Fugitive businessman Nirav Modi in London (Pic via Twitter)Virtually spelling doom for various Indian public sector banks, the National Company Law Tribunal, Mumbai, has ordered the liquidation of absconding diamantaire Nirav Modi’s group company, Firestar Diamond International Pvt. Ltd. (FDIPL).
The ruling to liquidate Modi's scam-scarred company FDIPL was delivered last week by a Mumbai NCLT bench comprising (Mrs) Suchitra Kanuparthi (Member-Judicial) and V Nallasenapathy (Member-Technical).
Modi, along with his uncle Mehul Choksi and others are accused of masterminding one of the biggest banking frauds amounting to around Rs 14,000 crore, which was first admitted by Punjab National Bank (PNB) in February 2018, followed by other public sector banks.
This is said to be the first-ever liquidation order for any company embroiled in the fraud schemed by the Modi-Choksi before they fled the country, according to experts and officials.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.