The case concerned the Meghraj Group, a 100-year-old investment and banking advisory and fiduciary services firm with offices in Asia, Africa and Europe.

Meghraj Financial Services Limited (MFSL) was the sponsoring employer of the pension scheme but entered into creditors’ voluntary liquidation (CVL) in October 2014, leaving the scheme with a deficit of around £5.85m.

From 31 December 2001, MFSL was the sole legal owner of a company called Meghraj Properties Limited (MPL), which in turn owned shares in a joint venture company in India, known as Indian JV. Rohin Shah, who is the nephew of Anant Shah, was a director of MPL from March 1995.