18-10509-shl Doc 76 Filed 03/28/18 Entered 03/28/18 00:54 ... · copy of correspondence and enclosedRequests for Production of Documents sent to Debtors’ counsel on March 22, 2018,

Hearing Date and Time: Wednesday, March 28, 2018 at 10:00 A.M. (ET)

James L. BromleySean A. O’NealCLEARY GOTTLIEB STEEN & HAMILTON LLPOne Liberty PlazaNew York, New York 10006Telephone: 212-225-2000Facsimile: 212-225-3999

Attorneys for Punjab National Bank

UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK

In re:

Firestar Diamond, Inc., et al.,1

Debtors.

Chapter 11

Case No. 18-10509 (SHL)

(Jointly Administered)

ATTORNEY DECLARATION OF JAMES L. BROMLEY IN SUPPORT OBJECTION OF PUNJAB NATIONAL BANK TO DEBTORS’ MOTION FOR ENTRY OF AN

ORDER (A) FIXING THE TIME, DATE AND PLACE FOR HEARING TO CONSIDER BIDDING PROCEDURES IN CONNECTION WITH THE DEBTORS’ SALE OF SUBSTANTIALLY ALL OF THEIR ASSETS; (B)(i) ESTABLISHING BIDDING

PROCEDURES; (ii) APPROVING THE FORM AND MANNER OF NOTICES AND; (iii)SETTING HEARING DATE FOR THE HEARING ON APPROVAL OF THE SALE OF

SUBSTANTIALLY ALL OF THE DEBTORS’ ASSETS; AND

PRELIMINARY OBJECTION OF PUNJAB NATIONAL BANK TO DEBTORS’ MOTION FOR ENTRY OF AN ORDER (A)(i) APPROVING THE SALE AND

ASSIGNMENT OF THE DEBTOR’S ASSETS FREE AND CLEAR OF ALL LIENS, CLAIMS, INTERESTS, AND ENCUMBRANCES AND (ii) GRANTING RELATED

RELIEF

I, James L. Bromley, declare under penalty of perjury as follows:

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

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 76 Filed 03/28/18 Entered 03/28/18 00:54:52 Main Document Pg 1 of 54

-2-

Gottlieb Steen & Hamilton LLP, counsel for Punjab National Bank. I respectfully submit this

declaration in support of the Objection of Punjab National Bank to Debtors’ the Motion for Entry

of Orders Pursuant to 11 U.S.C. §§ 105, 363 and 365, and Bankruptcy Rules 2002, 6004 and

6006: (A) Fixing the Time, Date and Place for Hearing to Consider Bidding Procedures in

Connection with the Debtors’ Sale of Substantially All of Their Assets; (B)(i) Establishing

Bidding Procedures; (ii) Approving the Form and Manner of Notices and (iii) Setting Hearing

Date for the Hearing on Approval of the Sale of Substantially All of the Debtors’ Assets; and

(C)(i) Approving the Sale and Assignment of the Debtors’ Assets Free and Clear of All Liens,

Claims, Interests, and Encumbrances and (ii) Granting Related Relief (the “Objection”).

2. Attached hereto as Exhibit A, for the Court’s convenience, 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 Objection, but which may not be easily accessible.

3. Attached hereto as Exhibit B, for the Court’s convenience, is a true and correct

copy of correspondence and enclosed Requests for Production of Documents sent to Debtors’

counsel on March 22, 2018, which are cited in the Objection.

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

Executed on March 28, 2018, at New York, New York.

/s/ James L. BromleyJAMES L. BROMLEY


Exhibit A


IN THE NATJONAL COMPANY LAW TRIBUNAL 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 .... Petitioner

V/S.

Gltanjatl Gems Ltd ..... Respondent-1 Gili India Ltd. -R2 Nakshatra Brands Ltd. -R3 M/s Solar Exports (Partnership Flrm)·R4 M/s Stellar Diamond (Partnership Firm)-RS />Ifs Diamond R US (Partnership Flrm)-R6 Firestar Diamond International Pvt. Ltd.-R7 Firestar International Ltd. -R8 Firestar Diamond Pvt. Ltd. -R9 Fircstar Diamond FZE -RIO Mr. Nlrav Dcepak Modi (a.k.a. Nirav Modi)-R11 Mr. Nlsllal Modi (a.k.a. Neeshal Modi)· R 12 Mrs. Ami Nirav Modi -R l3 Mr. MehulChinubl1aiChoksi ·Rl4 Mr. Gokulnath Shetty -HIS Mr. ManojHanumantKharat -R 16 Mr. Deepak Kcshavlal Modi -Rl 7 Ms. Nehal Deeptlk Modl -R 18 Mr. RohlnNirav Modi -R 19 Ms. AnanyaNirav Modi -R20 Ms. /\pashaNirav Modi . -R2 .I NDM Enterprises Pvt. Ltd. -R22 ANM Enterprises Pvt. Ltd. -R23 Mr. Hemant Bhatt -R21l Ms. KavitaMankikar -R25 Mr. Ramesh Madhavdas Assar ·R26 Mr. KetanChandrakant Solanki =R27 Mr. AmrishSaralalMasalia -R28 Mr. DhaneshVrajlaJSheth -R29 Mr. Manoj Kumar Bavakad -fl30 Mr. AniyathSl1ivraman Nair - R31 Ms. LataKlshorSaroiycJ -R32 Ms. Jyoti Bharat Vora -R33 Mr. Dinesh Gopaldas Bhatia -f!.34 Mr. Anll UmeshHaldipur -R35 Mr. Sudhirbhai Ambalal Mehta -R36 Ms. PrltiMehulChoksl · Mr. NazuraYashAjaney . . Mr. SaurabhClrnndrashekhar D -~deYl~~ii-"·/ ~]t Mr. MlhirBhasktlr Joshi •. ,f4 o· .::;::.'I , :11i . \~. M K . h .<:> -; \}l:: ... :i.f> ?, ·1 ,,

r. ns nan Sangamest1war !..:0 R41 :{!.,':;;-,, ·~~ ~ \\ ... , v· . ·" •· ·" <·' , ,. r. 1nod Kumar Anand June . :: :- -R4 2.f.".(rl f~ , · Mr. Sujal Anil Shoh , · · -R4~JJt1 .-::;J' Mr. Gopal Kr isshnaKarun.:ika~ .\Nairf•TW,;::, • .

• '.)_' / I \ 1 ~ J .. ")

\.'{,,-./(/,/.~· ~~ ! ~,/\·: ..... \ . ,· ''>:{1..:,,, ~,;:-te"<: ,:r.· . '<:::i:: ~·-~~.;:?:~.


NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

C.P. No. 277/2018

Mr. Swarnlnathan Sundararajan Mittur·R45 Mr. Nitin Ram Potdar -R46 Mr. Sunil Varma -R47 Mr. ChandrakantKanuKarkare -R48 Ms. PankhuriAbhijitWarange -R49 Mr. HareshVrajlal Shah -RSO Mr. Suresh Senapaty -R51 Mr. GautharnMukkavilll -R52 Mr. Sanjay Rlshl -R53 Ms. Angelina Nguyen -R54 Mr. Ravi Shankar Gupta ·R55 Mr. Suresh Kumar Jain -R56 Mr. SaketVipin Shah -R57 Mr. BankimMadhu Mehta · R58 Ms. PurviMayank Mehta -R59 Mr. HimanshuPravinchandra Trivedi·R60 Mr. Youri Donald Hermans -R61 Mr. MihlrBhanshaliRashmikant ·R62 Mr. ShyamsunderVashumalWadhwa-R63 Mr. Suresh Kumar Bhutani ·R64

Order delivered on 23.02.2018

Coram: Hon'ble Mr. B.S.V. Prakash Kumar, Member (Judicial) Hon'ble Mr. V. Nallasenapathy, Member (Technical)

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

For the Respo·nctent: None.

