Bombay High Court: Restrains Ex-Clippings CEO From Alienating Assets in ₹222 Crore Fraud C

The Bombay High Court has restrained Vinayak Shrivastav, the former Chief Executive Officer of US-based Clippings LLC, from selling, transferring or creating third-party rights over his personal assets. [Clippings LLC & Ors. v. Vinayak Shrivastav & Ors.]This directive came in a commercial suit filed by court-appointed caretakers (receivers) of Clippings, seeking to recover approximately ₹222.62 crore (around $23.27 million) allegedly siphoned off by Shrivastav and routed to his family members and affiliate entities.Justice Arif Doctor held that the company had established a strong preliminary case of fraud. The bench observed that refusing interim protection at this stage would be counterproductive."In my view, at this stage to deny the Plaintiffs the limited ad interim relief sought on the basis of the defences which have been raised would be to miss the wood for the trees and to ignore the elephant in the room," the Court said. Justice Arif DoctorThe allegation against Shrivastav is that he procured a $53.15 million loan from Park View SPV III in October 2025 using forged documents, including fabricated signatures and false bank records.The company alleged that instead of using the loan to refinance earlier corporate debt owed to an investor named Bluestone, Shrivastav diverted tens of millions of dollars to himself, his family and related corporate entities.The defendants argued that the lawsuit should be dismissed because the court-appointed receivers had suppres