U.S. Objects to Employee Bonus Plans of Diamond Merchant Nirav Modi’s Firm

first_imgUnited States Trustee Program, a component of the Department of Justice, has filed a motion of objection against fugitive Indian diamond merchant Nirav Modi’s U.S-based company Firestar Diamond for its plan to pay $2,30,000 in bonuses to employees as part of a retention program, according to India Today.“The objection is two-fold,” William K Harrington, the United States Trustee (Region 2), who objected to the company, which has filed for bankruptcy in a court in south New York, was quoted as saying in the report. “Court is aware, the ultimate majority shareholder of the debtors, and the founder of Firestar Diamond — Nirav Modi — has been charged by the State Bank of India with criminal conspiracy, fraud and cheating related to the Punjab National Bank”.Firestar Diamond and its two affiliates — Fantasy Inc and A Jaffe Inc — filed for bankruptcy protection, citing supply chain disruption, a move opposed by the Punjab National Bank, on Feb. 26. The U.S court allowed the companies to sell their assets on May 5.The Trustee looks into administration of bankruptcy cases and private trustees. “Impact of [Nirav] Modi’s alleged large-scale fraud upon the three debtors here is not yet known and is the subject of an investigation by the Examiner recently appointed in these cases,” the U.S Trustee statement said.“At this time, an award of bonuses to employees that may have known or should have known about any fraud on the part of Modi and/or these debtors is premature,” the statement added.According to U.S Trustee, the debtors have failed to disclose the names, titles, roles and job descriptions of the participants so that the Court and other parties in interest can determine whether the KERP (Key Employee Retention Programme) participants exercise control over significant aspect of the debtors’ business or are entitled to indemnification.“Without this information it is not possible for the Court, the United States Trustee and other parties in interest to determine whether any of the KERP participants are insiders and whether the proposed bonus plans should be evaluated under Section 503(c)(1),” it added.Meanwhile, Modi, who is believed to be in New York, has reached out to two law firms in the United Kingdom —  Boutique Law and Mishcon De Reya — in a bid to get political asylum in the country, NDTV reported, citing sources. Modi, whose passport has been revoked by the Indian government, has sought asylum on grounds that he faces political persecution in India.Boutique Law is a firm linked to Indian-origin lawyer Anand Doobey, who specializes in criminal and regulatory cases, such as fraud, extradition and money laundering. Doobey is also part of the panel that works with business tycoon Vijay Mallya, whose case is pending before the UK court.Saying it has no information on Modi’s move, the Central Bureau of Investigation spokesperson told NDTV:  “We have a diffusion notice out with the Interpol which means that if he moves internationally, they will inform us.”The Punjab National Bank, who had reported a fraud of Rs 13,000 crore by Nirav Modi and his uncle Mehul Choksi, stated in a release on May 1 that the bank will recover from the impact of the fraud in six month’s time. Related ItemsFirestar DiamondNirav ModiPunjab NAtional Banklast_img read more

Indian Woman’s Memory Takes Center Stage in Ireland’s Abortion Campaign

first_imgAlmost six years after her death, Indian-origin dentist Savita Halappanavar continues to be at the center of debate over Ireland’s abortion laws. As the country gears up for a referendum on whether or not to retain the Eighth Amendment to the Irish Constitution, which grants a mother and unborn child an equal right to life, Halappanavar’s case looms large in public minds. She died in 2012 after her request for termination of her pregnancy was denied in Ireland.The referendum over the amendment is scheduled to take place on May 25.Ahead of the vote, several women have been coming out to say that they faced the same circumstances as Halappanavar, Irish Times reported. “My circumstances were the same as those of Savita Halappanavar, the young woman who had died at University Hospital Galway in 2012,” a woman wrote to the publication to share her story.“Every week Irish women travel to Liverpool, exported because Irish hospitals are prohibited by law from looking after them. Please vote Yes to remove the Eighth Amendment and stop our pain,” she said, according to the report.Many took to the social media to remember Halappanavar.“If she had the termination when asked for it, the sepsis would not arise,” one Twitter user posted.I’ve had a lot of people tell me that Savita Halappanavar’s death had nothing to do with the 8th.I just want to take a quote from the author of the independent report on her death: “If she had the termination when asked for it, the sepsis would not arise.” https://t.co/skIuSIGG7K— Aoibhinn (@aoibhinn_ni_s) May 14, 2018Many rooted for repealing the ban, saying, “Yes for Savita,” on Twitter.YES for Savita HalappanavarYES for Sheila HodgersYES for Michelle HarteYES for the 13 year old girl in the ‘X’ caseYES for the 13 year old girl in the ‘C’ caseYES for the women of the ‘A,B & C’ case— Keith (@ShrillockHolmes) May 12, 2018According to a recent poll conducted by the Irish Times, 42 per cent respondents said that they would vote “No” to keep the ban on abortion that currently exists in the constitution, while 58 per cent said they would vote “Yes” in favor of removing the 8th Amendment.Halappanavar’s father Andanappa Yalagi last month urged the people of Ireland to vote “Yes” to remove the ban on abortion in Ireland. “I will watch this vote. I hope the people of Ireland will vote yes for abortion, for the ladies of Ireland and the people of Ireland. My daughter, she lost her life because of this abortion law, because of the diagnosis, and she could not have an abortion. She died,” Yalagi said, the report added.Halappanavar did not simply die because she contracted sepsis, but due to the result of Ireland’s restrictive abortion laws, Sabaratnam Arulkumaran, author of an independent report on Halappanavar’s death, said in October last year, the Irish Examiner reported.“It was very clear the things holding the hands of physicians was the legal issue. Anybody, any junior doctor, would have said this is a sepsis condition, we must terminate,” Arulkumaran said. “If she had a termination in the first days as requested, she would not have had sepsis. If she had the termination when asked for it, the sepsis would not arise,” he added.People paid a tribute to Savita Halappanavar in October last year, saying that they will never forget what happened to her. Abortion Rights Campaign, an organization campaigning for legalizing abortion in Ireland, posted updates about the memorial on its Facebook page.The 31-year-old Halappanavar died on Oct. 28, 2012 when she was 17 weeks pregnant. This was a week after she came to hospital complaining of severe back pain. Doctors found that she was miscarrying, but her request for terminating the pregnancy was turned down since doctors could detect the fetus’ heartbeat. Related ItemsabortionIrelandwomen’s rightslast_img read more