Mehul Choksi, one of the key architect of the Rs 14,000 crore PNB fraud has surrendered his Indian citizenship. Absconding Choksi is currently in Antigua where he took citizenship last year. He has deposited his Indian passport to the Antiguan authorities. Passport number Z. 3396732 has been deposited with cancelled pages. He has also deposited the mandatory $177 dollar for leaving Indian citizenship.

The rupee slipped 29 paise to 71.48 against the US dollar in early trade on Monday amid positive Asian equities and decline in crude oil prices. The domestic unit Friday weakened by 16 paise to close at 71.19 per dollar.

Rupee fell in the later half of the session on Friday primarily as global crude oil prices continued to rally after supply cuts led by OPEC supported prices, said Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).

Shares of Larsen & Toubro (L&T) recovered after falling 3 per cent to Rs 1,275 apiece on BSE even as the Securities and Exchange Board of India (Sebi) denied approval to the company’s Rs 9,000-crore share buyback plan, citing compliance issues over its post-buyback debt-equity ratio.

Engineering major Larsen & Toubro (L&T) Saturday said market regulator Sebi has denied permission for its Rs 9,000 crore share buyback offer. In a regulatory filing to stock exchanges, L&T said the Securities and Exchange Board of India (Sebi) has asked it not to proceed with the buyback.

The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.

This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise.

Markets closed marginally higher on Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues.

The BSE Sensex settled 12.53 points, or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95.

Prime Minister Narendra Modi Saturday inaugurated the Armoured Systems Complex of Larsen and Toubro in Gujarat, the first private facility in the country where the K9 Vajra self-propelled Howitzer guns will be manufactured.

L&T had in 2017 won the Rs 4,500-crore contract from the Ministry of Defence to supply 100 units of K9 Vajra-T 155 mm/52 calibre tracked self-propelled gun systems to the Indian Army under the Centre's 'Make in India' initiative.

In a bid to empower handloom weavers in Telangana, Microsoft India on Saturday announced the launch of a new e-commerce portal that will help the weavers optimise operations and engage better with customers.

The "re-weave.in" will host signature collections created by the weaver communities, and showcase traditional designs and products created from natural dyes.

The Central government has removed two Punjab National Bank (PNB) Executive Directors -- Sanjiv Sharan and K.Veera Brahmaji Rao -- for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges on Friday.

A Delhi court on Saturday extended till January 28 the interim bail granted to RJD chief Lalu Prasad in two Indian Railway Catering and Tourism Corporation (IRCTC) scam cases filed by the CBI and the ED.

Special Judge Arun Bhardwaj also extended the interim bail granted to Prasad’s wife Rabri Devi and son Tejashwi Yadav in the CBI case till January 28.

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