PNB fraud case: nine corporations tied to Nirav Modi did no industry, close in two years

Written via Khushboo Narayan
| Mumbai |
Up to date: February 23, 2018 7:05 am

Nirav Modi fraud: 4 of the 9 automobiles seized via the ED on Thursday.

AT LEAST 9 corporations related to billionaire diamond jeweller Nirav Modi had been included in 2010 however didn’t perform any industry ahead of they all had been close down in 2012, information investigated via The Indian Specific display.

An research of the 41 corporations related to Modi, within the wake of alleged fraudulent transactions involving 3 of his corporations and Punjab Nationwide Financial institution, displays that those 9 corporations had been included between March and August 2010.

Information display that Modi’s brother Neeshal Modi, who has been named via the CBI as an accused within the alleged Rs 11,400-crore PNB fraud, used to be a director in some of these 9 corporations.

Learn | PNB clarifies: ‘Have pursued all felony avenues to get better dues’

Those corporations, in step with their remark of accounts, didn’t display any industry within the two years in their life and no less than seven of them filed for closure on June 21, 2012. The opposite two had been additionally close down that yr.

Of their board resolutions, each and every of those corporations cited the similar explanation why for polishing off: they foresee “no sustainable business job” and don’t seem to be able to “generate any earnings surpluses”.

Those 9 corporations are: Punarvasu Specialists Pvt Ltd, Ananthnath Valuers Pvt Ltd, Neminath Specialists Pvt Ltd, Vashupujya Valuers Pvt Ltd, Moola Specialists Pvt Ltd, Sambhavnath Specialists Pvt Ltd, Suvadhinath Specialists Pvt Ltd, Moon Valuers Pvt Ltd and Supasvanath Specialists Pvt Ltd.

Alternatively, assets accustomed to the case mentioned it’s imaginable that now not all the 41 corporations connected to Modi which might be underneath probe via the CBI, Source of revenue-Tax division and Enforcement Directorate are “shell corporations”. “All the image will emerge simplest after the investigation is entire,” mentioned assets.

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Consistent with paperwork accessed via The Indian Specific, the 9 corporations had been opened in 2010 with approved capital and paid-up capital of Rs 1 lakh each and every and struck off in 2012 underneath the federal government’s fast-track go out scheme introduced the former yr. The scheme supplies a quick go out direction for firms which might be inoperative since incorporation or commenced industry however turned into inoperative or defunct later underneath the Corporations Act.

Learn | ED freezes stocks, mutual price range value Rs 100 crore of Nirav Modi, Mehul Choksi, 9 luxurious automobiles additionally seized

With the exception of those, the probe businesses also are taking a look into 26 lively corporations related to Modi — and 4 corporations that had been included in February 2000, transformed to restricted legal responsibility partnerships (LLPs) later, and dissolved.

The 4 dissolved corporations come with Paragon Jewellery Pvt Ltd, Paragon Vending Pvt Ltd, Panchajanya Diamonds Pvt Ltd and Neeshal Enterprises Pvt Ltd. As in keeping with the remaining to be had information of Paragon Jewellery and Paragon Vending, the firms made a web loss ahead of tax of Rs 11,801 and Rs 12,157.17, respectively, on the finish of March 31, 2013.

Whilst Paragon Jewelry, Paragon Vending and Neeshal Enterprises had been transformed into LLPs on March 19, 2014, Panchajanya Diamonds had been transformed right into a LLP on April 22, 2014, with a complete legal responsibility for contribution of Rs 1 lakh each and every, information display.

It isn’t unlawful to transform an organization to a LLP, which is a partnership the place some or all companions have restricted legal responsibility and one spouse isn’t accountable or chargeable for every other spouse’s misconduct or negligence.

Trade mavens say LLPs have turn into standard, in particular amongst small and medium companies, as it’s tax-efficient and boundaries the legal responsibility of companions so far as civil instances are involved. Additionally, LLPs are ruled via the LLP Act, 2008, and they don’t have to conform to the stringent norms of the Corporations Act.

Consistent with the paperwork, no less than 25 of the 41 corporations related to Modi are registered on the similar cope with at Opera Space in South Mumbai.

Nirav Modi didn’t reply to an e mail from The Indian Specific in quest of remark at the actions of corporations connected to him. Modi’s legal professional Vijay Aggarwal didn’t reply to calls from The Indian Specific in quest of remark.

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