens. 
	<div type="image" title="jet3" msid="74485794" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;"></div>

 Some of the suspected companies and directors are a part of the Offshore Leaks report by the International Consortium of Investigative Journalists (ICIJ), said the report. Goyal’s troubles are far from over Goyal was in hot water after Jet Airways had to <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">shut down in April last year</a> when it ran short on funds. Currently, at least three agencies are looking into Goyal and Jet Airways — the Income Tax Department, Serious Fraud Investigation Office (SFIO) and the ED. As the ED builds its case under FEMA and the PMLA, the IT department is looking into charges of tax evasion of more than ₹650 crore and SFIO is analysing company affairs. (With inputs from IANS and PTI) See also: <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">ED books former Jet Airways boss Goyal for money laundering; conducts raids</a> <a href="https://www.businessinsider.in/tata-group-may-bid-for-jet-airways-assets/articleshow/70022109.cms">The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid</a> <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">India's second-largest airline is shutting down after running out of money</a>

Naresh Goyal questioned all night by ED after fresh charges of money laundering

Mumbai, Mar 5 () Jet Airways founder Naresh Goyal and few others have been booked by the ED in a money laundering case even as the agency is conducting searches at his premises, officials said on Thursday.They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a recent Mumbai Police FIR filed against him.The Enforcement Directorate carried out raids at Goyal's premises in Mumbai on Wednesday and also questioned him after filing the case, they said.The action is continuing, they added.The Mumbai Police FIR pertains to charges of alleged fraud by Goyal and others against a Mumbai-based travel company.Goyal has earlier been grilled by the central probe agency in a case filed under the Foreign Exchange Management Act (FEMA) in September last year.The agency had carried out similar raids, under the FEMA, in August last year against Goyal, his family and others.ED has alleged in the past that the businessman's empire had 19 privately-held companies, five of which were registered abroad.The agency is probing charges that these firms allegedly carried out "doubtful" transactions under the guise of selling, distribution and operating expenses.The ED suspects that expenses at these companies were allegedly booked at fake and high costs and as a result, they "projected" huge losses.Alleged shady aircraft lease transactions with non-existent offshore entities are also under the ED scanner and it is suspected that Jet Airways made payments for lease rental to "ghost firms", which purportedly routed the ill-gotten money in Goyal's companies.A full-service carrier, Jet Airways shut its operations in April last year after running out of cash.A month earlier, Goyal had stepped down as the chairman of Jet Airways. NES RUP

ED books former Jet Airways boss Goyal for money laundering; conducts raids

<ul><li>The National Company Law Tribunal admitted plea State Bank of India's (SBI) plea against Jet Airways. </li><li>SBI and 26 lenders filed a case against Jet as per Insolvency and Bankruptcy Code (IBC). </li><li>With a debt of over ₹85 billion, Jet was declared bankrupt by a court in The Netherlands. </li></ul>The bankruptcy proceedings of Jet Airways have started as National Company Law Tribunal (NCLT) admitted the plea of its largest lender, State Bank of India (SBI) on Thursday. A two-judge bench which heard the case of SBI and 26 other lenders, also directed an interim resolution professional to resolve the matter within three months. In anticipation of a possible resolution to the airline’s crisis which was grounded in April 17, the stock of the company rallied today. It went up by 120% at one point, hitting the upper circuit. As the markets closed, <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">it ended 93% higher</a> than the closing price a day before. The Bombay Stock Exchange sought a clarification from the company on the price increase. Earlier this week, the lenders of the bank including State Bank of India, met to find a possible solution to stop it from going bankrupt. But they could find <a href="https://www.businessinsider.in/jet-airways-is-headed-to-bankruptcy-court-as-bankers-fail-to-find-a-buyer/articleshow/69826885.cms">no viable option</a>, leading it to National Company Law Tribunal (NCLT). Jet Airways has been in debt of as much as ₹85 billion, due to making bets on expansion as competition in the aviation sector heightened. The increased costs of running an airline like aviation turbine fuel (ATF) also went up, deepening the crisis at the debt-ridden company. After the company went belly up, two of its creditors, Shaman Wheels and Gagar Enterprises moved approached the insolvency court, to recover their dues. In the meanwhile, the airline also owes salaries to its pilots and other staff and The National Aviators Guild has sent a notice demanding the same. The guild also threatened to join insolvency proceedings if they fail to pay up. The airline however has been declared bankrupt in Netherlands by a court, where it owes money to two of its service providers. Rocco Mulder has been appointed as the administrator in the bankruptcy proceedings in the case told<a href="https://www.business-standard.com/article/current-affairs/nclt-to-hear-grounded-jet-airways-insolvency-plea-on-wednesday-119061801141_1.html"> Business Standard</a> that “the opening of insolvency proceedings in the Netherlands has universal effect”. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">Jet Airways stock nearly doubled in a day as the rumour mill in the market goes berserk</a> <a href="https://www.businessinsider.in/markets/india-latest-market-udpate-research-shows-top-losers-mid-and-small-cap-stocks-have-lost-2-4-trillion-in-one-year/articleshow/69868683.cms" data-type="tilCustomLink" target="_blank">Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone</a>

It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%

Supreme Court’s order weighs down heavily upon Kejriwal — Check out how many AAP MLAs have criminal cases

<ul><li>A consortium of creditors, led by the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), have proposed a $900 million resolution plan for <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>. </li><li>The plan involves a $450 million capital infusion by cash-poor Jet Airways and its partner <keyword id="6437601" type="ORGANIZATION" weightage="20" keywordseo="etihad">Etihad</keyword>, as well as the restructuring of $450 million worth of loans that are due by the end of March 2019. </li><li>This will likely involve the conversion of debt to an equity stake in the airline, diluting the stake of the Goyal promoters and could require a seemingly reluctant Etihad to take over operations.</li></ul>After Jet Airways <a href="https://www.businessinsider.in/jet-airways-misses-a-loan-repayment-and-gets-downgraded-again-further-compromising-owner-naresh-goyals-plans-to-retain-control-of-the-airline/articleshow/67361859.cms">defaulted on a debt payment</a> - incidentally, its first time doing so at the end of 2018 owing to a “temporary cash flow mismatch,” and was subsequently downgraded by ICRA, a ratings agency, the struggling airline’s creditors had no choice but to spring into action. A consortium of creditors, led by the State Bank of India (SBI), have proffered a $900 million resolution plan for Jet Airways, according <a href="https://www.livemint.com/Companies/bxFwwHNTpH6sbmavKjoujK/Banks-propose-900-million-turnaround-plan-for-Jet-Airways.html">to Mint</a>. The plan, which is subject to a vote, is two-pronged. On one hand, it involves a $450 million capital infusion by cash-poor Jet Airways and its partner Etihad, which holds a 24% stake. On the other hand, the airline’s creditors have tentatively agreed to restructure and renegotiate $450 million worth of loans that are due by the end of March 2019. This could involve the conversion of debt to an equity stake in the airline, diluting the stake of current shareholders and giving creditors like SBI a sizeable holding. As an additional provision, all debt repayments will be suspended until April 2019. If the deal goes through, however, it will require the owners of Jet Airways and the Goyal family to give up majority control by reducing their 51% stake. The airline’s creditors are reportedly hoping to have the turnaround plan ready for implementation by the end of the current fiscal year. This is contingent on Jet Airways raising enough cash, be it through the sale of a stake in its loyalty programme, Jet Privilege, or the offloading of equity to another investor. Concurrently, Jet Airways’ creditors have reportedly decided against extending any additional loans to the airline, at least until <a href="https://timesofindia.indiatimes.com/business/india-business/no-new-loan-to-jet-till-viability-report-lenders/articleshow/67445660.cms">a forensic report on Jet’s finances</a> is released by Ernst and Young, a consultancy. At the end of 2018, the airline requested SBI for a ₹15 billion stop-gap loan. If Jet Airways is unable to clean up its act or commence the resolution plan, which is subject to a rating by credit agencies, it could very well be referred to the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) by its creditors. The NCLT is an extra-judicial authority set up under the Insolvency and <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> Code to facilitate resolution proceedings. The Goyal family will do what it can to avoid this procedure as it favours liquidation and prioritises the preferences of major creditors. Hence, it seems more likely than not that the owners of Jet Airways will end up ceding operational control in the airline. In the absence of any serious buyer, the responsibility will ultimately fall on Etihad. But does Etihad even want to step in? Jet has tried to secure a fresh investment from its partner but the talks have not yielded any result. It has, however, reported managed to get Etihad to guarantee any further loans. After a turbulent few years, it seems to be a case of twice bitten, forever shy for the Emirati airline. Its partner airlines in Europe, AirBerlin, in which it holds a 29% stake, and Alitalia, in which it has a 49% holding, have both undergone bankruptcy proceedings, resulting in significant losses for Etihad. One wonders then if the Emirati airline has the stomach for another risky investment in the form of a higher stake in Jet Airways. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-misses-a-loan-repayment-and-gets-downgraded-again-further-compromising-owner-naresh-goyals-plans-to-retain-control-of-the-airline/articleshow/67361859.cms">Jet Airways misses a loan repayment and gets downgraded again, further compromising owner Naresh Goyal’s plans to retain control of the airline</a> <a href="https://www.businessinsider.in/the-owner-of-jet-airways-is-reportedly-trying-to-secure-a-rescue-deal-with-partner-etihad-to-avoid-losing-control-of-his-struggling-airline/articleshow/66808564.cms">The owner of Jet Airways is reportedly trying to secure a rescue deal with partner Etihad to avoid losing control of his struggling airline</a>

Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit

(Eds: Adds details) Mumbai, Mar 19 () Reliance Group chairman Anil Ambani was questioned by the ED for about nine hours on Thursday in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.The industrialist was called again for a similar round of grilling on March 30.The Enforcement Directorate (ED) recorded the statement of Ambani (60) under the Prevention of Money Laundering Act (PMLA), after he appeared at the central agency's office in Ballard Estate here at around 9:30 am, the officials said, adding that he left the ED office around 7 pm.Ambani was not able to provide much information about the transactions with Yes Bank, along with certain other details of his group companies, as he said he did not remember the details, the officials said.Hence, they said, he was asked to come prepared with documents and information on March 30.A Reliance Group spokesperson said Ambani met ED officials "to clarify on the group's exposure to Yes Bank"."He reiterated that the Reliance Group's entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business. All transactions between the Reliance Group and Yes Bank are in compliance with law and financial regulations," the spokesperson said in a statement."Mr Ambani also clarified to the agency that the Reliance Group has no direct or indirect exposure to Mr Rana Kapoor or his wife or daughters, or any entities controlled by Mr Rana Kapoor or his family," the spokesperson added.The Reliance Group was committed to honouring the repayments of all its borrowings from Yes Bank through its various asset monetisation programmes, the statement said.Ambani, it added, had "assured (ED officials) that the Reliance Group will continue to extend its full support and cooperation to all authorities".Ambani's nine group companies that are reportedly under "stress" are stated to have taken loans adding up to about Rs 12,800 crore from the crisis-ridden bank. On March 6, Finance Minister Nirmala Sitharaman told a press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had an exposure to.The officials said Peter Kerkar of Cox &amp; Kings was also questioned on Thursday. The agency has also sent a second summons to Essel Group chairman and Rajya Sabha MP Subhash Chandra to appear before it on March 21.Chandra was supposed to appear before the agency on March 18, but skipped it saying he was occupied in the ongoing Parliament session.The action of the agency in the case was initiated soon after the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank earlier this month, restricting withdrawals to Rs 50,000 per depositor as it raided and arrested Kapoor.Normal banking operations for the bank's customers restarted on Wednesday.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving kickbacks in lieu of extending big loans through their bank that allegedly turned non-performing assets (NPAs) subsequently.Jet Airways founder Naresh Goyal was also called but did not appear before the agency on Wednesday, stating he was tending to a family member who was not keeping well.While the Essel Group has an alleged unpaid loan of Rs 8,400 crore towards Yes Bank, the loan amount of the Jet Airways is stated to be Rs 550 crore.Indiabulls chairman Sameer Gehlaut has also sent a communication to the agency, stating that he is abroad and not able to travel to India due to the travel and airline restrictions in view of the COVID-19 threat.He was asked to appear before the ED on March 20.Indiabulls is being probed for an instance of mortgaging of a costly property in Delhi to its housing finance branch for a loan of Rs 685 crore as part of an alleged dubious deal.Indiabulls Housing Finance Ltd (IHFL) said on Thursday till the time Gehlaut joined the probe, it had "already submitted all information and records for the loan".ED officials have said they want to take the probe in the matter forward and hence, questioning and recording of statements of these business heads under the PMLA is essential.As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans totalling Rs 34,000 crore of Yes Bank. Other companies on the list include Dewan Housing Finance Corporation and Bharat Infra. NES RC

