English हिन्दी
Connect with us

India News

PMC Bank case: Promoters of HDIL arrested, property worth Rs 3,500 cr frozen

Rakesh Wadhawan and his son Sarang Wadhawan, promoters of HDIL that set off the massive crisis at the Punjab Maharashtra Co-operative (PMC) Bank, were arrested today.

Published

on

Rakesh Wadhawan with his son sarang wadhawan

Rakesh Wadhawan and his son Sarang Wadhawan of the real estate firm HDIL that set off the massive crisis at the Punjab Maharashtra Co-operative (PMC) Bank, following a loan default of Rs. 6,500 crore, were arrested today – Thursday, Oct 3 – by the Economic Offences Wing (EOW) of the Mumbai Police.

Properties worth Rs 3,500 crore of HDIL have also been frozen by the EOW, reported News18.

Rakesh Wadhawan and Sarang Wadhawan, also the promoters of Housing Development and Infrastructure Ltd (HDIL), were named in a police complaint that also accused the bank’s management of concealing non-performing assets and disbursing loans to HDIL leading to a loss of at least Rs. 4,300 crore.

Rakesh Kumar Wadhawan is the executive chairman of the HDIL, while Sarang Wadhawan is managing director.

The move came a few days after the government issued a look-out circular against the two directors after preliminary findings allegedly revealed financial irregularities at HDIL. A look out circular is issued against a person directing the immigration authorities to ensure that he or she does not leave India through an airport or seaport.

The Mumbai Police had on Monday filed a case against the former bank management and promoters of HDIL in the PMC Bank case and said a special investigation team will be probing it.

Crisis-hit HDIL had said that loans taken from banks, including PMC Bank, were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.

PMC’s exposure to HDIL group is reported to be nearly 73% of its total loan book size of Rs 8,880 crore as of September 19, 2019.

Currently, HDIL is reported to be developing various projects at Kurla, Nahur, Mulund and Palghar and has a residential portfolio of 86.22 lakh sq ft under construction.

It has a land reserve of around 193 million sq ft as on March 31, 2019, with 90 per cent of its land reserves in Mumbai Metropolitan Region, as per the 2018-19 annual report. Incorporated in 1996, Mumbai-based HDIL mainly focused on real estate development in the Mumbai Metropolitan Region, which included clearing slum land and rehabilitating slum dwellers.

The main source of revenue of HDIL, for long, has been selling of development rights to other property developers, after developing the slum land. The company reported revenue of Rs 601.20 crore in FY19 and a net profit of Rs 96.19 crore.

India News

Amit Shah says Centre will amend NDPS Act to tighten crackdown on drug syndicates

Amit Shah said the Centre is relooking the NDPS Act to plug loopholes exploited by narco syndicates and strengthen anti-drug enforcement across India.

Published

on

Union Home Minister Amit Shah on Friday said the Centre is preparing amendments to the Narcotic Drugs and Psychotropic Substances (NDPS) Act to close loopholes allegedly exploited by drug trafficking networks and strengthen India’s anti-narcotics framework.

Addressing the 10th apex-level meeting of the Narco-Coordination Centre (NCORD) in New Delhi, Shah said the government is re-examining the existing law and invited states to submit suggestions for the proposed changes. The amendments are being worked on by the Ministry of Finance to make the legislation more effective in tackling organised drug syndicates.

Centre seeks stronger legal framework against narcotics

Shah stressed the need for a tougher approach towards drug traffickers and peddlers, while advocating a compassionate stance towards victims of addiction. He outlined a three-pronged strategy against drug trafficking — “detect, disrupt and destroy” — and urged all stakeholders to intensify efforts against the narcotics menace.

The Home Minister also asked state governments to share suggestions on strengthening the NDPS Act. Directors General of Police have been asked to forward recommendations to the Ministry of Home Affairs, while Chief Secretaries can submit their inputs to the Department of Revenue under the Ministry of Finance.

Seizures of synthetic drugs rise over past decade

Highlighting the government’s anti-drug campaign, Shah said that between 2004 and 2014, around 26 lakh kilograms of synthetic drugs were seized across the country. In comparison, agencies confiscated approximately 1.18 crore kilograms of synthetic drugs between 2014 and 2026.

He further said the estimated value of drugs seized during 2014-2026 stood at around Rs 1.84 lakh crore, significantly higher than the nearly Rs 40,000 crore worth of narcotics seized during the previous decade. According to Shah, these figures reflect the expanded scale and effectiveness of anti-drug enforcement efforts.

