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after nirav modi, rotomac pen’s vikram kothari ‘flees’ with rs 800 crore loan


by: pti | new delhi | updated: february 18, 2018 10:33 pm vikram kothari, the promoter of rotomac pen, has allegedly gone abroad after swindling rs 800 crore from various public sector banks, including allahabad bank. (representational)related newsafter billionaire diamantaire nirav modi, another defaulter vikram kothari, the promoter of rotomac pen, has also allegedly gone abroad after swindling rs 800 crore from various public sector banks, including allahabad bank, bank of india and union bank of india, sources said.the kanpur-based company’s owner had taken a loan of more than rs 800 crore from over five state-owned banks. allahabad bank, bank of india, bank of baroda, indian overseas bank and union bank of india compromised their rules to sanction loans to rotomac, the sources ...






rotomac pen scam: after nirav modi, rotomac pen's rs 800-crore defaulter on the


new delhi: after billionaire diamantaire nirav modi, another defaulter vikram kothari, the promoter of rotomac pen, has also allegedly gone abroad after swindling rs 800 crore from various public sector banks including allahabad bank, bank of india and union bank of india, sources said. the kanpur-based company's owner had taken a loan of more than rs 800 crore from over five state-owned banks. allahabad bank, bank of india, bank of baroda, indian overseas bank and union bank of india compromised their rules to sanction loans to rotomac, the sources said. however, according to local media reports, the promoter said speculation of his fleeing the country is baseless. "i am a resident of kanpur and i will stay in the city. however, i do have to travel to forei...






pnb: rs 11,000 crore pnb fraud will have a domino effect on banks


mumbai: punjab national bank (pnb) has said that it faces a contingent liability in respect of letters of undertaking (lous) that have been fraudulently issued to nirav modi and mehul choksi groups. the bank wrote letters to all major lenders on wednesday, informing them of the fraud. banks, which have lent on the basis of the lous issued by pnb, have an exposure close to rs 11,000 crore. lous are like a bank guarantee that undertake to pay lenders if borrowers default. bankers says dozens of lenders have provided loans against the lous issued by pnb. initial investigations suggest that allahabad bank, axis bank and union bank had funded close to rs 7,000 crore on the strength of the lous, with allahabad bank having the largest exposure. however, a major chunk of the...






pnb: allahabad bank discloses rs 2,000 crore exposure in pnb fraud


kolkata: allahabad bank has an exposure of around rs 2,000 crore by way of letter of undertakings issued by punjab national bank to nirav modi, the billionaire diamond merchant in the centre of over rs 11,000-crore fraud. "we have an exposure of around rs 2,000 crore in the fraud detected by pnb two days back," a source in allahabad bank told pti. pnb has said that group companies of nirav modi and his relative mehul choksi's gitanjali gems in collusion with two of their officials from its brady house mumbai branch, were fraudulently receiving lous since 2011. foreign branches of a few indian banks gave credit against these lous to nirav modi's companies to repay overseas suppliers. the source said that money had been credited to the nostro ...






more indian banks entangled in pnb fraud


at least three more indian banks – two from the public sector and one private – are likely to have been caught in the rs 11,000-crore fraud that hit the punjab national bank (pnb) on wednesday. union bank of india, allahabad bank and axis bank are said to have offered credit based on letters of undertaking (lous) issued by pnb. an lou is in effect a letter of comfort issued by one bank to branches of other banks, based on which foreign branches offer credit to buyers. foreign branches of these banks, which had relationships with the outlets of a jewellery company, had taken significant exposures. the exposures of the foreign bank branches are now under regulatory scanner following complaints lodged with the local regulators in their respective jurisdictions. in an earlier ...






bsp leader rajesh yadav shot dead near allahabad university; supporters turn vio


written by manish sahu | allahabad/lucknow | updated: october 4, 2017 4:22 am allahabad: fire brigade workers try to douse a state transport roadways bus that was set on fire by supporters of bsp leader rajesh yadav after his death, in allahabad on tuesday. bahujan samaj party leader rajesh yadav was shot dead near the tarachand hostel of allahabad university on monday night. (pti photo)related newsa bsp leader was allegedly shot dead by students of allahabad university outside a hostel on the campus early on tuesday.rajesh kumar yadav (46), who had unsuccessfully contested the recent state polls from gyanpur seat in bhadohi, was with his friend, a doctor, when the incident took place. yadav belonged to bhadohi district.while yadav’s wife monica got an fir lodged, levelling char...






