· UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Firestar Diamond, Inc., et al.,1 Debtors. Chapter 11 Case No. 18-10509 (SHL) (Jointly Administered) DECLARATION

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK

In re:

Firestar Diamond, Inc., et al.,1

Debtors.

Chapter 11

Case No. 18-10509 (SHL)

(Jointly Administered)

DECLARATION OF RAHUL MUKHI IN SUPPORT OF PUNJAB

NATIONAL BANK’S MOTION FOR THE ENTRY OF AN ORDER DIRECTING THE APPOINTMENT OF A CHAPTER 11 TRUSTTEE

PURSUANT TO 11 U.S.C §1104(a)

I, Rahul Mukhi, declare under penalty of perjury as follows:

1. I am a member of the bar of this Court and counsel with the law firm of Cleary

Gottlieb Steen & Hamilton LLP, counsel for Punjab National Bank (“PNB”). I respectfully

submit this declaration in support of PNB’s Motion for the Entry of an Order Directing the

Appointment of a Chapter 11 Trustee Pursuant to 11 U.S.C. §1104(a) (the “Motion”).

2. Attached hereto as Exhibit A is a true and correct copy of the order issued by the

National Company Law Tribunal, Mumbai Bench, on February 23, 2018 in Union of India,

Ministry of Corporate Affairs v. Gitanjali Gems Ltd., et al., C.P. No. 277/2018, which is cited in

the Motion, but which may not be easily accessible.

3. Attached hereto as Exhibit B are true and correct copies of the Society for

Worldwide Interbank Financial Telecommunication (“SWIFT”) messages associated with the

five (5) Letters of Undertaking summarized in ECF No. 149 ¶ 4(c).

4. Attached hereto as Exhibit C is a true and correct copy of the petition to the

National Company Law Tribunal, Mumbai Bench, filed by Union of India, Ministry of Corporate

1 The Debtors are the following three entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Firestar Diamond, Inc. (2729), Fantasy, Inc.(1673), and A. Jaffe, Inc. (4756).

18-10509-shl Doc 182 Filed 05/23/18 Entered 05/23/18 13:47:46 Main Document Pg 1 of 3

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Affairs, on February 23, 2018 in Union of India, Ministry of Corporate Affairs v. Gitanjali Gems

Ltd., et al., C.P. No. 277/2018, which is cited in the Motion, but which may not be easily

accessible.

5. Attached hereto as Exhibit D is a true and correct copy of PNB’s Request for

Production of Documents sent by PNB’s counsel to Debtors’ counsel on March 22, 2018.

6. Attached hereto as Exhibit E is a true and correct copy of a Letter from PNB’s

counsel to Debtors’ counsel, dated May 13, 2018.

7. Attached hereto as Exhibit F is a true and correct copy of the Notice of Deposition

sent by PNB’s counsel to Debtors’ counsel on May 9, 2018.

8. Attached hereto as Exhibit G is a true and correct copy of the Notice of

Deposition sent by PNB’s counsel to Debtors’ counsel on May 16, 2018.

9. Attached hereto as Exhibit H is a true and correct copy of a Letter from PNB’s

counsel to the Debtors’ counsel, dated May 16, 2018.

10. Attached hereto as Exhibit I is a true and correct copy of PNB’s Second Request

for Production of Documents sent by PNB’s counsel to Debtors’ counsel on May 16, 2018.

11. On the afternoon of May 18, 2018, Debtors’ counsel, counsel to PNB, and Mihir

Bhansali’s counsel, Thomas McCormack of Norton Rose Fulbright US LLP, had a phone

discussion in which Debtors’ counsel informed PNB that, in sum and substance, Mihir Bhansali

had resigned via email earlier that day and that Debtors’ counsel did not expect that Mr. Bhansali

would be appearing at his deposition noticed for May 22, 2018, or at the continued Sale Hearing

on May 23, 2018. When asked by PNB’s counsel, Mihir Bhansali’s counsel stated that he would

not accept service of subpoena on Mr. Bhansali’s behalf and would not confirm whether or not


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Mihir Bhansali was in the jurisdiction. Counsel to PNB and the Debtors agreed that the parties

should immediately notify the Court of this development.

12. This Court convened a telephonic hearing at approximately 4:30 p.m. on May 18,

2018. I understand that a transcript of this hearing is being prepared, but it is not yet available at

the time of this filing. During the telephonic hearing, counsel for Mihir Bhansali represented

that, if ordered to testify in connection with the pending Sale Motion, Mihir Bhansali would

assert his constitutional rights against self-incrimination. Debtors’ counsel stated, in sum and

substance, that without Mihir Bhansali’s testimony the Debtors had no other information to

provide the Court regarding the issues raised during the Sale Hearing concerning Mihir

Bhansali’s communications with Nirav Modi. This Court then requested that the Debtors decide

whether they would move forward with the Sale Motion without Mihir Bhansali’s testimony and

promptly inform the interested parties of their decision.

13. I declare under penalty of perjury that the foregoing is true and correct.

Executed on May 23, 2018, at New York, New York.

/s/ Rahul Mukhi RAHUL MUKHI


Exhibit A

18-10509-shl Doc 182-1 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit A Pg 1 of 16

\·

..

IN THE NATIONAL COMPANY LAW TRIBUN/\L MUMBAI BENCH

C.P. No. 277/2018

Under section 221,222,241,242, ·24ti r.w. 339 of the CA, 2013

in the matter of Union of India, Ministry of Corporate Affairs .. .. Peti tioner

v/s.

Gltanjall Gems Ltd ..... Respondent-1 Gifi Jndla Ltd. -R2 Nakshatra Brands Ltd. -R3 M/s Solar Exports (Partnership F!rm )-R4 M/s Stellar Diamond (Partnership Firm)-RS M/s Diamond R US (Partnership Flrn,)-R6 Firesl-ar Diamond Internat ional Pvt. Ltd.-R7 Firestar International Ltd . -R8 Firestar Diamond Pvt. Ltd . -R9 Fircstar Diamond FZE -RlO Mr. Nfrav Deepak Modi (a.k.a. Nirav Modi)-R11 Mr. Nlsl1a l Modi (a.k .a. Nceshal Modl) -RJ 2 Mrs. Ami Nirav Modi -RI3 Mr. MehulChinubhaiChoksi -Rl4 Mr. Gokulnath Shetty -fllS Mr. ManojHanumantKharat -R16 Mr. Oeepak Kcshavlal Modi -Rl 7 Ms. Nehal Deepak Modi -R 18 Mr. RohlnNirav Modi -Rl 9 Ms. AnanyaNirav Modi -R20 Ms. /\pashaNirav Modi -H2 1 NDM Enterprises Pvt. Ud. -R22 ANM Enterprises Pvt. Ltd. -R23 Mr. Hemant Bhatt -R24 Ms. KavitaMankikar -R25 Mr. Ramesh Madhavdas Assar ·R26 Mr. KetanChundrnkant S0la111<I =R27 Mr. Amr/shSaralalMasalia -R28 Mr. DhaneshVrajla1Sheth -R29 Mr. Manoj Kumar Bavakad -R30 Mr. An iyathSl1ivraman Nair -R3 1 Ms. LataKlshorSnraiya -RJ2 Ms. Jyoti Bharat Vora -R33 Mr. Dinesh Gopaldas Bhatia -R34 Mr. Anlt UmeshHa ldipur -R35 Mr. Sudl1irbilai Ambala! Mehta -P.,36 Ms. PritiMehulCl1oksl -r .... ::-::":":::-,:::.::;,, · Mr. NazuraYashAjaney • . • ff.'l'l.1-:f°l.J,;~Ji~:,..., Mr. SaurabhChnndrushekhar D ·' ~g~~.~g°il\,~ <f~}\ Mr. MlhirBhaskar Joshi ,#;40 . ,,·'.\J , 11/ r~. \\

.a · ~Jli. ... :,~f , · ; · ·;>. \ Mr. Krishnan Sangameshwar !,~0 R41 \>,){.e:;f ·.:~.Ji\\ Mr. Vinod Kumar AnandJune. :· ~!-R42J.)W fl jt Mr . Suj,11 Anif Shuh \; \ . · -R4f ~Ji l (::;;1

Mr. Gopal Kr isshnaKaruriaka~~-\ ~a/1:~t~W1J ,;1,1 . . ... ; ;/ I, .. r, .. ..,

\ .. ...,~' --./1{-Y ·\ !.?,\.\·~ .. :: .. :~ -: ./' ' ' ).~.:(I.:_~, J ;:: :~:·~\.,\?~:.?.'·

, .. ~.::·:;: ~··;:'=~-F.~?.!.: ... '


NATIONAL COMPANV LAW TRIBUNAL, MUMBAI BENCH

C.P. No. 277/2018

Mr. Swarninathan SundararaJan Mittur-R45 Mr. Nltin Ram Potdar -R46 Mr. sunll Varma -R47 Mr. ChandrakantKanuKarkare -R48 Ms. PankhuriAbhljitWarange -R49 Mr. HareshVrajlal Shah -RSO Mr. Suresh Senapaty -R51 Mr. GauthamMukkavllll -R52 Mr. Sanjay Rlshl -R53 Ms. Angelina Nguyen -R54 Mr. Ravi Shankar Guptu -RSS Mr. Suresh Kumar Jain ·R56 Mr. SaketVlpin Shah -R57 Mr. BankimMadhu Mehta -R58 Ms. PutviMayank Mehta -R59 Mr. HimanshuPravinchandra Trivedi-R60 Mr. Youri Donald Hermans -R61 Mr. MlhlrBhanshallRashtnikant -R62 Mr. ShyamsunderVashumalWadhwa-R63 Mr. Suresh Kumar Bhutan! -R64

Order delivered on 23.02.2018

Coram: Hon'ble Mr. 6.S.V. Prakash Kumar, Member (Judicial) Hon'ble Mr. V. Nall.isenaputhy, Member (Technical)

For the Petitioner : Mr. Sanjay Shorey, JD(L), MCA.

For the Respo·ndent: None.

Per B. S. V. Prakash Kumar, Member (Judicial)

ORDER

Order pronounced an 23.02.2018

Union of Jndla through Its Regional Director (Western Region),

Ministry of Corporate Affairs, mentioned this Company Petition filed

u/s 221, 222, 241, 241., 7.46 & 339 on the ground that the affairs of

Rl company, Its group companies and LLPs have been/being

conducted prejudicial to the public Interest of India, hence forth

Union of lndia , being custodian of the subjects of the country, sought

the interim reliefs as follows:

2


NATIONAL COMPANY LAW TRIBUNAL, MUMBAl BENCH

C.P. No. 277/2018

messaging, wherever required, in order to ensure due service

of notice to all Respondents, present In lndia or overseas.

(b) That the Respondents be directed to disclose their moveable

and Immovable properties/assets, including bank accounts,

owned by them In India or anywhere in the world.

(c) That the Respondents be restrained from mortgaging or

creating charge or lien or third-party interest or In any way

i.llienating, the movilble or immovable properties owned by

them and further, direct attactlrnent of the illl sa id properties

nnd hand them over to the Petitioner. Petitioner be allowed to

execute such orders through the Indian Missions, stationed

oversens, for the immoveable and moveable properties In

existence abroad.

(d) That the Bombay Stock Exchange (BSE), Natlonal Stock

Exchange (NSE) and Securities and Exchange Board of India

(SEBI) be directed to restrain the trading of securities of

Respondent No. 1.

(e) That the Respondent Nos. 2, 3, 7, 8, 9, 22 and 23 be restrained

from mortgaging or creating charge or lien or third-party

Interest or in any way alienating the securities issued by the

said Respondents.

(f) That Central Depository Services Ltd . (CDSL) and National

Securities Depository Ltd. (NSDL) be directed that securities

owned/held by the respondents in any company be freezed and

dc~talls thereof be shared with the Petitioner.

(g) That the Centra l Board of Direct Taxes (CBDT) and tile Central


NATIONAL COMPANY LAW TRI8UNAL, MUMDAI BENCH

C.P. No. 277/2018

(h) That the Reserve Bank of India (RBI) and the Indian Banks

Association (IBA) be directed to facilitate dlsclosure of the

details of bank accounts, lockers owned by the Respondents

and attach the same on behalf of the Petitloner.

(i) That the Stilte Governments and Administrators of Union

Territories be directed to Identify and disclose all details of

immovet1ble properties owned/held by the Respondents.

(j) That· the Petitioner be permitted to take possessfon, after due

inventory, of all moveable and rmmoveable properties of the

Respondents that have been attached as per the orders of this

Hon'ble Tribunal, through Official Liquidators.

(k) The Petitioner seeks the leave of the Hon'ble Tribunal to

enlarge the scope of the reliefs sought and prayers m.ide in

tt1 ls petition by fi ling any other documents or applications In

view of the extraordinary nature of the circumstances

perta ining to the present petition.

(l) That the Petitioner may be permitted to file copies of the

interim and/or fintil investigation reports of the Serious Fraud

Investigation Office (SflO), as and when the same are

submitted by the concerned Inspectors to the Central

Government, in order to supplement/enlarge/ amend/modify

the present petition, based on the findings Of the Interim/final

report, Including addition to the array o_f Respondents, as per

the NCL T Rules.

2. The cause of action for filing this case by the Petitioner herein


NATIONAL COMPANY LAW TRlOUNAL, MUMBAI DENCH

C.P. No. 277/2018

Choksi (Rl4) through various companies and LLPs directly or

indirectly maintained by them. It is shown as most of the companies

are primarily engaged In the business of diamond trnd ing, but

whereas by seeing th is Pecrtlon it appeais that these Respondents

and their group c:ompanies in the name of diamond business,

according to the Petitioner, committed mega fraud by conniving with

some of the Officers of PNB routing money of a public sector Bank

through lssual of letter of undertakings to their benefit without

making any entries In the trade finance module of the Banks , i.e.

Core Banking Service (CBS) system to avoid detection. The

Petitioner submits that the funds received under Buyer's credit from

overseas banks were credited to Nostro Account of the Bank and

subsequent ly utilized as per direction given by the conniving officer

to repay .Imports/earlier Buyer's credit used by the firms. For

issuance of fraudulent LCs, the conniving officer, Issued LCs by

entering a small amount In trade module of Core Bonklng Service

(CBS) system and generating the reference number and SWIFT

messages were sent For the amounts. Subsequently, without making

any change in Trade Finance Module of CBS system, the conniving

officer sent modified SWIFT message for the same reference to the

beneficiary bank for enhanced amount unauthorizedly. By sending

modified SWIFT message witll the reference given for smaller

amount, this enl1.:incement would not come to the notice of CBS

system. By doing so. according to the Petitioner, the Respondents

herein committed fraud of il'11,40Dcrores against PNB.

3. The Petitioner's case is that since the Respondents' companies

and their dlrectors having caused wrongful loss of rupees above

~ 11 ,OOOcrores by fraudulent means, for there being FlRs ugainst

many of the Respondents detailing how fraud has been committed,

at_least to realize the monies to the extent possible, It ls essential to

obtain restraint orders .:,galnst the assets lying with various

companies, LU's, Trusts and individuals, in t he backdrop of the

factual scenario, it has become imperative upon th is Bench to pas~ ·< .~~~~ ~-. . . . ~, .. \,..,..... .. ~'.r.1 -~ '

rl';!stra1nt orders berore going ,nto the technicalities and t . ,,,, §!.!.~, ":1~~,

procedur,:il nspects In respect to the Company Petition, because e ,'ii: jff,ff!:,~ ~ -j \. ,.··':tl'ff f :g

·,11~~-:.,..t" . ~ \ \ .., ~;.,,~.i ... ~, ~ i,\.\.-.t.~,::>,'· . ·~;.'/';/

5 \\ t ~~\1.~ · ·J", J'.'J ... ··tl1 ·l~{np,i.1(1 ,·. ·..,Jf•?!=mmc\\ '-~

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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

CY Mo 277/2018

ft1cts of the ,natter is, fraud has been taken place, money of the bank

has gone out. If this Bench remains wa fting for details of each and

every transaction, the liquid assets and other assets lying with these

entitles wlll be frittered away, once that happened, the whole

exercise of passing orders will become redundant.

4. That the submissions in this Petition are based on the events

surrounding certain First Information Reports (FIR) filed by the

Punjab National _Bank Ltd. (PNB), a public sector nutionalized bonk.

F!R No. RCBSM2018E0001 dated 31/01/2018 filed with CBI, BS&FC,

Mumbai, inter alia, states that Mr. Nirav Modi (Respondent No.

11), Mr. Nishal Modi (Respond!mt No. 12), Mrs. Ami Nirav Modi

(Respondent No. 13), Mr. Mehul Chlnubhai Bhoksl (Respondent No.

14), all partners of M/s Diamond R US (Respondent No. 6), M/s

Solar Exports (Respondent No. 4) and M/s Stellar Diamonds

(Respondent No. 5) in conspiracy with Mr. Gokulnath Shetty

(Respondent No. 15), Deputy Manager (retd), PN!3, Mr. Manoj

Hanumant Khan:it (Respondent No. 16), SWO PNB and otl1cr

unknown persons committed the offence of cheating against PNB to

c<>use a wrongful loss of Rs. 280. 70 Crores to PNB and pecuniary

advantage to M/s Diamond R US (Respondent No. 6), M/s Solar

Exports (Respondent N·o. 4) and M/s Stellar Diamonds (Respondent

- S). Further FIR No. RC02(E)/2018/CBI/BS&FC/Mum, dated

15/02/2018, filed with CBI, BS&FC, Mumbai, inter alfa, states that

the accused bank officials Mr. Gokulnath Shetty (Respondent No.

1s), Deputy Manager (retd.), PNB, Mr. Manoj Hanurnant Kharat

(Respondent No. 16), SWO PNB In connivance with the accused

companies rep resented by its Directors and unknown others during

2017-18 defrauded PNB to the tune of an aggregate amount of USD

754.92 Mlll!on (equiva lent to Rs. 4886.72 Cr-ores @ Rs . 64.00 per

USO) in the matter of issuance of unauthorized and fraudulent

Letters of Undertaking in favour of Foreign Branches of different

Indian-based Banks and purported Foreign Letters of Credlts (FLCs)

Jn favour of foreign suppllers of the accused companies. The FIR



C. P. No. 277/2018

(Respondent No . 14). A copy or the Fms dated 31/01/2018 and

15/02/2018 as shown in Annexure P·2 (collectively) filed by the

petitioner.

5. The Petitioner has given description of various companies to

which money has gone through modus operandi described above,

and from these companies, those monies being shown as gone to

their Partners and Trusts maintained by Nirav Modi, this Petition as

of now deserves orders to be passed u/s 221 of the Compan ies Act,

2013 so as not to let the assets of any of these companies, other

entities mentioned be tow, frittered away . The Petit ioner has given

deta!ls of the Companies, LLPs, Trusts , individuals and assets

showing In the record of PNB, which are as follows:

Nirav Mod~Lm {Flrestarl

r_9_roo.illll.§.Qdtllil..1acie beneflCiilrY of fraucl:

i)

If)



C.P. No. 277/2018

· Name · r Partners : M/s Stellar Dia monds ; Nlrav Family Trust• ~ ,

·-- ---···--- --·· .. _ ... . J .Nirav_Modl Family Trust• ... .. ____ j ! M/s Solar Exports I Nlrav Family Trust• i i ··-·---·---·------· i. Nirav Modi Faml~y Trust* ..... _ ... : ' M/s Diamond R US I Sh Nirav Deepak Modi : l M/s NDM Enterprises Pvt Ltd # !

·-· --------.. - _M/s_AN~1 Enterprises Pvt Ltd # _ !

"Detail of Trustees are as under:

j·---- ·- .. ·--- l Nirav Famffy-=r"rust f Nirav.Mo~-----i

1 Settler·· ) Purvi Ma yank ... i ;gikTrust - ·--1 !· Trustees --··--·--·-f _Me~~~av -Deepak ..... j._Ke~~~;~a~~::~k ! :

1. Modi ' Mod, . - Ami Nlrav Modi l · Ami Nirav i . Neeshal 1 Modi

: . Deepak Modi J • Neeshal : • I , ! --r- Deepak Modi _ ! /' Benefici~rles ------·- --

1~ ~=:t:~;:;·:odl \ 1 · - ~u:~:tayank 1

: l . Ami Nitav Modi . - Ami Nirav

/ . Neeshal I: Modi I I Deepak Modi · Neeshal i . Nehal Deepak Deepak Modi ! Modi 1 · Nehal Deepak 1

I.. Rohin Nirav I Modi Modi I - Rohin Nlrav

! . Ananya Nirav Modi Modi i . Ananya Nirav

II. Apasha Nirav I Modi Modi . Apasha Nirav -------- __ ! .. --- -- --.,- ... _______ L ... Modi_ .. ______ j

it Directors (as per ROC search dated 08.12.17) are as under:

'M°'is-NDM E~rrses Pvt ltd .Jl'.!L.s_ANM Entergrisesfl~ II. Hernant Dahyalal Bhatt I . Ramesh Madhavdas ( . . Ramesh Madhavdas Assnr ! Assar I ! : Ketan Chandrakant ' i __ __ - ··-·---·--· ... ., _____ I ___ Solanki ____________ j


NATIONAL COMPANY LAW TRI8UNAL, MUMBAI DENCH

C.P. r10 . 277/201tl

0"irestar Diamond Pvt. Ltd I Mr. Nirav Deepak Modi . - --·-·-~ ! Mr.HemantDahyalal Bhat i I I .· ·----····--·----------·-· . . . ._ __ _,. __ , __ ----·- ·-·-------- -·--~ .. ~--·- '.

! Neeshal Enterprises LLP : Mr. Nirav Deepak Modi , ! l M,- l-l' o m::1n t-n:1 hu~l=-. I cth"3t- f I • 1· 1 1 ., H,;. I H UII\.L.,'UII 1 UIU I LIPICJL I I I •

:·Pa.rag-on Jewellery LLP ··------1 Mr. N·~:a-~-Deepak-Modi· .. ·---·-···1 l. ; Mr.HemantDahyalal Shot ;

·-·---· .. ····-· ·-·--·--·---·· .. ---··--- --· .J._ ···-------- - ·----.. ·---·---·--!' / Par0gon Merchandislng LLP ! Mr. Nirav Deepak Modi · i 1 Mr.HernantDahyalal Bhat '

! _______ .,. ____ _, ,, ___ ~------~- - ' _____ ; _______ ------· .. ·-----·· ···------·· ~. . --- -{ I Panchajanya Diamonds LLD I Mr. Nirav Deepak Modi 1 i I : ! Mr.HemantDahyala! Bhat ; : i '··--- ----..... _____ .. ___ ... ~-----··- ·-- '·-··-·-· ·--·--------·----'

B. Corporate guarantors in the M/s Flrestar International Ltdand also enterprises owned or significantly influenced/controlled by key management personnel or their relative:

r Name of Company/Firm 1 Directors/Partners · ! ' ,- ····· ... -·····----··--·---·· - -· - . .... -·-----···-f-··· . ... -- -----··-- ··---· . . -· - - .... ...l 1 Firestone Trading Pvt. Ltd i Mr.HemantDahyalal Bhat ! i ! Mr. PareshPravlnballlRathod ! : !

irieest1af-~aeiTng.(PJLtei ..... .. _ .......... -1~~:·~~~~:s~t~~:~f::i~s:;··· .. 1

! ! . i··---·----··-- - ·- _ _, __ ,..... _____ _.+-- . ..-.~•••·•-••·~--- •• ··--- - ·· - -·- ·- "" •U • •- • ~• • t

I Firestar Diamond rnternat!onal P I Mr. Nlrav Deepak Modi ' Ltd ( Promoter)

, Mr. HareshVrajlal Shah. Professional ·

1 j Mr. Suresh Chandra Senapty, I \ Professional ! L.. ____ ·-·-- ·-·---·--·-- --- ··---------·- ·-·---··""· --·-··---~ i Bently Properties P. Ltd I Mr, Ramesh Madhavdas Assar I ! Mr. KetanChandrakant Solanki 1

i----·-- . -----······--------- L. _______ ---- ·- -- -·- ·--··--- ---- ··· ·----, ! MAk Business Enterprises Pvt. Ltd I Mr. Ramesh Madhavdas Assar 1 J I Mr. Manish Lalit Dani i i ! Mr. PareshPravinbhaiRathod 1

t f\iundra Enterprises Private .. !Mr·. 'i,i;nesi,-MadhavdaiiAs"i°ai: _ _; I Limited (Formerly Knoen as I Mr. Manlsh l.allt Dani

j ~!meka Developers Pvt. Ltd) ·-·--- Mr.~~reshPravlnbhaiRathod _____ .

I ANM Enterprises P. Ltd. I Mr. Ramesh Madhavdas Assar l I Mr. KetanChandrakant r.J.-<:;:;:;;:c=~~==:qi:::--::::-~~ . . r ,:?'_,J,-o. , tlr, ~ l~iDM. En.terprises-r:-Ctct:-·. ····- .. -/Hema.nt6aiivala1B . t~i'-"'r.OM~-A,\rrl'/.~ i]t, 0-. I n O =·· •;. ~ \\ •-- --- ·····- ·- ··----··•---- ... .... ·-·-· __ t_B£!!!.~~h __ f')_a.~Q.f!Vd --~~~~.!:._ - ~-:/ ·" \ :., ~ \

1 :J: ·~ 1l :1 Details of guarantors In the account Firestar Dlamon ~ F: /f In ternational P Ltd. (t-DIPL) \ ir.'i:fj-~1 if · ~

~·~~~~ . ~d ,~ )

') ~:~4~~:~\ ... ;~f -..;::.,._, ... ~-



C.P. No. 277/2018

r Name of Guaron_tor ... . .. .. ___ :_ Relationsh[Q__with!JQrro~w-:_: · Nirav Modi ; Promoter Director ; i_Firestar rnterrlillional Ltd . ! Group_cornp2 ny __ ,, · ., ___ j

Details of guarantors In the account Firestar Diamond FZE, Dubai:

i~~f :.:i~~:ii~~~d~efJ;E ,;~Wo:~~~o~ w;th ~ ·

; M/s. Firestar I nternational Pvt.+Holding Co. I ' Ltd:_ _______ ____________ .. _ ... .. __ , _ __ _____ -----·- - - ---·----; ; Mr. Nirciv Modi ! Group Promoter :

1 .. ...... --. --- ---·· ·------- - --··-···-··-). __ ______ ·-- -· ····· ·- ................... __ ,

Firestar Diamond Ltd~ .. Honko!!iJ: ··- -------------.. ---- - ______ ···---.. 1 hName of Guarantor __ _____ J Relalionstl!_p wi th borrower ________ _

. Nlrav_Modi _______ __ _ _j_J?romoter Director -----------.. ·- -·--·-· ·· ; Firestar Diamond I Group company · . . ~nternation_a{ Pvt.~Ltd .. ____ _ L___________ .. _ .... ____ _J

C. Related parties of Firestar International Ltd. Subsidiaries companies : -

. Flrestar Group Inc, USA - Firestar holding Limited, Hongkong

Step down Subsidiaries Company: • Flrestar Group Inc, USA Firestar Holding Limited, Hong Kong Flrestar Diamond Inc., USA Firestar Diamond International lnc., USA Firestar Jewelry Limited, Hong Kong Flrestar Diamond BVBA, Belgium Firestar Dlomond LLC, Armenia FS Diamond Ply Ltd, South Africa Fantasy JNC, USA Flr.estar Jewelry INC, USA Nlrav Modi jewels BVBA, Belgium Nirav Modi Limited, Hongkong Nlrav Modi Limited, London Nlrav Modi Limited, Russia NJrav Modi Limited, Macau Nirav Modi Limited, France Firestar Diamond PTE Limited, Singapore Firestar Diamond and Jewelry FZCO, UAE Firestar Diamond Ltd, Russia Synergies Corporation Camelot Enterprises Private Limited Rohin Trust A Jaffe INC.' USA Nipur BVBA Islington International Holdings PTE Ltd

Hl


NATIONAL COMPANY LAW TRIEIUNAL, MUMBAI OF.NCH

C.P. No. 277(2Ul!!

Some of the proper ties movable rnc luding rmmovabre properties deta!ls avallab le with us: -f irestar International Ltd:-

A. Movable:

First pari-passu ctiarge by way of hypothecatron of stocks lying at

factory premises .is well as ou tside on job-order basis, Receivables

and other current assets (present and future of the Company) and

receivable with other consortium banks.

B. Immovable: (Mortgaged to the Consortium on pari - passu

basis)

f 5 I security Description- -Aren in Sq M·orf o~-,lers-h'fp---·-' N · [ S_g.£.t '

i I t wo. ll"'flO"· """" I 630 SQ .ft c,;;;;;;,-1"'·",;;----· --· . L _l~~~:~e~~ita~rg4 ·- -- -- - ... .J Area ·-·----------- ~;t~:'.on.i_, ·-····---· : 2 ' 1111, 11th Floor, Prasad l 715 Sq. Ft Carpet I Fi res tar

L J ~~!~b~~~;se, Mumbai 04 _J::ea -·-·--- I ~n}t~:d'.0n_a1 .. ______ _

: 3 · No.B & 15 Nagindas Mansion , 1966 sq. Ft . -tflresttir ; i CHSL, r Carpet I internatiOnil/ j I J.S.S. Rd., Opera House, I Areil I Pvt. Ltd.

L_J Mumbai 04 ----·-- -L ------ -~---- -·-·-·---1 4 i No.16, 4th Fir, Nagindas ! 846 Sq/ Ft. j Firestar

1 Mansion CHSL, I Carpet In ternational

·r; ~~;~b~d040pern .House, ___ __J Area ··-----~vt. .ltd. ·------

! 5 Flat No.4, 2nd Fir, Grosvenor 12590 sq . Ft. j Mr. Nirav Modi '! House, Carpet I

Peddar Rd. Mumbal-26 ; Area r.··· _____ :.;.:::.:i_:_: _ _______ ___ .,____ • - ·- - "--·· · ·-- ·- .

! 6 I Unit No.518, 520,522, 524 , ! 2861 Sq. Ft I Firestar

/ ... .... ·1 .. ~t~6Fl;~r~. ~~1gium TowersL Surnt_j ;~;~et _,, __ _______ _ I ~n~:r2:;~onc1I ____ _

17 1 51h floor, 238, Block-rn, Mafatlal : 15645 Sq . Ft j Firestar

1! Centre, 1' , International

/afi]~~;~~~2~~~t&~{:a1ct,~Q..Q~L,, .. Unit No.2001 :·----~MtK ~~~fncs_s _ __ _ I l Floor, Tower 15,07'1 Sq. Ft. Enterprises Pvt. ; j 'B' Peninsula Bu:;lness Park, . U~it No.2002: Ltd. · , C.S. No.243 1 Li,387 Sq. Ft. .

; Of lower Parel Division, : ! / Ganpatrao l<adilm Marg, I Attached witt1 Car / a I Lower Parel, Mumbai - 400 013 ! Perking . ,ffe"'tl if>n:r,:f} ~ -

i Unit No .2001: 14 , , ~l'>\,.r,QMP.Jl,v1. t~

L • ...i .. __ ., . __ _ .1 ~ ~~- No.2002 ;_15 I__ ·:_:_ ff..,:· ... _,if:@~{l~-.\ t;i1\ ,, ... \ i.a:l

<;'~' · .,~( .. r. ~- . } , \• ~ .. 'I:, """'f'-,t ~ '

11 ·• -fg4-,, ·· ,r"-1 e,,

' . "4.f . t~...&· ·<~-1 '{~l~


NATIONAL COMPANY LAW TRIBUNAL, MUMBAI DENCH

C.P. No. 277/2018

· +. _ --·· ·· -----·-- ·-·-·--- ----· . : Nos . ____ ______ ___;: _ ·· · ... ···· -···· ···- ···--· -----·· ; 9 ! HCL House ' Documented Plot ) Paundra 1 ! Basement + Ground + <1 upper : Area : 30,127 Sq. I Enterprises

! floors of the . Ft. ! Private Limited

I' Build ing along with Land ; l! (Formerly known bearing c.s. No. i Buildup Area of as 360 of Vi le Porle Division , ! Building : 33,400 Aimeka Developers

J Village Marci, ,· Sq . i Pvt. Ltd .).

I Opp. Sugun Hospital, Ft. 1 Old Military Road, 1

i I Andheri (East), ! !

~ 10-l-~i:~:~~~ON~~{s, 19, ·20 & 67-- 14000 Sq mtr. ---+ Flrestar ·Diamond .. . .. : ! survey i I International · j No.336 & 395 at Sachin, SEZ, j ! ~-11·!·~1~~att & Machinery - FIPL - -- ··T·--·-·--······---~irestar ··------

. i ! I International

_ ... _I_ ··-----·-···. -····· _ __ ··- ·-· ··· I.__ ____ .. ··---- - : Pvt._ Ltd ________ ___ _ .

Ex_cl_u_5-lve Securi ty with the PN~ ------- -- - -----·- -··-- ·- -·-······-, SN , Security Description , Area in Sq M i Ownership 1

: 1 -+ ciHlce Premises No. 205~r s~~~ 1Rrestar Internationai-1

J AE4050 on 4th floor at I Pvt. Ltd. / Bharat Diamond Bourse I 1 Complex, C-28, G Block, I l Sandra Kurla Complex, I j

I _____ _l ~g~~~\East,_ Mumbai· ___ j ·---· ----···· ····--I-· -------·--···-- ···-· ___ J

; 2 : Land and building at Plot i 1000 sq. m. , Firestar International

, No. 26 located in I 1and and 1' Pvt. Ltd . I . I

! SURSEZ, Sar.hln, dist, I 12900 sq . ft. i I ; i Surat- 26 j building i i 1 __ 1 ·------···--·-- _J-·-··· - -··· __ __ _ J _____________ .

Eli:..~_atr diamond Int_ernatloo.al Pvt Ltd {FDIPLl:-

A. Movable:

Fist pa r l-passu charge by way of hypothecation of stocks lying

at factory premises as well tlS outside on job-order basis,

Rece lviJbles and other current ussets (present and future of

Company) and receivable with other consortium banks.

6. Immovable: (Mortgaged to the Consortium on

basis)

12


•

NAT[ONAL COMPANY LAW TRIBUNAL, MUMBAl BENCH

C.P. No. 7.77(2018

··---·-------····----·- ·- ·- -·- ····- .,..--:;:,, . Security i Area In I Ownershi 1

· S Ft : Description I SqM or ~ i j uriitNo. 23, 3"1 floor, B-wing~·rowerNo.~· T§ 133 __ .7·· Fires·ta·i=·-~ r K.or"1inoor City maH along with 10 covt!red

11 I Diamond i

! car spaces bearing No. 61,62,63,64, 64A, In term1tfo I 65, 65A, 66, 66A and 67 In the lowest • . nal 1

; basement of Kohinoor City, Opp. Don Bosco · ! Pvt 1

um~~;·u~~~i~ooad •. Off. L8S .M.irg , Kurla i _utd(FDIPL I , Unit No. 24,4lh noor, 8 Wing, Tower No.2, • 15133.7 1 Firestar ,

I: Kohinoor City mall along with 10 coverd car I Diamond I:

spaces bearing No. G7A, 71, 71A, Internatio 72 , 73, 74, 75 , 76, 77 and 78 in the lowest ! n.i l

' basement of Kohinoor City, Opp. Don Bosco ! Pvt '

j f~)~~,u~~~:.;d, Off. LBS Marg, Kurla .. 1 ~td(F-~IPL l Factory/Works address;

Fircfilill" DiurQQill.L..I.r.1.tg_rnat iona l Priva te Limited

l. Surat - P1ot No. 18, 19, 20 & 67, SEZ, Sachin, Surat - 394221

2. Kurla - Unit No.23 & 24, Tower ll, Wing B. Kohinoor City, Klrol Road, Off: LBS Marg, Kurta West, Mumbai - 400070.

3. Mumbai Store : !TIS House, Saibaba Road, Kalaghoda, Fort, Mumbai - 400001.

4. Delhi Store : D-33, Varun Marg, Shfniwas Puri, Block D, Defence Colony, New Deihl, Deih l - ll0024.

5. Andherl : Army Navy Press Bldg., Plot No .118. Road 181 MlDC, Andheri East, Mumbai 400093, India.

6. Unit No.26, Ground Floor, Tower No.2, Koh inoor City Mali, Kirol Road, Off : LBS Marg, Kurla West , Mumbai - 400070.

Fin~star International Limited 1. S18-522, 5th noor, Belgium Tower, Opp: Linear Bus Stand, Ring

Road, Surat 395003, India

2. G-1 -18 1, SEZ·II, Sltapura lndl. Area, Jaipur - 302022

3. 2nd Floor, Trade Point Bullding, Kamala MIiis Compound, Lower Pare! (West), Mumbai - 400013.

4. Army Navy Press Building, Pl ot No.118, Road No HJ, MTDC, Andheri (East), Mumbai - 400093 .

5. Plot. No.26, Road 13, Su rat SEZ Sachin, Surat, Gujarat 394230

D



C.P. No. 277/2018

6. Bharat Diamond Bourse, Tower A (East) - 4050, 13KC. Bandra East, Mumbai - 40005 l.

7. Kurla - Unit No.23 & 24, Tower II. Wing 6, Kohinoor City, Kiral Road, Off : LBS Marg, Kurla West, Mumbai - 400070.

In addition to above, covered under insurance are listed below:

8. 2nd Floor, Trade Point Building, Kamala MIiis Compound, Lower Parel (West), Mumbai - 400013 (bound warehouse).

9. 1110, Prasad Chambers, Opera House, Mumbai - 400004

10. 8,5, and 16, 15-8 Nagindas Mansion, 61, JS Road, Opera House, Mumbai 400004

11. 15/A, 4th floor, Bansilal Building. C/o Sangeeta l<ala Bhawan, J S S Road, Mumbai - 400004.

12. AE-4042, B Tower, Bharat Diamond Bourse, G Block, 13andra Kurla Comple)(, Bandra East, Mumbai - 400051.

13. PBW, Part B, Unit No.24, 4th floor, Tower II, Wing 8, Kohinoor City Mall, Kirol Road, Opp. LBS Marg, (West), Mumba! - 400070 (bound warehouse).

6. Jn the list given above, though Trusts and individuals are not

being covered either u/s 221 of the Companies Act, 2013 or Section

43 of LLP Act, 2008, since there is a categorical statement from Union

of India that funds were routed to those individuals and Trusts

through the companies mentioned above, to make investigations

meaningful to crac:k this fraud, restraint order is very much necess(lry

against the assets lying with the individual and Trusts in addition to

the companies and LLPs mentioned above. Since the Petitioner

having said that the funds of the Bank have been routed through the

companies and LLPs to the Trusts and individuals as well,

Investigation against other entities being incidental to the

investigation ordered against the companies and LLPs, the whole

exercise of investigation and passing orde rs by this Bench will

become futile unless restraint order Is passed against these

individuals and Trusts thereof.

7.

directed to ffle additional affidavit supporting the case mention

this Company Petition. It goes without saying that the rigmar

14


NATIONAL COMPANY LAW TIUl3UNAL, MUMBAI BENCH

C.P. No. 277/201[!

CPC not being applicable and this order being an aid to make

investigation effective, though milny of them against whom orders

passed are not made as parties, this Bench has passed this order as

an aid to investigation.

8. The Petitioner has candldly said that if notice has been given

to the parties prior to hearing then there is every possiblllty or consuming time for effecting service in view of the i:!xlgency involved

in this case, the Petitioner In view of the public in terest has sought

for ex-parte orders, for this Bench having noticed that the Petitioner

has established prima fade case for asking ex-parte orders, this

Oench has passed this ex-parte order.

9. In view of the same, this Bench, by invoking section 221 of the

· Companies Act, 2013 and section 4 3 of LLP Act, 2008, hereby injunct

the Respondents and other companies. LI.Ps, Trusts and Individuals

mentil)ned above from removal, trc:insfer or disposal of funds, assets

and properties of the entities and Individuals mentioned above until

further orders.

10. As to other reliefs and for appearance of the Respondents, list

this matter for hearing on 26.03.2018 with a · direction to the

Petitioner to serve notice to all Respondents within 15 days of this

order.

Sd/-

V. NALLASENAPATHY Member (Tecl1nlcal)

Certified True Cop~ Copy lss ed "f ec of cost 0 2. '.=, 0 2. 2..0 ' g

Sd/ - . B. S.V. PRAKASH KUMAR Member (Judicial)

Deputy ,rector . National Company Law Tribunal, Mumbai Bench

15

.. / .

. )


Exhibit B

18-10509-shl Doc 182-2 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit B Pg 1 of 22

SN 1 ‐ MT 799 ============================================================================== Message 481 Message Identifier Message Alliance Message Management Preparation Application: Unique Message I BKIDHKHHXXX 799 3731FIBC/FIDL/11 (suffix 111003) Identifier: Message Header Status: Deletable Format: Swift Sub‐ForInput mat: Identifier: fin.799 Expansi on: Application FIN Nature:Financial Sender: PUNBINBBBBH LT: A Receiver: BKIDHKHHXXX LT: X Transaction 3731FIBC/FIDL/11 Reference: Priority: Normal Sender / Receiver Sender PUNBINBBBBH Expansion: PUNJAB NATIONAL BANK Institution: (BRADY HOUSE BRANCH) MUMBAI MUMBAI IN INDIA Receiver BKIDHKHHXXX Expansion: BANK OF INDIA Institution: HONG KONG HONG KONG HK HONG KONG Message Text Block 4 :20:3731FIBC/FIDL/11

Page 1


SN 1 ‐ MT 799 :79:KIND ATTN:MANAGER‐TRADE FINANCE. WE INVITE REFERENCE TO YOUR LETTER DATED OCTOBER 03,2011 ADVISING US YOUR OFFER FOR EXTENDING BUYER'S CREDIT TO THE EXENT OF USD 1,246,765.60 FOR THE PERIOD FROM 04.10.2011 TO 19.12.2011 (76 DAYS) ON ACCOUNT OF OUR CONSTITUENT,M/S FIRESTONE DIAMONDS PVT.LTD., AT 03 MONTHS LIBOR PLUS 200 BPS. WHILE ACCEPTING YOUR SAID OFFER, WE CONFIRM AND UNDERTAKE THAT: 1.NECESSARY APPROVALS FROM COMPETENT AUTHORITIES PER EXCHANGE CONTROL/FEMA REGULATIONS THAT ARE IN FORCE HAVE BEEN DULY OBTAINED/COMPLIED WITH. 2.NO OTHER FINANCIAL LIABLITY IS OUTSTANDING IN RESPECT OF THE SAID TRANSACTION AND SHALL NOT ACCRUE IN FUTURE. 3.WE WILL MAKE AVAILABLE TO YOU AND/OR YOUR AUTHORISED REPRESENTATIVES, ALL THE DOCUMENTS RELATING TO THIS TRANSACTION FOR EXAMINATION/ VERIFICATION. 4.NECESSARY REQUIREMENTS UNDER THE KNOW YOUR CUSTOMER POLICY HAVE BEEN COMPLIED WITH IN RESPECT OF OUR IMPORTER CUSTOMER AND THE UNDERLYING TRANSACTION IS A BONAFIED COMMERCIAL TRADE RELATED TRANSACTION. :79:5.WE WILL REPAY THE AMOUNT OF BUYERS CREDIT OF USD 1,803,248.75 AT 03 MONTHS LIBOR PLUS 200 BPS ON THE DUE DATE I.E.20 TH DECEMBER, 2011 AND REMIT THE TOTAL AMOUNT TO YOUR ACCOUNT AS WILL BE ADVISED BY YOU. 6. WE WILL REMIT OUT‐OF POCKET EXPENSES UPFRONT. 7.THE PARICULARS REGARDING IMPORTS ARE: NAME AND ADDRESS : M/S FIRESTONE DIAMONDS PVT.LTD. OF THE IMPORTER : 1110 PRASAD CHAMBERS, : OPERA HOUSE, MUMBAI 400 004, : INDIA. NAME AND ADDRESS : FIRESTAR DIAMOND INC., OF THE EXPORTER : USA. GOODS IMPORTED : CUT AND POLISHED DIAMONDS COUNTRY OF ORIGIN :USA PORT OF LOADING : NEW YORK AIRPORT PORT OF DISCHARGE: MUMBAI AIRPORT, INDIA. DATE OF SHIPMENT : 20.09.2011 NAME OF BANK : PUNJAB NATIONAL BANK, : BRADY HOUSE, V.N.ROAD, : FORT, MUMBAI 400 023,INDIA. TEL NO AND FAX NO: 91 22 2204 0394, 2204 9294. EMAIL ID : pnbbradyhouse at the rate : gmail.com

Page 2


SN 1 ‐ MT 799 :79:THIS TRANSACTION IS INITIATED ON BEHALF OF OUR PARTY, M/S FIRESTONE DIAMONDS PVT.LTD., TO WHOM YOU HAVE EXTENDED THE BUYER'S CREDIT. PLEASE REMIT USD 1,246,765.60, VALUE 04.10.2011 TO THE CREDIT OF OUR NOSTRO ACCOUNT NO: WITH DEUTSCHE BANK TRUST COMPANY AMERICAS, NY (SWIFT:BKTRUS33) FOR FURTHER CREDIT TO PUNJAB NATIONAL BANK, BRADY HOUSE, FORT MUMBAI (SWIFT CODE:PUNBINBBBBH) QUOTING OUR REFERENCE NO: IN FIELD 21. REGARDS, IMPORT SEC. Message History Message history details: *Original (Completed) Created at "_MP_creation" on 2011/10/03 at 17:21:08 By 75035NHK : Created at rp [_MP_creation] and assigned to unit [BBH], priority [7] By 75035NHK : Disposed from rp [_MP_creation] to rp [_MP_verification]; On processing by Function mpc with result Success; By 75035NHK : Disposed from rp [_MP_verification] to rp [_MP_authorisation]; On processing by Function mpa with result Success; By 107272GSH : Routed from rp [_MP_authorisation] to rp [_SI_to_SWIFT]; On Processing by Function mpa with result Success;(Rule:USER,100) Sent to SWIFT "PUNBINBBAXXXF" on 2011/10/03 at 17:23:21 Session Nr 4237 Sequence Nr 764781 Result: SWIFT Ack ACK text: [{1:F21PUNBINBBABBH4237764781}{4:{177:1110031724}{451:0}} ] MAC‐Equivalent PKI Signed with result Success RMA Check with result Success By SYSTEM : Completed in rp [_SI_to_SWIFT]; On Processing by Function _SI_to_SWIFT with result Success;(Rule:USER,84) *Notification ‐ 1 (Completed) By SYSTEM : Created at rp [BBHACKNAK] and assigned to unit [BBH], priority [7] Sent to APPLI "BBHPRINTER" on 2011/10/03 at 17:32:35 Session Nr 0694 Sequence Nr 000012 Result: APPLI Ack By SYSTEM : Completed in rp [BBHACKNAK]; On Processing by Function AI_to_APPLI with result Success;(Rule:DEFAULT_RULE,0) Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/FIDL/11 (suffix 111003) Instance No: 0 Instance Type: Original Assigned Unit: BBH Status: Instance completed last processed by (_SI_to_SWIFT) with a

Page 3


SN 1 ‐ MT 799 return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HK Network: SWIFT Creation: Appl/Serv: Alliance Message Management RP & Ft: _MP_creation Date: 2011/10/03 Time: 17:21:08 Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/FIDL/11 (suffix 111003) Instance No: 1 Instance Type: Notification Notification Transmission Type: Assigned Unit: BBH Status: Instance completed last processed by (AI_to_APPLI) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HONG KONG HK HONG KONG Network: Creation: Appl/Serv: SWIFT Interface RP & Ft: BBHACKNAK Date: 2011/10/03 Time: 17:23:31 ==============================================================================

Page 4


SN 2 ‐ MT 799 ============================================================================== Message 482 Message Identifier Message Alliance Message Management Preparation Application: Unique Message I BKIDHKHHXXX 799 3731FIBC/FIPL/11 (suffix 111003) Identifier: Message Header Status: Deletable Format: Swift Sub‐ForInput mat: Identifier: fin.799 Expansi on: Application FIN Nature:Financial Sender: PUNBINBBBBH LT: A Receiver: BKIDHKHHXXX LT: X Transaction 3731FIBC/FIPL/11 Reference: Priority: Normal Sender / Receiver Sender PUNBINBBBBH Expansion: PUNJAB NATIONAL BANK Institution: (BRADY HOUSE BRANCH) MUMBAI MUMBAI IN INDIA Receiver BKIDHKHHXXX Expansion: BANK OF INDIA Institution: HONG KONG HONG KONG HK HONG KONG Message Text Block 4 :20:3731FIBC/FIPL/11

Page 1


SN 2 ‐ MT 799 :79:KIND ATTN:MANAGER‐TRADE FINANCE. WE INVITE REFERENCE TO YOUR LETTER DATED OCTOBER 03,2011 ADVISING US YOUR OFFER FOR EXTENDING BUYER'S CREDIT TO THE EXENT OF USD 1,803,248.75 FOR THE PERIOD FROM 04.10.2011 TO 20.12.2011 (77 DAYS) ON ACCOUNT OF OUR CONSTITUENT,M/S FIRESTONE INTERNATIONAL PVT.LTD., AT 03 MONTHS LIBOR PLUS 200 BPS. WHILE ACCEPTING YOUR SAID OFFER, WE CONFIRM AND UNDERTAKE THAT: 1.NECESSARY APPROVALS FROM COMPETENT AUTHORITIES PER EXCHANGE CONTROL/FEMA REGULATIONS THAT ARE IN FORCE HAVE BEEN DULY OBTAINED/COMPLIED WITH. 2.NO OTHER FINANCIAL LIABLITY IS OUTSTANDING IN RESPECT OF THE SAID TRANSACTION AND SHALL NOT ACCRUE IN FUTURE. 3.WE WILL MAKE AVAILABLE TO YOU AND/OR YOUR AUTHORISED REPRESENTATIVES, ALL THE DOCUMENTS RELATING TO THIS TRANSACTION FOR EXAMINATION/ VERIFICATION. 4.NECESSARY REQUIREMENTS UNDER THE KNOW YOUR CUSTOMER POLICY HAVE BEEN COMPLIED WITH IN RESPECT OF OUR IMPORTER CUSTOMER AND THE UNDERLYING TRANSACTION IS A BONAFIED COMMERCIAL TRADE RELATED TRANSACTION. :79:5.WE WILL REPAY THE AMOUNT OF BUYERS CREDIT OF USD 1,803,248.75 AT 03 MONTHS LIBOR PLUS 200 BPS ON THE DUE DATE I.E.20 TH DECEMBER, 2011 AND REMIT THE TOTAL AMOUNT TO YOUR ACCOUNT AS WILL BE ADVISED BY YOU. 6. WE WILL REMIT OUT‐OF POCKET EXPENSES UPFRONT. 7.THE PARICULARS REGARDING IMPORTS ARE: NAME AND ADDRESS : M/S FIRESTONE INTERNATIONAL OF THE IMPORTER : PVT.LTD., 1110 PRASAD CHAMBERS, : OPERA HOUSE, MUMBAI 400 004, : INDIA. NAME AND ADDRESS : FIRESTAR DIAMOND INC., OF THE EXPORTER : USA. GOODS IMPORTED : CUT AND POLISHED DIAMONDS COUNTRY OF ORIGIN :USA PORT OF LOADING : NEW YORK AIRPORT PORT OF DISCHARGE: MUMBAI AIRPORT, INDIA. DATE OF SHIPMENT : 21.09.2011 NAME OF BANK : PUNJAB NATIONAL BANK, : BRADY HOUSE, V.N.ROAD, : FORT, MUMBAI 400 023,INDIA. TEL NO AND FAX NO: 91 22 2204 0394, 2204 9294. EMAIL ID : pnbbradyhouse at the rate : gmail.com

Page 2


SN 2 ‐ MT 799 :79:THIS TRANSACTION IS INITIATED ON BEHALF OF OUR PARTY, M/S FIRESTONE INTERNATIONAL PVT.LTD., TO WHOM YOU HAVE EXTENDED THE BUYER'S CREDIT. PLEASE REMIT USD 1,803,248.75, VALUE 04.10.2011 TO THE CREDIT OF OUR NOSTRO ACCOUNT NO: WITH DEUTSCHE BANK TRUST COMPANY AMERICAS, NY (SWIFT:BKTRUS33) FOR FURTHER CREDIT TO PUNJAB NATIONAL BANK, BRADY HOUSE, FORT MUMBAI (SWIFT CODE:PUNBINBBBBH) QUOTING OUR REFERENCE NO: IN FIELD 21. REGARDS, IMPORT SEC. Message History Message history details: *Original (Completed) Created at "_MP_creation" on 2011/10/03 at 17:17:55 By 75035NHK : Created at rp [_MP_creation] and assigned to unit [BBH], priority [7] By 75035NHK : Disposed from rp [_MP_creation] to rp [_MP_verification]; On processing by Function mpc with result Success; By 75035NHK : Disposed from rp [_MP_verification] to rp [_MP_authorisation]; On processing by Function mpa with result Success; By 107272GSH : Routed from rp [_MP_authorisation] to rp [_SI_to_SWIFT]; On Processing by Function mpa with result Success;(Rule:USER,100) Sent to SWIFT "PUNBINBBAXXXF" on 2011/10/03 at 17:23:21 Session Nr 4237 Sequence Nr 764778 Result: SWIFT Ack ACK text: [{1:F21PUNBINBBABBH4237764778}{4:{177:1110031724}{451:0}} ] MAC‐Equivalent PKI Signed with result Success RMA Check with result Success By SYSTEM : Completed in rp [_SI_to_SWIFT]; On Processing by Function _SI_to_SWIFT with result Success;(Rule:USER,84) *Notification ‐ 1 (Completed) By SYSTEM : Created at rp [BBHACKNAK] and assigned to unit [BBH], priority [7] Sent to APPLI "BBHPRINTER" on 2011/10/03 at 17:32:32 Session Nr 0694 Sequence Nr 000011 Result: APPLI Ack By SYSTEM : Completed in rp [BBHACKNAK]; On Processing by Function AI_to_APPLI with result Success;(Rule:DEFAULT_RULE,0) Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/FIPL/11 (suffix 111003) Instance No: 0 Instance Type: Original Assigned Unit: BBH Status: Instance completed last processed by (_SI_to_SWIFT) with a

Page 3


SN 2 ‐ MT 799 return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HK Network: SWIFT Creation: Appl/Serv: Alliance Message Management RP & Ft: _MP_creation Date: 2011/10/03 Time: 17:17:55 Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/FIPL/11 (suffix 111003) Instance No: 1 Instance Type: Notification Notification Transmission Type: Assigned Unit: BBH Status: Instance completed last processed by (AI_to_APPLI) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HONG KONG HK HONG KONG Network: Creation: Appl/Serv: SWIFT Interface RP & Ft: BBHACKNAK Date: 2011/10/03 Time: 17:23:30 ==============================================================================

Page 4


SN 3 ‐ MT 799 ============================================================================== Message 742 Message Identifier Message Alliance Message Management Preparation Application: Unique Message I PUNBAEADXXX 799 3731FIBC/FDPL/11 (suffix 110818) Identifier: Message Header Status: Deletable Format: Swift Sub‐ForInput mat: Identifier: fin.799 Expansi on: Application FIN Nature:Financial Sender: PUNBINBBBBH LT: A Receiver: PUNBAEADXXX LT: X Transaction 3731FIBC/FDPL/11 Reference: Priority: Normal Sender / Receiver Sender PUNBINBBBBH Expansion: PUNJAB NATIONAL BANK Institution: (BRADY HOUSE BRANCH) MUMBAI MUMBAI IN INDIA Receiver PUNBAEADXXX Expansion: PUNJAB NATIONAL BANK Institution: 506844 DUBAI DUBAI AE UNITED ARAB EMIRATES Message Text Block 4 :20:3731FIBC/FDPL/11

Page 1


SN 3 ‐ MT 799 :79:NAME OF THE IMPORTER : FIRESTONE DIAMOND PVT.LTD. ADDRESS : UNIT NO.02,PLOT NO.17/18/19 : SURSEZ, SACHIN, : SURAT 394230. SELLERS NAME AND : FIRESTAR DIAMOND,INC. ADDRESS : USA. SELLERS BANK : HSBC BANK, U.S.A. SELLERS B/L AND DATE : 724‐9651‐2032 DT.03.08.2011 DESCRIPTION OF GOODS : CUT AND POLISHED DIAMOND AND PRICE : FOR USD 1,499,735.75 ORIGIN OF GOODS : U.S.A. TENOR : 71 DAYS AMT.OF BUYER'S CREDIT: USD 1,499,735.75 INTEREST RATE : 06 M LIBOR PLUS 200 BPS 1.PLEASE EXTEND THE BUYER'S CREDIT OF USD 1,499,735.75 (USD ONE MILLION FOUR HUNDRED NINETY NINE THOUSAND SEVEN HUNDRED THIRTY FIVE AND SEVENTY FIVE CENTS ONLY) FOR THE ABOVE IMPORT TRANSACTION FOR 71 DAYS AND REMIT THE AMOUNT TO THE CREDIT OF OUR NOSTRO ACCOUNT NO: WITH DEUTSCHE BANK TRUST COMPANY, NEW YORK (SWIFT CODE:BKTRUS33) ON VALUE DATE 22ND AUGUST, 2011 QUOTING OUR REFERENCE NO. IN FIELD 21. :79:2.WE PUNJAB NATIONAL BANK, MUMBAI, MUMBAI HEREBY UNCONDITIONALLY AGREE TO PAY THE PRINCIPAL AND INTEREST AT APPLICABLE 06 M LIBOR PLUS 200 BPS UNDER THIS BUYER'S CREDIT ON THE DUE DATE 01ST NOVEMBER, 2011 TO YOUR DESIGNATED A/C. 3.WE CONFIRM THATE NON‐PAYMENT OF THE BUYER'S CREDIT AMOUNT ON THE MATURITY DATE, WE WILL PAY PENAL INTEREST AT THE RATE OF 2 PERCENT OVER THE INTERST OF 6 MONTHS LIBOR PLUS 200 BPS. 4.WE HEREBY UNDERTAKE TO PAY YOU ON DEMAND THE BUYER'S CREDIT AMOUNT AND THE INTERESTTHEREON AND/OR THE AMOUNT OF ANY LOSSES, COSTS OR DAMAGES YOU MAY SUFFER IN OUR FAILURE TO CREDIT YOUR DESIGNATED ACCOUNT ON THE DUE DATE. 5.WE UNDERSTAND THAT IF THE AGREED FUNDING DATE HAPPENS TO BE A HOLIDAY IN HONG KONG, THE FUNDING MAY BE DONE ON THE NEXT BUSINESS DAY AND THE NUMBER OF DAYS WILL BE REDUCED ACCORDINGLY. 6.WE CONFIRM THAT THE AFORESAID BUYERS CREDIT IS NOT AGAINST ADVANCE IMPORT PAYMENT. 7.WE CONFIRM THAT THE APPLICANT IS A CUSTOMER OF OUR BRANCH. WE HAVE DONE THE KNOW YOUR CUSTOMER AND THE TRANSACTIONS UNDER THE LC NO. IS A BONAFIDE TRANSACTION. WE ALSO CONFIRM THAT ALL

Page 2


SN 3 ‐ MT 799 NECESSARY APPROVALS FROM THE COMPETENT AUTHORITIES AS PER EXCHANGE REGULATION IN FORCE AND REGULATORY GUIDELINES IN FORCE HAVE BEEN DULY COMPLIED WITH. 8.WE CONFIRM THAT WE HOLD ALL THE COPIES OF THE TRADE DOCUMENTS AND WILL FORWARD THEM TO YOU ON DEMAND. :79:9.THE BUYER'S CREDIT IS REQUIRED FOR A PERIOD OF 71 DAYS FROM THE DATE OF DISBURSEMENT. THIS BUYER'S CREDIT HAS BEEN ARRANGED ON BEHALF OF OUR PARTY,FIRESTONE DIAMOND PVT.LTD., TO WHOM YOU HAVE EXTENDED THIS BUYER'S CREDIT. PLEASE INFORM US INTEREST DETAILS. REGARDS, IMPORT SEC. Message History Message history details: *Original (Completed) Created at "_MP_creation" on 2011/08/18 at 16:42:03 By 75035NHK : Created at rp [_MP_creation] and assigned to unit [BBH], priority [7] By 75035NHK : Disposed from rp [_MP_creation] to rp [_MP_verification]; On processing by Function mpc with result Success; By 75035NHK : Disposed from rp [_MP_verification] to rp [_MP_authorisation]; On processing by Function mpa with result Success; By 107272GSH : Routed from rp [_MP_authorisation] to rp [_SI_to_SWIFT]; On Processing by Function mpa with result Success;(Rule:USER,100) Sent to SWIFT "PUNBINBBAXXXF" on 2011/08/18 at 16:49:02 Session Nr 4113 Sequence Nr 737190 Result: SWIFT Ack ACK text: [{1:F21PUNBINBBABBH4113737190}{4:{177:1108181650}{451:0}} ] MAC‐Equivalent PKI Signed with result Success RMA Check with result Success By SYSTEM : Completed in rp [_SI_to_SWIFT]; On Processing by Function _SI_to_SWIFT with result Success;(Rule:USER,84) *Notification ‐ 1 (Completed) By SYSTEM : Created at rp [BBHACKNAK] and assigned to unit [BBH], priority [7] Sent to APPLI "BBHPRINTER" on 2011/08/18 at 17:03:27 Session Nr 0605 Sequence Nr 000005 Result: APPLI Ack By SYSTEM : Completed in rp [BBHACKNAK]; On Processing by Function AI_to_APPLI with result Success;(Rule:DEFAULT_RULE,0) Instances Message UUMID: I PUNBAEADXXX 799 3731FIBC/FDPL/11 (suffix 110818) Instance No: 0

Page 3


SN 3 ‐ MT 799 Instance Type: Original Assigned Unit: BBH Status: Instance completed last processed by (_SI_to_SWIFT) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: PUNBAEADXXX PUNJAB NATIONAL BANK DUBAI AE Network: SWIFT Creation: Appl/Serv: Alliance Message Management RP & Ft: _MP_creation Date: 2011/08/18 Time: 16:42:03 Instances Message UUMID: I PUNBAEADXXX 799 3731FIBC/FDPL/11 (suffix 110818) Instance No: 1 Instance Type: Notification Notification Transmission Type: Assigned Unit: BBH Status: Instance completed last processed by (AI_to_APPLI) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: PUNBAEADXXX PUNJAB NATIONAL BANK 506844 DUBAI DUBAI AE UNITED ARAB EMIRATES Network: Creation: Appl/Serv: SWIFT Interface RP & Ft: BBHACKNAK Date: 2011/08/18 Time: 16:49:10 ==============================================================================

Page 4


SN 4 ‐ MT 799 ============================================================================== Message 446 Message Identifier Message Alliance Message Management Preparation Application: Unique Message I PUNBHKHHXXX 799 3731FIBC‐DIAM/11 (suffix 111012) Identifier: Message Header Status: Deletable Format: Swift Sub‐ForInput mat: Identifier: fin.799 Expansi on: Application FIN Nature:Financial Sender: PUNBINBBBBH LT: A Receiver: PUNBHKHHXXX LT: X Transaction 3731FIBC‐DIAM/11 Reference: Priority: Normal Sender / Receiver Sender PUNBINBBBBH Expansion: PUNJAB NATIONAL BANK Institution: (BRADY HOUSE BRANCH) MUMBAI MUMBAI IN INDIA Receiver PUNBHKHHXXX Expansion: PUNJAB NATIONAL BANK Institution: HONG KONG HONG KONG HK HONG KONG Message Text Block 4 :20:3731FIBC‐DIAM/11

Page 1


SN 4 ‐ MT 799 :79:NAME OF THE IMPORTER : DIAMONDS 'R' US ADDRESS : UNIT NO.113 AND 114 : PLOT NO.301, SURSEZ, : SACHIN, SURAT 394230. SELLERS NAME AND : A‐JAFFE INC, ADDRESS : NEW YORK, U.S.A. SELLERS BANK : HSBC, USA. SELLERS B/L AND DATE : 724‐9684‐2141 DT.05.10.2011 DESCRIPTION OF GOODS : CUT AND POLISHED DIAMOND AND PRICE : FOR USD 1,921,078.65 ORIGIN OF GOODS : U.S.A. TENOR : 82 DAYS AMOUNT OF BUYER'S CREDIT : USD 1,921,078.65 INTEREST RATE : 03 M LIBOR PLUS 200 BPS MATURITY DATE OF : 03RD JANUARY,2012. BUYER'S CREDIT 1.PLEASE EXTEND THE BUYER'S CREDIT OF USD 1,921,078.65 (USD ONE MILLION NINE HUNDRED TWENTY ONE THOUSAND SEVENTY EIGHT AND SIXTY FIVE CENTS ONLY) FOR THE ABOVE IMPORT TRANSACTION FOR 82 DAYS AND REMIT THE AMOUNT TO THE CREDIT OF OUR NOSTRO ACCOUNT NO: WITH DEUTSCHE BANK TRUST COMPANY, NEW YORK (SWIFT CODE:BKTRUS33) ON VALUE DATE 13TH OCTOBER ,2011 QUOTING OUR REFERENCE NO. IN FIELD 21. :79:2.WE PUNJAB NATIONAL BANK, MUMBAI, MUMBAI HEREBY UNCONDITIONALLY AGREE TO PAY THE PRINCIPAL AND INTEREST AT APPLICABLE 03 M LIBOR PLUS 200 BPS UNDER THIS BUYER'S CREDIT ON THE DUE DATE 03RD JANUARY, 2012 TO YOUR DESIGNATED A/C WITH JP MORGAN CHASE NY ACC:780254603 CHIPS UID 420146.WE HEREBY UNDERTAKE TO PAY YOU ON DEMAND THE BUYER'S CREDIT AMOUNT AND THE INTEREST THEREON AND/OR THE AMOUNT OF ANY LOSSES, COSTS OR DAMAGES YOU MAY SUFFER IN OUR FAILURE TO CREDIT YOUR DESIGNATED ACCOUNT ON THE DUE DATE. 3.WE UNDERSTAND THAT IF THE AGREED FUNDING DATE HAPPENS TO BE A HOLIDAY IN HONG KONG, THE FUNDING MAY BE DONE ON THE NEXT BUSINESS DAY AND THE NUMBER OF DAYS WILL BE REDUCED ACCORDINGLY. 4.WE CONFIRM THAT THE AFORESAID BUYERS CREDIT IS NOT AGAINST ADVANCE IMPORT PAYMENT. 5.WE CONFIRM THAT THE APPLICANT IS A CUSTOMER OF OUR BRANCH. WE HAVE DONE THE KNOW YOUR CUSTOMER AND THE TRANSACTIONS UNDER THE LC NO. IS A BONAFIDE TRANSACTION. WE ALSO CONFIRM THAT ALL NECESSARY APPROVALS FROM THE COMPETENT AUTHORITIES AS PER EXCHANGE REGULATION IN FORCE

Page 2


SN 4 ‐ MT 799 AND REGULATORY GUIDELINES IN FORCE HAVE BEEN DULY COMPLIED WITH. 6.WE CONFIRM THAT WE HOLD ALL THE COPIES OF THE TRADE DOCUMENTS AND WILL FORWARD THEM TO YOU ON DEMAND. 7.THE BUYER'S CREDIT IS REQUIRED FOR A PERIOD OF 82 DAYS FROM THE DATE OF DISBURSEMENT. :79:THIS BUYER'S CREDIT HAS BEEN ARRANGED ON BEHALF OF OUR PARTY,DIAMONDS 'R'US, TO WHOM YOU HAVE EXTENDED THIS BUYER'S CREDIT. PLEASE INFORM US INTEREST DETAILS. REGARDS, IMPORT SEC. Message History Message history details: *Original (Completed) Created at "_MP_creation" on 2011/10/12 at 16:43:48 By 75035NHK : Created at rp [_MP_creation] and assigned to unit [BBH], priority [7] By 75035NHK : Disposed from rp [_MP_creation] to rp [_MP_verification]; On processing by Function mpc with result Success; By 75035NHK : Disposed from rp [_MP_verification] to rp [_MP_authorisation]; On processing by Function mpa with result Success; By 107272GSH : Routed from rp [_MP_authorisation] to rp [_SI_to_SWIFT]; On Processing by Function mpa with result Success;(Rule:USER,100) Sent to SWIFT "PUNBINBBAXXXF" on 2011/10/12 at 17:09:11 Session Nr 4263 Sequence Nr 770047 Result: SWIFT Ack ACK text: [{1:F21PUNBINBBABBH4263770047}{4:{177:1110121710}{451:0}} ] MAC‐Equivalent PKI Signed with result Success RMA Check with result Success By SYSTEM : Completed in rp [_SI_to_SWIFT]; On Processing by Function _SI_to_SWIFT with result Success;(Rule:USER,84) *Notification ‐ 1 (Completed) By SYSTEM : Created at rp [BBHACKNAK] and assigned to unit [BBH], priority [7] Sent to APPLI "BBHPRINTER" on 2011/10/12 at 17:21:48 Session Nr 0710 Sequence Nr 000021 Result: APPLI Ack By SYSTEM : Completed in rp [BBHACKNAK]; On Processing by Function AI_to_APPLI with result Success;(Rule:DEFAULT_RULE,0) Instances Message UUMID: I PUNBHKHHXXX 799 3731FIBC‐DIAM/11 (suffix 111012) Instance No: 0 Instance Type: Original Assigned Unit: BBH

Page 3


SN 4 ‐ MT 799 Status: Instance completed last processed by (_SI_to_SWIFT) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: PUNBHKHHXXX PUNJAB NATIONAL BANK HONG KONG HK Network: SWIFT Creation: Appl/Serv: Alliance Message Management RP & Ft: _MP_creation Date: 2011/10/12 Time: 16:43:48 Instances Message UUMID: I PUNBHKHHXXX 799 3731FIBC‐DIAM/11 (suffix 111012) Instance No: 1 Instance Type: Notification Notification Transmission Type: Assigned Unit: BBH Status: Instance completed last processed by (AI_to_APPLI) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: PUNBHKHHXXX PUNJAB NATIONAL BANK HONG KONG HONG KONG HK HONG KONG Network: Creation: Appl/Serv: SWIFT Interface RP & Ft: BBHACKNAK Date: 2011/10/12 Time: 17:09:20 ==============================================================================

Page 4


SN 5 ‐ MT 799============================================================================== Message 1336 Message Identifier Message Alliance Message Management Preparation Application: Unique Message I BKIDHKHHXXX 799 3731FIBC/SOLAR (suffix 110505) Identifier: Message Header Status: Message Modified Deletable Format: Swift Sub‐ForInput mat: Identifier: fin.799 Expansi on: Application FIN Nature:Financial Sender: PUNBINBBBBH LT: A Receiver: BKIDHKHHXXX LT: X Transaction 3731FIBC/SOLAR Reference: Priority: Normal Sender / Receiver Sender PUNBINBBBBH Expansion: PUNJAB NATIONAL BANK Institution: (BRADY HOUSE BRANCH) MUMBAI MUMBAI IN INDIA Receiver BKIDHKHHXXX Expansion: BANK OF INDIA Institution: HONG KONG HONG KONG HK HONG KONG Message Text Block 4

Page 1


SN 5 ‐ MT 799 :20:3731FIBC/SOLAR :79:KIND ATTN:MR.S.S.CHODANKAR, MANAGER‐TRADE FINANCE. WE REQUEST YOU TO EXTEND BUYER'S CREDIT TO THE EXENT OF USD 1,858,218.50 FOR THE PERIOD FROM 06.05.2011 TO 06.04.2012 (336 DAYS) ON ACCOUNT OF OUR CONSTITUENT,M/S SOLAR EXPORTS AT 12 MONTHS LIBOR PLUS 150 BPS. WHILE ACCEPTING YOUR SAID OFFER, WE CONFIRM AND UNDERTAKE THAT: 1.NECESSARY APPROVALS FROM COMPETENT AUTHORITIES PER EXCHANGE CONTROL/FEMA REGULATIONS THAT ARE IN FORCE HAVE BEEN DULY OBTAINED/COMPLIED WITH. 2.NO OTHER FINANCIAL LIABLITY IS OUTSTANDING IN RESPECT OF THE SAID TRANSACTION AND SHALL NOT ACCRUE IN FUTURE. 3.WE WILL MAKE AVAILABLE TO YOU AND/OR YOUR AUTHORISED REPRESENTATIVES, ALL THE DOCUMENTS RELATING TO THIS TRANSACTION FOR EXAMINATION/ VERIFICATION. 4. NECESSARY REQUIREMENTS UNDER THE KNOW YOUR CUSTOMER POLICY HAVE BEEN COMPLIED WITH IN RESPECT OF OUR IMPORTER CUSTOMER AND THE UNDERLYING TRANSACTION IS A BONAFIED COMMERCIAL TRADE RELATED TRANSACTION. :79:5.WE WILL REPAY THE AMOUNT OF BUYERS CREDIT OF USD 1,858,218.50 AT 12 MONTHS LIBOR PLUS 150 BPS ON THE DUE DATE I.E.06 TH APRIL, 2012 AND REMIT THE TOTAL AMOUNT TO YOUR ACCOUNT AS WILL BE ADVISED BY YOU. 6. WE WILL REMIT OUT‐OF POCKET EXPENSES UPFRONT, SUBJECT TO THE LIMIT PRESCRIBED AS LIBOR PLUS 200 BPS. 7.THE PARICULARS REGARDING IMPORTS ARE: L/C NO: 3731FIBC/SOLAR. MATURITY DATE: 06.04.2012. NAME AND ADDRESS : M/S SOLAR EXPORTS, OF THE IMPORTER : 15, NAGINDAS MANSION, : 4TH FLOOR,61‐B J.S.S.ROAD, : OPERA HOUSE, MUMBAI 400 004, : INDIA. NAME AND ADDRESS : FIRESTAR DIAMOND INC., OF THE EXPORTER : 12TH FLOOR, 14TH STREET, : NEW YORK, NY 10011, U.S.A. GOODS IMPORTED : CUT AND POLISHED DIMONDS. COUNTRY OF ORIGIN: USA. PORT OF LOADING : NEW YORK AIRPORT PORT OF DISCHARGE: MUMBAI AIRPORT, INDIA. DATE OF SHIPMENT : 18.04.2011 NAME OF BANK : PUNJAB NATIONAL BANK,

Page 2


SN 5 ‐ MT 799 : BRADY HOUSE, V.N.ROAD, : FORT, MUMBAI 400 023,INDIA. TEL NO AND FAX NO: 91 22 2204 0394, 2204 9294. EMAIL ID : pnbbradyhouse at the rate : gmail.com :79:THIS TRANSACTION IS INITIATED ON BEHALF OF OUR PARTY, M/S SOLAR EXPORTS TO WHOM YOU HAVE EXTENDED THE BUYER'S CREDIT. PLEASE REMIT USD 1,858,218.50, VALUE 06.05.2011 TO THE CREDIT OF OUR NOSTRO ACCOUNT NO: WITH DEUTSCHE BANK TRUST COMPANY AMERICAS, NY (SWIFT:BKTRUS33) FOR FURTHER CREDIT TO PUNJAB NATIONAL BANK, BRADY HOUSE, FORT MUMBAI (SWIFT:PUNBINBBBBH) QUOTING OUR REFERENCE NO: IN FIELD 21. REGARDS, IMPORT SEC. Message History Message history details: *Original (Completed) Created at "_MP_creation" on 2011/05/05 at 16:52:47 By 75035NHK : Created at rp [_MP_creation] and assigned to unit [BBH], priority [7] By 75035NHK : Disposed from rp [_MP_creation] to rp [_MP_mod_text]; On processing by Function mpc with result Success; By 75035NHK : Disposed from rp [_MP_mod_text] to rp [_MP_verification]; On processing by Function mpm with result Success; By 75035NHK : Disposed from rp [_MP_verification] to rp [_MP_authorisation]; On processing by Function mpa with result Success; By 107272GSH : Routed from rp [_MP_authorisation] to rp [_SI_to_SWIFT]; On Processing by Function mpa with result Success;(Rule:USER,100) Sent to SWIFT "PUNBINBBAXXXF" on 2011/05/05 at 17:36:39 Session Nr 3844 Sequence Nr 671450 Result: SWIFT Ack ACK text: [{1:F21PUNBINBBABBH3844671450}{4:{177:1105051737}{451:0}} ] MAC‐Equivalent PKI Signed with result Success RMA Check with result Success By SYSTEM : Completed in rp [_SI_to_SWIFT]; On Processing by Function _SI_to_SWIFT with result Success;(Rule:USER,84) *Notification ‐ 1 (Completed) By SYSTEM : Created at rp [BBHACKNAK] and assigned to unit [BBH], priority [7] Sent to APPLI "BBHPRINTER" on 2011/05/05 at 17:47:44 Session Nr 0402 Sequence Nr 000004 Result: APPLI Ack By SYSTEM : Completed in rp [BBHACKNAK]; On Processing by Function AI_to_APPLI with result Success;(Rule:DEFAULT_RULE,0)

Page 3


SN 5 ‐ MT 799 Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/SOLAR (suffix 110505) Instance No: 0 Instance Type: Original Assigned Unit: BBH Status: Instance completed last processed by (_SI_to_SWIFT) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HK Network: SWIFT Creation: Appl/Serv: Alliance Message Management RP & Ft: _MP_creation Date: 2011/05/05 Time: 16:52:47 Instances Message UUMID: I BKIDHKHHXXX 799 3731FIBC/SOLAR (suffix 110505) Instance No: 1 Instance Type: Notification Notification Transmission Type: Assigned Unit: BBH Status: Instance completed last processed by (AI_to_APPLI) with a return status=Success Instance 7 Priority: In Queue Since: Addressee Information: Institution: BKIDHKHHXXX BANK OF INDIA HONG KONG HONG KONG HK HONG KONG Network: Creation: Appl/Serv: SWIFT Interface RP & Ft: BBHACKNAK Date: 2011/05/05 Time: 17:36:48 ==============================================================================

Page 4


SN 5 ‐ MT 799

Page 5


Exhibit C

18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C Pg 1 of 205

SR.