The minister also called for real-time information sharing among states through digital platforms developed by the Narcotics Control Bureau and urged authorities to ensure NCORD meetings deliver measurable outcomes. He unveiled the “Vision Document on Drug Control (2026-2029)”, which aims to provide a roadmap for reducing drug demand, curbing supply and minimising harm caused by substance abuse.

Continue Reading

India News

If passport does not establish citizenship, then what does: Shashi Tharoor asks amid row

Shashi Tharoor has questioned the Centre’s stance that passports are not proof of citizenship and urged legislative changes to recognise passports and Aadhaar as conclusive citizenship documents.

Published

on

Congress MP Shashi Tharoor on Friday questioned the existing legal framework governing proof of Indian citizenship, asking what document citizens should rely on if a passport itself is not considered conclusive evidence of citizenship.

The remarks came a day after the Centre clarified that an Indian passport is primarily a travel document and has never been treated as definitive proof of citizenship under existing laws. The government maintained that this position is not new and has remained unchanged for years.

Reacting to the clarification, Tharoor described the situation as an “absurd legal paradox” and argued that ordinary citizens have long regarded passports as the highest form of official identity because they are issued only after extensive verification procedures. He said it is difficult for people to understand how a document obtained after rigorous scrutiny does not conclusively establish citizenship.

In a detailed statement, the Thiruvananthapuram MP urged the government to undertake what he termed a “common-sense legislative overhaul” to end the controversy. He proposed amending the legal framework so that both passports and Aadhaar cards are recognised as valid and conclusive proof of Indian citizenship unless specifically cancelled or withdrawn by the government.

Tharoor, however, acknowledged a key challenge with Aadhaar. Since Aadhaar is currently issued on the basis of residence and is available to both citizens and certain non-citizen residents, he suggested that the Unique Identification Authority of India issue a visually distinct Aadhaar card for non-citizens. According to him, such a distinction would allow the government to designate standard Aadhaar cards and valid Indian passports as sufficient proof of citizenship.

The debate intensified after the Ministry of External Affairs stated during a recent briefing that an Indian passport should not be treated as conclusive proof of citizenship. The Centre subsequently reiterated that the Passports Act, 1967 permits passports to be issued to non-citizens in certain circumstances in the public interest, and therefore possession of a passport alone cannot legally establish citizenship.

Continue Reading

India News

Ayodhya Ram Mandir donation row: 8 arrested, Champat Rai resigns as Yogi Adityanath vows strict action

The Ayodhya Ram Mandir donation controversy intensified after all eight accused were arrested and trust official Champat Rai resigned on moral grounds.

Published

on

Ram Mandir

The alleged embezzlement of donations received at the Ram Mandir in Ayodhya has triggered major developments, with all eight accused named in the FIR now under arrest and senior temple trust officials resigning from their positions. Authorities have said the investigation will continue and anyone found guilty will face strict action.

The First Information Report was registered following recommendations made by a Special Investigation Team (SIT) constituted by the Uttar Pradesh government to probe allegations of irregularities in the handling of donations received at the temple. The complaint was lodged by a member of the Shri Ram Janmabhoomi Teerth Kshetra Trust.

According to officials, the eight accused were associated with the process of counting cash and valuables offered by devotees at the temple. Senior officials confirmed that all those named in the FIR have been arrested and are currently being questioned as part of the ongoing investigation.

Champat Rai and Anil Mishra step down

Amid the growing controversy, Shri Ram Janmabhoomi Teerth Kshetra Trust General Secretary Champat Rai resigned from his post on moral grounds. Trust member Anil Mishra also submitted his resignation, officials confirmed. Their resignations come as scrutiny over the alleged misappropriation of temple donations intensifies.

Yogi Adityanath says guilty will not be spared

Addressing a public meeting in Deoria, Uttar Pradesh Chief Minister Yogi Adityanath said action began immediately after the SIT submitted its report. He asserted that no individual involved in wrongdoing would be exempted from legal action.

The chief minister described Ayodhya as a symbol of faith and said that public sentiments attached to Lord Ram and Sanatan Dharma cannot be compromised. He assured that the government would ensure a fair probe and separate truth from falsehood.

The issue has also sparked political reactions, with opposition leaders questioning the investigation and demanding accountability, while BJP leaders have maintained that strict action will be taken against all those responsible.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com