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<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

(Photo source: IANS) <ul><li><keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, an <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n liquor tycoon and the former boss of Kingfisher Airlines, will be extradited to India by order of a <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court. </li><li>The allegations leveled against him include fraud, money laundering, and conspiracy. </li><li>He left India in 2016 in the middle of the investigation for the UK, a country where he is also a citizen. </li><li>He now has 14 days to file a appeal against the judgement but Central Bureau of Investigation has stated that they ‘hope to see him soon’. </li></ul>A UK court has approved the extradition of India’s liquor tycoon, Vijay Mallya, to India two years after he left India amid charges of fraud and money laundering. The former boss of the Kingfisher Airlines has 14 days to make an appeal against the judgement. The Central Bureau of Investigation (CBI) has released a statement following the order: “We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process.” The judgement was passed by the Chief Magistrate, Judge Emma Arbuthnot who stated that prima facie (on first impression) there is a case to be made against Mallya for fraud, conspiracy and money laundering. In recent weeks, Mallya has ‘offered’ to pay back what he owes to Indian banks. The allegations against fraud and money laundering amount to an estimated ₹90 billion. He maintains that these charges against him are ‘politically motivated’ and that he has done nothing wrong. According to the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/mallya-extradition-case-arthur-road-jail-keeps-high-security-cell-ready/articleshow/67023180.cms">Economic Times</a>, there is a ‘high-security’ cell kept ready at the Arthur Road prison for Mallya. The same prison housed the 26/11 Mumbai attack terrorist, Mohammad Ajmal Kasab. See also: <a href="https://www.businessinsider.in/vijay-mallaya-wants-to-pay-back-100-public-money-that-he-embezzled-pleads-for-banks-to-take-it/articleshow/66950116.cms">Vijay Mallya wants to pay back '100% public money' that he embezzled, pleads for banks to take it</a> <a href="https://www.businessinsider.in/indias-corporate-fraud-investigation-agency-and-the-ceos-of-state-owned-banks-can-now-directly-prevent-scamsters-from-leaving-the-country/articleshow/66846397.cms">India’s corporate fraud investigation agency and the CEOs of state-owned banks can now directly prevent scamsters from leaving the country</a> <a href="https://www.businessinsider.in/india-takes-its-first-big-step-towards-avoiding-future-nirav-modi-vijay-mallya-like-scams/articleshow/65069668.cms">India takes its first big step towards avoiding future Nirav Modi, Vijay Mallya-like scams</a>

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> appreciated 26 paise to 81.67 against the US <keyword id="35208" type="General" weightage="20" keywordseo="dollar" source="Orion">dollar</keyword> in early trade on Thursday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained ground to touch 81.67, registering a rise of 26 paise over its previous close. The rupee has strengthened in offshore trading on broad-based dollar weakness. It is likely to trade in a range of 81.55-81.85 with sideways price action, IFA Global Research Academy said in a research note. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.41 per cent to 105.63, post the weak US data and dovish Fed minutes. "Minutes of the latest Fed meeting indicated that most Fed members were in support of slowing the pace of rate hikes but 'various' Fed members saw rates peaking at higher levels," IFA Global Research Academy said. Brent crude futures, the global oil benchmark, declined 0.21 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="usd" source="Orion">USD</keyword> 85.23 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 180.14 points or 0.29 per cent higher at 61,690.72. Similarly, the broader NSE Nifty rose 66.50 points or 0.36 per cent to 18,333.75. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 789.86 crore, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tata-consumer-keystone-realtors-biocon-among-stocks-to-watch-out-for-on-november-24/articleshow/95729263.cms">Indian markets open higher on indications of US Fed slowing interest rate hikes – Tata Consumer, Keystone Realtors, Biocon in focus</a> <a href="https://www.businessinsider.in/international/news/fugitive-diamantaire-nirav-modi-seeks-permission-to-appeal-against-his-extradition-in-uk-top-court/articleshow/95729459.cms">Fugitive diamantaire Nirav Modi seeks permission to appeal against his extradition in UK top court</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-launches-new-twitter-poll-on-whether-to-allow-suspended-users-back-after-he-reinstated-trumps-account-based-on-another-poll/articleshow/95725094.cms">Elon Musk launches new Twitter poll on whether to allow suspended users back after he reinstated Trump's account based on another poll</a>

