The founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, was arrested by the Central Bureau of Investigation, or CBI, today in connection with an alleged bank fraud of over Rs 22,842 crore, officials said.

The CBI charged Agarwal and others with criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said.

According to the probe agency, ABG Shipyard Ltd has been in business with the State Bank of India since 2001. "The majority of the disbursement happened between 2005 and 2012 by a consortium of 28 banks led by ICICI Bank and including SBI.

In perhaps the largest such move in the history of the Indian capital market, billionaire Gautam Adani

has pledged his entire stakes in Ambuja Cements and in ACC, worth about Rs 96,800 crore, with Deutsche Bank’s Hong Kong branch, stock exchange disclosures showed.

Adani owns 63. 2% in Ambuja and 56. 7% in ACC (of which just over 50% is held through Ambuja). Both the pledges, called ‘encumbrances’ in technical parlance, aimed at raising funds, were created on September 15 and the stakes were worth about Rs 96,800 crore on that date. Ambuja and ACC’s shares had closed at Rs 539 and Rs 2,748 on the BSE on September 15.

Amid the ambitious plan of the Tata owned Air India to raise its market share substantially to at least 30 per cent in the domestic market, there is a buzz within the aviation industry on the possibility of its merger with Vistara, a joint venture between Tata Sons and Singapore Airlines. On September 15, Air India unveiled its comprehensive transformation plan, to establish itself, once again, as a world-class global airline. It said that over the next five years, it will strive to increase its market share to at least 30 per cent in the domestic market while significantly growing the international routes from the present market share.

Mumbai’s real estate market accounts for 10% of the total volume of the sector across India and the city is home to Antilla, the world’s most expensive house after Buckingham Palace. Although a 1% tax on home purchases and higher interest may hit smaller developers, property prices are still rising on high consumer demand. Among big ticket property deals that the city is known for, DMart CEO Ignatius Navil Noronha’s Rs 70 crore deal for a home in Mumbai has made news.

One of India’s wealthiest CEOs, Noronha has booked two flats under construction in the under construction Rustomjee Seasons, which is in demand for being close to Bandra Kurla Complex. With the evolution of Mumbai’s new business hub, the area has seen demand go up during the past decade. Noronha was named the richest professional manager in India last year, and holds a two per cent stake in Avenue Supermarts, which was founded by Radhakrishna Damani and operates 284 stores across 11 Indian states.

Commerce and industry minister Piyush Goyal, on Wednesday, said that the government will take serious action if any auto company does not allow its component suppliers to manufacture the components locally. The minister was speaking at the 62nd annual session of the automotive component manufacturers association of India.

"I would appeal to all the auto companies that if any auto company does not allow the auto component suppliers to localize, the government will be taking serious note of that and any effort to force the components to be imported from preferred suppliers overseas only, or at prices which may necessarily not be competitive, is something that will be taken as a serious note of," said Goyal, in a statement.