Firestar Diamond Inc, the flagship U.S. company of Indian billionaire Nirav Modi, filed for bankruptcy in a New York court on Feb. 26, even as the Indian Enforcement Directorate (ED) moved court for a non-bailable warrant against him on Feb. 27.The company, which is at the center of the controversy regarding a Punjab National Bank (PNB) scam, which has assets and liabilities in the range of $50 million and $100 million, has filed for bankruptcy under Chapter 11 of bankruptcy code. The code allows the company to reorganize its business.In its filing in Southern District of New York Court, the company blamed liquidity and supply chain challenges. The bankruptcy filing also includes Firestar’s A. Jaffe Inc. wedding jewelry affiliate and Fantasy Inc. affiliate. It estimates the numbers of creditors at between 50 to 99.Meanwhile, in Mumbai, Special Prevention of Money Laundering Act Court Judge MS Azmi heard the arguments of ED special counsel Hiten Venegoankar who told the court that the ED, which registered a case against Modi on Feb. 15, issued three summons to him to appear before the agency, PTI reported. Modi responded to two summons saying that he had business commitments, while in the third one, he brought up the issue of his security.According to Venegoankar, the summons were issued on Feb.15, Feb. 17, and Feb.22, which asked Modi to appear before the agency on Feb. 16, Feb. 22 and Feb.26, respectively. The counsel then asked for non-bailable warrant as Modi ignored these summons.A local court in Mumbai also issued summons to Modi to appear before it on March 12 in connection with an income tax evasion probe against him and his companies, officials said. Modi’s counsel said that diamond merchant will only return to India if there is a promise of a fair trial, the Economic Times reported.Modi, along with his partner Mehul Choksi, have been accused of leveraging the loopholes in the banking system by seeking letters of undertaking (LoU) and raising credit from foreign banks to pay its suppliers. The scam, which became public earlier this month, could amount to Rs 12,600 crore, with Rs 1,300 being added to the fraud on Feb. 26 night. The amount allegedly defrauded by Modi and Choksi’s firms was earlier stated to be Rs 11,300 crore. The Central Bureau of Investigation and Enforcement Directorate are investigating the scam, which has allegedly been going on for past seven years. So far, both Modi and Choksi have denied wrongdoing.Modi, his three firms Diamond R Us, Solar Exports and Stellar Diamonds, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, were allegedly colluding with rogue PNB employees in the fraud. Ever since the news of PNB scam became public on Feb. 14, the bank’s stock has dropped 40 percent, taking Rs 153.3 billion ($2.36 billion) off its market value.Modi’s company’s diamond operations are spread across the United States, Europe, the Middle East and the Far East, as per the group website. Related ItemsNirav ModiPunjab NAtional Bank
For those people who are looking for a cinematic escape this July 4th, a movie marathon is a perfect way to spend the day.There are tons of films with Black casts that will keep you laughing and not sweating from the outside heat. Let’s face it, laughter is the best medicine especially with the Trump stress weighing down on communities across the nation.For an added bonus, BBQ Becky won’t show up to stop the fun in any of the movies on this list. People can grab their movie snacks or some barbecue, sit back and enjoy the show. Here are some good choices for your movie and chill day. Welcome Home Roscoe JenkinsThis 2008 film isn’t one of Martin Lawrence‘s best-known films, but it stars a lot of comedian talents including Mo’ Nique, Cedric The Entertainer and Mike Epps. Lawrence’s character returns home after achieving fame only to find out that his family could care less about his status.How Stella Got Her Groove BackThis 1998 film had a braided-up Angela Bassett finding her to Jamaica to, well, get her groove back after a divorce and some major work stress. While there, she meets a young man played by Taye Diggs that piques her interest. Then, their lives both intertwine and change forever. Oh, there’s a good barbecue scene in this film, too. Barbershop 2: Back In BusinessThis 2004 comedy starring Ice Cube and Queen Latifah will bring the laughs. The movie, focused on a Chicago barbershop’s importance to its community, has a barbecue scene that shows off Latifah and Cedric the Entertainer‘s comedic chops.Menace II SocietyThis 1993 film is another cult classic that stars Pinkett and Tate. At the heart of the film set in Watts, Calfornia, the main character, Caine, played by Tyrin Turner, is trying to find his way to a better life. The InkwellA young Larenz Tate and Jada Pinkett (before she married Will Smith) light up the screen in this 1994 film. Before Tate captured women’s affections in Love Jones, he captured hearts in this coming-of-age film set in Martha’s Vineyard during the Fourth Of July weekend of 1976.Poetic JusticeThe legendary Maya Angelou provided the poetic words that powered this 1993 film that starred the iconic Janet Jackson and Tupac Shakur. Jackson and Shakur’s characters fall in love in the film, which featured a barbecue scene.Do The Right ThingThis 1989 film was one of Spike Lee‘s memorable and rawest journeys into inner-city life. Set on the hottest day of the year in the Bedford Stuyvesant section of Brooklyn, New York, the film is a searing look at what happens when heat meets hate as the characters struggle with racial frustrations that ultimately boil over into chaos. But in reaching the tipping point, Lee still shows the community’s spirit. african american films , Summer AddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to MoreAddThisMoreShare to EmailEmailEmail SEE ALSO:Everything We Know About The Black Navy Veteran Killed By Portland State University PolicePriest Who Called Cops On Grieving Black Family At Funeral Wants To Repent In Pictures: Malia Obama’s Freshman Year At Harvard See Also: ‘Troubling’ Video Shows Cops Assaulting Innocent Mother And Yanking Her Baby AwayATLThis 2006 film starred T.I. and Lauren London, taking viewers into the world of roller skating in Atlanta. The high school-age characters also face several pivotal turning points in their lives.The CookoutThis 2004 movie starred Quran Pender, Queen Latifah and Jenifer Lewis. As the name implies, a Black family comes together for a cookout that gets pretty interesting.Boyz n The HoodThis 1991 film is one of the classics. The movie, set in inner-city Los Angeles, catapulted Nia Long, Morris Chestnut, Cuba Gooding Jr. and Ice Cube to fame.