×
187
Fashion Jobs
THE SEARCH HOUSE (A DIV OF JSD SEARCH HOUSE PVT. LTD.)
Manager Production-Sheet Metal (Laser /Punching/ Press Break)
Permanent · Bhiwadi
ABHAY INDUCTION TECH PVT LTD
Sales Manager
Permanent · Ahmedabad
FREELANCER PRATIK PARIKH
Opening in Leading Life Insurance Company/ Area Business Manager
Permanent · Gandhinagar
MANISHMEDI INNOVATION
Area Sales Manager
Permanent · Hyderabad
OJB HERBALS
Area Sales Manager
Permanent · Ranchi
LIVE BIOTECH PRIVATE LIMITED
Area Sales Manager, Regional Sales Manager, Zsm
Permanent · Chennai
KM ELECTRONIC CABLES PVT. LTD
Area Sales Manager - Vijayawada
Permanent · Chennai
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
CTA APPARELS PVT. LTD
Opening For Merchandising Manager- Noida(Garment Export)
Permanent · Noida
STAR UNION DAI ICHI LIFE INSURANCE (SUD LIFE)
Hiring- Area Manager - Bancassurance- Kolkata Metro
Permanent · Kolkata
NIKKO & CO.
Area Sales Manager /Sales Officers(5-10 Yrs Into Fmcg)
Permanent · Karimnagar
FUTURE GENERALI
Opening For Area Manager in Bangalore With Future Generali li
Permanent · Bengaluru
INFEXN LABORATORIES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
LENSKART
Area Operations Manager
Permanent · Chennai
ADECCO INDIA PRIVATE LIMITED
Job Opening For Area Sales Manager Role For Mnc Company
Permanent · Bengaluru
DR LAL PATHLABS
Area Sales Manager -Chandigarh
Permanent · Chandigarh
JOB INDIA
Regional Manager Sales (Backend Operations)Garments - Gurgaon
Permanent · Faridabad
HERITAGE NUTRIVET LIMITED
Cattle Feed - Area Sales Manager - Salem Location
Permanent · Salem
THINK FIRST DIGITAL
Hiring For Event Production Manager - Mumbai
Permanent · Mumbai
LUPIN
Opportunity For Area Manager - Mass Marketing - Lupin Ltd
Permanent · Pune
SOBHA
Manager - Sales at Sobha Nesara, Kothrud - Pune
Permanent · Pune
MIDAS HYGIENE INDUSTRIES PRIVATE LIMITED
Area Sales Manager - Punjab
Permanent · Jalandhar
Published
Feb 26, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lenders ask for government takeover of Nirav Modi, Gitanjali companies

Published
Feb 26, 2018

Some lenders are suggesting a government takeover of the Nirav Modi and Gitanjali group of companies as part of the Punjab National Bank (PNB) fraud investigation as an alternative to having banks initiate bankruptcy proceedings.

Some lenders are suggesting a government takeover of the Nirav Modi and Gitanjali group of companies - Nirav Modi- Facebook


There is currently an ongoing fraud investigation as the PNB have reported that fraud of over 11,300 crore rupees (approximately 1.7 billion US dollars) took place at their bank and the diamond tycoon Nirav Modi and members of his family, including uncle Mehul Choksi, are believed to be responsible. Many who lent to Modi and Choksi's companies on false information are wondering what will happen to the accused’s companies. One option is for the companies implicated in the case to have bankruptcy proceedings against them initiated. If this happens, then a resolution must be reached within 270 days after admission. If no resolution can be found, the companies would then be liquidated.

However, some banks that lent to Nirav Modi or Mehul Choksi owned companies are asking for a government takeover of the jewellery brands in question, including Modi’s eponymous brand. This strategy was adopted in the Satyam Computers case when the government created a board of directors that were appointed to run the company and protect its assets. The Economic Times has reported that the Ministry of Corporate Affairs has stated that it is not happy to take over the companies as suggested as that would make them responsible for all future liabilities.

If insolvency proceedings are commenced, around 1,000 employees could be affected. The 100 percent subsidiary of Gitanjali, Hyderabad Gems Sez, has already reported loosing 700 employees, including 250 with disabilities, as a result of the fraud investigations and so it is feared that many more job losses could be on the horizon for Nirav Modi and Gitanjali companies.

Copyright © 2022 FashionNetwork.com All rights reserved.