The National Company Law Tribunal on Monday restrained businessmen Nirav Modi and Mehul Choksi from selling their assets, PTI reported. Jewellers Modi and Choksi are accused of cheating the Punjab National Bank of Rs 12,700 crore.
The tribunal passed an order on a petition that the Corporate Affairs Ministry had filed under various sections of the Companies Act, 2013. Besides Modi and Choksi, the tribunal restrained a few individuals connected to the Punjab National Bank, various companies and limited liability partnerships. Gitanjali Gems, Gilli India, Nakshatra Brands and Firestar Diamond are among the 64 entities that have been barred.
“The whole exercise of investigation and passing of orders by this bench will become futile unless restraint order is passed against these trusts and individuals thereof,” the bench said, according to Bar and Bench. The matter will be heard next on March 26.
Meanwhile, five of the 29 properties that the Income Tax Department has attached as part of its tax recovery mechanism either do not belong to Modi or do not exist, The Indian Express reported, quoting unidentified officials. The I-T Department has provisionally attached 29 properties and 105 bank accounts of Modi, his family and his firms.
The Central Bureau of Investigation on Tuesday detained the vice president of banking operations of Gitanjali Group, Vipul Chitalia, at the Mumbai airport for questioning, ANI reported.