Latest news with #Gajera
Time of India
18-07-2025
- Business
- Time of India
Good news for exporters, jewellery hand carriage facilitation centre opened at Terminal 2 of Mumbai international airport
Mumbai: In a move set to significantly enhance India's gem and jewellery export infrastructure, the Gem & Jewellery Export Promotion Council (GJEPC), in collaboration with Mumbai Customs, inaugurated the Jewellery Hand Carriage Facilitation Centre at Terminal 2 of Chhatrapati Shivaji Maharaj International Airport on Wednesday. Recognising the strategic importance of enabling seamless hand carriage, GJEPC secured and equipped a dedicated space at the airport. With the premises now officially notified as a customs area and Bharat Diamond Bourse appointed as custodian, the centre is fully operational, offering 24x7 services for jewellery hand carriage exports and imports. The launch of this dedicated facility follows a push by the GJEPC to address logistical and regulatory challenges associated with high-value, hand-carried gem and jewellery consignments. Mumbai, which accounts for nearly 65%–70% of India's gem and jewellery exports, saw shipments worth $19.65 billion from the western region in 2024–25. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Ashok Gajera, managing director of Laxmi Diamond, one of the largest export houses, said, "The new centre provides a single-window clearance system with integrated support from Mumbai Customs, CISF, police, and airport authorities. It will streamline high-value exports, reduce paperwork, and significantly cut turnaround time, offering exporters both transparency and operational ease." Gajera explained that earlier when there were orders from clients, jewellery or samples would have to be exported, and the businessman would fly out later once the jewellery reached the destination. This, he said, was not only a "time-consuming affair" but also a "tedious one". GJEPC chairman Kirit Bhansali said, "This milestone is part of the council's wider commitment to ease of doing business. Alongside the e-commerce channel, hand carriage will prove vital for MSMEs and for high-value shipments, especially to FTA partner nations, such as UAE under CEPA, Australia under ECTA, and the UK. It's faster, more cost-effective, and flexible — ideal for urgent global orders." Personal carriage of jewellery for export is currently permitted at nine locations under India's Foreign Trade Policy — Mumbai, Delhi, Kolkata, Chennai, Kochi, Coimbatore, Bengaluru, Hyderabad, and Jaipur. Imports are allowed at seven airports. However, fully operational hand carriage centres are presently available only in Delhi, Mumbai, Kolkata, and Jaipur. GJEPC noted that this facility is part of a broader rollout across nine Indian cities, in alignment with the govt's thrust on improving export competitiveness and simplifying procedures.
Time of India
06-06-2025
- Business
- Time of India
Freeze order escalates: Sebi locks Mehul Choksi's accounts to recover Rs 2.1 crore; insider trading case triggered crackdown
In a bid to enforce a penalty issued over insider trading violations, Sebi has initiated recovery proceedings against fugitive businessman Mehul Choksi by freezing his financial assets, including bank, demat, and mutual fund accounts. The markets regulator issued attachment instructions on June 4 after Choksi failed to clear dues worth Rs 2.1 crore, despite a demand notice served on May 15. The dues stem from a January 2022 Sebi order that found Choksi guilty of sharing unpublished price-sensitive information in connection with trading in Gitanjali Gems shares. According to PTI, Choksi had been warned of asset seizure if the amount wasn't paid within 15 days. The outstanding sum includes a Rs 1.5 crore fine and Rs 60 lakh in interest. Choksi, who was then the chairman, managing director, and part of the promoter group of Gitanjali Gems, is currently facing extradition proceedings after being arrested in Belgium earlier this year. He had been residing in Antigua since fleeing India in 2018 following the Punjab National Bank (PNB) loan fraud, which allegedly involved over Rs 14,000 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Nirav Modi, his nephew, is also a key accused in the case and is jailed in the UK. Sebi's attachment order directed banks, depositories CDSL and NSDL, and mutual funds to prohibit any debits from Choksi's accounts, while allowing credits. Lockers and all associated accounts have also been brought under attachment. The regulator said it acted to prevent any delay or obstruction in realising the dues. In its earlier order, Sebi had found that Choksi passed sensitive company information to Rakesh Girdharlal Gajera, who offloaded his 5.75% stake in Gitanjali Gems in December 2017 to avoid losses ahead of the public fallout from fraudulent letters of undertaking (LoUs) issued by Gitanjali Group-linked entities. 'Noticee no. 1 (Choksi) was found to have communicated UPSI to Noticee no. 2 (Gajera) without any underlying legal obligation or any legitimate purpose,' the Sebi order stated. The regulator had barred Choksi from the securities market for one year and declared that both he and Gajera had violated insider trading norms under the Prohibition of Insider Trading (PIT) rules. In a separate matter, Sebi had also issued a notice in May 2023 directing Choksi to pay Rs 5.35 crore over fraudulent trading practices involving Gitanjali Gems. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