NO.

1.

2.

--3.

4.

5.

Date:

Place:

e

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

BENCH AT MUMBAI

COMPANY PETITION NO. ___ of 2018

IN THE MA TIER OF:

UNION OF INDIA, MINISTRY OF CORPORA TE AFP AIRS

VERSUS

GITANJALI GEMS LTD. & OTHERS

PARTICULARS PAGE NO.

Application for Urgent Listing 2

Application for Exemption, in Form No. NCLT-1, under 3-8

Rule 14 r.w. 23(5) of the NCLT Rules, 2016 along with

affidavit in Form No. NCLT-6 and Annexl.ues

Notice of Motion in Form No. NCLT-3 9-10

Petition in Form No. NCLT-1 u/s 221/222/ 241/242/246 11-185

r.w. 339 of the Companies Act, 2013 along with affidavit in

Form No. NCLT-6 and Annexures . -

Notice of Admission in Form No. NCLT-2 186 -188

1

-- ----- --·-

0 )v/\.. Through

~~ 1tep01181 0t$1111' we:surn lleakl,n,

O/o I\IIIOfll\ D!ffdOr MtnllltrY of corpome

Aff1lt1, Mumbll·400002

1


--

BEFORE nm NATIONAL COMPANY LAW TRIBUNAL

BENCH AT MUMBAI


IN THE MATTER OF:

UNION OF INDIA, MINISTRY OF CORPORATE AFFAIRS

VERSUS

GITAN}ALI GEMS LTD. & OTHERS

APPLICATION FOR URGENT LISTING

The Registrar

National Company Law Tribunal

Mumbai

Sir,

2

Please list the accompanying Petition and Application on urgent basis due

to the emergent grounds as mentioned in the Petition and in accordance with the

National Company Law Tribunal Rules, 2016.

0~-Petitioner through Authorized Signatory

... v. Cbaknnara)'ln a.pinal Director Westffll R.eaton,

0/o Regional Director Ministry of Corporate

A/fain, Mum~l-400002

I. I •.J ~. 2


-e

SR. NO.

1.

2.

>---· 3.

.__


BENCH AT MUMBAI

INTERLOCUTORY APPLICATION NO. of 2018 IN

COMPANY PETITION NO. of 2018

IN THE MATIER OF:

UNION OF INDIA, MINISTRY OF CORPORA TE AFFAIRS

VERSUS

GITANJAU GEMS LTD. & OTHERS

- -PARTICULARS PAGE NO. --------- --- ---Application for Exemption, in Form No. NCLT- 4-6

1, under Rule 14 r.w. 23(5) of the NCLT Rules,

2016 along with affidavit in Form No. NCLT-6

Annexure A-1: Ministry letter no. 3/106/2018- 7-8

CL-II(WR) dated 21/2/2018 - -- -

Notice of Admission in Form No. NCLT-3 9-10 . --- --- ------- -·----

Date: J. 3 /c1./ J.x;l 8 Place: /'-1 w,.,, k,'

Through

(Yi,L/\ ~cbakranarayan

llqlonal DlredOT WatemRe~n,

0/o Rfllon•I Director Mkli.trY of Corporate

,\lbll'I. M11111ba1-400002

3

I . • 3


FORM NO. NCLT-1


BENCH AT MUMBAI

INTERLOCUTORY APPLICATION NO. of 2018 IN


IN THE MA TIER OF:


VERSUS


4

APPLICATION FOR EXEMPTION UNDER RULE 14 r.w. 23(5) OF THE NCLT

RULES,2016

MOST RESPECTFULLY SHOWETH:

1. That the Applicant is Union of mdia, and is filing this Application through

I i \ •

Mr. M.V. Chakranaray-Ran, who is working as Regional Director (Westernt;::::-

Region), Ministry of Corporate Affairs, having office at Everest 5th Floor,

100, Marine Drive, Mumbai- 400002, and is duly authorized by the Cenh·al

Government to file this present application, vide Ministry letter no.

3/ 106/ 2018-CL-II(WR) d ated 21/2/2018. Copy of the Ministry letter dated

21/2/2018 is annexed herewith as Annexure A-1.

2. That due to the factual position, emergent grounds and reliefs sought as

stated in the Company Petition No. _ _ of 2018, it is p rayed that exemption

may be granted from advance service of the copy of the Company Petition

No. __ of 2018 on the Respondents as men tioned in the said petition. The

contents of the Company Petition No. __ of 2018 may be read as part of

the present application and the same are not repeated here for the sake of

brevity.

Date: .J .1 (sf 4J I B Place: fvl lM"' bc:.'IJ

@~ . Through

M, v.~narayan Regional Director w~~m Reglo_n,

O/o 11e11onal 01recwr Ml!\lttrY of Cort)Orate

A!fllrt, J,lumbal~000o2

4


5

VERIFICATION:-

Verified that the content.-s of this Petition are true and correct to the best of my

knowledge as derived from official records and nothing material has been

concealed therefrom.

Verified at Mwviba, on this the ..d.f iay of Febrnary, 2018.

Petitioner through Authorized Signatory

M. V. Chakranarayan A,slon,I Director Wtstffn Realon,

0/o fteglonal Oltector Mlnleby or Corporate

All'alra. Mumbll-400002

5


FORM NO. NCLT-6


BENCH AT MUMBAI

INTERLOCUTORY APPLICATION NO. ___ of 2018 IN


IN THE MATTER OF:


VERSUS

GIT ANJALl GEMS LTD. & OTHERS

AFF1DAVITVER£FYING INTERLOCUTORY APPLICATION

0

I, do hereby solemnly affirm and declare as under: ( /

1. That I am Mr. M.V. ChakranaraJ'l'tfil1, working as Regional Director,/·/

(Western Region), Ministry of Corporate Affairs, having office at Everest 5th

Floor, 100, Marine Drive, Mumbai - 400002, and I am competent to swear

this affidavit.

2. That l am conversant with the facts of the Application and have also

examined all relevant documents and records in relation thereto.

3. That! say that tl1e statements made in the Application are true and correct

to the best of my knowledge, as derived from official records

4. That I say that there is no false statement or concealment of any material

fact, document or record and I have included information that is according

to me, relevant for the present Application.

Place:

Dated: DEPONEI':.n M, V, CbakflUlll~-

11410t11l olftCWr wttter11 ltell~n,

O/o 11e11onal Olrectar VERIFCCATION: MlnlstJYolCorporate

Affaln M_u_1111>11-400002 Verified that statements made above are true to my knowleage'. Verified at

f\,1W'.1 h(v on this Bctay of February, 2018.

1 . /; ,~

Place: /"' lA.Ji"lb{'v (!:J ..--

Dated: ;J_ ~ ;../ k 18 DEPONENT

M, v. Cbakranarayan Jlallonal Dl~r watem Region,

0/o 11111"'1 C::: M~~.! ... , •···-~

I • ' • 6


F. No.03/106/2018/CL-ll(WR) ~rm, mll>R' /Government of India

q;'fq'ftc ffl ~ /Minislry of Corporate Affairs

'Cfimff ~, 'tr' fcm, ~TTF:fr :mr.r, 51h Floor, 'A' Wing, Shastri Bhawan, New Delhi.

Dated: 21.02.2018 To The Regional Director (WR), Ministry of Corporate Affairs, ~ugtbai.

Subject: In the nialter of PNB fraud and investigation into companies of Choksi Group and Nirav Modi Group regarding

Sir,

I am directed to refer to this Ministry's order of even number dated

17.02.2018 wherein investigations into affairs of 114 companies /LLPs directly or

indirectly associated with Choksi Group and Nirav Modi Group has ordered

under Section 212(1)(c)/216 of the Companies Act, 2013 (Act) and under section

43(3) (c) (i) of LLP Act, 2008.

2. In this context, you are hereby directed to file Petition/Reference/

Application u/s 221, 241, 246 & 339 of the Companies Act, 2013 as the Central

Government has formed an opinion to make such Petition/Reference/

Application before the Hon'ble NCLT, Mumbai Bench inter-alia seeking the

following reliefs:-

(i) To seek restrain orders against alienation, creation of third party right,

lien or ti·ansfer alienation in any other manner of movable and

immovable properties including securities, freezing of bank accounts,

sealing of lockers of the companies or persons as named in the letters

received from Punjab National Banks and other reliefs(Copies enclosed).

/ I

7


(ii) To seek directions under Section 222 of the Companies Act, 2013 that

the securities of all the companies mentioned in the PNB letters shall not

be lTansferred to any person ti ll the outcome of the investigation.

3. In this regard, you are hereby authorized to represent and file

Petition/Reference/ Application u/ s 221, 241, 246 & 339 of the Companies Act,

2013 before the Hon'ble NCLT on behalf of Union of India (UOI), Secretary,

Ministry of Corporate Affairs lo seek appropriate interim and main reliefs in the

matter immediately. Further, development in the matter may be kept informed to

the Ministry.

4. This issues with the approval of the Competent Authority.

End: As stated above. Yours fai thfully,

f°r'4 (M. R. D1ik}2-</<f

Joint Director

D ,

8


FORM NO. N CL T-3


BENCH AT MUMBAI

INTERLOCUTORY APPLICATION NO. ___ of 2018 IN


IN THE MATIER OF:

UNION OF INDIA, MlNISTRY OF CORPORATE AFFAIRS

VERSUS


NOTLCE OF MOTION

Date:

From: Union of Jndia, Ministry of Corporate Affairs, New Delhi

To: ·n1e National Company Law Tribunal

Concerning:

Name: Union of India, Ministn; of Corporate Affairs vs Gitanjali Gems Ltd. & Others

File No.:

9

1. The Party named above requests that the Tribunal grant the following

reliefs:

"Exemption may be granted from advance service of the copy of tl1e Company

Petition No. __ of 2018 on the Respondents as mentioned in the said -petition.''

2. The aforementioned relief is being requested in terms of Rule 14 r.w. 23(5)

of the NCLT Rules, 2016.

3. For the following reasons:

"Financial scam of approx .. Rs. 11,400 Crores perpetuated on Nationalised

Bank, Puttjab National Bank, by the Respon,lents."

t;'1V\ _ M, V. Chakran:iray;m----

Reg1ona1 Director Western Region,

0/o ltegtonal Director Ministry of Corporate

Affairs, Murnbll•400D02

9


10

4. In support of this, the Applicant has attached the Application as per Form

No. NCLT-1 and affidavit as per Form No. NCLT-6, setting out the facts on

which the Applicant relies.

Through

1 /\ M, V, Cbakranarayan

~ V · R,pflll Dlmt.or "311\/ ~ Wfftem Resl~n,

.,.,,/"' 0/o R,glo~=r Mlnl•try ~~ rate

V 'h kr .AlhJrt. M11~ 0002 Mr. M . . C a anaray ... an;

Regional Director (Western Region),

Ministry of Corporate Affairs,

Everest 5th Floor, 100, Marine Drive, Mumbai - 400002

Tel. No.: 0 JJ.. - ~J.81 1). 5'f d. f Pax. ~fo.: ·il2f,, Yl W ~t@MCA . 3-0"· /

0

t\ ~? Email: rri; /; n&. J,oJrClYUYO.YCl.H@Mco. ,~JV· l'Y\

This form is prescribed under Rule 4 under NCL T Rules, 2016.

Company Petition No.: -----J 2018

10


SR.

NO.

1.

2.

3.

4.

5.

6.

7.

8.

9.


DENCH AT MUMBAI

COMP ANY PETITION NO. ___ of 2018

IN THE MA TIER OF:


VERSUS

GJTANJALI GEMS LTD. & OTHERS

INDEX

l.l

PARTICULARS PAGE NO.

Petition in Form No. NCLT-1 u/s 221/222/ 241/242/246 13-45

r.w. 339 of the Companies Act, 2013 nlong with affidavit in

Form No. NCLT-6

Annexure P-1: Ministry letter no. 3/106/2018-CL-II(WR) 46-47

dated 21/2/2018

Annexure P-2 (coJlectively): Copies of the FIRs dated 48-79

31/01/2018 and 15/02/2018 filed by PNB

Annexure P-3: Copy of the Ministry Order No. 80-85

3 / 106 / 2018-CL-II (WR), dnted 17/02/2018, for

Investigation u/s 212,216 of the Companies Act, 2013 r.w.

Section 43(3)1(i) of the Limited Liability Partnership Act,

2008

Annexure P-4 (collectively): Copy of the two PNB letters 86 - 125

dated 19/02/2018

Annexure P-5: Copy of the PNB letter dated 21/02/2018 126 - 179

Annexure P-6: Copy of the PNB le tter to BSE, dated 180

05/02/2018

Annexure P-7: Copy of the PNB clarification letter, dated 181-182

15/02/2018

Annexure P-8: Copy of the PNB clarification letter, dated 183

19/02/2018

tl 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 12 of 205

12

,--~---,-------·------- ------- --- - .....-- ---, 10. Annexure P-9: Copy of the Indian Express Newspaper 184 - 185

dipping report, dated 16/02/2018

11. Notice of Admission in Form No. NCLT-2

Date: J. J/J.( ;Lo lS Place: Mw--1.b eJ

186 - 188 ".2


FORM NO. NCLT-1

BEFORE THE NATIONAL COMPANY LAWTRIIl UNAL

BENCH AT MUMBAJ


IN THE MATIER OF:

PETITION UNDER 221/ 222/241/242/246 r .w. 339

OF THE COMPANIES ACT, 2013

AND

IN THE MATIER OF:

13

Union of India, Ministry of Corporate Affairs,

Through Regional Director (Western Region),

Everest 5th Floor, 100, Marine Drive,

Mumbai - 400002 .. . Petitioner

VERSUS

1. Gitanjali Gems Ltd.

A-1, 7th Floor, Laxmi Tower

Bandra Kurla Complex, Uandra (East)

Mum bai - 400051

2. Gili India Ltd.

Laxmi Tower, Office No. 6, 'B' Wing,

1st Floor, 'G' Block, Bandra Kurla Complex,

Bandra(East), Mumbai - 400051

3. Nakshatra Brands Ltd.

Laxmi Tower, Office No. 6, 'B' Wing,

1st Floor, 'G' Block, Bandra Kurla Complex,

Bandra(East), Mumbai - 400051

4. M/s Solar Exports (Partnership Firm)

15, Nagindas Mansion, 4111 Floor,

61-B.J.S.S. Road, Opera House

Mumbai - 400004


5. M/s Stellar Diamond (Partnership Firm)

15, Nagindas Mansion, 4th Floor,

61-B.J.S.S. Road, Opera House

Mumbai - 400004

6. M/ s Diamond R US (Partnership Firm)

1110, Prasad Chambers, Opera House

Mumbai - 400004

7. Firestar Diamond International Pvt. Ltd.

Unit No.231 3rd Floor, Tower II, Wing B,

Kohinoor City, Kirol Road, Off LBS Marg,

Kurla West, Mumbai - 400070

8. Firestar International Ltd.

2001 & 2002, 20th Floor, Peninsula Business Park,

Tower B, Ganpatrao Kadam Marg, Lower Pare!,

Mumbai - 400013

9. Firestar Diamond Pvt. Ltd.

AE- 4050, 4th Floor, A Tower, East Wing,

Bharat Diamond Bourse, G-Block, BKC,

Bandra (East), Mumbai - 400051

10. Firestar Diamond FZE

Having one of its office at Antwerp, Belgium

11. Mr. Nirav Deepak Modi (a.k.a. Nirav Modi)

4, Grosvenor House, 2nd Floor,

Peddar Road, Malabar Hill,

Mumbai - 400006

12. Mr. Nishal Modi (a.k.a. Neeshal Modi)



Mumbai-400006

14 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 15 of 205

13. Mrs. Ami Nirav Modi

Samudra Mahal Premises, CHS Ltd.,

Dr. Annie Basant Road, Worli,

Mumbai

14. Mr. Mehul Chinubhai Choksi

Gokul Apartments, 99/9th & 10th,

Near White House, Walkeshwar,

Mumbai - 400006

15. Mr. Gokulnath Shetty

Deputy Manager (retd.), Punjab National Bank

8 Sujata Plot No. 12/324, TPSIII,

Kash.tr Park, Borivali (W),

Mumbai

16. Mr. Manoj Hanumant Kharat

SWO, Punjab National Bank

Panchshil Niwas, Yashin Nagar,

Tal-Karjat, Dist-Ahmednagar

17. Mr. Deepak Keshavlal Modi

C/ o Nirav Family Trust

15 Nagindas Mansion, J.S.S. Road,

Opera House, Mumbai - 400004

18. Ms. Nehal Deepak Modi

271, West 47 St, 47 A,

New York - 10036, USA

19. Mr. Rohin Nirav Modi

C/ o Mr. Nirav Deepak Modi



Mumbai - 400006

15 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C Pg 16 of 205

20. Ms. Ananya Nirav Modi

C/o Mr. Nirav Deepak Modi

4, Grosvenor House, 211d Floor,


Mumbai - 400006

21. Ms. A pasha Nirav Modi

C/o Mr. Nirav Deepak Modi

4, Grosvenor House, 211d Floor,


Mumbai - 400006

22. NDM Enterprises Pvt. Ltd.

15 Nagindas Mansion, 57/61 Jagannath Shanker Sheth Road,


23. ANM Enterprises Pvt. Ltd.

15 Nagindas Mansiot1, 57 /61 Jagannath Shanker Sheth Road,

57 /61, Jagannath Shanker Sheth Road,


24. Mr. H emant Bhatt

C-36, Podar Apartments, S.V. Road,

Kandivali (W), Mumbai - 400067

25. Ms. Kavita Mankikar

JER Villa, 3rd Road, Santa Cruz East,

Mumbai - 400055

26. Mr. Ramesh Madhavdas Assar

B-8, Nalanda BHD, Bank of Madhurai,

10 R.B. Mehta Marg, Ghatkopar (E),

Mumbai - 400077

27. Mr. Ke tan Chandrakant Solanki

Peninsulla Park, A Wing, Flat No. 302,

Near D Mart, Virar (West), Palzhar - 401303

16

.. 6


--,

28. Mr. Amrish Saralal Masalia

Flat No. 504, 5th Floor, Abhilasha B Wing,

Off LT Road, Punjabi Gully, Borivali West,

Mumbai - 400092

29. Mr. Dhanesh Vrajlal Sheth

5 Ganpat Bhuvan, Js1 Floor, Morvi Lane,

Chow patty, Mumbai - 400007

30. Mr. Manoj Kumar Bavakad

B-Wing, Room No. 701, Newa Garden,

Sector 20-A, Plot-1, Ai.roli, Navi Mumbai,

Thane - 400708

31. Mr. Aniyath Shivraman Nair

Room No. 7, Chawl No. 2, Sanju Colony,

Lakshmi Bagh, Katemanivali, Kalyan (East),

Mumbai - 421306

32. Ms. Lata Kishor Saraiya

C-1804, Bldg. No. 8, Neelyog Towers,

Khot Kuwa Road, Rani Sati Marg,

Dhanjiwadi, Mumbai - 400097

33. Ms. Jyoti Bharat Vora

28/ A/07, H ill Rock Society, Swatantrya Sainik Nagar,

Near CNGI Hope Center, Amboli,

Andheri West, Mumbai -400058

34. Mr. Dinesh Gopaldas Bhatia

Morwadi, 3rd Floor, Room no. 3,

Bhatia Niwas, 50, Babu Genu Road,

Mumbai - 400002

35. Mr. Anil Umesh H aldipur

Flat No. 4-S, Sankul Condominium, 'E' Wing,

Near Dinanath Hospital, Pune - 411004

17

1 .., !


36. Mr. Sudhirbhai Ambalal Mehta

232, Rushabh Apartments,

Parekh Street, Mumbai - 400004

37. Ms. Priti Mehul 01oksi

9 Gokul, 99, Walkeshwar Rd,

Mumbai - 400006

38. Mr. Nazura Yash Ajaney

12-H6, Mars Society, Kalyani Nagar,

Pune City, Pune -111006

39. Mr. Saurabh Chandrashekhar Deshpande

5, Meena Niwassangeeta Wadi, Nerurkar Road,

Dombivali - 421201

40. Mr. Mihir Bhaskar Joshi

Room No. 2, Ma.ngu Prasad Chawl,

Ovaripadas V. Road, Dahisar (East),

Mumbai - 400068

41. Mr. Krishnan Sangameshwaran

Cottage 3, Pyramid Complex,

Dhyana Prastha Foundation, KTN Palayam, Vadavalli,

Coimbatore - 641041

42. Mr. Vinod Kumar Anand Juneja

3A Quest End, 47 Cuffe Parade,

Mumbai - 400005

43. Mr. Sujal Anil Shah

701, 7th Floor, Mayfair Kumkum CHS Ltd,

crs No. 772, S.V Road, Next to Bank of lndia

Andheri West, Mumbai - 400058


Pg 19 of 205

44. Mr. Gopal Krisshna Karunakaran Nair

801, Golden Penk Co-op Housing Society,

Ambedkar Road, Khar (West),

Mumbai - 400052

45. Mr. Swaminathan Sundararajan Mitlur

Ashwarooda, Fla t No.11, 2nd Floor, Building No. 248,

Ambujammal Street, T.T.K. Salai, Alwarpet,

Chermai - 600018

46. Mr. Nitin Ram Potdar

2A/ 402, Sumer Trinity Tower, New Prabhadevi Road,

Mumbai - 400025

47. Mr. Sunil Varma

Manav Mandir, Plot No. 34, Flat No. 29,

4th Floor, Worli Hill Road, Worli,

Mumbai - 400018

48. Mr. Chandrakant Kanu Karkare

EMP 48/501, Evershine Millennium Paradise,

Near Thakur Cinema, Thakur Village,

Kandivali (E), Mumbai - 400101

49. Ms. Pankhuri Abhijit Warange

601, Saidham Apartment, Chaphekar Bandhu Marg,

Mulund (E), Mumbai - 400081

50. Mr. Haresh Vrajlal Shah

Flat No. 42, 6•h Floor, Sunbeam Building,

3 A, Peddar Road, Malabar Hill ,

Mumbai - 400006

51. Mr. Suresh Senapaty

301, Brigade Lavelle I, Levelle Road,

Bangalore

19

'


52. Mr. Gautham Mukkavilli

B3-402, Unitech World Spa West,

Sector 30, Gurgaon

53. Mr. Sanjay Rishi

39, SFS Alaknanda Shivalik Apartments,

Kalkaji

54. Ms. Angelina Nguyen

House B, 200 Po Toi O ViUage, Clear Water Bay,

New Territories, Hong Kong

55. Mr. Ravi Shankar Gupta

Flat No. 610, Mahagun Manor Apartments,

Plot F-30, Sector 50, Noida - 201301

56. Mr. Suresh Kumar Jain

Flat No. 1201, 121h Floor, A Wing,

Monarch Gardens Plot No. 6, Scheme 57,

Sewree Wadala Estate, Sewre1

Mumbai - 400015

57. Mr. Saket Vipin Shah

Flat No. 1002, B Wing, 10th Floor, Clover Grove Ch.,

Opp. Phoenix Hospital, Kanti Park,

Chikuwadi, Boriva li,

Mumbai -400092

58. Mr. Bankim Madhu Mehta

Flat No. 602, Satya m Building No. 2,

Azad Nagar, Andheri West,

Mumbai

59. Ms. Purvi Mayank Mehta

Atlas Apt. A Wing, 2nd Floor, Flat No. 21,

J. Mehta Road, Mumbai - 400006

20


Pg 21 of 205

60. Mr. Himanshu Pravinchandra Trivedi

Flat B-27, Santi Sadan Shankar Lane,

Kandivli, Mumbai - 400067

61. Mr. Youri Donald Hermans

93, Dalamal Park, Next to Taj President,

Cuff Parade, Mumbai - 400005

62. Mr. Mihir Bhanshali Rashmikant

211 Casablanca, Cuffe Parade, Colaba,

Mumbai - 400005

63. Mr. Shyamsunder Vashumal Wadhwa

Bunglow No. 5 Vaikunth Society, Sindhi Society,

Chembur, Mumbai - 400071

64. Mr. Suresh Kumar Bhutani

Flat No. 1201, 12111 Floor, A Wing,

Monarch Gardens Plot No. 6, Scheme 57,

Sewree Wadala Estate, Scwrc,

Mumbai - 400015

MOST RESPECTFULLY SHOWETH:

DETAILS OF THE PETITIONER & RESPONDENTS

21

--·

.. . Respondents

1. That the Petitioner is Union of India, Ministry of Corporate Affairs and is

filing this Petition Uu·ough Mr. M.V. Chakranarayt11;m, who is working as

Regional Director (Western Region), Ministry of Corporate Affairs, having

office at Everest 5th Floor, 100, Marine Drive, Mumbai - 400002 and is duly

authorized by the Central Government to file this present Petition and

accompanied application, vide Ministry letter no. 3/106/2018-CL-II(WR)

dated 21/2/2018. Copy of the Ministry letter dated 21/2/2018 is annexed

herewith as Annexure P-1. M, V. Cbakranarayan

Regional Director Wtstern Region,

0/o Regfonal Director Ministry or Corporate

Affairs, Mumbal...f00002

', ,

21


22

2. That the Respondent No. 1 is Gitanjali Gems Ltd., a company registered

under the Companies Act, 1956, having its registered office at A-1, 7th Floor,

Laxmi Tower, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, and

is engaged in the business of diamond trading. Respondent Nos. 14, 18, 35,

38, 41, 42, 43, 45, 46, 47, 48 and 49 are the Directors/Key Managerial

Personnel (KMP) of the Respondent No. 2 or were Directors/ KMP of the

company during the period when the financial fraud was committed.

3. Respondent No. 2 is Gili India Ltd., a company registered under the

Companies Act, 1956, having its registered office at Laxmi Tower, Office No.

61 'B' Wing, l•t Floor, G Block, Bandra Kurla Complex, Bandra (East),

Mumbai - 400051, and is engaged in the business of diamond trading.

Respondent Nos. 14, 29, 31, 32, 34, 36, 37, 38, 39, 40 and 44 are the

Directors/Key Managerial Personnel (KMP) of the Respondent No. 2 or

were Directors/KMP of the company during the period when the financial

fraud was committed.

4. Respondent No. 3 is Nakshatra Brands Ltd., a company registered under

the Companies Act, 1956, having its registered office at Laxmi Tower, Office

No. 6, 'B' Wing, 1st Floor, G Block, Bandra Kmla Complex, Bandra (East),

Mumbai - 400051, and is engaged in the business of diamond trading.

Respondent Nos. 28, 29, 30, 31, 32, 33, 34, and 45 are the Directors/Key

Managerial Persormel (KMP) of the Respondent No. 2 or were

Directors/KMP of the company during the period when the financial fraud

was committed.

5. Respondent No. 4 is M/ s Solar Exports, a Partnership Firm, having its office

at 15, Nagindas Mansion, 411, Floor, 61-B.J.S.S. Road, Opera House, Mumbai

- 400004. Respondent No. 24 and 25 are the Authorized Signatories of

Respondent No. 4. Nirav Family Trust and Nirav Modi Family Trust are the

partners in Respondent No. 4. The said Nirav Family Trust has Respondent

Nos. 11, 12 and 13 as Trustees, and Respondent Nos. 12, 13, 17, 18, 19, 20 and

21 as the Beneficiaries. Further, the aforesaid Nirav Modi Family Trust has

Respondent Nos. 11, 12 and 13 as Trustees, and Respondent Nos. 12, 13, 18,

19, 20, 21 and 59 as the Beneficiaries.

22


•

23

6. Respondent No. 5 is M/ s Stellar Diamond, a Partnership Firm, having its

office at 15, Nagindas Mansion, 4th Floor, 61-B.J.S.S. Road, Opera House,

Mumbai - 400004. Respondent No. 24 and 25 are the Authorized Signatories

of Respondent No. 5. Nirav Family Trust and Nirav Modi Family Trust are

the partners in Respondent No. 5. The said Nirav Family Trust has

Respondent Nos. 11, 12 and 13 as Trustees, and Respondent Nos. 12, 13, 17,

18, 19, 20 and 21 as the Beneficiaries. Further, the aforesaid Nirav Modi

Family Trust has Respondent Nos. 11, 12 and 13 as Trustees, and

Respondent Nos. 12, 13, 18, 19, 20, 21 and 59 as the Beneficiaries.

7. Respondent No. 6 is M/ s Diamond R US, a Partnership Firm, having its

office at 1110, Prasad Chambers, Opera House, Mumbai - 400004.

Respondent No. 24 is the Authorized Signatories of Respondent No. 6.

Respondent No. 11 along with Respondent Nos. 22 and 23 companies are

the partners in Respondent No. 6. Respondent Nos. 24 and 26 are the

Directors/Key Managerial Personnel (KMP) of the Respondent No. 22

Company. Respondent Nos. 26 and 27 are the Directors/Key Managerial

Personnel (KMP) of the Respondent No. 23 Company.

8. Respondent No. 7 is Firestar Diamond International Pvt. Ltd., a company

registered under the Companies Act, 1956, having its registered office at

Unit No. 23, 3rd Floor, Tower II, Wing B, Kohinoor City, Kirol road, Off LBS

Marg, Kurla West, Mumbai - 400070, and is engaged in the business of

diamond trading. Respondent Nos. 11, 50, 51, 57 and 60 are the

Directors/Key Managerial Personnel (KMP) of the Respondent No. 7 or

were Directors/KMP of the company during the period when the financial

fraud was committed .

9. Respondent No. 8 is Fires tar International Ltd., a company registered under

the Companies Act, 1956, having its registered office at 2001 & 2002, 20th

Floor, Peninsula Business Park, Tower B, Ganpatrao Kadam Marg, Lower

Parel, Mumbai - 400013, and is engaged in the business of diamond lTading.

Respondent Nos. 11, 50, 51, 52, 53, 54, 55, 56, 63 and 64 are the Directors/Key

Managerial Personnel (KMP) of the Respondent No. 8 or were

Directors/KMP of the company during the period when the financial fraud

was committed.


24

10. Respondent No. 9 is Fires tar Diamond Pvt. Ltd., a company registered

under the Companies Act, 1956, having its registered office at AE-4050, 41h

Floor, A Tower, East Wing, Bharat Diamond Bourse, G-Block, BKC, Bandra

(East), Mumbai - 400051, and is engaged in the business of diamond trading.

Respondent Nos. 58, 61 and 62 are the Director/Key Managerial Personnel

(KMP) of the Respondent No. 9 or were Directors/KMP of the company

during the period when the financial fraud was committed.

11. Respondent No. 10 is Firestar Diamond FZE is a company registered as a

Free Zone Establishment promoted by Respondent No. 11 having its place

of business at Antwerp, Belgium, amongst other offices in Dubai, Hong

Kong, Mumbai, Surat, Johannesburg, New York and Yeravan.

12. Respondent Nos. 15 and 16 are the accused PNB employees who have

connived with the other Respondents in commission of the financial fraud.

TURISDICTION OF THE BENCH

13. That it is most respectfully submitted that the Companies Act, 2013 confers

powers on the National Company Law Tribunal under Section 221,222,241,

242, 246 and 339, for directing inter nlia freezing of assets of the concerned

companies under inquiry or investigation, impose restrictions on securities

and also to declare that ~erson, who is or has been a director, manager,

or officer of the company or any P-ersons who were knowingly parties to any

fraud on creditors of the company or any other persons shall be personally

responsible, without any limita tion of liability, for all or any of the debl<; or

other liabilities of the company as the Tribunal may direct. Since the

Respondent companies in the instant petition have their registered offices

in Mumbai, Maharashtra, this Hon'ble Tribunal has jurisdiction to entertain

the present petition.

FACTS OF THE CASE

14. That the submissions in this Petition are based on the events surrounding

certain First Information Reports (HR) filed by the Punjab National Bank

Ltd. (PNB), a public sector nationalized bank. FIR No. RCB5M2018E0001

~~

'.v"' 24


25

dated 31/01/2018 filed with CBI, BS&FC, Mumbai, inter alia, states that

Mr. Nirav Modi (Respondent No. 11), Mr. Nishal Modi (Respondent No.

12), Mrs. Ami Nirav Modi (Respondent No. 13), Mr. Mehul Chinubhai

Bhoksi (Respondent No. 14), all partners of M/ s Diamond R US

(Respondent No. 6), M/ s Solar Exports (Respondent No. 4) and M/ s

Stellar Diamonds (Respondent No. 5) in conspiracy with Mr. Gokulnath

Shetty (Respondent No. 15), Deputy Manager (retd), PNB, Mr. Manoj

Hanumant Kharat (Respondent No. 16), SWO PNB and other unknown

persons committed the offence of cheating against PNB to cause a wrongful

loss of Rs. 280.70 Crores to PNB and pecuniary advantage to M/s Diamond

R US (Respondent No. 6), M/ s Solar Exports (Respondent No. 4) and

M/ s Stellar Diamonds (Respondent No. 5). Further FIR No.

RC02(E)/2018/CB1/BS&FC/Mum, dated 15/02/2018, filed with CBI,

BS&FC, Mumbai, inter nlia, states that the accused bank officials

Mr. Goku1nath Shetty (Respondent No. 15), Deputy Manager (retd), PNB,

Mr. Manoj Hanumant Kharat (Respondent No. 16), SWO PNB in connivance

with the accused companies represented by its Directors and unknown

others during 2017-18 defrauded PNB to the tune of an aggregate amount

of USD 754.92 Million (equivalent to Rs. 4886.72 Crores@ Rs. 64.00 per USD)

in the matter of issuance of unauthorized and fraudulen t Letters of

Undertaking in favour of Foreign Branches of different Indian-based Banks

and purported Foreign Letters of Credits (FLCs) in favour of foreign

suppliers of the accused companies. The FIR dated 15/02/2018 states that

the accused include the companies belonging to the Gitanjali Group

promoted by Mr. Mehul Choksi (Respondent No. 14). A copy of the FIRs

dated 31/01/2018 and 15/02/2018 is annexed herewith as Annexure P-2

(collectively).

15. That the Petitioner is empowered under Section 212(1)(c) of the Companies

Act, 2013 to order investigation into the affairs of any company in Public

Interest. Further, the Petitioner is also empowered under Section 216 of the

Companies Act, 2013 to investigate into the ownership of the company,

where it has reasons to do so. Besides the above, the Petitioner is also

empowered to order investigation into the affairs of Limited Liability

Partnerships (LLPs) under Section 43(3)(c)(i) of the Limited Liability

Partnership Act, 2008.


Pg 26 of 205

e

26

16. That once the financial fraud came to notice of the Central Government

through the aforementioned FfRs filed by PNB, the Petitioner, has identified

the companies/LLPs (listed as under) appearing to be involved in the

financial fraud of approx .. Rs. 11,400 Crores that has been perpetuated on

PNB by Mr. Nirav Modi (Respondent No. 11), Mr. Nisha! Modi (Respondent

No. 12), M1·s. Ami Nirav Modi (Respondent No. 13) and Mr. Mehul

Chinubhai Choksi (Respondent No. 14), who are also directly or indirectly

associated with the said companies/LLPs.

SI. No CfNNo. Name of Companies 1. U27205MH2006PTC161293 Radashir Jewelry Company Private

Limited 2. U31500MH1948PTC006139 Rhytlun House Private Limited 3. U36910MH1999PTC1225S8 Jewelry Solutions International Private

Limited 4. U36910MH2004PTC146390 Firestar Diamond Private Limited 5. U36911MH2000PTC124475 Paragon Jewellery Private Limited 6. U36912MH2000PTC124499 Panchajanva Diamonds Private Limited 7. U51100MH2000PTC123986 Ndm Enterprises Private Limited 8. USl 11 OMH2000PTC123990 Neeshal Enterorises Private Limited 9. U51224MH2007PTC171459 Neeshal Marketing PLivate Limited 10. U51900MH1999PTC118442 Firestone Tradinsz: Private Limited 11. U51900MH2000PTC12398S Dream Tradinsz: Private Limited 12. U51900MH2000PTC123987 Camelot Trading Private Limited 13. U51900MH2000PTC123989 Neeshal Trading Private Limited 14. U51900MH2000PTC124314 Ami Merchandising Private Limited 15. U51900MH2000PTC124471 Paragon Merchandising Private Limlted 16. U5190DMH2000PTC124496 Devdatta Enterorises Pdvate Limited 17. U51909MH2004PLC145478 Firestar International Limited 18. U51909MH2006PTC164429 Firestar Diamond International Private

Limited 19. U52393MH2007PTC168745 Mak Business Enterprise Private Limited 20. U67120MH1988PTC047134 Ghazalah Investments Private Limited 21. U70l0DMH1998PTC11642D Camelot Enterprises Private Limited 22. U70100MH20D6PTC160509 Bentley Realty Private Limited 23. U72200HR2011PTC043300 Cutting Edge Software Private Limited 24. U74120MI-I2014PTC251981 Paundra Enterorises Private Limited 25. U74130HR2006PTC058107 Loyally Solutions & Research Private

Limited 26. U74140MH2010PTC201410 Suvadhinath Consultants Private

Limited 27. U74140MH2010PTC202556 Supasvanath Consultants Pl'ivate

Limited 28. U74140MH20JOPTC203147 Neminath Consultants Private Limited 29. U74140MH2010PTC206191 Punarvasu Consultants Private Limited 30. U74900MH20IOPTC201990 Anantnath Valuers Private Limited 31. U74900MH2010PTC201994 Samkit Valuers Private Limited 32. U74900MH201DPTC202557 Sambhavnath Valuers Private Limited 33. U749DOMH2010PTC202559 Moala Consultants Private Limited 34. U74990MH2009PTC195900 Adeshwar Dia-Jewels Private Limited 35. U74990MH2010PTC201414 Moon Valuers Private Limited 36. U74990MH2010PTC201 993 Vashupuiva Valuers Private Limited 37. U74999MH2007PTC167152 Neeshal Merchandisin.e;Private Limited

-- ... . 26


27

38. U74999MH2014PTC251904 I Palasa DeveloEers Private Limited 39. U74999MH2017PTC299975 N irav Modi Private Limited

'"' - 27 40. U99999MH1981PTC024012 Solar Exports Pvt. Ltd. -41. L22100WB1941PLC119187 Binani Metals Ltd 42. L29130PN1991 PLC062352 Menon Bearings Limited 43. L3691 l lvlJ--ll 986PLC040689 Gitanjali Gems Ltd --44. U01100MI--ll 995PLC095425 Nakshatra World Limited ---- Shubalavanyaa Jewel {rafts Private Limiteci 45. U03691 TZ2004PTC011442 46. U27205TG2004PLC044751 Hyderabad Gems Sez Limited 47. U36910GJ1991PTC016127 Lustre li,dustrics Private Limited 48. U369J OMH1997P LC 111237 Gitanjali G_old And Precious Limited 49. U36910MH2004PLC146406 Nakshatra Brands Limited 50. U36910MH2004PLC148983 Spectrum Jewellery Limited 51. U36911KA2005PTC036413 Mast Jewellery Distributions Private Limited 52. U3691 l MH2005PLCI56266 Gitanjali Jew ellery Retail Limited

53. U36911MH2007PLC17059/i Gitanjali Lifestyle Limited

54. U36911MH2008PLC179818 Mohar Jewels Limited

55. U36912MH1991J'YfC063290 Partha Gems Private Limited 56. U36912MH1991J'YfC063291 Priyanka Gems Pvt Ltd 57. U36912Ml--!1991 PTC063293 Rohan Diamonds Private Limited

58. U36912MHI 992PTC065113 Gitanjali Laser House Private Limited

59. U36912MH1995PTC093747 Gitanjali lmpex Private Limited

60. U36912MH2000J'YfC126053 Easy Diil mond Private Limited 61. U45201M H2006PLC165939 Gitanjali Infratech Limi ted

62. U45201 TZ2007PTC013543 Sangamam Homes Privilte Limited 63. U45208MH20D7PLC176915 Aurangabad Sez limited 64. U45208MH 2007PLC176916 Raigad Gems Sez Limited 65. U45208MH2007PLC176917 Nanded Sez Limited

66. U452D8MH2007PLQ 76918 Nashik Multi Services Sez Limited

67. U;!S309MH2018J'YfC304257 Cuttack Life.style Industrial Park Private Limited

68. U51398MH1999PTC121895 Coronet Gems Private Limited 69. U51398MH2002PTC136871 Legacy Gold Private Limited

70. U51398.MH2003J'YfC142351 Bezel Jewellery (India) Priva te Limited

71. U51398MH2005PTCI57561 ModaH Gems Priva te Limited

72. U51398MH2008PLC186036 Gitanjali Retail Ventures Limited

73. U51900MH2006PTCI59756 Sneaking Mercantile Private Limited

74. U51900MH2007PLC176914 Nagpur Multi-Product Sez Limited

75. U51990MH2000PLC128664 Gitanjali Exporls Corpo ration Limited 76. U52100MH1989J'YfC054790 Mozart Trading Private Limited 77. U52100MH2008PLC180727 Wes t Benga1Sez Limited 78. U52100MH2008J'YfC182145 Joyce Trading Private Limited

79. U52393MH2001 PLC131428 Gili India Limited

80. U52393MH2002PTC135231 Cria Jewellery Private Limited

e 81. U 64 202KA2006PTC038459 Mobilen.xt Teleservices Privilte Limited

82. U65900MH1992PTC065159 Rohan Mercantile Private Limited 83. U65910MH2006J'YfC160539 Decent Securities And Finance Private

Limited 84. U65990MH1988J'YfC04591 l Audarya Investments Priva te Limited 85. U65993MH2005PTC154132 Decent Investment And rinance Private

Limited 86. U 65993MH2006PTC159754 N & J Finstocks Private Limited

87. U65993TN1982PLC009748 Rane Investments Limited

88. U67120MH1 988PTC047134 Ghazalah Investments Privnte Limited 8~ UGTI 20MH2006PTCl59738 Eureka Finstock Pvt Ltd --90. U701 OOMHl 989PTC053723 Naviraj Estates Private Limited 91. U70100MH1995PTC090508 Gitanjali Realtors Private Limited

/() l /"'


28

92. U70102MH2009FfC195549 I Dynamic Infrazone Private Limited 93. U72200MI-12000PTC255094 !realities Technology Private Limited 94. U72900MH2007PTC173734 Ivida Tedmologi_f:S Private Limited 95. U74120MH1989PLC054232 Jewelsouk Marketplace Limited 96. U74120MH2015PLC261,153 Vidarbha Multi Products Sez Limited 97. U74300KA2009PTC049762 Digital Brands India Private Limited

--

98. U74900MH2004PTC145922 Trinity Exo<;>sitions Private Limited 99. U74940MH2007PTC168873 Interactive Entertainment Private

I Limited - -100. U74994MH2005PLC157741 Asm._i Jeweller}:'. India Lim}ted 101. U74999MH2003PTC140131 Saruishadel Mercantile Private Limited 102. U74999MH2008PLC187891 Mmtc Gitaniali Limited 103. U74999MH2016PTC285757 Ljow Private_ Limited 104. U74999MH2017PTC296731 Team Float Private Limited 105. U74999PN2016PTC166175 Five Elements Advisors Private Limited 106. U92413M I-I2008PLC182263 Kolkata Axis Mall Limited 107. U99999MH2001PLC231441 Maya Retail Limited

17. That the Petitioner has also identified the following LLPs, which are

associated with the persons involved in the financial fraud perpetuated on

PNB, as stated in para 3 above. The identified LLPs are:

Sl. No. LLPIN Name of the LLP 1. AAC-1885 Neeshal Enterprises LLP 2. AAC-1886 Paragon Jewellery LLP 3. AAC-1887 Paragon Merchandisin9: LLP 4. AAC-2694 Panchaianva Diamonds LLP 5. AAD-8242 Gitanjali Gold And Precious LLP 6. AAE-9212 Gitanjali Realtors LLP 7. AAG-0381 Mast Jewellery Distributions LLP

18. That further, the Petitioner, in exercise of the powers conferred on it u/s

212{1)(c), 216 of the Companies Act, 2013 and Section 43(3)(c)(i) of the

Limited Liability Partnership Act, 2008, h as formed an opinion that the

affairs of the companies/LLPs named above in para 5 and 6, respectively,

be investigated and also the real ownership thereof, be iden tified.

Accordingly, Order No. 3/106/2018-CL-U(WR), dated 17/02/2018, has

been issued by the Petitioner for investigation, under Section 212(1)(c) read

with Section 216 of the Companies Act, 2013, of the above named companies

and their holding and subs idiary companies as may be identified during the

course of investigation, w hich is to be carried out by the Serious Fraud

Investigation Office (SFIO). Further, vide the same Order No. 3/106/2018-

CL-II(WR), dated 17/02/2018, inves tigation has also been ordered into the

affairs of the LLPs mentioned in para 6 above, to be carried out by the SFIO.

A copy of the Order No. 3/106/2018-CL-II(WR), dated 17/02/2018, issued

by the Petitioner is annexed herewith as Annexure P-3.

_..,,..; -- 28 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 29 of 205

19. That the Petitioner, vide the aforementioned Order No. 3/106/2018-CL

II(WR), dated 17/02/2018, has inter alia defined U1e scope of investigation

to be carried out by the SFIO, which besides identifying contraventions

under the Companies Act, 2013, has also been assigned to:

(a) To identify of persons/entities who are or have been financially

.interested including real or apparent or;

(b) To identify persons or entities interested in control or materially

influence or;

(c) To identify existence of any arrangements or understanding observed or

likely observed in practice relevant for the purpose of the investigatio~

or;

(d) To identify chain of companies, entities, persons in the gamut of rotation

of funds including beneficiaries etc. or;

(e) To lift the corporate veil and identify the real face in the financial rotation

of funds or identification of quantum of diversion of funds or siphoning

thereof or;

(f) To identify instances of mismanagement, negligence or fraud or;

(g) To ascertain the role of auditors, KMP or independent directors or any

other person in the alleged fraud and

(h) To examine the role of entities used as conduit in alleged fraud.

20. TI1at PNB vide two letters dated 19/02/2018 has requested the Petitioner to

seek attachment of the movable and immovable proper ties of the

Respondents as they are prima Jade beneficiaries of the fraud perpetuated on

it. Copies of the two PNB letters dated 19/02/2018 is annexed herewith as

Annexure P-4 (collectively).

21. That PNB, vide letter dated 21/02/2018 has also forwarded the

Investigation Report dated 12/02/2018 and Preliminary Investigation

Report dated 25/01/2018, prepared after internal vigilance investigation

carried out by the bank against the suspected fraud at their Mid Corporate

Branch, Brady House, Mumbai. A copy of the PNB letter, along with

enclosures, dated 21/02/2018 is annexed herewith as Annexure P-5. A

summarized inference reveals the following details:

(a) Detectio11 of the fraud - On 16/01/2018, the partnership firm of Nirav

Modi group approached the Brady House, Mumbai branch of PNB

(({)L/\ · .. --·


Pg 30 of 205

·e

;;u

seeking buyers' credit, whence it came to light that the firms belonging

to the Nirav Modi Group and Gitanjali Group of Companies had been

availing transactions for the past 8 years based on unauthorized and

fraudulently issued Letters of Understanding (LOUs) and Foreign

Letters of Credit (FLC), without necessary sanction and without entering

the details of same on CBS system of the bank.

(b) Modus Openmdi - For issuance of fraudulent LOUs, the conniving

officer of the bank did not obtain any documents required by the law and

also did not make any entry in the trade finance module of the bank's

CBS sys tem to avoid detection. Funds received under buyers' credit from

overseas banks were credited to Nosh·o account of the bank and

subsequently utilized as per direction given by the conniving officer to

repay imports/earlier buyers' credit used by the firms. For the issuance

of fraudulent Letters of Credit (LC), the conniving officer issued LC by

entering a smaller amount in trade module of CBS system and generating

the reference no. and a SWIFT message was sent for the amount.

Subsequently, without making any change in trade finance module of

CBS system, the conniving officer sent modified SWIFT message for the

same reference to the beneficiary bank for enhanced amount

unauthorizedly. Thus, the amount was enhanced fraudulently. The

beneficiary bank had discounted the documents based on SWIFT

message received . There is no documents held for these import

transactions.

(c) Details ofthefin11s/companies involved -

Partnership Firms and Companies promoted by Mr. Nirav Modi

(Respondent No._ herein)

Partnership 1. M/s Diamond R US (Partners - ANM Enterprises

jinns Ltd. NDM Enterprises LTD. and Mr. Nirav Deepak

Modi)

2. M/ s Solar Exports (Partne.rs - Mr. Nirav Family Trust

and Nirav Modi Family Trust)

3. M/ s Stellar Diamond (Partners - Mr. Nirav Family

Trust and Nirav Modi Family Trust)

Companies 1. Firestar Diamonds Interna tiona1 Pvt. Ltd.

(Respondent No. 7 herein) n ~ ......

(M = . I

,.\J .... - 30 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 31 of 205

2. Firestar International Ltd. (Respondent No. 8 herein)

3. Firestar Diamond Ltd (Respondent No. 9 herein)

4. Firestar Diamond FZE (Respondent No. 10 herein)

Gitanjali Group promoted by Mr. Mehul Choksi (Respondent No. 14

herein)

Companies 1. Gitanjali Gems Ltd. (Respondent No. 1 herein)

2. Asmi India Jewellery Ltd.

3. Gili Indic1 Ltd (Respondent No. 2 herein)

4. Nakshatra Brands Ltd. (Respondent No. 3 herein)

( d) Findings of the luvestigatio11 -

1. The fraudulent issue of LOUs to Nirav Modi Group firms started

on 10L3L2011 and has continued since then.

2. Modus operandi mentioned in the investigation report pertains

to three partnership firms belonging to Mr. Nirav Modi and 3

companies of Mr. Mehul Choksi (Gitanjali Group).

3. Fraudulent LOUs were issued in SWIFT system without making

any entry in trade finance module of CBS system to avoid

detection.

4. Fraudulent LOUs issued have also been used for payment of

earlier buyers' cred it availed under similar fraudulent LOUs

issued in the past.

5. Reserve Bank of India (RBI) prescribes that credit for import of

semi-precious and precious stones including pearls should not be

more than 90 days. However, in most cases the credit allowed is

much beyond 90 days.

6. One fraudul ent LOU has been issued for 3 years period for a

product which is not defined as Capital good, which is in

e contravention of RBI guidelines.

7. Amount in Nostro account is utilized for repayment of earlier

buyers' credit and also for purpose other than for which the same

was received.

8. There is no documentary evidence available to prove that these

transactions are bona fide trade transactions.


9.

10.

11.

12.

----In some cases bank commissions/ charges have been r

through the accow1ts of firms/ companies without

proper reference in the CBS system.

32

ecovered

making

There are discrepancies in some fraudulent LOUs, wh ich have

been overlooked by the funding bank and not reported.

Balance -confirmation by oversea·s ba~s' branches f or these

k. liabilities were never sought from the LOU opening ban

Although same reference no. was used for LOUs, no al arm was

one with raised by the funding bank and no cross checking was d

the bank.

(e) Conclusion - Based on the investigation, it has been concluded that

1. PNB branch officials namely Gokulnath Shetty, then then Dy.

Manager (since retired on 31/05/2017) and Mr. Manoj Hanumant

Kha.rat, SWO-B, have unauthorizedly issued fraudulent SWIFT

messages, which were not entered in the trade finance module of

CBS to avoid detection. From the logs, it is observed that other

staff members may also have enabled the fraud in the capacity of

maker/ verifier/ authorizer.

2. Connivance of more staff members and outsiders has not been

ruled out.

3. Firms/companies connived with the above named bank officictls

to undertake lTansactions not supported by genuine trade

documents. - ----4. Buyers' credit were raised beyond RBI prescribed 90 days limit

for import of goods mentioned in the LOUs.

5. Overseas funding banks were grossly negligent in funding

buyers' credit under the LOUs. They have not carried out due

diligence.

6. Final amount of exposure under LO Us and LCs is as under:

For LOUs

Name of the Fin11/ Number of Amou11tin Amount

Company LOUs USD in Rupees

(Million) (Crore)

Sola r Export 50 336.39 2152.88

Stellar Diamond 49 333.55 2134.71

._.., -- - 32 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 33 of 205

Diamonds R US 51 345.41 2210.61

Total for Nirav Modi 150 1015.35 6498.20

Group

Gitanjali Gems Ltd. 91 335.06 2144.37

Gili India Ltd. 35 88.54 566.65

Nakshatra Brands Ltd. 17 50.17 321.10

Total for Gitanjali 143 473.77 3032.12

Group (promoted by

Mr. Melml CT1oksi)

GRAND TOTAL 293 1489.12 9530.32

For LCs

Name of th'e Firm/ Amount in USD Amount i11 Rupees

Company (Million) (Crore)

Gitanjali Gems Ltd. 89.86 575.11

Gili India Ltd. 97.72 625.40

Nakshatra Brands 93.57 598.85

Ltd.

GRAND TOTAL 281.15 1854.60

22. That it is submitted that the partners of the partnership firms under the

Nirav Modi Group, mentioned in the Investigation Reports as stated above

in para 10, include Trusts of the Nirav Modi family and their beneficiaries,

who also are recipients of the unlawful gains due to the fraud committed on

PNB. The Trust Deeds of the said Trusts has been forwarded by PNB vide

its letter dated 21/ 02/2018, which has already been annexed as per para 10

as Annexure P-4.

23. That in this regard, it is also pertinent to state that PNB, in compliance of its

obligations under SEBI (LODR) Regulations, 2015, has reported to SEBI,

vide le tter dated 05/02/2018, that the bank has come across a suspected

fraud involving one branch wherein certain irregularities have been

observed on account of people risk. The disclosure further sta tes that the

matter involving Rs. 280.70 Crores based on preliminary investigation

report stands reported to appropriate Regulatory and Investigating

.... . _ 33 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 34 of 205

34

Authorities, and that the detailed investigation is on. A copy of the PNB

letter, dated 05/02/2018, is attached herewith as Annexure P-6.

24. That furthermore, PNB while responding to queries raised by the Bombay

Stock Exchange (BSE) and the National Stock Exchange (NSE), has, vide its

letter dated 15/02/2018, detailed the discovery of the suspected fraud

committed on it by the Respondents and their concerned companies/LLPs,

and has estimated the total fraud at Rs. 11,394.02 Crores, which has been

reported to the Reserve Bank of Jndia (RBI). A copy of the PNB clarification


25. That it is further submitted that subsequent to the discovery of the suspected

fraud, upon such query being raised by the Bombay Stock Exchange (BSE)

and the National Stock Exchange (NSE), PNB has clarified to both stock

exchanges, vide letter dated 19/02/2018, that the bank is not aware of any

petition filed in the Hon' ble Supreme Court, demanding Special

Investigation Team (SIT) probe against the suspected PNB fraud. In this

regard, it is submitted that the Petitioner is also not aware of any such

petition filed in the Hon' ble Supreme Court. A copy of the PNB clarification


26. That furthermore, PNB while responding to queries raised by the Bombay

Stock Exchange (BSE), has detailed the discovery of the suspected fraud

committed on it by tl1e Respondents and their concerned companies/LLPs,

and has estimated the total fraud at Rs. 11,394.02 Crores, which has been

reported to the Reserve Bank of India (RBI).

27. That it is worth noting that according to several media reports, SEBI has also

launched a probe into trading and disclosure related issues in the matter of

PNB and Gitanjali Gems (Respondent No. 1) in connection with the

suspected fraud amounting to over Rs. 11 ,000 Crores. Copy of the Indian

Express Newspaper clipping report, dated 16/02/2018, is annexed herewith

as Annexure P-9.


e

35

RELIEFS BEING SOUGHT

28. That the provisions of Sections 221, 222, 241, 242, 246 and 339 of the

Companies Act, 2013 allow the filing of reference/application before the

National Company Law Tribunal (NCLT), for seeking additional reliefs in

support of the investigation of the concerned companies/LLPs and their

directors/ partners/key managerial persom1el, including statutory auditors

and any other persons being investigated along with. Sections 221,222,241,

242, 246 and 339 of the Companies Act, 2013 are reproduced hereunder for

reference in extenso:

221. Freezing of assets of company 011 illquinJ and fovestiga tion. -

(1) Where it appears lo the Tribunal, 011 Cl reference made to it ~y the Central

Government or in connection with any i11quinJ or investigation into the affairs

of a company under this Chapter or on any complaint made by sucli number of

members as specified under sub-section (1) of section 244 or a creditor having

one lakli amount outstanding against tile company or any other person having

a reasonable ground to believe that the removal, transfer or disposal of funds,

assets, properties of the company is likely to take place in a manner that is

prejudicial to the interests of the company or its slrarelrolders 01· creditors or in

public interest, it may by Ol'de,· direct that such transfer, removal or disposal

shall 1iot take pince during such period not exceeding tlzl'ee years as may be

specified in tile order or may t(lke pince subject to s11cJ1 conditions and

restrictions as the Tribunal may deem fit.

(2) [n case of any removal, transfer or disposal of funds, assets, or properties of

the company in contravention of the order of tire Tribunal under sub-section (1),

the company shall be punishable with fi11e which shall not be less than one lnklz

mpees but which may extend to twenty-five /aklz rupees and every officer of tlze

company who is in default shall be pu11islrable with imprisonment for a term

which may exte11d to three years or witlr fine which slral/ not be less tlran fiftiJ

thousand rupees but which may extend to five laklz rupees, or with both.

222. Imposition of restrictions upo1t securities. -

(1) VI/here it appears to the Tribunal, in connection with any investigation under

section 216 or 011 a complaint made by any person in this behalf, that there is

good reason to ft11 d out the relevant facts about any securities issued or to be

issued by a company and the Tribunal is of the opinion that such facts cannot be

@~


found out unless certain restrictions, as it may deem fit, are imposed, the , .,;J;..;,.. _ 36 Tribunal may, by order, direct that tTte securities shall be subject to such

restrictions as it may deem fit for such period not exceeding three years as may

be specified in the order.

(2) INhere secun'ties in any compa11y are issued or transferred or acted upon in

contravention of an order of tlze Tribunal under sub-section (1), the company

slwll be punishable with fine which s/mll not be less than one lak/1 rupees but

which may extend to twenty-five lakh rupees and even; officer of the company

who is in default shall be putLishable with imprisonment for a tum which may

extend to six 111011ths or with fine which shall not be less than huenty-five

thousand rnpees but which may extend to five lak/1 rupees, or with both.

241. Applicatio11 to Tribu11al for relief in cases of oppression, etc.

(1) Any member of a company who complains tltat-

(a) tfte affairs of the company have been or are being conducted in a manner

prejudicial to public interest or in a manner prejudicial or oppressive to him or

any other member or members or in a 111n11ner prejudicial to tile interests of tlze

company; or

(b) I/re material change, not being a change brought about by, or in tlte interests

of, any creditors, including debenture holders or any class of shareholders of the

company, 1111s taken place in the management or control of the company, whether

by an alteration in tlte Board of Directors, or manager, or in the ownership of

the company's shares, or if it has no share capital, in its membership, or in any

other manner whatsoever, and tltat by reason of such change, it is Likely that the

affairs of the company will be conducted in a manner prejudicial to its interests

or its members or any class of members,

may apply to the Tribunal, provided such member has a rig/rt to apply under

section 244, for an order under this Chapter.

(2) The Central Government, if it is of the opinion t/zat the affairs of the compariy

are being conducted in a manner prejudicial to public interest, it may itself apply

to the Tribunal for an order under tltis Chapter.

242. Powers of Tribmllll. -

(1) If, on any application made under section 241, the Tribunal is of tile

opinion-


'j'/

(a) that the compa1Ly1s affairs have been or are bei11g conducted in a manner

prejudicial or oppressive to any member or members or prejudicial to public

interest or in a manner prejudicial to the interests of the company; and

(b) that to wind up the company would unfairly prejudice such member or

members, but that othenuisc t!ie facts would justifiJ the making of a winding-up

order 011 the ground that it was just a11d equitable tltat the company should be

wound 11p1

the Tribunal may, with a view to bri1Lging to an end the matters complained

of, make such order as it llzinks fit.

(2) Without prejudice to lite generality of the powers under sub-section (1), an

order under that subsection may provide for -

(a) tire regulation of conduct of affairs of the company in future;

(b) the purchase of shares or interests of any members of the company by otlter

members thereof or by tlte company;

(c) in the case of a purchase of its sltares by tire company as aforesaid, the

consequmt reduction of its share capital;

(d) restrictions on the transfer or allotment of the slrares of the company;

(e) the terminatio111 setting aside or modification, of any agreement, howsoever

arrived at, between the company and the 111a11aging director, any ot11er director

or manager, upo11 such terms and conditions as may, in the opi11io1t of tlze

Tribunal, be just and equitable in tire circumstances of the case;

(f) tlte termination, setting aside or modification of any agreement between the

company and any person other l11a1t those referred to in clause (e):

P,-ovided that no such agreement shall be termi11ated, set aside or modified

except after due 1zotice and after obtaini11g the consent of the party concerned;

(g) the setting aside of any transfer, deliven; of goods, payment, execution or

other net relating to properti; made or done by or ngai1lst tire company within

three montlzs before the date of the application under this section, which would,

if made or done by or against an individual, be deemed in his insolvenci; to be a

fraudulent preference;

(h) removal of llie managing director, manager or any of the directors of the

company;

(i) recovery of undue gains made by any managing director, ma11ager or director

during the period of his appointment as such and the manner of utilisation of tlte

recoven; i11cludi11g transfer to Investor Education and Protection Fimd or

repayment to identifiable victims;

'.v~1.. 37 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 38 of 205

(j) the manner in which the managing di rector or manager of tl1e company may • '. >J I.I ... 3 8 be appointed subsequent to a11 order removing the existing mannging director or

manager of the company 11111de under clause (Ji);

(k) appointment of such number of persons as directors, who may be required by

the Tribunal to report to the Tribunal on such matters as the Tribunal may

direct;

(I) imposition of costs as may be deemed fit by the Tribunal; (m) any other matter

for wliich, in the opinion of the Tribunal, it is just and equitable that provision

should be made.

(3) A certified copy of the order of the Tribunal under sub-section (1) shall be

filed by the company with the Registrar within thirttJ days of tl1e order of tlie

Tribunal.

(4) The Tn"bunal may, on tl1e application of any party to the proceeding, make

any interim order which it thinks fit for regulating the conduct of the company's

affairs upon sucfr terms and conditions as appear to it to be just and equitable.

(5) Where an 01·der of the Tribunal under s11b-section (1) makes atty alte:ration

in the memora11d11111 or articles of a company, the 11, nohuithstanding any other

provision of this Act, the company shall not have power, except to the extent, if

any, permitted in the order, to make, witltout the leave of the Tribunal, a11y

alteration whatsoever which is inco11siste11t with the order, either in the

memorandum or in the articles.

(6) Subject to the provisions of sub-section (1), the alterations wade by tire order

in the memorandum or articles of a compmzy shall, in all respects, have tire same

effect as if they had been duly made by the company in accordance wit11 the

provisions of tltis Act and the said provisions shall apply accordingly to the

memorandum or articles so altered.

(7) A certified copy of evenJ order alteri11g, or giving leave to alter, a company's

memorandum or articles, shall within thirty days after the making thereof, be

filed by the company with the Registrar who shall register tlie sattie.

(8) If a company contravenes the provisions of sub-seclio11 (5), the co111pa11y shall

be punishable with fine wlziclz shall not be less than one lakli rupees but which

may extend to twenty-five lakh rupees and eve1y officer of the company who is

in default shall be punishable with imprisonment for a term which may extend

to six months or with fine which shall not be less than hoenty-five thousand

rupees but which may extend to one {akh rupees, or with both.


246. Applicatiou of certain provisions to procee,li11gs uuder section 241

and section 245. -

The provisions of sections 337 to 341 (both inclusive) shall apply mutalis

n111la11dis, in relalion to a11 application made to the Tribunal under section 241

or section 245.

339. Liability for fraudulent conduct of business. -

(1) If in t/ze course of the winding up of n company, it appears that any business

of the company /ins been carried 011 with intent to defraud creditors of the

company or any other persons or for any fraudulent purpose, the Tn"bunal, on

the application of the Official Liquidator, or the Company Liquidator or any

creditor or contributon; of the comprmy, may, if it tlrinks it proper so to do,

declare that a11y person, who is or lws been a director, manager, or officer of the

company or any persons wlio were knowingly parties to the carnJing on of tlze

busi11ess in the mmmer aforesaid shall be personally responsible, without rmy

limitation of liabilihJ, Jot allot any of the debts or other liabilities of the company

as the Tribunal may direct:

Provided that 011 the hearing of an application wufer this sub-section, the

Official Liquidator or the Company Liquidator, as the case may be, may himself

give evidence or call witnesses.

(2) Where tire Tribunal makes any suclz declaration, it may give such further

directions as it thinks proper for the pw-pose of giving effect to thnt declaration

and, in particular, -

(a) make provision for making the liability of any such person under the

declaration a charge 011 any debt ot obligation due from the company to him, or

on mty mortgage or charge or any intetest in any mortgage or charge on any

assets of tlze company lzeld by or vested in l1im1 or any petson on his behalf, or

any person claiming as assignee from or through tlze person lio.ble or any person

acting on his behalf

(b) make such further order as may be necessary for the purpose of enforcing auy

charge imposed under this sub-section.

(3) Where any business of a company is canied on wit lt suclz intent or for such

purpose as is mentioned in sub-section (1), evenJ person who was knowingly a

parhJ to the cnmjing on of the business in the manner aforesaid, sfzall be liable

for actio11 under section '1:47.

' ... v - · 39 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 40 of 205

(4) Tlzis section slm/1 apply, 11otwithstandi11g tl111t the person concerned may be

punishable under any other law for the time being in force in respect of the

ma tiers on the ground of which the declaration is to be made.

Explanation. - For the pr11poses of this section, -

(a) the expression -assignee! includes any person to whom or in whose favour,

by t/1e directions of tlte person liable, the debt, obligation, mortgage or charge

was created, issued or transferred or the interest was created, bllt does not

include an assignee for valuable consideration, not including consideration by

way of marriage, given in good faith and without notice of any of the matters on

the ground of whiclr the declaration is made;

(b) the expression --officerl includes n11y person in accordance with whose

directions or instructions the directors of the company have been accustomed to

act.

29. That various actions are being contemplated by the Central Government

with regard to the affairs of Respondents. Therefore, the Petitioner craves

leave of the Hon'ble Tribunal to file documents/records or any other papers

that may be relevant for the p1.1rpose of the present petition as per the NCLT

Rules at any future appropriate time. Further, the Petitioner also craves

leave of the Hon'ble Tribunal to file copies of the interim and/ or final

investigation reports of the SFIO, as and when the same are submitted by

the concerned inspectors to the Central Govenunent, in order to

supplement/enlarge/amend/modify the present petition, based on the

findings of the interim/ final report, including addition to the array of

Respondents, as per the NCLT Rules.

30.That the Petitioner submits that the act of fraud perpetuated on PNB by the

Respondents is on account of mis-representation and falsehoods in the

public disclosures about the financial state of affairs of the concerned

companies/LLPs, which has jeopardized the financial health of PNB, apart

from causing serious damage and financial loss to various stakeholders. The

improper conduct and discharge of duties by the Respondents, has also

betrayed the trust of PNB and has further, shaken their confidence and

relationship with the Respondents, who are s tated to be the beneficiaries of

the fraud.


