You are here: Home >> English News & Features >> BUSINESS & ECONOMY

SC blocks Ponzi schemes’ move to NCLT

DNMUM405290 | 1/12/2018 | Author : Manju AB | WC :481

Intervenes on behalf of Citrus, Royal Twinkle investors; says promoters prima facie colluded with petitioners
DNA EXCLUSIVE
Mumbai: The case of two Ponzi schemes of Citrus Holidays and Royal Twinkle, which were dragged into the National Company Law Tribunal (NCLT), has taken an interesting twist after a group of investors moved the Supreme Court against liquidating the company.
The apex court has stayed the proceedings of the Mumbai bench of the NCLT that had admitted the petition for initiating Corporate Insolvency Resolution Process against Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd, two timeshare and collective investment schemes where over 18 lakh investors had put in nearly Rs 7,500 crore of their savings.
The Supreme Court, while passing its order on January 8, observed that prima facie it seemed to be a case where there is a collusio
Read full story


Copyright restricted. Under license from www.dnasyndication.com   
Add To Lightbox
Calculate Price

More on BUSINESS & ECONOMY

Aqua Asana
DNMUM414320 | 5/18/2018 12:00:00 AM | Author : Priyanka Golikeri | WC :662

The global yoga fad is now brimming in water.  Well…literally! Aqua yoga is gaining in immense popularity at upscale wellness centres and resorts, with wellness enthusiasts taking a dip in salt water pools or hot water tubs to perform intricate as

Add To LightboxCalculate Price

WHY TOYOTA IS PLAYING SAFE
DNMUM414326 | 5/18/2018 12:00:00 AM | Author : Team Zeegnition | WC :1053

With the launch of the Yaris, Toyota has entered a highly competitive segment to take on the established players. Toyota is hedging its bet on the growing demand of the customers who don’t just want more features and equipment but also safer cars. We
Add To LightboxCalculate Price

Tata Nexon goes Clutch-pedal-less with new AMT variant
DNMUM414327 | 5/18/2018 12:00:00 AM | Author : Omkar Shendge | WC :465

With the stylish Nexon, Tata Motors has a massive hit on its hands. Since its launch, the company’s market share in the UV segment has quadrupled and sales show no signs of plateauing yet. Now, to bump up sales even further Tata has just added AMT or
Add To LightboxCalculate Price

Paytm allows account to account transfer
DNMUM414328 | 5/18/2018 12:00:00 AM | Author : DNA Money Correspondent | WC :183

Mobile wallet app, Paytm, has launched a feature that will allow customers to transfer money from any bank account to any bank account at zero charges. Even non-KYC Paytm users can avail this facility, said a press release issued by One97 Communicati
Add To LightboxCalculate Price