New Delhi, Nov 13: The Enforcement Directorate (ED) has arrested Manoj Gaur, Managing Director of Jaypee Infratech Limited, in a money laundering case linked to the alleged siphoning of money paid by homebuyers for the construction of flats, according to sources on Thursday.

The Enforcement Directorate had in May carried out searches at 15 premises linked to Manoj Gaur’s flagship real estate development companies — Jaypee Infratech Ltd., and Jayprakash Associates Ltd, as well as their associated entities.

During the operation, officials seized hard cash to the tune of Rs 1.7 crore, along with financial records, digital data, and property documents registered in the names of promoters, their family members, and group companies.

The raids were carried out across Delhi, Mumbai, Noida, and Ghaziabad as part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA).

IDBI Bank had first filed a petition against Jaypee Infratech Limited (JIL) in the National Company Law Tribunal (NCLT), Allahabad, after JIL defaulted on a payment of over Rs 526 crore. The NCLT initiated the insolvency process on August 9, 2017.

The insolvency case gained national attention due to over 21,000 homebuyers who had booked flats in JIL projects being left in the lurch as money had been diverted from construction projects, primarily in Wish Town, Noida.

The Supreme Court intervened to protect their interests, eventually leading to an amendment to the IBC that classified homebuyers as financial creditors, giving them a vote in the resolution process.

The case involved extensive legal proceedings, including disputes over transactions where JIL’s assets were mortgaged to secure the debts of its parent company, Jaiprakash Associates Limited (JAL).

After several rounds of bidding, the National Company Law Appellate Tribunal (NCLAT) approved a resolution plan submitted by the Suraksha Group in May 2024. Under this plan, Suraksha is to complete the unfinished projects and pay enhanced compensation to farmers as part of the land acquisition terms.

New Delhi, Nov 13: Prime Minister Narendra Modi on Thursday said that the latest Union Cabinet decisions will ensure global competitiveness for the Indian exporters, while bolstering sustainability and self-reliance for domestic companies, especially MSMEs.

The Union Cabinet, chaired by PM Modi, on Wednesday approved the Export Promotion Mission (EPM), with an outlay of Rs 25,060 crore, to strengthen India’s export ecosystem. The flagship initiative was announced in the Union Budget 2025-26 to strengthen India’s export competitiveness, particularly for MSMEs, first-time exporters, and labour-intensive sectors.

“Ensuring ‘Made in India’ resonates even louder in the world market! The Union Cabinet approved the Export Promotion Mission (EPM), which will improve export competitiveness, help MSMEs, first-time exporters and sectors that are labour-intensive. It brings together key stakeholders to build a mechanism that is outcome based and effective,” PM Modi said in a post on the X social media platform.

The Cabinet also approved the introduction of the Credit Guarantee Scheme for Exporters for providing 100 per cent credit guarantee coverage to member lending institutions for extending additional credit facilities up to Rs 20,000 crore to eligible exporters, including MSMEs.

“The Credit Guarantee Scheme for Exporters which has been approved by the Cabinet will boost global competitiveness, ensure smooth business operations and help realise our dream of an Aatmanirbhar Bharat,” said the Prime Minister.

In yet another important decision, the Union Cabinet approved the rationalisation of royalty rates for four critical minerals — graphite, caesium, rubidium, and zirconium. The royalty rates have been specified or revised as follows: caesium and rubidium will each attract a 2 per cent royalty based on the average sale price (ASP) of the respective metal contained in the ore produced.

PM Modi said that this Cabinet decision “will boost sustainability and self-reliance. It will strengthen supply chains and create job opportunities as well”.

An increase in indigenous production of these minerals would lead to a reduction in imports and supply chain vulnerabilities, and also generate employment opportunities in the country.

Mumbai, Nov 13: The Indian benchmark indices opened in mild red zone on Thursday, amid mixed global cues and persistent selling by foreign institutional investors (FIIs).

As of 9.25 am, Sensex declined 68 points, or 0.08 per cent at 84,398 and Nifty dipped 15 points, or 0.05 per cent to 25,860.

The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 down 0.13 per cent and the Nifty Smallcap 100 dipped 0.27 per cent.

Tata Steel, Hindalco and Dr Reddy’s Labs were among the major gainers in the Nifty Pack, while losers included Bajaj Finance, Apollo Hospitals, Shriram Finance and TCS.

All the sectoral indices were trading in green except FMCG (down 0.78 per cent), IT and private bank. Nifty Metal was the standout gainer up 1.52 per cent.

A possible India-US trade deal that removes penal tariffs and reduces reciprocal tariffs is an important economic factor that should be watched for, said analysts.

The decline in October retail inflation in India to 0.25 per cent indicates the possibility of a rate cut from the RBI MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI, they added.

Analysts placed immediate resistance for Nifty at 25,950, followed by 26,000, and support at 25,700 and 25,750 zones.

Most of the Asia-Pacific markets rose in early trading sessions after US House of Representatives passed a short-term funding bill to end the longest federal shutdown on record.

The US markets ended in green zone overnight as the S&P 500 added 0.06 per cent, and the Dow inched up 0.68 per cent. However, Nasdaq continued its decline, slipping 0.26 per cent.

In Asian markets, China’s Shanghai index added 0.3 per cent, and Shenzhen inched up 1.62 per cent, Japan’s Nikkei advanced 0.2 per cent, while Hong Kong’s Hang Seng Index eased 0.45 per cent. South Korea’s Kospi declined 0.17 per cent.

On Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,150 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,127 crore.