Pg 41 of 205

41

31. That in light of the above, it is stated lhat the Respondents, being either

members of the Board of Directors, Promoters, Auditors, etc. are privy to

the inner working of their respective businesses, and as such cannot evade

responsibility for the fraudulent activities, misfeasance, persistent

negligence and continuous defaults in carrying out U1eir duties. Further, as

a result of this suspected fraud of such a huge magnitude, the reputation of

the diamond trade and industry has been greatly damaged due to the

conduct ofthe respondents herein.

32. In light of the factual position detailed above, it is prayed that the Hon'ble

Tribunal may be pleased to pass the following ex-parte, ad-interim orders

during the pendency of the petition:

bzterim Reliefs

(a) That the Petitioner be permitted to serve the Respondents through post,

publication in newspapers, email, whatsapp messagin8' wherever

required, in order to ensure due service of notice to all Respondents,

present in India or overseas.

(b) That the Respondents be directed to disclose their moveable and

immovable properties/assets, including bank accounts, owned by them

in India or anywhere in the world.

(c) That the Respondents be restrained from mortgaging or creating charge

or lien or third-parly interest or in any way alienating, the movable or

immovable properties owned by them and further, direct attachment of

the all said properties and hand them over to the Petitioner. Petitioner be

allowed to execute such orders through the Indian Missions, stationed

overseas, for the immoveable and moveable properties in existence

abroad.

(d)Thatthe Bombay Stock Exchange (BSE), National Stock Exchange (NSE)

and Securities and Exchange Board of India (SEBl) be directed to restrain

the trading of securities of Respondent No. 1.

_..., - 41 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 42 of 205

42

(e) That the Respondent Nos. 2, 3, 7, 8, 9, 22 and 23 be restrained from

mortgaging or creating charge or lien or third-party interest or in any

way alienating the securities issued by the said Respondents.

(f) That Central Depository Services Ltd. (CDSL) and National Securities

Depository Ltd. (NSDL) be directed that securities owned/held by the

respondents in any company be freezed and details thereof be shared

with the Petitioner.

(g) That the Central Board of Direct Taxes (CI3DT) and the Central Board of

Excise and Customs (CBEC) may be directed to disclose information

about all assets of the Respondents, in their knowledge or possession, for

the purpose of attadunent and restraint on alienation of such assets.

(h) That the Reserve Bank of India (RBI) and the Indian Banks Association

(IBA) be directed to facilitate disclosure of the details of bank accounts,

lockers owned by the Respondents and attach the same on behalf of the

Petitioner.

(i) That the State Governments and Administrators of Union Te1Titories be

directed to identify and disclose all details of immoveable properties

owned/held by the Respondents.

G) That the Petitioner be permitted to take possession, after due inventory,

of all moveable and immoveable properties of the Respondents that have

been attached as per the orders of this Hon'ble Tribunal, through Official

Liquidators.

(k)The Petitioner seeks the leave of the Hon'ble Tribunal to enlarge the

scope of the reliefs sought and prayers made in this petition by filing any

other documents or applications in view of the extraordinary nature of

the circumstances p ertaining to the present petition.

(I) That the Petitioner may be permitted to file copies of the interim and/ or

final investigation reports of the Serious Fraud Investigation Office

(SFIO), as and when the same are submitted by the concerned inspectors

to the Central Government, in order to supplement/ enlarge/

amend/ modify the present petition, based on the findings of the

&..L~ .---

.-- ·- - 42 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 43 of 205

interim/ final report, including addition to the array of Respondents, as

per the NCL T Rules.

Maiu Reliefs

(m) That direction be issued for the recovery of the amount involved in

the above-detailed financial fraud and the victim bank, PNB, be

compensated.

(n) Pass any other order(s) as deemed fit and proper under the

circumstances by the Hon'ble Tribunal.

Date: ;). '!,/if iP I O Place: M W"l l a..,'

VERIFICATION:-

(!,~ ---~-M,V. R,p)aal D!NetOr w.tem Raglofl,

O/o llellOftll Dllffl0r Mllllltly of Corporate

Air.lrt, Mamllel-400002

Verified that the contents of this Petition are true and correct to the best of my

knowledge as derived from official records and nothing material has been

concealed therefrom.

Verifledat M1V'1bt1; on this the .l3_ day of February, 2018.

(1'~ Petitioner through Authorized Signatory

M. v. thakranarayan Reclonal Director Western Ret1011,

0/o Regional Dl~ctor Nlnlmy or Corporate

Atralr1, Mumbaf-400002

· 43 .. 1w1 .,,,, -


FORM NO. NCLT-6


BENCH AT MUMBAI

COMPANY PETITION NO. ___ . of 2018

IN THE MATTER OF:

44

PETITION UNDER 221/222/241/242/246 r.w. 339 OF THE COMPANIES ACT,

2013

AND

IN THE MA TIER OF:

UNION OF INDIA, MINISTRY OF CORPORA TE AFFAIRS

VERSUS


AFFIDAVIT VERIFYING THE PETITION

I, do hereby solemnly affirm and declare as under:

1. That I am Mr. M.V. Chakranaray..an, working as Regional Director

(Western Region), Ministry of Corporate Affairs, having office at Everest

5th Ploor, 100, Marine Drive, Mumbai - 400002, and I am duly authorized

and competent to swear this affidavit.

2. l11at I am conversant with the facts of the petition and have also examined

all relevant documents and records in relation thereto.

3. That I say that the statements made in the Petition are true and correct to

the best of my knowledge, as derived from official records

4. l11at I say that there is no false statement or concealment of any material

fact, document or record and I have included information that is according

to me, relevant for the present petition.

5. That I say that the above me~tioned pleadings comprising of a total of~

number of pages.

6. That I state that the annexures hereto are h·ue copies of the documents

referred to and relied upon by me.

Place: M l}J") ba_; Dated: J-3/,;./;k,) 8 M, V. Chakral!J!!11'.@,VENT

Realonal Director Western R.egton,

0/o Realonal Director Nlnllby or Corporate

Alf,lf'I. Mumbat,400002

·.Uv .. 44 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 45 of 205

e

VERIFICATION:

Verified that statements made above are true

~ on this l3_ day of February, 2018.

Place: M Ufl?~Cl.4-

Dated: J.i/J. /2ol 8

to my knowledge. Verified at

a,~ r.\?W~arayan

ReilOn•I Ofrertor West.em Region,

0/o Reatonal Director Ministry 0£Corpor:1te

Affaln, Mumbal-400002

45


To

I .

I

'

F. No.03/106/2018/CL-ll(WR)

3=fRc, m'cfi1T /Government of India

ffi'ftc cfiT<l ;i:hm;nr /Ministry of Corporate Affairs

qi'cnff ~ , 't.r' f<m, ~ITT 3lcrvr,

51n Floor, 'A' Wing, Shastri Bhawan, New Delhi. Dated: 21.02.2018

The Regional Director (WR), Ministry of Corporate Affairs, Mumbai.

Subject: In the matter of PNB fraud and investigation into companies of Choksi Group and Nirav Modi Group regarding

Sir,

I am directed lo refer to this Ministry's order of even number dated

17.02.2018 wherein investigations into affairs of 114 companies fLLPs directly or

indirectly associated with Choksi Group and Nirav Modi Group has ordered

under Section 212(1)(c)/216 of the Companies Act, 2013 (Act) and under section

43(3) (c) (i) of LLP Act, 2008.

2. In this context, you are hereby directed to file Petition/l<eference/

Application u/s 221, 241, 246 & 339 of the Companies Act, 2013 as the Central

Government has formed an opinion to make such Petition/Reference/

Application before the Hon'ble NCLT, Mumbai Bench inter-alia seeking the

following reliefs:-

(i) To seek r estrain orders against alienation , creation of third party rfght,

lien · or transfer alienation in any other manner of movable and

immovable properties including securities, freezing of bank accounts,

sealing of lockers of the companies or persons as named in the letters

received from Punjab National Banks and other reliefs(Copies enclosed).


(ii) To seek directions under Section 222 of the Companies Act, 2013 that

the securities of all the r,ompanies mentioned in the PNB letters shall not

be transferred to any person till the outcome of the investigation.

3. In this regard, you are hereby authorized to represent and file

Petition/Reference/ Application u/s 221, 241, 246 & 339 of the Companies Act,

2013 before the Hon'ble NCLT on behalf of Union of India (UOI), Secretary,

Minish·y of Corporate Affairs to seek appropriate interim and main reliefs in the

matter immediately. Further, development in the matter may be kept informed to

the Ministry.

4. This issues with the approval of the Competent Authority.

Encl; As stated above. Yours foithfuJly,

rr-,-.J.,,... (M. R. D:ik)l.{/<f

Joint Director


. . ~:·.

1

'!<iflh,, '\7~ ~'IT~ (_um 1so1;~: Vf'.<~J:~:Y,1~i!I <i.1.-3l~J.i\,ct).

FIRST INFORri!i).TJON REPORT (Ui/Bi;r' s~. 1'54' Cr.?,C.) . 'fi:!_,1!.~~').;1,1.· .. . :·: ·:· s;P,,l::(1AI · .

.'S"(f;i. 9'71 Oook._flo:

J. f.irffi : ·.Dis\tlcl

2, <~) ·fJW-i : Ac1

'(.2) fyfw-r : AGt·

(3) ·f1t•.((',·; J.c1

W'il : '!111 ; PS: Y~ar

IiSi..~li'C:.'/~t: se·cnons

!PC :o1~ ··: s~cholls.

tWJ!\: P.C. Act [!):SS:lions

(4.) ~°MIR~ ·tmM:, Qlhsr Acts & Seclionn

'll,~:ii!;r;: F!(No ..

::fk-ff<li·': :,Oil\~.'

RqlS.!\:fZQlSf.~~-0!

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J ~(;!)' rhv I 3(1 )(i.lJ'. M•.P~ A~t 1;9S.8 ...

:3, (<!>) '!l'ITT:l <IT'llltl :

,,M Suspecied Oftenc;e : Crimlnnl Conspirncy, Chcntlng and Ah11~c of official po,sitil!n br Jl'L!blic sci·vnn t.~.

·(<!.!) R'l' (b) 83}'

D m'illg 20 17

( 11.),· erf.!''11\. v.~1'iJ ma ~ ",t,i (c) 111formcitfon received· at PS

CR J.: BSE<'C: M.UM-13.-\l 'fil'.flll ·i1'!nit" :

En.tri No. 0 b

· 4. . 0

lJ:l'll in! '!FF.~ :

TXP.e··or.11,ilil.n:i!llli~n.

s-' ~ 1:,m 't,tll"l P.lace· of Occurrence

f.qiffl bai<i

w,,i:

nn:,e

29:0L2018 Wl'l: Tlme

3t.01.20l:8 ftrfemr,n.')lw!, '

\Y ri tte,n ~~f~p!n'jii\'.

J\;fo111bni :mu othc1· places . (q;j ·~ ¥n~~11 <1 ~ · : ,(a) Direction II Dlst;,tice lroni p:;;

. ... ~: ::..: ' '.

1 •• v v·\,, 48 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 49 of 205

n:• 1 'Im: (!i)Address

p1) ~-~. ~ l'J!ffi~.'if~ct\~ - .. :-(\"l)'ln"<c~~¢; <iu'falp.e-11,e 1.1m11 0( tills P.o\lcB.Sla\l9·n, t~·e.~

~(WIT; .'?.lRT <rn "ll"l No·m~ of,PS

:P.f'l'~it / wm-<i~.=· Compialnorit I lnt0m1anl

("ifi) ,rq

(,i) Name

( '©') • ftm1 / '1m <1>l ,ffll

f.;,.m [)rs,~QJ .

(b) 1-alhe~s / H11sb~nd'& (~3mo Shr.i A,~·ij·e_pali.a

('>;f}~; (d) Natfciifality

( 'l ) '""' fi(i-1 (c) 03le of·Bi11t1 Nol known ·

('l\') i'rrn'lii-=i .................... :·NotJu\ij!,V~f<'ihli .......... :.,{N,A~iu.ffisi;(r-mi!'., ....... ,,/t(t .. · (el Pasl!pon N!i l)~te··p1 l:..~u~ f'lace or t~s\!e'- · ··

( 'ii') -,,;:i;;r.w:;

(i) P~cfcs;lon Deputy 9c11c1·11 .. Mnm,g1:r,

P·ian,inb Nnf.ion:il Bnnk,.ZO, Muiilbai.

-· ·:·.'

('@:) '!lll -

(g) Ali.dl'~ss Punj,1h National 13.n!lk, Zonal Offille, :n •h-Flool')·D\iiiirhli~:

H?usc, ,J,tinnall)·l. 13.lij:tj l\'.fol':g, N!!til\tn}l, P.tjiu_t,. Mu·iu~ais: 4-00021. . .. . ..... .

1. ~ t I 'fr@ I ,3,.irn I .~lfttn <!il··'r'i f~q1.Q\ ; -

Qelai!s of known/ ~ur.pected I unknown ace11sad.V1ilf1 fu!I parlit:ular.s c~r~ ~,fq'{ll'll, m m «1'f!'l1 ·i-l· 'l.:i, lm"l ,.i,"'f. 1 · l.\ttac!1ed ~opa,ale ~lle'et,'11 ne~e'S$J~/)

I I

49


3

s:. 3TI°'flWIT 1:~TillII "fil'-A!Tulf"Ti-\·ii{~."11! :~: Reas.on!! foi· delay -i~.rcpoi'iiirg by lhe,co~plai'~antflrifo~niunt

. ·No·c1e111y.' .

9:. -~ ·, ~~~ ~n iii f'clcl'M :- c~ '3~i\-·m :mif71 i'it.:':--11 -.$tj ~j: . ·. '~ori1c~1ars ~r 'ciii6Jsr110.s:$'1i:,1,an t~,,~oh· {oMr1\\e's(,~r: if ,!J-~~jis,ar:y)_

. . .. ·ks,2ao:1ci ;ci:tircs-iir·P.unJ:ab: N'rl.ii:~nlit:Ji~:v1~

1Q. mmr ; ~-w-itu in! :'J;z.i "j_F.l\ : ·Tola! voluqf9l,p,gp¢f!_y'~l<ilon

1.~s,289, 70, ·Crorcs o'f Punjab NnlioµuFB'~nl<

n . 1Ttf 1 ~ '·Rt tr,,:n ;i;qt,1, : Inquest Report/ U.D. c3se·No,·;r~ny

N.A.

·12. !J?t'-! ~"1 firc«'lJ :·· .c,if~ :~Tf,r-rr-i; ~) il't :stwp'r 'Rl'"ffi'TT'l .,fi'O First lriformalion conte111s (At/ach ~~p11rJt~ sh.Qol,-i,I req11lred)

. : ...

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/\ wriit~ll complai11t .. dJ(~ i9.0l ::i.oH' ~igned \)y.;Slr .. Avne:e~l! N~p,al_i~. 0~_M-,,.-P.iii:1J~lrN~~o:dhl' O,rnk, Zonul·Offic·e, Mumb~i-h11s b.een rc<!eivcd ln 1l11s office on .W'.:0·1 ::i-Oi;S. . · · · ·

Tl,c ·11flcga'ti~li6 111c11tio_r1~d 'i11 the coniplllinq>rlma: fuci~.discld~C tl)Ht·$h~i .. N1(1l,V-.°Mc:Ydi;"sii;,. Ni.shal iViodi,'·Smt Atni·Nira,v f'i,iaJi, Sh. Meht'II 8hinubhai Cli0.~si, ull porb1~rs :qf.'ty1;1.sJi/.fii1)ltirio .lU::i$,· M/s. So\or ~~porl$:!llld M/s ·S"tdlur Dio111onds i11 1:0IIS\)il·~cy,wlth ,Sh. G~kt1ltrofl_1 Sholt)•,.q~pi,tf Mil~agei (t.etd), Punj,1b -Nnti'orinl 8H11k, Sh. i\·l 1111t~ Ha11umnnt Khurnt, S\VO p·unJnb Nn1ionol B1ink, noil ollic"r 11nk"nqw11 pcr~ii11s co111mil1e~I ti\-, ·t1J1.,11c~ ol'·ohe.1tlns ,1g_~in$t 1'11nj11b Nationul Bunk -.and cnused n wrongful _lo~~. The p1ihlfc .. s~r-vout~ c·,iunni(1~d.11_bt•so 9! offic!~' poslt_l~n,,10 c~u~ct~c1_m.\~7':l)d~an.t!1Se. lO i\,j/.s D1nn1ond·-R- l!JS1 M/s·Solar. Tix1>1;1 rts nnd-M/s.-Stcflar Du11nQnd_s a11d wro11gf111,]p~s)if':R:s,"'-?.8~ .• 10· Cr.()_rcs to l!.unjn~-Nlllio11nl B:1.1.1k clurini;-iO 17. · ·• ·.

Th.::· foe(, disclose co'!nrni_s~io11 c:· c9gi1izabl'e oJfcncc;s of c,iurinuf ;cons1>ii:aqy, ch~\fn'j,: ··.,1i,d Hbll~C of o11iciul posili()ll by tl.1.~ :ilbrqsnid nceus~tl ,icrs.ii,js . . H~ncc,o lfogolifr Gn.1i2 l1'9.~c}2Jl.·\:l ' rl).Y ' Sec. 420 l l'C· ~nd Sec. l°J (2) ·r/w I :1 ( I-) (dJ of l'C ./\ci, I 9S.8 iil rogiMci:c·d. ,iguii1st.Sh. Nifii:v ?vlo.dil Sh'. Nisha! Medi, Sml Ami Nirav M<idi, ·s1i .. Mehul'C-h_in11bhni··Ch6.ksl.,all pnrtli~r~ of},1/s:·Diii''.'.fonil'-'R) J~; Mis s~,l~r E)(porss 01111 1\·I/; ~.le/br :()i~m<111ds, )lh. (?Qkulnath Sh~llY., o·~pu'ty tvfunuger· (rctd'.), P.iliij~t( Nrilional BJU\k; Slr. Mn/Joj Hii1µi:i1~iH Khl).rat, ~WO Pu1\j~b ?>/.Mic:>n~I Binik.:and 01h~r.-u1ikno,Y11'•pcrs6os nnd-entrust<rd lo Sh.· D. Dan\oc)°iiitui, . li1spe~11,i~.¢f P~lil;e·;'C~I, ,lJSA'.WC:,.Mum.61',i .: (q,. \jr,::i:sH~!~~i1,: · · ·

I\ ·copy ·of the c(;)mpini11t 3ntl Hsi oC (;()lli. is;encloscd ·li~rewilh.

~ Ct.~ \ " 1 \ :t o\,g \.._.,;•• ' '?.,\ V • •

Sl·lAHADXnA'vr. . SUP@'-):'. OF l'Ol.lCE, CBL; ·BS&FC: MUMI3i\T

••• 50


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4

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(' , :) 'fl[m'!f tj-• f'<l)?l17TITI :lift~ mt•r :5i11 ~Jl'l<{l Rggisterod ihe case 3nd \ook op u,e lnvestlgatloh .or

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Dlrecled (Name of 10) R~nk No. Took-up·tor · invosUg!J'tlon

Sli . .D. 1)111110t.hn :111 , Inspecto r of l'olicc,

(.,/ ~~l'!J,~-5*'.~~~~Ulllfiili 3l~

Refused lnvcsli(Jillion due lo or

( ,n :{~ 'IAl~IA:tfT'jfrl?,n r;;;rn Tf'.ll

Transferred 10 PS

f-;~1 Oit.Uicl

i!)-,ofiuim ii; i1.lllm 'T{

on point or jl(ris"diclion

N. /\, ;i.1f'ifl0Tfl / WJ1f<1,ili ·;.,1 11.11. lt:i '~ / ~ Wfllll 11m; ~ -fr~l -ifi.f.r :m,11<,fuii(~T-TI 'f>Tl<im f:l.<11 l nJ'l,1 T(</i ',l[i\ 3lf'V-l1lll / ~ "'li1 f.t :~ 'lls;:R·-.i\ 'T{ I FIR TP.~tl over lo tr,e compl~innnt/inlortnJnl , admillcJ to b,, corr~cll)' rocorded arid a copy olvci> to

.· ,·'·

u, e complnin:int/inl o,man1, fre.; of ~otl -~~

'114 ·i/i1 l:FIP<l <l.'1tll ,,:fl'fiil '\fr-11111~1 1 l~P' \ i& KOAC _ ~f:1-Alli\DAJt~v.r; .

I~. 3Jf~f I fl.;,i1T<ITTfi 'if; ~11l~!T Signn.turP./Thurnb lmprnsslon

F6lr1lrd.!$Q>l}JGtiot10¥6lim/Qt

~~& 0"'~'1.1ty G~.:ne.rnt M:inager Zi·,·~al (lf.'icf'". ~ 11.,..·1t,c:·

lS. '"-lf!lliifl! <l,i ~;;i:) <ii1 i?,s[iir.. {('ri Wf11 Oulc ancl 1i01c ,of despalch to llic courl

SUPDT. OFFOLICE; • Cl3I; DS·&FC: ~WMBAT

l!IRl ~ -q; Tim!\IT . . . Siunaturo of Ottlc,ur in-chargo ~o·llcn Stniloh

"l1J'.T I Name

(~) ·/Renk 'No.

- q..-1'1\.(J.-,,v .. ., ·e, \---~\_oi \2-Q\

S ~i ARAD.A RA.UT, SU,PD.T. OF )'QL;~p~,

CUI: 'rfs&FC; M't.lM:BAI

{ 11'1\U alflr.1-;f(l.';~ ~1,Rtlf{l1!1 li'ff'd)' 'Slg11alure ol rcco1di11g Omcqr i Vilh•dote.

51


5

w·-1.iJ~-n 'f'liJ'rt •f>J 3'ff-!i1 , wn1{ A1).acl1r11en1 10 11en1 7 or First 1nrorm;;itipn Rcpon

·1~t1 ·6!!f<'Rl <fi1 mi!jt<t fl'.rot@T(!, ~ o~.n qFf .fcr<1.{111 :~ . Physica1•rc1:11ures, deJom,llies and ol/\er de!Jils·of the Sl!specvacc.ul!'7'. : (If knqwn I seen]

1 2 3 4 5 :6 · 7 -·-~ ~ --. ..,. /\. -. -l----,('/cr.-,Ar.-,f--Jrrr-~. f\r.· -t-,lcr'i'_.-, A' .. -. -'----t---'--_1' tnr._,;. r. .r\_,-

-- . ····-·-- -·-········ •, J

!i,f;•1,11i\fi{'l~i''l<ll ,;;r~ ,117•1 ~li7.Y 3T/i:1f '!ilwrr (Onrnrin1hcs/ (kcll1) 1, 1,11r) (Eyo) (Habils) (Dress· HabiVs) pec.;uliari'lics)

8 !l 10 11 1':2 1.:\

N. f"' N. A. N, A, N. /\. N: A. N .. A.

'AA'!/~[ 1':!R t Place: of· vi/fl <Fl f'f~IR ~:!iii- fuB ~1.~·r,;m; ffl:

_(!';aryguaoe/Dial.ectJ (Burn Marl~) .. (Leup x1erma) ·(Mo~c.) (Sc.1i) (-T~li~~i t'1 ·1s 16 17 1:s. ',19'·

N.A. N.A. N. :\. :'1. A. N.A. N.'A.

·,,if•ip~)rrl / <fJ'-l lq;'{rt, ','.;P:I W::,1" / ~f~-RI <1;'>.fn if·,zyr,:•!I ;!.JJi.r,.z~:ui·fu( ,;if.'! 'lJt ·-1,ff nrn-:i:ifiiff'ii;'f'. "r.~, I Tl]et,c fil~lds will h e on•i;,ocl only if corr.pl.i/n~nVmforrr.anl gives any one -or nio,e pat1iculvrs abouH he: suspr,cV:;iccuse<J.


Annex ure - I

Derails of known-/ su3pectc<l./ unknown 11ce11secl witb fo ll partfoul:u;s

(I) Sh. Ni.rav Mbdi, 4, Gi'osvenor Hdtlsl!, 211d floor, Pedar Rd,, Munibai-

26, p;irtncr of· Mis [lip:rnond· R US, l ·1 l O Prasad Churnbers, Opera House, Mumbai. Mis Solar Exports, 15, Nngindt1s Mausio11, 4"' floor. 61 13·.JSS Rel., Opi!rn House, M11mbni and Mis· Stellar Diamon<ls, §,

Nagindns Mansion. 4'11 floor, ·61 B.ISS Rc:l .. ,.Qpcl'a H\clll!it!.Murnbni.

(2) Sh. Nishul Mocli. 4. Gru~ve1\0r Hbuse, ;1'"1 floor, Pedar Road,. Mumb_ai-26, pni111~r orM/s l)im11t1nd R. US, Mis Solar Exports, nhtl Mis Ste1iar Oi.rin10nd~, Mumbai.

(3) Sine. Ami Nirnv Modi. S!lmu<lrn Mahol r ren1iscs, CHS Lld, Dr. Annie Basanl Ron cl. Worli, tvf11ml.Ji1i , 1rnrrner of lvl/s Diamond R US, ]\1/~

Solnr Exports. nncl i\-1.ls fildlar Dia11101\ds, Mt1moai.

('I) Sh. Mehul Chinubhni Choksi, Goku! 99, 9. & 1.0 th f.l cmr Near· Wltitc House. 'iV:1lkeshwu l' ,Mumbai, pnrtuer o/' Mis Diamond R U~, Mis S•>lnr E~ports. und Mis Stollnr DiamonEls, tvlumbai.

(5) Sil. Gokulnalh Sh~lly, D~plllY 1\lfonagcr ( nml.), Pul)jab Natio1.utl 13.qnk, 8 Sujot.i Plot no.12024. TPS' 111, C(11stur Park, Oorivali (\v), Muml?!li.

(6.) Sh. /11'nnoj ffom1ma11t Khai:n~. SWO. Pu1\jab Na1iom1l Bunk; ll.m1clu1shi l Niw~s. Ynsllin Nag,1r. Tai- Kai;ial, Dist· Ah111ed11agar.

(7) /\n!I or her unknown persons.

-~n_c~~

~?,.~.\Sl

SHMAOA AAUT, ... SUPOT. Of POUCi CS1:BSFC:MUM8AI


... · :'.·. ··· ~~ . ..,· .-.. ~ i~,- '3'"')~~e.~s~r . . '"" ~ ~~ - ', -~-~~"1':7: .. •

7.ooul (,Jffic~: I I '"'Fluor, Dnl«mlil House, Jmnniilnl Bn[a;·Mori.:, Nurinrnu ll~int. Mumbl1i-:<IOO !)21 ' .. . .•

'Fo;I-O:Ur-!:i3524 I 2 [email protected]

The J{:jint Directer . Central Buteau· or friliesfigat10n· Mumbai

Sir,

I. Avnees/1 NeJJalia, s/o sh. A.~.Nepalta, presently posted -as the Dep.uty Gen'eraf Manager in the Punjc1b Natiorw1 Banl1, Zonal omce: Mumoai. since 05:0 1 .201 B. am fully conve(San( 11~ith the ract? rnenl10ner:1 hereunfler ·and also authorised .to r.eport and lodge the complaint as under:

That at the bank b'ranch ofke: Mid Corporate·Bra,nch, Brady HoU!ie, Mumb'ai some fraudulent issuance of letters of Undertakings (LOU) for & on beh ;;II of a set ·ol Partnership firms viz. M/s Diamond R US, Mis Solar Exp·9rts and Mis Stellar Diamonds. having partners Sh. Nirnv MorJi. Sh. Nisha! Modi .. Smt. Ami Nlrav Modi ant1· Sil . Mehur Chinubhai Ct:iokshi, have transpired when on 16111 January. 201.8 th~ above ,said firms approl=l'died t>.i.nl< and presented a set of impo.r-l documents 10 the

_;.,,.,.. branch with request fo allow buy,~rs' cre'dit ··ror making p~ynient lo (he ov,i'!rseas ~\..· ~·· · ~t)ppliers. ~ir.ice there w~:s n0 sanctioned li'mit.ln· the 11am

1e of:the above firms. ,the

··- r5- J,,- bra11ch officials· req.uesled ,lhe firms to furnish at least 180% .c'ash margiri' f0r issuing ""'vf-~..;.. · LOU for raising buyi'!r's , credit Al this. tr-i~ _f!rrns eonte~ted that they haw been

availing this .facility i,n the past al~o but ti ie ·branch. records did Mt reveal detcills ot · any such facility 11aving oeen grantee! lo the said firms.

On preliininary diecKin·g of recorllis. it has been obsef"1ccl u,at Shri Gokulnatll·Sh~tly. the Dy. Manager (PF No. 1072J2. since retired 3'1.05.201'i'.). who y1111s posteci at. the said bram:h since·3·1.03.2Q1Q and was worxing itHhe F.oreign Exchange Department locking ~fter the t111p9rt Setcion and Sh.Manoi H911urnent Kharat had fraudulently issued LOl:Js without following prescribe.cl pr0cedwe by obtaining r~q1,1,ir13d request apP.lications. documents and approva·1 of·th.e authoriti,e·s thereto and 1-:1ilh.o.ut r,a~ing·

. entries in the_ .E;l.eink syste111 avoiding· detection of U,e, trar\sa:~tiorjs, sp ,Jia:~e. transmitted $WIFT lnstrucLions·fo the:-qverse~~-branches of'lndian B:ank's for.raising': Buyers Credit & funding the Nostro Accout;tjs of -PNB. T.he· fl:mds so raised for paymf:\nt of Import Bills have not been utilizeci for such purposes In m·any cas.es.


Pg 55 of 205

.s,;.._ : .• , .. , . ,.,. •lr, ,.:; .-;/1~ C"':, • ·,:-• \ • <,. • • •

·On scrutiny el the records of SWIFT ·messf1ges, It has been revee,led tt,at thinii.iove named accused SJ:iri Gokulr.ia.th Sh!;?tty i!nd .Sh.M~nQj r!ahument Kharat pn 09,02.2017 issued 2' LOI:/$ for & en bet.alt ef M/s !Diamond, R US and Mis Selar ·E.>.<por.ts for l,)SD 441 ~79\.96 .an:c'I U~D 4~9S(~J .38, re~pectlvel~ .. l:lavlfl_g. d l!la·.di\e. i!f pa-yment o·n ·25.:_0·1.?~18 _r~veufliig ;Al_laha~~d.~ank.a! Hohg)~on~. T~~ aG(:usfa"~ -~}.~in ori 1-0.02.20·17 had ·,ssuee 3 LOUs fqr·& on behalf of MJs. DiamOAd .R U$. M/s:·Sofar Exports an,d M/s ·SteiJ~r D.iamd('ld lo(USD 5942--0"17.70, US~ 5643J{>1.QS>ari"d U~Jf ·60933,21.10, respoc,Uvely ·1~a~vJ.'W. _dye date of.: payment tliereef- on 2S:_O:f.2PJ.8 favouring Allahabad. Bank ai ,1!qn~j)~0pg . . S.hri 90~µ1n~tn St,.etty and ~h. Manoj Hanument Kharat. fur{her oti 14.02i20't,7 llacl issued ·3· LOUs for & on behalf of Mis Diamond R ·us.·M/s·Sotar Exports and Mis Stellar D1ame1:1ds h:>r- USO 585°6B85f00: US() 5862251.!:l3 and USO 58'77064.00. respectively having due dal_e of.p,aymeRt thereot ··on 25.0·1.2.01"8 favourfrig Aids :oank at Hong ~Ofl9, i;IS ann'1{XE1d rn the. li!il. Thei had, thereby, fraudurdntly Issued 8·LOUs kital amounting to .USD4422pB12-,1o which is eql1ivalen) to Rs. 2'80. 70, 12.29:J.9B 'ill ll1e noti0nal excl1ang~. rata of a Dollar @ r::s.6J.47 per USO. _.. .•

WeNwe further-to. In form you thar •mi are m.akin'g an ln-d~~t;, enqt1i.r.y qf the recerqs oi SWIFT rnessages to fine out outstandin!] LOlJs which ar.e .ether.wisa·not ·avalrable in the FIN·ACLE system as these wero is·sued withou! entering into CBS. While liaclng s·ome· old entries. it tfanspires that buyers' er.edit tiased en fake LOUs might also have been p;:ild through NOSTRO Ne. Onte the enql1iry is complete we will furlher inform the other frauduler-it transactions, if any, done by the abovenamed acc~1sed.

1/1 the light ot the ab1,ve, 1t Is now transpired that the al)ove named accus·ed ,Stiri Gokulnath Shelly and Sh. Manoj Ha:iument K11arat iR G0nnlvance with the partners ,0f th!# above firms namely SI~. Nirav Modi, Sh. Nisha! Modi, Smt. Ami Nicav Medi and ·Sh M~hul Chinubhai Chokshi ancr their aulhoris·ed signateries Shri H$ti1!,lnl Bhatt & !\As K,w1ta Mankik-.:ir commi!led fraud upon lhe banki? (PNB, Allahabad Bank. A.xis Sank) to tf:le tune of Rs.280.70 crere. Since the public funds to the turie et Rs. ·280. 70 crore seems. to h.ave been· embezzled by cotnmittiQg· fraud, we request Y.eu.lo lodge an FIR against -ihe abovenamed accuseil ~nd other um~amed publfc servants and havrng-ca"rried oul"invesHgaiJon in thl? m·atter. book the accused as per law of ihe land for punishment.

Wf; als!> r.equest you that· a look oui. no1ice be als<? issued.against the ab~l(e name~ perl,Qns S0 tfiat they may Ml leave the,coun'try to ayoio pr.OC05S of IO\V agnfosl then1. We hereunder rurr.iish comf!lliance of DFS check lisf.

Yours Sincerely,

For Punjab National Qank (Avneesh Nepalia) ./ . Dy.General Mana.ger .-· / (. .,~ Punjab N·a1io11<1l·C-lank....---::,<:".,::.__ "'....._

Zonal C:ffice ( •... . ~ Deputy GE.ineFal MaAar,:01 Mumbai Zonal Office, Mumbai '

55


'·"'....... 56 ---- . -· ·-- ---- .

Details of L:.OUs

Due Date

2~i 1, 2('•18


---- ·.--... ··-----~-----

Checklist t0 Ensure Fil ing of Gomplcto Complalnt.bv Bank in F.raucJ··Case_

~-·'uf:tAILS I REMARKS

~NO.:..:·c.__-4...,,,----,--.,----::---:---,,----,--,-t-,-,-----------i

2

-The cor11plal11t llas aulhorir.alion from lhe· Y.es j <>omoete1il.a_ulh.Q.Q!x_ to :rile llae co·mpla...,in __ l_. ,--t--,-,-,--------------The account has tieen declared NPA as -NA·

1-----, per the laid c:iown .~o·cedu(c. ____ -·--3 The dater of NP.A and outstanding.theroor -NA-

1

ti

~·

5

haye .beer.i m.enti.oneq. __ 1

The NPA clC:COtlr\1 has been .di!°clareil as A'.ce;"sunt h'as been dccforad aS I fraud. witll th"e 9atc-of dec.lara11on Fiaud. --------Where !here is delay in ·r;11i11g comf)l<lint I There is no-del<il' 111 llling of th,; wilh CBI after dcclar-;.ition of lraud by the FIR '

---- bank. Th0•clol~0);;s bP.en er.p/aim,d. -- - -·-·----- ... J

c; The 9rouricl for declaring lh!! fraud by Ille Yes 1 ___ bi.ln~ !~"."'c,'1.:..:r1.::li=.onc:.e7d:::....::c.::lcc::~c:.·r:...IY.:,,'' - -,------,-..,...,----------. _ ·- .

7 Delalls of back ground of con1pa11y, -NA s,,ncti'oni?d cr-eclil facilities, pr!mar; and collateral seclJrit~ etc. are me.n.tioned.

6 Legal 1ac1s co,isii;-,iing cogni%able orit!11ce Yes ;-----~-h-~s_v_e_s_..p-:-·e_c_l fi_1c,.... fl~1...,e_n_li00_._n_. -,---,------;-- ---------·----,

Nanie(s) ,ind role <i°f er~ing banr. olfi~l,1lis) Va~ 9 ~s per the Staff /1ccoun1ab1li1y R•~.ccu1 Is

/are 'c1ec1r-ly inentionl?d. - --- ----- -- - __ _ ---· 10 Fintlings or Forensic Audit R'epo11. ii Facls rt':vo:ale.c durir,!:1 ,n-1,,1u,·'

com.JuclecJ. end lnteri.wl i11V,!S1iga11on / preliminary :rwes!lgat:o,-, 1t:J'1(:,· , 1-----, Report ar_e cluly 1ncorporaled. I :are !!!£Olion1cd in IIJ.c F./f, . .... _ :

11 Detaifs 61 ci iri,e proceeds / end-use of · -NA- ' fun(is a~. per the (indings. ": FornM1c I' AuQil are rhe.1!ilor1ed. ··-----·-In coses of l(ncer:ainly ~~out lhe Yes I c r11rnm1!i ly on lhe r.art of bank oliicic1ls, !M

1Z

o.ank t,a~ cnenl icirir;d ailega11on~ aga111s! 1--- ,-

3. __ , __ 1mknowi1 puti/ic s,..e'_rv __ <1_n_ls_. __ ,--=--I---

, Roles of CA. S'l~luary /1.udilors, S!o,:k /.,s per···;;;·;j,,ov,•1 ,:••?Iii;,,,;~.,-:··~ I A 1.1d1~orr-. En,~an0lled Value:s t! tC ,r :,11,y . 111ve$lt9:-:it1?.'\ repc1r,; ~c, f(J1·~· •J'

,_ __ ___,__ .. _r_e_ .. '!:.~~~}t'?nco.' _e:.91.~~~~~~.!.(}!~~£! . M A'lfail?blhly of relevan\ i!>ril)imil docur:nenis Dcir.ument~ like, S•ivir ,

ancJ their sare c11s1ody with l•,e bank is rnessagi;;s, MTc 7% .~01d rdh,:,. ment,oni:tl. paµe rs' re:laled t:; -1he11 c,.-,.,:.n; ·

,---- ,-___ .. _ acaovnts are a•,atlclllle l 15 The ban~ has e11s1,r;;d !Ml rnere. 1s no r·es

contrad1r;11011 111 co111pk~ints ,,, 10 whelhi;-, . ii :s i'!n acl .of crime or ii ln1s:n2ss loss, '

~ . . ,

~·

57


. 1

l1rr'i "i. l

watt w,,r 11~ ( •mr 1s4 ~. Win!IT tifrrrriii ~) FIRST INrORMATION REPORT (Undo, Sec. 154 Cr.P.C.)

ffl.cr.-Mvt .. u S,P.E.C.-11

~t £look tlo.

971 ji;"q ti .• 12 Serl3I No

1,

2.

J.

4.

f~: Olslflc\

COi

(1) f~IWI : J\CI

I 2 I fo1n~ : Ari

(J I Tll'IJ'l: Atl

'1RI: PS:

Wt: Yea,

BS&fC/Mum

IITTTI!:

IPC See1/on!

llmt( :

PC S•ctlono

HRO!: Sections

( 4) .,r-q '1illl'l '<"1i 'll111{. Other Acts & Seerions

('Ii) !lll[:1 Jf'rotl :

!l,1i'!tli,. FIR No.

~ ; Dale 15.02.2018

2018 RC02(E),'1018/CBI/ SS&FC/Mum

120·0 IPC r/w 420 IPC and substantive offences thcrao(,

13 (>) r/w 13(1)(d) o/ PC Act, 1988

(a) Su:pcciod Cl!ence , Criminal Conspiracy, Chco!ing, Criminal Mls<onduct of Public Sor,ants •nd /\lluse of ottlclal poslllon,

('Ill) f;:~ : (b) 03)'

~017, ::018

( 11) •IA"« ".\'1'11 lmlr.r-i lli1 (cl ln(orm;,llon reccl,od al PS

' ·

I\,~ "'!f<fQ

Dale Time

1)·0l·20t8

'.;ilc;q,C.~llJW~C: MUMBAI ~ ,l'l'l

Time 15·02•2018

Enlr, No {1 G

lfl'11 'l,1 'J'liTl : Type ct Information

Dale

rnFeo11ilf(ff. Wntttm/O,at

at5.30 P.M.

Written

5. m;r if.I l'lll'l c;· / ~\\.*-02·\8

~RAUT, IPS fJWIOT, OF POllCE Cat,N,C;MUMIAI

Place o! Occurrence

(-Ii) •!Fl 'IM!imbm1[ffd:othcr plam (•I Oirecllon & Dlslancr. rro,n PS

<ll2 i . I Beal No

58


c.

t'N l 'l:!I:

\O)Auu,oss

2

M1,rnbal and other place~

( ~, ,rc-;r~rn :,;,,1 tiril ilmfii;r,11 ii r, ,ii 'll'n · (.::) In case, olll:Jitie- lhc llmil of f11I!, Po!icl" StaUon. ir1un

Not AppllCl>l,le

sfr-rn "ll'll '1:1 '!111 Nol Applicable N;;mi::i: PS

f.rf!l Not Applfcable

) lf~11fr 11),•.rll<f("dl : Cornptainoni I lnronn;inl

1'0J ,m lil) N;11ne

(T:1) i'lm t 'lfl! 'lJ 'lfTl (b) ;:;,11hcli I Hu!i!Jaod':; N.>mt

( 11) OR fuf,1 (i-.) Doto o/ Ai, 1h

· ;:; ) <tl'S'-ir>.'i IC) Pa.sspon NO

N.A.

N.A.

IJisllicl

Shrl Avnocsh Ncpa llo, Dy. General Manager, Pun/ob Notio nal 8anl<, Zonal Ottlce, Murnbal

N.A.

( 'I) '(lijP-@I :

{d) Nalion;illly

lndfan

N.A. N.A, :,mi f;;:ir.i, . ............... ;:;117! -.ir~ ,;~ Tllr'! ....... .... ....... ..

Pli:1:e of IS'3UQ

( q) :,>F,!;,rq service to Ptolos.t,,,,,

ll!- J '!<Ii · (9)A<1dre50

Shri Avnoesh Nopalia, Dy. General Manager, Pun/ab National Bank, Zonal OH/<;?, Mumbai

,ir~ 1 'fii!si , •li11~ , ·mi\'li '!ii -ri r= : Delao:. of known I :1,,poc1eo I unk11own accu,r.d with full oa,tlcula,s \ tJfc ,'l!f<('{lT•J; •) ·1) )!WI !1 'Fl1 ffl'/'1 ,,';) r !',lfacnec $Cparar1? sh1'?ct 1f ncr.r.5:;;:,u·r)

As per Aru1cxure,J

59


Co1. No. 07 of the FIIUn RC o~(E)/2018/.CQl/6S&l:i;'./Mµ111bal

ni:,--· ·-Name & Addresses No.

1 Shri Gokulnath Shetty, Dy. Manager (Retired), MCB, Brady House, Mumbai and Rio No. S, Sujata, Plot No. 12 /321, TPS-ll l, Kasturbag, Borlwali (W), Mumbai.

2 Shri Manoj Hemant Ksrat, Single Window Operator, MCB, Brady House, Mumbai and R/o A-602-6" Floor, •A•. Wing, Durwankur CHS Ltd. Dado)i, Konddeo Road, o ep. S11sex Industrial Estate. Bycullaa ( E), Mumbai

3 M/s Gifonjali Gems Ltd., A-1, 7'" Floor, Laxml Tower, Bandra Kurla Complex, Sandra (E), Mumbal-400051 and No. 801/802, Prasad Chamber, Opera House,

~

Mumbai-400004. 4 M/s Glli India Ltd., at Laxml Tower, 'B' w;;,g, Office No. 6, ''G" Bio.ck, 1" Floor,

Sandra Kurla Complex, Sandra m. Mumbaf.400051. s M/s Nakshatra Brand Ltd., ilt Laxmi Tower, 'B' Wing, Office No. 6, "G" Block,

1" Floor, Dandra Kurla Complex, Bandra ( E), Mumbal-4000~1. 6 Shri Mehul ChinubhM Choksi, Managing Director of M/s Gitan)ali Gems Ltd.,

Gokul Appartments, 99/9lh &. 10th, Near White Hous"?, Walkeshwar, Mumbai

--- 400006. 7 s;:;;:f Krishnan Sangarneshwaran, Director of M/s Gltaniaii Gems Ltd., Cottage

3, Pyramid Cornple~. Dhyanaprasthil Foundation, KTN Palayarn, Vadavall, Coimbatore, Tamil Nadu

B Smt. Nazura Ycsh ,\Janey, Director of M/> Gitan/all Gems Ltd. ancJ M/s Glli India Ltd. 12·H6, Mars Society,, Kalvani Nagar, Pune City, Pune q11006

9 Shri Dinesh Gopaldas Bhatia, Dire~tor of M/s Gili India Ltd. and M/1 Nakshalra Brand Ltd, Morwadi, 3rd Floor, Room No.3, Bhatia N!was, 50, Babu Genu

· Road, Mumb~i ,100002 . ~-----10

,,

12

13

14

15

16

17

Shri Aniyath Sh:vraman Nair, Director M/s Gili India Ud., Room No.7, Chawl No.2, Sanlu Colony, Laxrnl Bal!h, Katemanivall, Kaly_an East, Mumbai 421306. Shri Dhanesh Vrajlal Sheth, Director of M/s 61tanfali Gems Ltd. & M/s Gil! lndla Ltd and M/s Nilkshatra Brand Ltd., 5. 1st Floor, Ganpat Bhuvan, Morvf Lane, Chowpattl, Mumbai qoo 007 Smt. Jyoti Bharat Vora. Director of M/s Nakshatra Brand Ltd, No. 28/A/07, HIii Rock Society Swa cantrva Safnik Nairnr, Near CNG! Hope Center Amboli. Smt. Anil Urr.esh Haldlpur, Director of M/s Nakshatra Orand Ltd. Flat No.301, Ulka Appartmcnt, Plot No.22, Sion, Fort Road, Mumbai 400022 and Fial No. 4. 5 Shankul Condomlriium, E'Wane, Near Dinanath Hos_elt;il, Pune. Shrl Chandrakant Kanu Karkare, Director of M/s Gltanjali Gems Ltd. R/o 48/501, Evershine Millenniun1, Near Thakur Cinema, Villege, Kandivalll (E), Mumbai

I Shri Pan\wrl Abhijit Warange, Director of M/s Gitan/ali Gems Ltd. Saidham Apartment, Chapekar Bandu Morit, Mulund_(E), Mumbai

R/o 601,

Shri Mlhir Bhaskar Joshi, Director of M/s Gili Indra Ltd. R/o No. 21

Manuµrasad Chawl, Overipada, 5.V. Road, Dahisar ~Mumbai ~ Unknown Public Servants of Punjab National Bank and othcrs.-=,AC! · .,:--- \

}-- 1{-.0Z..··' SttARADA RAUT, IPS SUPOT. OF POLICE cal:&SFC:MUMBAI

8

60


~. 'llfir<n'TI / 1'f.'FIJ'li'ili tro 1'f,'.f'II f~~ "'1~ ii f.1r,i,; 'ol lr,Tlll) •

ncason~ IOI' dcl:.y iri repo,11ng by lhu con1pli1i11m,, / lr1fomi;;>nt

No dl?lay.

9 :jl'f,;n, oo:m u"lfu '<li1 'J.oi til<rl'11 : r'llli: ~ll'l""" 1!'1111 ~ln'1 -!I 'Al 1ffi9 <f.'i: > Particut-a1s or p:oooril~s S1oten (i\Hzch ieparato .\heel, H neces~uy)

Rs. 4886.71 Crores (Approximate)

·10. mITT1 I ~~ ~ "im !Ji~ ~q :

Total valuo or prcper1y s1ofen

Rs. q886.72 Crorc_s (Approximate)

11, 'T"f I "'"""1 ~ <l:'117 ""1f'6: lnQu11sl Repcrt I U.O. cc>~e No. ii any

N.A.

·12. !f\f'l1,rrn r<lm"I :- (1*~ <>IP-I'<~-; o1 ;i1 'Jlcl'l ".1 'Fl) 'ITT-I'~ 'I\'() f'=lr'51 !nlo,m;uion c:onlenfs (Attar.II scuara11: st~eel, lf 1et11llred}

As per Annexurc,,1/

~~·,i·\e \ \ ~ o~-

SHAAAo~ RAUT, IPS SUl>OT. OF POLICE C81:WC:MlJMIW

61


13.

4

'l>T<mtefr ci\ '"1"11'; : -if..r.o"!1r-ru filmVJ lf;Tlf'li 2 if a~m l/ro(3i!) % ~m>fa w) ~ ?.ffil•i

-.i-;i o,;_qrftil 'R"in t · .~ctio11 taken . Since the abovo Information re\•~al; co rnmlsslo11 o1 otrenco{s) tJ/s as ~nUoncd at IJem No.,

t'cgula, (a,;c h regMtr,d c1rn.J cotru1tcd fo, hwesHgatlon.

(,) 'llfTIFn •M1r,H iit;<tJ 'f'll '<'i .ii'l ~rt,r s•n J1"'11 R•Ql$1ercd 11,e case ond lc>of, ~p the lnvosUgation or

( 2) f-~~.RI ( ~ii-1 >1f 1J"'1it q;i 'lfl1 l T<n 'i. 'ufTil i'1! R,lll 'T'l"I llirocted (Namo ~I 10 ) l'12n~ Nu. Took up for

Shri s. Jaikumar, supdt. of rolke, cat, BS&FC, Mumbai investtgatlon

I:\ ) <fiTf1ll "it :;;r,f $ "'IJTr-.J{

(~f.lhJ,ed inve :;lig.1l1t1n dus tt>

N. A.

( 1, 3fi-=m "fAt ;t>i ~rr-m~fm Prrt1.1 ,r 11 Tron~:rc1rn<! 10 PS

N,A,

f,w11 Di!:tricl

ir~,r= ~ &llllfl 'R on po'nl or Juns:!lct~ n

Jl i°'1m•r , ·ir.,r-11q;;ri "!t:i !UL m; 'IT{m , 'i'f"" 'lflllil ,r~r, rur:eft=i "f;1;1-;n;1 ai1'lmfum ~RI 1:,ir'lITl f.i,,u I ,n;r,l ~ ,1\1 ~ti"*'1r I ~•f'l!q,t'lf !1i) f.l:'iJ<'l, ~ q;'t 'f~ I FIR rl!.ed r:ve, !O the ctmlf>la111ant/111fonni?nl, a<fm!Ucd to ba r.nrreeUy rocorded and a cooy given \o the c:ompl;ii t1;.?nV1nJc, m~nl, (ren Q: t·ost.

1 ff.i •li(l f1ftl \ U ~-i,1 µ(j~n, ~):n 'lTQl I

R O,A .. C.

M. 311"\flirfr / wr-rr<lrnf iTo ~,,rr S1gno1urofThumb lrnprc~!llon of the comphitnal\lJlnform~rit

eim aifW!ttlf ir, ?;mr~rr sronotuto or Officer ln-chorgo PoUeo Sto1'011 ~~---\~o:l-:-18 For Pllnfab National r1anll

~ ,s. Oepuly !3,:neral Ma11aqe,

~ifflll~@.~MIT,ffimf~r~ = D,110 rind llme of dosP31ch lo Iha cour1

'Tll! / NCh lO

(trc; ) I Rank (SHA%J?A.RAUT, IPS) Supdt. of Police

CBl:85S.FC:Mumbal

SHARADA RAUT, IPS SUPOT. OF POLICE CBl:8SfC:MU~ ,,...

~rSw0- _..-,. o·J .. \8

. ----\) · . (SHARA A MUT, IPS)

Supdt. of Pollcc

(1l'nil ,1n,r,;;m '17 ~R'W:W~i"bn1 Signi1llHD of recording Officer w1 ft1 date

SHARAOA fWJT, IPS SU POT, Of POtJCi Cl!:n,c:MUMIAI

'-"' " ".

62


Annexurc,11

~ol, No,,\t.oi.!hc Fl8 lnJlC.JlJ.(~)/~018/C8l/l}~FC//'i\u(Tll>al

rhat ,he accused Bank Ofliclals vot, Shri Gokulnath Shctty, Dy. Manager and Shrl Manoi H~mant Karat, Single \Nindow Oper.itor, PNB1 Mid Corporate Sraric.h, Brady House, Mt1mb:1I In

connivance with the accused companies represented by Its Directors and unknown o thers during 2017-2018 defrauded the Punjab National Bank to the tune of an aggregate amount of USD 754.91

MIiiions (c.quivalent to Rs.4886,72 Crores @ Rs. 64.00 per USD) In the matter of Issuance of unauthorllcd and fraudulent 1.elt~rs ol Undertaking (LoUs) In favour of Foreign Branches of t1ifferel1l lndian,l>ased Banks and purported Foreign Letters of Credits (FLCs) In fayour of foreign 5vp pli11:r,: of the..~ i)Ccuscd <ocr.p>tnio:s.

The modus operandi adopted by the accu1cd Ba11k officials is tha1 they deliberately oniitted in making entries of the LoUs puq,orterlly issued on behalf of the Kcused companies, In the Core Banking (CBS) Sy~tem of the Oan~, to ijvoid detcctior,, The funds ra ised tlirough the

said Lo Us ,•,ere meant le, be used for payment of Import Bills of the accused companies, whereas it wa! disho,wstly and fraudulently utill,ed fc1r discharging the earlier llabllltles on account of Buyer's (redlt Facility allo1ved by the Overseas Branches of Indian Banks.

The modus operandi with regard to the FLCs Is that they were opened Initially for srnallcr amount, by cr~,1tlng purported entries In Core Banking Solution system and sending the relevant foreign Letters of credit (fl() through SWIFT Me5s;iges. The accused Bank Officials, pursuant to the compiracy unauthorizedly and dishonestly enhanced th" value of Uie FLCs manifold and Issued amendments to the said FLCs through SWIFr Messages without recording the same in COS

System, whereby the Overseas D1onches of lnd'an Sanks discounted the Bills submitted by the beneficl;1ry Suppliers. The PN6 was thereby put to a wrongful loss of an aggregate amount of ns.

-1686.72 Cr<>res (Appro,.) and corresponding wrongful gain to chc accused companies, !l's

Directors and u11known 01hers.

l he above inf'ormation i~ a:. p~r the writtert·Comp/.) int d.Jted t3·0l.·l018 made by Shri

/wneesh Nepal!.,, Dy. Gcr.eral Manager, Punjab National Bank, Zonal Office, Mumbai, that Is ~ndoscd her~wlth in orig!na\ as pan of this FIR. The Written Complaint is enclosed with a List of Directors of the Accused Companies and Lists of Lous ~nrl FLCs.

The facts narrated in <he said Complalnt, p,;ma facle discloses commission of offence punfshaule U/s no-B IPC r/w 420 of IPC, Sec.,3(2) r/w 13(1)(d) of PC Act, 1988 substantive offences thereof. Accordlugly this Regular Case is registered and entrusced to Shri S. Jafkumar, Supdt, of Polfce, CUI, BS!!<FC, Mumbai for Investigation and report.

,; (1,.,..9 "' ' .;y1Ly-;::· o:2..· i& \- I"> · -

(SHA RADA RAUT, IPS) Supdt. of Police

COl:BSB.FC:Mumb al

SHARAOA F!AUT, IP8 SUPOT. OF POLICE C8t:l3SFC:MUM0At

63


o-i .

64

s

111!/Tl ,[,,-n niir.i "'' 3llfc~ 7 1,,rpt A11acl\1J1enl 10 item 7 of Fi15l lnlormaUon Report

W<.'ll is'1fim ;!ft ~ fi~inrr,mt f<r;;,rn1 0'11 31"1 fir<n"l , -Pl\yslcnl leolure&, dolormllics ""'' 01110, cJetalls or l/\e suspocVaccusoo: (II known I soon)

'F.ll. ·ftM ·'JR q;l ·~mlfiio 'ril'1 -~{11. •,ref ''IO'lR ~ SI (So:a:J mfJIJ I l/li (Bu,11) tfl. ii (Cnmple,lon) (lcen1ir.c.ition No. O&ltnfVea, (tloiQhl) Morl</s)

Of elrU\ (,nCm•J

1 ~ '.l 4 G 6 7 -·

---~ -- ~·-~ ----'j ____ N_. #1.~'-----N-, A-·-~---N_._A. _ _

~1/ttr,'ll;l"llli i:in = -....---l,@ 3W;li 'WJJqJ

(Oeformihosl JTeclh) (Hair/ (Eyo) (Hobil>) (Ores, HabiVs) poculiaritles)

e 9 1/) 11 12 lJ -

N.A. N.A, N.A. N,A N.t N.A.

'll'II I ,;ml '\'<ll"I / Placa ol

~ 'l'lfom r,h, :i'll f,(('f ~~ 11Ti;'ll (1.:m9unso101a1cct) (8um ~1arl.) (L~11coderma) (Mole) (Scar) (folloo)

14 15 IG 17 1A 1g

N,/1, N. A. N,A. N.A. N.A. N,/1.


Zonal Office Mumbai 11

11' Floor, Dolamal House, Jamn~lal Bajaj Marg, Nariman Point, Mumbai - 400021

Phone No 022 · 2283,1098:: FAX 022-22042094: E.mail-lD: [email protected]

13.02.2018

The Joint Director Central Bureau of lnvesHgatlon, Mumbai

Reg: Crhnl11al Cornµlalnt for addltlo11 lo FIR against Mr. Mehul Choksl, Promoter o f Gltanjall Group Companies for having co111rnltted offence& of Cheating and Fraud thereby, causing loss of USD 754.92 mlo equlvalont to Rs.4386. 72 to tho banks.

Sir. It ts to inform th;:,! our internal investigation team has brought to our notice cases of unauthorized issuance or LOUs on behalf of Mr. Me11ul Choksi promoted Gitanjall group of companies.

The issuance of above LOUs were effected by Shri Gokulnat11 Shelly, U1e then Dy. Manager, (PF No. 107272), since retired on 31-05-2017, and Shri Manoj Karat (PF No. 331096) who was posted at our Mid Corporate Branch, Brady House. Ml1mbai since 31.03.2010 ::ind was looking after imp,,rt section and Shti Manoj 1-fernonl K.irat, SWO-B, (PF No. 331096-undor suspension) at the same branch. They have lraudulently Issued LOU's w ithout following Bank's prescribed procedures of obtaining required request appllcaLions. documents, approval of the authorities lherelo etc. and without making entries in the Banking system avoiding detection of !he transactions, so made, transinilted swill instructions lo the overseas branches of indlan bank l•nder Buyer's Crea1t. Credils received uMer the Buyer's credit in the Bank's Nostro aocounVs were l1owever uillized for payment of earlier raised buyers' credil in many cases. Such SWIFT messaoes for remittance were also Issued by abovo officials.

RBI prescribes that credit for import ot semi-precious and precious stones including pearls should not be more than 90 days. However, in most cases the credit allowed l •nder referred LoUs is much beyond 90 days. For outstanding Buyer's Credll, lhe LoUs are established for about 360 day5 ab-lnilio, Tllis should have evoked suspicion in the minds ot overseas branches ol Indian banks extending buyers credit These banks never raised any alarm on viola!ion of RBI guidelines and continued to provide funding agai11s1 fraudulent I.OUs.

65

r·


. 'tjsmn :ali;!lialcc<l .1im ·:.-;:-..~ pun3a~national bcink ,• • ' ,,••tt•-.,,.11:,,I . ., • , .... ,., .. ,,u-,1•,'>l'ov.,u .. ,.• '

:9'·"'-.. ~ ... ·.-:-r•··· ... - ... ... '7"-, ...... ,:. ,,.~ •·r·:"'·~·~· .... , .... ,. - ., .. : ...... --· .... -· ,'


• Floor. Dalamal House, Jamnalal Bajaj Marg, Nariman Polnl, Mumbai -400021 Phone No 022· 22834098:; FAX 022-22042094; Email-ID: [email protected]

There Is no documentary evidence available lo prove lhal these Import transactions are honafide trade lransaclions Thero are several discrepancies in LoUs which could have been cosily detected by ordinary due diligence.

On investigation mlsllse or SWIFT syslen> lo benefit Gitanjall group of companies was also observed for transactions related to Foreign Letter of Credit (FL Cs).

The conniving officer also ,ssued FL Cs by entering o smaller amount In trade finance module or CBS system and genera ling the reference no. and a SWIFT message was sent for the amount. Subsoquently wilhout making any change In trade finance module of CBS system lhe conniving officer sent modified SWIFT message for enhanced omou11I under the same reference to the beneficiary bank. The beneficiary/Overseas Supplier had discounted the documonts drawn under such FLCs (based on SWIFT message) with Overseas Banks.

In all, unauthorised LOUs aggregating 10 USO 473.77 MIiiion (equivalent of Rs.3032.12 Cr) and unauthorized Les aggregating to USD 28 1.15 million (equlvalen1 or Rs.1854.60 er) were Issued In Gllanjall Group. (The conversion rate of USO - INR is@ Rs. 64.00 = USO 1).The company wise detail is as under.-

For LOUs

/ Name of Amt. in .. USO Ami. in Rs.

Firm/Company (mlo! lcrorel I Gilanlali Gems Ltd 335.06 2144.37 I Gill India ltd 88.54 566.65 I Nakshatra Brands Lid 50.17 · 321.10 ! TOTAL 473.77 I 3032.12

ForLCs

Name of Amt. in USO Amt. In Rs . Firm/Con; eanv Cmlo) (crorel Gitanlali Gems Ltd 89.86 575.1'1 Gill India ltd 97.72 625.~0 Nakshalra Brands Lid 93.57 ·- 598.85_ TOTAL 261 .15 1854.$0

66


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• Floor, Dalamal l~ouse, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021 Phone No 022- 22834098;; FAX 022-22042094: Email-ID: [email protected]

It Is obser,ed that the above named accused Shrl Gokulna\h Shelly and Sh.Mano) Hanument Kharat in connivance with Mr. Mehul Choksl promoted Gilanjall Group of companies namely Mis. GitanJali Gems limited, M/s Nakshatra Brands Ud & Mis. GILi India Limited, committed fraud upon the banks lo the tune of Rs.4886.72 crore. We request you for investigation against the above named accused and other unnamed involved persons and J1aving carried out the investigation book the accused as pe; law of lancJ for punishment.

We hereby furnish compliance of DFS cher.klist as well as Lii:l of Directors alongwith their " ddresses who are actively Involved in the day \o day aff.i lrs of lhe companies 1---------- -i.e. Mis Gllanjali Gems l\d. , Mis Gili India Ltd. and Mis Nakshatra Brands Lid.

Yours Sincerely,

(Avncesh Nepalia) Dy.General Manager Punj.ib National Banlc Zonal Office Mum~al

Encl: As above

For P,.,nja!J N~liona/ B1111r. ~---Deputy General Manager Zonal Office, Mumbai

Pogo 3 of 4


.. "d;mcil·'eJ~~~:-~-u -~~ p(.in;iabn;;,tton~lb~nk ·. \ ··: • • , .\O.lllo(IIU,fll;Jj • ••,J . , .ri~11.1>, .. 1,..,,.,,.l&.,lh"(1•J<t..1'1f , '

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" Floor, Dalamal House, Jamn.ilal Bajaj Marg, Nariman Point, Mum bai - 400021 Phone No 022· 22634098,: FAX 022·22042094: Email-ID: [email protected]. in

Chocklls t to Ensure Filln<J o f Complete Complaints by Banks In Frauds Casos

SL. DETAILS REMARKS NO.

1 Tile con1plainl has authorization from the Yes comeelunt authority to file the coniclaint.

2 The accounl has been declared NPA as per

0

lhe laid down orocedure. Yes

3 The dale of NPA and outstanding lhereof Accounl is nol NPA. However, have been mentioned. the account has been rncalled

4 The NPA account has been declared as Accounl has been ·dealared as fraud, with the dale of declaralion. Fraud on 07.02.2018.

5 Where the,e I$ delay in filliny complaint There Is no delay in fil ing of With CBI after declaralion or fra«c by \ho tnc FIR bank. The delay has been exdained.

~ The ground ror declaring lhe r,aud by lhe Yes bank is menlioned clearlv.

7 Dclails of back ground or coniµ9ny, -NO-sanctioned credil facilitles. primary and collateral sacurily elc. ore mentioned.

8 Legal !Deis consitutlng cognizable offence Yes have specific menllon.

9 Name(s) and role of erring bank "fficial(s) Yes as per the Start Accouniability Repo1t Is /are cle;,rlv mentioned.

10 Findings of Forensic Audll Repor1. if Facts revealed during In-house conducted, and Internal Investigation lnvesligation report are Rooort are duly incomoralod. mentioned In lhe FIR.

11 Details of c1i,ne proceeds / end-use of -NA· funds ~s per lhe Ondlngs Audit are mentioned.

of Forensic

·12 In cases of unccr1ainty about the crlmin~lily on lhe par\ of ban~ officials. the

Yes

bonk has n1cntioned allegallons agalnsl unknown public seNants.

13 Roles of CA. Statuary Auditors. Stock A~ per in.house invcsligation Audilo1s, Emponelled Valuers etc., if ,my report, no role of professionnls are mentioned. is mentioned.

14 Availability of relevant original documenls Documents like SWIFT ancl l hetr safe cuslody wilh lhc bank is messages, MT· 799 and other mentioned. papers related to their current

15 The bank hss ensured Iha\ lhere Is no <1ccounts are available. Yes.

contradiction In com pl aihts as to whether ii Is an act of crime or a bvsiness loss.

. .

- - 68


~ I,

r

Details of Directors

SI. No. Name of the Directors 1. Shri Mehul Chinubhal Choksi. Managing Director of M/s Gitanjali

Gems ltd., Gokut Appartments, 9919th & 10th, Near White House. Walkeshwar, Mumbai 400006.

2. Shri Krishnan Sangameshwaran, Director of Mis Gitanjall Gems Ltd .. Collage .3. Pyramid Complex, Dhyanaprastha Foundation, KTN Palayam. Vadavall, Coimbatore, Tamil Nadu

3. Sm!. Nawra Yash Ajaney, Director of Mis Gitanjali Gems Lid. and Mis GIil lnctla Ltd. 12-H6, Mars Society,, Kalyanl Nagar, Pline Clly, Pline 411006

4. Shri Dinesh Gopaldas 81,atia. Director of Mis Gili India Ltd. and Mis Nakshatrn Brand Ltd, Morwacti, 3rd Floor, Room No.3, Bhatia Niwas, 50, Babu Genu Road, Mumbai 400002.

5. Shri Aniyath Sllivraman Nair, Director Mis Gi\i India ltd., Room No.7, Chaw! No.2, San;u Colony, Laxrni Bagh, Katernanivali, Kalyan East. Mumbai 421306.

6. Shri Ohanesh Vrajlal Sheth. Director of Mis Gllanja ll Gems Ltd. & Mis Gill India Ltd and Mis Nak~hatra Brand Ltd., 5, 1st Floor, Ganpat Bhuva11, Morvi Lane, Chowpatty, Mumbai 400 007

7, Smt. Jyoti Bharat Vora, Director of Mis Nakshatra Brand Ltd. No. 28/A/07, Hill Rock Society Swatanlrya Scllnik Nagar, Near CNGI

-~ Hope Center Amboli. Smt. Anfl Umesh lialdipur. Director of Mis Nakshatra Brand Ltd. Fiat No.301, Ulka Appartment. Plot No.22, Slon, Fort Road, Mumbai 400022 and Fial No. 4-S. S'1ankul Condominium, E'Wane, Near Dlnanalh Hospital, Pune.

9. Shri Chandrakant Kanu Karkare, Director of Mis Gltanjali Gems Ltd. Rio 481501, Evershine Millennium, Ne~r Thakur Cinema, Viltege, Kandivalli (E}. Mumbai

10. Shri Pankurl Abhijit Warange, Director of Mis Gitanjali Gems Ltd. Rio 601, Saidham Apartment, Chapekar Bandu Marg, Mulund (E). Mumbai

11 Shri Mihir Bhasl«ir Joshi. Director of Mis Gill India Ltd. Rio No. 2, Manuprasad ~hawl, Overipada, S.V. Road, Dahisar (E), Mumbai


----- · --- -- ··-·-···- ·-~ I• .,,,J \J ...,. 70


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75


-- ·- 78

\


l_uu v .. 77 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 78 of 205

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f-) N N LJ.. UK L

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' '

File No.3/]06/2018-CL TI(WR) •m.<'HNc!il~/ Government of Jndia

By SPEED POST/e-rnail

cITTcffic ~left!/ Ministry of Corpora te Affa irs

trRrcft' 'tjfu@,i:ffiM;J<rmft '1-fcR,

511, Floor, A-Wing, Shastri Rhawan, ii.~/uR;" ~6. ~ - 110001

Dr. Rajendra Prasad Road, New Delhi - 110001 Dated: 17.02.2018

ORDER

Whereas the Central Government is empowered under Section 212(l)(c) of

the Companies Act, 2013 lo order inves tigation into the affa irs of any company in

Public Interest;

2. \l\fhereas the Cenlnl Government is ,,!so empowered under Section 216 of

the Companies Act, 2013 to inves tiga te into the ownership of the company, where

it has reasons to do so.

3. AND 1,1hereas the Central Governrn.ent is iilso empowered to o rder

inves tiga tion into the a ffairs of LLPs under Section 43(3)(c)(i) of the Limited

Liabili ty Partnership Act, 2008.

4. AND whereas financial fra ud has corne to the notice of th,~ Central

Government through an FIR filed by PNB agc1 ins t Sh. Nirav Modi, Sh. Nisha!

Modi, Sm t. Ami J\:i rav Modi and 511. Mchu l Chinubhai Choksi, who 1:1re also

d irectly or indirectly associa ted with the companies/LLPs n amed in this order

including the companies of persons associa led as direc tors in co111 pc1nies of these

persons.

Page 1 of6

DO. 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 81 of 205

5. ANO whereas the Central Government has formed an opinion that the

affo-irs of the companies/lLPs n<1med in this order need to be investigated and

a lso the rec1l ownership thereof needs to be identified.

