 "Some of the cars of Nirav Modi and Mehul Choksi seized by the ED on Thursday")
Central investigation agencies have asked national depositories to freeze the promoters’ holdings in Gitanjali Gems, to ensure perpetrators of the alleged Rs 114 billion Punjab National Bank (PNB) fraud do not get away without paying back.
At the end of December 2017, Gitanjali Chairman Mehul Choksi held a 22.81 per cent stake in Gitanjali Gems. He held another 4.95 per cent through his holding companies. The combined holding of five promoters was close to 27.76 per cent, valued now at Rs 904 million. However, 78.56 per cent of the promoters’ shares were pledged in December.
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