pnb fraud: officials of other banks under scanner


new delhi: as investigations into the rs 11,400 crore scam at pnb gather momentum, officials at overseas branches of other banks, where the fraudulently issued letter of undertakings (lous) were encashed, are under scanner, sources said. officials of hong kong branches of indian lenders including allahabad bank, state bank of india (sbi), union bank, uco bank and axis bank are part of the entire fraud which continued for 7 years. learning with the times: lous virtual dds from one bank to anotheran lou is a guarantee issued by one bank to another. in trade finance, an lou is sent in the form of a message using swift (earlier known as society for worldwide inter-bank financial telecommunication), a secure messaging platform. think of it as modern-day telex. as per t...






infighting cloud over bjp allahabad mayor nominee’s chances


written by lalmani verma | lucknow | published: november 26, 2017 6:29 am bjp allahabad mayor candidate abhilasha gupta with husband nand gopal gupta nandi. (express archive)top newswhile allahabad will see urban local body polls on sunday, the possibility of infighting in the bjp affecting their chances looms large. the party has never won the allahabad mayor seat. recent messages over social media asking voters to go for nota rather than its candidate abhilasha gupta has senior party leadership worried. the message is signed by “senior workers of bjp mahanagar”.bjp allahabad mahanagar president awadhesh gupta said the letters were being circulated by opposition parties, but another party leader said the discontent among party workers were genuine.a local party leader, on the...






allahabad hc orders legal team to visit gorakhpur hospital, inspect infrastructu


by: express news service | allahabad | published:september 1, 2017 2:06 am allahabad high court. (file photo)related newsthe allahabad high court on thursday directed its state legal services authority to visit gorakhpur’s brd medical college and hospital to take note of the infrastructure there.this comes weeks after more than 60 children died at the hospital in a span of five days allegedly due to lack of liquid oxygen. the government has maintained that the children died due to medical causes, including japanese encephalitis (je).hearing pils seeking a judicial probe into the deaths, the bench comprising chief justice d b bhosale and justice yashwant varma directed the secretary of the state legal services authority to visit the medical college and “take photographs” of respi...






pnb fraud: officials of other banks under scanner


by: pti | new delhi | published: february 18, 2018 5:21 pm the pnb branch in fort mumbai from where rs 11.300 crore fraud has been spotted. (express photo by ganesh shirsekar)as investigations into the rs 11,400 crore scam at pnb gather momentum, officials at overseas branches of other banks, where the fraudulently issued letter of undertakings (lous) were encashed, are under scanner, sources said.officials of hong kong branches of indian lenders including allahabad bank, state bank of india (sbi), union bank, uco bank and axis bank are part of the entire fraud which continued for 7 years. as per the guidelines, the tenure for the encashment of lous for the jems and jewellery sector is usually of 90 days and not 365 days — the maturity period of most of the lous linked with thepnb f...






no personal law board is above the constitution, says allahabad hc on triple tal


reacting strongly on the burning issue of triple talaq, the allahabad high court on may 9 said the rights of any person including muslim women cannot be violated in the name of ‘personal law’. the court further said the basic and human rights cannot be exploited on the basis of gender.“a muslim husband cannot give divorce in such a manner which would put a question mark on equal rights,” the court observed.the court also said that personal law may be applicable only within the purview of the constitution adding that fatwa, which is contrary to the justice system is not valid.“no fatwa can be contrary to someone’s rights,” the court said.in december last year, the allahabad high court termed the islamic practice of divorcing a woman by uttering the word “talaq” thrice as






allahabad hc orders sealing of over 1,000 flats in greater noida


by: pti | allahabad | published:april 20, 2017 9:12 pm allahabad high court building (express archives)the allahabad high court on thursday ordered sealing of more than 1,000 flats in the supertech czar residential project of greater noida which were constructed allegedly without due approvals. a division bench comprising chief justice d b bhosle and justice yashwant verma passed the order after the builder failed to comply with the direction to provide details regarding the number of flats wherein third party rights had already been created and those which had already been transferred to respective buyers.the court directed the builder to file a detailed affidavit by the next date of hearing on may 2 containing all the details sought. the builder was also restrained from creating thi...






