NCLT issues orders restraining Nirav Modi and Mehul Choksi from selling their assets
| Mar 5, 2018, 12:00 IST
Nirav Modi and Mehul Choksi have been making the headlines for all the wrong reasons. The duo is said to be involved in the PNB fraud worth Rs 12,600 crore. Before the fraud could come to light both Nirav and Mehul had flown out of the country. The CBI was even quoted saying that they would use extradition to bring Nirav back to India if they had to. Now, latest reports claim that the National Company Law Tribunal (NCLT) has issued orders restraining Nirav Modi and Mehul Choksi from selling their assets. This is being done so that the government can recover funds siphoned off by them in the fraud.
A petition was filed for the same after which the order to freeze their assets came about. The ministry moved the petition under various provisions such as section 221, which pertains to freezing of assets of a company on inquiry and investigation, and section 222 that relates to imposition of restrictions upon securities. Apart from Nirav and Mehul, the order has also been passed against 64 other entities who are also likely to be involved in fraud. Stay tuned for more updates.
A petition was filed for the same after which the order to freeze their assets came about. The ministry moved the petition under various provisions such as section 221, which pertains to freezing of assets of a company on inquiry and investigation, and section 222 that relates to imposition of restrictions upon securities. Apart from Nirav and Mehul, the order has also been passed against 64 other entities who are also likely to be involved in fraud. Stay tuned for more updates.