Published
Feb 20, 2018
Download
Download the article
Print
Text size

Top executives at Gitanjali Gems resign post bank fraud expose

Published
Feb 20, 2018

Top executives at India’s leading jewellery firm Gitanjali Gems have put in their papers following the alleged involvement of the company and its managing director Mehul Choksi in the billion dollar PNB bank scam.
 

Gitanjali Group


Gitanjali Gems is embroiled in a $1.77 billion fraud at state-run Punjab National Bank (PNB) with the Central Bureau of Investigation (CBI) registering a case against the firm and is currently conducting searches at 20 locations in six cities of the Gitanjali group of firms.
 
With uncertainty looming the company’s vice-president (compliance) and company secretary Pankhuri Warange, Chandrakant Karkare the chief financial officer (CFO) and a board member Krishnan Sangameswaran have all resigned from their posts with more senior executives expected to follow in their footsteps.

“The recent event unfolded in the organization requires the company to make disclosures under the Companies Act 2013 and the SEBl (Listing Obligation and Disclosure) Requirements, 2015. There is however no consensus in my opinion on the disclosures to be made and that of the management and in these circumstances, my conscience doesn't permit me to continue with my position. I have therefore taken a conscious decision of resigning and relinquishing my position as the Company Secretary and Compliance Officer of the Company with immediate effect”, Pankhuri wrote in his resignation letter.
 
The others too have cited similar issues with board member S Krishnan saying that ‘there was no one to even organise a board meeting to clarify the issues surrounding the purported fraud’ while Karkare resigned citing personal reasons.

Copyright © 2024 FashionNetwork.com All rights reserved.