PNB scam fallout: NCLT reserves order in the Gitanjali Gems case

After nearly three hours of argument, the bench of B S V Prakash Kumar and Ravikumar Duraiswamy decided to reserve their order on the applications

A bench of the National Company Law Tribunal (NCLT) here on Monday reserved its order in the Gitanjali Gems case, in an application by the latter’s (former) independent directors (IDs) for relief. 

These IDs of the scam-hit Nirav Modi and Mehul Choksi-owned jewellery companies have been summoned by investigators in connection with the letters of undertaking (LoU) scandal. The IDs involved include Gautham Mukkavilli, formerly of PepsiCo, Suresh Senapaty, who used to work with Wipro, and Sanjay Rishi of American Express. 

Investigators at the enforcement directorate, income tax department and Central Bureau of Investigation, as well as at the Serious Fraud Investigation