Latest news with #DirectorateofEnforcement
Time of India
2 hours ago
- Business
- Time of India
JSW Steel shares rise marginally after SC reserves verdict on ₹19,700 crore Bhushan Power Resolution Plan
Advt A special bench led by Chief Justice B R Gavai, along with Justices Satish Chandra Sharma and K Vinod Chandran, heard arguments from multiple parties, including the Committee of Creditors (CoC), JSW Steel , former promoters, operational creditors, and the Directorate of Enforcement , before reserving legal dispute centres on whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should be allocated to the creditors or retained by JSW Steel. The CoC has argued that such earnings, along with delayed interest, rightfully belong to creditors, while JSW Steel maintains that EBITDA is not distributable profit and was never included in the resolution plan or the request for resolution plan (RFRP).JSW Steel has also contested the lenders' claim for ₹2,509.88 crore in interest over alleged delays in implementing the plan, attributing the two-year delay to the Directorate of Enforcement's provisional attachment of BPSL's assets — a move reversed only in December last year by the apex case has a long history. On May 2, the Supreme Court had ordered the liquidation of BPSL while setting aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it called a 'flagrant violation' of the Insolvency and Bankruptcy Code (IBC). However, in a rare move on July 31, the court recalled its earlier judgment, granting interim relief to JSW Steel, which claimed to have invested ₹30,000 crore to revive the bankrupt Steel shares closed flat at ₹1,052.75 on the BSE on Monday.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
3 hours ago
- Business
- Economic Times
JSW Steel shares rise marginally after SC reserves verdict on Rs 19,700 cr Bhushan Power Resolution Plan
A special bench led by Chief Justice B R Gavai, along with Justices Satish Chandra Sharma and K Vinod Chandran, heard arguments from multiple parties, including the Committee of Creditors (CoC), JSW Steel, former promoters, operational creditors, and the Directorate of Enforcement, before reserving judgment. ADVERTISEMENT The legal dispute centres on whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should be allocated to the creditors or retained by JSW Steel. The CoC has argued that such earnings, along with delayed interest, rightfully belong to creditors, while JSW Steel maintains that EBITDA is not distributable profit and was never included in the resolution plan or the request for resolution plan (RFRP). JSW Steel has also contested the lenders' claim for Rs 2,509.88 crore in interest over alleged delays in implementing the plan, attributing the two-year delay to the Directorate of Enforcement's provisional attachment of BPSL's assets — a move reversed only in December last year by the apex court. The case has a long history. On May 2, the Supreme Court had ordered the liquidation of BPSL while setting aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it called a 'flagrant violation' of the Insolvency and Bankruptcy Code (IBC). However, in a rare move on July 31, the court recalled its earlier judgment, granting interim relief to JSW Steel, which claimed to have invested Rs 30,000 crore to revive the bankrupt steelmaker. JSW Steel shares closed flat at Rs 1,052.75 on the BSE on Monday. Also read: PG Electroplast plummets 35% in 5 days amid weak revenue guidance (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
The Hindu
18 hours ago
- The Hindu
ED conducts searches at six locations related to ADCL scam
The Directorate of Enforcement (ED), Bengaluru Zonal Office, conducted search operations at six locations across Karnataka in Land Purchase Scheme involving Dr. B.R. Ambedkar Development Corporation Limited (ADCL). The searches carried out under the provisions of Prevention of Money Laundering Act (PMLA), 2002, included the head office of ADCL located at Bengaluru; Bijapur district office of ADCL and residential premises of accused and suspects. During the search proceedings, incriminating documents and details of properties and modus operandi adopted by the accused were unearthed, said an ED release. ED initiated money laundering investigation on the basis of various FIRs registered by the Karnataka police in which the proceeds of crime generated was more than ₹23 crore. According to the official release, under the Land Purchase Scheme, land was to be purchased from the land owners and after procurement of the land was to be distributed to women of Scheduled castes who were landless agricultural labourers. However, in Vijayapura district, neither the land was purchased from the land owners nor the land was distributed to the beneficiaries. District officials of ADCL allegedly neglected their official duties and siphoned of crores of funds to various fake accounts by creating fake sale deeds causing loss of crores of rupees to the government exchequer, the release added.
