The FIR states that PMC Bank officials, along with HDIL directors, had caused the loss by not declaring NPAs even though there was no repayment of dues between 2008 and August 2019.

MUMBAI: The Economic Offence Wing (EOW), Mumbai, on Monday said it has registered a First Information Report (FIR) against the Punjab and Maharashtra Co-Operative Bank’s (PMC Bank) former managing director, the chairman, as well as the bank’s major borrower Housing Development and Infrastructure Limited (HDIL) for alleged fraud and irregularities.

Mumbai Police said as per the Reserve Bank of India’s directives, PMC Bank’s administrator Jasbir Singh Matta filed the complaint against ex-managing director Joy Thomas, chairman Waryam Singh and other bank officials for not declaring big loan accounts and Non-Performing Assets (NPA), and prima facie causing a loss of Rs 4,355.46 crore to the bank.

The FIR states that PMC Bank officials, along with HDIL directors, had caused the loss by not declaring NPAs even though there was no repayment of dues between 2008 and August 2019.

The information was hidden from the RBI with false and forged report of accounts with small loans and fake accounts leading to the loss, it said.

“The aforesaid persons (PMC Bank officials as well directors of HDIL, Wadhawans) colluded with criminal intent and conspired to use the loan amount for their own benefit by cheating the bank. Hence, EOW has filed the FIR under Sections 409, 420, 465, 466, 471 and 120(B). A special team has been formed to investigate the case,” a Mumbai Police statement said.

While Thomas last week said he was not aware of how the large exposure and NPAs were hidden, he admitted to wrongdoings to hide the NPAs in the letter to RBI last week.

The letter, now in public domain, shows him admitting that some of the large accounts were not reported to RBI from 2008 due to fear of reputational risk. In 2011, loans to HDIL at Rs 1,026 crore was more than half of the total advances of Rs 2,000 crore, he said.

When RBI started asking for indent for Advances master 2017 onwards, Thomas said the “stressed legacy accounts belonging to this group were replaced with dummy accounts to match the outstanding balances in the balance sheet. As the loans were mentioned as loans against deposits and were of lower amounts they were never checked by RBI.”

Meanwhile, Prime Minister Narendra Modi spoke to chief minister Nitish Kumar over the catastrophe and took stock of the emergent situation on Monday night.

PATNA: Though rainfalls have somewhat remained disciplined from Monday evening to Tuesday morning, the death toll touched 43 with three more deaths reported from other parts of state.

Seven deaths from Kaimur, six each from Gaya and Bhagalpur and four from Nalanda, besides other 9 affected districts have been reported.

Meanwhile, Prime Minister Narendra Modi spoke to chief minister Nitish Kumar over the catastrophe and took stock of the emergent situation on Monday night.

An official said that the PM assured the CM of all helps to check the flood-related miseries.

Later, the PM in a tweet said that all agencies of administration have been working with full strength to assist the affected people.

The choppers of IAF, pressed into relief and rescue operations over Patna, dropped more than 40,000 packets and has taken four to five sorties since Monday.

Chief secretary Deepak Kumar and Principal secretary of disaster management department Pratyaya Amrit along with entire state bureaucracy and police administration are on their toes to tackle the menace that emerged due to rainfalls of over 350 ml.

“We are taking all-out efforts to tide over the problem and will overcome it soon”, said Prataya Amrit.

Official sources added that 14 districts have so far been badly affected with heavy to very heavy rainfalls in addition to Patna, wherein 20 colonies are submerged, Rajendranagar and Kankerbagh being the worst rain hit.

Meanwhile, breaches have been reported from different places including one in Jehanabad Daraundha river.

On Tuesday, disaster management department claimed to have made arrangements to provide 2 lakh drinking water across the waterlogged areas.

The number of community kitchens has also been increased from 219 to 226.

The 72-feet tall statue of Mahatma Gandhi in Patna Gandhi Maidan, made of bronze at cost of Rs 35 crores, is the world’s tallest statue of Mahatma Gandhi.

PATNA: Amid waterlogging crisis due to incessant rains, the state government has decided to celebrate Gandhi Jayanti at the world’s tallest statue of Bapu, installed at Patna Gandhi Maidan.

An official communique issued on Monday confirmed this and stated that Gandhi Jayanti ceremony stands as per its schedule without any alteration.

The 72-feet tall statue of Mahatma Gandhi in Patna Gandhi Maidan, made of bronze at cost of Rs 35 crores, is the world’s tallest statue of Gandhi.

Sculpted by famous artist Ram Sutar, the statue was unveiled by Chief Minister Nitish Kumar on February 15 in 2013. 