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

ORDER

Order pronounced on 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, 247., 246 & 339 on the ground that the affairs of

R1 company, Its group companies and LLPs have been/being

conducted prejudicial to the public Interest of India, hence forth

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

the interim reliefs as follows:

{a) That the Petitioner be permitted to serve

through post, publication in newspapers,

2


NATIONAL COMPANY LAW TRIBUNAL, MUMBAt BENCH

C.P. No. 277/2018

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 India or anywhere in the world.

(c) That the Respondents be restrained rrom mortgaging or

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

ilfienating, the movable or immovable properties owned by

them and further, direct attachment of the all said properties

ilnd 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) That the Bombay Stock Exchange (BSE), Natlont1I 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

details thereof be shared with the Petitioner.

(g) That the Central Board of Direct Taxes (C8DT) and tile Central


NJ\TlONAL COMPANY LAW TRIBUNAL, MUMOAl BENCH

C.P. No. 277/2018

(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 Petltloner.

(i) That the Stute Governments and Administrators of Union

Territories be directed to Identify and disclose all details of

immovenble properties owned/held by the Respondents.

(j) 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

t11is petition by 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 fina l investigation reports of the Serious Fraud

Investigation Office (SFCO), 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

t l)e NCL T Rules.

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

is that the Union of India has identified a group of companies, LLPs,

Trusts and individuals prlma racle appeared to be involved in financial 11 -.r,~ f</;-li~. . r~ oMl'AN ...,1 ·, . fraud ofapproxhnately H1,400crores thilt has been perpetuated,' ~~.,.~ · ,,_..,. >'~:~, Punjab National Bank .(P~B) by one Mr. Nlrav Modi (Rll), Mr. Nii/ I ,f It,}¥~ ·t~'. Modi (fU2). Mrs. Arni Nirav Modi (H13) and Mr. Mehul Chlnu'I .. ~?:fo J

. -r.,...,~ •• ,.;1• \ ' ,i".,f';~ . v. •. i-V·!r;_i~·i;-:r..t~,

If , ~-i ,,, '<t,,i..;,1•· " ''li 'qJ i ~'\\··· o' .r

·,~~~1· ..... ·~.:~1"'·~'·•" ..


NATIONAL COMPANY 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 fn the business of diamond trnding, but

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 money of cJ 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

subsequently 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 Banking 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 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 ~11,400crores against PNB.

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

and their directors having caused wrongful loss of rupees above

Hl,OOOcrores by fraudulent means, for there being FlRs against

many of the Respondents detaiHng how fraud has been committed,

at.least to realize the monies to the extent possible, it Is essential to


NATIONAL COMPANY LAW TRlllUNAL, MUMBAI BENCH

~ .P No 277/2.018

f<1cts of the matter is, fraud has been taken place, money of the bank

has gone out ff this Bench remains wafting for details of each and

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

entitles wllf 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 nationalized ·bank.

FIR 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 (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. G), M/s

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

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

(Respondent No. 15), Deputy Manager {retd). PNG, Mr. Manoj

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

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

- 5). Further FIR No. RC02(E)/2018/CB1/BS&FC/Mum, dated

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

the accused bank officials Mr. Gokulnath Sttetty (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 .iggregate amount of USD

754.92 MIiiion (equivalent to Rs. 4886.72 Crores @ 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 Credits (FLCs)

In favour of foreign suppliers of the accused companies. The FTR

dated 15/02/2018 states that the accused include the companle

belonging to the Gitanjall Group promoted by Mr. Mehul Cho

(,


NATIONAL COMPANY LAW TRIDUNAL, MUMBAI BENCH

C.P. No. 277/2018

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

lS/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 Companies Act,

20 .13 so as not to let the assets of any of these companies, other

entities mentioned below, frittered i!JWay. The Petitioner has given

details of the Companies, LLPs, Trusts, individuals and assets

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

Nlrav Modi Gro\fil_(Flrestrirl

~.QJD.D~d!lliL(~cie benefici9 ry of fraud:

i)

II)

Nirav Modi Group/Associates/Subsidiaries/firms having exposure With PNB:

[Name-· .. __________ J~:~~~~~:l~~~~P,~~{i~:-- -·----,. I Firestar International I Mr. Nirav Deepak Modi (Promoter) l Ltd. : Mr. Haresh Vrajlal Shah, · I Professional

I Mr. Suresh Chandra Senapaty, , Professional I Mr. Gautham Mukkavllll, 1

l. Professional I

Mr. Sanjay Rishl, Professional . I _ t1.rs Angelina Nguyen, Profession-#-j

I Firestar Diamond I Mr. _Nirav Deepak Modi (Promoter) j I International P Ltd Mr. HAresh Vrajlal Shah, , j Professional j 1 Mr. Suresh Chandra Senapaty, !

i Firestar Diamond FZE 1' ~;,~t~~:~~n~~epak Modi (Ultimatei

I (Dealing with D1FC Beneficiary Owner) ! Dubai) . Mr. Bankim Mehta, Professional :

~ Ffrestar. Diamond .Ltd -- - .,,·.~i;e~::kim ·Mehta." Professional --·-i 1 (Dealing with BO: Hong . Director ·

:.~2'29L_ -·---·-- ..... __ _;_ ... . _ - · .. -·· - ·---- ... ·- - .,~-- -~_,· ,:::.::_::::.:i=~;;:::· ~

fl · .,,.,1!..-WA°fP. ht'-~

Nirav Modi Group /Associates/Subsidiaries/firms w ere ... · · !'Py· >i4;.'~ ~ suspected fraud lias taken place: { :-· ~ ~\fu \.q.._l

I ~~'"If" .-1. ) . ,~1-W ~ \ ·:,: - ... Ji~'.K ;!.! ~ 7 '\~::..-: ~ -\~.;.'"''"1~~/f ~ .' ·7 >". "I

<,;.I ~ .. ,.,; ~~r;z-;r / t (t} .• ... l


NATIONAL COMPANY LAW TRIBUNAL, MUHDAI BENCH

C.P. No. 277/2018

. Name : Partners : M/s Stellar Diamonds ; Nlrav Family Trusr ,

! M/s Solar Exports · -···· ... t ~:~:~ ~a0~:1;;~~1~t~rust•. - · · ---1

L----·------ LNirav Modi Famlty Trust'" . .•.• ~···: 1 M/s Diamond R US I Sh Nirav Deepak Modi : · J M/ s NDM Enterprises Pvt Ltd # 1

·------- _Mis ANM Enterprises Pvt Ltd # _ !

•Detail of Trustees are as under:

; I Nirav Famllyr°rust I Nirav.Modl- 1 / .,, ____ ... _ !---·--·--·· i FM!ill'{ Trust .• ;

i Settler··- ·- - ····--!-~1l;:;tayank ___ __/_ ~==h:~lal _Mod~ 1 Trustees · - Nirav Deepak I· Nirav Deepak , ; ,· Modi i Modi j · Ami Nlrav Modi / · Ami Nirav

;, i · ~!:~~~I Modi 1. ~i:!hul , . I

r Beneficiaries - ---··--· · ~::i::lal Modi · ~u::Jtayank l . I ~ Deepak Modi .. !

