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NCLT turns down Menon Bearings' plea in Gitanjali Gems case

Axis Bank is the main lender to Menon Bearings

BS reporter 


An application, moved by against the (MCA) and Axis Bank, in the case, was rejected by the (NCLT) in Mumbai. is the main lender to and its legal representative told the Bench that the bank had frozen the applicants’ accounts on May 4, following instructions from the

Senior Counsel Gaurav Joshi, appearing for the applicant company pleaded with the Tribunal to provide clarity on the different interpretations of the order, and that maybe a direction could be passed to the Bank so that Menon can access funds to meet its tax liabilities on time and make payments to its 500 employees.

Investigating officials have listed in their petition given that the firm has one common independent director with Menon is among the 107 companies, along with subsidiaries of and Firestar Diamond, listed in the MCAs petition as 'entities under investigation'.

First Published: Mon, May 14 2018. 21:54 IST