You are here: Home » Economy & Policy » News
Business Standard

NCLT Mumbai orders liquidation of Nirav Modi's firm, spells doom for PSBs

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

IANS  |  Mumbai 

Nirav Modi
Nirav Modi and others are accused of one of the biggest banking frauds | File Photo

Virtually spelling doom for various Indian public sector banks, the National Company Law Tribunal, Mumbai, has ordered the liquidation of absconding diamantaire Nirav Modis 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 bench comprising (Mrs) Suchitra Kanuparthi (Member-Judicial) and V. Nallasenapathy (Member-Technical).

Modi, along with his uncle 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

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.

 

First Published: Wed, March 04 2020. 16:26 IST
RECOMMENDED FOR YOU