6. Now, therefore, in exercise of powers conferred under section 212 (1)(c) read

wi th Section 216 of the Companies Act, 2013, the Cenh:al Gowirrnnent hereby

on{ers inves tigation into the affain; of the following companies and th eir hold ing

and s u bsidiary companies as may be identified during the course of investigalfon

be carried ou t by the Serious Fraud Investigation office (SFlO) :-

fslNor-- ClN No. I Name of Companies ____ _ 1

·1. I U27205M H2006PTCJ 61293 Ral!,1shir Jewel ry Company Pril'a te Limited

12. iU31500MH1~l:!8PTC006B9 I Rhvthm House Priva_te_' L __ i_rru_·_te_d _______ -1

J. , lJ.'.l6910MH1999PTCl22558 Jewei.r11 Solu ti ons In ternational Privnte Limited r~-- U36910MH2004PTC.146390 Firestar Diamond Private Limited

! 5. I U3691 l MH200UPTC124475 / Paragon Je~;~, P ri vate Limited rr~-·-1u-36912MH2000PTC_1 ?4499 ' Panchajanya Diamonds Private Limited _ ·-

7. U51 l00lv1H2000PTC123986 Ndm Emerprises Private Limile'---c_l ___ · -8~-- U5lllOMH2000PTC1?3990 Ncesha\ E11terl.)rises Prtvate Limited

: 9. U5.J2?4MH2007PTC171459 Net:shal Marketing Private Limited rrn. USJ 900MH1999PTC1184i2 . - fire1,to11e Tniding Priva~te_l_,i._11_1i __ te_d _____ -i

11. US \900MH2000PTC'l23985 I Dream Trading Priv;:ite Limited ·12. us·1900MH2000PTC123987 Camelot-Trading Priv«te Limited

-'J'.:\. j u~:1900MH2UOOPTCl23989 Neeshal Tradi.!~g Private Limited 14. U51900MH2000PTCJ2<l31'1 I Arni M0rchandisin g Private Limited

, 1.5. U5"J 900MH2000PTC12,147 l Paragon lv!erchandising Private Limited r :,~ - ·-U51900MH2000PTC124496 Devdatta Enterprises Pr ivc1te Limi ted ;-17-. - ·- ,U51909Mf-I2004PLCJ45478 i Firestar International Limited ·-- ------

: lll. itJ°S1909MH2006PTC164429 firnstar Diaml>nd Interna tional Priv<lte Limited :/.9. · U52393MH2007PTC!68745 Mak l3usin(!5S Enterprise Private Limited

20. U67120MH198SPTC047134 Ghaz11lah Jnvestmcn ts Private Limited --~ ~21. I U70100MH1998PTC116420 / CamelntEnterprises Private Limited t 22. 1 U70100-MH'.WD6PTC160509 Bentley Real ty P1ivntc Limited

I~ U72200HRWl1 PTC043300 i Cutting Edge Software Pr ivate Limited_ -= ~ U74l20MH2014PTC25198~\ll,drn Enterprises Private Limited __ i 25. / U7:~ J30HR?Q06PTCU58107!1-<>yattv Solutions & Research Pr iy <Jte Limit ta?d

: 26. ..gf <lHOMH2010PTC2014'10 .2 uvadhinath Consultants Private Limit_e_d __ -1

27. : U7-'l 1,wMH2010PTC202556 Supasvana th Consultants Private Limi ted · 28. / U'i-ll~OMH2010PTC203147 Neminath Consultants Priva te Limited

29. __Tu_7-l140MH20'JOPTC20619'1- Punarvasu Consul tnnts Private Lin_1_it_e,L_l __ · __,

Page 2 of6

._,I•

•.Gv .. 81 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 82 of 205

.. ~ ·- 82

r 36-:-JU74900MH2010P'.~C2.01290 _ ~nantnath Valuers Private Limi ted ··-

131. I U74900MH20JOPTC21ll994 Samkit Valtters Privatt! Limited I U7.:J900MH2010PTC202557 ,· Sambha;:;-;,;th Valuers Priva te Limited ·-..B_. -- ~,---

. 33. : U7,!900MH20llJPTC202559 Moo!a Consultants Private LimiteJ

~ 14-. U74990MH2009PTq~ Ad<:>shwnr Dia-Jewels Private Limited i 35. I U74990MH20'lOPTC2014H Moon Valuers Private Limited I 36. J U74990MH2010PTC20] 993 V;ishupujya Valuers Privn te Limited

/~~~--i U74999MH2007PTC167'152 Ne~hal Merchandising Private Limited / U74999MH20'14PTC251904 Palc1sa Developers Private Limited

J 39. I U74999MH2017PTC299975 Nirav Modi PJivnte Limited 40. U99999MH1981 PTC024012 Solar Exports Pvt. Ltd. 41. L22100WB1911PLC119187 Binani Ml:'tels Ltd

. 42. L'.!\JJ30PN199JPLC062352 !Vlenon Bearings Limited I 43. I L~'i91 J M1-n 986PLC040tiS9 Gitnnjali Ge!ms Ltd

I"· -1 U011<l0M"1995PLC0'5115 Nakshatr:i World Limitt'd , 45. U0369'JTZ200<1PTC01'J4<12 Shubalav:myaa ,lew~l Crafts Private Limited 1 46. U27203TG2004PLCOH75'J Hyderabad Gems Sez Limited : 117. l.J36lJJ OGJ1991 PTC016127 Lnstre Industries Privatt? Limited I -1S. I U369!0MH1997PLC111237 Gitanjnli Gold And Precious Limited I 49. ; U36lJH1MH2004PLCHM06 Nakshc1tra Brands Limi ted I I U3691.0l'vfH2004P°C.0489S3 Spl!t:lnun Jewellery Limited I : so. j 51. j-U369i1KA20051'TC036413 Mnst Jewellery Distributions Privme Li mited Ii-· j l.i:'\69] lMH2005PLCJ56266 Gitaninli Jewellery Rernil LLrnited

j U369'J1MH2007PLC170596 · Gila1ijali Lifestyl<:> Limited

~369l 1MH2008l'LO 79818 Mohar J<!wels Liml~ ...

P. ~6912MH199JPTC0~3290 Partha Gems Privatl! Limitt>d -

56. / U369'12MH'l 991 PTC06329J Pr~~lka Gems Pvt Ltd j 57_ I lJ3b912MH199'1 PTC063293 Rohan Diamomis Priva te Limited , 58 ~69'12MHl992PTC0651'13 Gitanjali Laser House Private LimiteJ ; 59.

.. lJ369'l2M Hl 9951'TC09'.1747 Git,1!1jali lmpex Privat<! Litnit~·d

60. U3/;iJJ 2MH 2000PTC12n053 Easy Diamond Private Limited 6]. U4 520'J M H2006P LC165939 Gitanjali lnfrntecl\ Limited 62. U J.520'1 TZ2007PTCD'J 354..1 Sangamam Homes Privnte Lim ited 63. D'4S20oMH2007PLC176915 Aurangabad Sez Limited -/iw U4520Slv1H2007PLC176916 Raigad Gems Se~ Li.mite,!

----

~--~206MH2007PLC176917 Nanded Se2 Limited U4.5208MH2007PLC17691 S N~shik Multi Service~ Scz Limi ted U4 5309MH201SPTC304 257

1 Cuttack Lifestyle Industrial Park Pri~•atli Limited 6tl. U51398M H1999PTC] 218\15 I Curonet Gem~ Private l.imiled -· L-. 69. U5 i398MH2002PTC136S71 ; Ll·g~cy Gold P riv.ttl! limited 70. US 1398 M H2003PTC14'.!.151 J Bezel Jewellery (llidia} Privat<! Limitt:d -·--· I lv[odali Gems Private Limitl!d I 71. U31'.1981vTH2005PTC157561

~ I USJ398Ml-12008PLC186036 -~ilanjali Retail Ventures Limikd 73. jUSJ900~1H2006PTC159756 ncaki.ng Mrrcantlle Private Limited

Page 3 of 6


! 7'I. j U:,1900Ml-l2007PLC 176'.ll4 --- ~

Nagpur Multi-Product Sez Limited

11s. __ hU51990MH2000PLCl2S6M . ·-Gitanjali Exports Corporation Limited 76. U52JOOMH1989PTC05<!790 /1. lozart Tracling Private Limited

~7. l U52l00MH2008PLC1S0727 ·- West B1m1pl Sez. Li mited I 78. U 52'J OOMH200SPTC182145 Joyce Trading Private limited

79. U52393MH2001 PLC131428 Gili Jndia Limited I SO. U5239'.\MH2002PTCl35231 Crin J~welll!ry Private' Limited : SJ. liM202KA2006PTC038459 Mllbilenxt Teleservices Private Limited i 82. U65QOOMH'J 992PTC065159 Rohan Mercantile Priv.:1te Limited j 8'.I. U65910MF-l2006PTC160539 Dc,ent St!curities And Finance Private Umited I 84. U65990MH1988PTC0459l l Autlarya Investments Private Limited I S5. I U65993MH2005PTC1541:l2

·-I Del'ent Investment And Finance Private Umitl!d

86. U65993hilH2006PTC159754 I N & J Finstocks Private Limi ted 87. U65993T NJ 982PLC00971JS I Rane lnveshnents Limited

88. I U67L20MH1988PTCO'l'il3.J I Gh11z:1lah lnvcstments Private Limited ! 89. ~7120MH2006PTC159738 _, Eureka Finstock Pvt Ltd 1 90:-~O'IOOMHJ989PTC053723 ,· N;1viraj Estrites Private Limited

-

I 91. I V70100MH1995PTC090508 Gilanjnli Realtors Priv;ite Limited

I 92. I U70l02MH2009FTCJ9SS,19 _Qynamic lnfrnzone l'rivilte Limited

193. i U72200M t-l2000PTC255094 lre,11ities Technolog)' Private Limited I 94. i U72900Ml-12007PTC173734 [v1da Technotosries PJ'ivilte Limited

95. Ll74120MH'I 989PLC0542.12 Jewe!souk Marketplace Limited %. U74120MH20J 5Pl .061453 Vidarbha Multi Products Sez Limited

--· -· -- -! 97 ; U7-l:.OOKA2009PTC049762 ·; _!2.!.gi_t.il Brands [ndia Private Limited '98. i Li74900MH2004PTC1'15922 • Trinity Exposit ions Priva te Limited

99. U749J.OMH2007PTC16887:I Jnterncti\'e Entertainment P rivate Limited ' 100. U74994MH2005PLCJ57741 Asmi Jewelle ry India Limited ; 101. ! U74999Ml-12003PTC140131 :· Sanrishadel Mercantile Private. Limited

102. 1 U749'.l9MH2008PLClB789l j Mmtc Gita1~i T.imitl~d 103. U7-1999MH2016PTC285757 : Ljow Private Limited 10,1. U74999MH2017PTC296731 Team Float Private Limitrd - - - - · ·-105. U74999PN2016PTC166175 Five Elements Advisors Private Limited 106. , U9~~13MH2008Pl.C182263 Kolkata Axis Mall Limited 107. U99999MH200'1 PLC2314•rl J Maya Retail Limited

7. Furth(•1-, the Central Governmen t h.is also identified following LLPs who an~

associated wi th the persons named in the fi nnncin.l fraud as stated in parn 4 above

and therefore, in exercise of the powers conferred under Section 43(3)(c)(i) of the

Limited Liability Partnership Act, 2008 orders investigation into the affairs of the

followi ngs LLPs to be c..irried out by SFIO and also' a u thorize DiJector, SFlO to

Page 4 of 6

U;>.


appoin t i.nspector(s) for carrying out Lhe investigation on behalf of the Central

Government ;

SL No. ! LLPIN Name of the LLP 1. .. 1 AAC-1885 Neeshal Entererises L~P

-? i AAC-1886 Paragon Jewcll1:,£Y..!:d·_P _ _ _ 1·;: -·-IA,\C-'1887 Par;igor~ Mercha1~dising LLP

-

~-kA:..~~-2694 P11ncbajanya Diamond~ LLP __ --5. I AAD-R242 Gitanjali Gold And l'redou5 LLP

6. / 1\AE-9212 Git«njali Rc;il tors LLP

.l.:__ i A/\G-0;,81 rvl<1st Jewellery Distributions LLP

The inspectors so appointed by Director, SFIO shall exercise all powers

available to them under thC:'. provisio11s of the Limited Lia bility Partners.hip Act,

2008.

8. The Director, SFIO is empowered under Section 2'12(1) of the Companies

Act, 201.3 to a ppoint inspectors to investigate into the affairs of the above

mentioned compa11ies, who shaH exercise all the powers available to them under

the provisions of the Companies Act, 2013. Fur ther, in o rder to ascer tain the true

ownership of the above companies, SFlO to sini.ultaneously carry out investigation

under Section 2l 6 of lhe Companies Ac t, 2013 of the companies named above and

furnish its report to the Centr11l Government.

9. SFIO ~hall inves tigate into fo llowing areas (with regard to above companies

and Lf.Ps) in addition to any other issues lhat it may come across during the

investiga tion;

(a) To identify of persons/entities who are or have been financially interested

including real or apparent or;

(b) To identify persons or entities interes ted in control or materially irtfluence

or;

(c) To identify existence of ,my arrangements oi· understanding observed or

likely observed in prnclice relevant [or the purpose of lhe investiga tion or;

Page S of 6

U1,


(d)To identify chain of companies, entities, persons in the gamut of rotation of

funds including beneficiaries etc. or;

(e) To lift the corpora t.i veil and identify the real face in the fimmcial rotation of

funds or identific;ition of quan tum of diversion of funds or siphoning

thereof or;

(f) To identify instances of 111is1mrnagernent, negligence or fraud or;

(g) To as..:c•rtain the ro le of auditors, K\1P or independent directors or any other

person in the alleged fraud and

(h) To exnmine the role of entities used as conduit in a lleged fraud.

10. Director, SFIO shall comple te above investigc1tion and submit the report to

the Central Government 1vithin a period of 4 (iour) months from lhe da te of issue

of this ordt•r.

n. This o!'der is issned for and on behalf of the Central Government.

To

The Director, SFJO, New Delhi.

Copy to:-

'"''--~ (M. R. Das)

Joint Director

"1. All RoCs - You are requested to file caveat before the Hon'ble High Courts in their jurisdiction to protect and defend U,e order of investigation in case d1alle11gt!d by einyone.

2. All RDs - You arc requeste:d to ensure compliance of the above in their respective regions.

3. Guard File.

\

(M. R. Das) Joinl Director

Page 6 orG


VO

:1: · . . .. . .

· · _: ~ ·. ·'.- d~niil GI ... GI~ ilQS ~J punJob notional bank ~~ ~ . . ~

'l':9-,,..<

• ~ •

1

··~~:· •• • • ~~·.·~JI ... •· . -~· ~"?-·. ··· .. ~·:'"""..'i}·-.-.; ... -FT.r.7,7.;~ .. -~;::;~:-,;~:·i;··-::.:- .:··~:.::..rr • • ,1 .. 1

Fraud Risk Management Division, Corporate Office, Punjab National Bank

~~6'v (1<0) To

Date: 19.02.2018

';)·[)~ The Secretary, ~ °" Ministry of Corporate Affairs,

{~ ./I) New Delhi. -1,\""'o

I

' \ Sir,

r, ~

Subject: - In the matter of PNB fraud by the Nirav Modi Group,

I am to refer FIR No RCBSM2018E0001 registered with CBI 8SFC, Mumbai on 31/01/2018 against Nirav Modi Group for an amount of fraud of Rs.280.70 crores and subsequent CBI FIR lodged on 13/02/2018 for a consolidated fraud amount of Rs.6498._20 crores (including earlier fraud amount of Rs.280. 70 crores {Annexure A}. I understand ·tnafrii1inistry of Corporate Affair has ordered an investigation into various companies of Nirav Modi Group through Serious Fraud Investigation Office on 16 F'ebruary, 2018.

In this regard, I am lo say lhal the companies and persons as per ~~.xure 8 are prima facie beneficiaries of this fraud. I have also strong reasons to believe that 1fie's'e"companies and persons are either frittering away the assets or creating third party rights. The individuals are likely to divert and siphon off their personal assets

I being representative of one of the _ _r!')!3jor_ ~reditOf.!1 Se!,'!k prote<;:llPn .. ~[)d .. r~~train . ag..'!inst alienation or creation of third party rights ori the assets owned by the above named companies and persons since these legitimately belong to us being the bona fide creditor who has been victim of the fraud perpetuated by ma!nly by the above persons.

I shall be grateful in case immediate steps are taken against the persons mentioned in Annexure B to a~~.\!2.~. !1!!?.~l;?Le, <,Jn~ i1T1.11l!)Vabl~ pr9pe,:ties. Some of the properties m;i~l~. inc.!~tdi.n9. Jmr:nP)(c!~le p,rppertie:s the details available with us are . mentionec!' a's' iier Annexure C. However, I also understand that the Individuals and companies are having various undeclared securities, lockers, bank accounts and properties in India and oversea·s· lrnffeYore:TrequesTiha·1 riven-the undeclared properties of such persons be put to restrain on alienation, creation of third party rights or lien or transfer thereof. I shall provide all other necessary details as may be required for this purpose. •· · ·· · - ..... _ ·-· ·

Yours faithfully

(Go~ General Manager

'i1/iQ~c: ll>Tllf<'IU : '<'ii~ fl<l!/1-4, °fl'l«!<-10, 1,ffof>I. ~ ~-110075 • 'i,-'TJTf : 011-28075000, 28045000 • ~~ : www.pnblndla .in

COfl)Omlo Ohlce : Plot No.- 4, Seclor-10, Dwarko, New Delhl-110075 • lolephono : 011-28075000, 20045000 • Webslle : www.pnblndlo.in

<r.lT4 "11il! ii;~ ~ 24 lit 1!i:i!rn ml~~ 1<1•:u ! Punjab Nat!onal Bank welcomu ~ou to tell free 24 hours calt cenler :1600 18022W1S00103 2222 PN

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(-l')· ·~fl.I '(f) P;ot~ssl;h

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('u) ·'mJ - Pu.njah Natiomil Bani<, Zonal Office, H 1h Flbor,.Dalarn~I

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(.~ q:irg~,~'1 'ffi,a'fff'F~ 'l'9I ml"! -:1;,!(5 (Attached 5ep~ra ie l'h(i\}t,lf nt!tciss'iJry)

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s. 3tf'l<irn' / ·~ ID'D' iJ:'""·1rf~1f'1fA 'ii fi,i:{l'l "ij;f ~ , :Reasbns for·d.elay In.reporting bi the·complain1;1Y1t/l~forrriant

·No"delay. ·

9.. .~ / ~·~ ~ $71 ~ ··~ f ?lf~ ~~m··ilY.'*'111 t1·,:r,:ri ~ :.;ft) Pertlcular.s o< pr~partlos .. st,,#(l (ft.;tj~9h 'saJW.\\t~·sli~.t. ·llt:iece,\3aary)

Rs:28iJ;?() :cr<ircs·of Pucijnb f',lri'l.lon~l B~11R

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R,s.2!i0:~0. C1·Ql'CS·Of l'ii1njnJi Nntfo.1rnl' B11n'k

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N,,A..

\2. . 'l~ ~ 'f<i<l.'(UJ !.'· f"lf<; 3Tl~ .\n ,i\) .3T0'T il 'PII -~@r-1. 'ilff)' Firsl Information contcri1$ (A!lach 's9p),.r,i1e· $h.tlel, tr r!?qlllrP.cJ)

I ao - '- - 1

A wdt'tt;n complaint ,doted 29 .O.i.2.0'J &·signe~ by. '.Sh. ,A vnle~li_Nep_alia, D!9fyl,. P.11.nfjl~.·1\l~J.idri~l· fl!lil~\ ,Zo.nnl 'O.ffic;?~}'1.umb11i,hos)e~i1 ~ived·.hi' thiio:ffice on,Ml0°1.:zo.rs·: ·

Tlfc al~~g'a~P,fis. 111ei1l}~.ned .~1i che ~omplrunt pri(11a· f:\c i~.~i~cl~if t!iat $hri. :.!\l!rav.~'.Mq~t'Sl1 .. Nisha] Madi, ·Sint Ami''Ninw' Mi¥!(, :Sli: Mdipfthiri1:6~ai Cn~~.s[/.liH ~.rlr!~r,t-qO•ts.,li;>J.~!~-~:tP.,~;, Ml~. Solar Exports Mc.I M/s Stollar.Diamands.cin,consp1t'acy with ·Sh·. Gq~lhiltu' Slt~lty;-'Qcp\!lJ){a:n·~g~r, (~ttJ§,. Pon)nb. Nilt{dnl/1 Bnnk,.,S~, M.nDOJ.. HIIH11morit"k:har<1!; SWQ P.unj_1ib 'Nii'tfomt ·siinfiiiiifttli#' u~.l&fQW!l P~.\'~i1s \:.o·imnittc·g Urn ,(>ffenc~ or}IJi?.a(!ng ~g_nin8t l'u.(ljo',b National .S'anl<, 1411/1 cau~~ a wrqi1gfu! logs. 1'~~: pulilic ~erynnlf ~Om1i1ittc.d;ill/9S?'Qf:·0Jn~i';:i:! P,cis'ii!~·n,:ki c~µ,s.~··~u11iiµy ·ad~At~e to .Mis Diamond It l:JS; M(s Solar BXP,O[tS and, MIHitb'll.ir Pi}:iinlinds Ma wrqng1lll 'lo# ~t' R,s,.'28.0,?9 Cr.ql'c)J9, l ' 1u1jab Notional B.tvik cl uring.,2017.

;rr,c ~ts,di~ !.i>~e ¢9mmi:1sio1{or .. c.~g11i~b10: w{t:inc.1.;~ or 9r-imin/fl CQn.~rir.a~~\ ·c.hcaFns .· .11nc1 abuse of.offii;ial P9.sit'iifo .llY .. ,th.c. ntqre.sll!d :aci.U¥~µ. po'!:¥.cii)r H~,r.c~,f~eJJulfl;;,a,se· Ut~.~tl~07B :-rAv s~c. 420· IP.C"~nd ·s~c,; I _3.. (2) rlw 1/ {1 )·.(d) of'Pt"9·ctJ 19.ss: is '.r~-gisle{ed_..i's'frisfS.!l.} H~~~ }~~% ~ij·; N1~hnl ~ 'otJ11 ·Sr~,t .t\1111 N1rav lylod1,; .;.Sh .. Mehu1·e h~11~bh,ar.Glh\l~slr·nH. P.ilr.lll~r~·~{Mlf;!?fttJ!f?.ncl .fV:l.d.~, rvf/~ Sofa,r: ~xpo·~,s,iintl Ml~,. s~e.,llar-Dio/J:londs, Sh. Ookulnath ShcllY., Deputy·Mnnage( .(re'td',), P.t;ujlib Niliioij\i'I .B\iti~, .Sir .. ~M,~j. ,r\i.1'.1~}iill~~. ~li'!~I•: ~fi'O.'. P~1~J?~ )i~.~6~a\ .13a~.k ·a~1 .. .otlt~r:u~ia,iow:!1,.·p~rso11s and.entrnsted to ~Ji., [i). D.amodara11, ln.spe,ctw.pf'P.'ol!ce; ~~l;.BS.~~Q.,Mumb:11 -.f9q 11~,e~~1~~W~1r.

A cl:ipyot' tl1c·c0niplai1;·1 am! li!il ot'LOUs is :encloscd hcre,v.i'U1.

5aj _. I \c,J \ :i_,od:?· '~~ .. SHARA'DA.~',(cfl\ SU.l'DT ... OF l!OLICE, CBI.: iis"s.dfc~ MUMB~I . . .... · ...


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.Action'.tali~n ·:. S.ln~!i!· the a,t~ove i.nfor~t!tHl revoohr O!)mmlsslgn of offene&(s)·u/s·as menlkm41d-a1 !~iii· No, 2 . . .

(,-) ~ · irvlT'F! f,r;iir">]'q) ~·~ ~nt>l .,~.:,,1~1~ Re,glstercd ll1e case and \ook· up the lnve~tiga:tiori or·

(•;t) f~~'~jl.f gw~g.mt$f1,Jilf.d ~hJt~.~~ fo'(inV.fl?gu~f~·~.~ 'IF,ll·

Dlre.cteLI (t~am.~ cir 10) Rank No. Took-1:1~--~or

Sh. J),.Damoda1:nn, J11s:picfor'of}>:olici:,

'(3) ~~l~Sf.~~~lru.1i1!,ni Refused·lnvestigatlon due-to

f·l> ~ f'.!All~mftu ~-11'1flfl ~ Trans'ferred ·lo P$ Qi!i!ti!=l

N:A.

Jnvestig~llon

~.~ <mtr.VR oh'°poinl ~f JJ..lriS~!Ctli:i.~

,3rfi.p~ril .1 ~1J: ·~1 ·!'.t'fJ: tr:1 ~ 1 ~ W!Tll'I ·w; ~ "mft:..';Jt,,· if'ifi~friflr'ti'li '{<fril;f{ f.li<ll I -~ :((",ii 1lfi'l .. -3iP•f.<Wfi / ~f ,r,'( f.!':1);~ .:?~'if.l ~ I

.' .. v-Uw

f-1~ r"atl ovt'lr 10 Ille compl.iin·anVlnformont·, adintucd ·to:be c:orrectty recorded and,a, ,copy,Olven to lli(!:compl~inanVl_nformanl-, freG of cost. :. · (}-

~.:~~ \1~ 'G?f cli1. W!r<ll '<J-m·:f<i)~,if· \n"ll''lfl.rt I \..........--- 2,,i \01

R:O.A.C. SHARA0:6- RA.UT, suv:OT: OF'.P-'OUE:E,

14. ~P,J):it ( \j,il1!<f,ni i'f; ~~IT ~lgnlit1.1r.of-1:liµ,m~ Jinpr.i:lsslon

F~Kili'dJ~~tioµlM'6r~r I

~ . · ··. ~wg 00P.u ty . Gene:ral. M ,maoer Z,~11<:I Oliicc> , ~-~i·to')thni,..

15. ~W,:-"P/ '.r,l '~~ ''\fi] f0i<w ~i. wrl · . bat~. ~nchlme or t!csputch lo lho·c;purt

..... , .... , ..

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-w,r 3rt'ir.nRlj ¢Jt ·n$~1'~--?~:fU~A1 Slgnaiuro· ~f Officio, · ln-c;_hllrgo f>ollc;o 'Sli!tl'on · !ITTI 1 tlamo

( ·~) I Ran!I . No.

c.iumr .atf~ ~ ~~;11m«i\1f~)·. ··s.t~nature of r.ecording Ofric.cr·wi!h daJe

-90


5

'.!{1111:11:r-irf<'Jr.2 qi} J:1r~.-i 7 1'11mi. At.tachrnem to Item 7 of First lnfolll'.lation Repor1

.11.@liJ.~ '!.ft·~"t·t~ f~ilt/1. ~·.~ ;- ., . F'hyslcar'fealur,es, deJormitles. and ·other delalls :of 'the ·SuspecVaccusea-: (I( known I se,i~J

. "ifi. ~ : •fi;irr 'vPI '.&'>l '1ml/'% T@:"f ·~·JI, •qllf . -~·~ ·s1. (Sex) q~ / .c!'q (B~Ut) ;ft, ~: 1c:0,mp1e;db'~> (lito'r\'tJRcafion · ~Q. DatelYear (H.eignt). ··· ~i~it·

pt oi;u{ (in .. @~)° - .-1-+--2 .. -+-~---I --~-,-l------') - ·1- -~4~~-4-----.5~..,.__-~~-'--~-· ______ ! ___ __,.

N. A .'~. -1~, A,, N; I\, .N,·L>· ·1,, "fy.

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0 Q 10 ) f 12: f~.

N.A. l'f.A. N. A. N.A. N.,A. N . .A.

·'!!~./~ ·~ ,; Place. or ~ .~f.rnR ~'-~ TI@ '\lf&l.~ ~ -.

(t·aQg~a?elOialec.t (!;!urn Mar~) (Lqup.<>s1~r111aj ·(Mole) (Scar) l!~~o~, t\l 1q 1li 17, 1'8. ,~g:

N.A. . N. A. t'/; A . N,.A. N.A. N.,:)\. .


Annexure - I

Deta-ils of lmow-n / suspected./ 11 uknown nccused with ruu particular~

()) Sh. Nirav Modi, 4, Gi'qsvenor House, 2"d floor. Pedar Rd., Mumbai-26, p11rtner or Mis Oiamonp· R US,. 111 Q Prasad Chambers, Opera House, M4mbai,. Mis Solar :Exp'.otts, -15, Na~in·das:MansiQn,. 4th floor, 61 BJ.SS Rd .. , qp·eril Hou.~¢, Mtimb;H !ind Mis. 'SteJ:lar Diamoritls, °5_, Nagindas- Ma11si9n. 4'h "flo-or, ·91 BJSS ~-a., Qpoi:o Hb11$e)y'1urilblli.

_(2) ~h. Nisha! Mt?di, 4, Grqsv.ei10r Rous~, ind mior-, Pednr Road, Mtimb.ai-26, pnrtner 0f Mis Dinmond R US, M/s· S·qJar Exports, an'Cl Mis Siellar DtomeJ1ds, Mumbai.

(3) Smt. A.mi Nirav Modi, Samudra· Mah.al Premises, CHS Ltd; Dr. Annie 8,;siint Rmid, · Worli, MumJn.li, fiartf1cr .of M/s. Diampnd tt US, Mis· Solm E~ports, and-Mi's Stellar Di;tmbnds, MumJ;tii.

(4rSh. M~hul Chinubli11l Clioksi."C~fokul 99, 9 -~ Ip lh Pto:qr ~ey·W}li~~ l:h:iuse-. ·W.nlkesli~vat' .Mumoai, partner of. Mis bi_OinQ1:)d ·R: U~, M/s, So.lar Expbrts .. nntl l'v.i:is.'StclfacDiamonds, Mumbai.

(.5.) Sh. Gokulnalli Shetty, Deputy Manager ( re(d.), P1mjab National Bnnk, 8 Sttiata Plot no. I 2/J24, 'l-PS ' Ill. Knstur !~Mk, Boriv;li (W), Mumbui.

(6:) Sh. Mano.i Hunumarit Kharnt.'SWO, Punjab National Bank., Panch~shil Niwas, Y.rishin Nagar. THI- I(a1:jat, Dist- Ahmednagar.

(7) Anti <1thct unknown persons:.

14.o~~~

~ -' ··c),\$l

$Hj\.RAOA AAU1' • ~ SUPOT. OF POUCl CBl:BSFC:MUMBA1


The Jcm1t Birer::t0r C~n~al Bureau.of Investigation Mumbai

~~ ' \ \3S & f.'c'>-~ ·on eonfulrn'.\3\~ )

l}olC' '.~

MUM\3'~\

Date: '2. 9i - 0 I - '\.-0 I (2..

lnl'rmlJ~~~

Reg: Gr.iminal Com plaint for r~glstration .. against accused persons .for hl!Ving ~ommilted offences of Cheating and. Fraµ,d ·tri.e-re:by, causing· a loss of Rs:~ao.10 c;'rore to·the,Banks. ·

S'ir-,

I. Avneesr, Nepatia, ·s/o. Sh. AJ.Nepalia. pres~'r-ifly posted as the oe·puty G'efn·~r.a! rv)a:n'ager· In th~' Punjag: N~Honaf Bank, Zon~I 0.ffi<>e: Muh'lbai, sln'ii:e. 05,C!i1:.20,1"fl, .!:3ni fully .conversa·ht wjth U1~ facti, rnen~onep 1Jereur,C:1er ·c1n9 .also, authorised to repert and:lof/Qe·the cori1plairtt as.unl'ler.

liha~ .at.Jhe· bank, bran.ch office: Mid Corporate Bra.nch; Brady Houfie, M_umt,ral spme fraudulent Issuance .of Letters o'f Unpf?rtaking& {LOU) for . & on behalf of a set ·of Rartnership finns· viz. M/s o rarnond R US, M/s Solar · Exp9rts ar.id Mfs. StE;illar Oiam9~9s, havi111$ partner.s Sl1. Nir.av Modi, SM .. Nl.shal M,odi. '$r:nt. Arni Nfr~v M,atll ah~ Sh. Mehul Chin'L!bhai ,91:loksMi, hay~ \r..anppited when qn 161h January, ·2f/1'.8 'tfi.~ al!love,sald firms.'appn:ia'dt~d banK:and,.p'i:e~enjecl .a set oi. lm~o.r;t .documentsdo th~

.~ bram:h· with reqtJest fo aflo'v/.buy~rsl, c.r:edi~ ·r~r' iri~1<1r1~ p;iy{,)'jet:)t 'to· the ov.ersea.s ~,._r,,,» ,, supplt~r·$. .9!nce 0t),er.e was no.sanctiened l[mlt in •the' n·ame pf-th~ 13b0ve fi(ms, th~ r). .,'-: bt.inch 'officia l~ req'ues'ted · l/1~ firms• fo ·furnish a.t· least 100% ca$h rr\.irgin 'for 'issuing v!.-.;t" .. JJ.:.. . LOU for raising . buyer's ··credit. " At this. ·the finn~·. conte~ted that they have. been

'qV:aillng t(lis facility in the past also bu'! the bra rich redords did not· tevear details of any· such facility havi'ng been wanted to the said firms.

On preliminary cl1ecking of records, it hair-been observed that Shri Gokulnath She,tty; the Dy. M.anager {PF No. 107272, srnce retlre.d ':31.6·5.2017), wh·o was p,osted at.the , S<! ict l;>ta.n~h sirice.,3··1 :Q~.2Q1Q and was working in·the F.oreJgn ficli·ange·-o'i~partri'fenf looking .after the Import Sei!:Uori ar:id Sh.Mar:ipj Haiwment Kl:lar.at Mad fr:audulenlly issued LOI.JS wi.tlnout following .p'i'escrlbe,d p'rocedwe· by OQ~ainlng required request ,<!PPlications, documents and· appr.ov.al .of thf! allthoritre·s.:there.fo:'.a11d wltlio,U:t making entrl~s ir.i th·e Bqnk sys tem . avoiding detection o( the trarisactieiis'; ·so rriP.\:f~;· tfans.ni itted SWIFT Instructions to·the-_qverseas'.hirar<1ef:i~s of Indian f3'anks fqr r.aisir:ig, Buyers G:rcdft & fundihy ·the _N9s"ti:0 . .t,\C:couriti 1f >Pr,JB .. J,he:-· funds so. raised for p-ayment of. lmpC:lrt Bills have nC:lt..iz>een utllizetl fq'~ suct'i; purpose~ i.n· rnany cas.~s. .

-~· ~ · 93


l ~.

' .. \..~--94 '\

'0A s.eruliny of tl1e records 0f ~\/YffT ·rnessag¢.s, it ti"~s been reve,aled .ihi,:i.t th!:!' a0oy~ narne.o ~cc,i"sed SM _G'bkulnath Shetty .~nd _ :sh.Manoi Hc1nvmdnf Kfi~ra.t. 9n .09(02:.2011 isst:1e~ ?. LO.Us fo.r & on be~alf. i;,f ryJ/s E>lam0.nd ·R us· and Mis· Solar E.XPC!1r:ts for USDAt!1.fi;9.1.96-!Jl)c:l,lJSD ~~3SJ9.7.G8. respectively, f.lc1vlng d1:1e date o_f payment ori 2.S,01 .?01 8 favo.u~ihg:Aliahabi;i°d;'Bk\nk.-at HoAg Kotig. The ar;:cusec;J aliaih on 10,02.20-W had iss·ueij ;3 LO!Js fqr;& ~ri b,ehalh:if M/s.,DJamQnd R' US, Mis S'qlar 6xf)oits and Mis Stsllar Diamond· for'U.SD'.s@~2Q·17.70, USD 5tf4:31°'61 :93· and U.Sb

·60933.2l. to, r~spectively ' 'ti!.cJVj!W. ... d~1e date o.f' -' payment 'lh~re9f on 25:.o~ .201·!:) fc)V0U[:ilig _Allaha,~.a~ J}a1~k ~r:!{9.~~·!:1~.AQ: -~~ri _9~k~ln_¥)lh _$1ie\.iy ,and $.~,: Mariqj · Hanument ~/i~rat, ·Mt~er on 1.4:02,,2017 ~atj IP;~µe_q ~: LOU& for&_ Cfl ,b~h~(r: 9FMl~ IJiarnond R U·S:,·M/s-,Solar.,E),(ports·and Mts Stell13r D1amoni:Js· for- USG. 5856885,00,

·.LJqD ·~662251.03, an~ USD ~87'i'QJ}'4,0.0, (:~speelf-:ely havlng,<dtle .~a~e ·~f··p13yme1;1t there.ofon 2sy~.2on·a,·rav~urin~ :~is-:Bal'.lk at,H~ng Kqtfg: as ~·n-_ii~~~·s in ~~~ Ii!?\:. The,y h.ad, thereby, frautjuler:itly·,s.su~d·a L,OUs. tota·1 amo~mtuig fo USO 4422.~812';-to. ,Whish Is eqt1rvalenpo Rs. lt80/(J. ~ 2,29$,'.98-at:lhe n0iional exc11a11g!Hate or a .Qollar @ Ri>,-63.47 p~r l)-$'D. ..

W_e .h'aye.twth·er- to lriform,.y01,1)il~fwe are. making an ·ir.i,dSptli e11q1;1iry i?f the r~_eprgs -ol SWIFT m\;lss·ages ·to find out outstanding L::OUs wh1ch·ar.e other.wise not· avaJlable in the·. FINAGLE 'system as t~~~e W?.re i~sued wit~ol,!l ·ente!ir:ig into CBS·. While triir;;fng spmt;i .ola- entr(es, it.trat.ispir.¢~ .!hiJ! buyers' i:;r,~_pi~ ·o~s:e:cf, :or)· fa~c1 LbtJ.s . mig.bi _als9 h~ye been· paid thtpug), NI)ST;l;lO 'fJr;;, On~~ 'the. eriquiry is: .G.timpl~te we. wlll further. inform the ether .fr.i3tldUlerif tr.ansactiOAS, ,f' any,. done by the aboven~med acc.us·ed. '

ih ttie. l!ght ¢( ihe above, i) is .. n9w tra,~spir.ed thaf th~i abpvf;! named accused·S.hri ·Gokulnath Shelty ·and Sh. Manoj Hanument Kharat In cor:iiiivance with the partners of ~l:le G1bove·frrms_ ,w.1ne'iy -Sh. Nir-av Modi, Sh. Nisha I Mocli, ·Sm.I. Ami Nir.<1v Mopi and ·~h·. Mehul Chinµbha'i' Choi(shi ~nd..-,theif authci(ls·ed s·igna~or.ies. Shrl H~r.n~nt' $hail .&' Ms . Kc!)ti.t;;i Man'kik-a'r c0_r11~1)Hed ft.aud up~n the bariks (PNB, Allaf.iabad Eiaflk. Axis Bank1 te> the tune of' Rs.280.70 crore. Since the· public fµ_flPS te·.the tur.e :of Rs. 280.70· Gro-re s~E!ms ·k:> hav:e be err em·bezzt.ed"by cs>tnmitting· fral,Jd ! we r~eJ.Je!:il.y'.9!,-!li'l. lodge an FIR'againsnhe abbve,:iained accused iind other unn~med public _s~rvi,int~ 1;1nd ryaving carried out''ir.ivesligat)on lri the m'atter, book the accused as per, law of.the !ar1d for punishm.ent.

W~ ·also :reqoest you that a: took outn'o.tice 'be c1/sQ i\I.s11eq c1gainst th\'! .. appve. n~ine~ persons :so !hat:ttiey may not feave the·-ci:>untrY:to.aVoid process of law agall')S! them. We here~nder flcJmlsh compliance of'DFS check list:

Yours Siric;et~ly,

'


q5".

95

Details of LO.Us

. LOU ( Namo of !he fAmt of LPU fF1nancing I ·-Name of Ifie Due Oate IS$Ued r Domestic .. (In USD) 1· Bank Overseas •Ex.port~,

on ! Importers /

9.2.2017/ Diamond R U°s\'4"415791.99 ;·Atlahaead f'AU~_A G:::M r~orww1, '.. ?b'I 2.(:•1 & , , / Banx MK: uM1 rEo . SINO

t ,, I TRA!':.lER!S L,iMl'fEO Tl~I

h.?·.201i Solar ~xport"··- 4~19,38 / Al!ahaead 1

-.13~~~~~~~~~'.;,~" ; 2ti; ?(l 1e

~ Bank, HK .L.!i\ilfEO, ~UN;;,Sl-/i~Jr.. r I ' . I GEM$ l::l l)MTED, ·TR\

.i2017··f-aiamorid R US 594201'7.70 /; Allahabad ~·~¢~01t~~~! ''7-E .-J 25. ·1 )01 e ! u . Bank. HK , L1tv11rea. AURA·GE:,, / ' I COMPN.:'f UMIT F.<i

r I ' UNIT" fRAO/No.3 FZE

0.2.201 ·1-S9lar·°Ex-iiort'"1· 0

5843J(ff'g'a°f),11.ahabacr ,"A(.iiw.'Gi.'°Ni c·c,,i.1;:'.°i.·,, ( _'!1 · .1·i 1 ;'I , Bank HK / LIMITED suii:,;s,11Nr:

r

' GEMS LIMITED, l"l\CIF•:.:

/· 19.2-2011 1· Stellar ·6"CJ93321 .1o+ Allahabad /' ~/~~~:~~~;;~ 2:i 1 2n1 -:1

Diamond / Ba'nk HK . LIMIT-fa. SUNSHIN\;

/· 1.4.°2~2017 t,. DiamoAd R l:./S / ·5856885.00 1· Axis·~·a'nk~I ~,r~;~;f;!("Cll'iC 2~ 'I 261~

f

J IK I.IMJJED. AUIU, ·GEi,' . , I COMP.a;,1y LII\HTED

14,2.2017-rol(H Export 15. 5862251 ,03 ! Axis B~111k, I lJNlJYTR,4CHNGF~£. : 2[; i ;?:.)1;:. · / HK A\)R0AGEM (:OMRN,i ·

1 I LIMI-TEO. S\JlvSHtM: - . ' I GEMS LiMITE()

·14.2.2017 / ~}!~~nd 5877094.00 - :sBank', 1 i:~;;,,~fN~:,:NE · i~. 1 :>ti 1t

··-·-·J-, . · - - _ . _ ___ J___ ·- ,._ ; GE•'v1:'>LIMIH:O _

~ . ,,•' ... ,. .. •


Checklist to Ensure filing of Complr.!e ComµJalnt by Barik In f.raud· Oase

·sL. DET AIU? REM~R·~s . -NO. ! i-:-:.=.;.---1-~----,,-,----..,.--:-----,--.,---.,--+-,----·--------,

1 Tl1e c0mplalnt hi3s al:lthorlzatlon fmm lhe'· .Y.es =J eompeteril aulh.orilv to file tt,re--c.omE!laint.

2 :rh'e account f:ias !iee'h' de.i:!ared NPA as ~NA- . per,.tti~ iialcf clow~ pp~eduio.

3 The dater of NPA an, ... d_o_u-ts""t-an_di_m_g_--th-e-~e-o..,./.+-.t:,J-. A-, ------- --·- I have beei:, mentioned:

4

5

The NPA ac~ouf\t h8S .'b:~·en .d~c!ared ~~ AC"cbt.iht ITas:beef' (Jeclared BS :

fr,aud, wljh the.data of cledar:atio.n li.aud.: Where there is. delay in 'fi lling ·complaint There !S ·na delay 1n filing Ol lhu J

with CBI after·decl.iFatior.r of fraud QY the FIR i---+·-b...,a,..f.ll<_,._]_~.~~has li.een·.explsiined,-·--.,-... _______ _

THo .grqwncl for.rJeClc!fing the fraLlr.1 l)Y, the Yes 6 .__ __ -,....b_.a_n __ ~_i_s !f10ntioned o!~arl\'..

Details 6f bacl< ground of company. -NA· sandfionecl credit faci lit,ies. primary and

-- --7

1----l-"C'-'P.~lla~£!g.!!t_~.:.;tc:.:.. -=acc're::....:..:mc::·e:;..;n:.::.lio:..:r.:,:)e=.;cc'-C-_,f-,..-------·-- .. L!'Jgal facts c'6nsil~ting cognizable G>ffenc;e 1· Yes a

9

10

have .s.oecific mention. Nomu(s) and role of erring ban~ officia!(s.) Yas as' pe·r 'the StaH Accouniabilit-y 'R~port 1$ /are crear-ly merilloned. J

Flnctlrigs of forensic Audit Reporl. if Facts ,revealed dunno ,n-1,ousol cor:iducted. and lnlernal lnvesliga!ion ~r.eliniinary investiga1.ior. 1,~r,er·

1----i-:R,;.e::,·lP:..:O:..:r.:..t .::.a.:.cre:c..::du.::.·1:.i.1v..:.1n,.;.c:,.;o:..:.ro=,.or:.:a:.:.te:..:d::.:.·_ ~--...,..f...:.a::.r=-:.e·-me,111ipned in the: F tH. 1'1 Details of crirne prcicee.ds I erid-use ··of ·NA-- ··- ... ·!

funds ;;ii; pt.r the · '(indf,:,gs or For~i-1s.lt; Audit ar.e,,,._i:1--inti,;me.d. - - --+-~-~~~----,--- ----+---------·· ·--- --

12 In cases of uncert,fir1ly about the Yes crin\in::ility on-the p.ar\'cjf bank ,OffiGials. ,the b'.ink has men(ioned cll!egations against

, ___ ..,._u_n_kpown public; se-i'llaMs. , ·13 ·Rotes of GA. S'tatuar.y Auditors. S'tock As per ir:i-house prelimu·,;i,i' 1

Auditors, EmpanEfllod Valuers etc, if any inves!i~aH;m re'por:t :no role- o' are ihenl!On!?d.

1 rQfessional5 is :iie:,1t1oi,brl

,___1_4_..._Aveir;~ilityof relevant origin.al documsnts.' Ddcuments lil,e ·-··fivii'': . and their safe cus\ody with L'le bank Is messages, Mi. 799 ,wd o!hw :

m,,01;,n,d. ,.,,~ '"""" lo. the"· '"'""' I 1----·--- _ acno\J1\ts are ,J.'1aill:'blc The l::ianl< has ens.ured lhRt tti'ere ·is ·no Yes.

,<;Qntr.~~IC(!o,n· 111 c!)mP.taini~ a~ lo ivliefht~r ·ii is .em actef crime-or a bu~iness· losi1: ,

·15

·----·--- --·-

.· . . .

~ /

. . · ,':,··

96

··~ ·


..... ;~r·. .--.. .......

(

e

~i~i~ Zonal 'o ffice Mumbai

111h Floor, Dalamaf House, Jamnal.il Bajaj Marg, Narirnan Point, Mumbai - 400021

Phone No 022- 22834098;; FAX 022-22042094; Email-ID: [email protected]

I 13.02.2018

Centtar B reau of Investigation M.umbai

The Jolntiirector

Reg; Cri inal Compl.ilnt for addition to an FIR tiled against Nlrav Modi &· Group Fir 1s for havjng committed offences of Cheating and Fraud 1hereby, causing I ss of USD 10·15,35 rnlo equivalent to Rs.6496.20 crore to the banks.

Sir,

In continu !Ion to our· crlmlnar cornplalot dated 2911' January, 2018 and subsequent registration of FIR no. RCBSM2018E0001 on 31.1 .2018, it is further lo lnferm that 0ur intema lnvesttgatfon ·team has brought to our n01lce more cases of unauthorized ·Issuance o LOUs on behalf of partnership nrms of Nirav Modi.

The lssuanpe of above LOl.:Js (Letter or Undeu\ay,ing which is· cornJT1only used tor raising loa~s In the form of Buyers' Credit from ·overseas bank) a,e with the same modus op~randi as reported earlier, by Shri Gokulnalh Shelly, the then Dy .

. , i .~Manager, (iF No. 107272), since retired on 31-05-20·17. who was posted at our Mid Corporate ranch, Braqy House, Mumbai since 31.03.2010 und ·looking after Import section and Shrl Mano) Hem ant Karat. SW0-8, (ff No. 331096- under suspension)

· al the sam branch. They hav.e fravdulenlly issued L.OUs without following Bank's prescribed ~rocedures of obtaining request applications. documents. approval of the authorities hereto etc. and without making entries in the trade finance module or CBS sy:ite avofding detecllon of lhe· transactions, so made, transmitted swift

l.nstructl.oris f:o the overseas branches or Indian bank·s under Buyer's Credit. Credits reqeiv.ed un er 'the Buyer's credfl in, the Bank's No.slro account/s we(e utilized for P.ayment of earlier raised buyers' credit in many cases. SWIFT messages for remittance 1ere also issued by above officials.

M;. Nlrav ~odl promoted fo/loWing lhres p«r;frersriip firry)s:· ·who go! issued such fraudulent LIUs, are as under:- ,

1. Mis ~iamond R US (Partners··ANM Enterprsies Limited, NDM enter.orsles

limiter ~nd Mr. Nirav Deepak Modi) , .• -·:·;;-:-...,

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Zotrnl Officf'l Muml1ai '11' Floor, Dalamal House, Jamncilol Bajaj M:119, M,,rim,HI Poiril. lvlwnl:Jai - 400021 Phone No 022- 22834098:: FAX 02Q-2204'.l.09<l; E1nn1HD: l-QJD\!IJ•:1.;;i@1i nb.co.in

2. Mis Solar Exporls (Pllrlners- Mr. Nlruv F.r111ily~;nd~lirnv MocJi Family Trust)

3. Mis Stellar Diamond (Partners- Mr. Nirnv ·Fnmily ·1 rus\ flncJ l'/irav Modi Family Trust)

In all, lhey have got fraudulently Issued 150 LOU,; ,,9gr,19,11ing 10 USO 1-015.35 ·MIiiion (equivalent of Rs.6498.20 Cr), namely Mis. 1.>IAM0t40 R US Rs.2210.61 Cr, M/s SOLAR EXPORT Rs.2162.88 Cr & Mis. STEU./d'.'1 011\MOND ~!:.2134,,71 Cr. respectively. (The conversion rate of USO - INR is @ Rs. 64.00 = USO 1). This amount includes the earlier reported 8 LOUs ::iniounling to USO 44.22- mio equivalent lo Rs.280.70 crore.

RBI prescribes that credit for import of seml-predous and precious stone~ includiAg pearls -should not be for more than 90 days. However. in niosl cases the credit allowed Is much beyond 90 days. In last outstanding buyers' credit the LOU is establlshed ror about 360 days ab initio. This should hav.e evoked suspicion In ·the minds of overseas branches of Indian bank extending buyers creelil. These banks nev.er raised any alarm en violation of RBI g.uidel i11cs nmt co111rni!ed ro provlcle funding against fraudulenl LOUs. There are severnl discrepancies ir: ::;uch fraudulent LoUs whfch could have been easily dP.lected througt, ordinary due <liligr.nce.

It Is observed that the above,narhed accus·ed Shri Gokulnath Shelty and Sh.Mant>j Hanument Kharat 111 connrvance with partnership fim,s of NirM Modi namely Mis.

,• DIAMOND R US, Mis SOLAR EXPORT & Mis. STELLAR DIAMOND committed fraud upon the bonks to Iha tune of Rs.6•f98.:o!Q crore. We request you for Investigation against the above named accusecl and other urinarn,ed Involved persons and after havrng carried out !he investiyalion in the m;;itter, book the· accused as per law of land for punishment.

'we hereunder furnish_ the compliance of DFS cl1eckli5t.

Yours Sincerely,

(Avneesh Nepalia) ·Dy.General Manager Punjab National Bank Zonal Office Mumbai

For Punjab Nall~Mi1 Ban!t

~-·· Depllt)' Gcn0rnl r. ·! ':~·:'::;'.ir Zonal Office, ~·:o,;,:.);:;

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1h Floor: Dalamal House, Jamnalal Baja/ Marg, Nmiman Poin t. M111nbai - 400021

Phone No 022- 22834098;: FAX 022-22042094; Email- ID: ,i:o1J1•L1.t!i2,[email protected] Checklisl to Ensure Filing of Cornpleto Corn1>/~in1s b~ Banks in Fr'fil.1•is Cases

SL. DETAILS I RENIARl(S ...

NO. 1 The complain! has authorization from lhe Yt::s

1;om eetent au thority to file the comelai11l. 2 The a:ccounl has been de.clared NPA as Yes

.__ per the laid down sroced.ure . 3 The date or NPA and outsl,mdlng lheri;nf Ar.ct,un l is nc,I NPA However.

ha_ve bee.n meAlioned. tile accouol 11as ue.:11 recalled 4 The NPA account has been declared as Account has been declared as

fraud, wilh lhe dale of declaralion. Fraud on 29.0·1.2018. 5 Where there is delay in filling complain! Them, is 110 del.iy i11 filing of

with CBI after declaration of fraud by l11e llie FIH bank. The delav has been explained. --- - --· 6 The ground for declaring the fraud py lhe ,·es bank is m entioned clearly.

7 Details of back ground or company, -i~o-sanctioned credit facililies, primary ond collatera l securitv etc. are mentioned.

8 Legal facts consilullng cognlzabla ollcmce ··---- .. -·-·

Yt?s have soeeific m enlion.

9 Name(s) and role of erring b,rnk official(s) Yes ·. as per the Starr Accounlability Report is ,·

/are cle.arlv mentioned. 10 Findings of Forepsic Audit Report, if Facls re.veuled cluring in-house

conducted, and Internal lnvesliya lio11 h,vestlg.ilion rep.orl are Reoorl are du/v lncorooraled. menlic,nr=d 111 lht FIR.

11 Details o f crtm·e proceeds / end-use of -NI\-funds as per lhe findi~os of Fon:i,1~:c Audit are mentioned.

12 In cases of uncert.i inly ilbOUl the Vo!i

crlminallly on the part of bDnk oHicia ls, !he bank has menlloned allegallons agc1insl unknown oublic servants.

13 Roles of GA, Statuary Auditors, Slack As[IBr in-hous.,- investigation Auditors, Empanelled Valuers etc .. If .any r.:r,orl. no rol.? of prolesslonals are m entioned. ii, ,·,1erdic,necl .

14 Availability of relevant original oocunjenls . !C,ocumGntS · rir.e SWIFT and their safe c4stody wilh the bal!k Is :1:c~s<!gc.:s .. 1,1''· 7% and other

mentioned. p~µer~ 1,?l;;;tc,o 10 1111,1ir current aec:ou11t::; cire ;,_vailaolc.

15 The bank has ensured that ,there Is no Yes. contradiction In complaints as lo whelher ll ls an act of crime or a business loss. ,..

,'• .

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99


/O'D.

Nirav Modi Group (Firestar)

( Annexu re-8 100 Companies prlma facia beneficiary of fraud:

i) Nirav Modi Group/Associates/S ubsidiaries/firms havinq expos ure with PNB: Name Directors /Partners/Trustees/Beneficiaries Firestar International Ltd Mr. Nirav Deepak Modi (Promoter)

Mr. Haresh Vrailal Shah, Professional Mr. Suresh Chandra Senapaty, Professional Mr Gautham Mukkavilli, Professional Mr Sanjay Rishi, Professional Mrs Anaelina Nauven, Professional

Firestar Diamond Mr. Nirav Deepak Modi (Promoler) International P ltd Mr. Haresh Vrajlal Shah, Professional

Mr. Suresh Chandra Senaoatv. Professional Firestar Diamond FZE Mr. Nirav Deepak. Modi (Ultimate beneficiary owner) (Dealinq with DIFC Dubai) Mr. Bankim Mehta, Professional Director Firestar Diamond Ltd(Dealing Mr. Bankim Mehta, Professional Director with BO: Honkong)

ii) Nirav Modi Group/Associa tes/Subsidiaries/firms where suspected fraud has taken place:-Name Partners M/s Stellar Diamonds Nirav Family Trust•

- Nirav Modi Familv Trust• Mis Solar Exports Nirav Family Trust•

Nirav Modi Familv Trust• Mis Diamond RUS Sh Nirav Deepak Modi

M/s NGM Enterprises Pvt ltd# Mis ANM Enterorises Pvt Ltd #

·Detail of Trustees are as under· ~

Nirav Family Trust Nirav Modi Family Trust Settler Purvl Mavank Mehta Deepak Keshavlal Modi Trustees Nirav Deepak Modi Nirav Deepak Modi

Ami Nirav Modi Ami Nirav Modi Neeshal Deeoak Modi Neeshal Deepak Modi

Beneficiaries - Deepak Keshavlal Modi - Purvi Mayank Mehta - Ami I\Jirav Modi - Ami Nirav Modi - Neeshal Deepak Modi - Neeshal Deepak Modi - Nehal Deepak Modj - Nehal Deepak Modi - Rohin Nirav Modi - Rohin Nlrav Modi . Ananya Nirav Modi - Ananya Nirav Modi - Aoasha Nirav Modi - Aoasha Nirav Modi

# Directors as er ROC search dated 08.12.17) are as under: Mis NDI\II Enter rises Pvt Ltd M/s ANM Enter rises Pvt Ltd

Hemant Oahyalal Bhatt Ramesh Madhavdas Assar . Ramesh Madhavdas Assar . Ketan Chandrakant Solanki


iii) Other Group/Associates/Subsidiaries/fit'ms, where PNB has no exposure A. . /LLP . I . I N" M d' . o· t Companies 111 W 11C 1 irav 0 I I S rrcc or

Name of Company/ Firm Directors/Partners Radashlr Jewelry Company Mr. Nlrav Deepak Modi Private Ltd Mr. Hemani Dahyalal Bhat

Jewelry Solutions Mr. Nirav Deepak Modi International Private Ltd Mr. f-lemant Dahyalal Bhat (Amalqamated) Firestar Diamond Pvt Ltd Mr. Nlrav Deepak Modi

Mr. Hemani Dahvalal Bhat Neeshal Enterprises LLP Mr. Nirav Deepak Modi

Mr. Hemani Dahvalal Bhat Paragon Jewellery LLP Mr. Nirav Deepak Modi

Mr. Hernanl Dahvalal Bhat Paragon Merchandising Mr. Nirav Deepak Modi LLP Mr. Hemani Dah~lal Bhat Panchajanya Diamonds Mr. Nirav Deepak Modi LLP Mr. Hemant Dahvalal Bhat

B. Corporate guarantors in the M/s Firestar International Ltd and also enterprises owned or significantly influenced/controlled by key management personnel or their relative:

Name of Company/ Firm Di rectors/Partners

Firestone Trading Pvl. Ltd Mr. Hemani Dahyalal Bhat Mr. Paresh Pravinbahi Rathod

Neeshal Trading (P) Ltd Mr. Heman! Dahyalal Bhat Mr. Ramesh Madhavdas Assar

Firestar Diamond Mr. Nirav Deepak Modi (Promoter) International P Ltd Mr. Haresh Vrajlal Shah, Professional

Mr. Suresh Chandra Senaoatv, Professional

Bentley Properties P. Ltd Mr. Ramesh Madhavdas Assar Mr. Ketan Chandrakant Solanki

MAK Business Enterprises Mr. Ramesh Madhavdas Assar Mr. Manish Lalit Dani Pvt Ltd Mr. Paresh Pravinbhai Ralhod

Paundra Enterprises Private Mr. Ramesh Madhavdas Assar Limited (Formerly known as Mr.Manlsh Lalit Dani Aimeka Developers Pvt. Ltd) Mr. Paresh Pravinbhal Rathod

ANM Enterprises P. Ltd. Mr. Ramesh Madhavdas Assar Mr. Ketan Chandrakant Solanki

NDM Enterprises P. Ltd. Hemani Dahyalal Bhatt Ramesh Madhavdas Assar

Details of guarantors in the accou nt Firestar Diamond lnternatlonal p Ltd (FDIPL)

Name of Guarantor Relationship with borrower IIJirav Modi Promoter Director Firestar International Ltd proup company

.I

-~-

101


e

( Details of guarantors In the account Firestar Diamond FZE, Dubai: Name-of Guarantor Relation-ship with borrower

M/s. Firestar Holdings Lid. Holding Co. (formerly Firestone Holding Ltd) Mis. Firestar International Holding Co. Pvt. ltd. Mr. Nirav Modi Group Promoter

Firestar Diamond Ltd, Honkong:

Name of Guarantor Relatloriship with

Nirav Modi Promoter Director Firestar Diamond

Group company national Pvt. Ltd

C. Related parties of Firestar international Ltd Subsidiaries companies:-

Firestar Group Inc, USA Firestar holding Limited, Hongkong

Step down Subsidiaries Company:Firestar Group Inc., USA Firestar Holding Limited, Hong Kong Firestar Diamond Inc., USA Firestar Diamond International Inc., USA Flrestar Jewelry Limited, Hong Kong Firestar Diamond BVBA, Belgium Firestar Diamond LLC, Armenia FS Diamond Ply Lid, South Africa Fantasy INC, USA Firestar Jewelry INC, USA Nirav Modi Jewels BVBA, Belgium Nirav Modi Limited, Hongkong Nirav Modi Limited, London Nirav Modi Limited, Russia Nlrav Modi Limited, Macau Nirav Modi Limited , France Firestar Diamond PTE Limited, Singapore Firestar Diamond and Jewelry FZCO, UAE Firestar Diamond Ltd, Russia Synergies Corporation

Camelot Enterprises Private Limited Rohin Trust A Jaffe INC., USA Nipur BVBA Islington International Holdings PTE Ltd

bor.rowcr

~ -· 102


Annexure-C Some of the properties movable including immovable properties detai ls available with us:-

Firestar International Ltd: -

A. Movable: First pari-passu charge by way or hypothecation of stocks lying at factory premises as well as outside on job-order basis, Receivables and other current assets (present and future of the Company) and receivable with other consortium banks.

B. immovable: (Mortgaged to the Consortium on pari ·-passu basis)

SN Security Description !Ar ea in Sq M or Ownership Sq Ft

1 1110, 11th floor, Prasad Chambers, Opera 530 Sq.ft Carpet Firestar international House, Mumbai 04 Area Pvt.ltd .

2 ·1111, 1 ith Floor, Prasad Chambers, 715 Sq.ft Carpet Firestar international Opera House, Mumbai 04 IArea Pvt.Ltd.

3 No.8 & 15 Nagindas Mansion CHSL, ·1966 sq. Ft. Carpel Firestar international J.S.S. Rd. , Opera House, Mumbai-04 Area Pvt.Ltd.

4 No.16, 4th Fir, Nagindas Mansion CHSL, 846 sq. Ft. Carpet Firestar international J.S.S. Rd, Opera House, Mumbai 04 !Area Pvt.Ltd.

5 Flat No.4, 2nd Fir, Grosvenor House, 2590 sq. Ft. Carpet Mr. Nirav Modi Peddar Rd .. Mumbai-26 /\rea

6 Unit No.518. 520, 522, 524, 526 & 528 at 2861 Sq. Ft. Firestar international 5th Floor, Belgium Towers, Surat Pvt.Ltd.

7 6th floor, 238, Block- Ill, Mafatlal Centre, 15645 Sq. Ft Bentley Properties Nariman Point, Mumbai 400021 Pvt. Ltd

8 Unit No. 2001 & 2002, 20"' Floor, Tower Unit No. 2001: MAI< Business B',Peninsula Business Park,C.S. No. 243 15,071 Sq. Ft. Enterprises Pvt. Ltd.

~f Lower Parel Division, Ganpatrao Kadam Unit No. 2002: Marg, 15,387 Sq. Ft. _ower Parel , Mumbai - 400 013

lt\ttached with Cai Parking

. Unit No. 2001: 14 Nos. Unit No. 2002: 15 Nos.

9 HCL House Documented Plo1 Paundra Enterprises Basement + Ground + 4 upper floors of the !Area: 30,127 Sq. Ft. Private Limited Building along with Land bearing C.S. No. (Formerly known as 360 of Vile Parle Division, Village Maro!, Buildup Area o Aimeka Developers Opp. Sugun Hospital, Building: 33,400 Sq. Pvt. Ltd.). Old Military Road, Ft. Andheri (East) , Mumbai - 400 059

10 L&B at Plo t No. 18, 19, 20 & 67 survey 4000 Sq mtr. Firestar Diamond No.336 & 395 at Sachin, SEZ, Surat International

11 Plant & Machinery - FIPL. Firestar International Pvt Ltd I .

~ .··· ,'

103


Exclusive Secur ity with the PNB : SN Security Description Arca in Sq M or Sq Ft Ownership

( 1 Office premises No. AE4050 on 4th floor a t 2058 sq. ft. Fires tar lnternationa Bharat Diamond Bourse Complex, C-28, G Block, PvL Ltd. Bandrn Kurla Complex. Sandra East, Mumbai 100051

2 Land and building at Plot No.26 located ir 1000 sq. m. land and Fireslar International SURSEZ, Sachin, Dist. Surat-26 12900 sq. ft. building Pvl. Ltd.

Firestar Diamond International Pvt Ltd(FDJPL):

A. Movable:

B

First parl-passu charge by way of hypothecation of stocks lying at factory premises as well as outside on job-order basis, Receivables and other current assets (present and future or the Company) and receivable with other consortium banks .

. Immovable: (Mort9aged to the Consortium on pari -passu basis) Security ~rea In Ownership Description qM or

Sq Ft Unit No. 23, 3'0 floor. B Wing, Tower No.2, Kollinoor City mall along 15133 .7 Fires tar '11i lh 10 covered car spaces bearing No. 61 ,62,63,64, 64A, 65, 65A, Diamond 66,66A and 67 in the lowest basement of Kohinoor City, Opp. Don International Bosco School, Kiral Road, Off. LBS Marg, Kurla (W), Mumbai-70.

Pvt Ltd(FDI PL) Unit No. 24,4'" floor, B Wing, Tower No.2, l<ol1inoor City mall along 15'133.7 Firestar with 10 covered car spaces bearing No. 67.A., 71, 71A, Diamond 172,73,74,75,76,77 and 78 in the lowest basement of l<ol1inoor City, International !Opp. Don Bosco School, Kiral Road, Off. LBS Marg, Kurla (W), Pvt ltd(FDIPL Mumbai-70. -

'r}/

. 1·"' ~ 104


Factoryf\lllorks address:

Firestar Diamond International Private limited 1. Surat. Plot No. 18, 19,20 & 67, SEZ, Sachin, Surat - 394221. 2. KurJa • Unit No 23 & 24, Tower II, Wing B, l<oh!noor City, l<irol Road, oif: LBS Marg,

Kurla West, Mumbal -4 00070. 3. Mumbai Store: ITTS House, Saibaba Road, Kalaghoda, Fort, Mumbai-400001 . 4. Delhi Store: D-33, Varun Marg, Shlniwas Puri, Block D, Defence Colony, New Delhi,

Delhi -110024. 5. Andheri: Army Navy Press Bldg, Plot N0.118, Road 18, MIDC, Andl1eri East, Mumbai

400093, India. 6. Unit no 26, Ground Floor, Tower No 2, Kohinoor City Mall, Kiral Road, Off LBS Marg,

Kurla West, Mumbai-400070

Firestar International Limited

1. 518·522, 5th Floor, Belgium Tower, Opp. Linear Bus Stand, Ring Road, Surat 395003, India

2. G-1-181, SEZ-11, Silapura Ind!. Area, Jaipur-302022 . 3 . 2r]d Floor, Trade Point Building, Kamala Mills Compound , Lower Pare! (west), Mumbai

- 400 013 4. Army Navy Press Building, Plot No 118, Road No 18, MIDC, Andheri (East), Mumbai

400 093 5. Plot No 26, Road 13,Surat SEZ, Sachln, Surat, Gujaral, 394230 6. Bharat Diamond Bourse, Tower A (East) - 4050, BKC, Bandra East, Mumbai - 400

051 7. Kurla • Unit No 23 & 24, Tower II, Wing 8, Kohinoor City, Kiral Road, off: LBS Marg,

l<urla West, Mumbai -400070

In addition to above, covered under insurance are listed below:-

8. 21ld floor.Trade point building,Kamla MIis Compound, Lower Parel(West),Mumbai-400013(bound warehouse)

9. 1110, Prasad Chambers, opern house, Mumbai 400004 10. 8,5 and 16, 15-8, Nagindas Mansion, 5·1, J S Road, Opera House, Mumbai 400004 11. 15/A, 41

h Floor, Bansilal Building, Clo Sangeeta Kata Bhawan, JS S Road, Mumbai 400004

12. AE-4042, 8 Tower, Bharat Diamond Bourse, G Block, Sandra l<urla Complex, Sandra East, Mumbai 400051 ·

13. PBW, Part B, Unit no 24, 411, Floor, Tower 11., Wing B, Kohinoor City Mall, Kirol Road, Opp LBS Marg, Kur/a (west), Mumbai 400070 (bonded warehouse)

I,._,,,.,,,..

-- · 105


I '-""V,

Fraud Risk Management Division, Corporate Office, Punjab National Bank

Date: 19.02.2018

f,,'7~1; Vv ::e Secretary, Ministry of Corporate Affairs, New Delhi.

Sfr,

J

Subject; - In the matter of PNB fraud by the Gitanjali Group.

tam to refer FIR No. RC02(E)/2018/CBl/8S&FC/Mum registered with CBI: BSFC, Mi,Jmbal on 15/02/2018 against Gitanjali Group for an amount of fraud of Rs.4886. 72 crores (Annexure A). I understand that Ministry of Corporate Affair has ordered an lnliestigation Into various companies of Gitanjali Group through Serious Fraud Investigation Office on 16111 February, 2018.

In this regard, I am to say that the companies and persons as per Annexure B are prima facie beneficiaries of this fraud. I have also strong reasons to believe that these companies and persons are either frittering away the assets or creating third party rights. The individuals are likely to divert and siphon off their personal assets.

I being representative of one of the major creditors seek protection and restrain against alienation or creation of third party rights on the assets owned by the above named companies and persons since these legitimately belong to us being the bona fide creditor who has been victim of the fraud perpetuated mainly by the above persons.

I shall be grateful in case irnmediale steps are taken against the persons mentioned in Annexure B to attach all the movable and immovable properties. Some of the p(operties movable including immovable properties the details available with us are mentioned as per Annexure C. However, I also understand that the individuals and companies are having various undeclared securities, lockers, bank accounts and properties in India and overseas therefore, I request that even the undeclared properties of such persons be put lo restrain on alienation, creation of third party rights or lien or transfer thereof. I shall provide all other , necessary details as may be required for this purpose.

Yours faithfully,

--·~ General Manager

llitrlfu lrnllf.rn : 1<'iTc m.zll-4, ~(- 10, ~ . ~ ~-110075 • <j;i"411i : 011·2B075000, 28045000 • lRrarJc : www.pnblndia.ln

Corporale Office: Piol No.-4, S octor-10, Dw~1ka, New Delhl-110075 , Telephone: 011·28075000, 2RD45000 , Website : wv.v1.pnblndia.l~

imri 'lm.l ;I.,~ f.!!l\'1' 24 ti~ ~ct lR! ~ 311""1 «ll'lff tPunJ•b Nallon•I B,nkwelcomco you lo tollfroo 2.4 hou,, call center :1000180222V1800 103 2222

106

PM


~~. 971 Book l~o.

1. j;;_@r: ttRl: ~:

District PS: Year

CBI BS&FC/Mum

2. { 1) r<ltW! : wmt : Act IPC

Sections

'( 2) fcl~: muii: Acl PC Sections

(3.) p.:iqfi!: llTITTt : Acl Sections

('I) 3F!l f<rlITT Q!:i muit. : Olher Acts & Sections

3. ~qi) 'l«ITTI 31"Rlt.l :

·-. -··· ·-·,

:fi'tl ti .• 12 Serial No.

11.tl, )l,sj;,

FIR No. ~: Dote 15.02.2018

2018 RC02(E)/2018/CBI/ 8S&FC/Mum

120-B !PC r/w 420 !PC and substantive offences thereof.

13 (2) r/w 13(1) (d) of PC Act, 1988

(a) Suspecied Offence : Crlmlnal Conspiracy, Cheating, Crfminal Misconduct of Pub lie Servants and Abuse of Official position.

(ill) R'1 : (bl Day

2017- 2018

(11) eif.l ~ ~ma ffi<lil [c) Information received at PS

r: ·--~ CBI: llSFC: MUMBAI "1' 1'1"11 3l'fU~:i :

En1iy No. O G

4. ~ <j;f v,;;n: : Type ol lnlormallon

5. t!,Z'll ,t;r 'f<'TR Place of Occurrence

~ Dale

(<i>) t{f.l 'W\fil~ail.fid:other places (a) Olreclion & Ellstance from PS

R'TI"<fi Date

f0T'fi' Dale

WT?l Time

13-02-2018

wrq

Time 15-02-2018 at 5.30 P.M.

rnf'ffil /lllfurcf; Wrillen/Oral Written

~2,·\8 \5 ..

. . RAUT, IPS IWDT, Of POUCE cm:ae:MUMIAt

-;ftc "'i. I Beal No.

.. . . .

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6,

( 71) "ER)lff<W 3R ~AT ~);.nf~<filt if t of 'llRi ·· (c) In case, outside the limit of this Potlce Station, !hen

Not Applicable

;(ffi'! 'IJFO <lil ,irr, Not Appllcable Name of PS

~ · Not Applicable District

31f,J<ftlft I tl,~q,(ll : Complainant I Informant

<~) m (a) Name

( <S°) Nm I 'ffiT <J;l "!!ti' (b) Fa lher's I Husband's Name

(7l) ~w.1 fc) Date of Birth

N.A.

shrl Avneesh NepaHa, Dy. General Manager, Punjab National Bank, Zonal Office, Mumbai

N.A.

('El) mtrzrnr : (d) Nationality

Indian

N,ll/. N,A, N.A. (~) -q·m:qri-;j, ............................... "1m ~ .............. "" ,;;rr.ft ~'if,]~ .................. ..

(e) Passport No · Date of Issue Place of ·1ssuti

(~) ~ (f) Profession

("ff) t@T -

(g).Address

Service

Shrl Avneesh Nepalia, Dy. General Manager, Pun/ab National Bank, Zonal Office, Mumbai ·

7. : ~ I .t"("l,1 / -3-'IBio / 3l Rm cn! .'l1'f ~ : Details of lmown / suspected / unknown accus!ld with full particulars

('<!~ <)1fq~ 1,1 m ,3Wfll .) 1Fll m'fT'! <ii{> (Attached separate sheet, If necessary)

( 'I)

(2)

(3).

As per Annexure-1

. . . :

,:

\. . .. ····

•.0 ... 108


No.

1 Shri Gokulnath SJ1etty, Dy. Manager (Retired), MCB, Brady House, Mumbai and R/o No. 8, Sujata, Plot No. u /3241 TPS-111, Kasturbag, Borlwali (W), Mumbai.

2 Shrl Mano/ Hemant Karat, Single Window Operator, MCB, Brady House, Mumbai and R/o A-602-6tl' Floor, 'A'· Wing, Durwar:ikur CHS Ltd. Dadojl, Konddeo Road, Opp. Susex Industrial Estate, Bvc:ul!aa (E), Mumbai

:; M/s Gitanjali Gems Ltd., A-11 i" Floor, Laxml Tower, Bandra Kurla Complex, Sandra (E), Mumbal-400051 and No. 801/802, Prasad Chamber, Opera House, Mumbai-400004.

4 M/s Gill India Ltd., at Laxml Tower, 'B' Wing, Office No. 6, "G" Block', 1•t Floor, Sandra Kurla Complex, Bandra (E), Mumbal-400051.

5 M/s Nakshatra Brand Ltd., at Laxrni Tower, 'B' Wing, Office No. 6, "G" Block, 1'

1 Floor., Sandra Kurla Complex Bandr:a (E), M.umbai-400051. 6 Shri Mehul Chinubhai Choksi, Managing Director of M/s Gitanjali Gems Ltd.,

Gokul Appartrnents, 9.9/9th & 10th, Near White House, Walkeshwar, Mumbai 400006.

7 Shri Krishnan Sangameshwaran, Director of M/s Gitanjali Gems Ltd., Cottage 3, Pyramid Complex, Dhyanaprastha Foundation, KTN Palayam, Vadavall , Coimbatore, Tamil Nadu

8 Smt. Nazura Yash Ajaney., Director of M/s Gitanjall Gems Ltd. and M/s Giii India Ltd. 12-H6, Mars Society,, Kalyani Na1;ar. Pune: Citv, Pune 411006

9 Shri Dinesh Gopaldas Bhatia, Director of M/s Gill India Ltd. and M/s Nakshatra Brand Ltd, Morwadl, 3rd Floor, Room No.3, Bhatia Niwas, 50, Babu Genu Road, Mumbai 400002.

10 Shri Anlyath Shivraman Nair, Director M/s Gili India Ltd., Room No.71 Chaw! No.21 Saniu Colony, Laxml Ba.1;h, Katemanivali, Kalvan East, Mumbai 421306.

11 Shrl Dhanesh Vrajlal Sheth, Director of M/s Gitanjali Gems Ltd. & M/s Gili India Ltd and M/s Nakshatra Brand Ltd., 5, 1st Floor, Ganpat Bhuvan, Morvi Lane, Chowpattv, Mumbai 400 007

12 Smt. Jyoti Bharat Vora, Director of M/s Nal<shatra Brand Ltd. No. 28/A/07, Hill Rock Societv Swatantrya Sainik Na.1;ar, Ni;:ar CNGI Hooe Center Am boll.

,;; Smt. Anif Umesh Haldipur, Director of M/s Nakshatra Brand Ltd. Flat No.3011

Ulka Appartment, Plot No.21, Sien, Fort Road, Mumbai 400022 and Flat No. 4-S, Shankul Condominium, E'Wane, Near Dinanath Hospital, Pune.

14 Shri Chandrakant Kanu Karkare, Director of M/s Gitanjali Gems Ltd. R/o 48/501, Evershine Millennium, Near Thakur Cinema, Villege, Kandfvalli (E), Mumbai

' Shri Pankuri Abhljit Warange, Director of M/s Gitanjall Gems Ltd. R/o 601, 15 Saidhar:n Aoc!rtment, Chapekar Bandu Marl!:, Mulund (!,:), Mumbai

16 · Shri Mihlr Bhaskar Joshi, Director of M/s G!li India Ltd. R/o No. 21

MaFluprasad ,"""\ Chaw!, Overioada, S.V. Road, Dahisar{E), MLJmbai

17 : Unknown Public: Servants of Punjab National Bank and othe~s~ M:llA,.:- 1J ~ \ ~\__......-:-\ 5· µ 1---·

..... ...

.

. ··· ...... : ... ; .. :/

.

.. SHARA DA RAUT, IP$. $UP'Oi. OF POLICE Clt:SS!-C:M.UMBAI

' ."- 1.. 109

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No delay.

9. a:Jlttfcf / ~ ~ <fi1 'T,li'~IJ: (<Wi 3l'J<IVliqi·lt "ill 3tt)'T 1),-q:;::n tfW,{ <eft) Particulars of properties Stolen."(Attach separate sheet, if necessary)

~s. 4886.72 Crores (Approximate)

10. ~ /~tlllffii<lil'.l>"'t'f~: To1al value of pror,erty stolen

Rs. 4886.72 Crorcs (Approximate)

11. 'll'! t 31'llWf 1fi'!! <I_i'R[ ~ : Inquest Report/ U.D. case No. If any

N.A.

12. 31.erc! tfRl ~ :- (7lf<: 3WW-!lli TI m 3Wf'l 'il 'Ff! 1fWi1 <fi1) First Information contenls (Altach separate sheet, If required)

As per Annexure-11

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~DA RAUT, f PS ""'"'T. OF POLICE CSl:BSFc:MUMSAI

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14.

15,

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• ·---· · ·-·····, ..... . .. w, .... .. , ... uwvvo " "'"''''C'lllt.1r1 IC'IVO'OH) \.,\Jlttl1U:HSIUTI 01 tJnt:,ncetS) u,~ OS merwonea at Item No, 2

Regular Case Is registered arid entrusted for Investigation.

C 1 ) "rffllffi ~ WIT 1'1<tT ~ ~ 'l!R'll 8an ·a:i~cfl Registered the case and took up the invesllgation or

< 2) f.Rfm (~RI ~ 1f>T ,rq) ~ '=i. ~ im fITT1 lf{fl

Directed (Name of 10) Rani< No. Took up for investigation

Shrl s. Jai11umar, Supdt,·of Police, ·CBI, BSS.FC, Mumbai

( 3) <ffi'JT 'if ~ ~ 1frr"/I Refused investigation clue to

N.A.

(4) ~fl <TAT 4il ~ful f.nqr ~ Tr.:nsfarred to PS

N,A,

i;;R'!J· District

<>T~T or

~\;ilflTclm ~ 31lt1R 1:f{

on point of jurisdiction

zj,M'ft I ~I <11'! 11.~ tffl ~"' I ~' 1I'ltqJ 1flll, f,;r-@r -m,')-,n;1 3lf'-,~ ~!'fl ~ Ffj!ff I ;;wm ~ 11fo Slfsfl!J111 / t["~~i q;i R:~ ~ <f>1' ~,{ 1

FIR re3d over to the complainanVlnlormant, admitted to be correctly racGirded and a copy given to tho comp!ainantlinformant, free of cosL

'1'7.: "" Wfrll cl 00 ~ ml 'T11IT I R.O.A.C.

3~ I tf.'•111ilinf '1fi iIBWJ;,'\ S!gn,!fllre/Thumb impression of the' complatnan\/lnform~nt

For Punjab National Bank

Deputy G~ral M.@a,m_. '2!fflaF<rmmii.1Milrff'8af l{cf .Wfl! Date and time of despatch to lhe COUl1

m;ir aifuq;m ~ 6«1l<tR Slg1, :itur,3 of Officor In-charge { "' q /' Police Sfatlo11 , (l9'\'0 __.---:;-' I g "'ll"ll / N 3MO :---- \$, 02-"· ( -q-a;) / Rank (SHAf\q\P.A AAUT, lPS) ·

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Supdt. of Pol!c:e COl:BS&FC:Mumbal

SHARAOA RAUT, tPS · -SUPOT. OF POl:ICe C8l:B5fC:MUM~ / g

;~~j_ori.·~ (SHARAbA RAl:IT; IPS)

Supdt; ofsPollce

('ll'lTU 3~ %~-~f.bal Signature of recording -Officer wilt> date

'

~A AAUY, e?'8 SUPOT. Of POLICE Clf:lltwe:MUMMt

~' : .

..... 111


1 nae cne accuseo tianK umc1als viz, Shrl Gokulnath Shetty, Dy. Manage r and Shrl Mario!

Hemant Karat, Single Window Operator, PNB, Mid Corporate Branch, Brady House, Mumbai In

connivance with the accused companies represented by its Directors and unknown others during

2017-2018 defrauded the Punjab National Bank to the tune of an aggregate amount of.LJSD 754.92

MIiiions (equivalent to Rs.4886.72 Crores @ Rs. 64.00 per USD) in the matter of Issuance of

unauthorized and frauduieiitTiitters. of Undertaking (LoUs) in favour of Foreign Branches of

different Indian-based Banks and purported Foreign Letters of Credits (FLCs) in favour of foreign suppliers of the accused companies.

· The modus operandi adopted by the accused Bank officials is that they deliberately

ornitted:in making entries of the Lo Us purportedly Issued on behalf of the accused companies, In

the Core Banking (CBS) Systern of the Bank, to avoid detection. The funds raised through the

said LoUs were meant to be used for payment of Import Bills of the accused companies, whereas

it was dishonestly and fraudulently utilized for discharging the earlier llabHltles on account of

Buyer's Credit Facilfty alfowed by the Overseas Branches o'f lndlan Banks.

The modus operandi with regard to the FLCs Is that they were opened Initially tor smaller amounts by creating purported entries In Core Banking Solutfon system and sending the relevant

Foreign Letters of credit (FLC) through SWIFT Messages. The accused Bank Officials, pursuant to the conspiracy unauthorlzedly and dishonestly enhanced the value of the FLCs manifold and

Issued amendments to the said FLCs through SWI FT Messages without recording the same in CBS

system, whereby the Overseas Branches of Indian Banks discounted the Bills submitted by the

beneficiary Suppliers. The PNB was thereby put to a wrongful loss of an aggregate amount of Rs.

4886.72 Crores (Approx.) and corresponding wrongful gain to the accused companies, it's Directors and unknown-others.

The above information Is as per the written-Complaint dated 13-02-:2018 made by Shri

Avneesh Nepalia, Dy. General Manager, Punjab Natlonal Bank, Zonal Office, Mumbai, that Is

enclosed herewith In o riginal as part of this FIR. The Written Complaint Is enclosed with a List of Directors of the Accused Companies and Lists of LoUs and FLCs.

The facts narrated In the said Complaint, prima fade discloses commission of offence punishable lJ_/s 120-B IPC r/w 420 of IPC, Sec.13(2) r/w 13(1)(d) of PC Act, 1988 substantive offences thereof. ·Accordingly this Regular Case ls registered ,md entrusted to Shr/ s. Jailwmar, supdt. Of Pol Ice, CBI, BS&FC, Mum bar for Investigation and report.

? \ .... , ..... ·.· .. : ..... :/

~~9~o?---·'& \----~). (SHARAOARAUT, IPS)

Supdt. of Police CBl:8S&FC:Mumbal

SliARAOA RAUT, IPS SUPDT. OF POLICE CfJl:BSfC:MUMBAV

., ____ 112


"ITTc:'ll FffllR! <fft 'lllrt!ITTi 1~ ~ il~l 3Pl f<fEWll :-. Physical features, deformllfes and ~!her details of tile suspecVaricused : (If known / seen)

\n:~. ' ffiTf ·~ <li1 ·~IBn TJo, ·~it •cf(lf -~~ SL {Sax} nR'ml I crcf (Built) in. "q (Complexion) (ldenUncallon No. Date/Year (Height) Markis)

of Birth On Cms) 1 2 3 ii 5 6 7

N,J1- N.A. N. A. N.t N, A, N,A.

~~e;iu@T c:io ~ 9l[l!j ~a ~ (qerorrnities/ (Teeth} (Hair} (Eye) (Habits) (Dress RahiVs) peculiarities)

8 9 10 11 12 13

N.A. N. A. N,A, N, A N.J. N,A,

'qJllI i <!@1 ~ I Place of

. ~ <lilf.mfr ~~ mi 'GlWl ~ w (Language/Dialect) (Bum Mark) (Leucoderma) (Mole) (Scar) (Tattoo)

14 15 16 17 18 10

N.A. N. A. N,A. N.A. N.A. N. A.

3]'f-Tlrr'TI I~. GTU WG'G I :.:if~~ ajt ii~ <lT ~fqq; f~ R11; 'G!R 'TI: ~l ~~ qi)

~I . ~~~ These fields will be entered only If complal!lanVlnforman! gives any one or more pa~iot:illfrs _abput.~e\ & suspecVaccused. \ 5 , OZ..·

OICIGIPIR~ ND-21J•C81/04 di. -5-0•!-000 SHAAAOA AAU.T, ·IPS SUPOT. OF POLICE CBl;SSFC:MUMBAI .

113


The Joint Director Central Bureau of Investigation, Mumbai

13.02.2018

Reg: Criminal Complalnt for addition to FIR against Mr. Mehul Choksi, Pron'1oter of Gltanjafi Group Co1t1panles for having committed offences of Cheating and Fraud thereby, causing loss of USD 754.92 rnlo equivalent to Rs.4086. 72 to the banks.

Sir, It is to inform that our internal Investigation team has brought to our notice cases of unauthorized Issuance of LOUs on behalf of Mr. Mehul Choksi promoted Gitanjali group of companies.

The Issuance of above LOUs were effected by Shri Gokulnath Shelty, the then Dy. Manager, (PF No. 107272), since retired on 31-05-2017, and Shri Manoj Karat ~PF No. 331096) who was posted at our Mid Corporate Branch, BrarJy House, Mumbai . since 31.03.201 o and was looking after import section and Shri Manoj Hem ant Karat, SWO-B, (PF No. 331096-under suspension) at the same branch. They have fraudulently Issued LOU's without following Bank's prescribed procedures of obtaining required request applications, documents, approval of the authorities thereto etc. and without making entries in the Banking system avoiding detection of the transactions, so made, transmitted swift instructions to the overseas branches of lnd\an baAk under Buyer's Credit. Credits received under the Buyer's credit in the Bank's Nostro accounVs were however utilized for payment of earlier raised buyers' · credit In many cases. Such SWIFT messages for remittance were also issued by above officials.

RBI prescribes that credit for import of semi-precious and precious stones Including pearls should not be more than 90 days. However, in most cases the credit allowed under referred LoUs is much beyond 90 days. For outstanding Buyer's Credit, the LoUs are established for about 360 day$ ~b-initio. This should have evoked suspicion in the minds of overseas branches of Indian banks extending buyers credit: These banks never raised any alarm on violation of RBI guidelines and continued to provide funding against fraudulent LOUs.

····· . ...... . ',,\

•.: .. ,., ...... ··' .. .

l14


1nere Is no aocumemary ev1aence ava11ao1e ,o pruvt: tr li::IL 1111::;;t: 1111µu1L '""'"'a1,11u11<>

are bonafide trade transactions. There are several discrepancies in LoUs which could have been easily detected by ordinary due d!ligence.

On investigation misuse of SWIFT system to benefit Gitanjali group of companies was also observed for transactions related to Foreign Letter of Credit (FLCs).

The conniving officer also issued FLCs by entering a smaller amount in trade finance module of CBS system and generating the reference no. and a SWIFT message was sent for the amount. Subsequently without making any change in trade finance module of CBS system the conniving officer sent modified SWIFT message for enhanced amount under the same reierence to the beneficiary bank. The beneficiary/Overseas Supplier had discounted the documents drawn under such FLCs (based on SWIFT message) with Overseas Banks.

In all , unauthorised LOUs aggregating to USO 473.77 Million (equivalent of Rs.3032.12 Cr) and unauthorized tCs aggregating to USO 281.'i 5 million (equivalent of Rs.1854.60 er) were issued In Gitanjall Group. (The conversion rate of USD- INR Is@ Rs. 64.00 = USO 1).The company wise detail is as under:-

For·LOUs

Name of Amt. in USO Amt. In Rs. Firm/Coml!any Jrnio) (crnre)

:Gitaniali Gems '·~ 335.06 2144.37 Gill India Ltd 88.54 566.65 Nakshatra Brands Ltd

-50.17 321.10

·TOTAL 473.77 3032.12

For LCs

Name of Amt. in USO Amt. in Rs. Firm/Company lmlo) (c ror~ Gitanjali Gems Ltd 89.86 575. 11 Gili India Ltd 97.72 625.40 Nakshatra Brands Ltd 93.57 598.85 TOTAL 281.15 1854.60

115


It ls observed that the above named accused Shri Gokulnath Shetly and Sh.Mano] Hanument Kharat In connivance with Mr. Mehul Choksi promoted Gitanjall Group of companies namely Mis. Gitanjali Gems Limited, Mis Nakshatra Brands Ltd & Mis. GILi India Limited, commlttes fraud upon the banks to the tune of Rs.4886.72 crore. We request you for investigation against the above named accused and other unnamed Involved persons and having carried out the investigation book the accused as per law of land for punishment.

We ~ereby furnish compliance of DFS checldlst as well c1s List of Directors alongwith their ·addresses who are actively Involved in the day to day affairs of the companies 1..----------·\.e. Mis Gitanjali Gems lid. , Mis Glli India Ltd. and Mis Nakshatra Brands Ltd.

Yours Sincerely,

(Avneesh Nepalla) Dy.General Manager Punjab National Bani< Zonal Office Mumbai

Encl: As above

Fol' Punjab Nationa( Bc111k

Page 3 of 4


... 111 SL. DETAILS REMARKS NO.

1 The complaint has authorization from the Yes competent authority to file the complaint.

2 The account has been declared NPA as Yes per the laid down procedure.

3 The date of NPA and outstanding thereof Account is not NPA. However, have be.en mentioned. the account has been r.ecalled

4 The NPA account has been deolared as Account has been declared as fraud, with the date of declaration. Fraud on 07.02.2018.

5 Where there is delay In filling complaint There Is no delay in filing of with CBI after declaration of fraud by the the FIR bank. The delay has been explained.

6 The ground for declaring the fraud by the Yes bank Is mentioned clearlv.

7 Details of back .ground of company, sanctioned credit facilities, primary and collateral securily etc. are mentioned.

-NO-

8 Legal facts consituting cognizable offence Yes have specific mentl.on.

9 Name(s) and role of erring bank official(s) Yes as per the Staff ~ccoun!abllity Report is /are clearly mentioned.

iO Findings of Forensic Audit Report, If Facts revealed during in-house conducted, and Internal lnvestigalion Investigation report are Report are dujy incorporated. mentioned In the FIR.

11 Details of crime proceeds / end-use of -NA-funds as per the findings of Forensic Audit are mentioned.

12 In cases of uncertainty about the Yes crlminality on the part of bank officials, the bank has mentioned allegations against unl<nown_flublic servants.

13 '

Roles of CA, Staluary Auditors. Stock As per in-house investigation Auditors, Empanelled Valuers etc., If any report, no role of professionals are mentioned. Is mentioned.

14 Availability of relevant original documents Documents like SWIFT and their safe custody with the bank is messages, MT-799 and other mentioned. papers related to their current

accounts are available. 15 The bank has ensured that there is no Yes.

contradiction in complaints as to whether it is an act of crime or a business loss.

·-··-

of4

.........


Details of Directors 118 SI. No. Name of the Directors

1. Shri Mehul Chinubhal Choksi1 Managing Director of M/s Gltanjali Gems Lid., Gokul Appartments, 9919th & 10th, Near White House, Walkeshwar, Mumbai 400006.

2. Shri Krishnan Sangameshwaran, Director of M/s Gitanjali Gems Ltd., Cottage 3, Pyramid Complex, Dhyanaprastha Foundation, KTN Palayam, Vadavall, Coimbatore, Tamil Nadu

3. Smt. Nazura 'i'ash Ajaney, Director of Mis Gilanjali Gems Ltd. and Mis Gili India Ltd. 12-H6, Mars Society,. Kalyani Nagar, Pune City, Pune 411006

4. Shri Dinesh Gopakias Bhatia, Director of Mis G1li India Ltd. and Mis Nakshatra Brand Ltd, Morwadi, 3rd Floor, Room No.3, Bhatia Niwas, 50, Babu Genu Road, Mumbai 400002.

5. Shri Aniyath Shivraman Nair, Director Mis Glli India Ltd., Room No.7, Chaw! No.2, Sanju Colony, Laxml Bagh, Katemanlvall, Kalyan East, Mumbai 421306.

6. Shri Dhanesh Vrajlal Sheth, Director of Mis Gitanjali Gems Ltd. &

Mis Glli India Ltd and Mis Nakshatra Brand Ltd., 5, 1st Floor, Ganpat Bhuvan, Morvi Lane, Chowpatty, Mumbai 400 007

7. Smt. Jyoti Bharat Vora. Director of Mis Nakshatra Brand Ltd. No. 281N07, Hill Rock Society Swatantrya Salnik Nagar, Near CNGI Hope Center Amboll.

8. Smt. Anll Umesh 1-taldipur, Director of Mis Nakshatra arand Ltd. Flat No.301, Ulka Appartment, Plot No.22, Sion, Fort Road, Mumbai 400022 and Flat No. 4-S, Shankul Condominium, E'Wane, Near Dinanath Hospital, Pune.

9. Shri Chandrakant Kanu Karkare, Director of Mis Gitanjali Gems Ltd. R/o 481501 , Evershlne Millennium, Near Thakur Cinema, Vlllege, Kandivalli (E), Mumbai

10. Shri Pankuri Abhljlt Warange, Director of Mis Gilanjali Gems Ltd. Rio 601, Saidham Apartment, Chapel<ar Bandu Marg, Mulund (E), Mumbai

11. Shrl Mlhir Bhaskar Joshi, Director of Mis Gili India Ltd. Rio No. 2, Manuprasad Chaw!, Overipada, S.V. Road, Dahlsar (E), Mumbai

~ .... •'


,-·

Gltanlall Group

Annexure-8 Companies prim a facia beneficiary of fraud:

Company Name Director ·-Gitanjali Gems Ltd Mr. Mehul Chlnubhai Choksi. Promoter

Mr. Krishnan Sangameshwaran , Professional Mr. Dhanesh Vrajlal Sheth, . Professional Mr. Nazura Yash Ajaney, , Professional Mr. Anil Umesh Haiidar, Professional (Joined 11.08.17)

Gfff India Ltd Mr. Dhanesh Vrajlal Sheth, Professional Mr. Anlyath Shlvraman Nair, Professlonal Mr. Sudhirbhai Ambalal Mehta, Professlonal (Ceased to director on 03.01.17) Mr. Dinesh Gopaldas Bhatia, Professional

Mr. Nazura Yash Ajaney, , Professional (Joined 16.12.16)

Nakshatra Brands Ltd Mr. Dlnesh Gopaldas Bhatia, Professional Mr. Dhanesh Vrajlal Sheth, Professional Mrs. Jyoti Bharat Vora, Professional Mr. Anil Umesh Haldipur, Professional

Asmi Jewellery India ltd Mr. Sudhirbhai Ambalal Mehta, Professional (Since amalgamated as Smt Chetna Jayantifal Jhaverl, Professional per MCA record) Mr. Dinesh Gopaldas Bhatia, Professional

Personal /Corporate Guarantee

Gitanjali Gems Ltd

Name of Guarantor Relationship With borrower

Mr. Mehu/ C. Choksi Managing Director M/s Decent Securities & Finance P Ltd (To the extent of value of ':orporate Guarantee property offered to the consortium) Mis Eureka Finstock Pvt. ltd. (To the extent of value of property :Corporate Guarantee !offered to the consortium)

.

Gili lndla ltd/ Nakshatra Brand Ltd/ Ashmi Jewellery India Ltd

Name of Guarantor Relationship With borrower

Mr. Mehul C. Choksi Managing Director Mis Gitanjali Gems ltd Corporate Guarantee

t I I ,

1·'"'.. 119


Companies/LLP in which Mehul C. Choksl is Oirector(As per ROC record as on '17.02.18): Gitanjali Jewellery Retail Limited Ljow Private Limited Bezel Jewellery (India) Private Limited Cuttack Lifestyle lndusttial Park Private Limited Sanrishadel Mercantile Private Limited Dynamic lnfrazone Private Limited Mmtc Gitanjali Limited Gitanjali Retail Ventures Limited Gitanjali Lifestyle Limited Gitanjali lnfratech Limited Gitanjali Exports Corporation Limited Easy Diamond Private Limited Coronet Gems Private Limited Nakshatra World Limited Gitanjall lmpex Private Limited Gitanjali Realtors Private Limited Rohan Mercantile Priva te Limited Naviraj Estates Private Limited Gitanjali Gems Ltd Lustre Industries Private Limited Gitanjali Gold And Precious Lip Gitanjali Realtors Lip Mast Jewellery Distributions Lip

Related Party as per ABS as on 31.03.17(Consolldated} of 11/1/s Gitanjali Gems Ltd:

A. List of rel a led parties:

1. Subsidiary companies (Direct /Indirect) Bezel Jewellery India Private Limited {Formerly Known As D'Damas Jewellery (India) Private Limited} Gili India Limited Nakshtra Brands Limited l<iam Jewels DMCC Gltanjali Jewellery Retail Limited Gitanjali Lifestyle Limited MMTC Gitanjali Limited Hyderabad Gems SEZ Limited N & J Finstocks Private Limited Gitanjali Ventures DMCC Crown Aim Limited Maya Retail Limited Tri-star Worlwide LLC Abbeycrest (Thailand) Ltd Aston Luxury Group Limited Asmi Jewellery India Ltd Decent Investment & Finance Pvt Ltd Decent Securities & Finance Pvt Ltd Diamlink Inc Dlamllnk Jewelry Inc Eureka Finstock Pvt ltd GGL Diamonds LLC Giantti Jewellery Trading (SH) Co. Ltd Nakshatra World Ltd. (Formerly known as Gitanjali Brands Ltd.) Gitanjali lnfratech Limited - / ,.-.: Gitanjali USA l~c. -~ .. ·.: .•• i ... Jewelry Marketing Company LLC ,.

120


(

Leading Italian Jewels SRL Leading Jewels of Japan KK Nashik Multi Services SEZ LTD Samuels Jewelers Inc. Tianxin Diamonds (Shanghai) Co. Ltd Vidarbha Multiproduct SEZ ltd Gitanjall Jewels LLC MobileNxt Teleservices Private Limited LJOW Holdings LLC Gitanjall Export Corporation Limiled Spectrum Jewellery Limited Dynamic lnfrazone Private Limited

2. Key Managerial Personnel (KMP) Mehul C. Choksi, Managing Director Pankhuri Warange ,Compliance officer Chandrakant Karkare Chief Financial Officer

3. Enterprises under common control of Key Managerial Personnel {KMP) Audarya Investments Pvt .Lid. Coronet Gems Pvt Ltd Evergold Jewels Pvt.ltd Gltanjali Gold & Precious LLP Gitanjali Realtors LLP lvida Technologies Private lirniled

- Joyce Trading (formerly known as GitanJali Capital Ltd.) LJOW Private Limited Mannat Jewellery Manufacturing Pvt. ltd Masi Jewellery Distributions LLP Merlyn Luxury Group Pte Ltd [formerly known as Leading Italian Jewels (Singapore) pie Ltd. Midas Creations Mobilenxt Teleservices Private Limited Mozart Trading Pvt.Ltd. Partha Gems LLP Priyanka Gems Pvt. ltd. Rohan Diamonds Pvt. ltd. Shubhiavanyaa Jewel crafts Pvt Ltd. The Next Diamond Company (as HUF)

4. Relative of Key Managerial Personnel (KMP) Arnita R. Bhansali Late Guniyal C. Choksi Neena D. Sheth Rohan C. Choksi Maitreyi Choksl

5. Associate Company Jewelsouk Marketplace Limited (formerly known as E Gitanjali Ltd.) GSTC Co Ltd (earlier known as Gems TV)

6. Enterprises controlled by the investing venturer of the subsidiary company. - Damas Jewellery LLC

121


Annexure-C

Som e of the proper t ies movable including immovable p roperties details available w ith us;-

1. Gitanjali Gems Ltd:

A . Movable Hypothecation of stocks, debtors and current assets, existing and future, ranking paripassu with other banl<s under consortium Banl<ing· arrangement.

B. Immovable: (on pari-passu basis with the consortium)

Security Description Ownership

Equitable Mortgage of Non Agriculture land, Near Mr. Mehul C. Choksl Village Shirdhon, Taluka Panvel, District Raiqad. Leased out to Mis Gitaniali Genis Ltd. Equitable Mortgage of Flat No. 102 at Kt,eni Tower, Mis Gltanjali Gems Ltd. Jogani Complex, Village Kole Santacruz (East\, Mumbai

Kalyan, Kalina,

Hypothecation charge over other movable fixed assets of the Comoanv @

Mis Gitanjali Gems Ltd.

Equitable mortgage of office premises No.6, l.axmi Mis. Decent Securities & Finance Pvt. Ltd. Towers, 1st Floor. Plot No. C-25, G Block, Bandra Kurla Comolex, Bandra East, Mumbai Equitable mortgage of omce premises No.3. Laxmi Mis Eureka Finstock Pvt. Ltd. (owned by Towers, 3rd Floor, G Blocl<, Sandra Kurla Complex. promoter Shri Choksl) Bandra,Mumbai

@ Movable fixed assets Includes following assets: /Rs. in Crore)

I SN Particulars Book value as per

' ABS 31.3.01 6· ., Plant & Machinery 2.22 2 Furniture & fixtures 2.70 3 Office eauioments 0.16 4 Com outers 0.52 5 Moulds & Master 0.10

Tota l 5.70

-Securltv Provider Securitv Details Promoter entities Pledge on shares of Mis Gitanjall Gems Ltd(GGL)

35,05,462 shares pledged by M/s Partha Gems LLP, M/s Prlyanl<a Gems Pvt Ltd, M/s Rohan Diamonds Pvt Ltd & M/s Mozart Tradino Pvt Ltd

Promoter Pledge on shares of Mis Gitanjali Gems Ltd(GGL)

1,46,28,035 shares representing 14.91% of the issued and paid up capital of Mis Gitanjali Gems Ltd pledged by Mr. Mehul Choksi

Gitanjali Gems Ltd Second pari passu charge on factory land & building, SEEPZ Mumbai

Nashlk Multi Services SEZ Ltd First pari passu char~e on property at Nashik . • ,

Decent Investment & Finance First pari passu charge on A-Wing, 3rd Floor, Laxml Tower,JJ : . ltd Bl<C · . . ·,

12'2


Securit Provider - -, - - Security Details Hyderabad Gems SEZ Ltd Second pari-passu charge on property, Hyderabad

(

L Joint documentation executed by 28 lenders out of 31 banks (except Catholic Syrin Bankj, Karur Vasya Bank & Standard Chartered Bank) as on 31.10.17,

-~ 2 .Gill India ltd :

A. Movable: Hypothecation of stocks, debtors and current assets, existing and future, ranking pari-passu with other banks under consortium Banking arrangement.

8. Immovable (on pari-passu basis with the consortium)

Security Arca Ownership Descrip tion

Flat no. 101, adm.1250 sq. ft. Carpet area Carpet 1250 sq. ft. K,itanjali Gems 'Ltd. Inclusive of the area of balcony on the 1st Built up area1500 Floor, of the Building known as "KHENI sq.ft. Saleable area TOWER", in the Complex kno,Nn as "JOGANI 1800 sq. ft . COMPLEX, Village Kole Kalyan, Kalina. Santacruz. (El, Taluka Andheri Mumbai Flat no. 201, adm.1250 sq. ft. Carpet area Carpet 1250 sq. ft. Gltanjali Gems Ltd. Inclusive of the area of balcony on the 2 nd Buillup area 1 SOC Floor. of the Building l<nown as "KHENI sq.ft. Saleable area TOWER". in the Complex known as "JOGANI 1800 sq. ft COMPLEX, Village Kote Kalyan. Kalina. Santacruz (El . Taluka Andheri, Mumbai, Flat no. 202, adm.940 sq. ft. Carpet area Carpet 940 sq. ft. Gitanjali Gems Ltd. inclusive of the area of balcony on the 2"~ Built up area 1128 Floor, of lhe Building known as "KHENI sq.fl. Saleable arec TOWER", In the Complex known os "JOGANI 1354 sq. ft. COMPLEX, Village Kole Kalyan. Kalina. Sanlacruz (E). Taluka Andheri, Mumbai, Flat no. 203, adm. 940 sq. ft . Carpet area Carpel 940 sq. ft. Gilanjali Gems Ltd. inclusive of the area of balcony on the 2"" Built up orea 1128 Floor, of the Building known as "KI IENI sq.ft. Saleable areE TOWER", in the Complex known as "JOGANI 1354 sq. ft. COMPLEX, Village Kole l(alyan. Kalina. Santacruz /El, Taluka Andheri, Mumbai Flat no. 301, adm.1250sq. fl. Carpet area Carpet 1250 sq. ft. Gitanjaii Gems Ltd. inclusive of the area of balcony on the 3 rd Built up area 1500 Floor. of the Building known as "KHENI sq.ft. Saleable area TOWER". in the Complex known as "JOGANI 1800 sq, ft COMPLEX, Village Kote Kalyan, Katina, Santacruz (E). Taluka Andherl, Mumbai, Flat no. 302, adrn. 940 sq. ft. Carpet area Carpel 940 sq. ft . Gitanjali Gems Ltd. inclusive of the area of balcony on the 3rd Built up area 11 28 Floor, of the Building known as "KHENI sq.fl. Saleable area TOWER", in the Complex known as "JOGANI 1354 sq. ft. COMPLEX, Village Kote Kalyan, Kalina

_;_: ~·~· :.,!

. .. ..., .

.... - 123


Security Area Ownership

Descripti on

Santacruz (El Taluka Andheri, Mumbai, Flat no. 303, adm. 940 sq. ft. Carpet area Carpet 940 sq. ft. Gl\anjali Gems Ltd. inclusive or the area of balcony on the 3rd Built up area 1128 Floor, of the Building known as "l<HENI TOWER", In the Complex known as "JOGANI COMPLEX, Village l<ote Kalyan, l<alina, Santacruz (E), Taluka Andheri, Mumbai Unit No.101, First floor, Front building known as "Small Scale Industrial Premises Development Co-op Soc Lt." udyog nagar, Goreqaon west, Mumbai 400 062

3.Nakshatra Brands Ltd

A. Movable:

:Sq.ft. Saleable area 1354 sq. ft .

2759 Sq.ft carpet, Gilanjali Exports i.e. 3311 sq.ft buil Corporation Ltd up

First parl-passu charge over the entire current assets of the company, such as stock, book debts along with other securities as is available to other lenders.

8. Immovable Property : (on pari-passu basis with.the consortium)

Security Description Area In sQ.m(r/sQ.ft

EM of Flat no. 103, adm.87.36 sq. mtr. Carpet area 87.36 sq Mir inclusive of !he area of balcony on the 1st Floor. of Building known as Kheni Towers, JOGANI COMPLEX, situated on all that land bearing C.T.S, nos. 4919 to 4945, Survey no 298, Hlssa Nos. 9 Jo 15, C.T.S. Nos. 5597 (PT) and 5598 (part), of Village Kate Kalyan, Kalina, Santacruz /El, Taluka Andherl, Mumbai

Charged exclusively to PNB: Secu ri ty Description Area in

sa.mtr/sa.ft Gala No.3, 213,214,215,216,217 situated at Virwani 6522 Sq. f t industrial estate, Goregaon East, Mumbai 63

Ownership

Gitanjafi Gems Ltd

Ownership

Mis. Gitanjali Export Corporation Ltd .. .

. J.' . · ..

124


( 4. Asmi Jewellery India Ltd

A. Movable Hypothecation of stocks, debtors and current assets, existing and future, ranking paripassu with other banks under consortium Banking arrangement.

Exclus ive IP available available to PNB in the accounts of M/s Gitanjali Gems Ltd. Gill India Ltd I Nakshatra Brands Ltd and Asmi Jewellery India Ltd:-

Security Description Area Ownership Plot No.28 (original Plot No.16 (P),17, 28 & 29 2666 Gitanjali Gems Ltd (P) & 30) in Santacruz Electronics Export sq.rntr Processing Zone within the village limits o Parjapur, Tai. Andheri, Dist. Mumbai

Charae created over IP at SEEPZ

.. ·· ]/. (;;~.\=; .',,,.· ·:··.- 1•1.· : : .•

, , - ·ro '

125


4~ .. 't- '', ., . ... ~,- ·.· : .. rj~~:~ :~~~r,a··~~~x1 ··;~ p.~oj~~~~tit>nal'bonic

. .' -..: .. :1: . ..

' \ .:j • . . ,ei ·\f. ·_.

' ~ :Q • ' ••• .. ·;:·.~. <·r·~· "<i_· .. ~·?\· ·. ': .. :· ,:- :· ::':.···.

Fraud Risk Management Division, Corporate Office, Owarka, New Delhi

To, The Joint Director, Ministry of Corporate Affairs,

New Delhi.

Sir,

February 21 , 2018

Subject: In the matter of PNB fraud by Nirav Modi Group and Gitanjali Group

This has reference to your letter bearing no. F. No. 3/106//2018-CL-ll(WR) dated 19.02.2018 on .the captioned subject.

We are furnishing the requisite information as under;

1. Summorized position of outstanding Letter of Undertakings(details enclosed at annexure-1 & 2):-

Name of Total No. of Amt. in USO Amt. in Rs. Firm/Company LOUs (mio) (crore)

Solar Export 50 336.39 21 52.88

Stellar Diamond 49 333.55 2134.71

-Diamonds R US 51 345.41 2210.61

Total for Nirav Modi 150 1015.35 6498.20 Group

Gitanjali Gems Ltd 91 335.06 2144.37

Gili India Ltd 35 88.54 566.65

Nakshatra Brands Lid 17 50.17 321.10 ,--. Total for Gitanjali 143 473.77 3032.12 Group

ill'rtifu: mn:if<'lll : ~ 'ffil<ll-4, ~-10, lll«ITT, 'It ~-110015 • ~oq: 011-28075000, 70045000 • tl'i~ : www.pnblndia. in

Corpomle omca : Plot No.- ,1, Socior-10, Dwarka, New Oolhl-11~075 , Tctophono: 011-20075000, 20045000 • Wobsilc: www.pnblndio.in

tion. ~lAil ~ '{,j • 2, 11? ~ m, ~ lll'l1ilTil'lll lPunlabHallonalBonl<w•tcomc, you to tollllee 24 hour, co!lcoulor :18001002222J1800103 2222

'•,

p

12f 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 127 of 205

2. Details of name and addresses of Individuals, Partners and part11ership firms mentioned in the letters are placed at Annexure- 3 and 4. Copies of trust deeds of Nlrav Family trust dated 19.01.2010 and Nlrav Modi Family Trust dated 16.01.2010 are also enclosed at Annexure-5 & 6.

Further we are enclosing our preliminary investigation report dated 25.01.2018 and investigation report dated 12.02.2018, which states that unauthorized Letter of Undertakings were being issued from 101h March 2011 through SWIFT without obtaining (i) approval of the authority (ii) necessary application trom importer (fii)

documents of imports (iv) legal documentation with bank and (v) without making entries in trade finance module of banl<'s .pss system to avoid detection. This practice was continuing till the last Issuance of outstanding LOUs enclosed.

Submitted please

With regards,

1'7' I•

/ 127


e e

ANNEXURE· 1

J NAME OF FINANCIUG CREcir r A1NCSPAL I PRIUCIPAl

l LOU CATE ISSUEREF T\N\E(GMT) &ANI( OURPA~TY RfGJV(OIN AMOUNT(i:'I Al.t\OUNT(inlNR TI1EIRREf CATE OUEDA.r£

• NOS°"'O USO Mfo) Crore-,)

9/l/2Jll7 l7l1/f"1BC/l7 ScOl AlWIA8AO SANK. Ii< DIAMOND R US 2/10/2017 4'1S79IS6i 282610685_.4 1017,18-lSl 2/l0/2017 2S/0l/l0l8 -

9n/2017 l731/SOlA1/17 Sc03 ALLAHA2AD 8ANK, H< !Ct.AA EXPORT 2/10/2017 035319.lS 177~60-lt.O.ll 2011·18,lU 2/10/2017 2S/0l/20J6 •

10nt20l7 3731/flec/17 8:25 1\1.IJ.HABAO !ANK. HK DIAl,10"08 US 2/U/2017 59<2017.)0 3SJ2Dll2..80 101H2·1S2 2/15/2017 lS/Ol/2018 __.,,

J0/2/2Jll7 3131/SOIAR/17 7:46 AUAHAB!d> BANK. HK SOWi OCPORT 2/13/201' S8016l.!B 373962363.52 7017-18•298 2/13/70!7 25/01/2018 -

10/2/2017 3731/STEl lAR/17 8:25 AUAHABAO 8ANK, HK STELLAR DIAMOtlO l/13/2017 609332UO 389972SSo.,o 2017·18-291 2/ll/]017 2S/OJ/l018 -

ll/2/20171731/FIEC/17 NG ..XIS BANK.HK DIAMOND R us 2/14/1017 S8S688S.OO 374S406<o.oo 9110206000.0S21 2/14/2017 25/01/2018'

l3nt2017 l731r.iOlAR/l7 7:4~ Al<lSBANK,HK SOW!OCPO~T 2/14/2017 S86225!.03 375164065.92 9\1010E<l0040Sl2 2/14/2017 25/01/2018 .,,-

13/2/2017 3731/STEll.AA/17 8:!l AXIS BANr. HK 5TEltAR DIAMOND l/ld/10)7 S877064.00 37Glll096.00 9ll0l0600040Sl0 2/14/2017 15/01/1018 /

15/2/2017 3731/fl!Ql7 7:59 Al<1S BANI(, HK DIAMOND P. US 2/15/2017 S6~0269.99 362257279,36 9110l0600040SS8 2/15/2017 Ot/01/1018 '

15/1/2017 37.ll/S0'.AIV17 8c00 AXlS BAN<. H', SOtA-'EXPORT lilS/2017 571&91<.00 3SS0t30S6.00 9110206000<05<9 2/Ur.011 01/02/2015

1s/mo11 3731/STEILAR/17 7:59 AXIS 51,NIC. HK m11.A., OIAMONO 211s12on sn,9oo~s 3?2793!09.e~ s1101osooc•os67 I 211112011 0110212018 -

16/212011 37il/FtaCJn 7:29 AXIS SAN<,H< o:,r,o,:o • us I 2/16/ 2017 SS-08291.l, 3781306<1.66 s11o2~E000<0S94 l/16/1017 021021201s,-.r

16(2/2017 l731/SCLAPJ17 7:2& AXIS BANI..H< SOlAR (XPORT I 2/l6/20l7 S6S'76B.74 3Sl90Sl9!U6 9110lOEOOO<OS5 2/16/2017 Ol/02/2018 -e

16/2/2017 3731/STEUAl\/17 7:18 .UIS BANK. HK STCllAR D .... MCNO I 2/lG/2017 43&'602.08 2807<2SH.l2 ~11070E00040S00 l/16/2017 02/01/2018

16/2{}017 3731/flEC/17 7:57 ALLAHABAD BANK. HK D1•M0NO R US 2/17/2017 S7711•4.!G 369313232.64 2017-18-3<1 l/17/1017 06/02/2Dl8-

l6/l/l.017 3731/!0LAR/17 7:S6 AllAHAGAO BANK, H< S0LAR£XPORT 2/17/2017 5786780.6? 370353960.ll 2017,18-344 l/17/2017 06/02/ZOlB • .--

17/2/2017 3731/FlaC/17 9:19 AllAHABAO SANIC. HK OCAMOND R us I 112012011 S64ll20.l0 373908499.20 2Dl7·1B·3S4 l/ll/2017 06/02/lOl!e-_..

17/2/2017 37l1/SOLAf>Jl7 9:29 AI.\AHA840 BANI(, HK S(llAR EXPORT l /20/2017 2841163.93 lS18lABll.Sl 101,.1a.3s2 l/ll/1017 06/02/2018 ...

16/212017 37ll/ST£LLAlV17 7:56 AI.LAHAl!AD BANK, H( STCLLAR DIAMOND l/20/20l7 <369789.00 2e09<6<96.00 2017-18-3'3 2/17/2017 06/0l/201S -·

17/2/2Jlll 3731/STnl;.'-/!7 9.21 AI.LAHAv.O eANll HX STELW DIAMOND I l/20/2017 l'4E991.20 92ED7• lUO 20!7-IB·lSl 2/21/1017 06/0lnOIS •• "

22/l/2('17 3731/F15C/l7 9:26 AXIS8At[(, HK 01.UQ,:O R US 2/22/2017 727Slll.S2 4SS8632~U! 9ll!l10E00040655 l/23/1017 11/02/20\8

22/l/1017 3'3l/WIAUl7 9:~ AXIS B•N<, Hk SOI.AR EXPORT 2/U/20171 7l!02l6.8B <S9535l60.ll 911070,00040o-<S 2/23/2017 11/02/1018 J .

22(2/20l7 l73J/STEU.AA/17 9:26 AXIS BANK, HK STELLAR DIAMOND 2(22/2017 S864190.92 37SJ03ll8.8S 911020600040637 2123no11 12/02/2018 · .·

24/2/2017 37l1/f1BC/l7 9 :42 AXIS BANK, HK DIAMOND R US 2{}4/2017 3073161.24 19G682319.l6 9110206000<0673 l/2</2011 14/02/2018 • •

24nt2017 3731/SOIAR/17 9 :43 AXIS BANK, HK SOWi (tPORl 2/ld/2017 3011908.70 193466156.!0 9ll020600040S64 2/24/2017 l•/02/2018 -

24/7non 3731./ffillA.R/17 9:A2 AXIS 6ANY.. HK SHLLJJI: Olo.tAONO 2/'1.~/)017 SBS74eJ.79 374818961 !IC 9110206000110682 '2n4/l.Ol '1 14/02/2018 .,... ..

\/l/l.017 l731/FIE0l7 ll:ZS ALIAHA8t1D BANK, HS OIAM0t<DR U5 l/2/2017 736S370.U 47138J6g7,04 1017•18·412 l/2/2017 JS/01/lC!Si -

1/3/2017 3731/SOLM/17 13:ZS llU.KA8A!l S•N<. HK SOWi EXPORT 3/l/1017 73<Sl90.Jl 470l'lSS8!.ll 20ll·1S-<l4 • 3/2/1.017 lS/02/lOIE ~

1/3/2017 3731/STU!A!VIT 13:15 /llUKABA!) Br.NK, HK ffill.AR DIAY.ONO 3/2/2017 l<SIS<:3.73 47f8S8'98.72 2017-IB-413 3/l/,017 15/0l/2018 -

J/3/2017 3731/flBC/17 7:58 iOl,ANlWeRP O!AMOIIO R US 3/l/2017 S71S0S9.00 J6S763'76.00 So1170000003723 3/4/2017 21/02 /2018 . ,

3/3/2017 3)31/SCtM/17 7;5S BOl·A.'ITWcRP SO!AR £)(PORT l/3/201T S7Bl44t.36 370011695,04 5<11)0000003724 3/<non 09/03/2011

J/)no11 3'51/STELUJVl7 7:S8 801-ANlWERP STEUAROIAMONO ;13no11 5726257.31 366460467.8• 541170000003)25 3/. /2017 21/02/2018

6/3/2017 3731/FIBC/17 7:16 AXIS SANX. HK DIAMOND R US 3/6/1017 4277196.01 273740544.6< 911010600040734 3/7/2017 16/02/2018 ,<tf~,;· .... '{}}/ti,:~. '.l"f,\ ~t I

. ;',J fii(} l.:J :~,;\~ ·~~•:• I

·~:~~\~?~

..N Q:)


e

LOU 01,TE 1SSU£PEF ilME(GMn Nf,M( OF FINANONG I 8>.NK

OtJR ftARTY

6/3/1.017 37ll~I.A!/t7 7'15 AXIS BANX. Ht: SOLAR EXPOI\T

6/l/2017 l7lJ/5TEll.A!/l7 7·.16 Al<IS BANK. HK STELLAR DIAMOND

6/3/2017 3731/fftl(/17 9:SS BOl•AHTWERI' Ow.lONO RIIS

6/3/2017 3731/SOW/17 9:58 BOl•M'TWEftP SOI/JI EXFCRT

6/3(1.017 3731/STEllAl!/17 9:54 BOI• ANTWa\P STEUAA DIAMOND

8/3/2017 3731/RBC/17 9:46 AXISBAN!, HX OIAMONORUS

8/3/2017 3731/SOlAR/17 ,,..,s AXIS8ANi;.HK !OWtEXPORT

8/l/?017 3731/STEl' U/17 9:45 AXIS B~NK. HK STELLAR OIAMONO

!/3/1017 3231/f1BC/l7 ''°' 50t- AtlTW EF.I ClAMOHOR US

!/3/lOll 3731/SOUR/17 9:05 BO .. ANTWUP SOUR EXPOl!T

8/3/2017 3731/5,tllAll/17 9:0! B01·11"1WEl<P STHU.R Ot•MDNO

l0/3/2017 3731/l'loC/17 9~9 A.l:IS8ANK.HI( OLlMOtJORlJS

J0/3/2017 3n!/SOUFVl 7 9:48 AXIS8AUK.,HI: SOIJJlfXPORl

i0/3/2017 3731{STEUM/l 7 9:49 AXIS BANIC. HK STE1.1.>,.I\ 0\AMOUO

l0/3/2017 3731/fi!C/ll !:30 801- AN'TWERP OIAMOND•US

10/.3/2017 3731/SOIAPJl7 6:19 BOI· ANTWERP SOLAA EXPO•l

10/3/Hlll 3731/STEllAl!/17 8:29 SOI-ANTWERP STEUAR OIAMO~O

lS/l/2017 3731/F18Cfl7 &:AO Al'J5 BANK, HK OIAMOUO R US

1S/l/l017 3731/SOWl/17 1'58 A7QS BANK. H~ SOW\lXFORl

lS/3{1.017 3731/STEl.lM/l 7 8:0 AXIS !ANK, H~ STHU.R 01/.MOffO

15/3/1017 l7Jl/fl!lC/1l 11:19 801- A.NTWEJ.P OIAMONO ~us

!sono11 3731/SOW ./17 ,:oa DOI· ANTWE.qp lScW. EXPOf\T

15/3/2017 3731/STElW/17 9:07 80l·ANTWW STfl.lAR OIAMONO

17/3/1017 )731/FIBC/17 8:39 l\il..l.HABAO e,.r,,x~t·o:: lo1Atl.ONO P. us

17/3/2017 3731/SOV,R{ll 8:39 All.4.H/\PAO WIK. Hr. SOUR fX?ORT

)7/3/2017 3731/STEllAR/l 7 8:39 Al lAH/\SAO BAIIK. HK STtlW! O\AMOrlO

t0/3/2017 !'31/i=18C/1'1 s:S, 601· A.Nl'WERP' OIAMONOR 115

20/3/7.017 3731/SDW./\7 8:59 BOl• AtlTWEJlP SOWIEXPOR'i

>O/l/201 7 3731/STEIIAR/17 9:20 DOI• ANTWERP ST EUAR OIAMONO

21/3/2017 37Jl/fl9C/17 U :35 ALLAHABAD £ANK. HK 01AMOHORU5

21/3/201 7 l 731/501.AR/ 17 11:36 AUAHABAO llANK. HK SOUR EXPORT

7 3731/5TEUM/l 7 21/3/201 11:l, Al lAKASAO 1!.AN~, to: ST"EUAA; DIAMOND

ll/3/201 7 373l/<16C/l7 11:36 AllAHA8AO tWIK. HK OIAMONO R US

22/3f2JJJ 7 3731/SOUR/l 7 ll:36 AllAH~!iAO BANK. tl.X SOLAR EXPORT

ll/3/201 7 )13l~'"it.\t>.~17 1135 IA1.LAHA6•0 oANr., K( STEWJl DW,\OHO

e

0!£0IT PRIU(.IPAt PRJNCIPN.

RECflVEOIN AMOUNTCin AMOUNT (in INR THnUEF

NOSTRO VSOM\O} Ctoru}

3/6/ZOll 4359508.()() 773008S!2.00 9110l06000<0l2S

3/6/20171 <287l70.SO l7437893l.20 91l0206000•0743

lfl/2017 7l0Q4S.00 • S<735e&O.OO S41170000003737

3/7/2017 7104197.00 454668&08.00 S41170000003736

3/7/2017 7296S&4.6l 46598)015.68 S4117000000l7l8

3/!/2017 7190722 460205?08 00 9!10206000<0789

3/8(2011 7156074.00 4Sa!l6735.00 ,11020£000<ono

3/8/lOJ.7 7C89Sl1.00 tS37lS7~Q.OO 9110200000,0;,s

3/S/l.017 <JS7369.00 2Bl4Jl616.00 S41l 70<X)AY.B7'1

3/9/2017 SA!S!Ol.00 37345126<,00 -5(1J1000J0037.;2

3/9/2017 5247529.CO 37<241BSG.OO S<l:.700000037<0 3/10/2017 <100093 26Z<S71S2.00 91!0205000<:!0&13

3/lC/2017 UQS582.00 1887C9Z<S.OO 911oz0600040ao•

3/l0/l017 zn7569.oo 17176406.00 911010600040822

3/13/2017 4'15 <30.00 282SB7S20.00 S4: 170000003746

l /13/2017 4CC6!41.00 2S2U3S24.00 541170000003748

3/ U/2017 4377771.00 2so1n344.oo S41170000003747

3/15/ 2017 5818428.7( 37137943936 , 11o206000408S9

3/15/2017 S800352.8 7 371222SS1.68 911020600()<~0

3/1S/l017 5'6737S.60 31551203S.•o 9110200l00<0S.8

l /16/2017 S759076.H 35a5W&72.l2 S<ll70000003H9

:;11sno11 72327)122. (626'J<B35.(8 S< 117000C.003 7 S6

111&na11 P...114365.75 ~72S:?~Slt4,00 sc111oooooc:;,!'is

I ) /20/2017 2895204.71 1BS29310l.« 7017-l!V..19

l/l0/2017 SS<9<2a.o 3S'J763U952 2017·16·521

3/20/2017 S4900!0.14 3S:360648.96 l017·1IJ.S10

l/ll/2017 7l61ll8.00 •SBlUB32.00 S411700000037l9

3/ll/20111 7061293.Qj j 451923072.6< 541170000003118

l/21/2017 7301S2G.OO o1,7326S80.00 ,•1 : 70000003750

3/2712017 S826179.00 311875456.00 20l7•1g.SJO

l/U/7017 720-051.00 46105916(.00 2017·11-Sll

3/12/1017 70<3328.00 <50!0<'92.00 2017•18-532

3/23/1017 7391296.94 <730•300..16 2011-16-544

lnl/l017 1202007.9< 4&1)928501.16. 2017-1!-S<.2

11:nno1, <J09S33.67 .75810154.88 4011·1&•~11]

DATE OUEOATE

3/7/2017 16/Ul/Z01a

3/7/2017 l (;/02/2018

3/9(1.017 22/02/2018 i---

3/9(2017 22/01/2018 -

3/9(1.017 U/Ol/201S -

3/ 9/2017 26/02/2018 ,_

3/7/2017 26/02/2013 ~

3/S/2017 26/02/2011,,-

3/ 11/2017 27/ 02/IOU ,

3/ 12/2017 Z7/0l/l016

3/11/)017 27/02/lOIB c-3/14/2017 01/03/2018

3/14(1.017 01/Cl/?Ol i

3/14/2017 01/03/2018 •

42809.00 02/03/2018

',/15/2017 02/03/2018 •

3/15/2017 02/03/201& '

3/15(1.017 02/03/lOlS

l/16/l017 02/03/lOU ,

3/ 15/2017 12/03/IOJS

3/23/l00.1 Ol/Ol/2018

3/23/l017 0;/0)/201S

l/23/2017 . Ol/t)J/201!• -3/20/)017 OI/OJ/201 Si

3/]JJ/2017 Ol/03/201.8 ;

3/20/2017 Ol/03/201!1""

3/23/20!7 07 /0)/2018 ~

•/1.3/2017 / 07/!1l/201S ,

42817.00 0)/0)/2018 -::-3/U/201 7 08/03/2018

7 oa/113/2016 3(1.2/201

3/ll/201 7 O!/Ol/2018

l/23/2017 ll/ 03/2018 .

7 . U/03/2018 , 3/'l3{1.C1

S/23/2G17 lJ/03/1018\,

,?,~ 'l_-::_-.' ·

.... N ...0


-l OUOATE lSSUE REF TIME(GMT)

NA,.,E Of AN.e..NONG 81\Nk

OURPAJ\TY

30/3/2017l373l/F18C/l 7 10.39 AUAltABAO BANK. HK OIAMONORUS

3}/3/2017 3731/FISC/17 7:lS AXIS6ANK. Hk OIAMONORUI

30/3/2017 3731/SOlAR/17 10:3, Alwtl\BAO BANK. HK SOlAR WORT

31/3/2017 llll/SOlAJ\/ll l:15 AXIS SANK. HK SOl.AR EXJ'OITT

30/3/2017 3731/SrrUM/ll 10:(0 Alwtl\BAO 81.NK. H• STEU>Jl DIAMOND

ll/3/201713731/STEUAR/17 1,16 AXIS8"NK, HK STEUAR DIAMOND

l/4/2017 3731/FIBC/17 Jl:10 AllAHASAD BANK. HK lotAMONO R US

3/4/2017 3731/SOlM/17 13:10 AUAHAIIAO BANK. H< SOlM!XPORT

11,12011 3731/STEUAR/l 7 ll:10 Al.lAHABAO BANK. HK STEllAR DIAMONO

6(. /lf)t1 37ll /fl1J~/l7 6:.CS AXIS DANK. H, OIAMOND RUS

6/4/2017 3731/501.AA/17 6:44 AXISDANK.ltll SOlAR El<POR1

6/4(2017 37Jl1STEllAR/l7 6 ~.C4 AXIS DANK. Hit STEL1AR DIAMOND

6/4/2fJl7 3731/FIDC/17 11:03 AUA.'iABAO BANK. tlK DIAMOND RUS

f,Jt./2017 3731/SOU.R/11 U:Ol _.llAAAaAO 81\t,K, H< SOl>P. £)<PORT

6/4/2017 3731/Sii:UAR/17 U :02 AllAHABAO 8ANK, H< lSTEllAR DIAMOND

I0/4/2017 3737/FIBC/l 7 11..-07 AllAHABAO BANK, Hr. D\AMONO R US

10/4/2017 37?l /SOIAR/l7 12:07 AI.UIHABAO BANK. HK lsow. EXPORT

l0/</2017 3731/STEUAR/17 ll:07 Al..lAkASAO BAfllC. Hr. STEUAR OIAMONO

li/4/2017 3731/FISC/17 10:Al AXIS BANK, HK DIAMOND RUS

ll/4/lD17 3731/SOlAA/17 10:41 Al(JS8ANK, Hk SOIAR EXPORT

12/4/2017 l73l/STEllAIVl7 10:•1 AXl5 8ANI(. H< SIUIA~ OIAMONO

13/•/2017 l731/fl8C/17 12:lS AXIS BANK, HK OIAMONORUS

ll/4/2017 llll/i\OC/17 6:36 AllAHA!AD BAili(. Hk OIAMO<OR US

13/4/2017 3731/SOIAll/l 7 12:37 AXis eANr .. HK SOlAHXPOR;

13/ 4/2017 3731/SOU.R/17 6:35 AllAHA8AD 81\NK, HK SOtAR EXPOll!

13/4/2017 3731/STElUIR/17 11:ll AXIS BANK. H< STEUAR DIAMOND

13/4/2017 3731/STWAR/17 I 6:35 ALLAHABAD BA.UK, HY. STEllAR DIAMOND

17/~/2017 37!1/FIBC/17 6:20 AUA ttA8AO BANK. Il l;. blAMONOR U~

17/4/2017 3731/SOIAR/17 8:21 ALL.AHA9A.0 6Al'JK, hX. SOV.R EXPORT

l 7/4/°1!ll7 3731/STEllAR/17 8:21 AllAH"8AO SAUK, HI: STEU.Aft Dl~MONO

20/4/1017 3731/FIBC/l 7 10:41 AXlSBit.NK, HK OIAMONO R US

20/4/2017 3 7 ll /SOlAA/17 10:Cl AXISSA.N.l, m SOlAk EXPORT

20/4/1017 3731/STEllAR/l 7 10:40 AXIS BANI:. H~ 5.fE.LLAP. ClAMONO

20/~/2017 3731/ FIBC/17 11:10 AUAHA!AD SAN~. H( DIAMOND A I.JS

7 3731/SOUIR/17 20/4/201 1.l:11 AllAHABAD IWIK, IIK SOv\R EXPORT

-CREDIT PIUNOPAL PRINCIPAL

RECEI\/E1l 1~ AMOUtlT(i" AMOU~'T (in INft

T"OR REF NOSTRO USO Mio) Cro,e:sl

3/31/201) Slll2367.67 370C71530.88 2017•18·586

3/31/2017 7180765.00 4S9568960.00 ,110 206000'1016

l/31/1017 S!l0001'.0S 377600699.10 2017-16-SSS

3/31/2011 7.lm05.00 %0793920.00 911020600041025

3/31/2017 875l<E<.~2 SW.:-93722.12 20 17-16-58•

3/ll/2017 n,2i1,.oo 463509G96.00 91l0lOCIOOC4l 034

4/S/2011 72!9107.00 466St.:l248.00 2017-18-622

• 15/2011 S7431?0.CC 367559680.00 2017-18-623

4/5/2017 7184729.00 4S98226S6.00 2017-16-621

4/6/2017 725Slll.S6 -i6C327203;84 9110206Q00.1061

•16/ 2017 723755S.Ol 4532C37!6A8 9ll0lOS0004lD98

•l 6/2<nl 71790}3.00 •594581 U .00 9110206000CICB9

4(1/20171 58W46LQ9 372509573.76 2017-18-ESO

•/7/201.7 •29S02S.OO 274E81.600.00 2017-16-649

,n,2017 S789367.42 3l0Sl9Sl4J!8 2017-C9..S48

•fll/2017 7156212.00 <Eo5S7SG8.00 2017-15-670

4/11/2017 7307307.00 4676676:a.oo 2011-1..e1

4/11/1017 7512390.00 481431960.00 2017-18·672

,mno11 l04S&l4S.2S 6691932S6.00 91102.060004111.3

4/12/10171 1029741'.6• • 6S903AS1U6 9110205000~110,

•112/2017 1039423$:26 665231l<8.6• Sll0206004l222

4/13/2017 8947734.04 172658178 56 9110206000411«>

C/13/1017 7693214.00 492?656961)() 2017-16-703

4/13/2017 71705',2.10 4S!91S3J4 .40 91102060004U.31

4/13/2017 6B 51S5.00 392649910.00 2017·18•702

4/13/2017 430•278.BS 27S<7lS48.9~ 9ll0205000Ul59

4/13/2017 6Ul236.00 •1224210•.oo 2017~6-704

•/18/1-017 101s,1s2.oo 64S867G48.00 2017-18-712

•/18/2017 101297$8.00 6<8306432.00 2017·1S·'11

4/18/2017 10194466.00 65244!.tU• .OOl 2017-18-710

4/20/ 2017 8494000.00 543616000.00 911020600041177

4/20/2017 86200?8.CO 551682•32.00 9ll02Do0004U6S

4/10/1.017 8'190698.00 543<04672.00 911020600041186

4/!l/2017 lO•lt BSl.00 6&76~8592.00 20l7·18-779

4/21/2017 1Dl7SB0a.OO 651507712.00 2011-10-na

OATic DUEOA'llc

3/31/2017 21/03/2018 "

3/31/2011 23/03/1018

3/31/2017 21/0lno .. ,···

3/31/2017 U/O'l/2018 •

3/ll/lC17 2 l/03/lOlt ' •

3/31/2017 23/03/2018 ~

</5/1017 23/03/lOll -

4/5/lOl.7 23/03/2Dl8 -

4/5/201• ll/03/2018 -

</ 6/2017 26/03/1018 . •

4/ 6/2017 26/03/lOI S /

4/6/2017 26/03/2018 -

•nno11 2!./03/2018 '

•n11011 lS/03/201£1-

4/7/2017 2!/03/2018 •

4/ ll/20ll 28/03/2018,.

4/ll /2017 28/03/2lllB-

t./1) /2017 28/03/201&

4/ l2i20:7 Ol/0•/2018 / "

4/12/2017 03/04/lOlBJ

4/11/1JJ17 Ol/04/2018

•/13/ 2017 03/04 / 2018 '

4/13/2017 06/D'/2018 ---4/13/2017 0)/04/1018

4/ll/1017 06/D•/2018 -4/ll/2017 03/01/2018 ~

4/13/1017 06/04/2018 -

4/18/2017 05/04/2018 •

4/13/2017 06/ 04/lD18

, na12011 06/00/2018 •

• 120/ 201 7 06/0-1/1018 <

</20/201 7 06,0,/2018 '

4/20/201 7 1)5/00/2018 •

4/21/201 7 ll/04/201! •

4/21/201 7 13/04/2018 rf~~t11 1-A,,~-~1,, '!\.#-~~d--. . ~~: ~;~-~,:-

..... w p


-NAMC OF ftNAACING

OIEDIT

LOU DATE ISSUERE F TIMe(GMTl OURPAKTY REC£Jveo IN BANK

NOSTRO

20/4/2017 3731/STElUlR/17 I 11:11 AtlAHMAO 81>.NK, HK S1!ll.AR DIAMOND 4/21/2017

t.4J<n o11 !131/flBC/17 11;(6 A)(;SllANK, H( DI/IMOND RU!> </24/2014

24/4/W17 3731/flBC/17 10:45 DOI-ANTWERP OIAMONORUS 4/24/Z017

24/</1017 3731/SOLAR/17 I 11:,U AXIS 8ANK, H< SOlAR eKPORT </2</2014

24/ 4(2017 3731/SOLAll/17 10:46 BO!• ANTWERP SOWlEXPCfiT 4f24/l017

24/•/2017 373l/STnlA•/t7 ll:46 AXIS SANY.. Hr. STEl\.AR DIAMOND •/24/2014

z•t•IZ011 l7ll/STELIAll/17 10:•I 801· ANTWERP STEil.AR DIAMO~D 4/ 24/l017

2s1,r&11 3731/FIIIC/17 11:18 BOI- A"<TW!RP CWt.ONOF.US r.Jisnoi, 25/</2017 3731/SOlAR/17 11:16 BOI- ANTWERP SOIAR expo;rr </25/2017

ZS/</2017 373! /STUlAR/17 ;1:.1.a 601· ANlW!RP STELi.AA DIAMOND <{2S/1.017

25/</2017 372l/Fl8C/17 l2'5< Al~HABAO !AN(, l-(r. OIAMONOR\JS 4/25/1017

26/4/2017 3731/FIBC/17 11:56 801 • AI-ITW! RP DIAMONOR U.S </26/2017

l6/</2017 3731/TIBC/17 11:58 BOl-.e.NTWeAP Ol~MCNO RUS C/26/2017

ZSl<ll0l7 3731/SOIAll/17 12:55 AUAl<AllAO aANK. H< 501.AR EXPORT 4/26/2017

26/4/2017 llll /SOIAR/lJ 11:58 601-AJ'ITWERP SOLAR EXPORT 4/26/10])

26/</2017 3731/SOUR/17 11:SS 801•AflTWW SOLAR. EXPORT 4/26/2017

25/4/1.017 373l/ST£l1AV17 12:SS AUAW>JIAOBA!~HX S'Ttl \AR DIAMOt,/0 4/Z6/20l7

26/•/l017 l7l1/ST£1.1Ai1/l7 ll:S7 BOl•ANT"WeltP STELi.AA DIAMOND • •f7f/201'

i•1•tzo11 373]/STEIJ.A>/17 ll:5S BO.· AHTWVlP STEltA• DIAMOND •nEnon 27/4/2017 3731/RBC/17 11:42 801-M'l\VlRP D!AMONOR US (/27/20:7

e

Pi\lNCJPAL Pf\lNClPAl lHEIRRH

AMOUNlPn AMOUNT (in INR USO t/JoJ C,oru)

8925061.00 57120390<.o, 2017-IS-7'7

t815622J)O 564199808.00 9ll0Z05000'1210

7SlE440.00 4810 52160.00 S4ll7000000l852

1057(11!1.00 676743616.00 9l10206000<l1DI

77ZOS3l.OO (94113984.00 54 ll 70000003854

1l2l0l65.00 7827 .. 5•0.00 9 U 0l05000'1 U9

7293727.00 466798528.00 541170000003853

7322653..10 4685<9811.20 S4l.l 10000003863

l2l3S0l.65 46166<16'1.60 S•ll70000003S64

7502861.40 480l S3193.60 541l7000D00l862

-ci.eno.oo 281215&08.00 2017-18-794

5292968.00 3711<9951.00 541170000003873

601<048.oO 38•899072.00 5<ll 70000003S7S

4415768.CO 2226091Sl.OO 2017~9-79l

6175130.00 395206320.00 5'11700000018'2

5954147.00 381055408.00 S4l170000003870

51:'5987(.00 381431936 00 2017.\B-19S

5987540.00 383202SEO.OO S4ll7000COO)S74

5763536.00 3592S0304.00 S01170CX>000367l

5scens.,s 3'8136028.80 5• 1170000003830

OATi

n/ll/!017

•ll5/l017

•/16(2017

4/25/2017

(/26/2017

4/25/lOli

</lf,/2017

4/26/2017

4/26/2017

4/16/2011

4!26/1017

4/26/2017

c/28/2017

4/26/2017

<nB/2011 4(28/i.0'1.7

</26!2017

4/28(2017

4/28/2017

</2S/Wl7

DUE OATE

B/04/2013}

!3/04/Z018

H/04/2018

13/0</ZOJ.B

13/0l/2016

13/0</2018

13/04/2018

17~/201!

17(04/2013

17/04/2018

l.6/04/2018

17/0</2016

17/0•/2018

16/ 0•/2018

17/04/2018

17~/2018

16/04/2018

17/0•/2018

17/04/1016

16/04/201!

.......... .. ... . . :•_.· .. ~.

/~S\:-: ~ ~'\.I~/ ..

·.~ .. - :-·::.

