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.
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.
