Latest news with #Amtek
Economic Times
a day ago
- Business
- Economic Times
Delhi High Court denies bail to former Amtek Chairman Arvind Dham in Rs 2,700 crore bank fraud case
ANI Delhi HC denies bail to Arvind Dham in money laundering case The Delhi High Court on Tuesday rejected former Amtek Group chairman Arvind Dham petition seeking regular bail in connection with a Rs 2,700-crore bank fraud case. Earlier in June, the Supreme Court had rejected Dham appeal for interim bail on medical grounds, saying he had grossly 'abused the process' of the court by filing the fresh appeal seeking interim bail. On July 9, the ED had arrested Dham under the provisions of money laundering law in a case pertaining to ACIL Ltd, an Amtek group company. Subsequently, the Rouse Avenue Court, Delhi, granted custody of Dham to the investigating agency. The ED had initiated investigation on the basis of first information reports registered by the Central Bureau of Investigation, arising from complaints by IDBI Bank and Bank of Maharashtra. The complainants had alleged diversion of bank loans through cheating, fraud and criminal breach of trust and causing wrongful loss to the banks. The agency said the probe revealed that Amtek group had defaulted on loans exceeding Rs 2,700 crore taken from more than 15 banks. The group companies ARG Ltd, ACIL, Amtek Auto Ltd., Metalyst Forging and Castex Technologies along with other group concerns were taken to insolvency. Further investigations revealed that Dham was the beneficial owner of several benami properties in companies that had employees of the Amtek group such as peons, drivers, field staff and persons with no linkage to the group companies acting as directors, the agency said. Dham continued to possess such properties beneficially held by him and never disclosed this to any of the creditors, it December 2024, the high court had upheld Dham's arrest by the ED and a Delhi court 's subsequent remand order. It said that the data on financial exposure of Dham's group of companies was about Rs 30,000 crore and the lenders including many public banks had been struggling since 2015 in order to somehow recover the liabilities, the process for which had now culminated into insolvency proceedings where a haircut of 99.91% of the amount had been proposed by the petitioner.
Time of India
a day ago
- Business
- Time of India
Delhi High Court denies bail to former Amtek Chairman Arvind Dham in Rs 2,700 crore bank fraud case
The Delhi High Court on Tuesday rejected former Amtek Group chairman Arvind Dham petition seeking regular bail in connection with a Rs 2,700-crore bank fraud case . Earlier in June, the Supreme Court had rejected Dham appeal for interim bail on medical grounds, saying he had grossly 'abused the process' of the court by filing the fresh appeal seeking interim bail. On July 9, the ED had arrested Dham under the provisions of money laundering law in a case pertaining to ACIL Ltd, an Amtek group company. Subsequently, the Rouse Avenue Court, Delhi, granted custody of Dham to the investigating agency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bo Derek's Probably The Most Gorgeous 68-Year-Old. Paperela Undo The ED had initiated investigation on the basis of first information reports registered by the Central Bureau of Investigation, arising from complaints by IDBI Bank and Bank of Maharashtra . The complainants had alleged diversion of bank loans through cheating, fraud and criminal breach of trust and causing wrongful loss to the banks. The agency said the probe revealed that Amtek group had defaulted on loans exceeding Rs 2,700 crore taken from more than 15 banks. The group companies ARG Ltd, ACIL, Amtek Auto Ltd., Metalyst Forging and Castex Technologies along with other group concerns were taken to insolvency. Live Events Further investigations revealed that Dham was the beneficial owner of several benami properties in companies that had employees of the Amtek group such as peons, drivers, field staff and persons with no linkage to the group companies acting as directors, the agency said. Dham continued to possess such properties beneficially held by him and never disclosed this to any of the creditors, it added. In December 2024, the high court had upheld Dham's arrest by the ED and a Delhi court 's subsequent remand order. It said that the data on financial exposure of Dham's group of companies was about Rs 30,000 crore and the lenders including many public banks had been struggling since 2015 in order to somehow recover the liabilities, the process for which had now culminated into insolvency proceedings where a haircut of 99.91% of the amount had been proposed by the petitioner.