~ w ....


e e

NAME OF AUMIONG CRCO<T

LOU DATE ISSUE REF l lME(GMl) BANK

OUJtP;.KTV RECEr/£0 ltl

NOSTRO

27/4/2ID.7 3731/flBC/17 11:41 SOI-ANTWERP DIAMONORUS 4/27/2017

26/4/2017 3731/FIBC/17 12:40 / .!.LAHABAO aANk. ~K D!MI.ONO RUS 4/27/2017

26/4/2017 3731/flBC/17 12:39 Al.l.AHABAO BANK, H~ OtAN'.OND R US 4/27/2017

27/4/2017 3731MUIR/17 11:42 BOl•Afo,,.W~P SOU\Jt EXPCRT 4/27/2017

27/4/2017 3731/SOUIR/17 U :4'2 BOl·MllWERP SOlAA EXPORT 4/27/2017

26/4/2017 3731/SOIAR/l 7 12:4:0 iAllAH"5AD BANK. H~ SOLAR EXPOl!T 4/27/2017

26/4/2017 3731/STELlAR/17 12;<0 AtLAHA9AO BAN~. ttK STELi.AA DIAMOND •12711017

27/</2017 i 731/STEUAl\/l 7 11,,2 I !!01· ""''TWERP STEllAR OIAMONO 4/27/2017

27/4/2017 3731/STElUIR/17 11:43 ROI- ANTWERP STELLAR OlAMQt,.'O 4/27/2017

2/5/2017 3731/fl!C/17 12:25 A>:l> B.A.fir-. HK OIW.ONORUS 5/2(2017

2/S/2017 ;731/50tAR/17 12:25 AXISBANK. H< SCllAR EXPORT S/2'2017

2/S/2017 3731/STEUM/17 l2!1S AXISIW•<.H< STnlM OUIMOl<O 5/2/2017

15/S/2017 373l/f1BC/l7 11,~a AXr,8ANK, Hl OIA.fo.10f.fDRIJS S/!6(2017

16/S/2017 )731/SOtAl\/17 U-;1.1 AXtS 8AN!(_, HK SOlAR EX?Oi\T S/16/>Jll7

lG/S/2017 37)l/ST£UM/17 ll:2S Al0S8Atl1<.H< STEllAR OlAMOND 5/16/2017

17/S/2017 J7ll/f1BC/l7 11:18 iNaSBANI(. HK DIAMONOR US S/17/1017

17/5/2017 3731/SOlAR/17 11:18 !AXIS 8A~l. HK SOLAR EXPORr 5(17/2017

17/S/2017 3731/STELlM/17 11:18 AXIS BANK,H, STELi.AA OlAMONO 5/17/2017

IS/5/2017 3731/f lBC/17 11:59 AXIS 8AIU(. HX OIAMONOR US 5/18/2017

18/5/2017 3731/501.AR/17 11:59 J.XIS DANK. Ht SOI.AA EXPORr 5/18/1017

18/S/2017 3731/5TEUAll/17 11:59 AXIS BANK. HK fill.AR OIAMOl,O 5/18/2017

JS/5/2017 3731/flBC/17 12:00 AXIS6ANK.HK DIAl.1, QNO A US S/19/2017

19/5/2017 3 73!/SOlAA/17 12:0l AJCISBAl!X, HK SOWi EXJ>Ol!T 5/ 19/l!Jl7

19/S/2017 J7ll/,TElLAR/17 12.;0: MS8M'lt.HY. STE1.1.AA.C1AM0N0 5/l!J/l0l7

23/S/2017 )731/FlBC/17 7;23 :..xtSU.~K.. HK OtAMONORUS 5{23/l!Jl7

23/S/2017 3731/SOIAR/17 7;23 AXIS &ANX, Hk 50lAR HPOl!T 5/23/2017

23/S/2017 !731/SIElLAq/!7 7:23 Al<lSIW<r..HK STfllAR Ol.MICt>:O 5/23/2017

TOTAL

PRINOPAL PRINOPAL

AMOUtfl(,n AMOUUJ (in INR THEIA REr

USO Mio) Cto,cs)

S1!Sl723.GO ;76430310.,0 S•U 7000000lS78

6271716.58 <01369861.12 201740-821

6l.l8S1S.OO <OS664960.00 2017-18-824

5746042JS 3677<671Q.40 54 l! 70000003876

SS93269.SS 3S7'l6925l.20 S'1 t7000000lS77

SS06678.00 ]7[027392.00 2017-10-823

7615999.31 500223955.8< l017·1E-B22

5612926.35 35922nas.•o 5< ll700:>0003979

5~5292.95 3836SB746.BO 5<ll70000003S81

10531045.00 6139!6S4iC.DQ , 110105000::..Jl>

90lll99.00{ S773S5736.00 9110206000<1326

1039209.00 66511S656.00 9ll 020600CM1li44

9160066.98 ~6624C'2B6.'12 9l 10Z060004l40S

S5'.l46o9..23 S756SS!30.72 911010600041399

8995•60.0S 515109 .. 1.20 91102060004141CI

7630514.01 50U52896.6-0 911020600041<32

9311663.0S S9S9•6•37.l2 911020600041'23

9101364.45 S6l<87324.60 9110!060004 ....

9271'!90.77 593407409.28 911020600041478

9423322.2B 60309262S.92 9110l060C)O!'I U 69

9190315.IS 588180169.60 9t10Z060004U S7

90S2214.ll 579341703.0.: 9ll0l0600041S02

9135093.10 stAG<sssa.•o 9 11020600():149(;

U0261S.l~ S2~367l8C.96 91)020500041~11

9242828.10 S91SCCB98.40 9ll0!00000.:1S48

9345996.37 S98143767.6BI 911020500041539

9C"..653S.34 S!l53826l.7i, 911020600041S57

JQ1S 3AJ JC7.11 "'S1™"1•ltS1

DATE OUEOAlE.

</28/2017 16/0</2018

•127/2017 19/0</2018

4/27/2017 19/04/2018

4/28/2017 16/04/lOlB

•/28/2017 16/04/2018

' /27/2017 1,tcW201e ,12mo11 19/04/2018

</28/2017 lE/ 04/2018

</lB/2017 lf/O</l018

5/</2017 13/0<f?OIB

S/•12017 ]3/0<(7018

5/ •'1017 13(04/2018

S/17/2017 19/04/1016

Sf17/2017 19/04/2018

5(17(].017 19/04/2018

5/17/2017 17/04/1018

5/17/2017 17(04/2018

5/17/2017 17/04/2018

3/18/2017 17/04/2018

5/18/2027 17/CX/2018

5/18/2017 17/04/2018

5/22/1017 20/04/2018

5/12/2017 20/04/2018

5/22/1017 20/04/2018

5/23/2017 l0/04/2018

5{23/201 7 lOIO•llOl8

sm12::u 7 20/0</lOU

1

.: :: ; ,;·. , A~t~JB·<\-;\, ;~;: ~· ;~:1;/._"

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, .... .. 133

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i.ouo~n. :'i~Ul:W TIM( I r.'IJ,'\lOf.FWJ.XDf(G (G-.n, lnl'l

_l~1/mlllS7)1/GGVl1 _1.:l7l10i-~VW

20J\\1E01>1m~lll7 a;ll!t'4·~...i.-~ >of0l/l0l 7\!7ll,IGGV17 !:S,4 )IOl•,Af.lTW[il,P

lllOUl017j}T.llJQUnC17 !:16 11_0,..__}..~

11~7)!!,1~1017 l:it f ~AHJ'W'lU

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_2010,129n)J1l.J/G_ill/~H. ·~ IM>t· N~'UP ~_!_l1111h1A¥121 1:SS laot·.t.HTWID

20/0lJJE...11l1111JHAV1J ~ llOt-NtN.'U.•

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JJ/!V~~bl!~filfp 1_1:)_~_l~t~~ _w\ll/lOl.!.(J}J_:JGG_I./\? ~ ( IOI• AIITWat,

2 l/D1/2017( l7!VCILVl017 7:);) \i,o;..u.'l'WOI,

CU~fl».l't' CJ«DIT

Rf<CN[.OIN UOSlftO

e

PN,::O., IJ,. PLIKOrAl

AMOUNTll". I AMOL'fl'T(l1111HA USO Mlcj _ Cnu:11

1'MOAA(S'

IC:.:fll.HJAUGL'wt.S I 1/ll/10171 9t'OlSU.CCll JJ}~'6UXI( S4U~7:)

-iGfTAN!Afl~C,..\S: _ l__l_l1.t!:.o1>J ,_oc19'j_~!1_2'11c.oc,t ~ll'1«00oo31'19

GlrAWAUGEMS \ )/1CllOJ71 JOOlli.J~.!"111Looi _~U70000003'1l

G_IUINCIAlTD __ _l _ lh0/l017( _ 100us2.ool 1.';:JU.1711..ool !AU>toeooO'.m6

lc;utf.'DlAllO I J@l~PI _ !~7•::.~ µ.a1..s_n_G.M._~_1_~~m7 C,U!.'JO,AlTD I J~nom~~l!&'Q~U,5,CU.OOI si11100CJ000m)

Gil,! IJ.'9IA._m____j _ _J~t'?l_ ~01;1'?2SL«d. _1'_2l~~SC1170000Q0l77.,;

NAX1KA.lM.IIW,,'DS f >h?/20J7\ )001'2.\~192'20~.oot _5tU7(00000377l

,~l?AIMtms t l{r.../2Dn) J!lO,llYtOG) ,nnlDOQ.coJ s.,11noooocc.ln.>

iG_11~U-~ LG_~~ l_ _ l.£!.1/:1>1)) 1002221..ool 12,:.usn.ool SU17t00000l11&

1C.fl.!'IWJ.l.!i~1$ _ J _l/1'1/:0l..?..I :oo,.J.as.~:6o&O.ool su: 700000Cf7t 7

!Gtte1.J.aAui.~ I mtmtll 1~12~.ooL_usoau.u..oc,t_!_c11eoooooJ7'!..1_

~...!JIIAUG_r~ _ _l ___ l/2tnoiJI :wu2,~t _ t..."Sat'I_~~ suu~nn Gl7AH.IAUG_~~- L1-l1.1/?0VI _2_9916!1.00J 1J!i.g1211uot s.tu.1ooooc,on,c.

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Annexure-3

Nirav Modi Group

Name Partners ·-· Mis Stellar Diamonds Nirav Family Trust Nirav Modi Family Trust

M/s Solar Exports Nirav Family Trust Nirav Modi Familv Trust

Mis Diamond RUS Sh Nirav Deepak Modi Mis NDM Enterprises Pvl Ltd Mis ANM Enterprises Pvt Ltd

Detail of Trustees are as under:

. Nirav Family Trust Nirav Modi Family Trust

Settler Purvi Mavank Mehta Deepak Keshavlal Modi Trustees• Nlrav Deepak Modi Nirav Deepak Modi

Ami Nirav Modi Ami Nirav Modi Neeshal Deepak Modi Nceshal Oeepak Modi

Beneficiaries - Deepak Keshavlal Modi - Purvi Mayank Mehta Ami Nirav Modi . Ami Nirav Modi

- Neeshal Oeepak Modi - Neeshal Deepak Modi

- Nehal Deepak Modi . Nehal Deepak Modi - Rohin Nlrav Modi - Rollin Nirav Modi

Ananya Nirav Modi . Ananya Nirav Modi Apasha Nirav Modi Apasha Nirav Modi

-··- - ·-·

·Detail of Trustees are as under:-

Name Address Partners at the Ume or Trustees Authorised Signatory accoun t oocnina

Solar 15. . Mr Nirav Family Trust . NiravModi . Hemani Bhatt ex.ports: Nagindas AABTN2924P M:g820021371 M:9820042816 ABRFS4180R Mansion, . Nirav Modi Family Address: 4, Grosvenor Addross:C-36. Pod (Partnership) 4"' 0001, Trust House, 2"' Floor, Peddar Ap~ S.V.Road,

ar

61· AABTN2923L Road. Mumbai 400026 l{andivali (W), R.J.S.S. Passport Details: Mumbal-400067 road, No: 21781880 Passport Details: Opera Date or lssue:08.05.2008 No:61443267 House. Date or explry:07.05.2010 Date or Mumbai PAN:AABPM9885C ,ssu~:03.03.2000 400 004

Date of e~pl1y: . NeeshalModi Address: 4, Grosvenor 02.03.2020

House, 'I!" Floor, Peddar . MsKavltaManklkar Road, Mumbai 400026 M:9021081010

Ami Nirav Modi Addross: JER Villa.

M:9323003229 Addrcss:SamuclraMahal

J"' Road, Santa Cru z 55 East, Mumbai-4000

Premises Co-op! S0cie1y Ltd Passport Oet.11Js:

Dr Annie Besant Rd w()(li No:F3424 035 PAN:ALUPM0713F Dale or issue:

03.06.2005

- -- Dale or ex2!!:1'.:..., _j


l5D .

....

Sn Name Address Partners at the time or Trustees Authorised Signatory 0 account opening

02.06.2015

2 Stellar 15, MrNirav Family Trust . ·-NiravModl . Hemani Bhatt Olamonrl: Nagindas AABTN2924P 9820021371 M:9820042816 A8RFS4181Q Mansion, . NlravModi Family Address: 4 , Grosvenor Addrcss:C-36, Podar (Partnership) 41

• floor. Trust House, 2•• Floor, Peddar Apt, S.V.Road, 61- AABTN2923L Rood, Mumbai 400026 Kandlvafl (\IV), B.J.S.S. Passport Ootails: Mumbai-400067 road, No: Z1781808 Passport Details: Opera Date or No:81443267 House, issuc:08.05.2008 Date of Mumbai Date of issue:03.03.2000 400 004 explry:07 .05.2010 Date of expiry: . NeoshalModl 02.03.2020

Address: 4, Grosvenor MsKavilaMank;kar House, 2•' Floor, Peddar .

Road, Mumbai 400026 M:9821081010 Alldross: JER Villa, . Ami NiravModl 3•• Road, Santa Cruz

9323803229 East, Mumbai-100055 Address: SamudraMahal Passport.Det.tils:

Promises Co4 opt Society No:F3424035 Ltd Dr Annie Besanf Rd Date of issue: worli 03.06.2005

Date of expiry: 02.06.201 6

3 Diamond R 1110. • ANM Enterprises NA Hemani Shalt US: Prasau Llmitedtt M:9820Qq2816 AAAF046071i Chambers, , NDM enterprises Addross:C-38, Podar Apl, (Partnership) Opera limited# $,V,Road, Kandivali (W),

House. . Sh Nirnv Occpak Mumbai-400067 Mumbai

Modi Passport Details: 400 004 AA8PM98S5C No·B1443267

Address: 4, Dale of issue:03.03.2000 Grosve11or House, 2"' Floor, Peddar

Date of expiry: 02.03.2020

Road, Mumbai . 400(126 Passport Details: No: Z1781888

·--~--J-... Date or issue:08.05.2008 Dale or

- - - -~el!Y~07.05.2018 -·-··

# Directors as per ROG search dated 08.12.1 7) are as under: M/~DM En terprises Pvt Ltd Mis ANM Enterprises Pii.t Ltd

Hemant Dahyalal Bhatt 1.Ramesh Madhavdas As_s_a-,------1 C-36. Podar Apt, S.V.Road, Kandlvali (W). Address :B - 8, Nalanda BHD, Bank of Mumbai-400067 Madllura, 10 R.B. Melita Marg, Ghatkopar

(E), Mumbai 400077

Ramesh Madl1avdas Assnr B - 8, Nalanda BHD, Bank of Madhura, 10 R.B. Mehta Marg, Ghatl<opar (E). Mumbai 400077

2.Kotan Cha11dral1ant Solanki Actdress:Peninsulla Park, A Wing, Flat No. 302, Near D Mart. Virar (West) , Pa\ghar 401303 MH IN

~--------·---- ---------~-----------------·-'

138


Detail of Directors-Firestar Group (As per ROC site data as on 19.02.18)

Company Name Director

Fireslar International° Ud(r'IL) Mr. Nirav Oeepak Modi (Promolor) -·

Mr. Haresh Vrajlal Shah, Professional Mr. Suresh Chandra Senapaly, Professional Mr Gautham Mukkavllli, P rofessional Mr Sanjay Rlshi, Professional Mrs AnQelina NQuyen. Professional

Firastar Diamond Mr. Nirav Deepak Modi (Promotor) International Pvt Ltd(FDIPL) Mr. Haresh Vrajlal Sl1ah, Professional

Mr. Suresh Chandra Senapatv. Professional

Firestar International l td (FIL) Directo rs ·- .. Name And Address/Mobi le No.le-mail

Designation address of Main Directors/ Guarantor Directors/ Key persons

Mr. Nirav Deepak 4 - Grosvenor House, 2nd Modi Fir., PecJdar Road, Mumbai -

26. Tel: -+-91 22 30010000 Email-nirav@!riestardian,ond.com

As g_cr MCA Plat No-2202, AL Shera Tower, J.L.T Dubai Al:

Mr. Haresh Flat No 42, 6'" Floor, Vrajlal Shah Sunbeam Building, 3 A ,

Peddar Road, Malbar Hill Mumbai - 400006 Tel: +91 22 30010000, Email -hshahrcilfirestardiamoncl.carn

Suresh Senapaty, 301, Brigade Lavelle I Lavelle Independent Road Bangalore ,300 t 0000, Director Gautham

BJ-402,Unltcch World Spa Mukkavilli, Director

West. Sector 30,Gurgaon

Sanjay Rishi, 39, SFS Alaknanda Shivallk Professional Apts, Kalkajl,30010000,

House 8,200 Po Toi 0 Village, Clear Water Bay,

Angelina Nguyen. New Territories Hong Kong Na Hk,30010000, Flat No. 610 Mahagun Manor

.. Whether DIN No. Promoter/

Professional /Nominee

Promoter 00190509

Professional 02760534

Professional 0001871 1

Pro re sslonal 020551 76

Professionol 03507120

Professional 07688067

PAN No.

AABPM9885C

AOVPS9150A

AAIPS5825K

AAAPM0395A

AAAPR0425N

N .A,sincc nol an Indian Citizen

Ravi Shankar Gupta

Apartments, Plot F-30, Sec CFO(KMP) - MAPGD6038N Tor-50 Nolda 201301 UP Flat No. 1201, 12th Floor. A

Suresh Kumar Wing, Monarch Gardens Plot

Company Jain

No. 6, Scheme 57, Secretary - AIKPB4332J

SewreeWadala Estate. Sewre Mumbai 400015

·-··· ·-.

I .) 7.

139


2. Flrastar Diamond International Pvt Ltd {FDIPL)

Di recto rs : Name And Address/Mobile No.le-mai l Whether Ooslgnation address of Main Directors/ Promoter/

Guarantor Directors/Key Professlonal/ persons Nominee

~

4, Grosvenor House, 2nd Floor, Peddar Road, Malabar Hill, Mumbai. 400006,30010000, nlrav@frieslardiamonl,j.com

Nirav Deepak Modi, Promoter Director

As per MCA Plat No-2202, Al Shera Tower, J.L.T Dubai /\E

Fial No 42, 6th Floor, Sunbeam Haresh Vrajlal Building, 3 A , Peddar Road,

Professional Shah, Director Ma/bar Hill Mumbai • 400006

[email protected] Surcsh Chandra

301, Brigade Lavelle I Lavelle Senapaly, Professional Director

Road ,9000000000,

Flat No-1002,8 Wing ,10"' Fllor,Clover Grove ch.Opp.

Company Sakel Vipin Shah Phoenl~ Hospital. Kant/ Park,

Chlkuwa 01. Boriva. Mumbai-secretary

~- 400092

Fl REST AR DIAMOND LIMITED - PNB , HONG KONG

Name of Directors 1-Mr:-sankim Madhu Mehta,

Address

(Professional Director)

Apartment 11 K, 100 Hepburn Road. Clifton, New Jersey 07012-2209, USA - -·-- - - - - --- -'-'-C---'---- - - - ------'

FIRESTAR DIAMOND FZE- PNB, DIFC, Dubai

Eame of Directors Address # ankim Madhu Mehta, Flat no.-602, Satyam

Building No.2. Azad Nagar essional Directorl__ __ ~ 1dheri West Mumbai

#As per Passport records.

· ... .. 140

DIN No. PAN No.

00190509 MBPM9885C

02760534 AOVPS9150A

00010711 AAJPS5825K

- BMHPS9016C


Gitanjali Group

MCA As per /ROG Company Name

Gitanjali Gems ltd

Gili India Ltd

d

·-~ 141

ata as on 8 9.02.201 :-Din~ctor

Mr. Mehul Chinubhai Choksi, Promoter Mr. l(rishnan Sangameshwaran , Professional Mr. Dhanesh Vrajlal Sheth, , Professional Mr. Nazura Yash Ajaney, , Professional Mr. Anll Umesh Halidar, Professional (Joined 11.08.1 7)

Mr. Dhanesh Vrajlal Sheth, Professional .-Mr. Aniyath Shivraman Nair, Professional Mr. Sudhirbhai Ambalal Mehta, Professional (Ceased 10 director on 03.01 .17) Mr. Dinesh Gopaldas Bhatia, Professional

Mr. Nazura Yash Ajaney, , Professional (Joined 16.12.16)

Nakshatra Brands Ltd Mr. Dinesh Gopaldas Bhatia, Professional Mr. Dhanesh Vrajlal Sheth, Professional Mrs. Jyoti Bharat Vora, Professional Mr. Anil Umesh Haldipur, Professional

Asml Jewellery India ltd Mr. Sudhirbhai Ambalal Mehta, Professional (Since amalgamated as Smt Chetna Jayantilal Jhaveri. Professional per MCA recordj Mr. Oinesh Gopaldas Bhatia, Professional ~

A. Gitanjali Gems Ltd Directors: Name~- Address/Mobile No.lo-mail

Designation address of Main Directors/Guarantor Directors/Kev oersons

Shrl Mehul Gokul Appartmenls, 9\l/9lh & 1 Olh,

Chlnubhai Choksi, Near White House, Walkeshwar,

Managing Director Mumbai ·400006,9820024002, m<[email protected] Col lage 3, Pyramid Complex,

Shri Krishnan Ohyanapraslha Foundillion, KTN Sangameshwaran, Palayam. Vadavall, Coimbatore, Director Tamil Nadu 641041,022 4010

2000,[email protected]

Shri Dhanesh 5, 1st Floor, Ganpat Bhuvan,

Vrajlaf Sheth, Morvi Lane, Chowpalty, Mumbai 400 007,022 40102000, Director [email protected] 12-H6, Mars Society .. Kalyani

Smt Nazura Yash Nagar, Pune Cily, Pune AJaney, Director 411006,022 4010 2000,

chlldoloovinctalomail.com Flat No.301, Ulka Appanment,

Mr. Anil Umesh Plot No.22, Sion, Fort Road, Haldipur.Director Mumbai 400022,02224071019,

Asner MCA record on 19.02.18:·

Whether Prom oter/ Professional/ Nominee

P.romoler

Professional

Professional

Professional

Professional

.. DIN No. PAN No.

00060099 AABPC1451E

00015745 AFOPK5309R

00120257 AAEPS3776M

06947881 ALVPA4060E

07653590 MCPH4613G


Name and Address/Mobile No.le-mall Designation address of Main

Directors/Guarantor Directors/Kev oersons f'llll No-4-S,Sankul Condominium E'Wane Near Dinanath Hosoital.Pune-411004 Emp 48/501,Evershinc Millennium

Chandrakant Kanu Paradise Near Thakur Cinema Karkaro

Pankhuri Abhijil Warange

B. Gili India Ltd Directors Name And Designation

Mr. Dhanesh Vrailal Shelh

Mr. Aniyath Sh!vraman Nair

Mr. Sudt,irbhai Ambalal Mehta· Mr. Dinesh Gopaldas Bhatia

Smt Nazura Yash Ajaney, Director

Mihir Bhaskar Joshi

--

Thakur Village Kandi Vall (E) Mumbai 400101 Mh In 601, Sai.dham Apartmenl Chaphekar Bandh11 Marg, Mulund (El Mumbai 400081 Mh In

Address/Mobile No.le-mail address of Main Dlrectors/Guarnn!or Dimctors/Koy persons

5, Ganpat Bhavan, 1st noor, Morvl lane, Chowpali, 02223613192,dhaneshsheth@redltf mall.com Room No.7.Chawl No.2, Sanju Colony,laxmi Bagh. Katemanivali, Kel:i:an (Easl).Mumbai-421306 232,Rushabh Apartments, Parekh Street.Mumbai-400004 Morwadi, 3rd Floor, Room No.3, Bhatia Niwas. 50, Babu Genu Road, Mumbai 400002, Mob No:-9820086854, [email protected] 12-H. 6, Mars Society,. Kalyanl Nagar, Pune City. Pune 411006.022 4010 2000, chlldo/[email protected]

Room No. 2, Mangu Prasad Chaw!, Ovaripada, S.V. Road, Dahlsar - (East). Mumhai 400068

-• Ceased to director on 03.01.1 7

'.~ ~ 142

Whethor DIN No. PAN No. Promoter/ Professional/ Nominee

CFO(KMP) - ADAPK8405A

Company - ALRPP2079G Secretary

Whclher DIN No. PAN No. Promoter/ Professional/ Nominee Managing 00120257 AAEPS3776M Director

Director 03344204 AAXPN7768F

Dlreclor 00128599 ADBPM3526F

Director 07202390 AFGPB8932D

Director 06947881 ALVPA4060E

Company AHZPJ0098D Secretary


C Nakshatra Brands Ltd Address/Mobilo No.le-mail

Name And address of Main Designation Directors/Guaranto r

Directors/Kev persons

Mr. Dinesh Mor,;adi, 3rd Floor,Room no 3,

Gopaldas Bhatia Niwas,, 60, Babu Genu Road, Mumbai, 400002,

Bhatla,Director Maharashlra !NOIA 02226544421,·

Mr. Dhanesh 5, 1st Floor, Ganpat Bhuvan, Morvi

Vmjlal Lane, Chowpalty. Mumbai 400 007 ,022 4036

Shelh,Director 2217 ,[email protected] 28IN07, Hill Rock Society

Mrs. Jyoti Bharat Swalanlrya Sainik Nagar, Near CNGI Hope Center Amboli, Andher/

Vora,Oireclor West, Mumbai, 400058, Maharashtra. INDIA 02228385162,· Fial No.301, Ulka Appartment, Plot No.22, Sion, Fort Road, Mumbai 400022,02224071019,

Mr. Anll Urnesh Haldlpur.Direc1or As 12er MCA r~CQ(d QO 19,02.18:-

Flat No+s. Sanku/ Condominium EWane Near Oinanalh Hosoilal,Pune-411004

D Asrni Jewellery India Lid

Directors Address/Mobile No.le-mail

Name And address of Main Designation Directors/Guarantor

Directors/Kev persons

Shrl Sudhirbhal 232, Rushabh Apartments, Parekh

Ambatal Mehta, Street, Mumbai-

Director 400004,9820133568,sudnfr@gitan ialiarouo.com

Sml Chetna 198/3, Gujarut Housing Society,

Jayantilal Jhaverl. Sion (West), Mumbai-

Director 4 00022,9323190505,chelnajhave11 ®redlffmall.com

Shri Dlnesh Morwadi, 3rd Floor,Room no 3, Bhatia Nlwas,, 50, Babu Genu

Gopaldas Bhatia, Road, Mumbai, Director 400002,9820086854,nirmal_cheml

ca [email protected]

t I _.) •

... - 143 -Whother

Promoter/ . DIN No. PAN No. Professional/ Norninec

Professional 07202390 AFGPB89320

Professional 00120257 MEPS3776M

Professional 07004872 ADNPV408Sl

Professional 07653590 AACPH4613G

Whether DIN No. PAN No. Promoter/ Professional I Nominee

Professional 00128599 ADBPM352GF

Professional 06824137 ABSPJ9527E

Professional 07202390 AFGPB89320


. .'

I"' -·-·- lNDENTUR.E OP TRUST

NlRA V FAl\fl,V .TRUST

MUlffiAT: DATeD.JfunDAY OP JANUARY,2010.

F0t_N1AA~usr

Tru&leo / Aulhorr.eo Sionotory

144


NIRAVFAMfLY TIWST

nus IND~NTURE made al Mumbai this Jfui_ day of January, 2010 BETWEEN

PURVI MA YANK MEHTA presently residing at Atlas Apt, A Wing, 2•d Floor, Fial

21, J Mehta Road, Mumbai-400 006 hereinafter called the Seltlor (which expression

sh•ll unless ir be repu(lll2nl 10 the context or mcw1ing thereof include her heirs,

cxeculors, adrniuislrnton; and assigns) of the One Prut AND

NIRA V DEEPAK MODI rosidin!l al Samudra MAIUII, B Wing, Flot No 12m, 27"'

Floor, Dr. Annie Besant Road, Worli, Mumbai - ~00 018, AMI NlRAV MODI

I ~, I i!!W

! <ii m~ I tIB

i Cl

residing at 4, Grosvenor House, Pcdd.cr Ron~, Mumbai - 400 026 and NEES~H .. ! DEEPAK MODI residing at~. Grosvenor House, Pedder Road, Mumbai - 400 ~ BJ hcrcin~fier collectively rcf•rrcd to as "the Trustee(s)" (which expression shall wi1i.l· _. ..,.

it be repugnant t'l the context or meaning lh~rcof include cxi:eutors, ~dministrat~ f0, ~ ~ ~

. ~ ~ ~~

and nssignors and other Trustees or Trustee for the time being oftl1cse presents) of~e C !l e '° C O m

~~ 5 0 3

~ (JJ ~ f' Vt y ~1 ,.J, ofp e• :ei

.... ,~-,-/fl;f(L N__::$Jl _ ~ l Ii ~J ,o: NIRAV FAMILY TRUST f ~Dt.

/;:j~ .. 01)

145


,.J -:_ • ..

WHEREAS oul of 1!arural love and affection the Sertlor wishes to settle a sum of Rs.

11,000/- (Rupees El.':vc11 thousand only) upon the trust in favour of her fnther, brother

aJ1d brother's family member.; more s~ilically listed In Clause 4 hereunder

(hereinafter referrc:& 10 as "Ute ' Bencflciary/ies") and in the mlll\Jler hcrelnnftcr

e~pressed.

AND WH£R.E;\S (he Settler has requested the said Trustees lo net as Trustees of

tllese promises whi~h they have ngcced to do AND WHEREAS with a view to mllke

such senlcmcm as ~foresaid the Settler l1as icrevOCJ\bly transferred and handed over 4

sum of Rs .. 11,000/- (Rupees Eleven thousand only) lo Ute sold Trustees so that the

same may be held tiy them upon the Trusts hereinafter mentioned.

NOW nns rNDE~TURE WITNESSETH AND rr IS HEREBY AGREED A.ND

DECLARED that ~e Trustees shall hold (he said sum of Rs. 11,000/- (Rupees Eleven

ihousand only} up,!,n the T.t\lSl and w1lh and subject to 1he powers provisions and I

d.::cla.ration hcrcina!\cr contained of Md concerning !he same that Is to say: l

I. The T~sl li~reby created shall be knowri as "NIRA VF AMIL Y TRUS-P'.

2. The Trust Jhall be aperaced frorn lS, Nagindas Mansion, J.S.S. Road, OJlcra

House, Muc;nbai -400 004 or nny other n.ddress the! Trust= moy clecidc from

time to tim1-

I ). The lirst Tarstees of the Trusr shall b.,:

I

a) Nirav rlcepak Modi

b) Ami N~av M<X!i , o) Neeshal Dcepak Modi

! • i

' ------- --- - ------

.... 146


-~ ---

4. The Bencfici.uies oflhis Trust are and shall be the following:

(a) Dccpak Kcshavlal Modi

(b) Ami Nirav Modi

(c) Neeshal Dcepak Modi

(d) Neh;,.I Decpak Modi

(e) Rohin Nirav Modi

(f) Ananyn Nirav Modi

(g) Apnsh~ Nirav Modi

If any h.:neficiory does not survive till the tcnnlnalion of the Trust, the

remaining bcncficinries shall continue 10 be the beneficiary of the Trust. In the

event of demise of all the beneficiaries of the Trust or there being no

bencfir.io.ries of t/'c Trust at the time of disttibution or termination of the Trust,

the Trust Fund end I or income of the Trust shall be handed over to the estate

of the last surviving beneficiary or if all beneficiaries expire together, to the

estates ofNirav Deepak Modi.

5. The Scttlor hereby stales and confirms that the Trust created hereunder is

irrevocable· and neither the Sctt!or nor her legal heir or executors has any

righrs, po1Vcrs, aulhority to alter, nmend, revoke or tent1inace lite Trust or any

of lhc tern1s of this Trust. in whole or in pan. The Seltlor has relinquished

forever all hor rights and powers to dcdgnatc the person who sh:,.JI possess or

enjoy the Trusc Fund, propeny end income lhore from.

6. The Trustees st,.a.11 invesi the s.1id sum of Rs. 11,000/- (Rupees Eleven

thousand only) and any further amounts received to the corpus or as gifls, or

as income .In any one or more of the invcsunents authorized and co!!ect the

interest and income of the investments representing the sail.I sum and any other

assets received in future as well as ofruiy other amounts or assets which may

be received by them as hereinafter provided (hc..:lnallcr refcmd to as !he

Trust Fund) ns well as the activitits tlut may be carried on by 1hen, purs=t

to the powers grautc:d to them as herei"after conl.'.lincd and pay there from all

I I.

·· -. 147


t...

8.

costs, charges and expenses of collccllon of such inlerest and income as well

as of uny incidental 10 1he appointmcnr of new or additiona l Trustees .

7. Until th<) time of diS1dbu1ion hereinafter mentioned Ute Truslees may eirhcr

accumulate lhe net inconie or may pay approprialc or apply lhe whole or such

part of lhe income from the Trust Fund ns the Trustees may in their absolute

discrelion think fit to utilize the whole or any pan of 1he said accumulared

income or any Jmt of the Trust Fund for paying to or for the living and

maintenance expenses, travelling to various countries, medical expenses,

ma1Tiage expenses ~nd otlicr social funciions, insurance premium on the lives

of the sald l~nepci:uies, e.xp:,nses of going to hill stations or places of interest,

or for residence or nny purpose of emergency or such necessity or

advancement and benefit as the Trust~ shall in their absolmc discretion think

fit and it shall be lawful for the Trustees lo exclude eid,er of them while

dividing the said Trust Fund witJiout giving any reasons and shall nccumulate

the residue if any of the income from the Trust fund by investing the same

and the resulting Income thereof io any of the investments hereby nu1horized

with power lo vary such investments accordingly and ~II such accumulations

so produced and !he investments for the lime being representing the same shall

for nil purposes be treatw as an accretion to the C3pit!l! of the Trust Fund and

shall be held upon 11,e same: trusts and will, a11d subject 10 tl1e same powers,

terms and conditions as are herein declared and contained concerning the

Trust Fund or a~ near them to as ci~wnstan~s will admit, but so nevertheless

!hot the Trust~s may at any time until the date of distribution apply such

accumulations or any part thereof as if tho srune were income from the Trust

Fund arising in the current ye.ir.

On a1tai11ing majority l,y lhc last child of Apasha Ni'llv Modi or such other

time pc:nnitted under the law, whichever is later or any time before thot as the

Trustees may in their absolute discrc1io11 think fit and prop.-:r to do so tJie

Trustees shall distribute the Trust fund and all the nccumulations accrued

thereto nmongS1 the Bcneficiary(ies) in sucl1 proportion or proportions as the

Trustees ma! in their absolute discretion think fit and it shall be lawful for the

Hit:.\• Fomlly1f\.lJI r6at, or 11

/)!tJIJ!t

FcrNIRA\f~S"I'

T,usUA / Aulhortse~ Slgnotory

.. 148


Trus~es to cKcludc nny of them while dividing the snid Trus1 Pund without

giving any reasons.

9. Notwithstanding anything contained ,in Clause 8 hereof, the Trustees shall

have absolute discretion to disll'ibutc th~ Trust fund including the

accumulnted in7ome tltcn:to at any time prior to the attaining majority by lhc

last child of Apasha Nirav Modi and the distribution in chnc event sholl tcl<e

place as per Clause 7 herein above mentioned.

JO. No bcncficfary shall be cnt!tled to give any direction or imtructlons to ·o,

compel in a.ny way, the Trustees to tenninat.e and dissolve this Trust or to

transfer, distrlbu!e, u1ili1.1: , spend any part of the-Trust Fund or income in till)'

manner contrary 10 the decision of the Trustees oFthe Trust.

II. The Trustees will be eniilled to invest nil moneys liable to be invested under

these presents llS hercinaflcr authorized (in India as well as overseas) that is to

say

(a) in any ,of the modes of investments authorized by the Indian Trust Act

187 J or any statutory niodificai:ion or re..:nactment thereof;

(b) in the putch:i.se ru1d / or subs.,riptlon of preference, and/or equity shores,

debentures or other securities of the Joint Stock Companies including

sha,cs including any kind end I or class of Companies in which one or

more of Ure Trustocs nnd / or beneficiaries may be Directors w1d/or

Shareholders;

(c) in units of Murual Funds or '1l1.)' other Funds;

(d) as De11os!ls (Curren~ Savings, Fixed or any othe, nature) wllh Banlcs, loan

to Joilll Stock Companies, Firms, Limited Llabili<y Partnerships (LLP),

Limited Liability Company (UC). otJ1er Truscs including in which the

Trustees o; either of tJ1cm may be a Parbtcr I Director I Shareholder I

Trustee I Beneficiary;

I, f .

149


--

(e) in purchase of paintings, anefacts and sculptures or olher valuable assets;

(f) in any business / venture for the benefit and interest of the Beneficiaries;<

(g) in the purchase of immovable properties of freehold or leasehold tenure

including vacant lands having no income or in ndvancing moneys on

mortgnge of such properties. In the case of leasehold propeny the TruStees

shall be entitled to waive production of the lessors ti tle and

(h) through Trustees. to enter imo partnership with others under the Indian

Partnership Ac~ 1932 and/ or Limited Liability PartJJership Act, 2008 or

any other statutory enacuncnl or modification thereto by contributing

capital in cash or in !<ind.

The 1'-rustec shall have powers to vary the investments from time to limo into

or for others or the same or a li!<e narurc. The Trustec:s shall be entillcd to

deposit, lend or advance (interest bearing or otherwise) the monies oftlte Trust

in any Firms or Limited Liability Partnerships or Limiwd Liability Company

or Joint Stock Companies or other Trusr in which any one or more of them

may be Partners / Directors I Shareholders / Trustee i l3tncficiary and may

sub-ordinate the same to the secured lenders of such entities and t/te Settlor

doth hereby authorizes them to do so.

12. Without effecting the generality of tl1e powers provisions and authorities

vested in the Trustees under these presents the Trustees sball ltave in addition

U1creto and not in substitution thereof, the 0

followlng powers or authorities nnd

shall be entitled to execute all nets, docw11ents W1d things necessary ancillary

or incidcntlll tl1erero tliat is Ill say :

a) To purchase, take on lease or sub-lt'<lse, leave and licence basis, co

operotive schemes or any other nmmgemcnt or in exchange hire or

otherwise acquill! or dell! with and own any immovable or movable

prop:rty and any right5 oonefits or privileges which tl1c Trustees may

think necessary or convenient;

Nir11;Yfr . .111fly Tnut

150


L;

b) To construct. develop, mainlllin o.nd alter lillY bulhlings, strucnm:s,

industrial cslllte factories or works of any narurc whatsoever necessary

or convenient or for uie benefit directly or indirectly of the t rust as !he

Trumes may in their absolute discretion tliink fit:

c) To sell, improve, manage, develop, exchange, lease, dispose off or tum

to account and deal with nil or o.ny JlllI'I of the Trust Fund or any pan or

. parls lheleof;

d) To organize agencies or offic,:s or to mnke any otheJ arrangement

neces5.l!}' for conducting and managing lhe trust and to appoint such

accnls and represenuitives in that behalf as tl1e Trustees may in tlieir

absolute discretion think fit;

e) To enter lnto partnerships in Finns or Limited Liability Pannersbips

and become member of Joint Stock Companies or Limited Liability

Company or other pennitted legal structure and engage the Trust f unds

for entering into such business as the Trusl.Ces deem fit from time to

time;

i) To lend or enter inrQ any anaugemenl witn any person, Hindu

Undivided Family, Company, Firm, Limited Liability Partnership,

Limited Liability Comp2.J\y, any other pennined legal entities,

l11dlvidua~ Union or State Government or tl1eir Departments or public

or p<ivate Sector Undertakings, Municipal or local a11U1oritk's or a11y

A.ssociaiion, Organization, co-operative or Ownership Societies,

l'e~erations or persons whomsoever for such purposes as may be

conducive to the attainment of the ouject and purposes of the Trust as

the Trustees may in lheir absolure discretion think fl t and to acquire,

obtain give or make any arrangement in respect of lllly rights,

privileges, concessions, facilities, contr~ts or benefits in respect as the

Tnistccs• may in their absolute discretion think n~essary;

Nlt.a.tt f:unllyTNSt Po~7orU

ro, N.!RAV FMillLY TRUST

., .. i: ·,n,i : ~

----------------------i("-:~:;;\)....:!r

151


g) The Trustees shall be entitled to dctem1i11c whether any money or

property shnll· for 1J10 purpose of this Trust be considered as cnpiul or

income Md whether e.'(jl~nses outgoiuss or lollJls ought to be paid or

borne out of the corpus or income and any and every sueh

dotennin~tlon of the Trustees sholl be conclusive;

h) The Trustees moy deposit any documems or titles or any other papers

or documents or certificates held by lhem relating to the movable or

imrnovablc property or relating to tl1c Trust Fond under these present!

with MY Danks or Bankers or any other persllns, Finn or Limlled

Liability Prutnership , Limirc:d Liabllily Company or Company, ·

Associarion whatsoever. for safe cusrody end may psy any sum or

charge payable in resl)l!Ct of such deposits:

i) The :r rusrecs 81 I.heir uncontrolled iliscrelion instead of nctini:

personally mny employ and pay any ngcnt, person or rcprcsentntivc

includii)g any Bank or insurnnce Compnny to transact any business or

to do any oct whQtcvcr to the Trusts of th~sc presents including lhc

receipt nnd payment of moneys without being liable for loss and shall

be entitled to be allowed and p.1id all charges and expenses incurred

1hcreby;

j) The Trusrces may from time to lime appoint upon such tcm1s with or

without remuneration 3S they rnay delem1inc any manager or managers

officers, CllfC takers for any immovable or movable property subject to

the provisions of this Trust and tl1e Trustees shall have power to pay

k)

. such snlory, wages, emoluments, fees remw1eration etc.;

The Trustees may appear before the Sub-registrar or any other

authorities to give dl'ect to pw,:hase, Sll!~ or transfer of ally immovable

properties taken in the name of the Trust or for and on behalf of the

Trust;

... - 152


I) The Trustees mcy wilh the unanimous consent of lhe Bcncficinrics

who have at Chat point in time nnained majority and the conse111 of the

guardians of the Beneficiaries who are minors Dt 1h01 1lmc, spend nny

sums of money out of 1he Trust Funds for any che.rilllblc objects like

cduc.'.ltion, medic3l relief, relief of poverty or nny orher objects of

public good and for that purpose the moneys may be expended by

direct pnymentt to the persons in noed or by mak ing donation to

recognized Trusts er ins1itutio11s;

111) In the event of Trustees purchasing 1!11 immovable propcity or

properties out of the moneys belonging to the- TTusl, It shall be lawful

for the Trustees to repair, pull down, or rebuild them as well as any

other building or stn1cwrcs, that may be built hereinafter 1111d also r.o

add nnd to alter the same and ID erecr new buildings or stnlctorcs out o~

the corpus of the Trust Fund and to give \e;ise of such properties for

such term or terms of ye.irs or on mon1hly tenancy at such rent and or

rents Md upon such conditions as the Trustees moy in their absolute'

discre1ion think Iii and to make a1!ownnco with tcnonlS and olhcrs

including power to condone breaches of covenants a.,d to accept

surrcnd:r or lease or tenants nnd generally, to have all powers or

management or such immovable property or propenic.s as Bbsolute

owners without being responsible for loss or damnges U\QI may happen

thereby ii shall also be lawful for the Trusius at any time in choir

discrelior\ to sell such immovable property or propenics or pnn or part.s

thereof or easements rights or privileges exercised or enjoyed in over

or for or upon or under such immovable property or propcrlics and

upon any such exchange to give or receive moneys or cquulily of

OKchnngc. The Trustees may enter into such sal(; n.s uforesaid either by

public auction o, private conlmct and may make or agrtc lo any

stlpulalion or provisions os to title lo evidence or commencement of

title or otherwise to any conditions of 5.'.l le or conlruct for sale or

exchange and niay put in at :iny sale by a11ction and rescind of vacy and

controcl and enter into any new contract for any of the purposes

aforesaid without being n:sponsible for any loss th~ Trostccs may

153


cxe.::ute assuronc<> · give effectual receipts for the purpose and do al I

other acts and things for effecrul!Iing ru,y such sale or exchange wflich

mny thmk proper;

n) To file, defend suits, appeals, application; and to dcclnrc, sign and

verify all plainls, wriUen staeemcnts, memos of appeals, cross

objcctio~s, applic,itiuns, affidavits, etc and to accept writ, summons,

notices etc and lo ~ppear ot any pla.ce before any Court, officer,

authority or Commission or Tribunnl ond ~fore any Registrar of Suf>..

Registrar of Assurances at any place or places :md to present ond lodge

any documcni.s for registration and lO admit execution thereof and to

compolUld or compromise all actions, suits and olJicr proceedings and

all diffcNnces, dispUtl}S and demands and to refer any such differences,

disp,utes and demand to erbitration and to adjust, approve and settle all

accounts relating to the Tnm Fund and to execute all rel=s and

discharscs 8lld to do all other things re)sling thereto.

0)

N{m, f .1n1ily TrUlt

Where :iny shares, securities, debcntw'es or other assets of n Company

or Firm ,or Limited ·Liability Partnership, Limited Liabil ity Company

aie comprised in the Trust Fund the Trustees may concur in any

scheme or arrang,ments;

(i) For the reconstruction of tl1e Finn I Company / Limited

Li3bili!y Pannorship / Limited Linbility Company;

(ii) for the sole of all '?r any part of the propen y nnd

undertaking of the Finn I <;ompany / Limited Liability

Partnership/ Limited Liabipty Company 10 another firm /

Company I LimitC<l Liability Partnership / Limited Liabilily

Cornp:iny;

P1,c lO of U.

154


(iii) , for the amnlgomation of lhc Complllly I Limired Liability

Pannership I Limited Liulii liry Company with another

Company I Limited Liability !•artnership / Limited Liability

Company;

(Iv) For the dc-mcrg~r of the Company / Limited Liability

Partn~rship / Limited Llabili ty Company;

(v) For the relcllS<l, modification or vnrlation of any rights,

privileges or liabilities ntiached to the shares or eoy of them

in like manner as if they were entit led ro such securlties,

bencfici;uy with power to accept any securities of any

detennination or description of the rc~onstructcd or

purchasing of new shares in lieu of or in exchange for a ll or

any of !he first mentioned shares and the Trustees shall not

be responsible for any loss occasioned by nny act or thine

;o done in sood faitl1 Md may retain any shares so accepted

a, aforesaid for any period for which they could have

properly retained the original shares ;

p) 1ho Trustees may borrow fonds for and on behalf of the Trust at

such tcm1s and from such parties and if required, the Trustees are

auU1orizcd to give as !:<!CUtity any of th.: 3!;Se!s o( the Trus1 to the

lenders, as may be deemed fit and proper by the T rnstees from time

m time. To give effect to lhis clause any two Trus1ec5 of the Trus~

for ai(d on b:haJfof U,e Trust , shall jointly:

Nir:Jvf'.:.mllyTnm

(i) finalise ~II d~d. docum ents am! wri~ings·perlllining to the

borrowing facilities;

(ii) accept alterations 10 the borrowing documcors;

(iii) sign and execute all documents including

mortgage/hyµothccntion deed;

- - 155


13.

q) Provide guarantee 10 the lenders or any 01hcr person for ond on

behlllf of the BeneficJarl~s or for the business entities / ventures

wher~ Bcneficiruies arc interested or for the business calltics I

ventures where Trust is interested as Penner I Member or interested

in any other manner. To give effect 10 this clause ~ny 1wo Trus1ces

of the Trust, for and on beholf of the Trust, shall joinlly sib'Tl and

t :<ccutc necessary documents on behalf of the Trust.

r) To employ the Trust Fund and iJ1come of the Trust in buying any

t•ngible or intangible asseis for the furthcnmce of the objects of

tliis Trust.

Thi, Trustees shall be entitled 10 accept from 211y persons desirous of milking

contributions Jn cash or in ldud to the Trust Fund such omouncs or prop::rtlcs

upon such terms ~nd con~ltions as Ibey may think flt provided the objects for

which such conuibutions ore to be used ,ue not lnconsis((;nt with w,d objects

of the Trust mcntio~d herein.

l 4. lo case any of the Beaeliciaries who is for the time being a minor, the Trlll>1ecs

may pny eny income or copie1I payable co him by the Trust hereof to his parent

or guardian for tlto benefit of suon minor ":'itltout seeing to the applic:.nrion of

the arr,ounr so p~id.

IS. The quorum for the meeting ofTrust.:cs shall be two. All decisions segnrdlng

Ute administration of the Trust and the powers hereby conferred tJporr the

Trustees shall be taken according to the \"Ole of the rnojority of the Trustees

when the number of Trustees is three or mote. A circulru resolution si1J11ed by

rnotc th3n half the number ofTnmccs when tlte number of Trustees is three or

more for Ute tlmc being shall be effectual as passed ~, ony meeting duly

convened and held,

16. Nirav Dcepak Modi shall~ the permanent Trustee of this Trust.

r., NIRAV FAMILY TRUST

'~tt, .. :i 4:-1 ~~·Jotto," :"l ul\CO ,... "

156


J 7. !1 shall be lawful for TruSlecs to appoint one or more of them as the MII.Mging

Trustee or Trustees and such powers as may be conferred upon him or her or

them by the Trustees. If at any lime male descendanls of Nirav Deepak Modi

requests to the other Trustees to induct them as- the Trustee of u1e Trust, their

request shall be honoured by other Trustees and they shoJI be made the

Trus1ccs of this •Trusr at the earliest convenience, subject to tJ,e provision of

Clause 19 hereunder.

J 8. It shall be lawful for Uie Tl1lstces to keep nnd hold Uie Trust property

(movable or immovable) for and on behalf of tl,e Trust in tl1e name of the

ManRginlJ Tnistee or Trustees or any other Trustees or Trustee without being

liable for any losses which may be occasioned thcn:by.

19.

20.

lf any of the Trustees hereby ·lljlpointed or any other Trustees for the lime

being of these presents die or desire to be disi:harged or retire or be adjudged

an insolvent or refuse or become 1rnfit or incapable to act as tlie Trusrees of

these presents, then in eYcry such case it shall be lawful for the surviving or

continuing Trustee or Trustees for the time being of these presents or the

cxccu1ors of heirs of the last ncting Trustees (and for that purpose every

retiring or refosing Trustee shall if willlhg to act In the exercise ofthls power

be considered a continulhg Trustee) to appoint new Trustee or Trustee so

dying or desiring to be discharged or retiring or becoming insolvent or

refusing or becoming unfit or incapable to act as aforesaid with power to

increase tne n~mbc:r of Trustees and upon every such appolnuncnt at the Trust

Fund shall be b-ansferrcd to the new Trusre:i orTrustei:s so that the same may

become vested in·the Trustees for th: time being, tho number of Trustees shall

not be less than two.

It shall be lawfiil for the person or persons for the time being entitled to

appolnt a new Trustee appoint an additi~nal Trustees or Trustee along with

themselves withou1 Uiere being o vacw1oy lmt so that the total number of

Tnssrecs shall not exceed fiw.

157


21. The Trustees for th~ time being of the$c presents end such new Trustees or

U1JS1ee shall hav'e both before end after such vesting the aforesaid all th<o

powers and authorities of the Trustees.

22. The Trustees or Trustee for the time being of these presents shall be

respec1ively chargeable only for such moneys l'.!.S they shall respectively

octually receive ootwi1hs1Jrnding their signing any receipt or receipts or other

discharges or discharge for the sake of confonnlty w1d shall be answerable and

accountable for their own acts, receipls, neglec1s or defaults and not for those

of such other nor for uny Banker or Bankers broker or brokers or other p<:rson

or persons with whom or into whose hands any funds may be deposited or

come ~nd ~cl for 1hc insuffic,ency ut any stocks, ussclS, funds or securities for

any other loss. unl~ss the same shall happen through his/her or their own

willful default rc;pcctivcly.

23. The Trusrees or Trustee for the time being of U1cse presents shall be entilled 10

be re,mbursed thcm,;,:lves or himself or pay and discharge oul of !he Trust

Fund all the C)(pcnscs incurred in or about the execution of the Trusts or of

providing of thes~ presents.

24. Tne Trustees shall havo full power to settle all accounts and to compromise

compound, abnndon refer to ariiitration any actions, proceedings, disputes,

claims <kmands and things rclaring 10 the Trust or Trust fund l!lld to accept

any security movable or immovable for ony dcbls or any property c·faimcJ amJ

to execurc and e~icr into releases, arrangements and other inSJruments and to

do all other things proper for any such purposes without being responsible for

loss occasioned thereby.

25. The receipt of the Trustees or Trustee for the purchase money of any property

hereby di;ected or authorized to be sold or for any other moneys, stocks,

funds, shares, sccurilics or investments, delivered or transferred to thc111 or

him or her by virtue by the!>t presents or in the execution of the Trusts or power; hereof shall e!Tcctually discharge 111c person or persons paying

Nir .. .,f,mllyTru,,

.. 158


delivering or transferring the same there from anJ not being bound to see to

lhe application or being answemble for the loss or misepproprlolion thereof.

26. If any Trustee shall et any time be desirous of withdrawing and being

dischar(led from the Trusts of these presents it shall be lawful for hirn/her or to

do so by writinfl under hlslh~r h3lld give~, 10 the other Trustees for the time

being or delivered at the office of the Trust and upon such notice shall operate

as l1ll effectual relinquishment of the Trust nod the Trustees giving the same

shall th:rc: upon c,easc to be a Trustee lo all purposes except as to the acts ll!1d

deeds necessary for the prop:r vesting in the Trust Fund in the continuing

Trustee or Tnmecs or otherwise as the case 111ay be require which shall be

executed and done at the ex~nsi,s of rhe Tru~1 estate.

21. Any Trustee for the lime being of these presencs being a Solicitor, Adv~ale,

Chartered Accountant or other person engaged in nny profession or business

shall he entillcd to charge and be paid all usual professional or other charges

for business done by him or her firm in relation ro rhe execution of the Trusts

of these prcsenrs whetltcr in th~ ordinary course of his/her profession or

busines.~ or not and although act of runure requiring the employment of n

Solicitor, Advocate or Chmcr<.'d Accountunt or other profossionat ~rson.

23. The Truslecs may from time ro time employ any person in part or full time

employment of the Trust at the km1s am! conditions tl1al Trustees may deem

fie to maintain u.nd carry out the activities of the Trust.

29. TI1c Trustees shall open and maintain in their names nnd/or in the name of the

Trust Current Accounts, Savings Accouncs, Deposir Accounts,

D~matcrialisation or any orher Accounls in electronic fonnnt with any Bllllk or

BaJlks or B~ukers or any other individual Firm or Limitc:d Liability

Partnership or L.imiced Liability Company or Companies or Fund whether

incorporated or nor., to hold all moneys / securities / invcsunents received,

purchased, acquired by the Trunces on account of the Trust F'und shall be

deposited on re~'ipt tber.cto to the credit of such account or n'ccounts provided

that the Trus1ees may retain in their hands any wnount for current expenses as

//tf((v

N''"'"'J f~MH ... Y TRUS'T fo1 ·'"'"'

'

f1u,\tt I A.Ull\Ofind Sigl'lil~Ofl

159


tliey may In their absolute discretion tt>ink fit nnd proper. Such account or

accounts may be operated upon by any one of the Trustees as may be

appointed fo r the purpose by the Trustees from time to time.

IN W ITNESS WHEREOF the parties hereto have hereunto set u.nd subscribed tl1oir

respective hands and the Y= first hercillllbove wrincn.

SlONED SEALED AND DELJVERED by the }

wilhinnamed SETTLOR PURV! MAYANK l M.EHT A in the presence )

or .... ... ...... ... ... P.u!M .. mfl~l1MK-.m~1 ......... ·: .......... : .. __ t, ..£/,.,1t;,,.-. .. . . .. .. ... )

SIGNED SEALED AND DELIVERED by the }

wlthinnamed :rRUSTEES

I. N!RAV DEEPAK MODI

2. NEESHAL DEE!'AK MODI

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l )

J } ) ) }

3. AMI NIRA V MOD! )

J in,hepresenceof~ .. d.,.J~.· 1 .......... ................. ~ ............... ?

Nlr;v fOJr.Oy Tru11 r,;;, 16orra

160


161 INDENTURE O!' TRUST

=====~~====-==··===~===

NIRA V FAMILY TRUST

MUMBAI: DATED I& DAY OF JANUARY, 2010

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Share Department, Finance Division, HO Plot No.4 Sector· 10, D.warka, New Delhi-110075

Tel Nos : 011 -28044866 E-mail : [email protected]

~Script Code : PNB Script Code : 532451 The Asstt. Vice President The Dy. General Manager National Stock Exchange of·lndia Limited Bombay Stock Exchange Limited ''Exchange Plaza", 1•1 Floor, Phiroze Jeejeebhoy Towers Sandra - Kurla Complex, Sandra (E), Dalal Street, Mumb9i - 400 001 Mumbai - 400 051

Date: 05.02.2018 Dear Sir.

Reg.: Reporting of price sensitive information

The Bank has come across a suspected fraud involving one branch wherein certain irregularities have been obi;erved on account of people risk.

The matter involving Rs.280.70 crores based on preliminary Investigation report stands reported to appropriate Regulatory & Investigating Authorities, and the detailed investigation is on.

Submitted for information In terms of SEBI (LODR) Regulations 2015.

Thanking you

Yours faithfully ,

~ ~ Company Secretary

WR iT>Tll@l!: tak 'ffw.11-4. lT<IB'<- 10, J:rr<l'J. ~ ~-110075 • 'i-~lJtl : 011-26075000. 26045000 • l\lnmlc : www.pnblndi.i .ln

H•ad Ortico: Piel No,• 4, Snctor-10, Owa11<a, Now Oel~l-110075 • lclcphone; 011·26075000, 26045000 • Webslle: w.w1.1>nblndia.ln

~ ·1TFr<I ~~ ~ r-iw,; i, <i~ .,,Jniiet ltn ~ -l<Nl'1 1't't1r t PunJ,1b 11,11cnJI o,n~ w,tcon)"" you ID roll hoo-Z-1 ltour• c.ill contrr :mo 180 2lZ2/fSOO 103 rm


Share ~ep;,rtment, Finance Division, MO Plot No.4 Sector 10, Dw <1rka1 New Delhl- 110075 Tel Nos : Oll -28044866 E-mail : hosd@pnb,cO.fn

_ .. Scrint Code : PNB Scrint Code: 532461 The Asstl Vice President The by. General Mru1ager National Stock Exchange of India Limit~d Bombay Srock Exchange Limited "Exchange Plau ' ', 1" Floor, Phiroze Jeejcebhoy Towers Bandra - Kurla Complex, Bnndra (E), Dalal Slreet, Mumbai - 400 001 Murnbni - 400 051

Dale: 15-02-20 \ 8

Dear Sir,

Reg.: Clarification/confirmatiqn on news jtem

With reference· to the media reports regarding "ED raids offices of Nirav Modi, PNB and Gitanjali gems". We submit as under:

S.No. a)

UERY CLARIFICATION/ C0NFIR1V1A TION Whether stated news pla<i:e?

such event Yes in published we.re raking

If so, you · are advised to provide the said information .along with the sequence of events in chron ofogical order.

On 16.01.2018, the partnership firm of Nirav Modi group approach ed our branch at Brady House, Mumbai and presented a set of import documents \16th a request to allow buyers' credit for making paymen t to the overseas suppliers. Sin ce there was no sanctioned limit in the name of the ab ove firms, the branch officials requested the firms to furnish at least 100% cash margin for issuing Letter of UndertaJcing (LOU) fo1· 1·aising buyer's credit. On denial, the firms con tes ted th,;.t they have been availing s u ch trans act.io n s s ince past several years. On scrutiny, it was observed that earlier issuance of Letter of Undertakings (LOU) had been made by the branch officials th.ro u gh SWIFT (The Society for Worldwide Interbank Financial Telecommunication) w:ithout obtaining approval of the competent au rhority, n ecessary applicHtions from Importer, documents of import, legal documentation with bank and also without tnaking entries in Bank's trade finance module of CBS system.

A series of meetings were h eld with representatives of Nirav Modi grou p and Gitanjali group at Delhi & Mumbai to impress upon them to pay the amount. They were also directed to

• • rovide aJl necessarv documents as er law to

181


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-:.:~it· . t.i~lil·~~~~{iim ·-:lti:: purijabnQtionalbonk . ·: .... · ..... "'""'# . ·. : ':...__.:;:' '.:-:::..:-:-·->: :.-'.·_.-:.\·-~: ,_· . ·.· . ·.. . . . : . . . :..-:

y;~~ 1:.--:~~/,:..:».. ":l ~;;;/··~-· "' " .. ~~: . /~ ~ I'. \.,.. ,·7 • .. •: ... - .. ·~;.:\ . ... ,~

Share Department, Finance Division, HO Plot No.4 Sector 10, Dwarka, New Oelhl- 110075 Tel Nos : 011-280'14866 E-mall : [email protected]

b)

cl

The m a terial impact of this article on the compa:nv Whether company arc awaz,e of any information that has uot been announced to the Exchanges under Regulation 30 of Listing Regulations. If so, you arc advised to provide ihe said information and the reasons for not disclosing the same to the Exchange eal'lier as required under Regulation 30 of U1e Listing Regulations.

unauthorized issuance: of Letters of Undertakings, Foreign Letter of Credits and Inland Letter of Guarantees in the group accounts of Nirav Modi Group & M/s Gitanjali Group and in the account of M/s. Chandri Paper & Allied Products Pvt. Ltd .

. reported to RBI. On 1-3.02.2018, FIR filed with CBI against above 2 groups ~d M/s C:pandri Paper & Allied Products Pvt Ltd. On 13.02.2018, Bank also files complaint to Enforcement Dii'ectorate on 13.2.2018 . On 14.02.2018, SSE, NSE exchai1gcs were informed. The bank liability is contingent only. The liability shall be decided based on the 1aw ofland.

Yes. The information of fraud ofRs.280.70 crores stands reported to Exchange on 05.02.2018. Subsequently on receiving investigation report on 12.02.2018, incident of total f.raud amount of Rs.11394.02 crore stands reported to Exchange on 14.02.2018.

Submitted for information please.

'!'hanking you

Yours faithfully,

(Balbir Singh) Company Secreta1-y

·~-.,

l!UFT ~: ~ "ffi!ZIT-4, ~~-10. 'GR•l•l. ~ ~-1100'/5 • ;_vl!'<l: 011·28075000,·28045000 ~: www.pnblndla.ln Head Olnce : Pict No.- 4, Scotor-10, Owar~a. New Do\hi-110075 • Tetophoru,: 011-28075000, 20045000 • Webslta : 1w.w.pnblndla.ln

,j;rr,i ~ :W ~ ~ :z.< <t~ 'ffi!il?1 ml~ ~ ~ t Punjab llation•I Don Ii w, l,ol!UI, you to toll fro1·24 hour< c:oU centtr :1800 fsf jJi}Ji-& ?03 2221

182


(

I '

.•• , ...... . _.-~-.Jll.111 .. ,. · -·,'l ,., .. ,_ii.;,•.••,.r-.· · - , ·•,·., ·~

.. ~- pvnJcib'nationcilbank ,.. : .,,, , ·~ \ ~~:· • _,,,.,,,., ... ,..,.~ .. .lllfk/lUC1" -.Jt1 ' •

Finance Division, Share Department,HO, Plot 4 Sector 10, Dwarka, New Delhi • 75 [email protected]

Scriot Code: PNB Script Code: 532461 The Asstt. Vice President The Dy. General Manager National Stoel< Exchange of India Limited Bombay Stock Exchange Limited "Exchange Plaza" 1" Floor, Phiroze Jeejeebhoy Towers Bandra- Kurla Complex, Bandra(E) Dalal Street, Mumbai-400001 Mumbai -400051

Dated: 19.02.2018

Dear Sir.

Reg: Clarification/Confirmation on news items

This has reference to various queries raised by BSE and NSE based on the media report.

In this connection we submit as under:

s. News Items No. 1. PNB tocking to monetize assets.

2 "PNB fraud: Petition filed in SC demanding SIT probe" A peUlion has been filed in the

Supreme Court on Monday demanding Special Investigation Team (SIT) probe In the ongoing Puniab National Bank.

3 Central Bureau of Investigation (CBI) sealed the Bank's MCB Brady House branch in Mumbai earl:er today as part of the ongoing Investigation.

Submitted for mformahon please.

Thanking you

Yours Faithfully

\· . '\•,\: .. ,)-1~-'·'· ···' - ---· - ···'

(Balbir Singh) Company Secretary

Bank's clarification

Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board. Bank is not aware of any such petition filed in Supreme Court.

Bank is under discussion with CBI to allow normal operation in the branch during business hours. However, the bank has Core Banking Solution through which any customer of bank can transact at any branch of his convenience. Bank has made enough arrangements to ensure no customer is put to anv Inconvenience.

,u..,.

183


e

•u I

20/02/2018 Nirav Mod( case'. SESI t::iur1ches probo lnlo trading, cJis:closure issues at PhJB, G11anjall Gc.·u,,~ I The Indian Expres!:i

/.lln ls try o r Honl1h a11d Pamlly Wolf~,., Govornmont or lncfi,,

ru,11n ,rn1,,1ns ,.;.,r,t,(\1 Ut(l; 1111 .... ,hon

ro1J.11'1, •:o i,~,· ·•!J1,11,:1l .. \ lOS-1 •-:f' / ~11/rJ !l..". f ,I • /\\'J'' /,( ,1~,I .. • .~! ,'If,!,

, ~· .. , .: c:; ·~ .c,·, . .;: ,31.r.1 ?°n:.:· ~:.r:·i·i , ' ~; ·. -~~- \ . · ·. ;, ! R ~l'7:' ?:i?_~ i

Home India Nirav Modi case: SEBI launches probe into trading, disclosure Issues at PNB, Gltanjali Gems

Nirav Modi case: SEBI launches probe into trad.ingj disclosure issu.es a.t PNB9 Gitanjali Gems In July 2013, the Nation al Stock Exchange, in consultation with SEBI, had debarred Gitanjali Gems chief and main promoter Mehul Choksi among others from trading, for securities market violations relating to tr ading in his company.

By: PTI I New Oe!hl I Updated: February 16, 2018 3:48 pm

hllp:/f,ndionexpress.com/ar1lc!eAi,dlAln!mv-mod\.c, so•••ci,JDunch••·proba·lnlo·lrodlng-cl,sclo&ure•lssuca,a1-pr1b,gllanjalii3ClllS·S066504/ 1110

184


20/0212018 N1,av Modi c;i!ic: SEOl lnunche!, probe lnl!J Ir tid ing, disclosure 1ssuc5 al PN8, Gtrcrvoh Gems I The Indian Express

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";:·:i-.::~ · .. ..... ,..;·'frl . · .. :);· ..

.. , : .. . -··'· . : :.

'In 201 9, question is will there be •. -lt;c,. secular government. .. we w ill keep

1 \:s; · that In mind after poll'

rt.;. • • p .

' I t:I wi

),

}I ··\· ~ . - .;J :t

1i " An Enforcement Directorate team at one of diamond jeweller Nirav Mod l's properties In Mumbai on Thursday. The ED has raided multiple sites linked lo Modi. (Express Photo: Ganesh Shlrsekar)

RELATED NEWS

PNB fraud case: SC to hear plea seeking deportation of Nirav Modi on Friday

Nir:iv Modi's letter to PN8: Your iJCtions destroyed my brand, closed all options to rocover dues

Fitc h, Moody's place

PNB's raliny under review for downgrade

~ af1er lls 11,400

Markets regulator Securities and Exchange

Board of India (SEJ3I) has launch ed a probe

into trading and disclosure related issues in

the matter of Punjab Narional Bank and

Gitanjali Gems in connection with over Rs

11,000 crore banl<ing fra ud allegedly

per petrated by absconding Nirav Modi.

"SEBI accorc!s utmost irnporrnnce to market

conduct and integrity. Anyone foun d

violating the securities laws will be dealt with

firmly"C, a regulatory·official said.

ll!f.ml.'/t• { : crore fraud Incidentally, in July 2013, the National Stock

Exchange (NSE) in consultation with SEBI

ha d debarred Gitanjali Gems chief and main promoter Mehul Choksi among others

from rrading, for securities market violations relating to trading in his company.

Punjab National Ban k fraud LiVE UPDATES: CBI lodges fresh FIR against

Gitanjali Group, approaches Illterpol

SEBI and stock exchange:; have begun analysing the stock m<1rker trade details of all

entities associated with Modi including Chol<si, who has already been under

hUp://indianexpres.s.com/articlelindialnlr&)V·mod,-caso-scbi·lounchas-prot..ie·inlo·lradino ·dlsc:osuro· rsm,e~-a t-pnb-011onJ3!1-ocma-S066504/ 211 D

185


Date:

FORM NO. NCLT-2

NOTICE OF ADMISSION

BEFORE THE NATfONAL COMPANY LAW TRIBUNAL

BENCH AT MUMBAI

From: Union of India, Minish·y of Corporate Affairs, New Delhi

To: The Registrar

NCLT Mumbai Bench

UNlON OF INDIA, M1NISTRY OF CORPORATE AFFAIRS

VERSUS

GIT A NJ ALI GEMS LTD. & OTHERS

ttso

1. The Party named above requests that the Tribunal grant the following reliefs:

Interim Reliefs

(a) That the Pelilioner be permitted to serve the Respondents through post,

publication in newspapers, email, whatsapp messaging, wherever required,

in order to ensure due service of notice to all Respondents, present in India

or overseas.

(b) That the Respondents be directed to disclose their moveable and immovable

properties/ assets, including bank accounts, owned by them in lndia or

anywhere in the world.

(c) That the Respondents be restrained from mortgaging or creating charge or

lien or third-party interest or in any way alienating, the movable or

immovable properties owned by them and further, direct attachment of the

all said properties and hand them over to the Petitioner. Petitioner be

allowed to execute such orders through the Indian Missions, stationed

overseas, for the immoveable and moveable properties in existence abroad. M. V. Chakranarayan

1 /)

Rqlonol Director fk>l•v West.em f!8slon. \.!~

0/o Reatonal Director Mini.try or Corporate

Affairs. Mumbal ... 00002

186


187

(d)That the Bombay Stock Exchange (BSE), National Slock Exchange (NSE) and

Securities and Exchange Board of India (SEBI) be directed to restrain the

h·ading of securi ties of Respondent No. 1.

(e) That the Respondent Nos. 2, 3, 7, 8, 9, 22 and 23 be restrained from

mortgaging or creating charge or lien or third-party interest or in any way

alienating the securities issued by the said Respondents.

(f) That Central Depository Services Ltd. (CDSL) and National Securities

Depository Ltd. (NSUL) be directed that securities owned/held by the

respondents in any company be freezed and deta ils thereof be shared with

the Petitioner.

(g) That the Central Board of Direct Taxes (CBDT) and the Central Board of

Excise and Customs (CBEC) may be directed to disclose information about

all assets of the Respondents, in their knowledge or possession, for the

purpose of attachment and restraint on alienation of such assets.

Q1) That the Reserve Bank of India (RBI) and the Indian Banks Association (IBA)

be directed to facilitate disclosure of the details of bank accounts, lockers

owned by the Respondents and attach the same on behalf of the Petitioner.

(i) That the State Governments and Adminis trators of Union Territories be

directed to idenlify and disclose all details of immoveable properties

owned/held by the Respondents.

u) That the Petitioner be permitted to take possession, after due inventory, of

all moveable and immoveable properties of the Respondents that have been

attached as per the orders of this Hon'ble Tribunal, through Official

Liquidators.

(k) The Petitioner seeks the leave of the Hon'ble Tribunal to enlarge the scope

of the reliefs sought and prayers made in this petition by filing any other

documents or applications in v iew of the extraordinary nature of the

circumstances pertaining to the present petition.

(l) That the Peti tioner may be permitted to file copies of the interim and/or

final investigation reports of the Serious Fraud Investigation Office (SFIO),

01~


•

•

100

as and when the same are submitted by the concerned inspectors to the

Central Government, in order to supplement/enlarge/ amend/modify the

present petition, based on the findings of the interim/ final report, including

addition to the array of Respondents, as per the NCLT Rules.

Main Reliefs

(m) That direction be issued for the recovery of the amount involved in

the above-detailed financinl fraud and the victim bank, Pl\.TB, be

compensated.

(n) Pass any other order(s) as deemed fit and proper under the circumstances

by the Hon'ble Tribunal.

2. The aforementioned reliefs are being requested in terms of Section 221, 222,

241, 242, 246 and 339 of the Companies Act, 2013 and Rule made thereunder.

3. For the following reasons:

"Financial scam of approx .. Rs. 11,400 Crores perpetuatetl on Nationalised

Bank, Punjab National Bank, by the Respondents."

4. Tn support of this, the Petitioner has attached the Petition as per Form No.

NCLT-1 and a£fidavil as per Form No. NCLT-6, setting out the facts on

which the Petitioner relies.

Through

M, V. Cbaknmarayan

~ .V\ ~~. u:·,..::.--- 0/o ~~ Mr. M.V. Chakranarny~: Numti.l-40000Z

Regional Director (Western Region),

Ministry of Corporate Affairs,

Everest 5th floor, 100, Marine Drive, Mumbai - 400002

Tel. No.: 0?. 'l- '21-8 112~ .9· F-ax:-No.: ·ycl · w tM ~ IYl~~V·l?')

Email: mi. UV\J.... c..l'\c.t..kr~YlalV'"'-~ c, me.q ·rV·.rvr) This form is prescribed under Rule 34 u~1der NCL T Rules, 2016.

Company Petition No.: 2018

1!,8


~ 'BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

.. :(lf.f 1~~ BENCH AT MUMBAI q~ l- . ·. ff'"'" .?' ~ . h (, O}'" ~ J···· c·§ ~~ p l ; ··,. ~~ i"' z ; ~ ~·:ct):·~· o/' COMPANY PETITION NO. 277 of 2018

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UNION OF INDIA, MINI13TRY OF CORPORATE AFF

VERSUS

GITANJALJ[ GEMSLTD. & 01HERS

ADDITIONAL AFFIDAVIT FOR SUBMIITING DOCUMENTS

I, do hereby solemnly affirm and declare as under:

1. That I am !vlr. M.V. Chakranarayan, wor~if.lg as Regional Director

('\Nestcrn Region), Ministry of Corporate Affairs, havin3 office at

2.