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Business Standard
20 hours ago
- Business
- Business Standard
ED files supplementary prosecution complaint in Amtek Auto bank fraud case
The Directorate of Enforcement (ED) on Monday said it had filed a supplementary prosecution complaint before the Special PMLA Court at Rouse Avenue, New Delhi, in connection with the multi-thousand-crore bank fraud involving the Amtek Auto group and its associate companies. According to the ED, the complaint, filed on August 1, names 56 accused — including group promoter Arvind Dham, his family members, chartered accountants, bankers, resolution professionals, and Mumbai-based stock market operators. The court issued notices to all accused on August 7 under Section 223 of the Bharatiya Nyaya Sanhita (BNSS). The ED probe, launched on the directions of the Supreme Court in February 2024, is based on Central Bureau of Investigation (CBI) FIRs arising from complaints by IDBI Bank and Bank of Maharashtra. Investigators allege that the Amtek group fraudulently diverted loans from public sector banks, manipulated fixed asset valuations, and engaged in criminal misappropriation. Chartered accountants are accused of filing false audit reports, while bankers allegedly sanctioned loans for undue benefits and 'evergreened' credit facilities without following Reserve Bank of India (RBI) norms — resulting in a spike in non-performing assets (NPAs). The ED has also linked the group to stock price manipulation of Castex Technologies Ltd., allegedly using siphoned bank funds to hire Mumbai-based operators to rig share prices, defrauding foreign portfolio investors of nearly Rs 1,000 crore. Following massive defaults, 15 group companies went into insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), with lenders taking an average haircut of 81 per cent — recovering only Rs 6,300 crore of total admitted claims exceeding Rs 34,000 crore. The agency alleges that before insolvency, promoters had moved assets through undervalued transfers to front entities and created nearly 500 shell companies to conceal properties worth over Rs 6,000 crore. According to the ED, it has so far attached assets worth Rs 6,261.37 crore — including earlier attachments of Rs 5,115.31 crore in September 2024 — most valued at book or circle rates, with the market value believed to be much higher. The supplementary complaint expands the scope of prosecution to cover the roles of promoters, senior management, auditors, bankers, resolution professionals, and stock market operators in what the ED describes as a complex web of loan fraud, market manipulation, and asset concealment. In a separate case, the ED's Ahmedabad Zonal Office conducted search operations at various locations linked to Megh Shah and Mahendra Shah across Ahmedabad and Mumbai on August 7 and 8, 2025. 'ED had initiated investigation against Mahendra Shah, Megh Shah, and others under the provisions of the Foreign Exchange Management Act (FEMA), 1999, on the basis of a case involving the seizure of foreign-marked gold of approximately 88 kg (out of which about 52 kg contained foreign markings linked to Dubai, Australia, and Switzerland) in a joint search conducted by the Directorate of Revenue Intelligence (DRI), Ahmedabad, and the Anti-Terrorism Squad (ATS), Gujarat, at Flat No. 104, Avishkar Flats, Mahalakshmi area of Paldi, Ahmedabad,' the ED said in a statement. It further said that during the fresh searches, the ED seized cash amounting to about Rs 15 lakh, four luxury cars — BMW X6M, Bentley Continental GT, BMW 730 LD, and BMW 328 I — numerous imported luxury watches of brands such as Rolex and Cartier valued at Rs 1.51 crore, as well as stamps and cheque books of around 40 entities or companies.
The Hindu
4 days ago
- The Hindu
Madras High Court permits Senthilbalaji's brother Ashok Kumar to visit US for medical treatment
The Madras High Court on Friday (August 8, 2025) granted conditional permission to former Tamil Nadu Minister V. Senthilbalaji's brother R.V. Ashok Kumar, facing a job racket case registered by the State police and a consequent money laundering probe by the Directorate of Enforcement (ED), to visit the United States for medical treatment. Justices M.S. Ramesh and V. Lakshminarayanan granted the permission to Mr. Ashok Kumar to visit Mayo Clinic in Arizona between August 30 and September 22 on multiple conditions, which included that he should deposit ₹5 lakh, besides submitting his unmarried daughter's passport before a sessions court. The Bench was convinced with the submissions of senior counsel R. John Sathyan that his client, suffering from severe cardiovascular problems, including coronary artery disease, was entitled to get better treatment at a hospital of his choice, especially when the right to travel abroad had been recognised as a fundamental right. The orders were passed on a petition filed by the former Minister's brother before the High Court, challenging the Chennai Principal Sessions Court's July 9, 2025 refusal to grant him permission to travel to the United States, after not finding any justifiable reason to do so. Principal Sessions Judge S. Karthikeyan had taken note of the submisisons made by ED Special Public Prosecutor Rajnish Pathiyil that the petitioner was the co-accused in a Prevention of Money Laundering Act (PMLA) case, wherein the former Minister was the prime accused. The charge against them was that they had collected ₹67.74 crore from various individuals on the false promise of getting them jobs as drivers and conductors in the Tamil Nadu State Transport Corporation, when Mr. Senthilbalaji served as Transport Minister in former Chief Minister Jayalalithaa's Cabinet between 2011 and 2015. The ED claimed that the money was laundered by layering the proceeds of the crimes through fictitious enterprises and by investing in real estate. The sleuths had found a substantial amount of cash deposits having been made in the bank account of the petitioner during the relevant period. They also accused the petitioner of operating a sham entity named Apex A Traders, besides having engaged in the transfer of a high-value property on Karur National Highway at artificially low prices, through a web of unacccounted cash transactions, thereby facilitiating further layering of the proceeds of the crime. Stating that a building was also constructed on the property, Mr. Pathiyil said, the funds for the construction had originated from the petitioner, and they were of dubious origin. The ED also accused the petitioner of having evaded the summons during the investigation, leading to the issuance of a Look Out Circular. 'Flight risk' The SPP had told the sessions court that the petitioner was a flight risk and that he may abscond after flying to the United States. Even otherwise, the petitioner's aim appeared to somehow delay the commencement of the trial in the money laundering probe against him by citing medical reasons, he added. After recording his submissions, the Sessions Court had taken adverse note of the petitioner's previous conduct in having evaded the summons issued by the ED and said that any delay in trial proceedings, due to the foreign travel, would adversely affect the other accused persons' right to speedy trial. 'There is no proof for the claim that he will take treatment in the USA for about 15 days and will return immediately thereafter. Further, absolutely no material has been placed before this court to show that the treatment required is not at all available in India. In the absence of any medical emergency that the petitioner needs to get immediate treatment for in the USA, this court finds no justifiable reason for according permission to the petitioner to travel abroad,' the sessions court order read.
