HSBC freezes bank account of former IL&FS official’s wife

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Mumbai | Published: January 17, 2019 4:31:40 AM

Roopa Kapoor, wife of Vibhav Kapoor, former director at IL&FS Investment Managers (IIML), has approached the Mumbai bench of the National Company Law Tribunal (NCLT).

nclt, hsbc, in&fsIt may be recalled that the NCLT had passed an order on December 3, 2018, restraining nine former officials of IL&FS from creating mortgage, lien, charge or alienating any of their personal properties, or dealing with any securities in any company.

Roopa Kapoor, wife of Vibhav Kapoor, former director at IL&FS Investment Managers (IIML), has approached the Mumbai bench of the National Company Law Tribunal (NCLT), claiming HSBC has frozen her bank account, saying, the bank has been instructed by the ministry of corporate affairs (MCA) to do so, even as there is no court order directing such action. The account is held jointly with her husband.

It may be recalled that the NCLT had passed an order on December 3, 2018, restraining nine former officials of IL&FS from creating mortgage, lien, charge or alienating any of their personal properties, or dealing with any securities in any company. According to a copy of the order seen by FE, the bench had not granted the MCA’s request at that time to freeze their bank accounts.

Kapoor’s lawyer, Janak Dwarkadas, on Wednesday asked the two-judge bench to clarify the matter. While the NCLT did not pass any direction, it has asked Dwarkadas to serve a copy of his application pertaining to Roopa Kapoor to Sanjay Shorey, who is arguing the case for the MCA.

Also appearing for Ravi Parthasarathy, ex-chairman, IL&FS Group, the senior counsel argued that freezing the bank accounts would be equal to a death sentence for his ailing client who is undergoing treatment for throat cancer and is scheduled for a round of immunotherapy next week.

Dwarkadas added: “There is no law that denies a person the right to life. We are not aggrieved by the order passed by your Lordship on December 3. The assets can be protected but a man has to live,” he argued.

Between December 3 and January 16, the MCA has also written to the Indian Banks Association, Reserve Bank of India, National Securities Depository (NSDL) and Central Depository Services (CDSL), asking them to ensure compliance in accordance with the order passed on December 3.

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