INDIAN government said today (8) that it is waiting for the UK to respond to its request to extradite Indian business tycoon, Nirav Modi, one of the main accused in £1.54 billion ($2bn) Punjab National Bank (PNB) fraud case.
Indian government’s response has come just a day after the British daily, Telegraph reported that the celebrity jeweller was staying in a stylish, luxury apartment in London.
India had asked the UK in August, last year to extradite Modi, 48, one of the main accused in the loan fraud at state-run PNB.
“Just because Nirav Modi has been spotted doesn’t mean he will be brought back immediately,” Raveesh Kumar, a spokesman for India’s ministry of external affairs (MEA) said.
MEA added that the Indian government was taking all steps to extradite Modi, from the UK and the British government was considering India's request to extradite the accused.
"The UK is still considering our request to extradite Nirav Modi...The government is taking all necessary steps for his extradition," MEA spokesperson added at a media briefing.
The spokesperson has also said India made the request for extradition to the British government earlier knowing that Modi was living in London.
“Request for Extradition of Nirav Modi to India was sent in July 2018 to UK. The UK Central Authority of Home Office has confirmed that the Extradition Request has been sent to the Westminster Magistrate Court for the District Judge for further proceedings,” tweeted India’s federal law enforcement and economic intelligence agency, Enforcement Directorate (ED), one of the probe agencies responsible for PNB fraud case investigation.
INDIA's Reliance Industries reported on Friday (17) a nearly 10 per cent rise in quarterly profit, driven by a recovery in its core oil-to-chemicals business and growth in its consumer-facing divisions.
The retail-to-refining giant, led by Asia's richest man Mukesh Ambani, is India’s most valuable company by market capitalisation.
The conglomerate said net profit attributable to shareholders came in at £1.7 billion for the July–September quarter, up 9.7 per cent from the same period last year. Revenue from operations rose 9.9 per cent year-on-year.
Despite its aggressive push into retail, telecoms and green energy, Reliance continues to rely on its traditional oil business for most of its profits.
The conglomerate’s oil-to-chemicals division has struggled over the last 18 months as global uncertainty upset the industry’s demand-supply dynamics. The latest quarterly figures, however, show signs of a gradual recovery.
Chairman Ambani said the petrochemicals unit had delivered robust growth despite “continued volatility in energy markets,” with fuel margins recovering over the previous year.
“I am happy with the progress we are making in our new growth engines,” he added.
Reliance’s retail and telecom arms continued to remain bright spots. Gross revenue from the retail business was up 18 per cent year-on-year, helped by festive buying and India’s recent consumption tax cuts.
The telecoms unit — which will be spun off and listed next year — posted an 8.4 per cent year-on-year rise in average revenue per user (ARPU), a key indicator of topline growth. The conglomerate attributed the rise to promotional offers rolled out for its 5G services.
Reliance Industries shares closed 1.49 per cent higher in Mumbai ahead of the earnings announcement on Friday.
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