Videocon fraud case: NCLT orders freezing, attaching of assets owned by firm’s promoters

NCLT Mumbai bench has directed CDSL and NSDL to freeze the securities owned or held by the Videocon promoters "in any company or society." 

New Delhi: In response to a petition filed by the Ministry of Corporate Affairs (MCA), the Mumbai bench of the National Company Law Tribunal (NCLT) has ordered to freeze and attach assets and properties of Videocon promoters.  The NCLT Mumbai bench has directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) that securities owned or held by the Videocon promoters "in any company or society be frozen, and be prohibited from being transferred or alienation" and the details be shared with the Ministry of Corporate Affairs (MCA). It directed the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the Videocon promoters in their knowledge or possession, for the purpose of freezing and restraining such assets.