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YES Bank Collapsed !! Who is next? Is it Kotak Mahindra Bank Limited?
The Enforcement Directorate has also issued a lookout notice against Rana Kapoor, Ex-promoter & Director of YES Bank to keep him from leaving the country. ED officials are reportedly recording Kapoor’s statement in connection with DHFL scam, where the company siphoned off Rs 13,000 crore via 79 shell companies. YES, Bank had extended massive loans to DHFL, which later turned bad, adding to the bank’s losses, reports said.
This is serious of banking fraud in the country in which IL&FS, Dewan Housing Finance Limited, and PMLC Bank are included. Now a question arises Who is next?
FIR No. 120/2019 registered against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO
As reported earlier an FIR No. 0120/2019 dated 19/10/2019 has been registered at PS Barakhamba Road, New Delhi against Kotak Mahindra Bank Ltd and six other accused including Mr. Uday S. Kotak, MD & CEO, for their role in a scam of forgery of documents vide order dated 14.10.2019 of MM Patiala House Courts, New Delhi who has taken view that as the matter requires investigation by police, several documents are to be collected and verified and a number of persons are to be examined.
After registration of the said FIR for committing fraud and forgery by Kotak Mahindra Bank and others including Uday S. Kotak and Anand Mahindra, Bagla family has also filed a complaint with the Court of Chief Metropolitan Magistrate, New Delhi, under Section 200 r/w 190 Cr. P.C. for taking cognizance of offenses Committed U/s 211 (IInd Part), 499/500, 501, 502 r/w 120B/34 IPC, against Kotak Mahindra Bank Ltd & others.
In the complaint apart from one Virendra Kumar Sharma, Kotak Mahindra Bank and its Directors & Company Secretary and other officers namely Mr. Uday Suresh Kotak, Managing Director, The Regional Manager, Kotak Bank (Delhi & NCR), Mr. Anand Mahindra, Mr. Shivaji Dam, Mr.Chengalath Jayram, Dipak Gupta, Ms.Bina Chandarana, Company Secretary, Mr. Chandra Shekhar Prasad (The Then Deputy Manager, Legal), Mr. Sanjay Kumar, Officer, Kotak Bank, and CVIL Infra Limited and Bennett Coleman & Company Ltd., were made accused.
It has been alleged in the complaint that the above named accused in connivance with the each other, falsely implicated one Bhupendra Bagla son of Dr. Santosh Kumar Bagla (a renowned business family based at Mumbai & Delhi) in a criminal case by using forged and fabricated documents created and used by the above named accused.
Transfer of FIR No. 120/2019 to DIU/NDD Mandir Marg, New Delhi
Further, on filing the status report on 10.12.2019 in FIR No. 120/19 U/s 420/34 IPC has been registered on 19.10.2019 and the case was entrusted to SI Sanjay Kumar P.S. Barakhamba Road, New Delhi. Thereafter, the case file was transferred to DIU/NDD, Mandir Marg and further investigation is being taken over by SI Sanjay Kumar, DIU/NDD.
Subsequently, DIU/NDD issued Notice U/s 91 Cr. PC to Mr. Uday Kotak (Vice- Chairman & Managing Director), Mr. Chengalath Jayaram (Joint Managing Director), Mr. Deepak Gupta (Director) and the Concerned Officials, where he has directed all the above to produce the required documents/articles before the undersigned within three days of receipt of the said Notice.
Complaint about Malicious Prosecution and defamation by Bagla family against Kotak Mahindra Bank and others including Uday Kotak and Anand Mahindra.
After registration of an FIR for committing fraud and forgery by Kotak Mahindra Bank and others including Uday S. Kotak and Anand Mahindra, Bagla family has also filed a complaint with the Court of Chief Metropolitan Magistrate, New Delhi, under Section 200 r/w 190 Cr. P.C. for taking cognizance of offences Committed U/s 211 (IInd Part), 499/500, 501, 502 r/w 120B/34 IPC, against Kotak Mahindra Bank Ltd & others.
Direction of PMO to the Secretary, Department of Financial Services (Banking Division) in the matter of conspiracy and forging and fabricating of documents by Kotak Mahindra Bank.