Rupee gains 26 paise to 81.67 against US dollar

<ul><li>India's benchmark stock indices Sensex and Nifty have been volatile in early trade.</li><li>High-stakes election that has kicked off today has kept a lid on market bets.</li><li>The country's stock traders are mostly positioned for another win for Narendra Modi-led BJP.</li></ul> Markets around the world have been a bit shaken by the American central bank's cautious view of the world's largest economy. Global investors fear that any turbulence in the US could rattle the entire world. The market confidence in India, the world's fastest-growing economy, is further capped by the Parliamentary elections that have kicked off today (April 11). Benchmark indices, Sensex and Nifty, see-sawed in early trade, rising above only to slide below the closing count a day before. Meanwhile, 142 million voters in 20 states and union territories are expected to vote in the first phase of voting for the seventeenth general election in the country. Stocks in the auto, financial services, and fast-moving consumer goods space were in the green, but only slightly, while all other sectoral indices slid lower on the National Stock Exchange. Reports of fresh capital infusion by the government into state-owned banks did not boost the sentiment. Even the robust bidding for luxury cars owned by fugitive diamantaire Nirav Modi did not help the <a href="https://www.hindustantimes.com/mumbai-news/bid-for-nirav-modi-s-luxury-cars-from-rs-2-38-lakh-to-rs-1-33-crore/story-LvG46FN96vUVg8rU78RfpO.html" data-type="tilCustomLink" target="_blank">shares of Punjab National Bank</a>, one of the victims of the loan frauds by Modi's company. One of the biggest worries in the minds of the domestic investors is the money that is stuck with the mutual funds. Kotak Mahindra Asset Management Company <a href="https://www.moneycontrol.com/news/business/opinion-the-risk-in-fixed-maturity-plans-is-now-out-in-the-open-3801541.html" data-type="tilCustomLink" target="_blank">has reportedly written to those who invested</a> in one of its fixed maturity plans that it will not be able to pay the entire redemption amount now. Small investors who are risk averse pick fixed maturity plans. The money pooled is lent to companies with the assurance that people can take investments back after a fixed amount of time and definite returns. Of course, the market risks associated with mutual funds remain. In this case, because the borrower has sought more time to repay the loans, the mutual fund has sought more time from its investors before the fund can be redeemed. The case of <keyword id="533729" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-AMC">Kotak Mahindra AMC</keyword> is one of the many mutual funds who are left only with prayers to recover the billions of investment in beleaguered companies like Infrastructure Finance and Leasing Services (IL&amp;FS), Essel Group, and Dewan Housing Finance among others. The risks that have emerged from the unraveling crisis in India's shadow banking sector has shaken market confidence. Indian equities fell sharply on Wednesday too, after the International Monetary Fund (IMF) revised down the global growth forecast fuelling fears of a global slowdown. Caution was also seen among investors ahead of the start of earning season and for fresh trade tensions between the US and the European Union. SEE ALSO: <a href="https://www.businessinsider.in/lok-sabha-elections-2019-first-phase-of-polling-key-issues-in-all-states/articleshow/68824300.cms" data-type="tilCustomLink" target="_blank">142 million voters go to polls today in 20 states— here’s a look at the key issues in every state</a> <a href="https://www.businessinsider.in/jammu-and-kashmir-lok-sabha-elections-2019-key-issues-affecting-voter-sentiment/articleshow/68822326.cmshttps://www.businessinsider.in/jammu-and-kashmir-lok-sabha-elections-2019-key-issues-affecting-voter-sentiment/articleshow/68822326.cms" target="_blank">Democracy’s appeal is under test in the shadow of the world’s highest battleground</a> <a href="https://www.businessinsider.in/maharashtra-lok-sabha-elections-2019-first-phase-polling-will-see-angry-farmers-voting/articleshow/68820156.cms" target="_blank">This state going to polls today is the picture of India's rising inequality</a>