Everest 5th Floor, 100, Marine Drive, Mumbai - 400002, and I am duly

authorized and competent to swear this affidavit. Copy of

authorization vide l1vfinistry Letter No. 3/106/2018-CL.:If(WR) dated

21/2/2018, has already been made part o ~~M~~A~~i . ¥{ ~/MIIMRAI BENCH

the main Company Petition No. 277 /2018. 2 3

FEB 2018

(Q_ ~ ".iJ Dia rt No .......... -5 ... ,L.S. _ _\.,, __ _

That I am conversant with the facts of~~i-~i~i~f:::~~~o. 277 /2018 and have also examined all additional documents and

r_ecords, which are being submitted vide this instant affidavit.

3. That the Petitioner has referred to Punjab National Bank (PNB) Letter~

dated 21/02/2018, whereby PNB has forwarded_ the Investigation

Report dated 12/02/2018 and Preliminary Investigation Report dated ·


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25/01/2018, prepared after internal vigilance investigation carried

out by the bank against the suspected fraud at their Mid Corporate

Branch, Brady House, Mumbai. A copy of the PNB letter, along with

enclosures, dated 21/02/2018 was annexed as AI:11exure P-5 as part

of the Company Petition No. 277 /2018. A summarized inference of

the Investigation Report dated 12/02/2018 and Preliminary

Investigation Report dated 25/01/2018 has also been detailed in para

21 of the main Company Petition.

4. That the aforementioned Investigation Report dated 12/02/2018 and

Preliminary Investigation Report dated 25/01/2018 are hereby placed

on record as part of this Affidavit as Exhibit A-1 and A-2. The exhibits

may be read as part of Annexure P-5 of the main Company Petition

No. 277 /2018, as the same are necessary for examination of the

Company Petition and grant of ex-pa rte, ad-interim reliefs prayed for

therein.

5. I say that the statements made in the Petition are true and correct to

the best of my knowledge, as derived from official records.

6. That I say that there is no false statement or concealment of any

material fact, document or record and I have included information

that is according to me, relevant for the

277 /2018.

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I °I I 7. That I state that the annexures hereto are true copies of the documents·

referred to and relied upon by me.

Place: M uM ba,; Dated: J'3,}.1/ ~lo

VERIFICATION:

@~ DEPONENT

M. V. (bakranarayan ~ona1Dlrector Western Region,

O/o Regional Dfrector Mlnlstcy of Corporate

Affair$, Mumba!-400002

Verified that statements made above are true to my knowledge. Verified at

Mumbai on this 23rd day of February, 2018.

Place: Mumbai

Dated: 23/02/2018

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~ DEPONENT

M. V. Chakranaray&ll Regional Director Western Region.

0/o Regional D!n!CtS)T' MlntsttY of Corporate

Affalrs. Mumbat~OOOZ.,. . .;;.

ATTESe~~v..A '

~ <8t~~ ~~(~fl~-SHANU K. RASPUTRA, AOVOCATF.· HIGH COURT e, SOLICITOR

BHAN ta~. ~'lfl.iIRMl'ft.¢. MUMBAI} AOVOC~Ul!;.,lG:l~OtlJQl/1;} f-lE'~;l!i~ 2371 ANO NOa/Ef!is.,OOlS-l:VNf..OWEr~. PLO'f NO. 236-A (GOVT. e.!A~n1-Dlt.f:-f.JfiG'~R. SERVICE RO.AD, HiGO~. f~1lJ'l<C:WAR (EAST)",JMUMB.Al-400 O!L · ... ;~c ·:·:~t,°'i.:i.G;,~I ~ --: ~· , . ~ . .- :.:?,.\R {f::1\S;j, ~~I- . -;17.


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General Manag~r

flflMllB. Zonal Office, Mumbai Zone Dalamal Hous·e. 11!h Floor

-Nariman Point, Mumbai 400 021

Fraud Risk Management Division HO: New Delhi.

12ni February. 2018

Reg: Investigation Report • Fraud in LOU and FLC {Forex; transactions) in var.fous, 3ccou:lts at our Mfd C<>rporata Branch. Brady House, Mumbai, CO: Mumbai City ZO: Mumbai.

With reference to FRMO. HO letter. dt24.01.2018. an investigation .started on the captioned subject by a team of 6 officers under guidance and supervision of the undersigned. During the course of investigation, priority was given to the outstanding LOUs maturing in near futura and accordingly Interim reports were submitted on 251n January 2018 and 03m February 2018 for submission of fraud report to RBI and

-~odgment of FlR.

On scrutiny, it "-as,observed· that since 10.03.2011 at BO: MCB;· Bra,dy House Mumbai, Letter of Undertakings (LOUs) were being issued through SWIFT without obtaining (i) appio'fdl of the authority (ii} necE.issary applications from Importer iii} documents of impcl't (.iv} legal documentation witt'l bank and (v)wltnoutmaking.entries in tradt.: .finance module of Bank's CBS system to avoid . detectlon·. Suet,. fraudulent .. activiti~ were .idel'lilfied for ·foll~win_g three partnership flm'ls of Nirav .Modi group namely Mis Solaf Export. Mis Stellar Diamond and Mis Diamond R US and' also for three comp~nies of Gitanjafi group namely Gitanjati Gems Limited. Gilli tndia Limited and Nakshatra Brands Limited. Details of LOUs is attached as annexure 1 and· 2. The··similar fraudolent and unauthorized LOUs were also issued for MIS dhanderi paper and Allied Products Pvt Ltci.

Do~ction of fraud:

On 16.012018, the partner.ship firm of Nirav Modi group approached our branch at Brady i-louse, Mumbai and presented a sat of import documents with a request to allow buyers' credit for making payment to .the overseas suppliers. Since there . .vas no

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Furthe~. The Nostro account of bank revealed that the buyers· credit avallea against these fraudulent LOUs were ad}usted by raising rresh buyers· credit against fraudulent issue of LOUs again. Thus some of the buyers· credit ......ere rolred over again and again. .

On investigation misuse of SWIFT system to benefit Gitanjari group of companies was also observed for transactions related 10 Foreign Letter of Cre<i~ (FLC} in addition to the fraudulently issued LOUs. ·

Two transactions related to Mis Chanderi Papers & AUied was also observed wherein an LOU amounting to Rs.9.10 crore was issued unauthorisedly and fraudulantely for 3 yearJ period mawrmg in 2020. This Cc>111pany is availing limits from the branch and the acrount is presently classified as NPA.

Modu~ Operandi

Fo,. LOUs- To avail buyers· credit faci{ity, a company arranges for acceptance of co.-nmercia l terms from overseas bank. mainly Indian banks at oven.eas centers. Based 011 the confirmation so received; the branch in India on the request of the company (applicant) issue letter of Undertaking (tOU) through SWIFT messa~ t.o overseas funding bank. For a genuine trade transaction. the ban~ in India holds all documents of irnport and dedaration by Importer inciuding -commercial acceptance from !he overseas b3nk.. This transaction is entered into bank·s trade module of centralized ban!ti..,g system (CBS) as 'foreign ·Jetter of ·guarantee. On entering into trade module of CBS. the system generates reference no. and li;:ibDity is created ln the system. This reference no. is quoted lo the overseas banker for al! purposes Tn the ·SW1FT system:

Howe-.i~r. in the present case the conniving, officer did not . obtain any documents r~uired by the law and also .:tid not n,a1<e aft'/ .$)try In the ·trade finance module of the bank's CBS system to avoid de~k>n. Funds received under buyers· credit from overseas banks were ·credited to Nostro account cf the bank and subseQuentty utilized as l)ef direction given by the cannlviing·officer .to repay lmports/eartier buyers· credit usacfby the firms.

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\ ..A"- " / .. . ~-<t. GO...J \,; .. ,' !he LC reference no. Mar this a ·message through SWlFT.~o<":~ beneficiary bank. The beneficiary bank after obtaining documents from exporter as required under LC conirect discount the same and-provide funds to·the exporter. These documents are then sent by beneficiary bank to LC opening bank for making payment on due date.

In the present case. the conniving officer issued LC by entering a smaller amount in trade module of CBS system and generating the reference no. and a SWIFT message was sent for the amount. Subsequently without. making any change · in trade finance module of CBS system the conniving officer sent modified SWIFT message for the same reference to the beneficiary bank for enhance<! amount unauthorisedty. Thus the amount was enhanced fraudulently. The beneficiary bani< had discounted the dOCl.!ITients based on SWIFT message rereivec. There is no doct.!ments held for these

import uar.sactlons.

Details' of firms! campan1es invotved in such fraudulent act

A) Mr Nirav Modi promoted following tlm~e partoershrp finns having C1Jrrant accounts with. our above branch:-

1. M/s Diamond R US (Partne-rs:ANM Enterprsies limited, NDM enterprsies [imited

and Mr. Nirav D~palc Modi} 2. M!s Solar Exports (Partners- Mr. Nirav Family Trust and Nlrav Modi Family Trust) J. ~Ns Stcua, Diamond (Partners- Mr. Nirav Family Trust and Nlrav Modi Family

Trust)

Apart from above three partnership-firms having curre-nt accounts with the branch. Nirav Modi promoted following companies are also aval!ing ¢redll facil!tles from same branch:- ·

1. Firestar Diamonds lntematlonal Pvt Ltd.- Rs.72.50 crore. consortium limits wrie.rein Union Bani< of· India is a leader bani< and 8 moro banks with overall exP()Sure of 503.00 crore

2. Firestar lntemational Ud- Rs.384.00 erore. consortium limits wherein PNB. is !eader bank and '16 ITIO(e banks with overall exposure of Rs.1940.35 crom.

3. Fire-star Diamond Limited - USO Mio 10 equlVa!ent to _Rs 64 crora from Hong

M~ i , 4. F1restcH Diamond FZE- USO Mio 20 equvalent to Rs128 cro~e from Dubai.

B} In addition to .Nlrav Modi Group, GitanJali group promoted by MehuJ Choksi is ·also availing o-edit facilities with the branch as under.-

,. Gitanjall Gems Ltd.- Rs.587.00 crore (present outstanding Rs.645.20 crore) with .consortium of 31 banks. !CICI Bank is the leader.


2. Asmi tndia JeweUery Ltd. Rs.1001.00 crore·(present ot.iw.anding Rs. 103.24 aore} with consortium of 6 banks. PNB is the leader.

3. Giti India Ltd. Rs. 187.50 croro (present outstanding Rs.187.52 crore) with consortium of 3 banks. PN8 is the leader.

4. Nakshatra Brands Ltd. Rs., 10.00 crore (present outstanding Rs. 110.00 ctore) wiU, consortium of 8 banks. PNB is the leader.

C} . Mis Chsndri Papers & Allied Products Pvt Ltd. un<ter l!:ie directotship · of Shn Aditya Rasiawasia and Shri lshwardas Agarwal availing a regular aedit limit of Rs.33. 75, crore.

Findings of tho Investigation

't . me fraudulertt issue of LOUs to Nir.:N Modi group firms was started on 10.3.201 i and has continued since then.

2. The fraudulent l:l'sin&actlons as mentione<l above In the modus operandi are mainly related to three partnership firms belonging to Mr. Nlrav Modi and 3 Companies of Mr. Meoul ChOksi (Gitanjali Group). In addition to above, two transaction related to Mis Chandeci Papers is also observed. AJI these transactions have the same moo us operandi as above.

3. The fraudulent LO\Js were issue!d in SWIFT system without making any entry in

trade finance-module of CBS system 10 avoid detoction. · 4. The fraudulent LOUs issued ha\fe a lso been used for payme(?t of earlier buyers

credi1 avalled under similar fraudulent LOUs issued In the- past RBl prescribes that credit for import of semi-p,recious and pracious stones Including pearls should not be more than 90 ·days. Howaver. in most cases the credit a!!owad is mt1ch beyond 9{) days. In last 01utstanding buyers' credit the LOU is established for about 360 days ab inrlio wnic:h should have evoked suspicion 1n the minds of overseas .branches of Indian bank extending buyers credit.. Tii.ese banks never raised any-alarm on violation of RBI guidelines and continued to provide funding against fraudulent LOVs. · · · · · ·

5. One fraudulent LOU has been is.sued for 3.years period for.a product which is not defined as Ca_pltal good. As such, the~~e also is ·in cootravention to RBI guidelines for. providing 3 years buyers~.creoit only for capital g~s. .

5. Toa amount In Nostro account is uti!ired (Qr repayment of earlier raised buyers· credit and aJso for purpose. other lhan.,fo,;,:y.,.hrch tha same was received.

7. There Is no documentary ovldenco:aV?lfab1e to prove that Urese transactions are . . . • •. • l ' .

. bonafide trade transactions. Tfli;~ fraudulent LOU clearly states reference to the letter of buyers' credit funding _ban~i~o~ver. on specific req.~e~ to all buyers·

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credlt funding bank to provide any communication with the firms. has not yielded any result's. No bank has prov.dad any information.

B. In some cases bank commission/charges have been recovered through~the accounts of 'finns/companies without making proper reference in the CBS

system. 9. No entty is tying unreconciled at Nostro account level in Treasury Division on

account of these transactions. 10. There are discrepancies In some fraudulent LOUs where at one point it is

mentioned that "documents are not undet LC but under coUection• and in the same LOU another para states that ~doOJments under LC accepted by us·. As such, the funding bank has cieariy overlooked tile discrepancy and not reported

the same . . , 1. The balance confirmation by o<Jerseas banks' braoches for these liabi5ties were

never sought from lOU opening bank. 12.Peforence no. fo, LOUs is same. Though large no. of fraudulent LOUs were

issued for huge amount under identical reference no. for same client but funding bank never raised any alarm or cross checked wi~h the branch.

Interim Raport/Measuros

Based on the findings from time to time Interim reports were submitted to your office oo 25.01.2018 at\d on 03.02.2018 Alor1g with these reports. FMR-1 and draft copy of FlRs were also sent to your office. The FIRs with car office Mumbai for bo1h incidences has

been lodg-ed/registered.

1. 8 fraudulent LOUs matured rala\ed to the 3 firms of Nirav Modi Group on 25.1.2018. These being first to mature were identified in first go as fraudulent transaction. The first FMR was reported to RBI on 29.01.2018 and corresponding F)R registered with C81 on .31.01.2018- This FIR covered LOUs matured on 25.01.2018 amountil"lg to USO 44.22 mio equivalent to Rs.280.70 crore.

2. Some ef tna fraudulent LOUs matured subsequentfy fqr Nirav- Modi grou~ finns. However, we identified' fraudUlent LOLis. ~lated to G~_~U; ~roup corrt,?anies maturing on _9.2.20j 8 and s.ent interim report on 3.2:.2018. Base~ on this, second · FMR was reported to RB-I on 07.02.2018 and corresponding RR lodged with CBI on 07 02.2018. This FIR covered LOUs maturing on 0~.02.201"8 amounting to USD 10.20 mio equivalenl to Rs.85.25 crdie related to 2 comp~ of Gitanjali group namely Mis Gitaojali Gems Limited and Mis Gilt lnoia Limited. This FIR also mentioned that there are more LOUs have matured for Nirav Modi group after filing of eanier FIR

Conc!u!tion:

Based on the investigafion done wo conclude as under:-


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1. B.ranch officials namely Mr. Gokulnath ·Shetty, the then Dy. Manager (since reti«xf on 31.05.2017) and Mr. Ma1101 Hanumant Kharat. SW0-8, have unauthorisedly issued fraudulent SWIFT messages whldl were not entered in the trade finance n;cdu!e of CBS to a,mid detection. From the logs in SWJFT it is observed that besides Mr. Gokulnath Shetty. other staff member$ have also used their password in the capacity of ~J,er/verifier/authorizer enabfing the fraudulent SWIFT messages stated above to complete.

2. Involvement & connivance of more staff members and outside.rs at this stage is

not rµled. out 3. The , fom s/cornpanies connived with above officials of the bank to undertake

transactions not supported by genuine trade documents. In many cases such buyers-' credit were raise<! beyond RBI prescription of 90 days :for Import of goods mentioned in the LOUs. Thus ovei'sE~s bank igtlored this vitatstipulatjon of RSI

in extending credit 4 Overseas funding banks have been grossly negligent In funding buyers· credit

under the LO Us. They. have not carri,~d out due diligence which could have easily decected the malafide in the LOUs; such as same reference no. was being repeated In a large no. of LOUs. discrepant clauses in the LOUs, large modifications done ~bseq®ntiy in ~etter of credit. not carung for confirmation of batances. providing buyers' credit beyond 90 days limit prescribed by RBI. negotiating oills under LCs for usanoe.period beyond RBI prescriptions for good~

unde: LC. etc. 5. Detaued staff side cases £or an erring staff shall be submitted separately. Other

details of beneficiaries._ misappropriation of amount etc pertaining to F~.Cs referred in this report Is ·being looked Into and a detailed report would be submitted shortly.

6. Detailed year wi~ LOVG issuoo wiU,oot authentication m CBS and LCs l5$ued.. w;·tf1out entering in trade m<ldule of CBS shall be submitted subsequently since ft requires a lot reconciliation and gt:ouping. Following amount may marginally change due to the fact that FLCs with 3 year maturity is yet to be reconciled.

7. The final amount of exposure under l.OUs and LCs is crystalized as under.A) ForLOUs

Name of Amt. In US,D AmL In Rs. i f'!rm/Comp,any (ml<>) . ~: (croro}

! Solar Expot1 I 336.391 2152.88 1

Stellar Diamond 333.55 2134.71 I ·- ------- ----- --- - ·--+------,

Diamonds R US :MS.41. 2210.61 I

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•.. .. . . rot>t for Nlrav Modi I 1015.35 6498.20

Group

1---·-l GitanJali Gems ltd 335.06 j 2144.37 i

.... j Glfi lndla Ltd B8.54' 566.65 ' ). 1----1 Nakshatra Brands Ltd 50.,7 , 321.10 I

i--Total for GitanjaH 473.77 3032.12 I Group t

I Chanderi Papers 1

1.42 9.10 l L GRANO TOTAL I 9539.381

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1490.5<1 I

8) For LCs

r N t ' AmL. uso l Am~! R ~o in n s. I Firm/Company (mio) j (crore) .

I ... Gi!anjali Gems Ltd 89.86 575.11

l r- Gili India Ltd 97.72 625.40 l I NS:~shatra Brands Ltd 93.57 598.85 I

l GRAND TOT~! 281.15 1 '1$54.60 : ------

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R~commendations

1. 1/·:e may file additional FMR and FIR in case of Nirav Modi Group and G1tanjali Gr()l.1p since original FIRha:,,e·a1rea1jy been fl.led for an amount as above.

2. V\'e may also ffie the nam!3 of Nakshatra Brand Ltd. In Gitanjali group flR since thr- name of Nakshatra Brands Ltd. iis not included in earlier RR.

3. The above .amount Is iaclualve of emfier reported amounts. As such. appropriate reference in FMR'and ARmay be made.

~- Narne of Ch.anderi Paper!(is appearing first time as such separate FiR may be ,Q'.jged against tho Compimy. separate -FMR may be filed for 1he·sa~.

s. S:nce a different modus operandi by· way of'FLC has been observed we may also update F1R for il'iis-type-:of (jlodus operandi.

~'1---(R.K Sinha) Chief Manager

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/fl~ (ShalS'Jkar K.) Chief Manager

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' . (Avn,eesh Nepalia) Deputy General Manager

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Chief: na er

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fhe Dv ZC1nal Manager. Zonal Offit.e, ~/i1.Jn·1oa1

Sub: Investigation into suspected frnud in the group firms/ companies or M/S Firestar international Ltd ·

:l~ pi!! ,,our instructions, we have co11duct1:d the preliminary inv.:?stigarion In the ubo11e case and have cnmt? acros~ 11 large number of transilcrions. We have prepared a prefirninary report wh,cn is resrricted

"''!'" ::.1 1r;i11s:;crions rna1uring on 2S.O'l.2018 ;:ird rhe same along ;.virh supporting documents is endose<l ·,6,~"·•U•. , ..,r rhe remain ing 1,:i,1<,1crions. wP. ne~d 10 cc,nduct oet<li!ed investig,mc;,n ond we shall

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lS"· January, 2018 The Der,u cy Zo nDI Manager Zon.il Office. ·· Mw11b.:1

R?Jl : Suspected fr.iud in the group lirms/c.omµan,es or M/s . firestar ln ti?rn.ition.if P\/t. ltd.

Findings of preliminary itl\'C)figat io n.

Th:s n,:, rclerenci.' JO your ins11uetions ;o mwstigate a scspeCled fraud in -F(restar group of firms fa, un.suc!io,iiedly raising Buye,·~ Cr,;clit and utiliiation cner_eof. based on the preliminary report cJ.ited 23.01.1018 submitted by Clrcle Office, rviu~bal. City. · · , _.. · ·

On 1,, ,1ia1 11111es1lg"1ion Into thi; suspected trJnsactions. i1 wat obse rJed that the \/Olume oi

tr~ns~n,ons _,; very-large and we,h,:ive restricted this report :o transactions·maturing on 2S.Ol.2018. ue1ailcd 1m:estigation Is required 10 unearth all th~

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mmsactions wh.ich a;.e liolng to mature after 2,.01.201e .

Nt ;i;r;r gone into the transaction as downloaded !rom the SWIF'r Archives and n has bct!n 1,.inspirl'd ;is under ~

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,L On 09.0 2.2017 011 oehiltf_of ,M/s. Diamond RVS (a. group firm of M/s. fires1ar.1ntcrnz111ona l P·,t. Ltd.) MT-799 being Letter of Undertaking ~o Allaha~ad aanJ.:. Hong Ko ng for raising Suver's Credit of USD 4,115,791.96·

b On 09.02.2017 on behalf of Mh. ·Solar Expons (a group firm of M/s. Fi.rest.ir lnterna1ion,1I 1'111. I td.J MT· 799 beinl! lattt:t ·of .Undertn~fn::. to .\tiahabacl 8Ank, Hong "Kong for r.iislng !luvur·, (ret.llt o( USO 4,335,319 38 ( .

r. ·c:n 10.0:?.20! 7 on' behalf of M/!. 01~,inond R US (a g,roup firm of M/s. Fires car tntero;Jtional f>vl. L~.J MT-799 ~eing Lelle/ of Undi!rtaking t~ 'Allah;ibad 3i!nlc, tfo,ig !<ong for raisiug 3uyer's Credit of USO 5,942.017.70 · . . ,

o . On 10.02. 2C17 on behall oi M/s. Stell., r Diamond (a group firm of M/s. Firest:ir lntern.irion;il 1'111. Lrd.; MT-799. b~111c L,mer of u ~1dertakl11g ,10 Allc1habad Bank, Hong Kong for ra,smg

:luyt!r's Credit of USD 6,093,321.10 /Jr 10.02.2017 cm bt>h~lf of Mh. Sol;,r Exports (a group firm of M/s. firestar lnternDt1or,AI

P,,, lt<!. I MT-799 being Leu.,, oi UnciNi.1k;ng 10 Allith.JbJd Sanlc. Hong Kong for raisirig Uv11r-r·s Cr;,,dit of USO 5,843, !GJ .93

i . o,, 10.02.2017 on behalf of Mh. Stellar Diamond (o? group firm.of M/s. f.irnst;,r .In t e r national PvL Ltd.) MT-799 beir:g_Letter of U11dierc~king to Axis Bank, Ho11g Kong for r~ising 9uyer's ,:,~di! of USO 5,877,064.00

i:. On 10.02 20l7 Jn behalf of NI/~ $olar !:~port~ (a eroui: fi11n of M/s. F!rl!star lntern~tional

P~t. l,ti.J MT· 799 being Lt'llN oi Undenakini: to Ax,~ San~ .. Hong Kor:P, for raising 'Buyer·~ Crtd lt o ! USO 5,86i;25 l.03 ' .

h. On l:i .02.?017 011 behalf of M/s. Diarnorid i\ US' (a gro·up firrn r.f M/!. ~iresrar International l'vt L1c.i MT· 799 being lett<'r of Undertal.,ng to ~~~,s !lank, Hon1: :<or.~ lur ,.;,ising Buyl'r·s CtMit ,-,; USO 5,8S6.s·ss.oo

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.2DJ 18-10509-shl Doc 182-3 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit C

Pg 202 of 205

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1:1~ to rat amount due and payable to;t!,e Overseas branches of the·lndian·B.nks as above ramns due oa 25.01.2013 is · USO 44,225,812.10_ exduding·_.'mrercst payab!P on the. same bc,sides an•, other ~,,1t-'!.COvered c.har:,!es .

in 'cspon~I'.? w the above messages .\h~· funding S~nk.s, -vi,l. Allahabild.·Ba'nk & A>cis Bank H~r,g Kong h.we sent confirmatory SWIFT messages-·of· h~ving. funded PNB's ·uso·,-Nostro accovnc with· USD

'1Al5.791,96; USO 4,335,319.38; uso·\942;oi1 .. 10; USO 6.093,321.10;, USO S.S43,16l.93; USO $,S77,064.0D; . USO 5,862,251.03; and'USD' 5,856,885.00; res peciiwty and info rmi11g therein their r~,pective mawrity va·lues ~r:d due dares .

Utilisation of funds The brnnch ha.s us.::cJ the .amounts received our or .Guyer's Cn,clit fundiOIJ lly 1; wir1s MT-202 (B~11k to Bank .transfer) in Inver of overseas branches.of ln'dlifn Banks a par ntl

,iujuSt"1 e;m er·. oye s coedits .ivailad. from· therri .·for· which no records :are .. ;,vaJtab le With r · 1!!!!.e· e copies o · sue s -me5sages & .44 page,s) · a re enclosed. a,s Annexure 'C", The fir;.! pitl(C of Annex.1re ·c contuins de1a1ls-of Buyer's er.edit hmds recl.'ived ai1d-u1dizatio11 thereol.

~1! oi !h.; abo't<? Buyer's credits men11onec1 ;t point "A-.. oi µ;ige l are getting due for p;iyment on .~s·· J.;ni,.a rv. 20lS~

1/.f-? !,;we gathered p;ip,•rs from the tlranch when:IJV M/s;. ur;,mt'nd R US •/Ide lhl' ir IP.tte, r,a,ed tG,01. 2018 lrav,? reour,sced (or r;,,;ing-fresh Bu'ler's ,credit for USO 17,SOG,654.47'

h we 11av.? gathered p.ipers from ti'le Branch whereby M/s. Solar Exports vid<? the ,r ieuer o.>ted 16.0l.2018 hav-, requested tor raisir.g·fresh Ouyer's c:redn for U~O_l.6,543,794.ll

We have gathe red papers irom the Branch whereby M/s. Stellar Diamond vide their f1HW<

ciiltet.l 16.01.2018 have r<'Qllested /pr r:iis1ng fresh 8u·/P.r's credit for USD .. 16,533,288.85

,.i: 1tx-•;.; three parties do not haw .my crectlt limit; in_cluding limic-for 11xtending Buyer'.s Cr11dir. Jc i$

uif'lrlllr-•~ by branch officials that they had reque,ted .ill these fir,:ns to furnish full ca~h

,r,,,r!,!1n ior i,suin.g LOU for raising buyer's credit in their fa 11or.

:" wrn ;ii! the parti~s vide thair 1(.'rter 'dilled 2,!),01.2018 h.ive informed rhat, they h;iv.? 1,et•n

~njovint rnvolving buye,~s cr~dit facility from the Bank tor the, last sevEHal years ,tnd furth~r

reqvestcd tc issue LOU for raising fras~; Buyer's Creifit wi thout any di.'lr1·,r.

'ii,- t,,wc:h respuncled v,de ,heir lett1:r da}t?d 22.01.2018 ,riforming the parti.,.s that in th,·

:i!J.w.i,,. of :my sanctioned facihty 1n the firm 's iavor, ,eque>t~d the c11ents to ei.ther provide

:,:;r rn ,u:ti,'.)rt letrer or provide cash collateral. Subsequent!\' the branch vide their letter dated

2~.0l.201S ren1i11ded the three parties about· the Buyer's Credits maturing on · 2S..Ol.2Ul8

;111ci rc-q;,:1sttHi them ;o arrange iunds for liquidating the sam,L T~a part ies .n turn vr<l~ chf!fr

l.:ne,~ !l~rd 25.01.).018 agoin requesracJ the branc,h io isso~ LOLJ's ior raising fresh Buy,:,,,'s

c,.,oit :,:· o<'.- rheir e;ir!icr lf!ners diited lo.01.2018 and :w.01.2018.


·------- - - -_,. ,

We have checked the· C~S & _Sank -~ecbr.cls relati_~g.to abov.e lillbifity·,.=niituring 0,1 2S.Ol ?.OH\. ·vv~

COLJIO 1'0( find a'n,v of the5~ BuvE:r's·credrt ~ntr.ieS in 'th~ CBS sy~tcrn ...... .

, ,. i~ again informed bi/ the·b·f_ar.droffi~i;~ls thatlhe .docum~nts relatin5 ·to raising of the Buyttr':,_ C(e'dit ilt point no. A has .be.en·handed· S)'ler o/10~--G, S_h_etc°y to brc1nch 'Officials o; 19.01.2018, '>0

rhat above transactions.documents is.'created. . ·. .. . . .

We gathered from the branch that: al( 1the S-WIFT m·essages: ior r.iising buyer's credit and for ·11tili1.o:1(ion of the lu11ds· in respecr of _the above tra);acti~ns hilve been . .:iuthocized by Mr. G. 5hen·,. i)y. Manager-(retired from Bank's Service.on 3J..0S.2017). It is observed 1rom the '~vv1n · 11-11!s:;:1ges that these unauthorifed trani;actions· have· been u.uthorized in the SWIFT messa::iin?. S\'S:em by 1\/lr. G. She_tty wi,h _an appar_en: intention to defraud the Ban~ ·witll abovi' motJ,, _;

opEorand,.

'-'·/,! J<P i11vestlga11ng· the mot.lils operan,di . .:ind -ort,er de.tads in th~. parpecrMi,d frillW ,n;,!!-~:

furch(:'f_. (C' recon cile the above mentioned transa,:tio_n~ 'with our css·systl?111 ,;1nd , he d t)c;unn•r•t~.

<.~

_;,,~-<>-~~-:o;r-r"lod~,:1~ R.j

·.:.hi,;f\l\,,;u~,i6'1r ~Vigilance. OificC'd

/0110:: I .

f$hankar_ ;;,;

011ef M;;n~gcr

/~ { ... './ ,_.,..,


.:.:, .

BEFORE THE NATIONAL

COMPANY LAW TRIBUNAL

BENCH AT MUMBAI

COMPANY PETITION NO. 277 of

2018

IN THE MA TIER OF:

UNION OF INDIA, MINIS'fRY OF

CORPORA TE AFFAIRS

VERSUS


ADDITIONAL AFFIDAVIT FOR SUBMITTING DOCUMENTS

Dated this 23rd day of February, 2018

u~--OEPONENT: UNION OF INDIA,

MINISTRY OF CORPORA TE AFFAIRS, NEW DELHI

M. V. ChakranarayaD . Regional DiroctlX' Weswm Region,

0/o Regional Director M!n!Stry of Corporate

Aff.1!~. f-.,!,rmb:li-400002


Exhibit D

18-10509-shl Doc 182-4 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit D Pg 1 of 36

D: +1 212 225 2416 [email protected]

March 22, 2018

BY E-MAIL

Ian R. Winters Klestadt Winters Jureller Southard & Stevens, LLP 200 West 41st Street, 17th Floor New York, NY 10036

Re: In re Firestar Diamond, Inc., et al., Case No. 18-10509 (SHL) (Bankr.)

Dear Mr. Winters:

Thank you for taking the time to speak with us on March 20, 2018.

As you know, we represent Punjab National Bank (“PNB”), India’s second largest government-owned bank, in the above-captioned matter. PNB is the primary victim of the massive $2 billion fraud perpetrated by Nirav Modi, the controlling shareholder of the Debtors, and his affiliated entities (the “Fraud”). Based on publicly available information, including the Debtors’ bankruptcy pleadings, PNB is deeply concerned that proceeds from the Fraud may have been transferred to the Debtors and their affiliates and insiders prior to the Petition Date and that the proceeds from such Fraud may in the future be transferred to the Debtors’ affiliates and insiders in connection with any sale of the Debtors’ assets.

I have attached the document requests directed to the Debtors pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure that we discussed over the phone. We ask that you respond to the requests on a rolling basis and complete such production by April 5, 2018. In addition, we ask that the Debtors retain and not destroy all documents implicated by these requests.

To conserve resources and time, PNB would like to work cooperatively with the Debtors in obtaining this information without the need to proceed on a formal basis with a Rule 2004 motion. We anticipate that these requests will not be controversial and will not be overly


Mr. Ian R. Winters, p. 2

burdensome as we expect that the Debtors' professionals are already reviewing the documents and issues raised in the Rule 2004 requests given their obligation to protect the integrity of the U.S. bankruptcy process and to understand any involvement of the Debtors in the Fraud.

We would be happy to set up an in-person meeting with you and the Debtors' professionals, management, and Chief Restructuring Officer to discuss these requests and confirm that the information will be provided on a timely basis, particularly in light of the ongoing sale effo11s.

PNB reserves the right to amend or supplement the attached document requests, and to serve additional discovery requests pursuant to Rule 2004, as well as all rights, defenses and potential objections and challenges with respect to any claim it may bring in the abovecaptioned matter.

Sincerely,

CLEARY GOTTLIEB STEEN & HAMIL TON LLP

'i~f-ed( Enclosures



In re:


Debtors.

Chapter 11

Case No. 18-10509 (SHL)


PUNJAB NATIONAL BANK REQUESTS FOR PRODUCTION OF DOCUMENTS PURSUANT TO BANKRUPTCY RULE 2004

Pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure and Rule

26.3 of the Local Rules of the United States District Court for the Southern District of New

York, as made applicable to this proceeding by Rule 2004-1 of the Local Rules of the United

States Bankruptcy Court for the Southern District of New York, Punjab National Bank (“PNB”)

makes the following requests to the Debtors for production.2 All objections, responses,

responsive documents, communications, or electronically stored information shall be served

and produced on or before 5:00 p.m. (New York time) on April 5, 2018, or such other date to

which PNB agrees or as ordered by the Court, at the offices of Cleary Gottlieb Steen &

Hamilton, LLP (“Cleary Gottlieb”), One Liberty Plaza, New York, NY 10006. PNB reserves

the right to serve supplemental and additional discovery requests.

1 The Debtors are the following three entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Firestar Diamond, Inc. (2729), Fantasy, Inc.(1673), and A. Jaffe, Inc. (4756). 2 In an effort to expedite the discovery process and conserve resources, PNB is not at this time filing a motion for examination pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure. PNB is, however, prepared to file such a motion if necessary to compel responses to these discovery requests.


-2-

DEFINITIONS

1.� “Affiliate” has the meaning set forth in Section 101(2) of the Bankruptcy

Code.

2.� “All,” “any,” and “each” shall each be construed, pursuant to Local Rule

2004-1, as encompassing any and all.

3.� “And” and “or” shall be construed, pursuant to Local Rule 2004-1, either

disjunctively or conjunctively as necessary to bring within the scope of the discovery

request all responses that might otherwise be construed to be outside of its scope.

4.� “Applicable Period” means from January 1, 2011 through the date of your

response to these requests.

5.� “AVD” means AVD Trading, Inc., including any of its Representatives.

6.� “Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§

101 et. seq.

7.� “Chapter 11 Cases” means the Chapter 11 cases jointly administered at Case

No. 18-10509 in the United States Bankruptcy Court for the Southern District of New York

pursuant to an order of the Bankruptcy Court dated March 9, 2018 at Docket No. 24.

8.� “Communication” means, pursuant to Local Rule 2004-1, the transmittal of

information (in the form of facts, ideas, inquiries or otherwise).

9.� “Concerning” means, pursuant to Local Rule 2004-1, relating to, referring to,

describing, evidencing or constituting.

10.� “Connection” means any relationship, including any financial relationship,

governance relationship, familial relationship or personal relationship, between a Person

and another Person.


-3-

11.� “Debtor” means any Person that is a debtor and debtor in possession in the

Chapter 11 Cases, including any of its Representatives.

12.� “Document,” pursuant to Local Rule 2004-1, is defined to be synonymous in

meaning and equal in scope to the usage of the term “documents or electronically stored

information” in Fed. R. Civ. P. 34(a)(1)(A). A Draft or non-identical copy is a separate

document within the meaning of this term. For the avoidance of doubt, Documents shall

include any documented Communications.

13.� “Draft” means any earlier, preliminary, preparatory, or tentative version of all

or part of a document, whether or not it was superseded by a later draft and whether or not

the terms of the draft are the same as or different from the terms of the final document.

14.� “FD International” means Firestar Diamond International, Inc., including any

of its Representatives.

15.� “FHL” means Firestar Holdings Limited, including any of its Representatives.

16.� “FGI” means Firestar Group, Inc., including any of its Representatives.

17.� “FIL” means Firestar International Limited, including any of its

Representatives.

18.� “First Day Declaration” means the Declaration of Mihir Bhansali, President

of the Debtors, Containing Information Required Pursuant to Local Bankruptcy Rule

1007-2 and in Support of the Debtors’ First Day Motions, in In re: Firestar Diamond, Inc.,

et al, Case No. 18-10509 (SHL) (Bankr. S.D.N.Y.) [Docket No. 2].

19.� “Fraud” means the fraudulent activities described in Paragraphs 2, 3 and 4 of

the NCLT Order and/or Paragraphs 33 and 34 of the First Day Declaration.

20.� “Identify,” when referring to a Person, pursuant to Local Rule 2004-1, means


-4-

to give, to the extent known, the Person’s full name, present or last known address, and

when referring to a natural person, additionally, the present or last known place of

employment. Once a Person has been identified in accordance with this subparagraph, only

the name of that Person need be listed in response to subsequent discovery requesting the

identification of that Person.

21.� “Identify,” when referring to documents, pursuant to Local Rule 2004-1,

means to give, to the extent known, the (i) type of document; (ii) general subject matter;

(iii) date of the document; and (iv) author(s), addressee(s) and recipient(s). In the

alternative, the responding party may produce the documents, together with identifying

information sufficient to satisfy Federal Rule or Civil Procedure 33(d).

22.� “NCLT Order” means that certain order issued on February 23, 2018 by the

National Company Law Tribunal, Mumbai Bench, attached hereto as Exhibit A.

23.� “NMI” means Nirav Modi, Inc. fka Firestar Jewelry, Inc., including any of its

Representatives.

24.� “Modi” means Nirav Modi, a direct or indirect shareholder of the Debtors.

25.� “Other Modi Entity” means each of Modi, FIL, FHL, Synergies, FGI, FD

International, AVD, and NMI, and any other Affiliate of Modi other than the Debtors, as

well as any Representative of such entity.

26.� “Payment” means any and all exchanges of funds or other consideration that

may also be referred to as a payment, coupon payment, special coupon payment,

redemption payment, interest payment, dividend payment, distribution, extraordinary

interest payment, partial redemption payment, principal repayment, rebate, loan, advance,

wire transfer and/or other transfer, whether or not in cash.


-5-

27. “Person,” pursuant to Local Rule 2004-1, means any natural person or any

legal entity, including, without limitation, any business or governmental entity or

association.

28. “Potential Purchaser” means any Person who has made any “expressions of

interest in purchasing some or all of the Debtors’ business operations,” as referenced in

Paragraph 48 of the First Day Declaration.

29. “Representative” means any agent, assign, director, employee, officer,

representatives or any other Person acting or purporting to act on its behalf, and any

predecessor or successor of the foregoing.

30. “Synergies” means Synergies Corporation, including any of its

Representatives.

31. “U.S. Parent” means each of Synergies and FGI.

32. “You” or “your” as used herein means the Debtors and includes all of their

predecessors, successors, subsidiaries, departments, divisions, including without limitation

any organization or entity that the Debtors control, together with all present and former

directors, officers, employees, or agents.

33. The use of the singular form of any word includes the plural and vice versa,

and the use of the term “including” means including without limitation.

INSTRUCTIONS

1. Each request for production shall be responded to completely, separately, and

fully.

2. In responding to these requests, you shall produce all responsive Documents

available at the time of production and you shall supplement your responses as required by


-6-

Federal Rule of Civil Procedure 26(e)(1). These Document requests are continuing in nature,

and any information and documents obtained subsequent to the service of the responses that

would have been included in the responses had they been known shall promptly be supplied by

supplemental responses whenever you find, locate, acquire, create, or become aware of such

information or documents. Supplemental responses are to be served as soon as reasonably

possible after receipt of such information.

3.� In producing Documents, you are requested to furnish all Documents now or at

any time in your possession, custody, or control, regardless of whether such Documents or

materials are possessed directly by you or your employees, agents, representatives, attorneys,

accountants, advisors, investigators, consultants, or any other Person acting or purporting to act

on your behalf or under your control. Without limiting the term “control” as used in the

preceding sentence, a Person is deemed to be in control of a document if the Person has the

right to secure the document or a copy thereof from another Person having actual possession

thereof. For the avoidance of doubt, these Document requests seek Documents over which you

have control no matter where they are located. You shall produce all responsive Documents

that are kept on-site at your place of business or at any off-site location, such as a storage

facility or your home. You shall produce all responsive Documents stored on any type of

device or storage media, including but not limited to servers, computers, mobile devices (such

as iPhones or BlackBerry), cell phones, tablets, thumb drives, DVDs, or external backup

devices, whether the device or media is company-owned or personal. You shall produce all

responsive Documents that exist in email accounts hosted by third-party providers (such as

Gmail, Yahoo! Mail, or Outlook.com), cloud collaborative environments (such as SharePoint,

Google Docs, or Dropbox), social media websites (such as Twitter, Facebook, or WhatsApp)


-7-

and on backup tapes. For the avoidance of doubt, these Document requests seek Documents in

the possession, custody, or control of your legal counsel and financial advisors.

4.� If you are unable to respond to any request for production in full after exercising

due diligence to secure the requested information, so state, and explain why the request for

production cannot be responded to in full.

5.� In producing Documents, you are requested to produce an exact copy of the

original of each Document requested together with all non-identical copies and Drafts of that

document. Each Document shall be legible and bound in the same manner as the original.

6.� Documents shall be produced as they are kept in the usual course of business or

shall be organized and labeled to correspond to each request contained herein. If there are no

Documents responsive to any particular request, you shall so state in writing.

7.� All Documents shall be produced in the file folder, envelope or other container in

which the Documents are kept or maintained. If for any reason the container cannot be

produced, produce copies of all labels or other identifying marks.

8.� Documents attached to each other shall not be separated and all documents that

cannot be legibly copied should be produced in their original form.

9.� Documents not otherwise directly responsive to this request shall be produced if

such Documents mention, discuss, refer to or explain the Documents which are called for by

this request, or if such Documents are attached to the Documents called for by this request and

constitute routing slips, transmittal memoranda, cover letters, comments or similar materials.

10.� Documents are to be produced in full; redacted Documents will not constitute

compliance with this request. If any requested Document cannot be produced in full, produce

it to the extent possible, indicating which Document, or portion of that Document, is being


-8-

withheld, and the reason that you are withholding the Document or portion thereof.

11.� If any requested Documents are maintained in digital, electronic, or imaged form,

production of a copy of the ESI in digital, electronic, or imaged form is hereby requested,

along with any information needed to access, search, or sort electronic data or documents.

12.� Electronically stored information should be produced in accordance with the

following specifications:

(i)� Form of Production. Produce electronically stored information in single- page tiff format (Group IV tiff at 300 dpi) or in JPG format for

Documents in color.3 Productions shall be made on encrypted media

(e.g. CD/DVD or portable hard drive) with Opticon image load files

(.OPT). TIFF\JPG image naming conventions should be limited to

alphanumeric names only, with no spaces, no hyphens, and no special

characters in the file name (e.g. ABC00000001.tif). All fielded database

information (including extracted metadata from electronic documents)

should be delivered in a standard Concordance load file format (.DAT).

Group every 1,000 tiff images within incrementally named “IMAGES”

directories; do not create a separate folder for each Document.

(ii)� Document Text. For Documents/records that were originally stored as

native electronic files and which do not have redactions, produce the

extracted full text (not OCR) from the body of each Document in

separate Document-level text files (.txt) named for the beginning Bates

3 Cleary Gottlieb reserves the right to request color JPG files for any document that is unreadable or has limited accessibility in the Group IV TIFF format.


-9-

number of the associated Document. Provide OCR text for Documents

that do not contain searchable text (e.g. non-searchable PDFs, etc.).

For Documents that were originally stored as native electronic files and

which have redactions, produce the OCR text from the redacted

image(s) associated with each Document. Clearly label any redacted

material to show the redactions on the tiff image. Group 1,000

Document text files per incrementally named “TEXT” directories,

separate from image directories. A comma delimited list file (.LST)

should be provided and include the beginning Bates number and the

full file path (including volume) information to the extracted text/OCR

files.

(iii)� Native Production For Certain File Types. For files created by Excel or

other spreadsheet programs, PowerPoint or other special presentation

programs, database files, audio/visual files or any other file types that

reasonably require viewing in their native format for a full

understanding of their content and meaning, produce the files in native

and tiff formats. Name the produced native file with the Bates number

on the first page of the corresponding tiff production of the file /

document. A comma delimited list file (.LST) should be provided and

include the beginning Bates number and the full file path (including

volume) information to the native files. Group native files within

incrementally named “NATIVE” directories; separate from images and


-10-

text directories.4

(iv)� Metadata. Produce extracted metadata for each Document/record in the

form of a Concordance load file (.dat), including the following fields

(where applicable): bates range begin, bates range end, bates family

range begin, bates family range end, e-mail subject line, file extension,

original file path, file name, e-mail sent date, e-mail sent time, created

date, created time, last modified date, last modified time, author, from,

to, CC, BCC, custodian, source, source folder, MD5 hash value, native

file path location, and confidentiality designation. Custodian, source or

source folder field should contain information that can easily identify

the location of the document and, where applicable, the natural person in

whose possession it was found.

13.� If you withhold any Document (including an email within a longer chain) that is

responsive to these requests under a claim of privilege or upon any other ground, you shall

comply with the requirements of Federal Rule of Civil Procedure 26(b)(5)(A). If a portion of a

Document contains information subject to a claim of privilege, only that portion shall be

redacted and the remainder shall be produced.

14.� In responding to each request for production of Documents, state whether and to

what extent any of the responsive Documents have been translated from any foreign language

into English. If any responsive Document is partly or wholly in a language other than English,

state whether any translation of the non-English language information exists and, if so, provide

4 Cleary Gottlieb reserves the right to request native files for any document that is unreadable or has limited accessibility in the Group IV TIFF or JPG format.


-11-

both the non-English language information and its English translation.

15.� If any responsive Document has been modified or altered in any way, in whole or

in part, identify (i) each such Document, (ii) its custodian, and (iii) the Person who modified or

altered it. Also state how the Document was modified or altered and why the Document was

modified or altered. This includes Documents translated from any foreign language into

English.

16.� If any responsive Document was, but no longer is, in your possession or subject to

your control, state whether it is: (i) missing or lost; (ii) destroyed; (iii) transferred voluntarily

or involuntarily to others; or (iv) otherwise disposed of. In each instance, identify the current

or last known custodian and the circumstances surrounding such disposition.

17.� If in responding to this request you claim any ambiguity in interpreting either a

request or a definition or instruction applicable thereto, such claim shall not be utilized by you

as a basis for refusing to respond, but you shall set forth as part of your response to such

request the language deemed to be ambiguous and the interpretation you have chosen to use in

responding to the request.

18.� If any responsive document or other document potentially relevant to this action is

subject to destruction under any retention or destruction program, the document should be

exempted from any scheduled destruction and should not be destroyed until the conclusion of

this action or unless otherwise permitted by a court of competent jurisdiction.

19.� Although some of the Document requests may overlap with other Document

requests, no Document request should be read as limiting, in any manner, any other Document

request.

DOCUMENT REQUESTS


-12-

1.� All Communications during the Applicable Period between a Debtor and any

Other Modi Entity concerning the Chapter 11 Cases.


Other Modi Entity concerning a potential sale of any assets of the Debtors.


Other Modi Entity concerning the Fraud.

4.� All Communications during the Applicable Period concerning any Letters of

Undertaking referenced in Paragraph 33 of the First Day Declaration.


Other Modi Entity concerning the Debtors’ cash management system.


Other Modi Entity concerning any Payments from, or on behalf of, any Other Modi Entity

to a Debtor.


Other Modi Entity concerning any Payments from, or on behalf of, any Debtor to any Other

Modi Entity.

8.� All Documents created during the Applicable Period concerning a potential

Chapter 11 filing by, or on behalf of, any Other Modi Entity.

9.� All Documents concerning and/or reflecting the role of Modi and any Other

Modi Entity in the day-to-day operations of the Debtors during the Applicable Period.

10.� All Documents concerning and/or reflecting the role of Modi and any Other

Modi Entity in the strategic planning for the Debtors during the Applicable Period.

11.� All Documents concerning job descriptions, roles and responsibilities,


-13-

relationship hierarchies and reporting relationships of the management of any Debtor and

any Other Modi Entity, whether formal or informal, including organizational charts or

diagrams.

12.� All Documents, including books, records and accounts, concerning any

intercompany accounts, debts, agreements or arrangements between a Debtor and any Other

Modi Entity during the Applicable Period, including the “Loan Receivables,” “Loan

Payables,” and the “Sub-Debt” identified in Exhibit A of the First Day Declaration.

13.� All Documents, including books, records and accounts, concerning the nature

and extent of the relationship between the Debtors’ cash management system and any Other

Modi Entity, including any practice, agreement or other arrangement between a Debtor and

any Other Modi Entity with respect to the Debtors’ cash management system.

14.� All Documents concerning any Payment between a Debtor and any Other

Modi Entity during the Applicable Period, including Documents showing the timing and

method of Payment and the purpose for such Payment.

15.� All Documents, including books, records and accountings, concerning any

accounts payable owed by a Debtor to any Other Modi Entity, including Documents

showing the transactions underlying the accounts payable, the purpose of such transactions,

the timing of such transactions, and the identities of such Debtor and Other Modi Entity.

Without limiting the foregoing, such Documents include any Documents concerning any

“accounts payable” identified in Exhibit A of the First Day Declaration that are owed to any

Other Modi Entity.

16.� All Documents concerning any Connection (including any compensation,

benefits, employment, board appointments or other Connection) during the Applicable


-14-

Period between any Person employed by the Debtors (including Mihir Bhansali and Ajay

Gandhi) and any Other Modi Entity.

17.� All Documents identifying any employee or board member of a Debtor who is

currently or was previously an employee of any Other Modi Entity during the Applicable

Period.

18.� All Documents identifying any employee or board member of a Debtor who is

currently or was previously a board member of any Other Modi Entity during the

Applicable Period.

19.� All Documents concerning the claimed restrictions placed on “various assets

and properties belonging to Nirav Modi and properties belonging to various entities in

which he had a direct or indirect ownership interest” referenced in Paragraph 36 of the First

Day Declaration, and how such claimed restrictions have impacted the back office support

and termination of supply chain operations of the Debtors or Person employed by the

Debtors, as referenced in the First Day Declaration.

20.� All Documents concerning the “back office support” and “supply chain” of

the Debtors referenced in Paragraphs 37 and 38 of the First Day Declaration.

21.� All Documents concerning transactions between a Debtor and the “factories

in India” referenced in Paragraph 37 of the First Day Declaration.

22.� All Documents, including books, records and accountings, concerning the

claimed “back office and support functions” referenced in Paragraph 37 of the First Day

Declaration.

23.� All Documents, including book, records and accounting, concerning the

claimed “sudden loss of [the Debtors’] supply chain and back office support” referenced in


-15-


24.� All Documents concerning the “[e]arly expressions of interest in purchasing

some or all of the Debtors’ assets” by any Potential Purchaser referenced in Paragraph 48 of

the First Day Declaration.

25.� All Documents concerning any Connection between any Potential Purchaser

and the Debtors and/or between any Potential Purchaser and Person(s) employed by the

Debtors and/or between such Potential Purchaser and any Other Modi Entity.

26.� All Documents concerning the selection and engagement of the Chief

Restructuring Officer, Getzler Henrich & Associates LLC.

27.� All Documents concerning the selection and engagement of the Debtors’

counsel, Klestadt Winters Jureller Southard & Stevens, LLP.

28.� All Documents concerning the selection and engagement of the Debtor’s

financial advisor, Marks Paneth LLP.

29.� All Documents concerning the purchase of an apartment located at One

Riverside Park, 50 Riverside Boulevard, Apartment #24A in Manhattan, New York on or

around March 13, 2017 (the “New York Apartment”) by Mihir Bhansali for a purchase

price of over $7 million.

30.� All Documents concerning the sale of the New York Apartment on or around

February 28, 2018 for a purchase price of less than $2 million.

31.� All Documents concerning any involvement of a Debtor or any Other Modi

Entity in the purchase or sale of the New York Apartment, including any Communications

with any potential buyer, seller or lender with respect thereto.

32.� All Documents created during the Applicable Period concerning the receipt


by any Debtor of any proceeds, funding, loans or other consideration, directly or indirectly,

from the Letters of Undertaking referenced in Paragraph 33 of the First Day Declaration.

33. All Documents concerning the transfer to, or receipt by, a Debtor or U.S.

Parent of proceeds from any Letters of Undertaking referenced in Paragraph 33 of the First

Day Declaration.

34. All Documents concerning any transfer to, or receipt by, a Debtor or U.S.

Parent of funds from a foreign branch of an Indian bank described in Paragraph 33 of the

First Day Declaration.

35. All Documents concerning any participation in the Fraud by a Debtor

including any Representative of a Debtor.

36. All Documents concerning any knowledge of the Fraud by a Debtor including

any Representative of a Debtor,

37. All Documents, including books, records and accountings, concerning

financial transactions and agreements between a Debtor and Tri Color Gems as referenced

in Exhibit B of the First Day Declaration.

38. All Documents, including books, records and accountings, concerning all

financial transactions and agreements between a Debtor and Pacific Diamonds FZE as

referenced in Exhibit B of the First Day Declaration.

Dated: March 22, 2018

CLEARY GOTTLIEB STEEN & HAMIL TON LLP James L. Bromley Sean A. O'Neal Rahul Mukhi One Liberty Plaza New York, New York I 0006

-16-


-17-

Telephone: (212) 225-2000 Facsimile: (212) 225-3999

Attorneys for Punjab National Bank


Exhibit A


,•

IN THE NATJONAL COMPANY LAW TRIBUN/\L MUMBAI BENCH

C.P. No. 277/2018

Under sect ion 221,222,241,242, 24ti r .w. 339 of the CA, 2013

In the matter of Union of India, Ministry of Corporate Affa irs ... . Peti tioner

V/S.

Gltanjall Gems Ltd ..... Respondent- 1 Gili Jndla Ltd . -R2 Nakshatra Brands Ltd. -R3 M/s Solar Exports (Partnership Flrm)-R4 M/s Stellar Diamond (Partnership Firm)-RS M/s Diamond R US {Partnership Flrm)-R6 Firestar Diamond Internat iona l Pvt . Ltd .-R7 Firestar lnternatlonal Ltd . -R8 Firestar Diamond Pvt. Ltd. -R9 Fircstar Diamond FZE -RIO Mr. Nlrav Deepak Modi (a .k.a . Nirav Modi)-R11 Mr. Nisha I Modi (a.k .a. Neeshal Modl) - R 12 Mrs. /\mi Nirav Modi -R13 Mr. Mel1ulChinubl1aiChoksl ·R14 Mr. Gokulnath Shetty -Rl S Mr. ManojHanumantKha rat -R16 Mr. Oeepak Kcshavlal Modi -Rl 7 Ms. Nehal Oeepak Modl -R 18 Mr. RohlnN irav Modi -R 19 Ms. AnanyaNirav Modi -R20 Ms. /\pashaNirav Modi . -H2 l NDM Enterprises Pvt . Ltd . -R22 ANM Enterprises Pvt. Ltd. -R23 Mr. Hemant Bhatt -R21l Ms. KavitaMankikar -R25 Mr. Rilmesh Madhavdas Assar ·R26 Mr. KetanChundrakant Solanki e= R27 Mr. AmrishSaralalMas.ilia -R28 Mr. DhaneshVraj lalSheth -R29 Mr. Manoj Kumar Bavakad -R30 Mr. /\niyatl1S t1lvran1an Nair -R31 Ms. LataKlshorSaraiy;:l -RJ2 Ms. Jyoti Bharat Vora -R33 Mr. Dinesh Gopaldas Bhatia -R) 4 Mr. Anll UmeshHaldipur -1~35 Mr. Sudh irbha i Ambala! Mehtil -B36 Ms. PrltiMehulChoksl Mr. Nc1zuraYashAjaney i;,.".;.:._ Mr. Sc1urabhCht1ndn:ishekhar D ~~Ji'~~~}~.~~-f~ ~.Jv " ···: .l-11,·'~ \\ Mr. MlhirBhasknr Joshi 0K40 <;'i(::i,' · . "·· (,~ ~· Mr. Krishnan Sangamest1war i.:•R41 /;, ''1P ~i~ 1!:\ ,\ Mr. Vi nod Kumar AnandJune . . ;11·R4 2 1. .- . .. 1:} l i Mr. Suj.11 Anil Shah \ ~ ·, -R4Jt f!.'l 11 fJ'.

\' ~.!';'1¥ '

Mr. Gopal Kr isshnaKaruna l<a"f .fa ir~:r~19,,%1 .

. \::;~(~~1{./ ~~ ! ~11\t~..... ·.' /' ~~r~t':~~:.;.?~·


NATIONAL COMPANY LAW TRIBUNAL. M UMBAI BENCH

C.P. No. 277/2018

Mr. Swamlnathan Sundararajan Mittur-R45 Mr. Nitln Ram Potdar -R46 Mr. Sunil Varma -R47 Mr. ChandrakantKanuKarkare -R48 Ms. PankhuriAbhijitWarange ·R49 Mr. HareshVrajlal Shah -RSO Mr. Suresh Senapaty -R51 Mr. GauthamMukkavilll -R52 Mr. Sanjay Rlshl -RS3 Ms. Angelina Nguyen -R54 Mr. Ravi Shankilr Gupta ·RSS Mr. Suresh Kumar Jain · R56 Mr. SaketVlpin Shah -R57 Mr. BankimMadhu Mehta -R58 Ms. PurviMayonk Mehta ·R59 Mr. HimanshuPravinchandra Trivedi-R60 Mr. Youri Donald Hermans -R61 Mr. MihlrBhanshaliRoshmikant -R62 Mr. Shyamsundervashuma1Wadhwa-R63 Mr. Suresh Kumar Bhutoni -R64

Order delivered on 23.02.2018

Coram: Hon'ble Mr. B.S.V. Prakash Kumar, Member (Judicial) Hon'ble Mr. v. Nallasenapathv, Member (Technical)

For the Petitioner : Mr. Sanj ay Shorey, JD(L), MCA.

For the Respo'ndent: None.

Per B. S. V. Prakash Kumar, Member (Judicial)

ORDER

Order pronounced on 23.02.2018

Union of India through Its Regional Director (Western Region),

Ministry of Corporate Affairs, mentioned this Company Petition fi led

u/s 221, 222, 241, 242, 246 & 339 on the ground that the affairs of

Rt company, Its group companies and LLPs have been/being

conducted prejudicial to the public Interest of Jndia, hence rorth

Union of India, being custodian of the subjects of the country, sought

the Interim reHefs as follows:

(a) That the Peti tioner be permitted to serve

through post, publication in newspapers,


NATIONAL COMPANY LAW TRIBUNAL, MUMBAi BENCH

C.P. No. 277/2019

messaging, wherever required. in order to ensure due service

of notice to all Respondents, present In India or overseas.

(b) That the Respondents be directed to disclose their moveabie

and immovable properties/assets, including bank accounts,

owned by them In India or anywhere in the world.

(c) That the Respondents l:>e restrained from mortgaging or

creating charge or lien or third-party interest or In any way

Dlienating, the movable or immovable properties owned by

them and further, direct attachment of the clll said properties

nnd hand them over to the Petitioner. Petitioner be allowed to

execute such orders through the Indian Missions, stationed

averse.is, for the immoveable and moveable properties ln

existence abroad.

{d) That the Bombay Stock Exchange (BSE), National Stock

Exchange (NSE) and Securities and Exch,mge Board of lndia

(SEBI) be directed to restrain t11e trading of securities of

Respondent No. 1.

(e) That the Respondent Nos. 2, 3, 7, 8, 9, 22 and 23 be restrained

from mortgaging or creating charge or lien or third -party

Interest or in any way alienating the securities issued by the

said Respondents.

(f) That Central Depository Services Ltd. (CDSL) and National

Securities Depository Ltd. (NSDL) be directed that securities

owned/held by the respondents in any company be freezed and

details thereof be shared with the Petitioner.

(g) That the Central 13oard of Direct Taxes (CBDT) and tt1e Central


N/\TlONAL COMPANY l.AW TRI8UNAL, MUMDAl bENC:H

C.P. No. 277/2018

{h) That tl1e Reserve Bank of India (RBI) and the Indian Banks

Association (IBA) be cJlrecte<.I to facilitate disclosure of the

detafls of bank accounts, lockers owned by the Respondents

and attach the same on behalf of the Petitloner.

(i) That the State Governments and Administrators of Union

Territories be directed to Identify and disclose all details of

immoveable properties owned/held by the Respondents.

(j) That· the Petitioner be permitted to tc)ke possession, after due

inventory, of all moveable ilnd Immoveable properties of the

Respondents that have been attached as per the orders of this

Hon'ble Tribunal, through Official Liquidators.

(k) The Petitioner seeks the leave of the Hon'ble Tribunal to

enlarge the scope of the reliefs sought and prayers made in

t11is petition t,y filing any other documents or applications In

view of the extraordinary nature of the circumstances

pertaining to the present petition .

(I) That the Petitioner may be permitted to file copies of the

interim and/or final investigation reports of the Serious Fraud

Investigation Office (SFfO), as and when the same are

submitted by the concerned Inspectors to the Central

Government, in order to supplement/enlarge/ amend/modify

the present petition, based on the findings of the Interim/final

report, Including addition to the array o.f Respondents, as per

the NCLT Rules.

2. The cause of action for filing this case by the Petitioner herein

is that the Union of lndla has ldentltled a group of companies, LLPs,


NATIONAL COM PANY LAW TRIBUNAL, MUMBAI OENCH

C.P. No. 277/2018

Choksi (R14) through various companies and LLPs directly or

indirectly maintained by them. It is shown as most of the companies

are primarily engaged in the business of diamond trading, bllt

whereas by seeing this Petition It appears that these Respondents

and their group companies in the name of diamond business,

according to the Petitioner, committed mega fraud by conniving with

sorne of the Officers of PNB routing rnoney of t1 public sector Bank

through issual of letter of undertakings to their benefit without

making any entries In the trade finance module of the Banks , i .e.

Core Banking Service {CBS} system to avoid detection. The

Petitioner submits that the funds received under Buyer's credit from

overseas banks were credited to Nostro Account of the Bank and

subsequently utilized as per direction given by tt'le conniving officer

to repay Imports/earlier Buyer's credit used by the firms. For

issuance of fraudulent LCs, the coonlvlng officer, issued LCs by

entering cl small amount In t rade module of Core Banking Service

(CBS) system and generating the reference number and SWIFT

messnges were sent for the amounts. Subsequently, without making

any change in Trade Finance Module of CBS system, the conniving

officer sent modified swrFT message for the same reference to the

beneficiary bank for enhanced nmount unauthorizedly. By sending

modified SWIFT message with the reference given for smaller

amount, this enhancement would not come to the notice of CBS

system. By doing so. according to the Petitioner, the Respondents

herein committed fraud of H 1,400crores against PNB .

3. The Petitioner's case is that since the Respondents' companies

and their directors having caused wrongful loss of rupees above

f 11,000crores by fraudulent means, for there being FlRs against

many of the Respondents detaiHng how fraud has been committed,

.:it.least to realize the monies to the extent possible, it is essential to

obtain restraint orders against the assets lying with various

companies, LLPs, Trusts and individuals, in the b.ickdrop of the

factual scenario, it has ber.ome imperative upon this Bench to pass. ,'·: -'[ff~~~ ' .· ~,1,,\i,....,..... ~:f' .~'~

restraint orders before going into the technicalities and t .,~¥ ;fff_!.'i;t' ~~~. d I . ·~ ~~t:..'(f;."\ ""'·

proce ur.:i aspects 1n respect to the Company Petillon, because .· e ·'11: .•. ::Jff:'t'' "?-1 •ij&,,lill. ~ \ l ,,''-i,;tt~!} ~'-if \ ·""'·· , F,; '. ~}.\ . .~.;,~t /I

5 \~~11 ~{}\:,,~ · *.,.., \ .. · ... :14, ,imrJ,~, ., .. ··.:~T1l!:rrnNC.~ ·~p·

'll>;.~.~·. ri-s


NA'fIONAL COMPANY LAW TRillUNAL, MUMBAI BENCH

:::.r No 277 /2018

f.icts of the matter is, fraud has been taken place, money or the bank

has gone out If this Bench remains waiting for details of each and

every transaction, the liquid assets and other assets lylng with these

entitles Will be fri ttered away, once that happened, the whole

exercise of passing orders wlll become redundant.

4. That the s\ibmisslons in this Petft ion are based on the events

surrounding certain First Information Reports (FIR) filed by the

Punjab National .Bank Ltd. (PNB), a public sector m1tionafi2ed ·bank.

FIR No. RCBSM2018E0001 dated 31/01/2018 filed with CBI, 6S&FC,

Mumbai, inter alia, states that Mr. Nirav Modi (Respondent No.

11), Mr. Nisha! Modi (Respondent No. 12), Mrs. Ami Nlrav Modi

(Respondent No. 13), Mr. Mehul Chlnubhai Bhoksl (Respondent No.

14), all partners of M/s Diamond R US (Respondent No. 6), M/s

Solar Exports (Respondent No. 4) and M/s Stellar Dfamonds

(Respondent No. 5} in conspirncy with Mr. Gokulnath Shetty

(Respondent No. 15), Deputy Manager (retd), PNl3, Mr. Manoj

Hanumant KhDrat (Respondent No. 16), SWO PNB and other

unknown persons committed the of'renc:e of cheating against PNB to

c<>use a wrongful loss of Rs. 280.70 Crores to PNB and pecuniar}'

advvntage to M/s Diamond R US (Respondent No. 6), M/s Solar

Exports (Respondent N·o. 4) and M/s Stellar Diamonds (Respondent

· S). Further FlR No. RC02(E)/2018/C8I/BS&FC/Mum, dated

15/02/2018, filed with CBI, BS&FC, Mumbai, inter alfa, states that

the accused bank offlcials Mr. Gokulnath Shetty ( Respondent No.

15), Deputy Manager (retd.), PNB, Mr. Manoj Hanumant Kharat

(Respondent No. 16), SWO PNB In connivance with the accused

companies represented by its Directors and unknown others during

20J.7·18 defrauded PNB to the tune of an vggregate amount of USD

754.92 MIiiion (equivalent to Rs. 4886.72 Crores @ Rs. 64.00 per

USO) in the matter of issuilnce of unauthorized and fraudulent

Letters of Undertaking in favour of Foreign Branches of different

Indian-based Banks and purported Foreign Letters of Credits (FLCs)

rn favour or foreign suppliers of the accused companies. The FfR

dated 15/02/20 18 states that the accused Include the compilnfe

(,


NATIONAL COMPANY LA W TRJ8 UNAL, MUM BAI BENCH

C. P. No. 277/2018

(Respondent No. 14). A copy of the F!Rs dated 31/01/2018 and

15/02/2018 as shown in Annexure P· 2 (collectively) filed by the

petit ioner.

S. The Petitioner has given description of var ious companies to

which money has gone through modus operandi described .ibove,

and from these companies, those monies being shown as gone to

their Partners and Trusts maintained by Nlrav Modi, this Petition as

of now deserves orders to be passed u/s 221 of the Companies Act,

2013 so as not to let the assets o f any of l hese companies, other

entities m entioned below, frit tered away . The Petitioner has given

detai ls of the Companies, LLPs, Trusts, individuals and assets

showing in the record of PNB, whrch are as follows:

Nirav Moc:Ji Gcoi.m (Flrnstnrl

,.QJVPimles od!.lliL[as;ie benenciilCY of frauo:

i)

II)

Nirav Modi Group/Associates/Subsidiaries/firms having exposure With PN8 :

earne-· -----·-·-·---. .r~~~~~~~:/~=~~s:,::--··---i 1 Firestar I nternational I Mr. Nirav Deepak Modi {Promoter) , l Ltd. : Mr. Haresh Vrajla l Shah, : • l Professionil l

l Mr. Suresh Chandra Senapaty, Professional

! Mr. Gautham Mukkavll ll,

I. Professional

Mr. Sanjay Rishi, Professional Mrs An eJ ina N u en Professional

Firestar Diamond Mr. Nirav Deepak Modi (Promoter) International P Ltd Mr . ·HAresh Vraj lal Shah,

Professional 1 Mr. Suresh Chandra Senapaty,

j Firestar Diamond FZE II ~~f~~:~~n~~epak Modi (Ult imate /

I (Dealing with DlFC Beneficiary Owner) • Dubai) , Mr. Bankim Mehta, Pro fession111 :

t Fires tar· Dlarnonc(Ltd ___ ·1'-~t,e~~~kim .. Mchta: Professional --1 1 {Dealing with BO: Hong . Dfrector

~-~912.9.)_·- ··-- -·-- ···---~- .. .. -· - -·· - ·---- ... ·- ·· .,· --1.- . Nirav Modi Group / Associates/Subsidiaries/firms wfere. ,/ suspected fraud hus taken p lace: / •• ~>,{~ , <,.~ \

' . .Jl'" v ,_\ ~ ) ·, . (~:~;: ~ -!i

•}t.,, ... .. ~ (;,. , , \ . " 'i!. ( ~.\, .. ,,"' ·~;,(" <:: )."--'. ~u;'?' .• ~.,. ~<,;I ~./;> ·!-.,.tl'l1'n1,~'r

~i: t'.f} . ~ ........

