The court-appointed executive was referring to the Fugitive Economic Offenders Ordinance, 2018, that allows the Indian government to attach properties of absconding offenders, both within the country and overseas. The promulgation of the Fugitive Economic Offenders Ordinance, 2018, was approved by the cabinet on 21 April and received the President’s assent the next day. Within such time, the Fugitive Economic Offenders Bill, 2018, tabled and pending in the Lok Sabha, will have to be approved by both houses of Parliament to become an Act. According to the court documents, A. Jaffe’s assets totalled $22.8 million, including $14.2 million in inventory, $7.4 million in account receivables, and $786,000 in cash. A. Jaffe decided to put $16.3 million of assets on the block, including $10 million in inventory and $6.3 million in account receivables.

Source: Mint May 15, 2018 17:48 UTC