Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

NCLT orders liquidation of Firestar Diamond International

05 march 2020

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      Image credit: Gerd Altmann (Pixabay)

The National Company Law Tribunal, Mumbai Bench (NCLT) has ordered the liquidation of absconding diamantaire Nirav Modi’s group company, Firestar Diamond International Pvt. Ltd. 
Nirav Modi, along with his uncle Mehul Choksi and others are accused of masterminding one of the biggest banking frauds, which was first admitted by Punjab National Bank (PNB) in February 2018, followed by other public sector banks. 
This is said to be the first-ever liquidation order for any company embroiled in the fraud schemed by the Modi-Choksi duo before they fled the country. The beleaguered company had insufficient assets to repay the amounts due to the creditors and no resolution plan was possible which could enable the company to clear all its debts.
A consortium of banks including PNB, Oriental Bank of Commerce, Bank of India, Bank of Baroda, Bank of Maharashtra, UCO Bank, Corporation Bank, United Bank of India, have been frantically trying to recover their dues from the duo in different cases.
Incidentally, the National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the Government of India.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished