The company approached Securities Appellate Tribunal ahead of its EGM scheduled for 22 June to seek shareholders' approval for the proposal to raise capital through the Carlyle deal.
SEBI said the resolution regarding the deal, which was to be put to a shareholders' vote on 22 June, was 'ultra-vires' or beyond the powers of the company's Articles of Association.
On second day of week-long hearing in London, Modi’s lawyer sought to cast doubt on allegations the jeweller fraudulently procured guarantees from PNB.
Diamond merchant Nirav Modi has been lodged at London's Wandsworth prison since his arrest this March in connection with the PNB fraud and money laundering case.
Punjab National Bank reported the new fraud to the Reserve Bank of India. The fraud took place at its Chandigarh branch, and in its Hong Kong and Dubai offices.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
The Chinese are said to have hired ex-fighter pilots & air force operators from NATO countries over the past several years to help them fine-tune their operational & flying capabilities.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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