28-05-2025
- Time of India
25L ‘supari' put on friend over affair with wife
Surat: Police have cracked the case pertaining to yarn trader Sanjay Padshala, who was shot in the back on May 23. Sleuths of Godadara police and detection of crime branch (DCB) checked footage from 800 cameras to track down a person who was allegedly involved, Haresh Gajera, who revealed the plot to police. Gajera said Padshala had had an affair with the wife of his friend, Bhupat Dhaduk. Dhaduk paid Gajera Rs 25 lakh to arrange the contract killing (supari killing) of Padshala. Padshala was shot on the morning of May 23 when he was near the bridge at Parvat village. The bullet lodged in his back and he underwent surgery to remove it. During their investigation, police noticed a suspect on a motorcycle in several key bits of CCTV footage. This person was traced back to an apartment at Shivam Residency in Kamrej, which was found to belong to Haresh Gajera. Police arrested Gajera, who spilled the beans on the conspiracy. "Three months ago, Dhaduk had told Gajera that Padshala had been a good friend but betrayed him and had an 18-month affair with Dhaduk's wife. Dhaduk told Gajera to kill Padshala at any cost and Gajera took Rs 25 lakh for the killing. Gajera contacted Ravi Pradhan, who used to work as a driver at his embroidery unit a few years ago. Pradhan demanded Rs 20 lakh for the killing and took Rs 1 lakh in advance from Gajera. Pradhan then called three contract killers, who stayed at Gajera's flat in Kamrej on May 15. After conducting reconnaissance for a few days, one of them finally shot Padshala," the investigating officer said. After the shooting, Ravi called Gajera on May 24 and demanded the remaining Rs 19 lakh. Gajera met Ravi near Kharwasa Bridge and handed over the money. "The prime accused, Dhaduk, left his home after the shooting and is still at large. Ravi Pradhan has also left Surat with his family. We are yet to arrest three others — the shooter and his two aides," an officer said.
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Business Standard
19-05-2025
- Business
- Business Standard
Sebi orders Mehul Choksi to pay ₹2.1 crore for insider trading breach
India's market regulator, the Securities and Exchange Board of India (Sebi), has issued a notice to Mehul Choksi, asking him to pay ₹2.1 crore for violating insider trading rules related to Gitanjali Gems Ltd, according to a PTI report. Sebi warned that if the amount is not paid within 15 days, it will initiate proceedings to seize his properties and bank accounts. The notice, dated 15 May, includes a penalty of ₹1.5 crore and interest of ₹60 lakh. Sebi stated that if Choksi fails to comply, the recovery will be made by attaching and selling his movable and immovable assets. His bank accounts may also be frozen, and he could face arrest. This action follows Choksi's failure to pay a fine imposed in January 2022. The PNB scam Choksi, who was chairman, managing director, and promoter of Gitanjali Gems, is also the maternal uncle of Nirav Modi. Both men are accused of defrauding Punjab National Bank (PNB) of over ₹14,000 crore. They fled India after the scam came to light in early 2018. Choksi has been living in Antigua since 2018. Last year, he travelled to Belgium citing medical treatment. He was arrested there last month following an extradition request from Indian authorities. Nirav Modi was arrested by Scotland Yard in March 2019 and remains in custody in the UK. Insider trading case In its January 2022 order, Sebi found that Choksi had passed on confidential company information—classified as Unpublished Price Sensitive Information (UPSI)—to Rakesh Girdharlal Gajera. Gajera subsequently sold his 5.75 per cent stake in Gitanjali Gems in December 2017, just before news about fraudulent Letters of Undertaking (LoUs) became public. These LoUs were fraudulently issued for companies under the Gitanjali Group, including Gitanjali Gems Ltd. 'Noticee No. 1, Choksi, was found to have communicated UPSI to Noticee No. 2 (Gajera) without any underlying legal obligation or legitimate purpose,' Sebi said in its final order. Sebi concluded that both Choksi and Gajera violated the Prohibition of Insider Trading (PIT) regulations. This is not the first time Sebi has taken action against Choksi. In May 2023, the regulator issued a separate notice demanding ₹5.35 crore for alleged fraudulent trading in Gitanjali Gems shares. Another fraud case and non-bailable warrant Separately, earlier this month, a Mumbai court issued a non-bailable warrant against Choksi in a 2022 bank fraud case, where he and others are accused of defrauding a consortium of banks—Canara Bank and Bank of Maharashtra—of ₹55.27 crore. The Central Bureau of Investigation (CBI) registered a case in July 2022 after a complaint from a senior Canara Bank official. The case involves Bezel Jewellery (India) Private Limited, where Choksi and three others served as directors. They allegedly conducted fake transactions and defaulted on repayments, diverting and misusing funds.
