Academician Pokhilenko: The situation with rough diamonds in the Russian Federation will start changing for the worse as early as 2025

Nikolai Petrovich Pokhilenko, Academician of the Russian Academy of Sciences (RAS), Deputy Chairman of the Siberian Branch (SB) of the RAS, Scientific Director of the Institute of Geology and Mineralogy of the SB of the RAS, is a prominent...

11 january 2021

Ilgiz Fazulzyanov: For a creator, the quarantine is the time to work on future masterpieces

Ilgiz Fazulzyanov is a successful and internationally recognized jewellery designer. He received his academic art education in Kazan and moved to Moscow in the 1990s where he lives and works now. His brand, Ilgiz F., is well known among true connoisseurs...

04 january 2021

Botswana Diamonds keen to mine KX36 kimberlite if found commercial

Botswana Diamonds intends to mine the KX36 kimberlite, which it recently acquired from Petra Diamonds if found commercial. The high-grade KX36 kimberlite pipe is part of the three Prospecting Licenses in the Central Kalahari Game Reserve in Botswana...

28 december 2020

‘We expect to completely open the Bourse for business by Q1 of the Year 2022,’ assures Vallabhbhai Patel, Chairman, SDB

Vallabhbhai Patel, Chairman of the Surat Diamond Bourse, dreamed of building the world’s largest commercial building in Surat for the Indian diamond industry. He conceptualized the ‘Surat Diamond Bourse’ (SDB), which is set to redefine...

21 december 2020

An opportunity to show your products and occupy your niche

Recently, GOLDNET.MARKET, the first jewellery wholesale marketplace, appeared on the Russian jewellery market. Vladimir Pilyushin, one of the founders of GOLDNET.MARKET, editor-in-chief of the ‘Russkyi Yuvelir’ (Russian Jeweller) magazine...

14 december 2020

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