The Supreme Court on Friday adjourned till February 12 the hearing on the CBI's petition challenging interim bail granted by the Bombay High Court to former ICICI Bank chief Chanda Kochhar in the alleged Videocon loan fraud case. "The interim order which has been challenged before the Supreme Court has been confirmed by the Bombay High Court," submitted Kochhars' lawyer.
NCP MLA Rohit Pawar, grand nephew of Sharad Pawar, appeared before the Enforcement Directorate for questioning in connection with the Maharashtra Cooperative Bank scam. NCP MP Supriya Sule accompanied him. Before entering the ED office, Pawar visited the NCP office and met Sharad Pawar. He also visited Vidhan Bhavan and paid tributes. Sule handed him a copy of the Indian Constitution. Pawar stated that he has cooperated with the agencies earlier and will continue to do so.
A bench led by Chief Justice DY Chandrachud admitted the government’s appeal and tagged it along with similar appeals filed by RBI and Yes Bank, It also posted the matter for further hearing on October 16. The apex court had in March extended the stay granted by the HC on January 20.
Axis Finance's application to include Zee Entertainment Enterprises Limited (ZEEL), Essel Mauritius and Culver Max Entertainment in its commercial summary suit against Subhash Chandra Goenka has been dismissed by the Bombay High Court. The finance company was attempting to recover INR146 crore from Goenka, a ZEEL promoter.
The division bench of Justice GS Patel and Justice Dr Neela Gokhale stayed the show cause notice in an oral order and has allowed time for the lender to file its response. Before that, Senior Advocates Milind Sathe and Abad Ponda appearing for the Goyals argued that the lender's move to declare a wilful defaulter was in violation of principles of natural justice.
Former ICICI CEO, Chanda Kochhar, has had her interim application dismissed by the Bombay High Court seeking post-retirement benefits. The court noted that granting the relief requested would cause "irreparable harm and prejudice" to ICICI Bank, as it could result in the bank having to recover shares from Kochhar and/or its monetary equivalent. Kochhar had challenged a previous dismissal by a single bench of the high court, which had also directed her not to deal with the 6.90 lakh ICICI shares that she had acquired in 2018. The bank had initiated an inquiry into Kochhar in 2018 following a complaint regarding her alleged role in granting out of turn loans worth INR 3,250 crores to the Videocon Group, which benefitted her husband.
Institutional investors such as mutual funds, including Reliance Nippon, and individuals had put as much as ₹8,415 crore in Yes Bank's AT-1 bonds. Subsequently, the bank's AT-1 retail bondholders moved court to challenge the decision and reclaim their money.
Institutional investors such as mutual funds, including Reliance Nippon, and individuals had put as much as ₹8,415 crore in Yes Bank's AT-1 bonds. Subsequently, the bank's AT-1 retail bondholders moved court to challenge the decision and reclaim their money.
Yes Bank reported a 79 per cent dip in its consolidated December quarter net at Rs 55.07 crore on Saturday as provisions on legacy bad assets made it set aside higher amounts as provisions.
In significant relief to 63 moons and others, the Bombay High Court on Friday set aside the order of Yes Bank Administrator which had written down AT1 bonds of more than Rs 8,300 crore overnight, leaving investors high and dry.
The top court ordered completion of the process of payment of insurance compensation in three weeks, strictly under the law, under the supervision of the District Collector.
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