28.4 C
New York
Thursday, July 25, 2024
HomeBusinessAnant Shah of Meghraj Group declared bankrupt

Anant Shah of Meghraj Group declared bankrupt

Date:

Related stories

India’s VOD industry to create 280,000 jobs by 2028, faces challenges despite rapid growth

India's video-on-demand (VOD) industry is set to create 280,000...

Blue Screen Day: Global outage leaves Microsoft users frustrated

In an unprecedented global outage, Microsoft services were down...

LT Foods opens new facility in Harlow to tap £1 billion UK rice market

LT Foods, an Indian-origin global FMCG company, has opened...

Mercedes-Benz eyes India’s electric vehicle market with new entry-level models

Mercedes-Benz is set to introduce entry-level electric vehicles (EVs)...

AI Firm C5i appoints Indian-American Ananth Raman as strategic advisor

AI & Analytics company C5i has announced the appointment...

THE high court has declared Anant Shah of Meghraj Group of companies as bankrupt with effect from February 12 this year.

During a recent pension tribunal hearing, Shah expressed his inability to pay the pension dues of the former staff of Meghraj Bank that closed down in 2000.

The pensioners’ woes began when Meghraj Financial Services Limited, that was handling their pensions, was liquidated in 2014. It had left the pension plan with a deficit of approximately £5.85 million.

Meghraj group pensioners’ pensions have remained restricted since 2014.

Shah will now face bankruptcy proceedings with an official receiver or insolvency practitioner taking control of his assets and deciding on how to repay the creditors.

- Advertisement -

In accordance with the Insolvency Act, Shah’s discharge date will be February 12, 2025, after which the bankruptcy restrictions will be lifted.

When Meghraj Group Pension Scheme got liquidated in 2014, it was subsequently taken over by the Pension Protection Fund, and six years later The Pensions Regulator issued contribution notices claiming £3.7m jointly from Shah and his nephew, Rohin Shah.

Rohin Shah had later settled with the regulator for an undisclosed sum.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories