Nirav Modi case: PNB receives $3.25 million as part of recovery from liquidating Modi’s assets

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Punjab National Bank (PNB) received $3.25 million (Rs 24.33 crore) in the first tranche of recoveries from the liquidation of wilful defaulter Nirav Modi’s assets in an ongoing case in the United States. Further recoveries from the total liquidated amount of $11.04 million (Rs 82.66 crore) realised by the US Chapter 11 trustee will depend … Read more

Company incorporations hit 7-year high of 16,487 in July: Ministry of corporate affairs

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New Delhi: In one of the clearest signs of a pick-up in business sentiment, company incorporations touched a seven-year high of 16,487 in July, or over 530 a day, according to data from the ministry of corporate affairs. The figure was a 50% increase from a year earlier. Officials said filings for new company registrations … Read more

Injeti Srinivas appointed chairman of IFSCA

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The Appointments Committee of the Cabinet approved the appointment of Injeti Srinivas as chairman of the International Financial Services Centres Authority (IFSCA), according to an official notice on Monday. The former corporate affairs secretary and 1983-batch IAS officer of the Odisha cadre will head the IFSCA for a period of three years, the notice said. … Read more