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PNB Scam: NCLT Bans 60 Entities from Selling Assets

March 06, 2018

PNB Scam: NCLT Bans 60 Entities from Selling Assets

Taking a new step in the investigation of the massive Rs. 12,700 crores PNB scam, the National Company Law Tribunal (NCLT) has imposed restrictions on as many as 60 firms including those of Nirav Modi and Mehul Choksi that disallow them to sell their assets.

The order for the ban was passed on the basis of a petition under various sections of the Companies Act, 2013 including section 222 that concerns the restrictions on securities, and section 221 which concerns the freezing of the assets of a company.

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