STERLING-BIOTECH
Moneylife Digital Team 24 June 2021
Market regulator Securities and Exchange Board of India (SEBI) has banned the directors of Sterling Biotech Ltd from accessing the securities market in a matter pertaining to fraudulent issuance of global depositories receipts (GDR) by the company.

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Moneylife Digital Team 09 June 2021
The Sandesara family of Sterling Biotech Ltd, on the run from over $700 million in fraud and money laundering charges in India, have been protected by Albania and Nigeria,

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Full Edition
Moneylife Online Magazine
Lead Article
REGULATIONS
Sucheta Dalal , 29 July 2021
In the past couple of weeks, I have written about how the Securities and Exchange Board of India (SEBI) wants to permit new stock exchanges and depositories with disruptive technology and vastly liberalised entry norms.

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Moneylife Digital Team 09 February 2021
In one more shocking twist to the controversial goings-on at major corporate defaulter Sterling group, it has been revealed that the fugitive Sandesara family is not only dictating terms to Indian public sector banks (PSBs) but have also continued to do business with the state-run oil companies.

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IANS 29 September 2020
Delhi's Patiala House Court on Monday declared four directors of Sterling Biotech Limited as fugitive economic offenders in a bank fraud case, thereby paving the way for confiscation of their properties.

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Moneylife Digital Team 21 September 2020
In another shocking twist to the controversial goings-on at major corporate defaulter Sterling group, a judge has recused himself from hearing a matter revealing that he was approached by one of his classmates on behalf of the accused,

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Remember the four politically powerful promoters of the Sterling Biotech group (Nitin Sandesara, Chetankumar Sandesara, Dipti Chetan Sandesara—and Hiteshkumar Patel) who have been absconding from India after running up Rs15,600+ crore of bad loans?

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A completely unconnected litigation in the United States has thrown up yet another money trail of the fugitive Sandesara family, the promoters of Sterling Biotech and Sterling SEZ, that owes Indian public sector banks (PSBs) vast sums of money

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There is a new twist to the drama around the Sterling Biotech group whose promoters, while absconding from India, have offered a ‘settlement’ deal to a bunch of lenders, mainly public sector banks (PSBs) and institutions

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On 28 August 2019, the National Company Law Appellate Tribunal (NCLAT) delivered a major blow to the efforts of investigation agencies and allowed Andhra Bank and other lenders to withdraw their resolution application

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IANS 29 August 2019
Senior Congress leader Ahmed Patel's son Faisal Patel reached the Enforcement Directorate office for questioning here on Thursday in the alleged case of multi-crore bank fraud and money-laundering by the Gujarat-based Sterling Biotech.

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Moneylife Digital Team 26 June 2019
The Enforcement Directorate (ED) on Wednesday has attached assets worth over Rs9,000 crore in connection with money laundering probe against Gujarat-based pharmaceutical company Sterling Biotech. The assets attached by the ED includes those belonging to the Sandesara brothers spread in different countries such as an oil well in Nigeria and an aeroplane and a bungalow in London.

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Bankers who are fighting to withdraw the bankruptcy petition that they filed against Sterling Biotech, seem to have received the money from abroad from the absconding promoters

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Even while the National Company Law Tribunal (NCLT)’s Mumbai bench blasted a consortium of banks for their attempt to withdraw the bankruptcy petitions of the Sterling Biotech group – bankers themselves seem to be in a defiant mood and are set to contest the NCLT order.

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The National Company Law Tribunal (NCLT) in the Sterling Biotech case for the second time has questioned the motive of lenders, led by Andhra Bank to withdraw their bankruptcy application and to choose a one-time settlement with the absconding promoters of Sterling Biotech

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Moneylife Digital Team 27 March 2019
The Enforcement Directorate (ED) warned that it could attach the entire amount of the one-time settlement (OTS) to be paid by the absconding directors of the scam-hit Sterling Biotech Group to the Committee of Banks

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First the good news. One must congratulate the Mumbai bench of the National Company Law Tribunal’s (NCLT) for restoring our faith in the system

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Moneylife Digital Team 13 March 2019
The National Company Law Tribunal (NCLT) has not accepted the attempt of bankers to let of the Sandesara group of Sterling Biotech by accepting a sharp haircut and a one time settlement (OTS)

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IANS 24 October 2018
The Enforcement Directorate on Tuesday filed chargesheet under the anti-money laundering law against Sandesara brothers and their Gujarat-based pharmaceutical company Sterling Biotech Limited

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