The government is gearing up to introduce a new law, the ‘Fugitive Economic Offenders Bill’ in a bid to checkmate absconding corporate defaulters. In the wake of the Rs 11,400 crore scam at the PNB involving Nirav Modi, the government does not want to waste more time and wants to introduce it in the second leg of the budget session itself. In an interview to CNBC-TV18, HP Ranina, a Corporate Lawyer, and Abizer Diwanji, Partner & Leader Financial Services at EY India spoke about how the government plans to avoid such instances in the future with the new legislation.
Nearly two weeks after the Rs 11,400 crore fraud rocked Punjab National Bank (PNB), there is simply no respite for the stock. Investigating agencies are stepping on the gas, but there is still no sign of Nirav Modi or Mehul Choksi -- the alleged masterminds behind this mammoth fraud.
The government is gearing up to introduce a new law, the 'Fugitive Economic Offenders Bill' in a bid to checkmate absconding corporate defaulters. The law ministry had already approved the draft bill in September last year. However, now, Moneycontrol learns that in the wake of the Rs 11,400 crore scam at the PNB involving Nirav Modi, the government does not want to waste more time and wants to introduce it in the second leg of the budget session itself.
In an interview to CNBC-TV18, HP Ranina, a Corporate Lawyer, and Abizer Diwanji, Partner & Leader Financial Services at EY India spoke about how the government plans to avoid such instances in the future with the new legislation.
