The Ministry of Corporate Affairs approached the NCLT, Mumbai against Nirav Modi , Gitanjali Gems and its allied companies for several reliefs. The above application has been filed by the Union of India after huge criticism in not tracing as to the whereabouts of Nirav Modi, who is the principal player in Rs.11,400 Crores in PNB Scam. Even before the SCAM in the lime light, the persons involved in the SCAM gone out of country. The issue has been seriously discussed in the country as it creates not only an economic stability but also raises questions as to the ability and capability of Public Sector Banks. It further throws away the talks of privatization of all PSBs. In such circumstances, for the purpose of proper recovery, the Ministry of Corporate Affairs sought for various interim reliefs as against the assets of Nirav Modi and others. NCLT upon prima facie satisfaction has passed the restraint order against the persons who arrayed as respondents in the above petition from dealing with their assets in any manner. As far as other reliefs, the matter has been adjourned to 26-03-2018. It is relevant to note that already Enforcement Directorate has also registered a case and CBI is investigating the matter. The above application has been moved by the Ministry of Corporate Affairs by invoking the provisions of 221, 222, 241 & 246 of Companies Act, 2013 and the order has been by the NCLT exercising the powers under section 221 of the Companies Act, 2013 and 43 of LLP Act, 2008.
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