In Brief
Usha Ananthasubramanian, former MD and CEO of Punjab National Bank, challenged NCLT and NCLAT orders that froze her personal assets in connection with investigations into mismanagement at Gitanjali Gems Ltd. The Supreme Court held that the Tribunal's powers under Sections 241, 337 and 339 of the Companies Act are confined exclusively to the company in which mismanagement occurred and cannot extend to freeze assets of officers of unrelated companies. The Court allowed the appeal and set aside the asset freezing orders, clarifying that CBI and SFIO investigations remain unaffected.
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