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Directors of Nirav cos face asset freeze

DNMUM418078 | 7/13/2018 | Author : Anjul Tomar | WC :256



New Delhi: Independent directors are rarely held liable in cases of corporate frauds. In one such case, the National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal by the former independent directors on the board of companies of billionaire jewellery designer Nirav Modi against freezing of assets by the government. Modi is facing trial for defrauding Punjab National Bank of over Rs 14,000 crore.
The independent directors on the Modi firms included India Inc’s high profile executives- American Express president Sanjay Rishi, former PepsiCo executive Gautham Mukkavilli and former Wipro CFO Suresh Senapathy. Most of them resigned after the fraud came to light.
These former independent directors had approached th
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