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NCLT allows govt to attach Gensol's accounts, lockers
Mint Hyderabad
|May 29, 2025
The tribunal took note of serious allegations of fraudulent conduct, diversion of company funds
A company court has allowed the central government to attach the bank accounts and lockers of Gensol Engineering Ltd, its 10 subsidiaries and several individuals after investigations by multiple agencies and regulators revealed systemic fraud.
"The funds, raised for specified purposes by the companies, were illicitly transferred to various related parties, in gross violation of the provisions of the Companies Act, 2013," the National Company Law Tribunal (NCLT) said in its order on Wednesday.
"The pattern of illegal fund diversion, asset misstatement, and share price manipulation has caused irreparable harm to public shareholders, creditors, and other stakeholders."
Diese Geschichte stammt aus der May 29, 2025-Ausgabe von Mint Hyderabad.
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