PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit
pnb bank
One of the board members has also resigned, the company added
Senior management officials at Gitanjali Gems have called it quits. In a regulatory filing on Monday, the company revealed that CFO Chandrakant Karkare, company’s vice-president (compliance) and a company secretary have resigned.
One of the board members has also resigned, the company added.
“Recently, my wife has undergone a major surgery called Hemicolectomy at Lilavati Hospital. The post-operation recovery is not up to the expected level. This has resulted in a restriction on me carrying responsibilities as CFO and will be very difficult for me in future, kindly accept my resignation from the post of CFO with immediate effect,” Karkare's resignation letter read.
A copy of the CFO's resignation letter has been submitted to the BSE.
Shares of Gitanjali Gems tumbled for the fourth straight session on Monday. At BSE, Gitanjali Gems' stock plummetted 9.99% to Rs33.80 -- its lower circuit limit.
Gitanjali Gems is embroiled in the Rs 11,400 crore Punjab National Bank loan scam.
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Meanwhile, the CBI and Enforcement Directorate continue to conduct raids across the country.
The CBI search in the ongoing PNB fraud continues today. The search is being conducted in the Punjab National Bank's Mid Corporate Branch, Brady House in Mumbai.
CBI searches were carried out at three places in Kanpur, questioning the three accused Directors - Vikram Kothari, Sadhana Kothari & Rahul Kothari. Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi.
The Enforcement Directorate visited the residence of former Allahabad Bank director Dinesh Dubey. Dubey had alleged that the bank had granted a loan to Gitanjali Gems in 2013 despite his dissent.
According to Enforcement Directorate, assets worth Rs 5716 Crore have been seized in the raids till now. 39 raids were conducted today, out of which 10 were in Mumbai.
(With inputs from PTI)