Freeze On Crb Assets, Banks Barred From Dealing In Groups Funds

The Delhi High Court yesterday froze all accounts of CRB Capital Markets Ltd and 40 sister

concerns and restrained all their directors from dealing with the assets and funds in any manner till June 18.

Justice S N Kapoor, while dealing with an application of the official liquidator appointed by the court to take possession of assets and accounts books of the scam-tainted group, also restrained the group chairman C R Bhansali, his wife Manjula Bhansali and others from disposing of their personal assets.

All the banks, nationalised or scheduled, whether Indian or foreign, and other financial institutions (FIs) having any account or deposit lying in the name of CRB Capital Markets Ltd and 40 companies of the group shall be frozen for the time being till June 18, the court directed.

 

The official liquidator, through counsel B N Nayar, told the court that about Rs 1,200 crore has been siphoned off or diverted or transferred to these 40 companies from the group and the amount was likely to be diverted further.

The counsel for the Reserve Bank of India (RBI), H S Parihar, supplied the court with a list of 107 FIs operating in the country, including all kinds of banks, to the court for the purpose of issuing the order.

The liquidator said that nothing substantial was found in CRBs Delhi office during the preparation of the inventory and alleged that material fed inside the computers were found erased.

The official liquidator told the court that in compliance with the May 22 order, he has sealed the registered offices of CRB Caps in the Union Capital and 12 branches spread over the country.

He said a list of 40 companies without address or any other detail has been found and it was told to the court that CRB Caps was operating through these 40 companies.

The respondent company had kingpin of the scam in working directors Bhansali his wife and S K Jain. Maximum companies have common directors and it is further observed that all group companies were virtually being controlled by Bhansali and his wife, the application said.

Meanwhile, the Reserve Bank of India (RBI) yesterday filed an application for appointment of an agent of the apex bank prepare inventories of the companys assets after scrutinising its

books of accounts and its past operations. It would come up for hearing on Monday.

The application said the agent would also have access to all properties taken into possession by the provisional liquidator.

The RBI further sought an order from the court to appoint professionals like chartered accountants, company secretaries, computer software experts and others to take into account all kinds of documents.

The application said the agent should be made responsible to the court jointly along with the official liquidator.