On the 24-feet high pedestals of this statue, details on Gandhi’s’ Dandi March, Quit India Movement, Champaran Satyagraha and popularity of Charkha (spinning wheel) have been inscribed.

Gandhi maidan, where the statue is installed, has witnessed several political movements including the Jayaprakash Narayan movement.

Mahatma Gandhi had also addressed a huge gathering at this maidan during his Bihar visit at the time of Champaran satyagraha.

It was named by the Britishers as Patna Lawn but got renamed as Gandhi Maidan in 1948.

At least 953 wealthiest individuals have shed Rs 3,72,800 crore, a depletion of 7 per cent of the total wealth in 2019.

NEW DELHI: While a lot has been talked about the shrinking rural growth, the slowing economy has taken a toll on India’s richest men and women too. Interestingly, however, the combined wealth of top 25 richest people equalled 10 per cent of India’s GDP (gross domestic product).

Mukesh Ambani continues to be the richest Indian with a wealth of Rs 3,80,700 crore; that is, 2.6 times the revenue foregone by the Central government as it cut corporate income taxes to their lowest level weeks ago.

However, at least 953 wealthiest individuals in India have shed Rs 3,72,800 crore; this is a depletion of 7 per cent of the total wealth in 2019 as compared to that in the year-ago period. In fact, if we include the new wealth added this year, the average wealth shows a decline of 11 per cent during the same period.

According to the IIFL Wealth Hurun India Rich List 2019, at least 344 individuals, or more than a third of this year’s list, witnessed wealth reduction and another 112 failed to meet the cut-off of Rs 1,000 crore – that is almost half of last year’s list. 

For instance, billionaire Dilip Shanghvi has seen 20 per cent drop in his wealth to Rs 71,500 crore. Since 2016, Dilip Shanghvi has lost Rs 50,000 core in net-worth and slipped to the tenth place in 2019 from second in 2016.

Steel magnate Lakshmi N Mittal, who runs ArcelorMittal, is the fourth richest with a wealth of Rs 1.07 lakh crore but saw his net worth erode by 6 per cent in sync with the stress in the metal sector. 

Among the players who crashed out of the richest list is Anil Ambani. The equity value of Ambani’s listed business empire has declined to Rs 2,000 crore. If one were to exclude the pledged shares, the equity value is at Rs 584 crore.

IMD Hyderabad issued heavy rain warning in isolated places of all coastal districts in State

VIJAYAWADA: The Indian Meteorological Department (IMD) Hyderabad issued a heavy rain warning in isolated places of all the coastal districts in the State for the next 24 hours.On Wednesday, moderate to heavy rain took place across Krishna district, with Avanigadda Mandal receiving maximum rainfall of 50.5 mm. With the influence of cyclonic circulation of winds in the Bay of Bengal region, moderate to heavy rain have been taking place across the coastal region.

Moderate rain-lashed Vijayawada city and many parts of the Krishna district on Wednesday, with an average of 30 mm rainfall. Vijayawada received continuous rainfall with over 35 mm recorded in the morning hours. The incessant rainfall resulted in the roads getting inundated and the drains getting overflowed.

Areas of Prakasam Road, Governorpet, Seetharampuram and Siddhartha Nagar were submerged with rainwater and drain water. This resulted in traffic snarls as well. On Wednesday, maximum rainfall of about four to five cm was recorded in many places across Krishna district.

The State Disaster Management Authority also issued warning for the fishermen to stay away from the coast as gusty winds, in the range of 45 to 50 mph, continued. The rain is most likely to continue in the next 24 to 48 hours, across the district.

SDMA issues warning for fishermen
Moderate rain lashed Vijayawada city and many parts of the Krishna district on Wednesday, with an average of 30 mm rainfall. Avanigadda mandal received maximum rainfall, at  50.5 mm. The State Disaster Management Authority (SDMA) also issued warning for the fishermen to stay away from the coast as gusty winds, in the range of 45 to 50 km h, continued. The rain is most likely to continue in the next 24 to 48 hours, across Krishna district

More than 500 people from various water-logged areas were also shifted to safer places following heavy rains in Pune on Wednesday night, a fire brigade official said

PUNE

At least 12 people were killed in various incidents of flooding and wall collapse after heavy rains battered Maharashtra’s Pune district, officials said on Thursday. Condoling the deaths, Chief Minister Devendra Fadnavis today said that state government was closely monitoring the situation. 

Nearly 10,500 people from several water-logged areas were shifted to safer places so far following heavy showers in the district on  Wednesday, officials said.

Mr Fadnavis said he was pained to know about the loss of lives due to heavy rains in Pune. 

