News digest: PNB scam, bid for Monnet Ispat, national highways, and more

BS brings you up to date with the latest news

Nirav Modi team had a free run at PNB; CBI quizzes Firestar's Vipul Ambani
  
The two detained Punjab National Bank (PNB) officials under the Central Bureau of Investigation’s (CBI’s) custody said Nirav Modi’s team was given “unauthorised access” to PNB’s computer systems for a “commission” on every letter of undertaking (LoU) issued, said a probe agency source. Read more
 
Another Nirav Modi in making? Rotomac Pen's Rs 8 bn defaulter flees country
 

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pens, has also allegedly gone abroad after swindling Rs 8 billion from various public sector banks, including Allahabad Bank, Bank of India, and Union Bank of India, sources said. Read more 

 
Rate of growth in building national highways hits speed bump in 2017-18
The rate of growth in building national highways slowed in 2017-18 even though more than 9,000 km is expected to be built by March.
In 2015-16, 6,061 km was constructed, an improvement of 37 per cent over the 4,410 km in the previous year. In 2016-17, 8,231 km was constructed, an increase of 36 per cent in comparison to 2015-16. Read more
 
Private Indian refiners likely to get stake in crude oil reserves
 
The government is planning to take private Indian refiners as partners for the next phase of building strategic crude oil reserves.

The project, estimated to cost Rs 100 billion, is likely to be done on a public-private partnership mode. Private refiners Reliance Industries and Essar might join hands with the government to build and run these reserves. Read more
 
Committee of creditors accepts revised bid from JSW-AION for Monnet Ispat

 
The committee of creditors has accepted the revised offer from the JSW Steel-AION Capital combine for Monnet Ispat and the deal is expected to be announced soon after legal scrutiny. The combine was the only bidder for the asset. Read more