· 11• Ami Nirav Modi , . Ami Nlrav 1

. Neeshal 1· Modi · I Deepak Modi - Neeshal ; . Nehal Deepak Deepak Modi ! Modi 1 • Nehal Deepak

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

1. Ananyil Nir<1v I Modi Modi i. Ananya Nirav

1 · Modi - Apasha Nirav I Apasha Nirav I Modi

- ·- ···-- _! .. ··------.. --- ---L . Modi_ .. ··-- - ... .i

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

'}1LL~QM_j:nterP.r~ses_Pvt LtQ__,~_('lM Enterprises Pv-t Ltd_j

11. Hemant Dahyalal Bhatt I - Ramesh Madhavdas / - Ramesh Madhavdas Assnr , Assar

• : Ketan Chandrakant ' i·-·· - ··---- ·-- ... .. _ I __ Solanki ____ _ ______ j

iii) Other Group/Associates/Subsidiaries/firms, where PNB hils no exposure

f k Comp51nieEfil in which Nlrav Modi is Director-·- - ··-- ·<F,•~~~

~ame of Com~y/ Firm / Directors/ Partners ~11 ,.: /~~'~·. , R·a-dashlrJewelry Company Mr. Nira'v6eepal<Modi' .. _ ~t-"(.OMr~Ni,, I~~.

; Private Ltd , Mr.HemantDahyalal Bha ~ ~]},,. 1'~/~1\\

• ~ t· ,i,{lf ,, ~ V f".Jcwelry Solutlons International !Mr. Nirav Deepak Modi - ·J 4lfi ~ .' · 1 ,;.roWi. :. ' Priva te ltd (Amalgamated) . Mr.HemantDah)·alal Bha ~

1,t-.',:} i:

i I -~ ' ' qi:;/ ... .. . . ·-----·--- . - - - ·---- ... J_ ·- ·· ---- - ·- - -------.. . . ~;

'!r,9 ~\~\o -'11 SoN c;:.', ..

~ -"-'-=·


NATIONAL COMPANY LAW TRIBUNAL, MUMBAI DENCH

C.P. r10 . 277/20JU

~ Firestar Diamond Pvt. Ltd I Mr. Niruv Deepak Modi --·--, l Mr.HemantDahyalal Bhat I ' I

1 Neeshal Enterprises LLP : Mr. Niruv Deepak Modi ···-· -; ! ; Mr.HemantOahyalal Bhat / I I •

:'"Pil'rag-ori -Jewellery LLP .. ____ , Mr. N'ira_v.Deepak-ModT ' ---·"i

j Paragon Merchandising ·LLP- ... ;. :::HN~:~:n;:::::

1

:o::at--- i

i : Mr.HemantDahyalal Bhat l

; PanchaJanya Diamonds LLD - ·j-Mr. Nir.Jv Deepak Modi' · ·· ... ~ : I Mr.HemantDahyalal Bhat ! ' : I

l -- ---- -··- ·· ., , - -·-··-·-·- !·-··-·-·~-----------·---'

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 ! Directors/Partners ' ' ,- ........ ___ ,, ___ ............ -- ·- . .... - ---· .. -J--... --·--·--·--.. ---· . . - ---.... ...I

f Firestone Trading Pvt. Ltd / Mr.HemantDahyalai Bhat j , I Mr. Paresi1Pravlnbah1Rathod I I ' !

jN.eeshat.fraeiTng .. {rHtci .. ,._ ......... -1~~:·t~e~~t~~:~!:f~~s:; .. 1 ! ! . ,--··- ---- - ··------·--------+--·--·-H-·-·-.. _, _____ _ .. __ ·- ----~ ·-··--~ .. I

I' Firestar Diamond rnternatlona! P I Mr. Nlrav Deepak Modi

Ltd ( Promoter) I ; Mr. HareshVrajial Shah, !

Professional · I j Mr. Suresh Chandra Senapty, I I Professional j

'-·---.... - ······------- ·-.. --··-----·--- ...... -·-··--4 I Bently Properties P. ltd I Mr. Rarnesh Madhavdas Assar I ! Mr. KetanChandrakant Solanki

1

\- --...... --.. ----··------------L------ '"·-·--- .. - --·-·---- · ·-·i ! MAk Business Enterprises Pvt. Ltd I Mr. Ramesh Madhavdas Assar 1 J I Mr. Manish Lallt Dani i • 1, Mr. PareshPravinbhaiRathod

1

! i'" .. --····· "-·-··-·- ·-·· .... --... -:-... ..... -.... - ... -, __ ,, ____ __ ···---· . -J

1 Paundra Enterprises Private Mr. Ramesh Madhavdas Assar J

I Limited (Formerly Knoen as Mr. Manlsh l.allt Dani I , Airneka Developers Pvt. Ltd) Mr. PareshPravlnbhaiRathod I 1ANM-Enterp17isesP~Tw:-----·-TMr.Ramesh Macihavdas Assar · -I I Mr. KetanChandrakant • .,,.,,..;:.~:-.

;;,'_,J'\'O. ' '"<Cl/ !1t,:-~ 1-NDM Enterprises-r-:-Ctct."" ...... - " - I Hema'nt5ahyalal B f'~\-,'>;r»M~A,V;, ::. i,;~~

0 =·· '•;. %1. \\ , ____ ·- - __ ··----· . ___ ..... _____ .. Ramt?,~ll-'''.t<!~~vd 1

... t1;~r_ . ~-' · \ ;} ~ \ Details ~f guarantors In the account Fircstar Dlamon § ~ttt 1.)r: / lnternat,onaf P Ltd. (FDIPL) ~ i,;-t. -.!,1-1 I!: ~

~-~"~~- • tit?,; 1 ~~ '{';J~~o /

•1 "'~1f . N~#-, .......::;.-, ...... ~



C.P. No. 277/2018

r Name of Guarnntor ·- . .. ____ : Relationship .with borrower-:_: Nlrav Modi , Promoter Director ,

1 ·Firestar fnternational Ltd . , Group>91npany _ _ . _ ____ j

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

: Narjie'or §Y~.~i'6foI.::.~ --- -. Reiotlo_~-ship ~ith -borrower -J : M/s. Firestar Holdings Ltd. Holding Co. J · j.(formerly_Firestone HoldiQg Ltq) ---·--- ---·-----• M/s. Flrestar Internationa l Pvt. Holding Co. I

: ~t~.Nirav Modi ______ .. __ ,,_ ··--·I Group Promoter -----·~ I . I I ____ ,. ____ • __ ____ _ _ ... _) ___ ,,_ ·---- ·- ____ ,, _____ !

h~=~~ro~~~a~~~t~~d,. HonJ1elallonsl0J_ with borrower - -~= :=·1 ._Nlrnv Modi ---···-- _ __j_fromoter Director ---·- ·--------- - -.. · Firestar Diamond ! Group comp;:rny . . International Pvt. Ltd. _____ J _____ .. _ .. ___ __ 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 Inc., USA Firestar Jewelry Limited, Hong Kong Flrestar Diamond BVBA, Belgium Firestar Diamond 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 Nlr.:iv 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 Nlpur BVBA Islington International Holdings PTE Ltd

