9 firms tied to Nirav Modi did no business, shut in 2 years

February 23, 2018 22:38

AT LEAST nine firms associated with billionaire diamond jeweller Nirav Modi were incorporated in 2010 but did not carry out any business before all of them were shut down in 2012, records show.

An analysis of the 41 companies associated with Modi, in the wake of alleged fraudulent transactions involving three of his companies and Punjab National Bank, shows that these nine firms were incorporated between March and August 2010.

Records show that Modis brother Neeshal Modi, who has been named by the CBI as an accused in the alleged Rs 11,400-crore PNB fraud, was a director in all these nine firms.

These firms, according to their statement of accounts, did not show any business in the two years of their existence and at least seven of them filed for closure on June 21, 2012. The other two were also shut down that year.

In their board resolutions, each of these firms cited the same reason for winding up: they foresee no sustainable commercial activity and are not in a position to generate any revenue surpluses.

However, sources familiar with the case said it is possible that not all of the 41 companies linked to Modi that are under probe by the CBI, Income-Tax department and Enforcement Directorate are shell firms. The complete picture will emerge only after the investigation is complete, said sources.

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