• Source:JND
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On Tuesday, November 4, a special court in Mumbai under the Prevention of Money Laundering Act (PMLA) has ordered the auction of 13 unsecured properties which includes several silver bricks and semi-precious stones linked to Mehul Choksi’s Gitanjali Jems Limited. The court also directed that the proceeds from the auction be kept as a fixed deposit in the name of the special court.

In an order dated November 4, special judge AV Gujarathi allowed the application for the liquidation of properties filed by Shantanu Ray, appointed by the National Company Law Tribunal (NCLT) in February this year. 

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Amongst the seized assets are four flats in Borivali (estimated to be around Rs 2.6 crore), a commercial unit located in the central wing of Bharat Diamond Bourse with 14 cars parked in the Bandra-Kurla Complex (estimated to be around Rs 19.7 crore), quoted by NDTV, citing the official order. Six industrial units in Goregaon East and one more in Goregaon’s Udyog Nagar have also been seized. The auction will also include silver bricks, semi-precious stones and machines at the company’s facility in Jaipur. The valuation of the assets is from 2018.

In its order, the court made it clear that only unsecured properties will be put up for auction and not those that have been claimed by secured creditors. Additionally, the ownership and confiscation of the proceeds will be determined only after the trial.

Gitanjali Gems Limited is one of the central entities that has come under the scanner of the Enforcement Directorate’s (ED) probe in the Rs 13,000-crore Punjab National Bank (PNB) fraud case.

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Choksi Files Appeal In Belgium Challenging Extradition Order

Earlier, fugitive Mehul Choksi, wanted in the Rs 13,000-crore Punjab National Bank (PNB) scam, filed an appeal before Belgium’s Court of Cassation, challenging the order permitting his extradition to India. The appeal was lodged on October 30, officials familiar with the matter said.

Ken Witpas, public prosecutor at the Antwerp Court of Appeal, told news agency PTI that the appeal is limited to “legal merits” and will be reviewed solely on points of law. “During this procedure, the execution of the extradition is suspended,” Witpas said, indicating that Choksi will remain in Belgium until the court delivers its verdict.

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Choksi’s legal challenge came against the October 17 ruling of the Antwerp Court of Appeals, which upheld a previous district court decision declaring India’s extradition request “enforceable.” The appellate court had found no violation of due process and ruled that Choksi faced no risk of unfair trial or ill-treatment if sent back to India.

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