10


NATIONAL COMPANY LAW TRIDUNAL, MUMBAI OF.NCH

C.P. No. 277/20l8

Some of the properties movable Including Immovable properties details avallable with us:-Firestar International Ltd:-

A. Movable:

First pari-passu charge by way of hypothecatlon 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)

rs I Security Descriptioii---i·Area in Sq M'""orTo~·,,ershfp __ _ ;_N _;__ _ _________ . ! S.9...Ft ___ _l ----.. ·-··-···. i 1 l 1110, l tfh floor, Prasad f 630 Sq .ft Carpet I Firestar

! _ _.l~~~~~~~~~ia~rg4 - - ---- __ J Area -·--·-·· I ~:r~:t)llu_' ________ _ : 2 ' 1111, 11th Floor, Pr.isad i 715 Sq. Ft Carpet: Firestar

L _J~~!~b~~~;se, Mumbai 04 _J::ea ------ I ~:t2:J'.onal ; 3 · No.8 & 15 Nagindas Monsion , 1966 sq. Ft. j Flrestar ; ' CHSL, r Carpet I international j I J.S.S. Rd., Opera House, Areil I Pvt. Ltd.

~i ~~.Tt·k~4

Flr, Naglnd-as - -·-· · 11· 846 Sq/ Ft. -~, Firestar' ·······-· -- -! Mansion CHSL, Carpet International

-~~~;~bil~d04opera.House, ___ __j Area ______ __Lvt. Ud. ·------! 5 I Flat No.4, 2nd Fir, Grosvenor 12590 sq. Ft. I Mr. Nirav Modi i House, . Carpet I 1 I Peddar Rd. Mumbal-26 · Area 1 -····-----:.:.I ---- -- - --·'-'-·----- -· ---·------··. -·-- . : 6 j Unit No.518, 520,522, 524 , ! 286 1 Sq. Ft i Firestar

/ .. . ·l·~~6Fr;~r~ ~~tgium TowersLSurilt_j ;~;~et ---·--··-··-- -t~~r2:J'.

0nal ___ _

1

7 ij61h floor, 238. Block-ltl, Mafatlal : 15645 Sq. Ft I Firestar

Centre, : . international ._ Nariman Point,.. Mumbai. 400 021 J__ -·--~vt .. Ltd. --· ·--·-· ! a Unit No.2001 & 2002, 2or~ / Unit No.2001 : MAK Business

I : Floor, Tower 115,071 Sq. Ft. Enterprises Pvt. I 'B' Penlnsula 13uslness Park, Unit No.2002: Ltd.

l ! C.S. No.243 i 15,387 Sq. Ft. . , Of Lower Parer Division, : i

• ! Ganpatrao Kadilm Marg, I Attached with Car / =-.... I Lower Parel, Mumbai - 400 013 : Parking . ,£:'f:.-v.._m1q:f} ~~

: Unit No.2001: 14 : , ~\,_,'JW,PJjlV1-? ~ ; Nos. i _. ., &~ 1[;->-1 <,,f ~h

L_ .. L --·-. __ _ _i Unit No.2002:_15 I__ ·, __ ~t .. _ rjffl.J._ ~'})\ , I ,,_~ .. ~~}' fP.! ~ · I~

·~·~,.. ~~:,~) l i, \ ·~c.;~ ·%1

' ' "4, . t~-n-Rt-.· . .;~-1 'i'.'i'?. .

11



C.P. No. 277/2018

· +·-·--·····-···---···--------·· _; Nos. ___ - ·- __ __;: - · · .. ·--···· ··-· --·--··· , 9 i HCL House ' Documented Plot j Paundra 1 i Basement + Ground + '1 upper i Area : 30,127 Sq. Enterprises

! floors of the . Ft. ! Private Limited

I, Building along with Land ;

1

, (Formerly known bearing c.s. No. i Buildup Area of as 360 of Vile Parle Division, '. Building: 33,400 Aimeka Developers

J Village Marol, I Sq. ,· Pvt. Ltd.).

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

i I Andheri (East), 1 ! I I Mumbai 400 059 -l- i : 10 ! L&B ilt Plot No.18, 19, 20 & 67 ! 4000 Sq mtr. i Flrestar Diamond : I survey i I International ; j No.336 & 395 at Sachin, SEZ, j ! !' 1 ( j·~1~~att & ·Machinery - FIPL --··-··-r·-- -·--··- ---~irestar ·-- ---

; l l ! International

.. ... ! .. ·----·-··- -··'"· ·- -·-·· ··- ····--···!.__- ·-·--·· ··----- i Pvt .. Ltd .. - ··- ··---·

Ex_clu_slve Security _with the ~ -------- ------ -··-·-·--·-··· ·-, SN , Security Description Area in Sq M ! Ownership !

i 1 +ornce Premises No. ZOS~r s~:ft~ ~star International · I AE4050 on 4th floor at 1

1

• Pvt. ltd. j Bharat Diamond Bourse 1 Complex, C-28, G Block, I i Bandra Kurla Complex, I j

I ___ __l !g~~;a1 East •. Mumbai· __ j_ _________ ·---/-·· -------------·--· -. .I ; 2 , Land and building at Plot i 1000 sq. m. , Firestar International 1

1 No. 26 located in I 1and and ! Pvt. ltd. ,

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

EiL~_atr diamond Int~nel. Pvt Ltd (fDIPLl:-

A. Movable:

Fist 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 ussets (present and future of

Company) and receivable with other consortium banks.

6. Immovable: (Mortgaged to the Consortium on

basis)

12



C.P. No. 7.77/2018

. Security ; Area In -r<5wnershi I ! Description I SQM or P j · S Ft I Unit No. 23, 3"1 floor, B wing, Tower No.2, 1filJ. 7 Firestar ~ ! Kohinoor City mall along with 10 covered

1

: Diamond ; ! car spaces bearing No. 61,62,63,64, 64A, Internt1tio i 65, 65A, 66, 66A and 67 In the lowest . , nal ,

: basement of Kohinoor City, Opp. Don Bosco · I Pvt 1

u~~~\·u~~~i-R7o~d, Off. LBS.Marg, Kurla ! ____ utd(FDIP~

1 Unft No. 24,4th noor, B Wfng, Tower No.2, ' 15133.7 , Firestar , ; Kohinoor City mall along with 10 coverd car / Diamond I:

J spaces bearing No. G7A, 71, 71A, Internatio , 72,73,74,75.76,77 and 78 ln the lowest ! nal ' basement of Kohinoor City, Opp. Don Bosco I Pvt l ·,· School, Kiral Road, Off. LBS Marg, Kurla I Ltd(FDIPL j 1\'.Y1_f'1umba..!.:7-.0 .. _LL_ ..

Factory/Works address;

Fire~ Dl.:iniQfilLinter@lLonal Private Limited

1. Surat - Piot No. l!l, 19, 20 & 67, SEZ, Sachln, Surat - 394221

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

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

4. Deihl Store : D-33, Varun Marg, Shfniwas Purl, Block D, Defence Colony, New Deihl, Deihl - U0024.

5. Andhcrl: Army Navy Press Bldg .. Plot No.118, Road 18, MIDC, Andheri East, Mumbai 400093, India.

6. Unit No.26, Ground Floor, Tower No.2, Kohinoor City Mall, Kirol Roud, Off : LBS Marg, Kurla West, Mumbai - 400070.

Fir es tar I o..te.rnfil.l.Qlli!U..im.i!fili 1. 518-522, 5th noor, Belgium Tower, Opp : Linear Bus Stand, Rlng

Road, Surat 395003, India

2. G-1-181, SEZ·II, Sltapura lndl. Area, Jaipur - 302022

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

4. Army Navy Press Building, Plot No.118, Road No 18, MTDC, Andheri (East), Mumbai - 400093.

S. Plot No.26, Road 13, Surat SEZ Snchin, 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 - 400051.

7. Kurla - Unit No.23 & 24, Tower I!, Wing 8, Kohinoor City, Kirol 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 PareJ (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 5 5 Road, Mumbai - 400004.

12. AE-4042, 8 Tower, Bharat Diamond Bourse, G Block, Dandra Kurla Complex, Bandril 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. In the fist 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 crack this fraud, restraint order is very much 11ecess<1ry

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

the 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 indlviduals as well,

Investigation against other entities being incidental to the

investigation ordered against the companies ancJ LLPs, the whole

exercise of Investigation and passing orders by this Bench will

become futile unless restraint order Is passed against t hese

individuals and Trusts thereof.


..

NATlONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

C.P. No. 277/201(!

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

investigation effective, though mc)ny 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 Cc)ndidly said that if notice has been given

to the parties prior to hearing then there is every possibility of

consuming time for effecting service in view of the exigency 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

hils t!stablished prima facie case for asking ex-pcJrte orders, this

Oench has passed this ex-parte order .

9. ln view of the same, this Bench, by Invoking section 221 of the

· Companies Act, 2013 and section 43 of LLP Act, 2008, hereby injunct

t11c Respondents and other companies. LLPs, Trusts and lndividucJIS

mentl1,ned above from removal, trunsfer or disposal of funds, assets

and properties of the entitles and Individuals mentioned cJbove until

further orders.

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

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

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

order.

Sd/-

V. NALLASENAPATHV Member (Technical)

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

Deputy irector . National Company Law Tribunal, Mumbai Bench

15

,, __ )


Exhibit B


In re Firestar Diamond, Inc., et al.


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


et al.



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














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-


Attorneys for Punjab National Bank



IN THE NATIONAL COMPANY LAW TRIBUNAL 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 .... Petitioner

V/S.

Gltanjall Gems Ltd ..... Respondent- l Gili Jndla Ltd. -R2 Nakshatra Brands Ltd. -R3 M/s Solar Exports (Partnership Ffrm)·R4 M/s Stellar Diamond (Partnership Firm)-RS M/s Diamond R US (Partnership Flrrn)-R6 Firestar Diamond InternatlonDI Pvt. Ltd.-R7 Firestar International Ltd. -R8 Firestar Diamond Pvt. Ltd. -R9 Fircstar Diamond FZE -RIO Mr. Nlrav Dcept1k Modi (a.k.a. Nirav Modi)·R11 Mr. Nisha! Modi (a.k.a. Neeshal Modl)·R 12 Mrs. Ami Nirav Modi -R13 Mr. MehulCt1inullllaiChoksi ·Rl4 Mr. Gokulnath Shetty -RlS Mr. ManojHanumantKharat -R16 Mr. Deepak Kcshavial Modi -R17 Ms. Nehal Deepak Modi -R 18 Mr. RohlnNirav Modi -R19 Ms. AnanyaNirav Modi -R20 Ms. l\pashaNirav Modi . -R21 NDM Enterprises Pvt. Ltd. -R22 ANM Enterprises Pvt. Ltd. -R23 Mr. Hemant Bhatt -R21l Ms. KavitaMankikar -R25 Mr. Ramesh Madhavdas Assar ·R26 Mr. KetanChundrakant Solanki "'R27 Mr. AmrishSaralalMasalia -R28 Mr. DhaneshVrajlaJSheth -R29 Mr. Manoj Kumar Bavakad -R30 Mr. Aniyatf1St1lvraman Nair -R3 l Ms. LataKlshorSoroiy.i -R32 Ms. Jyoti Bharat Vora - R33 Mr. Dinesh Gopaldas Bhatia -RJ4 Mr. linll UmeshHaldipur -R3S Mr. Sudhirbhai Ambata! Mehtil -~36 Ms. PrltiMehulCl1oksl Mr. NazuraYashAjaney . Mr. SiJurabhCll.indrashekhar D ~~~~~i}'·l '. ~t-~ Mr. Mlhir8haskilr Joshi -~40 .'/;:':'/,. .'11:t-.\ ~,.

0 • \ /I• ' 1°'·' --' I , Mr. Krishnan Sangamest1war i.:0 R41 i'fr:'1·11·.;/ -~~ .:ii\'·, • • 1"." ~i :.' " c.'J \ Mr. Vinod Kumar AnandJune :·'. :.i! -R42 l ..'-1/ll £; '.

Mr. Su1<1I Anil Sholl , . : ·, -R4 ~ fri.'.,~f, f;•· \1 ~"" I

Mr. Gopal KrisshnaKaruriukil"fl .\Nalr~•TW~,;r:1 . •, ·.\. /I \.1 '} ) ' •

-~~,;~,:::~t-~· . . -~!~'/(=:~ ... \ ··.,· ' .<.,Jtl.,31, :-:~;:,~\.:.\~ .. ~ .

··.~:~:~~··::=-~f:~:-~.


NATIONAL COMPANY LAW TRIBUNAL. MUMBAI BENCH

C.P. No. 277/2018

Mr. Swaminathan Sundaruajan Mittur·RllS Mr. Nltin Ram Potdar -R46 Mr. Sunil Varma -R47 Mr. ChandrakantKanul<arkare -R48 Ms. PankhurlAbhijitWarange -R49 Mr. HareshVrajlal Shah -RSO Mr. Suresh Senapaty -R51 Mr. GauthamMukkavilfl -R52 Mr. Sanjay Rlshl -R53 Ms. Angelina Nguyen -R54 Mr. Ravi Shankar Gupta -RSS Mr. Suresh Kumar Jain -R56 Mr. SaketVipln Shah -R57 Mr. 8ankimMadhu Mehta -RSB Ms. PurviMayank Mehta -R59 Mr. HimanshuPravinchandra Trivedi-R60 Mr. Youri Donald Hermans -R61 Mr. MihlrBhanshallRashmika nt -R62 Mr. ShyamsunderVashumalWadhwa-R63 Mr. Suresh Kumar 8hutanl -R64

Order delivered on 23.02.2018

Coram: Hon'ble Mr. B.S.V. Prakash Kumar, Member (Juc'icial) Hon'ble Mr. V. Nallasenapattw, 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 on 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, 242, 246 & 339 on the ground that the affairs of

R1 company, Its group comp,rnles and LLl"s have been/being

conducted prejudicial to the public Interest of India, hence forth

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

the Interim rellefs as follows:

{a) That the Petit ioner be permitted to serve

through post, publication in newspapers,



C.l>. No. 277/2018

messaging, wherever required, in order to ensure due service

of notice to all Responde0ts, present In [ndla or overseas.

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

and immovable propertres/assets, including bank accounts,

owned by them In India or anywhere in the world.

(c) That the Respondents be restrained from mortgaging or

creat ing 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 clll said P'Operties

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

execute such orders through the Indian Missions, stalioned

oversei>s, for the immoveable and moveable properties In

existence abroad.