ap photos: hindus in india and nepal mark auspicious day


allahabad, india –  some 200,000 hindu pilgrims arrived at the confluence of two major indian rivers tuesday on the first major bathing day of a 45-day annual ritual known as the magh mela.many stay in makeshift houses or tents in the northern city of allahabad, where the yamuna river meets the ganges as well as the mythical saraswati river. hundreds of thousands of hindus are expected to take a dip in the holy waters on astronomically auspicious days.in neighboring nepal, hindus offered prayers along the banks of the hanumante river tuesday as the monthlong madhav narayan festival started in the city of bhaktapur. devotees recite holy scriptures, and women fast for a month to pray for the longevity of their husbands.






govt can’t accommodate employee in lower pay scale because of disability: allaha


by: pti | allahabad | published:november 15, 2017 10:57 pm allahabad high courtthe allahabad high court has held that the government cannot accommodate an employee in a post with a lower pay scale just because he or she acquired some disability during service and became unfit for the current post.a bench comprising justices bharati sapru and siddharth passed the order while dismissing a petition filed by the ministry of railways. the court directed the ministry to pay s q ahmed (accommodated on a post with lower pay scale because he acquired some disability) his dues according to higher pay grade with 7 per cent interest from the due date.it also imposed a cost of rs 50,000 on railways for not giving its employee his legitimate dues and for dragging him into litigation for no fault o...






pm modi to attend closing ceremony of allahabad hc’s 150 years’ celebrations


by: pti | allahabad | published:april 2, 2017 12:05 am this is the first visit of the prime minister to the city after the bjp came to power in the state last month.prime minister narendra modi will on saturday attend the closing ceremony of allahabad high court’s sesquicentennial celebrations in allahabad.the prime minister’s aircraft will land at the bamrauli airport on the outskirts of the city at 10 am where he will be received by uttar pradesh governor ram naik and chief minister yogi adityanath, among others, the district information office said.thereafter, modi will be driven to the high court premises, about 20 kms from the airport, where he will be joined by chief justice of india j s khehar and union minister for law and justice ravi shankar prasad and a number of judges...






allahabad high court directs govt to look into discrimination of medical student


by: pti | allahabad | published:may 16, 2017 2:34 pm the allahabad high court (file photo)the allahabad high court has directed the chief secretary of uttar pradesh to look into alleged debarment of medical students belonging to other states from counselling sessions for admission to post-graduate courses. passing the order, a division bench comprising justice arun tandon and justice rekha dixit asked the chief secretary to take action against the official who had issued such a “direction” which was in violation of the guidelines of medical council of india.the order, passed monday, came on a petition filed by ram diwakar and others. the chief secretary has been directed to submit a report on the action taken in the matter on the next date of hearing on may 23. the petitioners hav...






i assure cji that govt will back his ‘sankalp’ to reduce pendency of cases: pm m


by: express web desk | new delhi | updated: april 2, 2017 4:13 pm prime minister narendra modi at the 150-year celebrations of allahabad high court (photo: pmo)prime minister narendra modi on sunday suggested fusing judiciary with digital technology in order to ensure the burden on judiciary is reduced. “i urge those involved with the start up sector to innovate on aspects where technology can help the judiciary,” pm modi said while speaking at the 150th year celebrations of the allahabad high court. “technology is playing a big role in this century and i see technology having a big scope in the judiciary as well,” he added. the prime minister also referred to allahabad high court as the ‘tirtha kshetra’ for indian judiciary.stressing on the importance of doing away...






i assure cji that govt will back his ‘sankalp’ to reduce pendency of cases: pm m


by: express web desk | new delhi | updated: april 2, 2017 2:45 pm prime minister narendra modi at the 150-year celebrations of allahabad high court (photo: pmo)prime minister narendra modi on sunday suggested fusing judiciary with digital technology in order to ensure the burden on judiciary is reduced. “i urge those involved with the start up sector to innovate on aspects where technology can help the judiciary,” pm modi said while speaking at the 150th year celebrations of the allahabad high court. “technology is playing a big role in this century and i see technology having a big scope in the judiciary as well,” he added. the prime minister also referred to allahabad high court as the ‘tirtha kshetra’ for indian judiciary.stressing on the importance of doing away...






