Gitanjali gems to be liquidated for 1.7 billion dollars |
After much discussions about ways to recover funds, a committee of creditors has decided to liquidate Mehul Choksi`s Gitanjali Gems to recover over 1.7 billion dollars. Choksi and his nephew Nirav Modi have been absconding since February last year after the PNB scam worth 2 billion dollars, came into light. The lenders rejected a resolution proposal and voted for liquidation, citing time over-run beyond the 180 days. The major lenders include PNB, ICICI Bank, Corporation Bank and Allahabad Bank. Overall, as many as 31 financial creditors have claimed dues worth over 1.8 billion dollars from Gitanjali Gems. Indian Market Regulator SEBI, is also looking into the matter as the Corporate Affairs Ministry has sought the help of Central Board of Direct Taxes to ascertain the assets of the prime accused and other related parties.
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