Mehul Choksi-run Gitanjali Gems, which owes over £1.25 billion to 31 financial creditors and is a key player in the £1.40 billion PNB scam, is headed for liquidation as the committee of creditors has voted to end the resolution process citing time over-run. Choksi and his nephew diamantaire Nirav Modi are absconding after the huge financial fraud came to light in February 2018 and are facing extradition from Antigua and the UK, respectively. Together, the uncle-nephew duo have defrauded the state-run Punjab National Bank (PNB) of £1.40 billion between 2011 and 2017, using fake letters of undertaking through the bank’s Brady House branch in Mumbai. The lenders of Gitanjali Gems have rejected a resolution proposal and have voted for liquidation, citing time over-run beyond the 180 days.
Former Nissan chairman Carlos Ghosn indicted
Japanese prosecutors indicted former Nissan Motor co-chairman Carlos Ghosn on a charge of aggravated breach of trust, a Tokyo court said, bringing a fourth charge against him on the day his detention period was set to expire. Ghosn’s lawyers filed a request for bail shortly after the latest indictment, which comes after authorities arrested him on April 4 for the fourth time, on suspicion he enriched himself by a total of $5 million at Nissan's expense. Ghosn, who faces three other charges, including understating his income, has denied all allegations against him and said he is the victim of a boardroom coup. Nissan said it had filed a criminal complaint against the former chairman, saying it had determined that some of its overseas payments had been ordered by Ghosn for his personal enrichment.
'Padman' Arunachalam in Fortune's world leaders list
Real life 'Padman', Arunachalam Muruganantham, who made headlines for manufacturing low-cost sanitary napkins with his innovative cellulose-based pads, has made it to Fortune magazine's list of the top 100 world's greatest leaders. Muruganantham ranks 45 on the list, along with other world leaders like Bill and Melinda Gates, Jacinda Ardern and Robert Mueller. The magazine cites that Muruganantham's work has helped thousands of women access sanitary napkins in India, thus improving personal hygiene for women living in rural areas. According to the magazine, each of Muruganantham's machines help 3,000 women convert to sanitary pads. Moreover, each machine also provides employment opportunities for 10 women. It is not just the fact that Muruganantham's efforts have helped thousands of women experience better hygiene; it is also the freedom and the liberation that comes with it.
China’s GDP grows 6.4% in 1st quarter
China’s economy grew at a steady 6.4% pace in the first quarter, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. The upbeat readings, which included faster growth in investment, will add to optimism that China’s economy may be starting to stabilize even as Beijing and Washington appear to be edging toward a trade deal. Exports rebounded more than expected in March.
