Gitanjali Group

2023-06-25T18:52:57Z

49.37.249.171:

{{Short description|Jewelry retailer based in Mumbai, India}}
{{EngvarB|date=May 2014}}
{{Use dmy dates|date=September 2021}}
{{Infobox company
| logo = Gitanjali_Trust_Forever.jpg
| logo_size = 200px
| name = Gitanjali
| type = [[Public company|Public]]
| traded_as =
| foundation = {{start date and age|1966}}
| location = [[Mumbai]], India<ref name="gitanjaligroup1">{{cite web|url=http://www.gitanjaligroup.com/contact/contact_write_to_us.html |title=Gitanjali Group |publisher=Gitanjali Group |access-date=23 December 2010}}</ref>
| num_employees =
| key_people = [[Mehul Choksi]]<br />{{small|(Chairman)}}<ref>{{cite web|url=http://www.thehindubusinessline.com/2003/12/06/stories/2003120601880600.htm |title=Gitanjali seeks patents for 25 new diamond cuts |publisher=The Hindu Business Line |date=6 December 2003 |access-date=23 December 2010}}</ref>
| industry = [[Gemstone|Diamond]] and Jewellery
| fate = Bankruptcy
| products = Diamond, jewellery, retail & lifestyle and infrastructure
| revenue = {{INRConvert|135|b}}<ref>{{Cite web |url=http://www.nseindia.com/marketinfo/companyinfo/eod/results.jsp?param=01-APR-200931-MAR-2010ANANCCEGITANJALI&seq_id=75031&viewFlag=N |title=NSE - Financial Results Details |access-date=7 January 2011 |archive-url=https://web.archive.org/web/20120331030343/http://www.nseindia.com/marketinfo/companyinfo/eod/results.jsp?param=01-APR-200931-MAR-2010ANANCCEGITANJALI&seq_id=75031&viewFlag=N |archive-date=31 March 2012 |url-status=dead }}</ref><ref name="business-standard1">{{cite web|url=http://www.business-standard.com/india/news/gitanjali-group-eyes-rs-10k-cr-turnover-in-two-years/87492/on |title=Gitanjali Group eyes Rs 10K cr turnover in two years |publisher=Business-standard.com |date=4 March 2010 |access-date=23 December 2010}}</ref>
| parent =
| net_income =
| homepage = {{URL|http://www.gitanjaligroup.com/}} now defunct and dead link
}}

'''Gitanjali Group''' was one of the largest branded jewellery retailers in the world. It was headquartered in Mumbai, India.<ref>{{Cite web|title=Gitanjali Gems Head Office {{!}} Gitanjali Gems Headquarters Details - The Economic Times|url=https://economictimes.indiatimes.com/gitanjali-gems-ltd/infocompanylocations/companyid-17840.cms|access-date=25 June 2020|website=economictimes.indiatimes.com}}</ref> Gitanjali used to sell its jewellery through over 4,000 Points of Sale and enjoyed a market share of over 50 per cent of the overall organised jewellery market in India. Prominent brands housed by the group included Nakshatra, D'damas, Gili, Asmi, Sangini, Maya, Giantti, World of Solitaire and Shuddhi. It was closed following [[Punjab National Bank Scam|Punjab National Bank Fraud]] more commonly known as Nirav Modi Fraud.

==Listing==
The company was listed on [[Bombay Stock Exchange]] with script code 532715, [[National Stock Exchange of India]] script name '''Gitanjali'''<ref>{{cite web|url=http://www.gitanjaligroup.com/investors/listing_information.html |title=Gitanjali Group |publisher=Gitanjali Group |accessdate=24 December 2010}}</ref>

== 2018 Investigation ==
{{Further|Punjab National Bank Scam}}

[[Mehul Choksi]], the founder and managing director<ref>{{Cite web|url=http://www.gitanjaligroup.com/board-of-directors/|title=Board of Directors – Gitanjali Group|website=www.gitanjaligroup.com|language=en|access-date=16 February 2018}}</ref> of ‘Gitanjali Gems’ and the maternal uncle of [[Nirav Modi]] has come under the radar of various investigating agencies, following the [[Enforcement Directorate|Enforcement Directorate (ED)]] filing a case against the latter for conducting fraudulent transactions from the [[Punjab National Bank]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/laffaire-nirav-modi-mehul-choksi-gitanjali-under-sebi-scanner/articleshow/62935694.cms|title=L'affaire Nirav Modi: Mehul Choksi, Gitanjali Gems under Sebi scanner|date=15 February 2018|work=The Economic Times|access-date=16 February 2018}}</ref><ref>{{Cite news|url=http://www.thehindu.com/business/pnb-fraud-case-cbi-registers-fresh-case-against-gitanjali-group/article22772498.ece|title=PNB fraud case: CBI registers fresh case against Gitanjali Group|last=Pandey|first=Devesh K.|date=16 February 2018|work=The Hindu|access-date=16 February 2018|language=en-IN|issn=0971-751X}}</ref> This case is claimed to be India's biggest bank fraud wiping out 14,000 crore rupees.<ref>{{Cite news |date= |title=PNB Scam |language=en-IN |work=Economic Times |url=https://economictimes.indiatimes.com/news/india/pnb-scam-properties-worth-rs-500-cr-of-nirav-modi-firms-restored-to-bank/articleshow/85691573.cms |url-status=live |archive-url= |archive-date=}}</ref> Mehul Choksi fled India along with his nephew after the F.I.R was filed about the bank scam.<ref>{{Cite news|last=Chauha |first=Neeraj |date=24 July 2018 |title=Fugitive Mehul Choksi flees to Antigua, acquires local passport |newspaper=[[The Times of India]] |url=http://timesofindia.indiatimes.com/articleshow/65122628.cms |archive-url=https://web.archive.org/web/20180821002601/https://timesofindia.indiatimes.com/india/fugitive-mehul-choksi-flees-to-antigua-acquires-local-passport/articleshow/65122628.cms |archive-date=21 August 2018 |url-status=live }}</ref>

==See also==
* [[Nirav Modi]]
*[[Punjab National Bank Scam]]

==References==
{{reflist}}

{{Gitanjali Group}}

[[Category:Gitanjali Group| ]]
[[Category:Companies based in Mumbai]]
[[Category:Jewellery retailers of India]]
[[Category:Retail companies established in 1966]]
[[Category:Indian jewellery designers]]
[[Category:Conglomerate companies of India]]
[[Category:1966 establishments in Maharashtra]]
[[Category:Companies formerly listed on the National Stock Exchange of India]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]

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Gitanjali Group