Billionaire jeweller Nirav Modi is at the centre of the $2 billion PNB fraud. Photo: Aniruddha Chowdhury/MintMumbai/Bengaluru: In a new turn of events, Punjab National Bank (PNB) has objected to the expedited sale of assets in US by firms linked to Nirav Modi, who is at the centre of a $2-billion fraud at the bank. Incidentally, the companies have not mentioned PNB as one of its creditors in the bankruptcy petitions. These firms have asked the court to approve an aggressive sales process that, if approved, will require sealed bids by 19 April and lead to the sale of all assets by 3 May. Firestar had sought to complete closure of the sale before an important jewellery industry trade show, JCK.

Source: Mint March 29, 2018 22:30 UTC