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WINSOME DIAMONDS
NCLT admits insolvency application against Winsome Diamond’s promoter Jatin Mehta“It is noted under Section 128 of Indian Contract Act, 1872 that when a default is committed, the principal borrower and surety are jointly...- Winsome's Mehta claims $ 5 billion from De Beers, Standard Chartered & KrollIn the summer of 2013, a chain of defaults, one triggering the other, by Jatin Mehta’s companies Winsome and Forever had rattled India’s je...
- CBI books absconding diamantaire Jatin Mehta in a fresh caseBy the time the alleged fraud surfaced, Mehta had left the country and was believed to be in one of the The Caribbean islands, the sources ...
- The last Winsome link vanishes, all trails in the Rs 6,800-cr scam go coldMustafa Batliwala, key aide of group founder Jatin Mehta, is feared to have left the country.
- PNB Fraud: CBI turns heat on Winsome, summons former director R RavichandranWhile credits and guarantees to Winsome were sanctioned limits authorised by the bank, the LoU fraud was a string of clandestine deals.
- PNB Fraud: Banks for raising cover against fraud by staffBesides, tightening internal risk mechanism and vigilance, banks have to look for higher cover to guard against such fraud where employees ...
- Lenders initiate insolvency proceedings against Winsome Diamonds and JewelleryCreditors have been asked to submit claims by Feb 27. Under insolvency process, Winsome Diamonds board was suspended and the IRP vested wit...
- PNB fails to learn lessons from audits of past fraudsAccording to PNB’s complaint to the CBI, the accused bank officials fraudulently issued letters of undertakings without making entries into...
- SFIO asks Winsome Diamond Director to share vital informationWinsome Group is India’s second largest wilful defaulter after Mallya’s Kingfisher Airlines; group firm Forever owe Rs 6,800 crore to 15 ba...
- Winsome, bankers begin to lend to select gem cosIn FY17, exports of gems and jewellery from India rose by 9.85 per cent.
- ED attaches Rs 172-crore assets of Winsome DiamondsAs per data, of the total Rs 6,800 crore of debt and loans, Winsome owes Rs 4,680 crore to a consortium of lenders headed by Standard Chart...
- ED set to attach assets of India’s biggest defaulter Winsome DiamondsThe company has claimed that it was taking legal action against Gulf entities that purportedly was responsible for default of over Rs 6,500...
- Standard Chartered takes over Winsome Diamonds' assetsStandard Chartered, that lent money to Winsome Diamonds against L/Cs provided by Indian banks, has taken possession of the erring firm’s im...
- Diamond houses on alert over synthetic stones, India’s largest bank defaulter Winsome GroupSelling man-made diamonds, which are almost 30-40% cheaper than the natural ones, is a legitimate business. But what is worrying the trade ...
- Did top defaulter Winsome Group divert Rs 6,500 crore loan funds abroad?Winsome promoter Jatin Mehta told the banks that his buyers of gold in UAE had defaulted on payments, making him unable to repay the loans.
- Lenders may tag Winsome Diamonds, Forever Precious Jewellery ‘wilful defaulters’Forever Precious Jewellery is a subsidiary of Mumbai-based Winsome Diamonds and is promoted by Jatin Mehta, who no longer resides in India.
- Lenders rule out Winsome Diamonds’ Rs 4k cr loan restructureIf Winsome Diamonds goes under, lenders will bear a loss of Rs 4,000-5,000 crore because the security pledged with the banks is less than o...
- Troubled Winsome Diamonds' lenders say loan recast possibleTwo of the lenders to troubled Winsome Diamonds said they are not averse to restructure their Rs 6K-cr loans, including Rs 4K-cr LCs encash...
- Lenders form consortium to recover Rs 4000 crore SBLCs loss to WinsomeThe core group includes PNB, Bank of India, Central Bank of India and Canara Bank, according to a bank official.
- Gold crash causes collateral damage: Bullion banks invoke LCs worth Rs 4,000 cr on jeweller WinsomeInternational bullion banks likely to have invoked LCs worth more than Rs 4k cr after the jeweller Winsome failed to cough up a smaller amo...
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