Madras High Court English news | Madras High Court, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Mumbai, Oct 22 63 moons technologies have said the Wadhawans are restrained from selling or alienating or encumbering even an inch of their assets as per the directions of the Madras High Court.The company has urged the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) to arrest Kapil Wadhawan, the jailed promoter of crisis-hit mortgage lender DHFL, for offering his personal and family properties worth over Rs 43,000 crore as repayment of outstanding to the Reserve Bank of India."Since DHFL promoters' assets are already attached by investigative agencies and there is an injunction regarding the same by the Madras High Court, this offer is shocking to say the least," 63 moons stated.Notably, DHFL promoter Kapil Wadhwan, accused of siphoning off thousands of crores of public money for personal gains, has made a surreptitious settlement offer to the RBI administrator, to settle the claims by transferring his rights, title and interest in at least ten projects that he claims are valued at Rs 43,879 crore.A report of Grant Thornton, commissioned by the Resolution Professional of DHFL, contains findings of siphoning of Rs 20,000 crore of lenders' money to the promoters of DHFL and to entities owned or controlled by them.In view of these serious issues, 63 moons said, the immediate arrest and custodial interrogation of Kapil Wadhwan under the Prevention of Money Laundering Act by the ED and SFIO will help verify these facts as also to unravel the source and colour of the huge funds and assets he claims to possess and has offered towards the so-called settlement of corporate liability.The very fact that Kapil Wadhwan has now declared such huge assets when, in fact, he has never disclosed previously any of this personal wealth, points to the fact that he has, in all probability, siphoned off this huge amount from DHFL and laundered it by projecting it as his or his family's property.While he is enlarged on bail in the Economic Offences Wing (EOW) investigation, 63 moons said, all agencies, including the EOW, the ED and the SFIO need to get to the bottom of his financial dealings and reveal from where he has mopped up such a huge amount and assets! This cannot happen unless he is arrested and interrogated in custody.With Kapil Wadhwan making the settlement offer publicly, 63 moons asked him to explain the source of funds to the EOW, the ED and the SFIO. Describing it as a matter of huge concern for those who have lost their monies, it noted that out of the reported claims of Rs 94,900 crore, lenders may face a haircut of Rs 65,000 crore since no bidder has offered more than Rs 20,000 crore to acquire the crisis-hit DHFL under the IBC.Every investor, creditor and lender of DHFL therefore has right to know, if the Wadhawans have moved attached DHFL properties into their personal names or if they have earlier refrained from disclosing certain high value assets to the law enforcement agencies and the judiciary for which custodial interrogation by the ED and the SFIO is a must, according to 63 moons.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Madras High CourtFOLLOW

Madras high court, Latest News

The Madras High Court was on Thursday informed by the Tamil Nadu government that the state has sufficient stocks of oxygen and Remdesivir vaccines and is not facing any shortage of beds or ventilators currently amid the unprecedented rise in COVID-19 ...

New Delhi, March 27 The Supreme Court has agreed to examine a critical question whether minors indulging in ... ...

The Supreme Court has issued notice to the Tamil Nadu government on a petition seeking clarity on the law punishing minors under the Protection of Children from Sexual Offences (POCSO) Act, 2012 Act for consensual sex. ...

International Animal Welfare Organisation, World Animal Protection welcomes the news that The Madras High Court has recently opined that a uniform policy should be put in place to completely prohibit future ownership of elephants by individuals or te ...

Chennai, Jan 28 Former Tamil Nadu Chief Minister and AIADMK supremo J. Jayalalithaa's residence at Poes Garden here ... ...

Chennai, Jan 5 Bharat Singh Chauhan, who has retained his secretary post in All India Chess Federation (AICF), ... ...

Tamil Nadu Governor Banwarilal Purohit administered the oath of office to Madras High Court Chief Justice Sanjib Banerjee on Monday. ...

Mumbai, Oct 22 63 moons technologies have said the Wadhawans are restrained from selling or alienating or encumbering ... ...