PNB seeks fresh proposal from Nirav Modi, says settlement offered was 'impractical'

“In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15,) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts" Modi claimed

The Punjab National Bank which has been defrauded of Rs 11,500 crore allegedly by Nirav Modi and his business partner has on Thursday asked the diamond merchant to come up with a concrete and implementable plan to settle the dues.

New Delhi: As kinpin in country’s largest Bank related scams, Nirav Modi wrote to Punjab National Bank; ‘refusing’ to repay the money; PNB stated the settlement offered by PNB as “impractical”. PNB further asked Nirav Modi to give a fresh proposal, stating how he would return back the money.  The bank further asked the diamond merchant to tell what can now be done to fix the matter. In a letter Modi wrote on February 15/16 to the PNB management, he pegged the amount his companies owe to the bank under Rs 5,000 crore. “The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. “This thereby jeopardised our ability to discharge the dues of the group to the banks,” Modi, who left the country along with his family in the first week of January, wrote in the letter. “In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15,) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts, “he said. The letter also refers to the extended discussions between him, and between his representatives and the bank officers and also his emails on February 13 and 15, 2018.