News

NCLT allows freezing of assets of Modi, Choksi firm directors

Our Bureau Mumbai | Updated on July 12, 2018 Published on July 12, 2018

An appeal by the Ministry of Corporate Affairs to freeze assets of independent directors in the companies of Nirav Modi and Mehul Choksi was upheld by the National Company Law Appellate Tribunal on Thursday.

The appeal related to the ₹13,000-crore scam at the Punjab National Bank.

The independent directors had earlier moved the NCLAT to appeal against the move to freeze the assets, including bank accounts. They argued that they were only ‘independent,’ and had no role in day-to-day operations of the two companies.

The judgement could also hurt other independent directors that are under scanner.

Published on July 12, 2018
This article is closed for comments.
Please Email the Editor