Exclusive | MCA has moved NCLT to attach properties of Mehul Choksi, Nirav Modi

Tarun Sharma
Moneycontrol News
The Ministry of Corporate Affairs has moved National Company Law Tribunal (NCLT) to attach and freeze properties of Mehul Choksi and Nirav Modi, including foreign assets. ​

Assets belonging to Modi's wife Ami Modi, and brother Neeshal Modi may also be attached.

The government is looking to attach movable and immovable assets of 114 companies.

The government is seeking to give exparte order in this case. An exparte order is an order passed by a court against entities without giving a hearing to affected entities.

The MCA, which has identified properties of these four individuals and 104 related companies, recently shared the list with the Enforcement Directorate.

The list comprises of companies where these four individuals have either been directors or have, at any point of time, been a part of the board. These companies have fewer assets compared to the loans taken from banks. But, the companies largely have dealings in diamonds, finance and real estate.

This is the first time, since the Satyam scam in 2009, that the MCA is moving court for attaching properties of the accused.

Once attached the properties cannot be put up for sale.