allahabad hc asks up govt about steps taken to set up slaughterhouse in gorakhpu


by: pti | allahabad | published:november 18, 2017 10:02 pm allahabad high courtin pursuance of an earlier direction, the allahabad high court has asked the uttar pradesh government to apprise it of the steps taken for establishing a modern slaughterhouse in gorakhpur district.the bench comprising chief justice d b bhosale and justice m k gupta had asked the additional advocate general on thursday to give apprise the court by november 28 in the matter. the bench passed the order hearing a writ petition filed by dilshad ahmed and several others of the district.the petitioners had claimed that there was no slaughterhouse in gorakhpur and alleged that the government was adamant on not providing one in the district. earlier the petitioners had stated before the court that they had to offe...






pac members for forensic audit of psb defaulters


new delhi: members of the public accounts committee of parliament are believed to have expressed anguish after chief executive officers of four public sector banks — indian overseas bank, indian bank, allahabad bank and uco bank — gave them detailed presentations on the ballooning bad loans, better known as non-performing assets (npas), and dismal recovery rates. agitated pac members such as bhartruhari mahtab (bjd), nishikant dubey (bjp), shantaram naik (congress), sukhendu s roy (trinamool congress) accused the banks of dispersing huge amount of loans ‘without due diligence’ and asked why the banks display ‘inaction’ in recovering loans from big defaulters compared to overdrive in recovering small loans from ordinary defaulters. mahtab demanded a ‘forensic auditing’ — t...






allahabad high court issues notice to bjp minister satya pal singh baghel


by: pti | allahabad | published:may 29, 2017 1:26 pm allahabad high court. (file image)the allahabad high court has issued notice to up minister satya pal singh baghel on a petition alleging that he got elected from an assembly constituency reserved for scheduled castes though he belonged to other backward classes. a single judge bench of justice mahesh chandra tripathi passed the order on the petition of rakesh babu, who has challenged baghel’s election from tundla assembly segment of firozabad district.babu was the bsp candidate and a two-time mla from tundla, who lost to baghel by a huge margin of more than 50,000 votes. in his petition, babu has pointed out that baghel was formerly heading the bjp’s obc front in up and alleged that he had contested from tundla by submitting a ...






from tutored witness to motive, allahabad hc has many questions for cbi in aarus


written by sarah hafeez , aniruddha ghosal | new delhi/allahabad | updated: october 13, 2017 10:38 pm file photo of dentist-couple nupur talwar and rajesh talwar, who were on thursday acquitted by the allahabad high court in the twin murder case of their daughter aarushi and domestic help hemraj. pti phototop newsordering the release thursday of rajesh and nupur talwar, who were sentenced to life imprisonment four years ago by a ghaziabad trial court for the murder of their teenaged daughter aarushi and domestic help hemraj in may 2008, the allahabad high court said “suspicion, however grave it may be, cannot take the place of proof,” and, in this case, neither the circumstances nor the evidence was enough to hold them guilty.in its 273-page order, the bench of justices b ...






bill to set up prayagraj mela authority passed in up assembly


by: pti | lucknow | published: december 22, 2017 10:32 pm the mela alternates between nasik, allahabad, ujjain and haridwar every three years. (in photo above: nashik kumbh mela 3rd parvani. express photo by mayur bargaje/files)top newsdays after the unesco declared the kumbh a world heritage, the uttar pradesh assembly today passed a bill to set up prayagraj mela authority for the kumbh mela scheduled to be held in allahabad in january 2019. the up prayagraj mela authority, allahabad, bill 2017, was passed amid a walkout by the members of the samajwadi party and the congress party.pressing for the bill, for setting up an authority headed by allahabad commissioner for organising the kumbh mela, be sent to the select committee for scrutiny, leader of the opposition ram govind chaudhary...






