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The Ministry of External Affairs (MEA) has written to several European countries seeking help in tracing bank fraud fugitive Nirav Modi even as it asserted that he did not have more than one Indian passport in his possession. MEA Spokesperson Raveesh Kumar said the ministry has also sent messages to all its missions abroad to get in touch with local governments to deny entry to Modi and inform India if he was residing there. There were reports that Modi, wanted in connection with Punjab National Bank fraud case, may have visited the UK, France and Belgium in the past few weeks. "We have sent a message to all our Missions as well as to select countries requesting the help of the local government in denying entry and to inform us if he is residing in their country," Kumar said during a media briefing. Kumar also said that Modi was issued a fresh passport only after his previous passport were physically cancelled. "At no time, he had more than one valid passport in his possession. You are all aware that in February, based on the advise of our agencies, his passport was initially suspended and then revoked," Kumar said. His clarification comes following reports that Modi had multiple passports. "The revocation notice was sent to all passport issuing authorities in India and abroad as well as to all our Missions and Posts. Intimation was also given to the agencies on this matter," said Kumar. Sources said Modi cannot be arrested abroad unless the Interpol issues a red corner notice against Modi. Vedanta Ltd on Thursday said it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs). "The company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 1,500 crore in one or more tranches," Vedanta Ltd said in a BSE filing. A meeting of the duly constituted committee of the directors is likely in this regard next week, the filing said. "The above issuance is pursuant to the approval of the shareholders passed vide special resolution at the 52nd annual general meeting of the company held on July 14, 2017 and the board of directors' resolution passed at their meeting held on January 31, 2018 and June 26, 2018," the filing said. Vedanta Ltd, a Vedanta Group company is a global diversified natural resources firm, with operations across zinc-lead-silver, oil and gas, iron ore, copper, aluminium and commercial power. A report by Deutsche Bank on UDAY's performance says discoms' losses have reduced by a whopping 70 percent to Rs 17,350 crore in two years while AT&C losses have reduced to 19 percent - a 500 basis points decline during the same period. More importantly, the gap cost of purchasing power and tariff rate has reduced to Rs 0.24 per kWh - a drop of 57 percent. Going forward, the government's effort of improving efficiency to replace 25 crore conventional meters with smart meters over the next 2-3 years can bring down losses further. The four states are an inspiration for other states to improve their power situation. The ball is clearly in the court of these loss-making state governments who should realize that quality of electricity is more important than the cheap power which is barely available. But will they do it in an election year is a Rs 17,350 crore question, equivalent to the current losses of SEBs.
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