Fugitive diamantaire and one of the prime accused in £1.36 billion Punjab National Bank scam Mehul Choksi blocked another move of the Indian Government to extradite him from Antigua. Sources within the Enforcement Directorate (ED) said that Choksi moved High Court of Antigua and Barbuda objecting to the country's prime minister's discretionary powers to extradite him. India has requested Antigua and Barbuda to extradite Choksi. Choksi has claimed that Antiguan PM's discreationary powers are limited and if they are used to extradite him to India, it will be contradictory to Caribbean country's democratic framework. Choksi became a citizen of Antigua by way of investment in January 2018. He had applied for the citizenship in November 2017, two months earlier than when the case was lodged against him and Nirav Modi. Choksi stated in his affidavit with the Antiguan High Court that the government had no right to extradite him as he had legally fulfilled all conditions for citizenship. Choksi fled India on January 4, 2018, as agencies closed-in on him. Interpol has already issued a Red Corner Notice against Choksi.
Tata Sons becomes largest owner of AirAsia India
Tata Sons became the largest shareholder of AirAsia with a 51 per cent equity interest after R Venkataramanan, managing trustee of Tata Trusts, and S Ramadorai, former CEO of TCS, have exited budget carrier by selling their shares to the parent company of Tata group. The remaining 49% is held by Malaysia’s AirAsia. Venkataramanan, who recently announced his departure from Tata Trusts, and Ramadorai held 1.5% and 0.5% stakes respectively in AirAsia India. Last year, Venkataramanan was named in a CBI investigation for trying to manipulate government policies to get an international licence for AirAsia India allegedly through corrupt means. The changes in the shareholding structure are believed to be a function of the central investigative action and financial irregularity allegations against the airline. Additionally, AirAsia India has been hit by losses and employee exits. Tata Sons chairman N Chandrasekaran has asked Malaysian partner AirAsia to come out with a turnaround plan with regard to route networks, airport slots, cost efficiencies and financial returns.
Indra Nooyi joins Amazon board
Indra Nooyi, the India-born former CEO of PepsiCo, has joined Amazon’s board of directors, the online retail giant has said. Nooyi, who stepped down as CEO of Pepsico in October last year, is the second woman of colour to be added on the Amazon’s board of directors. Early this month, Starbucks executive Rosalind Brewer joined the Amazon board. “We’re thrilled to have elected two new members to our Board of Directors this month. Welcome, Roz Brewer and Indra Nooyi,” Amazon said in a statement. Nooyi will be a member of the audit committee. She was Pepsico CEO from October 2006 to October 2018, where she also served as the Chairman of its board of directors from May 2007 to February 2019.
Reliance Capital invites Nippon Life to buy out its stake in MF
Reliance Capital has invited Nippon Life to make an offer to acquire up to 42.88% held by Reliance Capital in Reliance Nippon Life Asset Management, the mutual fund (MF) business of the Anil Ambani Group. According to a stock exchange statement, the Japanese major, which manages assets worth more than $700 billion globally, already holds 42.88% stake in the entity. About 14% of the stake is held by the public. While it could not be independently ascertained if Nippon Life is currently interested in increasing its stake in the Indian fund house, an open offer would be triggered if the proposed transaction goes through. If the transaction goes through, then the entity would also become the largest wholly foreign-owned mutual fund house in India. The development comes amidst various attempts by Ambani to reduce the huge overall debt of his business group, which is facing cases at the Supreme Court and the National Company Law Tribunal (NCLT).
Aramco in talks with RIL to set up refinery
Saudi Aramco is in talks with Reliance Industries Ltd for investing in petrochemicals and refinery projects in India, even as the $44-billion mega-refinery project proposed to be built at Ratnagiri in Maharashtra, in which the world’s largest oil exporter has a substantial stake, has tripped on land hurdle. “There is a lot of growth potential. We are looking at additional (besides the Ratnagiri refinery) investments in India. We are in discussions with other companies as well, including Reliance Industries,” company CEO Amin Al-Nasser, who was in India as part of the delegation accompanying Crown Prince Mohammed bin Salman, told reporters. Saudi Aramco along with UAE's ADNOC last year agreed to take a 50% stake in the refinery and petrochemicals project, proposed with an annual capacity to refine 60 million tonne of crude, being promoted by a consortium of India’s state-run refiners led by IndianOil Corporation. Land for the project has been hard to come by due to opposition from the local population and Shiv Sena.