Economic Times
3 days ago
- General
- Economic Times
Happy stability
In his celebrated poem, Happy Insensibility, John Keats is inspired by a tree whose inability to remember the past helps it to power through a cold winter and to retain its ingrained capability to sprout new leaves and blossom into a lush green tree. The tree is not capable of remembering its past accomplishments of being full of leaves, which have been lost in the cold winter. All that it does is make itself capable of enduring and surviving through the ongoing winter and at the right time, when spring comes, it breaks through with its inherent capability of becoming a green tree again. In the yogic pose of Vrikshasan, Tree Pose, we stand on one leg with another leg bent and resting on the thigh. We then fold our hands and raise them high above our head. The pose builds our balance, stability and strength. Practitioners of the Tree pose would know that this balance and stability is directly proportional to the stability of thoughts while doing the pose. If you practise the pose along with other people, and your mind tells you to do this pose better or longer than others, then you will lose balance. If there are thoughts cluttering your mind, you will lose stability. That is why this pose is more difficult with eyes closed than with eyes open. A calm, quiet and self-focused mind are preconditions to achieving a steady Tree Pose. Through trees, nature teaches us to forget the past, deal with the present and strive for future. Through the Tree Pose, we learn to be calm, stable, balanced and strong. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre Regulatory gray area makes investing in LVMH, BP tough For Indian retail Logistics sector: Be tactical in the face of head & tailwinds; 6 logistics stocks with an upside potential of over 30% Just hold a good business for the long term, irrespective of the noise; ignore the cap. 13 stocks with an upside potential of up to 51% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 25% in 1 year
Time of India
12-08-2025
- Business
- Time of India
How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming
Under the lens Exclusives How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming Arvind Dham, former chairman of the Amtek Group; and R M Malla, former managing director of IDBI Bank Synopsis Properties purchased from loan money siphoned from Amtek group were allegedly transferred to former managing director RM Malla and his family members for little or no consideration. These companies held flats and houses in NCR worth over INR30 crore. In the power corridors of India's banking sector, relationships between borrowers and lenders are often transactional, sealed with signatures and secured by collateral. But this one seems to have been more cozy. On one side, there is Arvind Dham, the erstwhile promoter of Amtek Group, an auto components maker that turned belly up; on the other is Rajinder Mohan Malla, former managing director of IDBI Bank. Between them is a money trail, passing Gift ETPrime to your friends Gift a Subscription Now, gift ETPrime subscription to your friend for Free! Gift this Story to your friends Gift a Story Share member-only stories with your friends or family and help them read it for free. FONT SIZE Abc Small Abc Medium Abc Large PRINT COMMENT Refer & Earn Continue reading with one of these options: Limited Access Free Login to get access to some exclusive stories & personalised newsletters Login Now Unlimited Access Starting @ Rs150 Rs120/month Get access to exclusive stories, expert opinions & in-depth stock reports Subscribe Now ET Uh-oh! This is an exclusive story available for selected readers only. Worry not. You're just a step away. Sign In to Read for Free Prime Account Detected! 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Time of India
16-06-2025
- Business
- Time of India
Amtek ex-boss Arvind Dham's interim bail plea dismissed by SC in Rs 2,700-crore fraud case
The Supreme Court on Monday refused to give interim bail to former Amtek Group chairman Arvind Dham in connection with in connection with a Rs 2,700-crore bank fraud case. A Bench led by Justice Sandip Mehta said that Dham, whose plea for extension of interim bail on medical grounds was rejected by the court earlier in April, has grossly 'abused the process' of the court by filing the fresh appeal seeking interim bail. Senior counsel Mukul Rohatgi and counsel Sahil Tagotra, appearing for Dham, sought interim bail on medical grounds. 'He (Dham) has been had been in custody for 11 months and his regular bail application has been pending before the Delhi High Court since February,' the counsel argued. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Steck das in deinen Schuh. Nach 3 Tagen rutschte meine Lieblingshose schon! (Ich war schockiert!) ViralDiscounts Undo However, the bench said that it was not 'at all impressed by the tactics of the petitioner (Dham). Your SLP was dismissed by a three-judge bench of this court. Now you are trying to get in during this vacation and trying to get the same relief in a matter which has already been dismissed,' Justice Mehta remarked. Rohatgi then sought permission to withdraw the appeal. Live Events On July 9, the ED had arrested Dham under the provisions of money laundering law in a case pertaining to ACIL Ltd, an Amtek group company. Subsequently, the Rouse Avenue Court, Delhi, granted custody of Dham to the investigating agency. The ED had initiated investigation on the basis of first information reports registered by the Central Bureau of Investigation, arising from complaints by IDBI Bank and Bank of Maharashtra . The complainants had alleged diversion of bank loans through cheating, fraud and criminal breach of trust and causing wrongful loss to the banks. The agency said the probe revealed that Amtek group had defaulted on loans exceeding Rs 2,700 crore taken from more than 15 banks. The group companies ARG Ltd, ACIL, Amtek Auto Ltd., Metalyst Forging and Castex Technologies along with other group concerns were taken to insolvency. Further investigations revealed that Dham was the beneficial owner of several benami properties in companies that had employees of the Amtek group such as peons, drivers, field staff and persons with no linkage to the group companies acting as directors, the agency said. Dham continued to possess such properties beneficially held by him and never disclosed this to any of the creditors, it added. In December 2024, the high court had upheld Dham's arrest by the ED and a Delhi court 's subsequent remand order. It said that the data on financial exposure of Dham's group of companies was about Rs 30,000 crore and the lenders including many public banks had been struggling since 2015 in order to somehow recover the liabilities, the process for which had now culminated into insolvency proceedings where a haircut of 99.91% of the amount had been proposed by the petitioner.
