Finance Minister Nirmala Sitharaman said on Thursday that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are coming to India and they will have to face the law here. The government is taking action on the extradition of Mallya and Nirav Modi from Britain, while Choksi is in Antigua. Explain that Nirav Modi and Choksi have accused of fraud of Rs 14,500 crore in Punjab National Bank (PNB). At the same time, Vijay Mallya is accused of loan default of Rs 9,000 crores of banks.
Sitharaman, while replying to the debate on the Insurance Amendment Bill in the Rajya Sabha, said that Vijay Mallya, Nirav Modi, Mehul Choksi are coming back to India to face the law. Mallya has been in the UK since March 2016, accused in the Rs 9,000-crore bank loan default case involving the closed Kingfisher Airlines.
Paving way for Nirav Modi’s extradition
Last month, the extradition of fugitive diamond trader Nirav Modi from the London court in the PNB Bank scam was cleared. For this, the court of London issued an order. Nirav Modi and his maternal uncle Choksi fled the country after committing fraud in the public sector Punjab National Bank. Modi is accused of fraud of $ 2 billion (about Rs 14,500 crore) in PNB.
Bill to increase FDI in insurance passed in Rajya Sabha
The Rajya Sabha approved the bill to increase the foreign direct investment limit in the insurance sector from the current 49 per cent to 74 per cent. Replying to the debate on the Insurance (Amendment) Bill, 2021, Finance Minister Nirmala Sitharaman said that the arrival of foreign investment will help in increasing the penetration of insurance in the country.
According to the bill, the majority of the directors in the board and the key management person will be resident Indians. At least 50 percent of these directors are independent directors. In 2015, when the government raised the FDI cap in the insurance sector from 26 per cent to 49 per cent.
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