Yes Bank: ED questions Anil Ambani for 9 hrs; Subhash Chandra called again

(Eds: Adding details) New Delhi, Apr 9 () The number of fatalities due to coronavirus reached 12 in the national capital on Thursday while the number of people infected with the virus crossed the 700 mark even as Chief Minister Arvind Kejriwal announced 'Operation SHIELD' in 21 containment areas to curb the spread of COVID-19.Lieutenant Governor Anil Baijal also directed officials to strictly implement the containment strategy in high risk zones. The chief minister also warned of strict action against those misbehaving with healthcare personnel in the city, a day after a 42-year-old man allegedly assaulted two women resident doctors of Safdarjung Hospital, accusing them of "spreading" COVID-19.The national capital reported 51 fresh cases – including a Delhi Police constable and two paramedic staff of the Sir Gangaram Hospital -- taking the number of COVID-19 positive cases to 720. Three more deaths were reported during the day, taking the toll to 12, according to the Delhi government authorities.Of the total cases, 430 are related to the religious congregation that took place in Tabighi Jamaat's Nizamuddin markaz (centre) in March, they said.Taking an objection to naming Nizamuddin Markaz in the health bulletins, the Delhi Minorities Commission (DMC) has asked the city's health department to stop mentioning the centre in its daily briefs on coronavirus cases. The development comes after a 22-year-old man, who had attended Tablighi Jamaat's congregation in Bhopal, was thrashed in northwest Delhi's Bawana earlier this week after being accused of spreading coronavirus in the village. The chief minister appealed to people living in containment areas to cooperate in implementing 'Operation SHIELD' and said these are strict measures but are necessary to protect them and others from COVID-19.Elaborating on 'Operation SHIELD' during an online briefing, Kejriwal said under the first 'S' of the operation, the government seals the area immediately and its surroundings after geographical marking following positive cases there."In the next stage, we put people of sealed areas under home quarantine and then in the third stage, the process begins to isolate those who have symptoms of COVID-19 and trace their contacts," he said.About 'E' character of 'Operation SHIELD', Kejriwal explained that the government ensures home-delivery of essential items. "After this stage, the government sanitises such areas where one or two positive cases have been found."Under 'D', checking of door-to-door houses is conducted to ascertain whether anybody in containment has cough or any other symptoms of COVID-19," the chief minister said.Throwing light on the economic impact of the lockdown on the state exchequer, he said the government has also cut expenses as tax collection is almost stopped. He added that everyone will also have to cut expenses at their level in view of the current situation.During a meeting with officials of the Delhi Disaster Management Authority, health department, police and others, LG Baijal said capacity building of medical professionals along with all protective measures for clinical management should continue.According to a statement issued by the LG office, Baijal stressed "on containment action plan, sharing best practices and continued focus on contact tracing and tracking"."Strict geographical quarantine with preventive control, rigorous contact tracing and enhanced surveillance should be the priority at the moment," the statement quoting Baijal said.In Bengali Market in central Delhi, one of the COVID-19 hotspots declared by the government, an FIR was lodged against a pastry shop owner after 35 workers were found living in "unhygienic conditions" and not adhering to social distancing norms to contain the spread of coronavirus.In Mayur Vihar extension in east Delhi, which has large number of gated apartments, panic gripped residents where Vardhman apartment was sealed.A resident of Parwana apartments, a few blocks away from Vardhman apartments, said there is a sense of apprehension among people of the area.A resident of Samachar Apartments which is very close to Vardhman Apartments said a tent has been erected outside the building and there is heavy deployment of police personnel in the area.People in some localities started panicking over rumours of sealing being extended to their areas where suspected cases of coronavirus were reported.After a few suspected cases of coronavirus were reported near H Block of Lajpat Nagar-1 in south Delhi, all the shops near Krishna Market were asked to shut and the entire area was disinfected.An umbrella body of resident welfare associations in the city also urged authorities to interact with community leaders through video conferencing every day to share information, and note down grievances and anomalies, if any, in the implementation of the lockdown. Atul Goyal, the president of United Residents Joint Action (URJA), said it will only be proper and suitable if the district authorities disseminate or share information related to coronavirus and lockdown with community leaders and RWAs in each ward at the colony and block level every day.Meanwhile, as many as 190 cases were registered and 3,954 people detained in the national capital for violating government orders during the lockdown. BUN VIT KND UZM AMP NIT PR TDSTDS

