Yes Bank case: Cox & Kings says official premises not raided by ED

By: |
June 16, 2020 8:43 PM

The company was replying in a clarification sought by the BSE, on the media reports about the raids on premises of the company in the Yes Bank case on June 8.

Yes Bank, Yes Bank case, Cox & KingsYes Bank was founded by Rana Kapoor along with Madhu Kapur’s late husband Ashok Kapur in 2004.

Beleaguered tours and travel services firm Cox & Kings on Tuesday said its official premises were not raided by the Enforcement Directorate (ED).

The company was replying in a clarification sought by the BSE, on the media reports about the raids on premises of the company in the Yes Bank case on June 8.

“We can confirm that the official premises of the Cox & Kings Ltd were not raided by the ED. Therefore there is no written communication received from the ED to the company,” Resolution Professional of Cox & Kings Ashutosh Agarwala said in a letter to the BSE.

As per the available information, few raids were carried out by the ED at the residential premises of the suspended directors of the company and erstwhile key managerial personnel (KMP) who all have resigned from the company, it added.

These raids were carried out by the ED in the matter of loan availed by the company from Yes Bank under the tenure of the board of directors which are now suspended due to commencement of corporate insolvency resolution process, the reply said.

Cox & Kings Ltd is undergoing corporate insolvency resolution process vide NCLT order dated October 22, 2019. Agarwala was appointed as resolution professional of the company vide NCLT order dated January 10, 2020.

The ED had searched the premises of the company promoter Ajay Ajit Peter (Peter Kerkar), Directors Pesi Patel and Abhishek Goenka, former chief financial officer Anil Khandelwal and internal auditor Naresh Jain in Mumbai on June 8.

The action was carried out under the Prevention of Money Laundering Act (PMLA) and was in connection with the Yes Bank money laundering case being investigated by the central agency where it has also arrested the bank’s co-founder Rana Kapoor.

The agency, in a statement, had said the group and its companies have outstanding loans amounting to Rs 3,642 crore.

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