HC asks Mohan India and Prime Zone to disclose assets

Mohan India is one of the largest defaulters with settlement amounting to Rs 922 cr and had continuously failed to meet the commitment that it made to NSEL

The Bombay High Court today ordered Mohan India and Prime Zone, defaulters in the NSEL scam, to disclose their assets within four weeks.

High Court has also observed that as the injunction has been invoked, Mohan India would be required to furnish a bank guarantee for the suit amount, which is over Rs 922 crore with the court.

Mohan India is one of the largest defaulters with settlement obligation amounting to over Rs 922 crore and had continuously failed to meet the commitment, which it made to NSEL. Post the failure of the repayment settlement by Mohan India, NSEL moved the MPID court to remove the no-coercive action orders granted to them earlier and also filed suit for recovery against Mohan group, its directors and others.

Prakash Chaturvedi, joint MD of NSEL said, “This would not have been possible without the continuous support of management staff and promoter of NSEL who supported such a suite of NSEL against the defaulter.”