Apparel company Bhaane Group, a subsidiary of Shahi Exports, owned by Bollywood actor Sonam Kapoor Ahuja and her husband Anand Ahuja, has purchased Rhythm House, an iconic music store in South Mumbai's Kala Ghoda area, for ₹ 47.8 crore from fugitive diamantaire Nirav Modi. Here are five things you need to know about the purchase.
1. Owners of Rhythm House Rhythm House is spread across an area of 3,600 sq ft. It closed almost seven years back after Nirav Modi, owner of the company Firestar Diamond International Pvt, that ran the music store, defaulted on billions of dollars in bank loans.
A resolution professional appointed by National Company Law Tribunal (NCLT) oversaw the sale of the store. Nirav Modi had acquired Rhythm House in 2017 through a company named Firestar Diamond from the previous owners, the Curmally family, for ₹ 32 crore. Modi had plans to convert the property into a luxury jewelry showroom.
However, in 2018 Modi fled overseas following an alleged scam worth ₹ 28000 crore after which the Enforcement Directorate (ED), which is investigating the matter, had seized the property. Following the attachment of assets in February 2020, the National Company Law Tribunal (NCLT) had ordered the liquidation of Rhythm House to recover the losses suffered by financial institutions, including the Punjab National Bank and other banks. A resolution professional was later appointed by NCLT to oversee the sale of Modi’s assets, including Rhythm House.
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