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

Exchange (NSE) and Securities and Exchange Boord of lndia

(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-pilrty

Interest or ln 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

dHtalls thereof be shared with the Petitioner.

(g)

their knowledge or possession, for the purpose of attachr

and restraint on atlemitlon of such assets.


NATIONAL COMPANY LAW TRIBUNAL, MUMDAl DENCH

C.P. No. 277/2018

(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 Petltloner.

(i) That the Stute Governments and Administrators of Union

Territories be directed to Identify and disclose all details of

immoveuble properties owned/held by the Respondents.

(j) 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

tl1is petition by filing any other documents or applications In

view of the extraordinary nature of the circumstances

pertaining to the present petition.

( I) Tliat the Petitioner may be permitted to file copies of the

interim and/or fina l investigation reports of the Serious Fraud

Investigation Office (SFrO), 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

t l,e NCLT Rules.

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

is that the Union of lndla has ldentlt1ed a group of companies, LLPs,

Trusts and Individuals prlma racle appeared to be involved in financial -o. <t'i.q.tt frilii:~.. . r~ o!-1.PAN "T/ ' ••

fraud of approximately H 1,400crores that has been perpetuated,, ~~""' · "'-"'• 'r 4?_: · .. ·· Punjab National Bank (PNB) by or,e Mr. Nirav Modi (Rll ), Mr. Nii/ J f -~,';¥.~ · :.t Modi (IU2), Mrs. Ami Nirav Modi (R13) and Mr. Mehul Chlnu,1 '• .l§ l

\.~ ~,r .:,. ,t'

11 • -;°~!/tni'~~' ,; ·~. ') hi:~F,,,o\ .. 7

.... -~ J .... ~ ~ ..... -~··1'~ ..


NATIONAL C0"1PANV LAW TRIOUNAL, 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 dlomond trading, but

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

some of the Officers of PNB routing money of c1 public sector Bank

through issual of Jetter 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 5ubmits that the funds received under Buyer's credit from

overseas banks were credited ta Nostro Account of the Bank and

subsequently 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 il smcJII 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 SWIFT message for the same reference to the

beneficiary bank for enhanced amount 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 ~11,400crores against PNB.

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

and their directors having caused wrongful loss of rupees above

Hl ,OOOcrores by frciudulent means, for there being F!Rs against

many of the Respondents detaiflng how fraud has been committed,

ilt_least to realize the monies to the extent possible, It is essential to

obtain restraint orders ogalnst the assets lying with various

companies, LLPs, Trusts and individuals, in the backdrop of the

factual scenario, it has ber.ome Imperative upon this Bench to pass. ·'·: _".'"i<d1.~ ~'"" ' . . · ~<:l'F''<,..,.,,...~ .,,.~, restraint orders before going into the technlcal itles and t . .,2~ ;fff!:f- ~~'\ proccdurnl aspects in respect to the Company PetlUon, because e -~ Jf:~f -~1

\ ~i~1% J \ \ ,,.,,,.;;1'·'""', -'~ ,\\t.~1~\ .~q~j \ , ~,11: \~. [t;/ ·i'l'.'rit1:V . .

··-.~1',?r:mJNc\\ -~-()' ·~s-.:.~~.~·r',s

5


NATIONAL COMPANY LAW THI CIUNAL, MUMBAI BENCH

C.P No 277/2.018

filcts or the matter is, fraud has been taken place, money of the bank

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

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

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

exercise of passing orders wlll become redundant.

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

surrounding certain First Information Reports {FJR) flied by the

Punjab National .Bank Ltd. (PN8}, a public sector nutionalized ·b;ink.

FIR No. RC8SM2018E0001 dated 31/01/2018 filed with CBI, 8S&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 Diamonds

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

(Respondent No. 15), Deputy Manager (retd), PN£3, Mr. Manoi

Hanumant Kharat (Respondent No. 16). SWO PNB and atlwr

unknown persons commilted the offence of cheating against P\JB to

cause a wrongful loss of Rs. 280.70 Crores to PNB and pec~niart

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

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

- S). Further FlR No. RC02(E)/2018/C6I/B5&FC/Mum, dated

15/02/2018, filed with CBL BS&FC, Mumbai, inter a/la, statf's that

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

15), Deputy Manager (retd.), PNB, Mr. Manoj Hanumant Kharat

(Respondent No. 16), swo PN8 In connivance with the accused

companies represented by its Directors and unknown others during

2017· I 8 defrcJuded PNB to the tune of an aggregate amount of USD

754.92 Mtllfon {equivalent to Rs. 4886.72 Owes @ Rs. 64.00 per

USO) in the matter of lssuunce 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 of foreign suppliers of the accused companies. The FYR

dated I 5/02/2018 states that the accused Include the comp,mle

belonging to tl1e Gitanjail Group promoted by Mr. Mehul Cho

(,


NATIONAL COMPANY LAW TRI8UNAL, MUMBAI BENCH

C.P. No. 277/2018

(Respondent No. 14). A copy of the FIRs dated 31/01/2018 and

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

petitioner.

S. The Petitioner has given description of various 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 of any of these companies, other

entities mentioned below, frittered c1way. The Petitioner has given

details of the Companies, LLPs, Trusts, individuals and assets

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

Nlrav Moc;li Gcoi.rn {Flrnstnr)

,.QJUPi!Oies od!.lliL[as;ie benenciiJCY of fraucl:

i)

II)


NATIONAL COMPANY LAW TRIDUNI\L, HUMDAI BENCH

C.P. No. 277/2018

· Name .. --·----.. ; Partnt!rs -------·- _____ _: M/s Stellar Diamonds , Nfrav Family Trust ' ---·-- --·· .. _.,,.~irav_MOdi Family Trust• . ___ J

i M/s Solar Exports I Nlrav FDmily Trust• I L--·· 1 Nirav Mocli fa~l!y_ Trust• .. ___ : ' M/s Diamond R US I Sh Nirav Deepak Modi ·

l M/s NDM Enterprises Pvt Ltd # I --· _ .M/s ANM Enterprises Pvt Ltd I!__]

•oetall of Trustees are as under:

1·-· · ·· I Nirav family Trust I Nlrav Modi I j. ·- .... l ___ _____ i_Family Tru_g__ ;

: Setller Purvi Mayank / Deepak ~ l----------------1· Mehta ... ·-· ·-·-- Keshavlal .Modi 1 Trustees . Nirav Deepak i · Nirav Deeoak ; ·, Modi I Mod,

I. . Arni Nlrav Modi I· Ami Nlrav . Neeshol Modi

: '. Deepak Modi 1 · Neeshol

,,·. Beneficiaries I- Deepok -r. ~~:v13~:~~~~ i , Keshavlal Modi I Mehta 1

l. Ami Nlrav Modi t - Ami Nlrav l

I- Neeshal : Modi ·

Oeepak Modi I· Neeshal I- Nehal Deepak Deepak Modi

! Modi 1.· Nehal Deepak

I.. Rohin Nirav Modi I Modi Rohln Nlrav

! . Anany.i Nirav Modi , Modi ,- Aoaoy, Nico•,

______ l,.~fo~~ha Nirav __ :. ~i~~h~ ~ir~_.l

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

'.MisNDM Enterprises Pvt Ltd 11-:·-ffemanl Dahyalal Bhatt . Ramesh Madhavdas AssDr

~M EntOi~t Ltd I I . Ramesh Madhavdas 1 Assar ' • Ketan Chanclrakant

! _________ .. _ ___ __.__ ~ olankl~--- ---

ill) Other Group/Assoclates/Subsldiariestnrms, where PNB has no exposure

A._ Cony>pnle.?fj.l.Pln which Nlrav Modi is Director___ ___ u-,-·,":::::-· ~me of Company/ Firm I Directors/Partners .11 -.-i; .' :f> '~?IJ~·-• Radashlr Jewelry Com~- Mr. NiravOeepakMod\' . #"c.or ... ~ Ni-,.,. '~. '~\ ; Private Ltd '. Mr.HemantOahyalal Bha / ~~ ~, ~

8cwalry Solutions tmcrnationill[Mr. Nirav Deepak Modi :J ~1-n .~ § : I \ ~,'~k :,0 · Private Ltd (Amalg.:imated) I Mr.HemantO!lh)'alaf 6ha iI/,.';.:!"~P ~

I ' ' 1<1 ~ ,-..

