Can’t freeze assets of ex-MD of PNB in Nirav scam: SC

A bench of Justices R F Nariman, S Ravindra Bhat and V Ramasubramanian in a recent order said the powers under Sections 241, 337 and 339 of the Companies Act could not be utilised to attach assets of persons heading a bank or any organisation when the fraud was not committed by that particular organisation.