Why Adani group is transferring 5G spectrum to Airtel
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Indian Express
17 minutes ago
- Indian Express
Karnataka HC upholds chargesheet against SBI, PNB officials in alleged fraud case
The Karnataka High Court has refused to quash a chargesheet filed by the Criminal Investigation Department (CID) against senior officers of State Bank of India (SBI) and Punjab National Bank (PNB), among other accused, over alleged fraud worth over Rs 78 crore. The order was passed on July 23 by a Single Bench of Justice M G Uma in connection with a case filed by Prashanth Hegde, managing director of Metal Closures, which was involved in the manufacturing of packaging materials, in 2015. Several accused in the case had approached the High Court to quash the chargesheet filed by the CID. The CID had filed a chargesheet pursuant to the company's allegations, including removal of goods from its premises, forgery, removal of an essential LPG connection, and alleged payment of Rs 6.2 crore by a PNB executive to shell companies linked to his son, to name a few. According to the complaint, the company ran into capital issues by the end of 2013, and its accounts were eventually declared Non Performing Assets — a loan that is subject to late repayment. The MD later stated that he came to know that the chief financial officer (CFO) and the deputy CFO of the company, along with others, had been fraudulently operating the finances of the company for several years, including by means of forging his signature. In another complaint filed against several bank officials in 2016, it was stated that the company was funded by a consortium of banks led by SBI, along with PNB, Corporation Bank, and UCO Bank. It was stated that since the SBI was informed about the fraud involving the employees of the company and bank executives, the bankers intended to 'close down' the company by way of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act. While dealing with the contentions by the parties, the High Court raised questions as to how the accounts were declared non-performing assets. The Bench stated, 'There is also no reason as to why no action whatsoever was initiated by any of the banks to treat the account of the company as NPA during 2010 or 2011. The account statement of the company produced before the court discloses that during 2013-14, the company had repaid over Rs 100 crore to the banks. These facts do not reconcile with the contention taken by the banks with regard to the financial status of the company to treat its account as NPA.' The Bench also observed that an extensive investigation with documentation and witnesses had been carried out, and the case should not be quashed at this stage by conducting a 'mini-trial'. The Single Bench said, 'I do not find any justification to hold a mini-trial at this stage to consider each and every contention raised by the learned senior advocates representing the petitioners and to form an opinion to reject the contentions taken by the prosecution. It is a matter for trial where both parties will have an opportunity to put forth their rival contentions.' Having made these observations, the High Court quashed the various petitions against the chargesheet in the case.
Mint
17 minutes ago
- Mint
RailTel share price gains 4% on order book updates: Do you own it?
Stock Market today: RailTel share price gained 4% in morning trades on Thursday as it announced various order book updates: Do you own it? RailTel Corporation of India Ltd. on 20 August, after the market hours, intimated to the exchanges about the major order secured. As per the release by RailTel on the BSE, or the Bombay Stock Exchange, and the National Stock Exchange, the received work order is from the Higher Education Department, Govt. of Odisha . The broad consideration and value of the work order amounts to Rs. 15,42,08,471 (including tax). The work order by Higher Education Department, Govt. of Odisha for RailTel involves the design and Development of CMS based on bilingual websites for Colleges for the Higher Education Department
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Business Standard
17 minutes ago
- Business Standard
Gold seen hitting $3,600 by year-end on global uncertainty: Ventura
Gold prices could climb to $3,600 per ounce in the global markets by the end of December, driven by global economic headwinds, geopolitical risks and robust investment demand, according to the Ventura Securities. In its latest outlook, Ventura Securities said it expects Comex gold futures to touch $3,600 per ounce by year-end, after hitting an all-time high of $3,534.10 on August 7. On the domestic front, the most-traded October gold futures scaled a record high of Rs 1,02,250 per 10 grams on the Multi Commodity Exchange on August 8. "Gold retains upside potential with pronounced volatility, supported by weaker US growth, sustained pressure on the US dollar index, trade frictions and heightened geopolitical risks," the stock broking firm said. Global demand trends continue to underpin the rally. Gold demand in the second quarter of 2025 rose 3 per cent year-on-year to 1,249 tonnes, valued at $132 billion, reflecting a 45 per cent surge in value terms. Investment inflows through exchange traded funds (ETFs) have been particularly strong, with global gold ETF holdings up 16 per cent at 3,616 tonnes as of June 30. Their assets under management jumped 64 per cent year-on-year to $383 billion, the brokerage firm said. Meanwhile, India mirrored this global trend. Domestic gold ETFs recorded a 42 per cent rise in holdings to 66.68 tonnes in the year to June 30, while AUM nearly doubled to Rs 64,777 crore. Investor accounts in gold ETFs rose 41 per cent to 76.54 lakh, registering a 317 per cent increase over the past four years, it added. Ventura noted that investor behaviour is shifting, with younger generations favouring digital avenues of gold investment such as ETFs, fractional ownership and digital gold platforms. Physical jewellery demand remains resilient, but hybrid strategies combining offline and online channels are gaining traction. "Over the past 20 years, gold has delivered positive annual returns in 14 calendar years, reinforcing its status as a proven store of value and a hedge against inflation. "Recent performance underscores its resilience, with average annual returns of 23 per cent over the last three years compared to 11 per cent for the Nifty 50 index," the brokerage firm said. In its outlook, Ventura further said the central banks also remain steady buyers of gold. With the Reserve Bank of India discontinuing fresh issuances of Sovereign Gold Bonds from February 2024, analysts expect ETFs and other digital instruments to take a larger share of investment demand. According to NS Ramaswamy, Head of Commodities, Ventura, "With inflationary pressures, a softening US dollar, and anticipated interest rate cuts by the Federal Reserve, we see sustained upside potential in gold prices through the remainder of 2025. "...indicates Comex gold could test the USD 3,600 mark by year-end, supported by strong ETF inflows, steady central bank buying, and robust retail participation in India's gold investment market," Ramaswamy added.