I -- .. - ·------- ·---· .. .L -·· ----·-- • -~ ~.r 've ~~<!>

'.11/~:· tl


NATIONAL COMPANY LAW TRJ8UNAL, MUMBAI DENCH

C.P. ~lo. 277/2010

~Fi restar Diamond Pvt. Ltd I Mr. Nirov Deepak Modi- ·-·····, i \ Mr.HemantDahyalal Bhat 1

? . .. __ J ... _ ... --··~"- ....... __________ ,..__ i : Neesl1al Enterprises LLP ; Mr. Nirnv Deepak Modi · t 1 Mr. HemantDahyalal Bhat j I I '

("iia"~1ig"ori je""\vellery LLP . ··-- I Mr. N'iravDeepa-kMociT" ---- ~ ! ; Mr. HernantDahyalal Shot ,

[Parugon Merchondising LLP -) Mr. Nirav Deepak Modi ··---j 1 1 Mr.HcmantDahyala\ Bhot : I i :

i PanchaJariya Diamonds LLP --·1-Mr. Nin.'lv ·oeepak Modi. · ·· ····i : i Mr.Hemc1ntDahy<1l<1I Bhat l ' : ' ; I L - - .......... --... , ............... ___ ..... , ___ .... , -··--·· - --.. ----·------'

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

f Name of Company/firm ---··· · ! Directors/Partners--··-·- · · · ' ' ,- ·····~·····-·-······--.. -· .... .. ------·-!-··"'· -··---·······-- · ' ·- --····-' 1 Firestone Trading Pvt. Ltd i Mr.HemantDahyalal Bhat

1,

i ! Mr. Parest1PravlnbahlRathod

'-·-·· .. - ............ -·---· .. ·····- ····-·--· ;_ - · . ... .... ------ -···-··---·-·-···1' l Neeshal Trading (I') Ltd ! Mr.HemantDahyalal Bhat

I Mr. Rnmesh Madhavdas Assar I I i.--·------··---- __ .. _____ --+------·····-~- .. ···------· .. ___ ._ ... ·--··--~ .. i

I' Firestar Diamond lnternatlona! P l Mr. Nlrav Deepak Modi !

Ltd ( Promoter) l Mr. HareshVrajlal Shah.

f Professtonal 1 J Mr. Suresh Chandra Senapty, ! 1 Professional I ! .... ·--·-·-........ -·······-------· ····· ·"-·---~ \ Bently Properties P. Ltd , Mr. Rainesh Madhavdas Assar J

! j Mr. KetanChandrakant Solanki 1 i---··- .. ·····-······ ____ _ _j, _ _____ - · -·-·· .. ___ .. _____ __ ---j I MAk Business Enterprises Pvt. t,td I Mr. Ramesh Madhavdas Assar I I I Mr. Manish Lalit Dani r ! Mr. PareshPravinbhaiRathod !



C.P. No. 277/2018

f Name of Guwantor • ... __ _ :_ Relationshlg .w~roJver°'~ . Nirav Modi __ ··-- _______ ; Promoter Director ·- · ____ 1

I Firestar Interntltional Ltd . _ , Groupcompany_. __ ., _ _ j

Details of gut1rantors In the account Firestar Di1Jmond FZE, Dubai:

;-Nari!e"of G~~-~i'ntor~~:.~. . Relatlq_(!·Ship With borrower J ; M/s. Firestar Holdings Ltd. Holding Co. J · l,(forrnerly_Firestone HoldllliJ Ltd) --·---- --··-··-' M/s. Flrestar International Pvt. Holding Co. I

; ~t~:.Nirav Modi--··-----· .. --,G,oup-Promote,=------~ '--·--···----·--------··--··i ______ ---- ·- ___ ,, ___ __ !

Firestar Diamond Ltd~ .. Honko..!J.9~ .. ---.. ···-···---·---- - --···- , _____

1 h Name of Guarantor.. • .. _._J Relallonsl1.!_p wi th borrower- ···- · ___ _

. Nlrnv Modi ·----·· .. _ _liromoter Director ----·--------

. Fircstar Diamond I Group comp.iny ,

. . ~0.t~~!!tion!3I Pvt_ ~~9:. _____ 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 01.:imond LLC, Armenia FS Diamond Ply ltd, South Africa

- fMtasy INC, USA Flrestar 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 ilnd Jewelry FZCO, UAE Firestar Diamond Ltd, Russia Synergies Corporation Camelot Enterprises Private Limited Rohin Trust A Jaffe INC .. USA Nlpur BVBA Islington International Holdings PTE Ltd

l()


NATI ONA L COMPANY LAW TRJDUNAL, MUM8Al OF.NCH

C.f>, No. 277/2011/

Some of the properties movable Including Immovable properties detalls avallabfe with us:-Fin?star International Ltd:-

A. Movable:

First parf-passu charge bY way of hypothecatlon of stocks lying at

factory premises <lS 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 Descript ion ___ _ l Area in Sq M orTow"nership __ _ ; ~ ill 10, u • 1100,. Pfasad ~ 30 Sq-~ !,~Pet I '"esta,

I _.l~~~:~~:iia~r~4 ·-- --·- __ ,_ I Area -·-·-- - ·· ~~r~;;'.onJI ·--·---· : 2 ' 11 11, 111h Floor, Prasad 1 715 Sq. Ft Carpet I Firestar

L .J::~b~~~;se, Mumbai 04 _f:ea --·-- - J ~n;:r2::'.onal·--- ·--' 3 · No.8 & 15 Nagindas Monsion , 1966 sq. Ft. ---t"Flrestar

I: i CHSL, I Carpet I internationilf

I J.S.S, Rd., Opera House, Arei) I Pvt. Ltd.

h 1 :.7t~\~'Fl,, Naglodas ---- .

1

1s46 Sq/ Ft. ·-·-~1 Flrestar ··-·····-· --; , Mansion CHSL, Carpet rnternatlonal ! ! J.S.S. Rd, Opern House, Area Pvt. Ltd.

! 5 r~~~i\~~nd Fir, Grosvenor 112590 sq. ft. --+Mr. Nirav Modi

I I House, Carpet I 1 JPeddar Rd., Mumbal-26 ____ jrea ---· ·--.. ··-· .. -·--: 6 j Unit No.518, 520, 522, 524, I 2861 Sq. Ft i Firestar ! 526, 528 at I Carpet I international

ti' f .. ~· g:: ~~i;• ~3e8:i~~C. ~~~~r:4La~~~~~- ( ~;~~-5 Sq. Ft --·-·· i ~~~s~!~· -----· Centre, 1· · international

i- Narln,an Point, M_ymb~ . .12.Q....Q.~Lr-· ···-~'{t . ..!J.Q.,.. .••. ___ .. i 8 Unit No.2001 & 2002, 201~ I Unit No.2001 : MAK Business

I : Floor, Tower 15,071 Sq. Ft. Enterprises Pvt. I 'B' Penlnsula Business Park, Unit No.2002: Ltd.