COVID-19 cases cross 700 mark in Delhi as death toll rises to 12

(Eds: Additional details) New Delhi, Jun 24 () Coronavirus isolation coaches deployed in New Delhi received their first occupants on Wednesday, when two patients were admitted in the Railways' COVID-19 care centre at the Shakur Basti station, officials said. About 15 more are expected by the end of day, they said, as the ambulance carrying the first coronavirus patient arrived at the station in the morning. The second patient arrived soon after. The first admissions happened in these coaches – modified to work as COVID-19 Care Centres – on the day the total number of coronavirus cases in the city crossed the 70,000-mark. No relatives were allowed to follow the patients inside and the entire area resembled a containment zone, the station secured like a fort by the Railway Protection Force (RPF) personnel. While the main gate of the station has been shut, all other gates are being manned by RPF personnel. The open areas adjoining the isolation coaches have been covered with green nets to block onlookers out. The first patient, who will stay here for the mandatory 14-day or leave early if his test reports are negative, will be provided with food and linen by the Railways. The Army Medical Corps will be in charge of their healthcare, Northwest District Magistrate Sandeep Mishra said. He said only confirmed positive cases who are asymptomatic or have mild symptoms will be kept in these coaches. The Delhi government has requisitioned 503 coaches to use them as COVID Care Centres for suspected or confirmed patients with mild or very mild symptoms, officials said. Around 50 such modified coaches are currently stationed at the Shakur Basti railway station's maintenance depot, the officials said, adding that each coach has 16 beds. The Northern Railways said that the Bhagwan Mahavir Hospital, Pitampura, New Delhi, is the primary facility under which the coaches at this station will work. The hospital will provide requisite medicines, medical equipment and material along with coach attendants. Coach sanitation and waste segregation and disposal will also be the responsibility of the hospital. DM Mishra told that 10 coaches have been made operational on a trial basis, with five each on two platforms. "If the trial is successful, the facility will be replicated at other places." The facility started as per a tripartite collaboration among the Railways, the Army, and the Delhi government. The Directorate General of Health Service will provide the protocols for the treatment and ambulances for the facility. "First patient arrived at Shakur Basti COVID Care Center of Railways in New Delhi. We are committed to provide all necessary help in this fight against COVID-19," Railway Minister Piyush Goyal tweeted. A similar facility was started at the Mau railway station in Uttar Pradesh on June 20 where around 59 patients had been admitted. Many of them have already been discharged. The Northern Railways will be responsible for the basic infrastructure and maintenance of the premises like cleaning and sanitization of platforms, providing housekeeping materials like linen and blankets, management of bio-toilets, power and electric supply arrangements, watering, communication facilities and signage and marking of different areas. It will also provide catering and oxygen cylinders in the coaches. This will include meals three times a day and tea in the morning and evening. The RPF will provide security at the station premises and the platform area where the coaches have been placed, while the Delhi Police will be in-charge of the security arrangements outside and areas adjoining the station. ¨The coaches have been handed over to the local administration by the Railways to be used as Covid care centre. The identification, transportation, admission and discharge of the patients will be the responsibility of the Health Department of the state government," Northern Railways officials said. A reception centre has been set up at the station for administration of the coaches and the patients. An emergency control room has also been set up at the site by the Railways. This will be manned 24x7 by the railway officials for coordinating and providing railway-related assistance. The coaches at Shakur Basti have been placed under a shed to block direct sunlight and fans have been provided in each coupe for optimum air circulation and better temperature control. ASG BUN NIT IJT TIR TIR

Rlys' Covid care centres in Delhi receive first cases; Army medical corps in charge of their health

(Eds: Correcting day in first para) Muzaffarnagar, Apr 9 () Over 400 people, including Bharatiya Kisan Union chief Naresh Tikait, were home quarantined after a woman of their area tested positive for coronavirus, officials said here on Thursday. According to Chief Medical Officer Praveen Chopra, the woman tested positive for the infection in Noida after over 400 people, including Takait, attended a post-death ceremony along with her at their village in Muzaffarnagar district. Ten members of the woman's were shifted to an isolation facility in the district, he said. Meanwhile, taking precautionary measures, the authorities sealed a Muzaffarnagar village and a locality in Purkazi town after three Tablighi Jamaat members were found infected with the disease there. People have been told to stay indoors. Police have so far registered 435 cases against 2,117 people for the violation of the lockdown orders in the district. CORR RDKRDK

