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NCLT admits insolvency proceedings against Tops Security SECTIONS Share Synopsis ​​Punjab National Bank (International) Ltd had on March 16 last year approached the tribunal seeking initiation of corporate insolvency resolution process against Topsgrup after its UK-based subsidiary The Shield Guarding Company allegedly defaulted on dues of over ₹136 crore. Agencies Shield Guarding's loans were declared a NPA in November 2015. The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Topsgrup Services and Solutions, popularly known as Tops S...

Bankruptcy court admits insolvency proceedings against Tops Security SECTIONS Share Synopsis The Mumbai bench of the National Company Law Tribunal (NCLT) has also appointed chartered accountant Rajendra Karanmal Bhuta as interim resolution professional (IRP) to oversee the company’s day-to-day affairs and revival plans. The Enforcement Directorate (ED) is currently investigating an alleged money laundering scam of about Rs 175 crore against Topsgrup Services promoter Rahul Nanda and some others. The dedicated bankruptcy court has admitted insolvency proceedings against security services pro...

The ED has summoned Armaan Jain in a matter related to the Tops Grup money laundering case. Armaan Jain skips ED summon in money laundering case  Mumbai: Armaan Jain, the grandson of late actor Raj Kapoor who was summoned by the Enforcement Directorate (ED) in an alleged money laundering case on Thursday, did not appear before the agency. Jain is the cousin of Bollywood actors Karisma, Kareena and Ranbir Kapoor. He is due to make his debut with  Lekar Hum Deewana Dil. As per reports, the ED summoned the debutant in a matter related to the Tops Grup money laundering case...

Representative image MUMBAI: The ED has alleged that Rahul Nanda had diverted, for personal and corporate use, funds that his private security firm—Tops Grup---received from the Central government under the Deen Dayal Upadhyay Grameen Kaushalya Yojana. Under the scheme, the government roped in private firms to provide training to rural youth to cater to their career aspirations. The ED alleged that on Nanda’s instructions, the accounts department of the security firm had transferred Rs 5 crore of the fund to another company with ‘tacit understanding’. Holding that there was sufficie...

Topsgrup, promoter Rahul Nanda under ED scanner for money laundering: Report © PTI Topsgrup, promoter Rahul Nanda under ED scanner for money laundering: Report The Enforcement Directorate (ED) has accused Topsgrup promoter Rahul Nanda of allegedly siphoning Rs 186 crore from group companies through remittances to personal accounts. Sources told The Indian Express that an ED investigation found that Nanda “has siphoned Rs 186 crore from Topsgrup companies through remittances to his personal accounts and accounts of friends and family.” Moneycontrol could not independently verify the rep...