Pained to know about the loss of lives in and around Pune due to heavy rains.
My deepest condolences to the families. We are providing all possible assistance needed.

The chief minister said teams of the National Disaster Response Force (NDRF) were deployed in the city and Baramati tehsil, and all necessary assistance was being provided in the affected areas. Schools and colleges in various tehsils of Pune declared a holiday on Thursday in view of the deluge.

Five people sleeping at a dargah in Khed-Shivapur village, located on the Mumbai-Bengaluru National Highway, were washed away after the heavy downpour, senior police official Sandip Patil said, adding that two persons from Purandar area were reported missing.

Besides, five people, including a nine-year-old boy, were killed in incidents of wall collapse in the flooded Arneshwar area, chief fire officer Prashant Ranpise said. 

Over 10,500 people from various water-logged areas were shifted to safer places in Pune

“Over 10,000 people from low-lying areas in Baramati were shifted to safer places after water was released from Nazare dam, built on the Karha river near Jejuri,” Mr Patil said.

Besides, more than 500 people stranded in low-lying areas of the city were also rescued, Mr Ranpise said. 

“Rain stopped on Thursday morning, but many houses and residential societies in low-lying areas were still inundated. There were several reports of wall collapse and uprooting of trees in those places,” another fire official said. 

Mr Fadnavis also said that 2 NDRF teams were deployed in Pune and 2 in Baramati. 

2 NDRF teams are deployed in Pune & 2 in Baramati.
One more NDRF team is on way to Baramati.
State Government is also closely monitoring the dam discharge

“Rain stopped on Thursday morning, but many houses and residential societies in low-lying areas were still inundated. There were several reports of wall collapse and uprooting of trees in those places,” another fire brigade official said.

A number of low-lying areas in and around Pune were flooded after heavy showers lashed the city on Wednesday.

Water-logging was reported in Sinhgad Road, Dhanakwadi, Balajinagar, Ambegaon, Sahakar Nagar, Parvati, Kolhewadi and Kirkatwadi, Mr Ranpise said.

Pune district collector Naval Kishore Ram has declared a holiday in schools and colleges of Pune city, Purandar, Baramati, Bhor and Haveli Tehsils for Thursday.

Petrol, diesel prices today: Currently, domestic prices of petrol and diesel are reviewed by oil marketing companies on a daily basis

Petrol, diesel price today: Petrol and diesel rates were Rs. 74.19 per litre Rs. 67.14 per litre in Delhi

Petrol and diesel prices were hiked on Thursday after a pause the previous day. With effect from 6 am on September 26, the price of petrol was Rs. 74.19 per litre in Delhi and Rs. 79.85 per litre in Mumbai, according to notifications from Indian Oil Corporation. The rates of diesel were Rs. 67.14 per litre in Delhi and Rs. 70.44 per litre in Mumbai. Oil marketing companies, including state-run Indian Oil, had kept the domestic fuel prices unchanged on Wednesday Thursday’s prices of petrol in marked a hike of 6 paise per litre in each of the four metros. The rates of diesel were up by 7 paise per litre compared with Wednesday’s rates.

In Kolkata, the prices of petrol and diesel were Rs. 76.88 per litre and Rs. 69.56 per litre respectively. In Chennai, the rate of petrol was Rs. 77.12 per litre and that of diesel stood at Rs. 70.98 per litre.

Currently, domestic prices of petrol and diesel are reviewed by oil marketing companies on a daily basis. Any revisions to bring the domestic rates in line with crude oil prices overseas by taking into account factors such as the rupee-dollar foreign exchange rate are effected at the fuel stations at 6 am.

The rupee edged higher to move in a range of 70.85-71.01 against the dollar on Thursday, a after it settled at 71.04 against the greenback.

Crude oil prices fell more than 1 per cent on Wednesday, declining for a second consecutive day, after US stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery of its oil production.

Brent crude futures – the international benchmark for crude oil – settled at $62.39 a barrel, down 1.1 per cent compared with the previous close

The rupee has dropped 1.8 per cent against the dollar so far this year.

Mohammed Umar Turay was arrested after he arrived at the Indira Gandhi International Airport to catch a flight to Melbourne today morning.

NEW DELHI

The drugs seized from the man were handed over to customs officials at the airport.

An Australian national was arrested at the Delhi airport today for allegedly carrying drugs worth Rs. 21 crore, a senior official said.

Mohammed Umar Turay was arrested after he arrived at the Indira Gandhi International Airport to catch a flight to Melbourne today morning.

Airport officials said that the traveller looked suspicious. When he was searched, 7 kilograms of amphetamine was recovered from the false bottom of his bag, they said.

The seized drugs were handed over to customs officials at the airport for further probe, he said