Mumbai, Sep 16 (PTI) The National Company Law Tribunal (NCLT) on Thursday directed freezing and attaching assets of the former promoters of Metalyst Forgings, including Arvind Dham and Arun Kumar Maiti.

The Mumbai bench of the NCLT directed the Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) to freeze any securities owned or held by them and share the details with the Ministry of Corporate Affairs (MCA).

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Metalyst Forgings is a listed subsidiary of Amtek Auto.

The order came after MCA in an application on Wednesday stated that an independent audit had pointed out questionable financial transactions of Rs 3,454 crore by the erstwhile management.

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The bench, comprising Bhaskara Pantula Mohan and Narender Kumar Bhola, also asked the Central Board of Direct Taxes (CBDT) to disclose information about all assets of the former promoters and directors of Metalyst Forgings in order to freeze such assets.

Further, it asked the Indian Banks Association (IBA) to facilitate disclosure of the details of their bank accounts and lockers, which will be frozen with immediate effect.

The tribunal also gave its permission to the MCA to write to the state governments and Union Territories to identify all immovable properties owned or held by the erstwhile promoters and directors.

It directed Dham, Maiti and other former directors of Metalyst Forgings to reply within four weeks.

Metalyst Forgings was admitted under the Corporate Insolvency Resolution Process in December 2017, in a petition filed by the State Bank of India.

The NCLT had appointed Dinkar T Venkatasubramaniam as the interim resolution professional of the company.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)