allahabad hc lawyers join nation-wide strike against proposed amendments in the


by: pti | allahabad | published:march 31, 2017 4:29 pm allahabad high court. (image source: wikipedia)judicial work was paralysed at the allahabad high court on friday as advocates here joined a nation-wide strike in protest against proposed amendments in the advocates act. a meeting was held this morning in front of the main gate of the sprawling court premises where high court bar association president anil tiwari told lawyers “the advocates (amendment) bill brought by law commission of india chairman justice b s chauhan is draconian”.he said as per the proposed amendments “a judge or a judicial officer will be empowered to cancel the license of a legal practitioner whom he holds guilty of indiscipline, without giving any opportunity for hearing to the advocate”.“the propo...






aarushi murder case: allahabad hc slams trial court judge | india news


allahabad: the allahabad high court has chastised the trial court judge for telling a "different story" propelled by "vitriolic" reasoning convicting dentist couple nupur and rajesh talwar in the murders of their daughter aarushi and domestic help hemraj in may 2008. additional sessions judge shyam lal in ghaziabad (up) had sentenced the talwars to life imprisonment on november 28, 2013, holding them guilty in the twin murder case. allowing the appeals of the talwars against the cbi court order, justices bk narayana and ak mishra of the allahabad high court on thursday acquitted the couple, saying that neither the circumstances nor the evidence was enough to hold them guilty. aarushi talwar murder case: a timelinein "absolute agreement" with justice narayana in g...






blow to samajwadi party as allahabad hc orders cbi inquiry into jawahar bagh cas


by: pti | allahabad | published:march 2, 2017 2:04 pm a police personnel look for evidence inside the jawahar bagh in mathura on sunday. express photo by oinam anand. 05 june 2016. express photo by oinam anand. the allahabad high court thursday ordered a cbi probe into the jawahar bagh park case of mathura where more than 20 persons, including two police officials, were killed last year during a drive to evict squatters. a division bench comprising chief justice d b bhosle and justice yashwant verma passed the order on a bunch of pils demanding a cbi probe. the court had reserved its judgement on february 20 after hearing arguments from both sides.watch what else is making newsamong those who had moved the court with the demand for a cbi inquiry are delhi-based bjp leader and supreme...






gujarat: post-demonetisation, bank deposits soar, but npas too cross rs 30,000-c


written by avinash nair | ahmedabad | published:march 22, 2017 6:13 am the percentage of npas in indian overseas banks stood at 29 per cent, while that in allahabad bank stood at almost 26 per cent. (representational image)demonetisation saw bank deposits in gujarat swell by 22 per cent during the third quarter of the current fiscal, but non-performing assets (npas) weighed heavily on the health of banks, with bad loans crossing the rs 30,000-crore mark.at end of december 2016, the total deposits in banks of gujarat stood at rs 6.31 lakh crore, which was about 22 per cent more than the deposits that existed in the same period a year ago, stated the state level bankers’ committee (slbc) report for gujarat. the report was released after a meeting of bankers on tuesday.“demonetis...






allahabad hc tells up govt to come up with plan to provide all schools with benc


by: pti | allahabad | published:may 16, 2017 9:33 pm allahabad high courtthe allahabad high court today asked the uttar pradesh government to come up with a comprehensive plan, within two months, for providing basic facilities like benches and toilets in all primary and upper primary schools across the state. a division bench comprising chief justice d b bhosle and justice yashwant varma passed the order on a public interest litigation filed by krishna prakash tripathi, who moved the court with the complaint that children studying in primary and upper primary schools of the state were often deprived of the aforementioned facilities.the court passed the order, fixing july 21 as the next date of hearing in the matter, after being informed by the state government’s counsel ramanand pa...






allahabad hc issues showcause notice to principal home secretary over no policy


written by sarah hafeez | allahabad | published: january 11, 2018 8:23 am allahabad high courtrelated newsthe allahabad high coprisonerissued a showcause notice to uttar pradesh principal secretary (home), asking him to explain why the court should not issue him a notice of contempt for not having framed a policy for the premature release of prisoners.the court on monday issued the notice to arvind kumar, principal secretary (home) in charge of prisons in the state, and asked him to reply “within four weeks why action in contempt will not be initiated against him.” justice yashwant varma issued the order while hearing a contempt of court application against the state filed by a petitioner, whose father is serving a life sentence on charges of comitting a murder, for the last 2...