Bagla family has sent a Representation / Complaint dated 14th August 2019, against the frauds, forgery, and illegalities of Kotak Mahindra Bank and its officials for taking appropriate action against Mr. Uday Suresh Kotak, MD & CEO and his other associates i.e. Directors/officials of Kotak Mahindra Bank and other person involved in the conspiracy of committing the offense against the Bagla family, to Hon’ble President of India, Prime Minister of India & Other Central & State Government authorities.
The PMO had directed the Secretary, Department of Financial Services (Banking Division) for action as appropriate in the matter of complaint against Kotak Mahindra Bank Limited, its MD & CEO Mr. Uday S. Kotak and other senior officials for alleging conspiracy, fraud and forgery of some documents. [Ref: Replies dated 03/09/2019 and 04/09/2019 from PMO with Registration No. PMOPG/D/2019/0318007 & PMOPG/ D/2019/ 0320812].
Bagla family has received replies from President Office dated 23/08/2019 with Registration No. P1/E/2308190138, wherein the Complaint of the Applicants was transferred to “The Secretary, Ministry of Finance for action as appropriate”. Also, other authorities/office has issued the instruction of the Secretary of Finance to take the action in the said matter.
New strategies of Kotak Mahindra Bank Limited to divert the issue of forgery and fabrication of documents.
As the Kotak Bank is under investigation and has to face the consequence of FIR/Complaints registered against them, therefore, after registering an FIR, Kotak Mahindra Bank Limited has made a miscellaneous application before the DRT for return of original documents filed along with original application bearing no. 57 of 2009. It is also interesting to note that forged and fabricated documents including one affidavit and a power of attorney both dated 24.08.2007 was filed by Kotak Mahindra Bank Limited before DRT as a Copy of the document. No original documents were filed by Kotak Mahindra Bank Limited. This is a tactic of the Kotak Mahindra Bank only for the delay and diverts the matter.
Jewellery
Diwali Gifting Options from Paksha by Tarinika
As the festive season of Diwali approaches, celebrate the joy of togetherness with elegant gifts from Paksha by Tarinika. Renowned for its timeless craftsmanship, Paksha by Tarinika offers a stunning collection of jewelry that makes for the perfect Diwali gift. From delicate earrings to sophisticated rings and charming bracelets, each piece is meticulously crafted, symbolizing the love and warmth shared during this auspicious occasion.
This Diwali, gift your loved ones something truly meaningful—a piece of jewelry that not only enhances their beauty but also carries the spirit and tradition of the festival.Additionally, Paksha by Tarinika presents a range of exquisite silver accessories, making them ideal gifts for family and friends.
These thoughtful designs blend tradition with elegance, ensuring your Diwali gifts are both stylish and sentimental.
Celebrate this festive season by choosing gifts that embody love, tradition, and elegance, creating cherished memories for years to come.
Available – https://www.instagram.com/shoppaksha/?hl=en
Price on request
Fashion
Thakurbai Introduces New Collection Celebrating the Fusion of Tradition and Modernity
Luxury and Heritage with a Modern Twist
October 22, 2024—Thakurbai, the esteemed fashion brand co-founded by Neerja Manju and Meenakshi Dular, has just unveiled its latest collection of exquisite clothing. Inspired by India’s rich cultural heritage and designed for the modern woman, this new collection is a testament to the brand’s vision of blending traditional craftsmanship with contemporary elegance.
Neerja Manju, Co-Founder of Thakurbai, shares the inspiration behind the collection: “Our designs draw from the vibrant culture of Rajasthan and centuries-old Indian craftsmanship. We wanted to create something that honors tradition while feeling fresh and modern for today’s women.” The collection incorporates luxurious fabrics such as silks and cotton, paired with a color palette inspired by Indian festivals—vibrant yellows, deep reds, and soft pastels. The pieces are further elevated with handcrafted embroidery and block prints made by local artisans, showcasing the finest Indian artistry.
Co-founder Meenakshi Dular adds, “When we started Thakurbai, our goal was clear: to celebrate India’s cultural legacy while making it appealing to a global, modern audience. My MBA in International Business has helped us grow the brand internationally, ensuring we share our heritage with customers across the world. Today, we have successfully built a strong and loyal customer base overseas, especially in regions where people appreciate the fusion of tradition with modernity. At the same time, Neerja’s creative expertise has allowed us to craft something truly unique.”
