Chanda Kochhar Money Trail-IV: Ubiquitous Mhatre locked in Kochhar family enterprise
As one goes deeper and deeper into the concentric circle of rot left behind by the Kochhars, the revelations are confounding. La Familia was never of this magnitude and its bedrock couldn't have been open and naked cronyism to this degree. Paper trails always have a missing link. The missing link leads you to the destination, in this case helps connecting the dots.
 
In Brothers Kochhars case, the missing link is Sharad Mhatre. In hot pursuit of the paper trail of family enterprise, IANS has now found that two investment companies, Elegant Investrade Pvt Ltd and Daisy Finvest, were used by the Kochhars to further their business interests. Elegant was incorporated on January 29, 1997 by Ms Savita Naik and Mr Sidharth Jadhav for Rs 20. 
 
Sometime in 1997, it was acquired by Anand Mohan Dalwani, a resident of 6 B Prem Kutir, 177, Backbay Reclamation, Marine Drive, Mumbai-20. The same year, Banque Indo Suez (later known as Calyon Bank), one of the key lenders to Credential Finance Ltd (CFL), filed company petition No 265 of 1997 before the Bombay High Court for winding up of CFL for their failure to repay the loan and the appointment of a liquidator.
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    All cash withdrawal limits go back to pre-demonetisation era
    All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the Reserve Bank of India (RBI) last month.
     
    In a two-stage process, the weekly withdrawal limit per account had been raised to Rs 50,000, from Rs 24,000, with effect from February 20, and all limits on ATM withdrawals were slated to cease from March 13.
     
    The announcement had been made by RBI Deputy Governor R. Gandhi following the fiscal's last monetary policy review announcement by the central bank in February, when it kept its key interest rate unchanged at 6.25 per cent, saying it awaited data on the full impact of the government's demonetisation drive.
     
    On January 30, the RBI had ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts.
     
    The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes. The upper limit at ATMs was just Rs 2,500 initially and was later raised to Rs 4,500.
     
    In January, the RBI had hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.
     
    The upper limit for weekly withdrawal from bank accounts had been raised to Rs 24,000 from Rs 20,000 in November.
     
    While lifting of ATM withdrawal limits represents coming full circle for these machines in respect of demonetisation, the return to normalcy in terms of cash available in them is still awaited, indicating the slow pace of remonetisation.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    2 bankers booked for violating RBI guidelines
    The CBI has booked two Union Bank of India employees here for allegedly violating the RBI guidelines by depositing in the bank's chest over Rs 84 crore in old currency notes of three private firms, an official said on Tuesday.
     
    Deputy General Manager Ashok Kumar Dhabhai and Assistant General Manager K. Shivashankar Rao were booked along with the directors of the three jewellery firms -- Pihu Gold, Satnam Jewellers and Pushpak Bullion here.
     
    All have been booked for criminal conspiracy, cheating and forgery of Indian Penal Code, and sections of the Prevention of Corruption Act. 
     
    The directors of the firms have been identified as Rakesh Patel, Mayur Deepak Chawla and Amit Sampat. 
     
    Central Bureau of Investigation (CBI) spokesperson R.K. Gaur said two of the three private firms deposited Rs 47.45 crore and Rs 37.15 crore in their accounts with the Union Bank of India's branch in Zaveri Bazar during November 15-December 26 period. 
     
    "The firms fraudulently showed the deposits by fabricating records. The amounts were further shown as transferred to the account of a third firm which has been maintaining its NPA (Non-Performing Asset) in the same branch of the bank," Gaur said. 
     
    "The amount was later directly deposited into the currency chest of Union Bank of India in old currency notes in the guise of outright purchase (Cash Purchase) of gold from Standard Chartered Bank or other authorised bank by the third firm," he added.
     
    Gaur said the huge cash was deposited purportedly by representatives of the private firms in an alleged conspiracy with the senior officials of the bank. 
     
    "The accused persons violated the RBI guidelines issued on November 8, 2016," said the officer, adding the agency conducted searches at 12 places, including residential and office premises of accused persons, and recovered incriminating documents.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    SRINIVAS SHENOY

    3 years ago

    I hope severe action is taken against these guilty officials.

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