Gitanjali Group Explained

Gitanjali
Type:Public
Location:Mumbai, India[1]
Key People:Mehul Choksi
[2]
Industry:Diamond and Jewellery
Fate:Bankruptcy
Products:Diamond, jewellery, retail & lifestyle and infrastructure
Revenue:[3] [4]
Homepage: now defunct and dead link

Gitanjali Group was one of the largest branded jewellery retailers in the world. It was headquartered in Mumbai, India.[5] Gitanjali used to sell its jewellery through over 4,000 Points of Sale and held a market share of over 50 per cent of the overall organised jewellery market in India. Prominent brands housed by the group included Nakshatra, D'damas, Gili, Asmi, Sangini, Maya, Giantti, World of Solitaire and Shuddhi. It was closed following Punjab National Bank Fraud more commonly known as Nirav Modi Fraud.[6]

Listing

The company was listed on Bombay Stock Exchange with script code 532715, National Stock Exchange of India script name Gitanjali

2018 Investigation

Mehul Choksi, the founder and managing director[7] of ‘Gitanjali Gems’ and the maternal uncle of Nirav Modi has come under the radar of various investigating agencies, following the Enforcement Directorate (ED) filing a case against the latter for conducting fraudulent transactions from the Punjab National Bank.[8] [9] This case is claimed to be India's biggest bank fraud wiping out 14,000 crore rupees.[10] Mehul Choksi fled India along with his nephew after the F.I.R was filed about the bank scam.[11]

See also

Notes and References

  1. Web site: Gitanjali Group . Gitanjali Group . 23 December 2010.
  2. Web site: Gitanjali seeks patents for 25 new diamond cuts . The Hindu Business Line . 6 December 2003 . 23 December 2010.
  3. Web site: NSE - Financial Results Details . 7 January 2011 . https://web.archive.org/web/20120331030343/http://www.nseindia.com/marketinfo/companyinfo/eod/results.jsp?param=01-APR-200931-MAR-2010ANANCCEGITANJALI&seq_id=75031&viewFlag=N . 31 March 2012 . dead .
  4. Web site: Gitanjali Group eyes Rs 10K cr turnover in two years . Business-standard.com . 4 March 2010 . 23 December 2010.
  5. Web site: Gitanjali Gems Head Office Gitanjali Gems Headquarters Details - The Economic Times. 25 June 2020. economictimes.indiatimes.com.
  6. Web site: Gitanjali Group. Gitanjali Group. 24 December 2010.
  7. Web site: Board of Directors – Gitanjali Group. www.gitanjaligroup.com. en. 16 February 2018.
  8. News: L'affaire Nirav Modi: Mehul Choksi, Gitanjali Gems under Sebi scanner. 15 February 2018. The Economic Times. 16 February 2018.
  9. News: PNB fraud case: CBI registers fresh case against Gitanjali Group. Pandey. Devesh K.. 16 February 2018. The Hindu. 16 February 2018. en-IN. 0971-751X.
  10. News: PNB Scam . en-IN . Economic Times .
  11. News: Chauha . Neeraj . 24 July 2018 . Fugitive Mehul Choksi flees to Antigua, acquires local passport . . https://web.archive.org/web/20180821002601/https://timesofindia.indiatimes.com/india/fugitive-mehul-choksi-flees-to-antigua-acquires-local-passport/articleshow/65122628.cms . 21 August 2018 . live .

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