Nirav Modi wrote to bankers informing them he was looking for suitors or possible buyers for his company Firestar Diamond and will use proceeds to repay dues
Latest updates: Speaking at a press conference, Law Minister Ravi Shankar Prasad assured that the Centre would spare no one irrespective of their stature or status in the alleged fraud involving Nirav Modi.
Nirav Modi, billionaire jewellery designer, who has been under fire for allegedly duping Punjab National Bank (PNB) of thousands of crores, has said he is ready to repay all the dues.
On Wednesday Modi wrote to bankers informing them he was looking for suitors or possible buyers for his company Firestar Diamond and will use the proceeds to repay dues.
Nirav Modi. Facebook image.
According to CNBC-TV18, the diamond firm has been valued at Rs 6,435 crore which Modi was looking to put up for grabs.
Modi also informed the lenders that the whole process of selling Firestar Diamond will take three to six months after which he will be able to clear the dues.
He has also written in the missive to banks that he will appoint an investment banker and give them the mandate to look out for suitors for the company, CNBC-TV18 reported on Wednesday.
The Punjab National Bank on Wednesday rocked the Indian stock market and sent shockwaves across banking system informing that fraudulent transactions worth over Rs 11,000 crore had taken place at its Mumbai branch. As a result the share prices of the Punjab National Bank crashed over 10 percent to Rs 144 apiece with its investors losing Rs 4,000 crore at the market close.