the attack that banks should have seen coming


the federal government's bank levy is as personal as it is punitive and political. with the value of hindsight the labor government's proposed royal commission would have been a more palatable option for the banks.the $1.5 billion annual tax on the big five banks is a massive fine for bad behaviour and while the method of punishment was unexpected the banking industry should have been aware that the government was not going to let them off lightly with just a six-monthly parliamentary grilling.they don't like you, treasurer tells banksvideo duration00:55previous slidenext slidevideo duration02:03budget 2017: banks hit with tax hikebudget 2017: banks hit with tax hiketreasurer scott morrison announces a raft of banking policies including upping their tax from july 1st.they don't like yo...






aarushi-hemraj double murder case: allahabad hc chastises trial court judge


by: pti | allahabad | updated: october 13, 2017 5:02 pm aarushi-hemraj double murder case: a copy of the verdict, pronounced on thursday in open court, was made available on friday. (file photo)top newsthe allahabad high court has chastised the trial court judge for telling a “different story” propelled by “vitriolic” reasoning convicting dentist couple nupur and rajesh talwar in the murders of their daughter aarushi and domestic help hemraj in may 2008.additional sessions judge shyam lal in ghaziabad (up) had sentenced the talwars to life imprisonment on november 28, 2013, holding them guilty in the twin murder case.allowing the appeals of the talwars against the cbi court order, justices b k narayana and a k mishra of the allahabad high court on thursday acquitted the couple...






urjit patel: good news for borrowers. rbi says there is scope for banks to lower


the reserve bank of india has rekindled borrower’s hope of getting a lower rates on loans. after banks announced sharp reduction in lending rates in january, most banks have keep lending rates unchanged in the last months. “banks have reduced lending rates, although further scope for a more complete transmission of policy impulses remains, including for small savings and administered rates,” said urjit patel, rbi governor in the policy statement. for several decades, baring a few banks like kotak mahindra bank and yes bank most banks are offering 4% of savings account deposits. post-demonetisation (up to march 2017), 27 public sector banks have reduced their one-year lending rate or marginal cost of lending rates in the range of 50 to 105 basis points, and 19 private sector banks hav...






akhilesh yadav-rahul gandhi's stage collapses during rally in allahabad


hours before their address, the stage, which was set up to host samajwadi party chief akhilesh yadav and congress vice-president rahul gandhi rally in allahabad, collapsed on february 21. rahul and akhilesh, who are contesting elections together in the uttar pradesh assembly polls, held a road show to woo voters to cast their votes in favour of congress-sp alliance.interestingly, the duo was not present at the stage when the mishap took place. no casualties have been reported so far.besides them, bharatiya janata party chief amit shah too held a road show in allahabad to woo the voters. rita bahuguna joshi, who left the congress and joined bjp, was also present at amit shah’s road show.allahabad will witness polling on february 23.uttar pradesh: bjp president amit shah’s road show reaches






allahabad: cops, sdm attacked in clash over burning hay


by: express news service | allahabad | published: january 13, 2018 5:08 am top newstwo groups clashed with each other on friday in allahabad’s ghurpur area over the burning of hay for fire, leading to locals attacking police personnel and a sub-divisional magistrate (sdm) for alleged inaction.police said a youth, nadeem, had a dispute with a local, dharmendra, over burning of hay stacked for feeding stray cattle. nadeem was allegedly using the hay, which belonged to dharmendra, despite his warning.on friday morning, the situation escalated when nadeem and his associates entered into an altercation with dharmendra and stabbed him with a knife. following this, dharmendra’s associates staged a protest, demanding that nadeem and his friends be arrested.“when police rushed to the are...






consultant correct on narrower trump-clinton vote margin


bill scheel is chairman of the phoenix historic preservation commission(photo: special for the republic) 162 connectlinkedinemailmorethe media: social media.who said it: bill scheel.title: founding partner of the public-relations and political-strategy firm javelina.party: democrat.the comment: "trump's margin was 46k in county; in 2012 romney won maricopa by 147k. net dem gain of 101k votes."the forum: tweet on nov. 16.what we're looking at: donald trump’s margin of victory in maricopa county compared to that of mitt romney in 2012.analysis:with arizona emerging as a battleground in the presidential race, many in the political sphere have combed through election results to see if democrats made any inroads against republicans' hold on the state.scheel, who ran the 2014 gubernatorial campa