GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

PNB Fraud: NCLT Bars Over 60 Entities from Selling Assets

The National Company Law Tribunal (NCLT) have passed the directions against Nirav Modi and Mehul Choksi, the alleged main perpetrators of the fraud, as well as their firms and relatives, among other entities, as per a public announcement by the corporate affairs ministry.

PTI

Updated:March 4, 2018, 5:04 PM IST
facebookTwittergoogleskypewhatsapp
PNB Fraud: NCLT Bars Over 60 Entities from Selling Assets
In this February 15, 2018, file photo, a Nirav Modi showroom is pictured in New Delhi. (Photo: Reuters/Adnan Abidi)
Loading...
New Delhi: Amid the ongoing multi-agency probe into the Rs 12,700 crore Punjab National Bank scam, the NCLT has restrained more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets.

The National Company Law Tribunal (NCLT) have passed the directions against Nirav Modi and Mehul Choksi, the alleged main perpetrators of the fraud, as well as their firms and relatives, among other entities, as per a public announcement by the corporate affairs ministry.

The ex-parte order was passed on a petition filed by the ministry under various sections of the Companies Act, 2013.

The ministry moved the petition under various provisions such as section 221, which pertains to freezing of assets of company on inquiry and investigation, and section 222 that relates to imposition of restrictions upon securities.

It has been passed against 64 entities that includes Nirav Modi, Mehul Choksi, few individuals related to the Punjab National Bank, various companies and limited liability partnerships.

Gitanjali Gems, Gilli India, Nakshatra Brands and Firestar Diamond are among the barred companies, while partnership firms include Solar Exports and Stellar Diamond.

According to the ministry, the petition came up for urgent hearing before the Mumbai bench of the NCLT on February 23 and that an ex-parte order was passed.

There is an injunction against these entities from "removal, transfer or disposal of funds, assets and properties" till further order, according to the announcement.

The NCLT has posted the matter for further hearing on March 26 when the entities concerned have been asked to present before the tribunal.

As per the public announcement, in case the entities fail to appear on that day, then the matter would be heard ex-parte.

Apart from the CBI and the Enforcement Directorate, the Serious Fraud Investigation Office (SFIO) under the ministry is also probing the matter.

Last month, sources had said the ministry has ordered the SFIO to investigate around 110 companies, including some listed ones, and about 10 LLPs linked to Modi and Choksi.

The estimated Rs 12,700 crore fraud was perpetrated by way of fraudulent Letter of Undertakings (LoUs) in connivance with some bank employees.
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,222.45 -2.67
ICICI Bank 358.45 1.86
Yes Bank 181.00 0.36
Reliance 1,129.90 1.59
Vedanta 205.50 1.93
Company Price Change %Gain
Yes Bank 181.10 0.42
Kotak Mahindra 1,223.90 -2.50
Maruti Suzuki 7,708.55 0.71
SBI 288.65 -0.17
Infosys 693.55 -1.71
Top Gainers
Company Price Change %Gain
Tata Motors 173.95 4.19
Power Grid Corp 192.55 3.69
HDFC 1,960.35 2.95
Zee Entertain 501.85 2.53
Hindalco 225.45 2.41
Company Price Change %Gain
Tata Motors 173.75 4.10
Power Grid Corp 192.50 3.77
HDFC 1,959.15 2.89
Vedanta 205.65 2.21
Wipro 339.80 2.01
Top Losers
Company Price Change %Gain
Kotak Mahindra 1,222.45 -2.67
Infosys 694.40 -1.65
Bajaj Finserv 6,087.80 -1.45
Indiabulls Hsg 781.45 -1.44
Bharti Airtel 315.20 -1.27
Company Price Change %Gain
Kotak Mahindra 1,223.90 -2.50
Infosys 693.55 -1.71
Bharti Airtel 314.65 -1.30
Hero Motocorp 3,284.75 -0.87
Asian Paints 1,336.90 -0.24

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results