Accused in police custody
Rajkot: A 54-year-old man from Mumbai was arrested by the local crime branch of the Amreli police in connection with Rs 5 crore cheating case filed against him by Pipavav-based ship building firm Reliance Naval and Engineering Limited (RNAVAL).
LCB team arrested the accused Raju Manohar Naik from his Tilak Nagar residence in Mumbai on Sunday.
According to Amreli police, a criminal complaint was lodged at Pipavav Marine police station against Naik by the general manager of RNAVAL Manoj Upadhyay on April 4, 2018. The complaint was filed as Naik had failed to fulfill the contract agreement with RNAVAL in connection with repair work of INS Savitri.
India s Fallen Billionaires
businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Why the rising prices of Anil Ambani stocks won t last
scroll.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scroll.in Daily Mail and Mail on Sunday newspapers.
Synopsis
In May, banks decided to appoint Padmakumar M Nair, chief general manager in charge of stressed assets in SBI, as the MD of the NARC. According to RBI norms, an ARC should have minimum net-owned funds of not less than 15% of the total financial assets that it plans to acquire on an aggregate basis or Rs 100 crore.
Agencies
(This story originally appeared in on Jul 13, 2021)Public sector lenders led by Canara Bank have officially formed the bad bank the National Asset Reconstruction Company (NARC). Their next step now is to obtain approval from the Reserve Bank of India (RBI) to function as an ARC.
Can Anil Ambani s RPower and Reliance Capital market rally last? — Quartz India
qz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from qz.com Daily Mail and Mail on Sunday newspapers.