Over 400 quarantined at Muzaffarnagar village after woman tests positive for COVID-19

(Eds: updating) New Delhi, Jun 24 () The first patient to be admitted to the Railways' isolation coaches facility in Delhi arrived at the Shakur Basti station here on Wednesday, and around 15 more are expected to come, officials said. This is the first patient to be admitted in any of the 503 coaches requisitioned by the Delhi government to be used as COVID Care Centres for suspected or confirmed patients categorised as mild or very mild cases, they said. Around 50 such modified coaches are currently stationed at the Shakur Basti railway station maintenance depot, the officials said, adding that each coach has 16 beds. Only suspected cases will be kept here, they said. Ten coaches have been made operational on a trial basis, with five on each platform, Northwest District Magistrate Sandeep Mishra told . "Once the trial is successful, the facility will be replicated at other places," he said. The facility started as per a tripartite collaboration of the Railways, the Army, and the Delhi government. "Only asymptomatic patients will be housed in the facility which will be attached with the Bhagwan Mahavir Hospital," Mishra said. The Directorate General of Health Service will provide the protocols for the treatment of admitted patients and the required numbers of ambulances for the facility. The Army Medical Corps will be in charge of healthcare of the patients admitted to the facility. "First patient arrived at Shakur Basti COVID Care Center of Railways in New Delhi. We are committed to provide all necessary help in this fight against COVID-19," Railway Minister Piyush Goyal tweeted. A similar facility was started at the Mau railway station in Uttar Pradesh on June 20 where around 59 patients had been admitted. Many of them have already been discharged. ASG BUN IJT

Rlys' isolation coaches facility in Delhi's Shakur Basti gets its first suspected COVID patient

New Delhi, Jan 15 () Following are the top business stories at 1824 hours:
 
DEL65 BIZ-LD AMAZON-BEZOS
Amazon founder Jeff Bezos commits USD 1 bn investment to digitise small businesses in India
New Delhi: Amazon.com Inc chief Jeff Bezos on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

DCM25 BIZ-EDELWEISS-ED
FEMA violation case: Edelweiss Group Chairman appears before ED
Mumbai: Financial services company Edelwesiss Group Chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation. 
 
DCM44 BIZ-GST-FAKE
Over 1,200 exporters untraceable; govt saves Rs 350 cr fake IGST refund
New Delhi: Revenue Department using its data analytics has discovered a fraud in GST refunds with as many as 1,200 exporters, who have have claimed Rs 350 crore refunds, are now untraceable.

DCM43 BIZ-BANK-STRIKE
Employees of govt-owned banks threaten two-day strike from Jan 31
New Delhi: Bank unions have threatened to go on a two-day nationwide strike beginning January 31 to press for early wage revision.
 
DEL86 BIZ-LD STOCKS
Market pauses after four-day winning run; banking stocks slide on NPA woes
Mumbai: Benchmark indices Sensex and Nifty took a pause after a four-session record run on Wednesday, as higher bank NPAs in ongoing quarterly results weighed on banking stocks coupled with a caution ahead of US-China trade deal.

DCM28 BIZ-LD BHARTI AIRTEL
Airtel raises USD 3 billion dollars via QIP, FCCB offering
New Delhi: Bharti Airtel has raised USD 3 billion through QIP and FCCB route, completing a massive fund raising exercise for the firm, which has to pay billions of dollars in statutory dues. 
 
DEL85 BIZ-RUPEE-CLOSE
Rupee pares losses; settles 5 paise higher at 70.82 against US dollar
Mumbai: The rupee pared its early losses to settle 5 paise higher at 70.82 against the US dollar on Wednesday, ahead of the signing of phase 1 trade agreement between the US and China.
 
DCM39 BIZ-IMPORTS RESTRICTIONS
Govt will put restrictions on imports of products under 'others' category: Goyal
New Delhi: Concerned over rise in imports in the 'others' category, Commerce and Industry Minister Piyush Goyal on Wednesday asked those importers to seek HSN or tariff code within 30 days from the foreign trade office, failing which the government would impose strong restrictions on their inbound shipments.
 
