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, as per records investigated by The Indian Express.
According to the report, 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 Modi’s 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, reports Indian Express.
According to their statement of accounts these firms, 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, both the 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”.
Indian express says that these nine firms are: Punarvasu Consultants Pvt Ltd, Ananthnath Valuers Pvt Ltd, Neminath Consultants Pvt Ltd, Vashupujya Valuers Pvt Ltd, Moola Consultants Pvt Ltd, Sambhavnath Consultants Pvt Ltd, Suvadhinath Consultants Pvt Ltd, Moon Valuers Pvt Ltd and Supasvanath Consultants Pvt Ltd.