New Delhi, Dec 27: Punjab National Bank (PNB) has declared a Rs 2,434 crore alleged loan fraud by the former promoters of Srei Equipment Finance and Srei Infrastructure Finance.

In a late evening exchange filing, the state-run PNB said that “Pursuant to the applicable provisions of SEBI (LODFR) Regulations, 2015 and the Bank’s Policy for determining materiality of events/information required to be reported to the Stock Exchanges, it is hereby informed that the bank has reported borrowal fraud to RBI against the erstwhile promoters of Srei Equipment Finance and Srei Infrastructure Finance”.

PNB said that of the total fraudulent borrowings, Rs 1,240.94 crore is related to Srei Equipment Finance and the remaining Rs 1,193.06 crore is related to Srei Infrastructure Finance.

The public sector lender also said it has 100 per cent provisions for these loans. The bank said the declaration of these two accounts as frauds is based on a forensic audit, which pointed to irregularities such as loans to connected parties and potential evergreening of loans.

However, Srei group has challenged the forensic audit report as the basis for the fraud classification, noting the matter is subjudice.

Other banks such as Punjab & Sind Bank, Bank of Baroda, and Union Bank of India have also earlier declared a loan fraud in connection with Srei companies.

The Srei group has been undergoing an insolvency resolution process since 2021, and the National Company Law Tribunal has approved a resolution plan submitted by the National Asset Reconstruction Company in 2023. The Srei group was sent to the NCLT by the Reserve Bank in October 2021 after it had found governance issues and defaults and the regulator superseded the boards of Srei Infrastructure Finance and Srei Equipment Finance.

In February 2023, NARCL emerged as the successful bidder for SIFL and SEFL which together owed Rs 32,750 crore to lenders. NARCL won the bid in February 2023, got the NCLT approval in August 2023, and finalised the acquisition by January 2024.

Mumbai: A Mira Road-based housing society lifted an abrupt ban on animal feeding inside the society premises, marking a significant victory for animal rights and local volunteers. The move follows two scathing notices from the Mira Bhayandar Municipal Corporation (MBMC) and the District Animal Husbandry Department, which labelled the society’s actions as illegal and cruel.

A few animal-loving residents of Man Opus society in Mira Road (E) wrote to the MBMC alleging that the society’s managing committee was harassing feeders, blocking access, and erecting illegal signage prohibiting the feeding of animals within the premises.

The boards, which directed residents against littering, smoking, spitting and speeding inside the society compound, also restricted feeding dogs, cats or pigeons and barred animals from soiling the premises.

The first blow to the society’s restrictive stance came from the MBMC’s veterinary officer following the residents’ complaints. Through a letter dated December 12, the corporation clarified that under the Animal Birth Control (ABC) Rules, 2023, and guidelines from the Animal Welfare Board of India (AWBI), stray dogs cannot be relocated and feeding cannot be prohibited. The notice also stated that people violating these instructions would be penalised.

Calling the boards illegal, the civic body directed the society’s managing committee to remove them within seven days and warned of action if it failed to comply. However, residents alleged that the management did not make the required changes, which led a local animal activist, Pallavi Patil, to approach the Department of Animal Husbandry.

Pressure intensified on December 22, when Dr Vallabh Joshi, district deputy commissioner of animal husbandry and member secretary of the SPCA Thane, issued a comprehensive legal warning to the society’s chairman and secretary. The notice described the society’s attempts to block feeders as “taking the law into their own hands”.

The department reminded the management that feeding animals is a fulfilment of a civic duty and that any fines demanded from feeders by the society are completely illegal and unenforceable. It also added that housing societies cannot pass internal bylaws or resolutions to ban animals or feeders, regardless of a majority vote, as such rules contravene national law.

Rather than merely lifting the ban, the animal husbandry department ordered Man Opus society to take proactive steps to facilitate animal welfare. Citing the ABC Rules and Supreme Court directives, it directed the society to form a committee to identify and designate specific feeding spots within the premises, along with the installation of new signage clearly marking these areas to prevent further disputes.

The notice also warned the society’s management that any further harassment of animals or their caretakers could lead to criminal prosecution.

Following the strongly worded notice, Man Opus society has withdrawn the instructions and covered the boards with paint. However, residents said the society has yet to decide on feeding spots.

Ashok Pandey, who claimed that the signages were placed only in general areas such as entry, exit and podiums, which have regular movement of people and vehicles.

While he said he was unaware of any letter from the district animal husbandry department, he added that the society has covered the instructions and has invited the veterinary officer for inspection and guidance.

“We are not anti-animals; even I have a pet at my house, but that does not mean that I feed animals anywhere. Every day we used to find unconsumed pieces of chicken and other food items in the society premises. Ours is a cosmopolitan society and we need to ensure that everyone’s religious sentiments are respected,” Pandey said.

Hemal Patel, animal welfare officer and legal advocate with the Pure Animal Lovers (PAL) Foundation, said, “Feeding of animals is a fundamental right. If any individual or society federation stops or harasses an animal feeder, such action is illegal, and strict action shall be taken against the concerned society or persons. If such harassment does not stop, appropriate and strict legal action will be initiated through proper legal channels.”

New Delhi, Dec 27: India has ramped up electronics production six-fold and is the second largest mobile manufacturing country in the world, Union Minister of Electronics and Information Technology Ashwini Vaishnaw said on Saturday.

In multiple posts on social media platform X, Vaishnaw said that the country has increased electronic exports eightfold over the past 11 years, mainly driven by policy support from the Production Linked Incentive Scheme.

The PLI scheme for Large Scale Electronics Manufacturing has attracted over Rs 13,475 crore in investment and helped achieve production of about Rs 9.8 lakh crore in the electronics sector, driving manufacturing, jobs, and exports, he said.

Vaishnaw highlighted that “over 1.3 lakh jobs were created in the last five years and that electronics is now India’s third‑largest export category, climbing from seventh place”.

He said the country was initially focusing on finished products, but the Electronics Component Manufacturing Scheme supported a shift to “building capacity for modules, components, sub-modules, raw materials, and the machines that make them.”

The Electronics Component Manufacturing Scheme has 249 applications representing Rs 1.15 lakh crore in investment, Rs 10.34 lakh crore in production, and creating 1.42 lakh jobs, the post said, adding it is the highest-ever investment commitment in India’s electronics sector, indicating industry confidence.

Vaishnaw also noted progress in the semiconductor sector, saying ten units have been approved, with three already in pilot or early production. The minister said that “fabs and ATMPs from India will soon supply chips to phone and electronics manufacturers”.

“Electronics manufacturing created 25 lakh jobs in the last decade. This is the real economic growth at the grassroots level,” the minister said.

“As we scale semiconductors and component manufacturing, job creation will accelerate. From finished products to components, production is growing. Exports are rising. Global players are confident. Indian companies are competitive. Jobs are being created. This is ‘Make in India’ impact story!” he noted.