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Attachment notice to NSEL borrower ARK

The agnecy going to send notices to freeze more assets of Mohan India

Sharleen D’Souza  |  Mumbai 

The economic offences wing (EOW) of the city police has sent a notice to attach more assets of National Spot Exchange Limited (NSEL) borrower ARK. The estimated market value of the properties attached by the EOW is Rs 5,432 crore, 98 per cent of the dues of the exchange.

The EOW is going to send notices to freeze more assets of Mohan India. This will take the value of frozen assets to Rs 5,588 crore.

Two weeks ago, the police had attached P D Agro's ( one of the borrowers) Dunar Foods brand, the value of which is estimated at Rs 600 crore. The attached assets also include that of FTIL's promoters’ assets.

Liquidation process is expected to start as soon as Maharashtra Protection of Interest of Depositors court approves for liquidation of the assets. Investors have already filed a petition in court to start liquidation of the assets and is expected to come up for hearing on February 25.

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First Published: Fri, February 21 2014. 22:19 IST