Yes Bank general counsel Sanjay Nambiar resigns
Mumbai: Sanjay Nambiar, the group general counsel of Yes Bank, has resigned and is currently serving his gardening leave. Yes Bank, under its erstwhile management, has been part of a long-drawn investigation by the Enforcement Directorate (ED) into a loan fraud case involving firms linked to Anil Ambani."It is true that Sanjay Nambiar has resigned," an official spokesperson for the lender confirmed Thursday in an emailed response to ET's specific queries.
Nambiar, who was general counsel at Yes Bank for nearly 15 years, had previously worked at ICICI Bank for over four years, as per his LinkedIn profile.According to the ED, preliminary investigations showed that loans worth around ₹3,000 crore, sanctioned by Yes Bank between 2017 and 2019, were allegedly diverted to shell firms and other group entities.
One key aspect of the ED probe involves loans sanctioned by Yes Bank, Canara Bank and Bank of Baroda to various ADAG group entities, and a related ₹2,850-crore investment made by Reliance Mutual Fund in Yes Bank's AT-1 bonds.
The ED suspects these transactions may have involved quid pro quo arrangements.The AT-1 bonds considered quasi-equity in nature, were written off by the RBI after Mint Road had ordered the board of the private lender be superseded in March 2020. A consortium of lenders then bailed out Yes Bank from the brink of collapse.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
37 minutes ago
- Business Standard
First Australian-made rocket crashes 14 seconds after lift-off attempt
The first Australian-made rocket to attempt to reach orbit from the country's soil crashed after 14 seconds of flight on Wednesday. The rocket Eris, launched by Gilmour Space Technologies, was the first Australian-designed and manufactured orbital launch vehicle to lift off from the country and was designed to carry small satellites to orbit. It launched Wednesday morning local time in a test flight from a spaceport near the small town of Bowen in the north of Queensland state. In videos published by Australian news outlets, the 23-meter (75-foot) rocket appeared to clear the launch tower and hovered in the air before falling out of sight. Plumes of smoke were seen rising above the site. No injuries were reported. The company hailed the launch as a success in a statement posted to Facebook. A spokesperson said all four hybrid-propelled engines ignited and the maiden flight included 23 seconds of engine burn time and 14 seconds of flight. Gilmour Space Technologies had planned previous launches of the rocket, in May and earlier this month, but called off those operations because of technical issues and bad weather. CEO Adam Gilmour said in a statement he was pleased the rocket got off the launchpad. Of course I would have liked more flight time but happy with this, he wrote on LinkedIn. Gilmour said in February that it was almost unheard of for a private rocket company to successfully launch to orbit on its first attempt. The firm had earlier said it would consider the launch a success if the rocket left the ground. The launch site infrastructure remained intact, the statement said. Mayor Ry Collins of the local Whitsunday Regional Council said the completed launch was a huge achievement even though the vehicle didn't reach orbit. This is an important first step towards the giant leap of a future commercial space industry right here in our region, he wrote on Facebook. Gilmour Space Technologies has private funders and was awarded a 5 million Australian dollar ($3.2 million) grant this month from the country's federal government for the development of the Eris rocket. It followed the firm's 52 million Australian dollar grant agreement with the government in 2023 to advance the development and commercialization of new space technologies in Australia. The country has been the site of hundreds of suborbital vehicle launches but there have only been two successful launches to orbit from Australia before, according to the aerospace news platform NASASpaceFlight. The maiden Eris test flight was the first orbital launch attempt from Australia in more than 50 years.