! I c.s. No.243 i 15,387 Sq. Ft. : Of Lower Parel Division, · ! ! Ganpatrao Kadarn Marg, I Attached with Car / =-I Lower Pare!, Mumbai - 400 013 : Parking ~ m1q'f} ~~

: Unit No.2001: 14 ~ .. ~\,.(.QMP-'l1y1,'(!_ ~ ; Nos. i · ~~ 1i'S"1 <,,,r,, ,;,

10 L_ . .!._ __ ._ · -- -- _iUnit No.2002:_l_~ l__ , ___ ~ '._. __ ,~f!!.!·. ~B ~ .''. f , !)¥ J . ~

. ~ .. 'i:, " .~ . ·,~vh '•$'.1 "· ~ pt ': % :Wq-qr& ' --~ »~/ htrw>:&T:;.1 ~

1(


NATIONAL COMPANY LAW TRIBUNAL, MUMBAI DENCH

C.P. No. 277/7.018

- ········- · --- .. ·-·----- - - ·-·, ··~ ·-····-- ·· .. ···---······. -.. ··-·· ··- ·· .. -··--. .. + ................... - ·- ··--·---·--··· . , No:;. ___ ·- -··--'------------ .. ·· ·- ·· , 9 ! HCL House ' Documented Plot I Paundra 1 ! Basement + Ground + '1 upper i Area : 30,127 Sq. Enterprises

/ rloors of the . Ft. i Private Limited ·1 Building along with Land ; (Formerly known

bearing C.S. No. I Buildup Area of I as 360 of Vile Parle Division, I Bullding: 33,400 Aimeka Developers

I Village Marol, I Sq. j Pvt. Ltd.).

I Opp. Sugun Hospital, ft.

1 Old Military Road, 1 l Andheri (East), ! I I I Mumbai 400 059 I I ;°10 J L&B '1t Plot No.18, 19, 20 & 67 4000 Sq mtr. iFlrestar Diamond ' j survey i l International i I No.336 & 395 at Sacl1in, SEZ, j i i. . __ 1_5urat __ ...... --·---- .. -·---·· ·----.. -i----- -------·--- h:--·····-··-- - - -! 11 I Plant & Machinery - FIPL , 'j Firestor · ! ! International

.. ........ -----····----···--·· .. ______ .. J... .. ...... ... ·----- i Pvt .. ltd __ . ______ .,

Exclusive Security With the PN~---·--·--------··- - ·-··---· .. ·-, SN , Security Description , Area in Sq M ! Ownership 1

; i i Of fice Premises No. 205~r s~~~ iirestar International j ; I AE<lOSO on 4tn floor at I Pvt. Ltd. I ! J Bharot Diamond Bourse I j , Complex, C-2.8, G Block,

1

: ; Bandra Kurlo Complex, j

l ... ..l !g8~;.i1 East,_ Mumbai· ___ j ·------.. ·· ...... ) .. -·---------------· .. I j 2 ' Land and building at Plot i 1000 sq. m. , Firestar International !

, No. 26 located i n I 1and and 1 Pvt . Ltd. I ·1 I ' ! SURSEZ, Sar.hln, dist, . 12900 sq. ft. ! I

; i Surat· 26 i building i ! 1--~----- -,__,, __ J ___ _____ ,. _____ 1 ____ _ ________ '

Em .. atr diarnond IntfililllJlQQal Pvt Ltd ( FDIPLl :-

A. Movable:

Fist parl·passu charge by way of hypothecation of stocks lying

ilt factory premises as well us outside on job-order basis,

Receivables and other current ;:issets (present and future of

Company) and receivable with other consortium banks.

B. I mmovable: (Mortgaged to the Consortium on

basis)

12



c.r>. No. 7.77/2018

. Security i Area In fownershi I 1 Description I SqM or P j · S R I Unit No. 23, 3"1 floor, B wing, Tower No.2, 1m. 7 Firestar ~ : Kohinoor City mall along with 10 covered

1

: Diamond ; ! car spaces bearing No. 61,62,63,64, 64A, Interm:itio j 65, 65A, 65, 65A and 67 In the lowest . . nal ,

: basement of Kohinoor City, Opp. Don Bosco · I Pvt 1

I ~chool, Klrol Road, Off. LBS Mary , Kurla ! i Ltd(FDIPL /

µ ~ J Murnbai-70 -·-- - -·- --. ---· - ----W----J 1 Unit No. 24,4th noor, B Wing, Tower No.2, · 15133.7 1 Firestar ,

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

1

: spaces bearing No. 67A, 71, 71A, Internatio

, 72,73,74,75,76,77 and 78 In the lowest ! nai '. basement of Kohinoor City, Opp. Don Bosco I Pvt I I ~~t.%·u~~~.!.:~~;d, Off. LBS Marg, Kurla ____ I ~td(F-~!PL j

F<!ctory/Works address;

[irQstar DluJ11QllQJntem@onal Private Limited

1. Surat - Piot No. 18, 19, 20 & 67, SEZ, Sachln, Surat - 394221

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

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

4. Delhi Store : D-33, Varun Marg, Shlniwas Purl, Block D, Defence Colony, New Deihl, Deihl - ll0024.

5. Andhcrl : Army Navy Press Bldg., Plot No.118, Road 10, MIDC, Andheri East, Mumbai 400093, India.

6. Unit No.26, Ground Floor, Tower No.2, Kohinoor City Mall, Kiral Road, orr : LBS Marg, Kurla West, Mumbai - 400070.

Fir cs tar l n tern a tl.ru!illJ..imllfil1 1. 518-522, 5th noor, Belgium Tower, Opp : linear Bus Stand, Rlng

Road, Surat 395003, India

2. G- 1- 181, SEZ-lI, Sltapura Indl. Area, Jaipur - 302022

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

4. Army Navy Press Bullding, Plot No.118, Road No 18, MIDC, Andheri (East), Mumbai - 400093.

S. Plot No.26, Road 13, Surat SEZ Sachin, 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


/· NATlONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

C.f>. No. 277/201!!

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

investigation effective, though rnilny 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 candidly said that if notice has been given

to the parties prior to hearing then there is every possibility of

consuming time for effecting service in view of the t!Xigency involved

in th is case, the Petitioner in view of the public interest has sought

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

has ustablished prima facle case for asking ex-parte orders, this

Oencl1 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 43 of LLP Act, 2008, hereby injunct

the Respondents and other companies. LLPs, Trusts and individuals

mentioned above from removal, transfer or disposal of funds, assets

and properties of the entitles and Individuals mentioned above until

furthc~r orders.

10. As to other reliefs and for appearance of the Respondents, 11st

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 (Technical)

Certified True Copy Copy lss ed "f ee of cost" 0 2.2> O!l. 2-01b'_

Sd/-8. S.V. PRAKASH KUMAR Member (Judicial)

Deputy 1rector Nati'onal Company Law Tribunal, Mumbai Bench

Jt;
