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PNB holds Gitanjali responsible for Rs 1.3K cr fraud; appoints forensic auditor (Lead)
Mumbai, March 1 (IANS) The recently announced escalation in the Punjab National Bank (PNB) fraud amount by Rs 1,300 crore is attributable to Nirav Modi’s uncle Mehul Choksi-owned Gitanjali Gems, the bank said in a clarification on Thursday.
In another clarification, the bank said it had assigned forensic audit to BDO India, the Indian arm of US-based firm to look into details of five companies involving Modi.
In a note to the stock exchanges, PNB said the latest fraud of Rs 1,300 crore was committed on March 2, 2017.
With this, Gitanjali’s amount of fraud goes up to Rs 6,186.72 crore in the total kitty of Rs 12,600 crore. The rest of the amount is attributed to the Nirav Modi group.
“Issuance of FLC (Foreign Letters of Credit) is a contingent liability and may fall upon Bank in case of non-payment by opener of FLC. However we have adequate assets/capital to meet any liability which may be crystallised on us as per law of land,” the bank said.
The bank reiterated that the fraud has already been reported to regulatory authorities. “The announcement made to the Exchanges is about possibility of increase in amount of fraud.”
Regarding bids for the forensic audit, the bank said that bid from BDO India LLP was Ll and after negotiations with them, the company had been appointed as Forensic Auditor for five group companies of Nirav Modi on February 2, 2018.
Headquartered in Belgium, Binder Dijker Otte or BDO is an international network of public accounting, tax, consulting and business advisory firms which deals with professional services under the name of BDO. BDO has member firms in 162 countries.
The bank also clarified through a tweet on Thursday, that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis.
“There have been reports in a section of media that Reserve Bank of India has not conducted any audit at Punjab National Bank Brady House, Mumbai branch since 2009. It may be clarified that RBI does risk-based supervision of the bank on annual basis.” the bank said through its twitter handle.
In another regulatory filing on Thursday PNB Ungam Venkata Prabhakar had assumed the charge as Executive Director of the bank on March 1, 2018.
It also added Ram S. Sangapure has demitted the office of Executive Director on February 28, 2018 after attaining the age of superannuation.
Shares of PNB closed Rs 101 per share on Thursday at the BSE, down 0.35 per cent from its previous close.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.