DCM41 BIZ-CCI-ASIAN PAINTS
CCI orders probe against Asian Paints
New Delhi: The Competition Commission of India has ordered a probe against Asian Paints for allegedly hindering the entry of JSW Paints by virtue of its dominance in the market for manufacture and sale of decorative paints. 

DEL70 BIZ-GOLD-PRICE
Gold rises Rs 256 on strong global trend
New Delhi: Gold prices rallied Rs 256 to Rs 40,441 per 10 gram in the national capital on Wednesday, led by strong buying in global markets, according to HDFC Securities. 
 
 
 
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Business highlights :

(Eds: Updating) New Delhi, Apr 7 () A Group of Ministers on COVID19 on Tuesday recommended extension of closure of all educational institutions and restricting all religious activities having public participation till May 15 irrespective of whether the government extends the 21-day lockdown or not, official sources said. A meeting of the GoM chaired by Defence Minister Rajnath Singh and participated by Home Minister Amit Shah and Finance Minister Nirmala Sitharaman concluded that religious centres, shopping malls and educational institutions must not be allowed to resume normal functioning at least for four weeks from April 14 when the current lockdown ends.The thinking in the government is that schools and colleges will more less remain shut till end of June as the summer vacation will start from middle of May.The GoM recommended that activities of all religious organisations should not be allowed till May 15 as a precautionary measure to check spread of coronavirus infection, the sources added.The GoM has been tasked with monitoring the overall situation in the country arising out of the coronavirus pandemic and make recommendations to Prime Minister Narendra Modi.The GoM also briefly discussed possible scenarios after end of the current spell of the lockdown.It recommended that the inputs of the states are crucial in taking specific decisions on measures to contain the pandemic.The GoM also recommended measures to enhance testing facilities for coronavirus infection in medical laboratories, the sources said.Opposition leaders as well as leading healthcare experts have been pressing the government to ramp up infrastructure to increase coronavirus tests across the country to have a realistic assessment of the situation arising out of the pandemic in India.The meeting was also attended by several key members of the Union Cabinet including Food Minister Ram Vilas Paswan, Railways Minister Piyush Goyal and Petroleum Minister Dharmendra Pradhan, Rural Development Minister Narendra Singh Tomar and HRD Minister Ramesh Pokhriyal Nishank.Chemicals and Fertilisers Minister D V Sadananda Gowda, Women and Child Development Minister Smriti Zubin Irani and Jal Shakti Minister Gajendra Singh Shekhawat were also among those who attended the meeting. The GoM also recommend monitoring of the public places like religious centres and malls through surveillance drones, the sources said.Thousands of Tablighi Jamaat members gathered at its headquarters in Nizamuddin last month, ignoring warnings by the government against large gatherings. A number of people who attended the congregation were found to be having coronavirus infection.A sizeable number of people among them travelled to different states, spreading the infection of the virus.Hundreds of people wered from the headquarters of Tablighi in Nizamuddin.According to official figure, India has recorded a total of 4,789 positive cases of coronavirus and 124 deaths.The GoM also expressed gratitude to thousands of health professionals, security personnel and countless others involved in ensuring smooth operation of essential services and supply chain of food and medicines since the 21-day lockdown came into force on the midnight of March 24, the sources said.The GoM appreciated the decision of Union Cabinet to suspend the Members of Parliament Local Area Development Scheme (MPLADS) for two years to facilitate additional resources to fight the pandemic.In a series of tweets, the defence minister said the GoM held an extensive discussion on the prevailing situation.He said the ministers "shared their insights on how we can overcome the situation and help the people to stay motivated, determined and vigilant in the battle against COVID-19".The ministers were briefed that supply of essential goods was continuing smoothly and no concerns were reported in this regard, the sources said. Over the past few days, the government has received various suggestions from stakeholders, including experts and states on the strategy to be adopted when the lockdown ends.Sources in the government said, most of them suggested that exit from the lockdown should be in a staggered manner. Other suggestions included opening primary schools at a later stage and not immediately when the lockdown ends, restricting inter-state movement, plying of public transport for limited time and restricted access in offices where public footfall is high. MPB NAB ZMN

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