The collection is designed for women who appreciate both tradition and modernity in their wardrobe, making it perfect for festive occasions and cultural celebrations. The brand’s unique selling point is its ability to fuse heritage designs with modern trends, ensuring that it stands out in today’s competitive fashion market.
Meenakshi Dular and Neerja have worked closely with artisans to ensure that each piece reflects traditional techniques like hand-weaving and intricate embroidery while staying true to their modern vision. “Sustainability and ethical practices are at the core of Thakurbai,” says Meenakshi. “We are committed to uplifting the communities we work with, ensuring our artisans are respected and supported.”
Through this collection, Thakurbai hopes to not only connect customers to India’s cultural heritage but also provide them with a luxurious, modern aesthetic. As Meenakshi puts it, “Thakurbai is about more than fashion—it’s about preserving the artistry of the past while creating something exciting for the future.”
About ThakurbaiThakurbai was co-founded by Neerja Manju and Meenakshi Dular with the vision of blending traditional Indian craftsmanship with contemporary designs. The brand has become renowned for its commitment to sustainability, ethical practices, and celebrating India’s cultural heritage. Thakurbai continues to expand its global presence, offering unique, handcrafted pieces to customers worldwide.
Availability:https://thakurbai.com/
Fashion
Aarti Vijay Gupta Showcased Postcard from Kashmir collection using LIVA Reviva at London Fashion Week 2024
Liva Reviva is a recycled sustainable fabric from the Birla Cellulose group
Celebrated designer Aarti Vijay Gupta collaborated with Liva Reviva to showcase sustainable luxury fashion at London Fashion Week in September 2024. The debut of her Spring/Summer 2025 collection, “Postcard from Kashmir,” beautifully highlighted the fusion of sustainable materials with high-fashion design. Liva Reviva, known for its eco-friendly fibres, added a unique touch to the collection, captivating audiences with its versatility.
Aarti Vijay Gupta’s collection was a stunning portrayal of Kashmir’s landscapes and cultural heritage, with pieces meticulously crafted using LIVA Reviva-based fabrics. The garments, made from up to 30% recycled textile waste blended with FSC-certified wood pulp, offered a sustainable alternative to traditional viscose, while remaining soft, breathable, and luxurious. The collection featured Kashmiri miniatures, Papier Mâché art, and Namda embroidery, with traditional art forms modernized through innovative silhouettes and design sensibilities. Each piece, from flowing silk to elegant printed linen, all demonstrated versatile nature of LIVA Reviva based fabrics that can be seamlessly integrated with heritage fibres.
The runway showcased a harmonious blend of style and sustainability, with fluid drapes, intricate detailing, and 3D engravings bringing eco-conscious fashion to life. Both menswear and womenswear were included, with designs inspired by Kashmir’s green pastures and towering mountains. The collection featured photo prints from Gupta’s iPhone, capturing the region’s essence, which contrasted beautifully with sophisticated dresses and co-ord sets. For the first time, Gupta ventured into mesh-printed dresses, introducing fitted bodycon styles adorned with striking photo prints—an exciting departure from her signature oversized, effortlessly chic designs. The collection’s easy separates, cleaner silhouettes, and toned-down color palette make the pieces versatile, allowing them to be mixed and matched for different looks, while still paying homage to Kashmir’s rich cultural tapestry.
Commenting on the successful collaboration, Mr. Sree Charan, VP Marketing, Global Head – Brands, Birla Cellulose, Aditya Birla Group, said, “We are immensely proud of our partnership with Aarti Vijay Gupta. Her vision for combining sustainable materials with contemporary design has truly brought to life what LIVA stands for – fashion that is beautiful, functional, and environmentally responsible.”
Designer Aarti Vijay Gupta also expressed her excitement, “Presenting my collection ‘Postcard from Kashmir’ at London Fashion Week using LIVA Reviva fibres was an incredible experience. These fibres provide the perfect canvas for expressing the beauty of Kashmir while remaining true to sustainable practices. I believe this is the future of fashion, where tradition meets innovation with a purpose.”
LIVA’s collaboration with Aarti Vijay Gupta is part of its ongoing efforts to lead the fashion industry towards more sustainable practices. With the introduction of fabrics made with advanced fibres that minimize waste and promote responsible manufacturing, LIVA continues to empower designers to create fashion that is as mindful as it is beautiful.
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