Delhi court orders FIR against firm for forging signature

New Delhi, Apr 2 (PTI) A court has directed Delhi Police to file an FIR against a finance company and its promoter for allegedly forging the signature of a person who had passed away to transfer company's equity shares.

Judicial magistrate Ravi ordered the FIR on a complaint filed by Tript Singh, a shareholder in Genesis Finance Company Limited, alleging financial misconduct by the company, its promoter and managing director Naresh Garg, Gopal Bisht (CFO/Director of GFCL) and other officials of the company including the family members of the promoter of the company.

The complaint accused the directors of forging the signature of one Banwari Lal Saboo, who had died, to illegally transfer equity shares, calling it a "serious economic offence".

The judge underlined the need to order an investigation into the "forged" securities transfer form.

"Given that Banwari Lal Saboo passed away on April 7, 2016, it's crucial to investigate who signed the securities transfer form on May 3, 2016. The alleged forged document, i.e., the security transfer form could be sent to the FSL," the court said in its March 29 order.

The order added, "For the expert opinion on the forged signatures of late Banwari Lal Saboo and for the same registration of FIR becomes imperative." The complaint alleged the company fabricated around 69 fake shareholders to meet SEBI's minimum shareholder requirement, ensuring its continued status as a publicly listed entity and maintain its NBFC license with the Reserve Bank of India.

The accused were alleged to have acted in a criminal conspiracy and committed multiple offences to "unlawfully acquire the shares of equity shareholders" and transfer them to their associates and family members.

The accused fabricated letters and communications to falsely indicate possession of Saboo's original share certificate, it added. PTI UK AMK

Source: PTI