The Delhi High Court has attached a Kolkata property (No. 15, Ratan Babu Road, Cossipore) owned by Agache Associates, a group company of S K Modi, and has ordered that it will be released only if a sum of Rs 36 crore is paid by the group firm.
The judgement was delivered by Justice Mukul Mudgal based on a plaint filed by Macho Foods Pvt Ltd, one of the creditors of S K Modi firm ModiLuft Ltd.
Sources close to S K Modi said the order was an interim one to prevent the property from being disposed of in any manner till the case was resolved.
In November 1995, Agache entered into a lease agreement with ModiLuft for the property at a monthly rent of Rs 10,000 and a security deposit of Rs 36 crore. The possession of the building, however, was never given to ModiLuft.
Prior to this, in November 1994, ModiLuft came out with a rights offer for 2.42 crore shares priced at Rs 96.8 crore. Three S K Modi firms
