Latest news with #RKWGroup
Yahoo
01-07-2025
- Business
- Yahoo
RKW launches sustainable PE plastic films
RKW Group has unveiled its latest innovation in sustainable packaging solutions with the introduction of new films with an integrated ethylene-vinyl alcohol (EVOH) barrier. The films, enhanced with the latest machine-direction orientation (MDO) technology, offer recyclability and sustainability across several packaging formats and industries, setting new benchmarks for flexible packaging. Consumers' growing demand and impending global regulations are driving the need for these innovative solutions. RKW Group's extended MDO-polyethylene (PE) product line, including films with an EVOH barrier, reportedly addresses these requirements, offering a recyclable alternative to traditional packaging materials. The RKW Horizon MDO-PE films, when combined with RKW ProTec sealing films, result in packaging made entirely from PE. This homogeneity makes them ideal for recycling, contrasting with conventional multi-material packages that are more challenging to process. RKW Group sales consumer packaging director Luc Hermans said: "As a manufacturer of high-quality plastic films, we are acutely aware of our responsibility. That's why we continuously develop our product portfolio of sustainable monomaterial solutions. "For example, we also offer low-SIT [seal-initiation temperature] sealing films with PCR (post-consumer recycled) content, which we can combine with MDO-PE films for various nonfood applications.' The RKW Horizon films reportedly meet stringent requirements for flexibility, durability, and aesthetics in packaging. They are engineered for better performance on standard packaging machinery, offering benefits such as tear resistance, high transparency, and superior printability. MDO-PE films cater to a wide array of packaging needs, including stand-up pouches, side gusset bags, flow packs, sachets, and lidding films. Earlier this year, RKW Group presented its film and net solutions, as well as nonwovens for the entire supply chain, from plant cultivation to packaging and transport, at the Fruit Logistica event in Berlin, Germany. "RKW launches sustainable PE plastic films" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hindustan Times
30-05-2025
- Business
- Hindustan Times
DHFL masked hundreds of crores diverted to shell firms: ED charge sheet
MUMBAI: Dewan Housing Finance Corporation Limited (DHFL) had developed a software that automatically split hundreds of crores diverted to its real estate arm through 87 shell firms into thousands of retail loans to mask the diverted amounts from banking regulators, according to the Enforcement Directorate's (ED's) charge sheet into the ₹34,614-crore bank loan fraud case linked to the company. The investigation has revealed that DHFL promoters Kapil and Dheeraj Wadhawan diverted around ₹11,548 crore from DHFL to 87 fictitious entities—known as Bandra Book firms—for business purposes and personal use. The brothers used the diverted funds to purchase 25 paintings and a sculpture worth over ₹63 crore, expensive jewellery, and a 20% stake in Pune-based Varva Aviation, among other items, the charge sheet said. The loans were sanctioned in the name of RKW Group, a company named after the initials of Kapil and Dheeraj Wadhawan's father, Rajesh Kumar Wadhawan, according to the charge sheet, a copy of which was seen by HT. While Dheeraj Wadhawan raised the fund requests, his brother Kapil approved the loans through emails without following any due procedure. A record of these transactions was maintained on an isolated computer that wasn't connected to the company's LAN network, the charge sheet said. The charge sheet named 17 people and entities, including Kapil Wadhawan, Dheeraj Wadhawan, and the RKW Group. According to the probe, Kapil Wadhawan managed DHFL's housing finance business, while Dheeraj looked after the real estate development business across Mumbai and Pune under the RKW Group. According to the charge sheet, when the Wadhawans needed funds for their real estate projects and several other personal expenses, they would send one-page letters or cryptic emails to a particular officer at DHFL. Kapil Wadhawan then approved the 'loan proposals' without following due procedure by simply replying, 'Okay, Approved.' The approved proposals were then forwarded to the concerned bank branch for money disbursal. The shell companies or Bandra Book firms were directly under the control of Kapil Wadhawan, according to the statement of Harshil Mehta, the former chief executive officer of DHFL. All the accounts of the Bandra Book firms were maintained on a single computer that was isolated and not connected with the housing finance company's LAN network, Mehta told the ED. The computer was allegedly handled by very few close associates of Kapil Wadhawan. The loans were then allegedly sanctioned as retail or home loans by bypassing all retail credit policy norms and without consulting the company's retail, property, legal or sales teams. Despite officially closing in 2004, the Bandra branch of DHFL was kept alive only because of the Wadhawan brothers' surreptitious instructions, the charge sheet said. As soon as the funds were illegally diverted to the group firms, they were then split into smaller amounts and recorded as retail or home loans for 260,000 fictitious loan accounts in the company's database management software, the charge sheet said. The software, called FOXPRO, would then automatically generate fake data of multiple small home loans—mostly using details of DHFL's earlier customers—in order to inflate the company's retail loan books for further funding. The ED's money-laundering probe against the company is based on a case registered by the Central Bureau of Investigation (CBI) on February 11, 2022. The CBI began its investigation after a consortium of 17 banks led by the Union Bank of India alleged that the DHFL promoters conspired with their associates and got the banks to sanction loans amounting to ₹42,871 crore between January 2010 and December 2019. The subsequent loan defaults allegedly resulted in losses of ₹34,615 crore to the consortium.