India's 2019 election is only one of the market's many worries

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

Amid an increase in the number of measles cases, the Centre has asked states to consider administering an additional dose of measles and <keyword id="6702974" type="General" weightage="100" keywordseo="rubella" source="Orion">rubella</keyword> vaccines to all children aged nine months to five years, in vulnerable areas. Recently, increased numbers of measles cases were reported from certain districts of Bihar, Gujarat, Haryana, Jharkhand, Kerala and <keyword id="13126" type="General" weightage="80" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>. Areas under the Brihanmumbai Municipal Corporation (BMC) and some other districts in Maharashtra have reported a rapid rise in infections and around 10 mortalities caused by the measles virus. In a letter to the Principal Health Secretary of Maharashtra that was also marked to all states and Union territories, the <keyword id="46535" type="General" weightage="80" keywordseo="health-ministry" source="Orion">Health Ministry</keyword> said this surge is of particular concern from the public health point of view. "It is also clear that in all such geographies, the affected children were predominantly unvaccinated and the average coverage of Measles and Rubella Containing Vaccine (MRCV) among the eligible beneficiaries is also significantly below the national average," Health Ministry Joint Secretary P <keyword id="1823797" type="General" weightage="50" keywordseo="ashok-babu" source="Orion">Ashok Babu</keyword> said. In this context, he said a meeting of domain experts chaired by a member (health), NITI Aayog, was held on Wednesday. Based on inputs received from the meeting, the Centre said states and UTs are advised to consider administering an additional dose to all children of nine months to five years in vulnerable areas. "This dose would be in addition to the primary vaccination schedule of first dose at nine-12 months and second dose at 16-24 months," he said. The vulnerable areas are to be identified by the state government and UT administration in "Outbreak Response Immunisation" (ORI) mode. A dose of MRCV is to be administered to all children aged six months and up to less than nine months in those areas where measles cases in the age group of less than nine months are above 10 per cent of the total cases, he said. "Since this dose of MRCV is being given to this cohort in "Outbreak Response Immunisation" (ORI) mode, these children should also be covered by first and second dose of MRCV according to the primary (routine) Measles and Rubella vaccination schedule," he said. As the disease is known to witness a surge in cases of numbers from November to March, annually, the health ministry said an active fever and rash surveillance mechanism needs to be strengthened for early case identification. "Head count survey of all children aged six months to five years must be undertaken in the vulnerable outbreak areas to facilitate full MRCV coverage in an accelerated manner. The institutionalised mechanism of District Task Force on immunisation under the leadership of the district collector must be activated to review the measles situation on a daily and weekly basis and plan the response activities accordingly," he said. The disease is known to be fatal among children with moderate and severe malnourishment, he said, underlining that as part of the case identification and management, house-to-house search activities to identify such vulnerable children and provide pre-emptive care with nutritional and Vitamin A supplementation is also necessary. The Health Ministry said immediate isolation of laboratory-confirmed cases must be done for at least seven days from the date of identification. The Centre also asked Maharashtra to earmark wards and beds for effective caseload management of measles in dedicated health facilities for timely transfer and treatment of such children. The Centre has also deployed high-level teams to Ranchi (Jharkhand), Ahmedabad (Gujarat) and Malappuram (Kerala) to assess and manage the increase in the number of measles cases among children there. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/fugitive-diamantaire-nirav-modi-seeks-permission-to-appeal-against-his-extradition-in-uk-top-court/articleshow/95729459.cms">Fugitive diamantaire Nirav Modi seeks permission to appeal against his extradition in UK top court</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-consumer-keystone-realtors-biocon-among-stocks-to-watch-out-for-on-november-24/articleshow/95729263.cms">Indian markets open higher on indications of US Fed slowing interest rate hikes – Tata Consumer, Keystone Realtors, Biocon in focus</a>

You Searched For "Nirav Modi appeal" and got 6 results

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

SCMP

Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’

Prabhjote Gill

Rupee gains 26 paise to 81.67 against US dollar

PTI

India's 2019 election is only one of the market's many worries

Sriram Iyer

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

BI India Bureau

Administer one additional dose of measles, rubella vaccines to children in vulnerable areas: Centre to states

PTI

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