MUMBAI: The government has moved to attach all assets of the prime accused gems-jeweller Nirav Modi, his wife Ami Modi, his brother Nishaal Modi and uncle Mehul Choksi in the Rs 11,300 crore Punjab National Bank scam, counting those of the companies owned by them.
On Friday, the ministry of corporate affairs (MCA) approached the National Company Law Tribunal (NCLT) with an appeal under sections 221 and 222 of the Companies Act to seal all assets of the 64 respondents in the Nirav Modi case. Besides his kin, the respondents embrace companies and trusts belonging to them. The next engagement of hearing has been set on February 27.
The MCA's approach in the NCLT is expected at preventing the accused or their agents from setting against their property. The petition was lodged by the joint legal director of the MCA before the NCLT bench headed by B S V Prakash Kumar.
Legal experts say the government had the option of holding the companies the way it took over Satyam Computers after a substantial Money-swindle in 2009. However, if the government does attach the companies, it will not have any big gain in the nonappearance of a functioning business to run, and will only be weighed down with liabilities.