&w=3840&q=100)
Business Standard
37 minutes ago
- Business Standard
ED flags ₹131 crore sand mining scam to Bihar govt, seeks fresh FIR
The Enforcement Directorate has written to the Bihar government flagging an alleged over ₹131 crore worth sand mining scam in Banka district of the state that has potential links to certain politicians and their associates, official sources said. The federal probe agency's communication was sent a few weeks back and it came in the backdrop of a 2023 'Lok Adalat' (alternate dispute redressal platform) proceeding during which the alleged criminal offence was "compounded" and the accused were let off with a monetary penalty, the sources told PTI. The case began with the Banka police filing as many as seven criminal FIRs between 2017 and 2018 against a company named Mahadev Enclave and its promoters to probe the alleged illegal sand mining in the district. The police had pressed multiple IPC sections related to cheating, forgery and theft apart from sections of the Mines and Minerals Development and Regulation Act, Bihar Minerals (Concession, Prevention of Illegal Mining, Transportation and Storage) Rules and Environment Protection Act in its complaint. The company was the sole licence holder in the said district to excavate sand from 28 river banks between 2015 and 2021, according to mining department officials. The police investigated the case, recorded statements of various persons and filed chargesheets in all the seven cases before a local court naming the company and its director Manoj Kumar Pachisia as accused, they said. However, the sources said, as there was a delay in the court proceedings, the case was taken before the 'Lok Adalat' for compounding and the accused were let off after they were slapped with a penalty amount in February 2023, the sources said. The company or its promoters could not be contacted for a comment on these charges made against them. The ED had filed a case under the Prevention of Money Laundering Act (PMLA) on the basis of these police chargesheets and had collected some "evidence" and recorded statements of various persons under the PMLA, including that of the Banka mining development officer. However, the compounding of the original criminal case tied the hands of the ED as under the anti-money laundering law, the agency requires a predicate offence to prosecute the accused. Sources privy to the development said the ED recently wrote to the Mines and Geology department of the Bihar government under section 66(2) of the PMLA that allows it to share information and evidence with a law enforcement agency regarding violation of a criminal law. The agency, in the communication, is understood to have furnished a geospatial report prepared by the Indian Institute of Technology (IIT) Patna (undertaken on ED's request) to the Bihar government which found that 11.99 crore cubic metres of the sand was "illegally" excavated from the district by the accused company between 2016 and 2021. Experts of the IIT used remote sensing and similar techniques to prepare the report in about two months time and it was also reported that alleged illegal sand mining was done beyond the lease areas, according to the sources. The ED has said in its letter that as per mining department's rates, this alleged illegal excavation of sand led to the loss of about Rs 131,43,20,058 in revenue to the state government, the sources said. The agency has sought filing of a fresh FIR by the state police under various sections of the IPC/BNS related to cheating, forgery, criminal conspiracy and relevant mining and environment laws so that the accused could be prosecuted under the relevant criminal laws. Sources said a money trail analysis of the accused and others linked to them indicate potential involvement of certain politicians. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
New Indian Express
an hour ago
- New Indian Express
ED flags Rs 131 crore mining 'scam' to Bihar government; seeks fresh FIR
The police investigated the case, recorded statements of various persons and filed chargesheets in all the seven cases before a local court naming the company and its director Manoj Kumar Pachisia as accused, they said. However, the sources said, as there was a delay in the court proceedings, the case was taken before the 'Lok Adalat' for compounding and the accused were let off after they were slapped with a penalty amount in February 2023, the sources said. The company or its promoters could not be contacted for a comment on these charges made against them. The ED had filed a case under the Prevention of Money Laundering Act (PMLA) on the basis of these police chargesheets and had collected some "evidence" and recorded statements of various persons under the PMLA, including that of the Banka mining development officer. However, the compounding of the original criminal case tied the hands of the ED as under the anti-money laundering law, the agency requires a predicate offence to prosecute the accused. Sources privy to the development said the ED recently wrote to the Mines and Geology department of the Bihar government under section 66(2) of the PMLA that allows it to share information and evidence with a law enforcement agency regarding violation of a criminal law. The agency, in the communication, is understood to have furnished a geospatial report prepared by the Indian Institute of Technology (IIT) Patna (undertaken on ED's request) to the Bihar government which found that 11. 99 crore cubic metres of the sand was "illegally" excavated from the district by the accused company between 2016 and 2021. Experts of the IIT used remote sensing and similar techniques to prepare the report in about two months time and it was also reported that alleged illegal sand mining was done beyond the lease areas, according to the sources. The ED has said in its letter that as per mining department's rates, this alleged illegal excavation of sand led to the loss of about Rs 131,43,20,058 in revenue to the state government, the sources said. The agency has sought filing of a fresh FIR by the state police under various sections of the IPC/BNS related to cheating, forgery, criminal conspiracy and relevant mining and environment laws so that the accused could be prosecuted under the relevant criminal laws. Sources said a money trail analysis of the accused and others linked to them indicate potential involvement of certain politicians.
