Sebi Probe On PNB, Gitanjali Gems
New Delhi: Markets regulator Sebi has launched a probe into trading and disclosure related issues in the matter of Punjab National Bank and Gitanjali Gems in connection with over Rs 11,000 crore banking fraud allegedly perpetrated by absconding Nirav Modi.
Sebi accords utmost importance to market conduct and integrity. Anyone found violating the securities laws will be dealt with firmlyâ€, a regulatory official said.
Incidentally, in July 2013, NSE in consultation with Sebi had debarred Gitanjali Gems chief and main promoter Mehul Choksi among others from trading, for securities market violations relating to trading in his company.
The Securities and Exchange Board of India (Sebi) and stock exchanges have begun analysing the stock market trade details of all entities associated with Modi including Choksi, who has already been under scanner for various cases including a brokerage default incident.
The regulator and the exchanges are also probing Choksi and his listed entity Gitanjali Gems for disclosure lapses, including for postponement of a board meeting earlier this week without disclosing sufficient reasons. Choksi was not immediately available for comments and his phone was found to be switched off.
Gitanjali Gems shares continued to slump with a plunge of 20 per cent today. This is third straight session of decline for the stock. The stock market dealings of billionaire jeweller Modi his relative and close associate Choksi came under the scanner of Sebi and stock exchanges following PNB's declaration of over Rs 11,000-crore fraud.
Apart from Sebi and exchanges, they are being probed by CBI and Enforcement Directorate among other agencies. The state-owned bank said it had detected the fraud in which Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders. (PTI)
Liveblog Updates:
A woman was killed and four other civilians were injured in Uri in Jammu and Kashmir's Baramulla district as the Pakistan army intensified artillery fire across the Line of Control (LoC) in Kashmir, officials said, adding that a large number of houses have also been damaged in the cross-border shelling.
Reports state that a Pakistani shell struck the vehicle the woman was traveling in, resulting in her death. The woman was identified as Nargis Bashir, and some of her family members had boarded a vehicle to flee from the Razarwani village in Uri that was hit by the mortar and artillery shells from Pakistan.
In an attempt to educate and make people aware about the consequences of war amid Pakistan's continuous firing in the border states, the Delhi government did a mock drill to test air raid sirens installed at the Public Works Department (PWD) at ITO and asked people to not react out of panic.
District Magistrate (Central) G. Sudhakar also urged people to remain calm and not be alarmed when they hear the sirens.
At least twice, sirens sounded during the drill, which started at 3 pm.
PWD Minister Parvesh Verma said 40-50 more such sirens will be installed across the national capital, each of which will cover an area of 8 km.
Residents present in Rajouri along the Line of Control have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan. All drone and missile attacks were intercepted and foiled by India's air defence system.
#WATCH | J&K | Residents of Rajouri living along the LOC have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan.
— ANI (@ANI) May 9, 2025
All drone and missile attacks were intercepted by India's air defence system and foiled,… pic.twitter.com/XITK0CsejT
Pakistan has claimed that its Economic Affairs Division account on social media has been hacked and called the post where it appealed for more loans from the international community owing to losses from Operation Sindoor "fake."
In a post on X, Pakistan's Ministry of Foreign Affairs Fact Checker shared a picture of the post and mentioned that it was "fake." Additionally, it asserted that the account had undergone hacking.
A missile-like object is found deep inside the Dal Lake after loud explosions were heard on Saturday morning in Srinagar, which is a major tourist attraction. The defense ministry also confirms that Pakistan has intruded into Srinagar's airspace in a press release.
Since the early hours of Saturday morning (10th May), Srinagar has been rocked with multiple explosions, and now electricity is taken off in various places across Kashmir. The reason for this is yet to be determined, as reports indicate multiple places in Kashmir have lost power. The Indian Army released a statement after the press briefing, where they mentioned that they have attacked and neutralized multiple terrorist launchpads in a coordinated fire assault, razing them to cinders.