Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.