7


NATlONAL COMPANY LAW TR!DUNIU., MUMDAI B.ENCH

C.P. No. 277/2018

· Name .. __ ----··; Partnt!rs ________ __ • --·-- .: M/s Stellar Diamonds • Nlrav Family Trust'

i M/s Solar Exports .. _ .. "f ~:~:~ -~;~:,~;~~~t;rust• · -·-1 (.____ I Nirav Mocli faml! y_ Trust .... ___ : ' M/s Diamond R US I Sh Nirav Deepak Modi ·

l M/s NDM Enterprises Pvt Ltd It i ----·. _M/s ANM Enterprises Pvt Ltd LJ

•oetall of Trustees are as under:

1·-· ·· I Nirav Famlly--Trust I Nirav .. Mod-1 -- I j _ ·- .. .. 1 ___ _____ ,_Family "f ru__g__ :

: Setller Purv i Mayc1nk I Deepak ~ l ------------------1· Mehta ... ·--· ·- . __ Keshavlal _Modi 1 Trustees . Nirav Deepak i · Nirav Deeoak ; ·, Modi I Modi j - Arni Nlrav Modi I· Ami Nlrav , . Neeshol Modi : ~ Deepak Modi 1 · Neeshol

,,· Benenclarles I· Deepak --+-j · ~~~1a~:~~~~ i , Keshavlal Modi Mehta ,

l. Ami Nltav Modi 1. Ami Nlrav

I. Neeshal ·,· Modi Deepak Modi · Neeshal

I· Nehal Deepak Deepak Modi ! Modi 1 · Nehal Deepak

I.. Rohin Nirav Modi I Modi · Rohln Nlrav

! . Ananya Nirav Modi , Modi r Aoaoya Nico•,

--·---_l,. ~fo~~ha Nirav ___ L· . ~i~~h~ ~ir~_.i

ft Directors (as per ROC search d.::itcd 08. 12.17) are as under:

'.M/sNDM Enterprises Pvt Ltd 11-:· -ffemant Dahyalal Bhatt . Ramesh Madhavdas Ass11r

~M Ente,prises M Ltd I I . Ramesh Madhavdas 1 Assar : • Ketan Chanclrakant

I __ _ ______ ·---- ---"--~~' ------


NATIONAL COMPA NY LAW TRl!lUNAL, MUMBAI DENCH

C.P. ~lo. 277/20rtl

~Fi restar Diamond Pvt. Ltd l Mr. Nirov Deepak Modf- ·---~-: i \ Mr.HernantDahyalal Bhat i ; .. --.--.. ··-"··------·---- ·-·. ·~--J ... _ ... --··-.... ~ .. ..... ·- -·-·-----.... - I i Neesl1al Enterprises LLP ; Mr. Nirnv Deepak Modi i ! i Mr.HemantDahyalal Bhat I !··,;;;·~1ig-ori je\'Vellery LLP ··-- i Mr. N°lravDeepa-kMociT ... ·--~ ! : Mr.HemantDahyalal Bhct :

~a-~agon Merciiandising 'Lir-·· h,1r.l'iirav 5eeoaii"-ModT'··---I 1 1 Mr.HcmantDahyala\ Bhot : i i •

i Panciiaj°arwa·o1amci"ncis i.Lp--·1·Mr.Nir.)V.Deeoak° Modi . .. . -··( , i Mr.HemantDahyalal Bhat ' ' : ' ; I L _ ..... ..... --.... .,...., ... . ... - ._. ..... ,-·---' - ··----... - ..... _ ___ .. ____ __,

B. Corporate guarnntors in the M/s Flrestar International Ltdand also enterprises owned or significantly Influenced/controlled by key management personnel or their relative:

f Name of Company/Firm - - -··· · ! Directors/Partners - -· ·-·- · · · ' ' ,- ... .. .......... , ... - - - ·-------··-·· · - · · , . .... _ _ ___ ,- ~ ..... ~ . - ···- ---- - - ... ·-·--- • · - _ _ _ , __ ...J

1 Firestone Trading Pvt. Ltd i Mr.HemantDahyalal Bhat

1,

i ! Mr. Pares11PravfnbahfRathod

; - ·--· . . - . ............... _ - - . .. ·····- ··-···· -- - ; _ - . . ... "' ......... - - ---·-.. - - - ·- ·- ... 1' I Neeshal Trading {Pl ltd ! Mr .HemantDahyalal Bhat I i Mr. Rnmesh Madhavdas Assar ! ! . 1··-··------·,----- --··--- -- · ---·· .. ·-~-·• ···-··--· .. -- -·- - ·--··- -~ .. I

I' Firestar Diamond lnternatlona( P l Mr. Nirav Deepak Modi t Ltd ( Promoter)

l Mr. HareshVrajlal Shah. f Professional

1

1 J Mr. Suresh Chandra Senapty, 1 Professional

I

1 ....... --·-·-........ -····· .. -------· ....... ·-·- ··--- ~ \ Bently Properties P. Ltd , Mr. Ruinesh Madhavdas Assar J

! j Mr. KetanChandrakant Solanki I i- --··- .. ..... _ .. __________ _ _ _j __ ____ . - · -·-·· .. ___ .. ______ --~

I MAk Business Enterprises Pvt. t,td I Mr. Ramesh Madhavdas Assar I I I Mr. Manish Lalit Dani r ! Mr. PareshPravinbhaiRathod !


NATIONAL COMPANY LAW TRIBUNAL, MUMllAl BENCH

C.P. No. 277/2018

f Name of Guprnntor • ... ___ :_ RelationgiJQ_.witil"iJorro1w -~ . Nirav Modi ·- ··--·- ·--·· Promoter Director ·- · ___ _ i I Firestar I nternt1tional Ltd . _ , Grouprompany _ _ . _ _ , _ _ j

Details of gutirantors In the accou nt Firestar Dillmond FZE, Dubai:

;-Nacie-of G~i~irijS?.C~~:.~. . Relatl<?_(!·Ship With borrower-J ; M/s. Firestar Holdings Ltd. Holding Co. J · l,(forrnerlyfirestone Holdl!!.9 Ltd)_--·------··-··--' M/s. Flrestar International Pvt. Holding Co. I

; ~t~:.Nirav Modi--··----- · .. --·!Group-Promote,=--- ---~ 1.----· ··----·---------.. ···-'--··· · ----··- ·-- .. ·-- --! Firestar Diamond Ltd~ .. Honko..Q.9~ .. ---.. ···-·····---- - ---- .. --··----i hNamc of Guarantor .. _ .. _ .J Refallonsh.!.P.with borrower- ·--· ___ _ . Nlrnv Modi ·-----··· .. __j__l?romoter Director --- ·-·---·--.. , Fircstar Diamond I Group comp.iny · . International Pvt. Ltd. _____ _!_ _____ ,, _ __ _

C. Related parties of Firestar International Ltd. Subsidiaries companies: •

• Flrestar Group Inc, USA . Firestar holding limited, Hongkong

Step down Subsidiaries Company: • Flrestar Group Inc, USA Firestar Holding Limited, Hong Kong Flrestar Diamond Inc., USA Ffrestar Diamond International lnc., USA Firestar Jewelry Limited, Hong Kong Flrestar Diamond BVBA, Belgium Firestar Dlt1mond LLC, Armenia FS Diamond Ply Ltd, South Africa

- Fantasy INC, USA Flr.estar Jewelry INC, USA Nlrav Modi Jewels BVBA, Belgium Nirav Modi Limited, Hongkong Nirav Modi Limited, London Nlrav Modi Limited, Russia Nlrav Modi Limited, Macau Nirav Modi Limited, France Firestar Diamond PTE limited, Singapore Firestar Diamond and Jewelry FZCO, UAE Firestar Diamond Ltd, Russia Synergies Corporation C.imelot Enterprises Priv()te Limi ted Rohin Trust A Jaffe INC .. USA Nlpur BVBA Islington International Holdings PTE Ltd

1()


NATIONAL COMPANY LAW TRI BUNAL, MUM8Al OF.NCH

(.?, No. 277/2011/

Some of the properties movable Including Immovable properties detalls available with us:-Firestar International Ltd:-

A. Movable:

First parl-passu charge bY way of hypothecatlon of stocks lylng at

factory premises as well as outside on job-order basis, Receivables

and other current assets (present and future of the Company) and

receivable with other consortium banks.

B. Immovable: (Mortgaged to the Consortium on pari - passu

basis)

I s I Security Descriptiori _ _ _ l Area in Sq M orTow"nersli fp ____ _ ; ~ f-u-10. 11t1• floor, Prasad 1630 Sq.~¥a~pet rF,restar

: Chambers, Opera 1· Area ! lnternation<1I

1 _ _ LHo.use.,_Mumbal 04 ·-- · ···- - ··- ___ -·-·-----· Pvt. Ltd. __ ·-·-···---· : 2 : 1111, 111h Floor, Pr.isod l 715 Sq. Ft Carpet I Firestar

L .J::~b~~~;se, Mumbai 04 _t:ea --·--- J ~nvt:r2::'.onal· ---·--i 3 · No.B & 15 Nagindas Monston , 1966 sq. Ft. ---t"Flrestar

I: i CHSL, f Carpet I international

I J.S.S, Rd., Opera House, Area I Pvt. Ltd.

h 1 :;t~\~'Fl,, Naglodas -----1

j 846 Sq/ Ft. --·-~1 Flrestar ··-·-.. ·- ·- -• 1 Mansion CHSL, Carpet lnternatlonal

! J.S.S. Rd, Opera House, Area Pvt. Ltd.

! 5 r~~~i\~~nd Fir, Grosvenor JI 2590 sq. ft. --h,1r. Nirav Modi I I House, . Carpet I 1 I Peddar Rd . Mumbal-26 Area 1

···------:.:.1 --- -- ·---·--~---·---· -··-·--····· · .. ·-"- - . : 6 j Unit No.518, 520, 522, 524, 1 2861 Sq. Ft i Firestar ! 526, 528 at I Carpet I international

lj.7· ··~· g:: ~~i;•~3e8:i~~C~~~~r~4La~~~~~ ( ~~~~S Sq. Ft ··-·-·· t: ~~~s;!~· -----·

Centre, 1' ~·nternational ._ Nariman Point, M_ymb~ . .1Q.Q....Qn.,.-· ···- P'{t . ..!J.Q.,_ __ , ---··· I a Unit No.2001 & 2002, 20'~ I Unit No.2001 : MAK Business

: Floor, Tower 15,071 Sq. Ft. Enterprises Pvt. I I 'B' Peninsula Business Park, Unit No.2002: Ltd. 1 I C.S. No.243 i 15,387 Sq. Ft.

t Of Lower Parel Division, ; ! / Ganpatrao Kadam Marg, I Attached with Car / =--. I Lower Parel, Mumbai - 400 013 ! Parking ~-n miq'f} ~~ . [ Unit No.2001: 14 · ~:t,\ ,.(JlMP-'l1y1.~1 ~

, Nos. i · ~~ ~, <,,-r,, 1;,

11 L_. J .. -- ·- '. _\.lnit N_(!.20Q.£~ 15 I i :»1 (ffi(.W· ~-fl ~ -- - - - ,- - --- ·-·iff,;.>; · K . 1

l A'f'-.:::g7 ~ ,I • ~ ~~( .. }~) ~": ,1

,. "11~'-:L ~ H .w t.?'L • . , ·~1 " ·

,~rp,r ' . "41 t'lf-· -.;~,., 'I'll~


NATIONAL COMPANY LAW TRIDUNAL, MUMBAI DENCH

C.P. No. 277/2018

. .. +. -..... ., ....... -.. ·--- ···-----·--··· ; Nos. · · ·-:··· ... · . .. ...... ..... .. -··- --- · ; 9 : HCL House . : Documented Plotl Paundra 1 l Basement + Ground + '1 upper ! Area : 30,127 Sq. Enterprises

/ floors of the . Ft. f Private Limited 'I Building along with Land · : (Formerly known

bearing C.S. No. I Buildup Area of j as 360 of Vile Parle Division, ! Building: 33,400 , Aimeka Developers

I Village Marol, 1· Sq. i Pvt. Ltd.).

I Opp. Sugun Hospital, ft. I . Old MIiitary Road, 1

i I Andheri (East), ! I

fio}~~;~:~~~ON~~is ." 19,.20 & 67-i 4000 Sq mtr:-· h,restar .Dlamond .... · J survey i ! International

. j ~~~!;6 & 395 at Sachin, SEZ, j ; I. · ·-!·-·- ·" · ·--- · · .. ··-·- ---.. -·-·--- ·----.. -1--·-·-·----·-·- t-·-·····--.. -- - - -( !l I Plant & Machinery - FIPL ! i Firestar · ! ! i International

. . .. 1. ______ .. ______ .......... ---- .. -------.. 1.. .. . -.. - .. ·----- ; Pvt .. Ltd_ ·- ·-----·--

Exclusive secur1y with the PN~---·- ··-----····- ·---·-··-······-.., SN , Securi ty Description I Area in Sq M ! Ownership 1

\ t office Premises No. 205~r s~~ ;~ +,irestar International j · J AE4050 on 4th floor at I Pvt. Ltd. I

j Bharat Diamond Bourse I , Complex, C-28, G Block, I ' 1 Bandra Kurlo Complex, j

l _ .. _J ~g~~~n1 East,. Murnbai·, __ j __ . __ ---.. -· ... __ j__ -----·-- --------·-· - I ; 7. ; Land and building at Plot i 1000 sq. m. l Firestar lnternatlonal !

:1

Mo. 26 located in I 1and and ! Pvt. Ltd. . I

! SURSEZ, Sar.hin, dist, I 12900 sq. rt. ! . . : I ; l Surat- 26 i building l i '--~ ---- ···--J .. ... _ .. ___ ,_ ._. __ .i _______ _______ .

EJW_atr diamond lnt_erno ... llimal Pvt Ltd {FDIPLl:-

A. Movable:

Fist parl-passu charge by way of hypothecation of stocks lying

ilt factory premises as well ,ilS outside on job-order basis,

Receivables and other current assets (present and future of

Company) and receivable with other consortium banks.

B. Immovable: (Mortgaged to the Consortium on basis)

12


•

NATIONAL COMPANY LAW TRIDUNAL, MUMBAI BENCH

c.r. No. in1201s

. Security i Area In jownershi I ! Description I SqM or ~ j · S R I Unit No. 23, 3111 floor, B wing, Tower No.2, 1~. 7 Firestar ~ l Kohinoor City mall along with 10 covered

1: I Diamond ;

! car spaces bearing No. 61,62,63,64, 64A, lntern<1tio j 65, 65A, 66, 66A and 67 In the lowest . . nal ,

l basement of Kohinoor City, Opp. Don Bosco · ! Pvt 1

I ~chool, Klrol Road, Off. LBS Marg , Kurla ! I Ltd(FDIPL / µ~1 Mumbai-70 _____ __ --. ---· - - --W- --...J 1 Unit No. 24,4th floor, B Wing, Tower No.2, • 15133.7 1 Firestar ,

I' Kol1lnoor City mall along with 10 coverd car I Diamond 1:

spaces bearing No. G7A, 71, 71A, Internatio , 72,73,74,75,76,77 and 78 in the lowest ! nol : basement of Kohinoor City, Opp. Don Bosco I Pvt \ .1, School, Klrol Road, Off. LBS Marg, Kurla I Ltd(FD!PL j .f!!J, Mumbai-70 __ Jl_ __

Factorv/Works address;

FircstaLD1umQfil1__International Private Limited

1. Surat - Plot No. 18, 19, 20 & 67, SEZ, Sachln, Surat - 394221

2. Kurla - Unit No.23 & 24, Tower 11, Wing B, Kohinoor City, Klrol Road, Off: LBS Marg, Kurla We5t, Mumbai - 400070.

3. Mumbai Store : !TIS House, Saibaba Road, Kalaghoda, Fort, Mumbai - 400001.

4. Deihl Store : D-33, Va run Marg, Shfniwas Purl, Block D, Defence Colony, New Deihl, Deihl - tl0024.

5. Andhcrl : Army Navy Press Bldg. , Plot No.118, Road 181 MIDC, Andheri East, Mumbai 400093, India.

6. Unit No.26, Grouncl Floor, Tower No.2, Kohinoor City Mall, Kiral Road, Off : LBS Marg, KurJa West, Mumbai - 400070.

Firestar Internatl2n.illJ,imited 1. 518-522, 5th noor, Belgium Tower, Opp : Linear Bus Stand, Rlng

Road, Surat 395003, India

2. G-1-181, SEZ-lI, Sltapura !ndl. Area, Jaipur - 302022

3. 2nd Floor, Trade Point Building, Kamala Mills Compound, Lower Pare! (West), Mumbai - 400013.

4. Army Navy Press BuJlding, Plot No.118, Road No 18, MIDC, Andheri (East), Mumbai - 400093.

5. Plot. No.26, Road 13, Surat SEZ S;ichin, Surat, Gujarat 394230


,.

NATIONAL COMPANY LAW TRIBUNAL, MUM8Al BENCH

C.P. No. 277/2018

6. Bharat Diamond Bourse, Tower A (East) -· 4050, BKC, Bandra East, Mumbai -· 40005 1.

7. Kurla - Unit No.23 & 24, Tower ll, Wing B, Kohinoor City, Kiral Road, Off : Ll\S Marg, Kurla West, Mumbai - 400070.

In addition to above, covered under insurance are listed below:

8. 2nd Floor, Trade Point Building, Kamala MIiis Compound, Lower Parel (West), Mumbai - 400013 (bound warehouse) .

9. 1110, Prasad Chambers, Opera House, Mumbai - 400004

10. 8,5, and 16, 15-B Nagindas Mansion, 61, JS Road, Opera House, Mumbai 400004

11. 15/A, 4th floor, Bansilal Building. C/o Sangeeta l<ala Bhawan, J S S Road, Mumbai - 400004.

12. AE-4042, 8 Tower, Bharat Diamond Bourse, G Block, Dandra Kurla Complex. Bandr;i East, Mumbai - 400051.

13. PBW, Part B, Unit No.24, 4th floor, Tower II, Wing B, Kohinoor City Mall, Kirol Road, Opp. LBS Marg, (West), Mumba! - 400070 (bound warehouse).

6. Jn the list given above. though Trusts and individuals are not

being covered either u/s 22 1 of the Companies Act, 2013 or Section

4 3 of LLP Act, 2008, since there is a categorical statement from Union

of India that funds were routed to those individuals and Trusts

through the companies mentioned above, to make investigations

meaningful to crack this fraud, restraint order is very much necess.iry

against the assets lying with the individual and Trusts in addition to

tile companies and LLPs mentioned obove. Since the Petitioner

having said that the funds of the Bank have been· routed through the

companies and LLPs to the Trusts and individuals as well,

Investigation against other entitles being incidental to the

investigation ordered against the companies ancJ LLPs, the whole

P.xercise of investigation and passing orders by this Bench will

become futile unless restraint order Is passed against t hese

individuals and Trusts thereof.

7.

dircicted to file additional affid_avit supporting the case mention£

this Company Petition. It goes without saying that the r igmar

14


I· NATlONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

C.P. No. 277/201!1

CPC not being applicable and this order being an aid to make

investigation effective, though many of them against whom orders

passed are not made as parties, this Bench has passed this order as

an aid to Investigation.

8. The Petitioner has candldly said that if notice has been given

to the parties prior to hearing then there is every possiblllty of

consuming time for effecting service in view of the t!Xigency involved

in this case, the Petitioner in view of the public interest has sought

for ex-parte orders, for this Bench having noticed that the Petitioner

has established prirna facie case for asking ex-parte orders, this

Oench has passed this ex-parte order.

9 . In view of the same, this Bench, by Invoking section 221 of the

· Companies Act, 2013 and section 4 3 of LLP Act, 2008, hereby injunct

tile Respondents and other companies. LLPs, Trusts and individuals

mentioned above from removal, trunsfer or disposal of funds, assets

and properties of the entitles and Individuals mentioned above until

further orders.

10. As to other reliefs and for appearance of the Respondents, fist

this matter for hearing on 26.03.2018 with a · direction to the

Petitioner to serve notice to nll Respondents within 15 days of this

order.

Sd/-

V. NALLASENAPATHV Member (Technical)

Certified True Copy Copy lss ed "f ee of cost" 0 2.'.:, 02. 2..01g

Sd/-8. S.V. PRAKASH KUMAR Member (Judicial)

Deputy irector Nati'onal Company Law Tribunal, Mumbai Bench

Jt;


Exhibit E

18-10509-shl Doc 182-5 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit E Pg 1 of 19

CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza New York, NY 10006-1470

T: +1 212 225 2000 F: +1212 225 3999

clearygottlieb.com

WASHINGTON, D.C. • PARIS • BRUSSELS • LONDON- MOSCOW

FRANKFURT• COLOGNE• ROME • MILAN• HONGKONG

BEIJING • BUENOS AIRES • SÃO PAULO • ABU DHABI • SEOUL

D:+1-212-225-2416

[email protected]оm

VICTOR L LEW KOW LEEG.. BUCHHEIT THOMAB J. MOLONEY DAVID G.OABEL JONATHAN I. BLACKMAN MICHAEL L. RYAN ROBERT P DAVIS MARIN Z. REICH RICHARDT, LINCER STEVEN G. HOROWITZ JAMES A. DUNCAN STEVEN 1,10EØ CRAIG B. BROD EDWARD J. ROSEN NICOLAS GRADAR CHRIBTOPHER E.AUOTIH SETH GROSIHANOLER HOWARD 0. ZELBI DAVID E. BRODSKY ARTHUR H. KOHN RICHARD J. COOPER JEFFREY S. LEWIS PAUL J, SMIM STEVEN L. WILNER ERIKA W. NIJENHUIS ANDREU CE LA CRUZ DAVID C. LOPEZ JAMES L. 0ß011E1' MICHAELA. GERSTENZANG LEWIS J. LIMAN LEV L. DASSIN NEILO. WRORIUIYEY JORGE U.JOANTIRENA M ICHAEL D. WEINBERGER DAVID LEINWAND DIANA L. WOLLMAN JEFFREY A. ROSENTHAL ETHAN A. KLINGSRERG MICHAEL D. DAYAN CARMINED. BOCCUZZI,JR.

JEFFREY D. KARPF KIMBERLY BROWN BLACKLOYJ ROBERT J. RAYMOND SUNG K. KARG LEONARDO JACOBY SANDRA L. FLOW FRANCISCO L. CESTERO FRANCESCA L. ODELL WILLIAM L. MCPAE JASON FACTOR JOON H. KIM MARGARET B. PEPONIS LISA M. SCHWEITZER JUAN G. GIRALDEZ DUANE MCLAUGHLIN BREIN S. PEACE MEREDITH E.KOTLER CHANTAL E. KOROOLA BEN ET J. O'REILLY ADAM E. FLEISHER SEAN A. O'NEAI GLENN P. MCGROKY MATTHEW P. SALERNO MICHAELJ.ALRANO VICTOR L. HOU ROUERA. COOPER AMY R. UHAPIRO JENNIFER KENNEDY PARC ELIZABETH LENAS LUKE A. BAREFOOT PAMELA L. MARCOGLIEGE PAUL M. TIGER JONATHAN S. KOLIONER OANIEL ILAR MEYER H. FEDIDA ADRIAN R. LEIPSIC ELIZABETH VIGENS AOAMJ. RRENNEMAN ARID. MACKINNON JAMES E. LANGSTON

JARED GERBER COLIN D. LLOYD COREY M. GOODMAN R I5 HIAOTSHI JANE VARIARE DAVID H. HERRINGTON KIMBERLY R. SPOERRI AARON J. MEYERS DANIEL C. REYNOLDS ABENAA. MAINOO 11001 E. CONROY. JR..

RE6IDENT PARtx ER9

SANDRA M. ROCKS S. DOUGLAS BOKIUKV JUDITH KASSEL DAVID E. WEBB PENELOPE L. CHRISTOPHOROU BOAZS. MORAL MAUVE. ALCOCK HEIDE H. ILGENFRITZ KATHLEEN I. EIBERGER WALLACE L. LARSON. JO. AVRAI E. LUFT ANDREW WEAVER HELENA N. GRANNIS JOHN V. HARRISON CAROLINE F. NAVDAY RAMAL MORHI 101K. MARREI HUMAVUH KHALID KENNETH S. BLAZEJEWSKI ANDREAM. BASHAM LAURA RAGANELLA SHIRLEY 1.10

LOUISE M. PARENT OF CDUNSEL

May 13, 2018

VIA EMAIL

Sean C. Southard, Esq. Klestadt Winters Jureller Southard & Stevens, LLP 200 West 41st Street New York, NY 10036-7203

Re: In re: Firestar Diamond, Inc., et al., Case No. 18-10509 (SHL)

Dear Sean:

As you know, we represent Punjab National Bank ("PNB") in the above-captioned matter. On Thursday afternoon, we received the Debtors' Request for Production of Documents (as attached, the "Document Requests") relating to the Debtors' motion (Docket No. 60) seeking to sell all or substantially all of the assets of A. Jaffe, Inc. ("A. Jaffe") scheduled to be heard on Tuesday, May 15, 2018 (the "Sale Hearing").

We object to the premise, scope and timeline for the Document Requests. They are nothing more than attempted retaliation against PNB, the victim of a substantial fraud, in response to PNB's legitimate attempts to investigate PNB's claims against the estates and the Debtors' actions during the sales process. The pretextual nature of your requests is laid bare by the Debtors' conduct in these cases.

As you have said on a number of occasions, the Debtors have not commenced any review of the circumstances of the massive fraud committed by their ultimate majority shareholder, including any connections between the Debtors and the fraud. In fact, you have told us that it is not the Debtors' responsibility to investigate the fraud; instead, you have said that the Examiner is responsible for the investigation. It was only after PNB served its limited document requests in connection with the Sale Hearing, that you sent the Document Requests purportedly seeking evidence from PNB of the fraud committed by your own clients' ultimate shareholder. Notably, the requests go far beyond the sale itself. The Document Requests purport to seek information to investigate potential fraud by the Debtors through seeking evidence from PNB, even while the

Cleary Gottlieb Steen & Hamilton LLP or an affiliated entity has an office in each of the cities listed above.


Sean Southard, Esq. p. 2

Debtors have refused to respond meaningfully to PNB's document requests concerning the fraud. Because the Debtors affirmatively stated that they will not be investigating the fraud, and have explicitly disclaimed any responsibility to do so, the Document Requests are wholly inappropriate.

Leaving that aside, the Debtors' Document Requests are inappropriate for other reasons. First, they go far beyond the matters relevant to Sale Hearing. This stands in sharp contrast to the limited document requests that PNB delivered to the Debtors inlay 9, 2018. Second, PNB does not carry the burden at the Sale Hearing; it is the Debtors' responsibility to demonstrate that their efforts have maximized value and that the sale process is not tainted by fraud. Third, most of the information you are seeking is known to the Debtors, or available in the Debtors' own files, records and electronic documents. Fourth, the proposed deadline (a Saturday, less than 48 hours after delivery of the Document Requests for materials that would have to come from foreign sources) cannot possibly be met given the overly broad scope of the requests. The Debtors certainly have not proceeded with such speed; as you know, we first served document requests related to the fraud in March, and you still have not produced any significant information in response to those requests. Lastly, it would be obviously prejudicial to the investigations by governmental and law enforcement authorities for PNB to provide information that may wind up in the hands of the target of multiple active investigations.

That is not to say that PNB will not provide any information to the Debtors. As you are aware, PNB has publicly filed substantial materials that address many of the issues raised in the Document Requests, such as the Debtors' participation in the fraud. PNB also intends to cooperate with the Examiner's investigation and to that end has already begun exchanging information with the Examiner. In addition, subject to and without waiving PNB's reservations and objections, we can confirm, on behalf of PNB, that PNB (i) has not communicated with any of the four publicly disclosed "Potential Bidders",1 or (ii) conducted any valuation of the A. Jaffe assets.

To the extent that PNB produces documents or information responsive to the Document Requests, it does so without conceding the admissibility, materiality, or relevance of any such documents or of any other substantive responses or objections to the Document Requests. PNB reserves all objections to the use of these responses and of any documents it produces. PNB may interpose all such objections at the time of trial or as otherwise required by the applicable rules or order of the court. PNB reserves the right to amend, supplement, or withdraw any responses and objections to the Document Requests.

t The Document Requests define "Potential Purchasers" as "any Person who has made any expressions of interest in purchasing some or all of the Debtors' business operations." Only the Debtors have direct personal knowledge of the identities of persons who have expressed interest in the Debtors' assets, and PNB is aware of only those persons whose identities the Debtors have disclosed to it.



If you have any questions, please do not hesitate to contact me or Rahul Mukhi.

Sincerely,

NØ Sean O'Neal


From: Brendan Scott To: 0"Neat. Sеan A.; Mukhi, Rahul; Bromley. James L; Vínc7e. Eszter Cc: Christopher Reilly; Ian Winters; Sean southаrd "JosephBadtke-BerkоwПallenоveгv.com'

keп.colemanfiаlieпover,'.сom; "brett.noodman(a,troutman.cam"; "harris.winsbergCo~tmutmаn.com"; "[email protected]"; "ashley.chasecwhitecase.cgm'; "cshorе whìtecase.com"; "owen. e1 ctwhitecase.com", "richard.nnorrisseyrAusdoi.gov"; "jcarnevnbakerlaw.com'; "[email protected]"; "irose~)bnkerlaw.com"; "Iberсiliп@bаkeriaw.com"; "scaroentег )bakerlaw.com"

subject: In re Firestar Diamond, Inc., et al, Case No. 18-10509 (SIL) (Bankr. S.D.N.Y.) Date: Thursday, May 10, 2018 1:30:57 PM Attachments: Reouest for Production of Documents.odf

Please find the attached document requests directed to Punjab National Bank ("PNB") relating to the

Debtors' Sale Motion [DE # 60] and PNB's objection thereto [DE # 75].

Regards,

Brendan M. Scott, Esq.

Klestadt Winters lureller Southard & Stevens, LLP

200 West 41ST Street, 17th Floor

New York, NY 10036-7203

(212) 972-3000 Main

(212) 972-2245 Fax

This message is intended only for the use of the individual or entity to which it is addressed, and may contain

information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of the

message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is

strictly prohibited. If you have received this communication in error, please notify us immediately by telephone.

Thank you.


KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Ian R. Winters Sean C. Southard Brendan M. Scott 200 West 41St Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245

Counsel to the Debtors and Debtors ii Possessиon


X

. Chapter 11

Case No. 18-10509 (SHL)

Jointly Administered

In re:

FIRESTAR DIAMOND, INC., et al.1

Debtor.

X

DEBTORS' REOUEST FOR PRODUCTION OF DOCUMENTS

Pursuant to Rules 26 and 34 of the Federal Rules of Civil Procedure, as made applicable

by Rules 7026 and 7034 of the Federal Rules of Bankruptcy Procedure, Firestar Diamond,

Inc., Fantasy, Inc. and A Jaffe. Inc. (collectively, the "Debtors") request that Punjab National

Bank produce for examination, inspection and copying, by May 12, 2018 at 12:00 pm, all

documents described below at the offices of Klestadt Winters Jureller Southard & Stevens,

LLP, 200 West 41st Street, 17tß' Floor, New York, NY 10036, or at such other time or in such

other manner, as the parties mutually agree.

The Debtors in these jointly administered Bankruptcy Cases are as follows: Firestar Diamond, Inc., A Jaffe, Inc. and Fantasy, Inc.


DEFINITIONS

The Debtors incorporate by reference herein the Uniform Definitions in Discovery

Requests set out in Rule 26.3 of the Local Civil Rules of the United States District Court for

the Southern and Eastern Districts of New York (the "Local Civil Rules"), as made

applicable by Rule 7026-1 of the Local Bankruptcy Rules for the Southern District of New

York (the "Local Bankruptcy Rules").

1. "Affiliate" has the meaning set forth in Section 101(2) of the Bankruptcy Code.

2. "A. Jaffe" means A. Jaffe, Inc.

3. "All," "any," and "each" shall each be construed, pursuant to Local Rule 7026-1,

as encompassing any and all.

4. "And" and "or" shall be construed, pursuant to Local Rule 7026-1, either

disjunctively or conjunctively as necessary to bring within the scope of the discovery

request all responses that might otherwise be construed to be outside of its scope.

5. "Bankruptcy Code" means title 11 of the United States Code, 11 U.S.C. §§

1 O 1 et. seq.

6. "Chapter 11 Cases" means the Chapter 11 cases jointly administered at Case

No. 18-10509 in the United States Bankruptcy Court for the Southern District of New

York pursuant to an order of the Bankruptcy Court dated March 9, 2018 at Docket No. 24.

7. "Communication" means, pursuant to Local Rule 7026-1, the transmittal of


8. "Concerning" means, pursuant to Local Rule 7026-1, relating to, referring to,


9. "Connection" means any relationship, including any financial relationship,

governance relationship, familial relationship or personal relationship, between a Person


and another Person.

10. "Debtor" means any Person that is a debtor and debtor in possession in the


11. "Document," pursuant to Local Rule 7026-1, is defined to be the same as the

usage of the term "documents or electronically stored information" in Fed. R. Civ. P.

34(a)(1 )(A). A Draft or non-identical copy is a separate document within the meaning of

this term. For the avoidance of doubt, Documents shall include any documented

Communications.

12. "Fantasy" means Fantasy, Inc.

13. "FDI" means Firestar Diamond, Inc.

14. "FD International" means Firestar Diamond International, Inc., including any

of its Representatives.

15. "FHL" means Firestar Holdings Limited, including any of its

Representatives.

16. "FGI" means Firestar Group, Inc., including any of its Representatives.

17. "FIL" means Firestar International Limited, including any of its

Representatives.

18. "First Day Declaration" means the Declaration of Mihir Bhansali, President

of the Debtors, Containing Information Required Pursuant to Local Bankruptcy Rule 1007-

2 and in Support of the Debtors' First Day Motions, in In re: Firestar Diamond, Inc., et al,

Case No. 18- 10509 (SHL) (Bankr. S.D.N.Y.) [Docket No. 2].

19. "Fraud" means the fraudulent activities described in Paragraphs 2, 3 and 4 of

the NCLT Order and/or Paragraphs 33 and 34 of the First Day Declaration.

20. "NCLT Order" means that certain order issued on February 23, 2018 by the


National Company Law Tribunal, Mumbai Bench.

21. "NMI" means Nirav Modi, Inc. fka Firestar Jewelry, Inc., including any of

its Representatives.

22. "Modi" means Nirav Modi, a direct or indirect shareholder of the Debtors.

23. "Other Modi Entity" means each of Modi, FIL, FIL, Synergies, FOI, FD

International, AVD, and NMI, and any other Affiliate of Modi other than the Debtors, and

any other person Connected with Modi, as well as any Representative of any of the

foregoing.

24. "Person, pursuant to Local Rule 7026-1, means any natural person or any

legal entity, including, without limitation, any business or governmental entity or

association.

25. "PNB" means Punjab National Bank including any of its Representatives.

26. "Potential Purchaser" means any Person who has made any expressions of

interest in purchasing some or all of the Debtors' business operations.

27. "Representative" means any agent, assign, director, employee, officer,

representatives or any other Person acting or purporting to act on its behalf, and any

predecessor or successor of the foregoing.

28. "Synergies" means Synergies Corporation, including any of its

Representatives.

29. "U.S. Parent" means each of Synergies and FOI.

30. "You" or "your" as used herein means PNB and includes all of its

predecessors, successors, subsidiaries, departments, divisions, including without limitation

any organization or entity that PNB controls, together with all present and former directors,

officers, employees, or agents.


31. The use of the singular form of any word includes the plural and vice versa,

and the use of the term "including" means including without limitation.

INSTRUCTIONS

1. In addition to following the rules of construction in Rule 26.3(d) of the Local

Civil Rules, whenever necessary to bring within the scope of this Request documents that might

otherwise be construed to be outside its scope: (a) the use of a verb in any tense shall be

construed as the use of that verb in all other tenses; and (b) the use of the feminine, masculine or

neuter genders shall include all genders.

2. No paragraph herein shall be construed with reference to any other paragraph for

the purpose of limitation.

3. Unless otherwise indicated, the relevant time period for purposes of these

Requests is between January 1, 2011 and the date of production.

4. All documents shall be produced in the manner in which they are maintained in

the usual course of business. A request for a document shall be deemed to include a request for

any and all file folders or binders within which the document was contained, transmittal sheets,

cover letters, exhibits, enclosures, or attachments to the document in addition to the document

itself.

5. All documents requested herein shall be produced in their entirety, along

with any attachments, drafts, and non-identical copies, including copies that differ due to

handwritten notes or other notes or markings.

6. Provide all ESI in the forms and manner specified in the attached ESI Production

Specifications (Appendix A).

7. If you withhold any document (including any e-mail within a longer chain) that is



comply with the requirements of Federal Rule of Civil Procedure 26(b)(5)(Á). If a portion of a

document contains infoiniation subject to a claim of privilege, only that portion shall be


8. In the event that any document called for by this Request has been destroyed or

discarded, respondent shall provide a written document identifying the document so lost,

discarded, or destroyed as completely as possible, providing at least the following information:

(i) the type of document withheld; (ii) any addressor and addressee; (iii) any indicated or blind

copy recipients; (iv) the document's date, subject matter, number of pages, and attachments or

appendices; (v) all persons to whom the document was distributed, shown or explained; (vi) the

document's date of destruction or discard, manner of destruction or discard, and reason for

destruction or discard; and (vii) the persons authorizing and carrying out such destruction or

discard.

9. If objection is made to any of the requests, the response shall state whether

documents are being withheld from inspection and production on the basis of such objection, or

whether inspection and production of the responsive documents will occur notwithstanding such

objection.

10. If there are no documents responsive to any particular request, the response shall

state so in writing.

11. This request is continuing in nature. In accordance with Rule 26(e) of the Federal

Rules of Civil Procedure, you are required promptly to serve supplementary responses and

produce additional documents if you obtain further or different information.


DOCUMENT REQUESTS

1. All Communications during the Applicable Period between PNB and a Debtor.

RESPONSE:

2. All Communications during the Applicable Period between PNB and any Other Modi Entity concerning the Debtors, including, without limitation, the Debtors' business operations, cash management system, and assets.

RESPONSE:

3. All Communications during the Applicable Period between PNB and any Other Modi Entity concerning any Payments from, or on behalf of, any Other Modi Entity to a Debtor.

RESPONSE:

4. All Communications during the Applicable Period between PNB and any Other Modi Entity concerning any Payments from, or on behalf of, any Debtor to any Other Modi Entity.

RESPONSE:

5. All Documents concerning and/or reflecting the role of Modi and any Other Modi Entity in the day-to-day operations of the Debtors in the Applicable Period.

RESPONSE:

6. All Documents concerning and/or reflecting the role of Modi and any Other Modi Entity in the strategic planning for the Debtors during the Applicable Period.

RESPONSE:

7. All Documents and Communications that would support PNB's contentions/allegations that the Debtors' assets were directly or indirectly obtained by using monies fraudulently obtained from PNB.

RESPONSE:

8. All Documents created during the Applicable Period or Communications in the Applicable Period concerning the receipt by any Debtor of any proceeds, funding, loans or other consideration, directly or indirectly, from any letter of undertaking or any other financial instrument or accommodation provided by PNB to a Debtor or any Other Modi Entity.

RESPONSE:

9


9. All Documents concerning any participation in the Fraud by a Debtor including any Representative of a Debtor.

RESPONSE:

10. All Documents concerning any knowledge of the Fraud by a Debtor including any Representative of a Debtor.

RESPONSE:

11. All Communications during the Applicable Period between PNB and any Person, including without limitation any Potential Purchaser, regarding the Chapter 11 Cases.

RESPONSE:

12. All Documents concerning and/or reflecting any valuation of the assets of any Debtor during the Applicable Period.

RESPONSE:

Dated: New York, New York May 10, 2018

KLESТADТ WINTERS JURELLER SOUTHARD &~S

/TEVENS, LLP

By: Ian R. Winters Sean C. Southard Brendan M. Scott 200 West 41St Street, 17th Floor New York, New York 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: iwinterstcz;.k.l.estadLcоm

[email protected] [email protected]

Counsel to the Debtors and Debtors in Possession

9


Appendix A

I. Each request for production shall be responded to completely, separately, and

fully.



Federal Rule of Civil Procedure 26(е)(l). These Document requests are continuing in nature, and

any information and documents obtained subsequent to the service of the responses that would

have been included in the responses had they been known shall promptly be supplied by



possible after receipt of such information

3. In producing Documents, you are requested to furnish all Documents now or at




on your behalf or under your control. Without limiting the term "control" as used in the preceding

sentence, a Person is deemed to be in control of a document if the Person has the right to secure

the document or a copy thereof from another Person having actual possession thereof. For the

avoidance of doubt, these Document requests seek Documents over which you have control no

matter where they are located. You shall produce all responsive Documents that are kept on-site at

your place of business or at any off-site location, such as a storage facility or your home. You

shall produce all responsive Documents stored on any type of device or storage media, including


but not limited to servers, computers, mobile devices (such as iPhones or B1ackBerry), cell

phones, tablets, thumb drives, DVDs, or external backup devices, whether the device or media is

company-owned or personal. You shall produce all responsive Documents that exist in email

accounts hosted by third-party providers (such as Grail, Yahoo! Mail, or Outlook.com), cloud

collaborative environments (such as SharePoint, Google Docs, or Dropbox), social media

websites (such as Twitter, Facebook, or WhatsApp) and on backup tapes. For the avoidance of

doubt, these Document requests seek Documents in the possession, custody, or control of your

legal counsel and financial advisors.

4. If you are unable to respond to any request for production in full after exercising



5. In producing Documents, you are requested to produce an exact copy of the



6. Documents shall be produced as they are kept in the usual course of business or


Documents responsive to any particular request, you shall so state inwriting.

7. All Documents shall be produced in the file folder, envelope or other container in

which the Documents are kept or maintained. If for any reason the container cannot be produced,

produce copies of all labels or other identifying marks.

8. Documents attached to each other shall not be separated and all documents that


10


9. Documents not otherwise directly responsive to this request shall be produced if

such Documents mention, discuss, refer to or explain the Documents which are called for by this

request, or if such Documents are attached to the Documents called for by this request and


10. Documents are to be produced in full; redacted Documents will not constitute

compliance with this request. If any requested Document cannot be produced in full, produce it to

the extent possible, indicating which Document, or portion of that Document, is being withheld,

and the reason that you are withholding the Document or portion thereof.

11. If any requested Documents are maintained in digital, electronic, or imaged form,

production of a copy of the ESI in digital, electronic, or imaged form is hereby requested, along

with any information needed to access, search, or sort electronic data or documents.

12. Electronically stored information should be produced in accordance with the


(1) Form of Production. Produce electronically stored information in single-

page tiff format (Group IV tiff at 300 dpi) or in JPG format for Documents in color.

Productions shall be made on encrypted media (e.g. CD/DVD or portable hard

drive) with Opticon image load files (.OPT). TIFF\JPG image naming conventions

should be limited to alphanumeric names only, with no spaces, no hyphens, and no

special characters in the file name (e.g. ABC0000000 i .tif). All fielded database

information (including extracted metadata from electronic documents) should be

delivered in a standard Concordance load file format (.DAT). Group every 1,000

tiff images within incrementally named "IMAGES" directories; do not create a

separate folder for each Document.

11


(ii) Document Text. For Documents/records that were originally stored as native

electronic files and which do not have redactions, produce the extracted full text

(not OCR) from the body of each Document in separate Document-level text files

(.txt) named for the beginning Bates number of the associated Document. Provide

OCR text for Documents that do not contain searchable text (e.g. non-searchable

PDFs, etc.). For Documents that were originally stored as native electronic files

and which have redactions, produce the OCR text from the redacted image(s)

associated with each Document. Clearly label any redacted material to show the

redactions on the tiff image. Group 1,000 Document text files per incrementally

named "TEXT" directories, separate from image directories. A comma delimited

list file (.LST) should be provided and include the beginning Bates number and the

íu11 file path (including volume) information to the extracted text/OCR files.

(iii) Native Production For Certain File Types. For files created by Excel or other

spreadsheet programs, PowerPoint or other special presentation programs,

database files, audio/visual files or any other file types that reasonably require

viewing in their native format for a full understanding of their content and

meaning, produce the files in native and tiff formats. Name the produced native

file with the Bates number on the first page of the corresponding tiff production of

the file / documenta A comma delimited list file (.LST) should be provided and

include the beginning Bates number and the full file path (including volume)

information to the native files. Group native files within incrementally named

"NATIVE" directories; separate from images and text directories.

(iv) Metadata. Produce extracted metadata for each Document/record in the

12


form of a Concordance load file (.dat), including the following fields (where

applicable): bates range begin, bates range end, bates family range begin, bates

family range end, e-mail subject line, file extension, original file path, file name, e-

mail sent date, e-mail sent time, created date, created time, last modified date, last

modified time, author, from, to, CC, BCC, custodian, source, source folder, 1D5

hash value, native file path location, and confidentiality designation. Custodian,

source or source folder field should contain information that can easily identify the

location of the document and, where applicable, the natural person in whose

possession it was found.

13. If you withhold any Document (including an email within a longer chain) that is


comply with the requirements of Federal Rule of Civil Procedure 26(b)(5)(Á). If a portion of a

Document contains information subject to a claim of privilege, only that portion shall be redacted

and the remainder shall be produced.

14. In responding to each request for production of Documents, state whether and to

what extent any of the responsive Documents have been translated from any foreign language into

English. If any responsive Document is partly or wholly in a language other than English, state

whether any translation of the non-English language information exists and, if so, provide both

the non-English language information and its English translation.

15. If any responsive Document has been modified or altered in any way, in whole or



modified or altered. This includes Documents translated from any foreign language into English.

13


1 б. If any responsive Document was, but no longer is, in your possession or subject to

your control, state whether it is: (i) missing or lost; (ii) destroyed; (iii) transferred voluntarily or

involuntarily to others; or (iv) otherwise disposed of. In each instance, identify the current or last

known custodian and the circumstances surrounding such disposition.

17. If in responding to this request you claim any ambiguity in interpreting either a

request or a definition or instruction applicable thereto, such claim shall not be utilized by you as

a basis for refusing to respond, but you shall set forth as part of your response to such request the

language deemed to be ambiguous and the interpretation you have chosen to use in responding to

the request.

18. If any responsive document or other document potentially relevant to this action is


exempted from any scheduled destruction and should not be destroyed until the conclusion of this

action or unless otherwise permitted by a court of competent jurisdiction.

19. Although some of the Document requests may overlap with other Document


request.

14


Exhibit F

18-10509-shl Doc 182-6 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit F Pg 1 of 10


In re:

Firestar Diamond, Inc., et al., 1

Debtors.

Chapter 11

Case No. 18-10509 (SHL)


NOTICE OF DEPOSITION

PLEASE TAKE NOTICE that, pursuant to Rules 26 and 30 of the Federal Rules

of Civil Procedure, as made applicable by Rules 7026 and 7030 of the Federal Rules of

Bankruptcy Procedure, Punjab National Bank ("PNB"), by its undersigned attorneys Cleary

Gottlieb Steen & Hamilton LLP, will take the deposition upon oral examination of the

representatives of the Debtors2 in this matter. The deposition will begin at 10:00 a.m. on May

14, 2018 at the offices of Cleary Gottlieb Steen & Hamilton LLP, 450 Park A venue, 281h Floor,

New York, NY 10022, or at such other time and location that the parties may choose by mutual

agreement.

The deposition will be taken before a court reporter or other person authorized to

administer oaths and will be conducted in accordance with the Federal Rules of Civil Procedure.

The deposition will be recorded by stenographic and audiovisual means. You are invited to

attend and examine the witness following our examination.

The Debtors are the following three entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Firestar Diamond, Inc. (2729), Fantasy, Inc.(1673), and A. Jaffe, Inc. (4756).

The address of each of the Debtors is 592 Fifth A venue, Third Floor, New York, NY 10036.


Pursuant to Rule 30(b)(6), the Debtors shall designate one or more officers,

directors, managing agents, or other persons to testify on its behalf as to each of the matters set

forth in Schedule A.


TO: Ian R. Winters Sean C. Southard


One Liberty Plaza New York, New York 10006 T: 212-225-2000 F: 212-225-3999 ([email protected])


KLEST ADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036 (212) 972-3000


Schedule A to the Notice of Rule 30(b}(6} Deposition Of Firestar Diamond, Inc., Fantasy, Inc., and A. Jaffe, Inc.

Definitions

1. "Affiliate" has the meaning set forth in Section 101(2) of the Bankruptcy Code.

2. "A. Jaffe" means A. Jaffe, Inc.

3. "All," "any," and "each" shall each be construed, pursuant to Local Rule 7026-1,


4. "All-Asset Auction" has the meaning ascribed to it in the Order Establishing

Bidding Procedures and Related Relief Regarding the Sale of Substantially All of the Debtor's

Assets, in In re: Firestar Diamond, Inc., et al, Case No. 18-10509 (SHL) (Bankr. S.D.N.Y.)

[Docket No. 95].

5. "And" and "or" shall be construed, pursuant to Local Rule 7026-1, either

disjunctively or conjunctively as necessary to bring within the scope of the discovery request all

responses that might otherwise be construed to be outside of its scope.

6. "Auction" has the meaning ascribed to it in the Order Establishing Bidding

Procedures and Related Relief Regarding the Sale of Substantially All of the Debtor's Assets, in

In re: Firestar Diamond, Inc., et al, Case No. 18-10509 (SHL) (Bankr. S.D.N.Y.) [Docket No.

95].

7. "A VD" means A VD Trading, Inc., including any of its Representatives.

8. "Backup Bid" has the meaning ascribed to it in the Order Establishing Bidding



95].


9. "Bankruptcy Code" means title 11 of the United States Code, 11 U.S.C. §§ 101 et.

seq.

10. "Business Line Auction" has the meaning ascribed to it in the Order Establishing



[Docket No. 95].

11. "Chapter 11 Cases" means the Chapter 11 cases jointly administered at Case No.

18-10509 in the United States Bankruptcy Court for the Southern District of New York pursuant

to an order of the Bankruptcy Court dated March 9, 2018 at Docket No. 24.

12. "Communication" means, pursuant to Local Rule 7026-1, the transmittal of


13. "Concerning" means, pursuant to Local Rule 7026-1, relating to, referring to,


14. "Connection" means any relationship, including any financial relationship,

governance relationship, familial relationship or personal relationship, between a Person and

another Person.

15. "Debtor" means any Person that is a debtor and debtor in possession in the


16. "Document," pursuant to Local Rule 7026-1, is defined to be synonymous in

meaning and equal in scope to the usage of the term "documents or electronically stored

information" in Fed. R. Civ. P. 34(a)(l)(A). A Draft or non-identical copy is a separate

document within the meaning of this term. For the avoidance of doubt, Documents shall include

any documented Communications.


17. "Fantasy" means Fantasy, Inc.

18. "FDI" means Firestar Diamond, Inc.

19. "FD International" means Firestar Diamond International, Inc., including any of


20. "FHL" means Firestar Holdings Limited, including any of its Representatives.

21. "FGI" means Firestar Group, Inc., including any of its Representatives.

22. "FIL" means Firestar International Limited, including any of its Representatives.

23. "Firestar/Fantasy Assets" has the meaning ascribed to it in the Order Establishing



[Docket No. 95].

24. "First Day Declaration" means the Declaration of Mihir Bhansali, President of the

Debtors, Containing Information Required Pursuant to Local Bankruptcy Rule 1007-2 and in

Support of the Debtors' First Day Motions, in In re: Firestar Diamond, Inc., et al, Case No. 18-

10509 (SHL) (Bankr. S.D.N.Y.) [Docket No. 2].

25. "Fraud" means the fraudulent activities described in Paragraphs 2, 3 and 4 of the

NCLT Order and/or Paragraphs 33 and 34 of the First Day Declaration.

26. "NCLT Order" means that certain order issued on February 23, 2018 by the

National Company Law Tribunal, Mumbai Bench, attached hereto as Exhibit A.

27. "NMI" means Nirav Modi, Inc. fka Firestar Jewelry, Inc., including any of its

Representatives.

28. "Modi" means Nirav Modi, a direct or indirect shareholder of the Debtors.


29. "Other Modi Entity" means each of Modi, FIL, FHL, Synergies, FGI, FD

International, AVD, and NMI, and any other Affiliate of Modi other than the Debtors, and any

other person Connected with Modi, as well as any Representative of any of the foregoing.

30. "Person," pursuant to Local Rule 7026-1, means any natural person or any legal

entity, including, without limitation, any business or governmental entity or association.

31. "Potential Purchaser" means any Person who ha~ made any "expressions of

interest in purchasing some or all of the Debtors' business operations," as referenced in


32. "PNB NDA" means that certain Confidentiality and Non-Disclosure Agreement

executed on or about April 25, 2015 between Firestar Diamond, Inc., Fantasy, Inc., A. Jaffe, Inc.

(collectively, the "Debtors") and PNB.

33. "Representative" means any agent, assign, director, employee, officer,

representatives or any other Person acting or purporting to act on its behalf, and any predecessor

or successor of the foregoing.

34. "Synergies" means Synergies Corporation, including any of its Representatives.

35. "U.S. Parent" means each of Synergies and FOL

36. "Winning Bid" has the meaning ascribed to it in the Order Establishing Bidding


In re: Firestar Diamond, Inc., et al, Case No. 18-10509 (SHL) (Bankr. S.D.N. Y.) [Docket No.

95].

37. "You" or "your" as used herein means the Debtors and includes all of their

predecessors, successors, subsidiaries, departments, divisions, including without limitation any


organization or entity that the Debtors control, together with all present and former directors,


38. The use of the singular form of any word includes the plural and vice versa, and

the use of the term "including" means including without limitation.


Instructions

1. Pursuant to Rule 3 O(b )( 6), the person designated by You must testify about

information known or reasonably available to You.

2. Pursuant to Rule 30(b)(6), this Notice is supplemental to and not in lieu of any

notice of deposition that PNB may serve pursuant to Rule 30(b)(l). This deposition does not

preclude PNB from taking a deposition by means of any other procedure allowed by the Federal

Rules of Bankruptcy Procedure or by the Court.

Matters for Examination

1. From January 1, 2017 the Debtors' analysis, opinions, or other information

concerning the value of the A. Jaffe assets:

(a) Any appraisal or evaluation of the A. Jaffe assets conducted by or on behalf of the Debtors.

(b) The origins of the valuations attributed to the A. Jaffe assets in the statements of financial affairs and related schedules.

(c) The impact of the JCK show, scheduled to be held in Las Vegas, Nevada in June 2018, on any appraisal or evaluation of the A. Jaffe assets.

(d) The impact of the Fraud, from in or about 2011 to January 2018, on any appraisal or evaluation of the A. Jaffe assets.

2. From January 1, 2017, the Debtors' marketing and sales efforts with respect to the

Debtors' assets during the Chapter 11 Cases, including without limitation, Communications with

Potential Purchasers and their Representatives.

3. The Debtors' analysis, opinions, or other information concerning the potential

sale of substantially all of the Debtors' assets pursuant to the Bidding Procedures or otherwise

during the Chapter 11 Cases:

(a) The decision(s) to adjourn the Business Line Auction for FDI's and Fantasy's assets and to adjourn the All-Asset Auction.


(b) The decision to hold the A. Jaffe Business Line Auction on May 3, 2018.

(c) The investigation, if any, into Potential Purchasers' Connections with Modi and the Other Modi Entities during the Chapter 11 Cases.

( d) The involvement of Modi in the sale process, including but not limited to communications with Potential Bidders during the Chapter 11 Cases.

(e) The involvement of Mihir Bhansali in the sale process, including but not limited to communications with Potential Bidders.

( f) The decision not to cause the results of the A. Jaffe Business Line Auction, including the amount of the Winning Bid, to be filed with the Court within one (1) business day following the A. Jaffe Business Line Auction, and to designate such results "Confidential Sale Material" pursuant to the PNB NDA.

(g) The negotiation of the Winning Bid and the Backup Bid.

(h) The terms of the Winning Bid and the Backup Bid.


Exhibit G

18-10509-shl Doc 182-7 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit G Pg 1 of 3

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

In re:


Debtors.

Chapter 11

Case No. 18-10509 (SHL)


NOTICE OF DEPOSITION

PLEASE TAKE NOTICE that, pursuant to Rule 30(b)(1) of the Federal Rules of

Civil Procedure, as made applicable by Rule 7030 of the Federal Rules of Bankruptcy Procedure,

Punjab National Bank (“PNB”), by its undersigned attorneys Cleary Gottlieb Steen & Hamilton

LLP, will take the deposition upon oral examination of Mihir Bhansali of the Debtors2 in this

matter. The deposition will begin at 9:00 a.m. on May 22, 2018 at the offices of Cleary Gottlieb

Steen & Hamilton LLP, One Liberty Plaza, New York, NY 10006, or at such other time and

location that the parties may choose by mutual agreement.

The deposition will be taken before a court reporter or other person authorized to

administer oaths and will be conducted in accordance with the Federal Rules of Civil Procedure.

The deposition will be recorded by stenographic and audiovisual means. You are invited to

attend and examine the witness following our examination. PNB reserves the right to issue other

or further notices of deposition.

1 The Debtors are the following three entities (the last four digits of their respective taxpayer identification

numbers follow in parentheses): Firestar Diamond, Inc. (2729), Fantasy, Inc.(1673), and A. Jaffe, Inc. (4756).

2 The address of each of the Debtors is 592 Fifth Avenue, Third Floor, New York, NY 10036.




By: Sean A. O’Neal



TO: Ian R. Winters

Sean C. Southard

KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP

200 West 41st Street, 17th Floor

New York, NY 10036

(212) 972-3000


iAnnotate User

Pencil

Exhibit H

18-10509-shl Doc 182-8 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit H Pg 1 of 3

D: +1-212-225-2416

[email protected]

May 16, 2018

VIA EMAIL

Sean C. Southard, Esq.

Klestadt Winters Jureller Southard & Stevens, LLP

200 West 41st Street

New York, NY 10036-7203

Re: In re: Firestar Diamond, Inc., et al., Case No. 18-10509 (SHL)

Dear Sean:

As you know, we represent Punjab National Bank (“PNB”) in the above-captioned

matter. Please find enclosed a deposition notice for Mihir Bhansali for May 22, 2018 at 9:00

a.m. The deposition will be targeted to the issues identified by Judge Lane at the May 15, 2018

hearing with respect to the proposed sale of A. Jaffe, Inc. to Parag Diamonds Inc. (the “May 15

Hearing”). We are noticing this deposition without waiving any rights to seek Mr. Bhansali’s

deposition(s) again at later stages of the proceedings, including, but not limited to, in connection

with any future proposed sales, PNB’s claims against the Debtors, and/or after document

discovery is completed.

We are also enclosing supplemental document requests targeted to the issues raised at the

May 15 Hearing. For the avoidance of doubt, in responding to these requests, any responsive

Documents or Communications in the custody, possession, or control of Mihir Bhansali are in

the Debtors’ custody, possession, or control and must be produced. See Chevron Corp. v.

Salazar, 275 F.R.D. 437, 448-49 (S.D.N.Y. 2011) (“[c]ourts have repeatedly found that

employers have control over their employees and can be required to produce documents in their

employees’ possession”).



If you have any questions, please do not hesitate to contact me or Rahul Mukhi.

Sincerely,

Sean O’Neal


iAnnotate User

Pencil

Exhibit I

18-10509-shl Doc 182-9 Filed 05/23/18 Entered 05/23/18 13:47:46 Exhibit I Pg 1 of 16

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

In re:


Debtors.

Chapter 11

Case No. 18-10509 (SHL)


PNB’S SECOND REQUEST FOR PRODUCTION OF DOCUMENTS

Pursuant to Rules 26 and 34 of the Federal Rules of Civil Procedure, as made

applicable by Rules 7026 and 7034 of the Federal Rules of Bankruptcy Procedure, Punjab

National Bank (“PNB”) requests that the Debtors produce for examination, inspection and

copying, by May 20, 2018 at 2:00 pm, all documents described below at the offices of Cleary

Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, NY 10006, or at such other time

or in such other manner, as the parties mutually agree.

DEFINITIONS

1. PNB incorporates by reference herein the Uniform Definitions in Discovery

Requests set out in Rule 26.3 of the Local Civil Rules of the United States District Court for the

Southern and Eastern Districts of New York (the “Local Civil Rules”), as made applicable by

Rule 7026-1 of the Local Bankruptcy Rules for the Southern District of New York (the “Local

Bankruptcy Rules”).

2. “Affiliate” has the meaning set forth in Section 101(2) of the Bankruptcy Code.

3. “A. Jaffe” means A. Jaffe, Inc.

4. “All,” “any,” and “each” shall each be construed, pursuant to Local Rule 7026-1,



2

5. “And” and “or” shall be construed, pursuant to Local Rule 7026-1, either

disjunctively or conjunctively as necessary to bring within the scope of the discovery request all

responses that might otherwise be construed to be outside of its scope.

6. “Applicable Period” means February 21, 2018 to present.

7. “AVD” means AVD Trading, Inc., including any of its Representatives.

8. “Backup Bid” has the meaning ascribed to it in the Order Establishing Bidding

Procedures and Related Relief Regarding the Sale of Substantially All of the Debtor’s Assets, in


95].

9. “Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§ 101

et. seq.

10. “Chapter 11 Cases” means the Chapter 11 cases jointly administered at Case No.

18-10509 in the United States Bankruptcy Court for the Southern District of New York pursuant

to an order of the Bankruptcy Court dated March 9, 2018 at Docket No. 24.

11. “Communication” means, pursuant to Local Rule 7026-1, the transmittal of


12. “Concerning” means, pursuant to Local Rule 7026-1, relating to, referring to,


13. “Connection” means any relationship, including any financial relationship,

governance relationship, familial relationship or personal relationship, between a Person and

another Person.

1 The Debtors are the following three entities (the last four digits of their respective taxpayer identification

numbers follow in parentheses): Firestar Diamond, Inc. (2729), Fantasy, Inc.(1673), and A. Jaffe, Inc. (4756).


3

14. “Contact Information” means any phone numbers, e-mail addresses, social media

addresses, mailing addresses or other contact addresses in whatever form.

15. “Debtor” means any Person that is a debtor and debtor in possession in the


16. “Document,” pursuant to Local Rule 7026-1, is defined to be synonymous in

meaning and equal in scope to the usage of the term “documents or electronically stored

information” in Fed. R. Civ. P. 34(a)(1)(A). A Draft or non-identical copy is a separate

document within the meaning of this term. For the avoidance of doubt, Documents shall include

any documented Communications.

17. “Fantasy” means Fantasy, Inc.

18. “FDI” means Firestar Diamond, Inc.

19. “FD International” means Firestar Diamond International, Inc., including any of


20. “FHL” means Firestar Holdings Limited, including any of its Representatives.

21. “FGI” means Firestar Group, Inc., including any of its Representatives.

22. “FIL” means Firestar International Limited, including any of its Representatives.

23. “NMI” means Nirav Modi, Inc. fka Firestar Jewelry, Inc., including any of its

Representatives.

24. “Modi” means Nirav Modi, a direct or indirect shareholder of the Debtors.

25. “Other Modi Entity” means each of Modi, FIL, FHL, Synergies, FGI, FD

International, AVD, and NMI, and any other Affiliate of Modi other than the Debtors, and any

other person Connected with Modi, as well as any Representative of any of the foregoing.

26. “Parag” means Parag Diamonds Inc. d/b/a/ Paramount Gems.


4

27. “Person,” pursuant to Local Rule 7026-1, means any natural person or any legal

entity, including, without limitation, any business or governmental entity or association.

28. “PNB NDA” means the Confidentiality and Non-Disclosure Agreement executed

on or about April 25, 2018 between Firestar Diamond, Inc., Fantasy, Inc., A. Jaffe, Inc.

(collectively, the “Debtors”) and PNB.

29. “Representative” means any agent, assign, director, employee, officer,

representatives or any other Person acting or purporting to act on its behalf, and any predecessor

or successor of the foregoing.

30. “Synergies” means Synergies Corporation, including any of its Representatives.

31. “You” or “your” as used herein means the Debtors and includes all of their

predecessors, successors, subsidiaries, departments, divisions, including without limitation any

organization or entity that the Debtors control, together with all present and former directors,


32. The use of the singular form of any word includes the plural and vice versa, and

the use of the term “including” means including without limitation.

INSTRUCTIONS

1. In addition to following the rules of construction in Rule 26.3(d) of the

Local Civil Rules, whenever necessary to bring within the scope of this Request documents that

might otherwise be construed to be outside its scope: (a) the use of a verb in any tense shall be

construed as the use of that verb in all other tenses; and (b) the use of the feminine, masculine or

neuter genders shall include all genders.

2. No paragraph herein shall be construed with reference to any other

paragraph for the purpose of limitation.


5

3. Unless otherwise indicated, the relevant time period for purposes of these

Requests is between January 1, 2017 and the date of production.

4. All documents shall be produced in the manner in which they are

maintained in the usual course of business. A request for a document shall be deemed to include

a request for any and all file folders or binders within which the document was contained,

transmittal sheets, cover letters, exhibits, enclosures, or attachments to the document in addition

to the document itself.

5. All documents requested herein shall be produced in their entirety, along

with any attachments, drafts, and non-identical copies, including copies that differ due to

handwritten notes or other notes or markings.

6. Provide all ESI in the forms and manner specified in the attached ESI

Production Specifications (Appendix A).

7. If you withhold any document (including any e-mail within a longer

chain) that is responsive to these requests under a claim of privilege or upon any other ground,

you shall comply with the requirements of Federal Rule of Civil Procedure 26(b)(5)(A). If a

portion of a document contains information subject to a claim of privilege, only that portion shall

be redacted and the remainder shall be produced.

8. In the event that any document called for by this Request has been

destroyed or discarded, respondent shall provide a written document identifying the document so

lost, discarded, or destroyed as completely as possible, providing at least the following

information: (i) the type of document withheld; (ii) any addressor and addressee; (ii) any

indicated or blind copy recipients; (iii) the document’s date, subject matter, number of pages, and

attachments or appendices; (iv) all persons to whom the document was distributed, shown or


6

explained; (v) the document’s date of destruction or discard, manner of destruction or discard,

and reason for destruction or discard; and (vi) the persons authorizing and carrying out such

destruction or discard.

9. If objection is made to any of the requests, the response shall state whether

documents are being withheld from inspection and production on the basis of such objection, or

whether inspection and production of the responsive documents will occur notwithstanding such

objection.

10. If there are no documents responsive to any particular request, the

response shall state so in writing.

11. This request is continuing in nature. In accordance with Rule 26(e) of the

Federal Rules of Civil Procedure, you are required promptly to serve supplementary responses

and produce additional documents if you obtain further or different information.2

2 See Appendix A for additional instructions.


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DOCUMENTS REQUESTED

Request No. 1:

All Communications during the Applicable Period between Modi and the Debtors or Debtors’

Representatives, including, but not limited to, Mihir Bhansali.

Request No. 2:

All Documents concerning any Communications responsive to Request No. 1 above, including,

but not limited to, phone and toll records of or concerning such Communications, Documents

describing or otherwise memorializing such Communications, and any notes (in whatever form)

of such Communications.

Request No. 3

All Documents sufficient to identify Contact Information used by Modi in any Communications

responsive to Request No. 1 above.

Request No. 4

All Documents sufficient to identify Contact Information used by the Debtors or Debtors’

Representatives, including, but not limited to Mihir Bhansali, in any Communications responsive

to Request No. 1 above.

Request No. 5

All Documents, including, but not limited to, any Communications, concerning any Connections

between Parag, or any Representative of Parag, and the Debtors, or any Representative of the

Debtors.

Request No. 6


between Parag, or any Representative of Parag, and any Other Modi Entity, or any

Representative of any Other Modi Entity.

Request No. 7


between Ami Modi (née Javeri) and Chandani Javeri-Jain.


8

Request No. 8

All Documents, including, but not limited to, any Communications, concerning the employment

or compensation of Mihir Bhansali, or other Representatives of the Debtors, by Parag or any

other potential purchasers of the Debtors’ assets in the Chapter 11 Cases.



By: Sean A. O’Neal



TO: Ian R. Winters

Sean C. Southard

KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP

200 West 41st Street, 17th Floor

New York, NY 10036

(212) 972-3000


iAnnotate User

Pencil

Appendix A

1. Each request for production shall be responded to completely, separately, and

fully.



Federal Rule of Civil Procedure 26(e)(1). These Document requests are continuing in nature,

and any information and documents obtained subsequent to the service of the responses that

would have been included in the responses had they been known shall promptly be supplied by



possible after receipt of such information.

3. In producing Documents, you are requested to furnish all Documents now or at




on your behalf or under your control. Without limiting the term “control” as used in the

preceding sentence, a Person is deemed to be in control of a document if the Person has the

right to secure the document or a copy thereof from another Person having actual possession

thereof. For the avoidance of doubt, these Document requests seek Documents over which you

have control no matter where they are located. You shall produce all responsive Documents

that are kept on-site at your place of business or at any off-site location, such as a storage

facility or your home. You shall produce all responsive Documents stored on any type of

device or storage media, including but not limited to servers, computers, mobile devices (such


10

as iPhones or BlackBerry), cell phones, tablets, thumb drives, DVDs, or external backup

devices, whether the device or media is company-owned or personal. You shall produce all

responsive Documents that exist in email accounts hosted by third-party providers (such as

Gmail, Yahoo! Mail, or Outlook.com), cloud collaborative environments (such as SharePoint,

Google Docs, or Dropbox), social media websites (such as Twitter, Facebook, or WhatsApp)

and on backup tapes. For the avoidance of doubt, these Document requests seek Documents in

the possession, custody, or control of your officers and directors (including, but not limited to,

Mihir Bhansali), legal counsel and financial advisors.

4. If you are unable to respond to any request for production in full after exercising



5. In producing Documents, you are requested to produce an exact copy of the



6. Documents shall be produced as they are kept in the usual course of business or


Documents responsive to any particular request, you shall so state in writing.

7. All Documents shall be produced in the file folder, envelope or other container in

which the Documents are kept or maintained. If for any reason the container cannot be

produced, produce copies of all labels or other identifying marks.

8. Documents attached to each other shall not be separated and all documents that


9. Documents not otherwise directly responsive to this request shall be produced if


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such Documents mention, discuss, refer to or explain the Documents which are called for by

this request, or if such Documents are attached to the Documents called for by this request and


10. Documents are to be produced in full; redacted Documents will not constitute

compliance with this request. If any requested Document cannot be produced in full, produce

it to the extent possible, indicating which Document, or portion of that Document, is being

withheld, and the reason that you are withholding the Document or portion thereof.

11. If any requested Documents are maintained in digital, electronic, or imaged form,

production of a copy of the ESI in digital, electronic, or imaged form is hereby requested,

along with any information needed to access, search, or sort electronic data or documents.

12. Electronically stored information should be produced in accordance with the


(i) Form of Production. Produce electronically stored information in single-

page tiff format (Group IV tiff at 300 dpi) or in JPG format for

Documents in color.3 Productions shall be made on encrypted media

(e.g. CD/DVD or portable hard drive) with Opticon image load files

(.OPT). TIFF\JPG image naming conventions should be limited to

alphanumeric names only, with no spaces, no hyphens, and no special

characters in the file name (e.g. ABC00000001.tif). All fielded database

information (including extracted metadata from electronic documents)

should be delivered in a standard Concordance load file format (.DAT).

3 Cleary Gottlieb reserves the right to request color JPG files for any document that is unreadable or has

limited accessibility in the Group IV TIFF format.


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Group every 1,000 tiff images within incrementally named “IMAGES”

directories; do not create a separate folder for each Document.

(ii) Document Text. For Documents/records that were originally stored as

native electronic files and which do not have redactions, produce the

extracted full text (not OCR) from the body of each Document in

separate Document-level text files (.txt) named for the beginning Bates

number of the associated Document. Provide OCR text for Documents

that do not contain searchable text (e.g. non-searchable PDFs, etc.).

For Documents that were originally stored as native electronic files and

which have redactions, produce the OCR text from the redacted

image(s) associated with each Document. Clearly label any redacted

material to show the redactions on the tiff image. Group 1,000

Document text files per incrementally named “TEXT” directories,

separate from image directories. A comma delimited list file (.LST)

should be provided and include the beginning Bates number and the

full file path (including volume) information to the extracted text/OCR

files.

(iii) Native Production For Certain File Types. For files created by Excel or

other spreadsheet programs, PowerPoint or other special presentation

programs, database files, audio/visual files or any other file types that

reasonably require viewing in their native format for a full

understanding of their content and meaning, produce the files in native

and tiff formats. Name the produced native file with the Bates number


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on the first page of the corresponding tiff production of the file /

document. A comma delimited list file (.LST) should be provided and

include the beginning Bates number and the full file path (including

volume) information to the native files. Group native files within

incrementally named “NATIVE” directories; separate from images and

text directories.4

(iv) Metadata. Produce extracted metadata for each Document/record in the

form of a Concordance load file (.dat), including the following fields

(where applicable): bates range begin, bates range end, bates family

range begin, bates family range end, e-mail subject line, file extension,

original file path, file name, e-mail sent date, e-mail sent time, created

date, created time, last modified date, last modified time, author, from,

to, CC, BCC, custodian, source, source folder, MD5 hash value, native

file path location, and confidentiality designation. Custodian, source or

source folder field should contain information that can easily identify

the location of the document and, where applicable, the natural person in

whose possession it was found.

13. If you withhold any Document (including an email within a longer chain) that is


comply with the requirements of Federal Rule of Civil Procedure 26(b)(5)(A). If a portion of a

Document contains information subject to a claim of privilege, only that portion shall be

4 Cleary Gottlieb reserves the right to request native files for any document that is unreadable or has limited

accessibility in the Group IV TIFF or JPG format.


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14. In responding to each request for production of Documents, state whether and to

what extent any of the responsive Documents have been translated from any foreign language

into English. If any responsive Document is partly or wholly in a language other than English,

state whether any translation of the non-English language information exists and, if so, provide

both the non-English language information and its English translation.

15. If any responsive Document has been modified or altered in any way, in whole or



modified or altered. This includes Documents translated from any foreign language into

English.

16. If any responsive Document was, but no longer is, in your possession or subject to

your control, state whether it is: (i) missing or lost; (ii) destroyed; (iii) transferred voluntarily

or involuntarily to others; or (iv) otherwise disposed of. In each instance, identify the current

or last known custodian and the circumstances surrounding such disposition.

17. If in responding to this request you claim any ambiguity in interpreting either a

request or a definition or instruction applicable thereto, such claim shall not be utilized by you

as a basis for refusing to respond, but you shall set forth as part of your response to such

request the language deemed to be ambiguous and the interpretation you have chosen to use in

responding to the request.

18. If any responsive document or other document potentially relevant to this action is


exempted from any scheduled destruction and should not be destroyed until the conclusion of


15

this action or unless otherwise permitted by a court of competent jurisdiction.

19. Although some of the Document requests may overlap with other Document


request.
