Securities market regulator Securities and Exchange Board of India (SEBI) has warned state-owned Punjab National Bank (PNB) over the delay in regulatory disclosures to stock exchanges with regard to the Nirav Modi fraud case.
According to a BSE filing on Thursday, PNB said that it has received a letter from SEBI on Tuesday "regarding disclosures made in respect of Nirav Modi Group, Gitanjali Group and others, has warned and advised to be cautious in future in respect of compliances of SEBI LODR Regulations".
The SEBI letter stated: "There are delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to filing of the reports or complaints with RBI and CBI."
"PNB has not made any provision or disclosure with respect to fraud of Rs 280 crore in the financial statements for the quarter ended December 2017 and thereby not complied...."
The state-owned lender had made various disclosures to stock exchanges during the months of February and March 2018 regarding certain fraudulent transactions with respect to the Nirav Modi group, Gitanjali group and others and referring of the same to law enforcement agencies.
On its part, SEBI "examined various events and disclosures by PNB to the stock exchanges from the point of appropriate disclosures to be made and other requirements to be complied with under" its "Listing Obligations and Disclosure
Requirements Regulations, 2015".
In February 2018, PNB reported the Rs 13,000 crore fraud committed by the accused diamantaire Nirav Modi and his uncle Mehul Choksi -- both of whom are on the run.
China-made drone seized near India-Pak border in Punjab
The Border Security Force (BSF) on Saturday said it has seized a China-made drone near the India-Pakistan border in Punjab's Amritsar district along with a packet of 500 gm of heroin.
87 killed, over 80 injured as heavy rains wreak havoc in Pakistan
At least 87 people have been killed and 82 others injured in separate rain-triggered incidents in Pakistan over the past week as heavy downpours continued to wreak havoc in parts of the country, the National Disaster Management Authority (NDMA) said.
'Yes, I am BJP's B team leader, so what', Deve Gowda responds to Rahul Gandhi
Former Prime Minister and Janata Dal-Secular (JD-S) president H.D. Deve Gowda on Friday responding to Congress leader Rahul Gandhi's 'JD-S is BJP's B team' remark, said: "Yes. I am BJP's B team leader. So what?"
Veddas of Sri Lanka have close genetic affinity with Indians, reveals study
The Vedda, an indigenous group of Sri Lanka, has a close genetic affinity with the Indian population, revealed a landmark study by 10 researchers from five institutions
LS polls: First phase sees 60.03 per cent voting against 69.43 per cent in 2019
Voting for the first phase of the Lok Sabha elections was held on Friday for 102 constituencies across 21 states and Union Territories (UTs) amid reports of violence from some parts of West Bengal and Manipur.
6 Eastern Nagaland districts abstain from voting amid shutdown call over ‘frontier territory’ demand
Despite the indefinite shutdown call given by the Naga bodies from Thursday evening, the Election Commission made all efforts to conduct polling in the six districts covering 20 of the state's 60 Assembly segments.
Tripura LS Poll: 80.40% voting turnout recorded till 5 PM
Addressing a press conference here in his chamber on Friday evening, RO Dr Vishal Kumar said, “The voting turnout rested at 80.40% till 5 pm today and the figure is expected to cross the record of the previous Lok Sabha election which recorded 82.4%.”
DMs, SPs of violence-hit MP districts transferred
The farmers agitation entered its eighth day on Thursday. The peasants have been on strike since June 1, demanding loan waiver and fair price for their produce.