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TMI Blog2012 (8) TMI 380X X X X Extracts X X X X X X X X Extracts X X X X ..... e to know about the real diversion of funds even in JVG Finance Company, despite lapse of more than ten years. Direction given to the Central government to revoke DIN in order to prevent them creation of new company. Directions given to all banks to stop operation of their accounts. - CO. PETITION NO. 123 OF 2010 - - - Dated:- 8-5-2012 - MANMOHAN, J. Ms. Sujata Kashyap for the Petitioner. Shailendra Singh for the Respondent. JUDGMENT 1. Present winding up petition has been filed under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 stating that respondent company is unable to pay its debts allegedly amounting to Rs. 1,18,12,836/-. 2. It is stated in the petition that respondent company placed various orders for release of advertisements in various newspapers all over India on the petitioner company, who in turn raised its bills on the respondent. Ms. Sujata Kashyap, learned counsel for petitioner states that till 2007, the aforesaid amount was due and payable by the respondent to petitioner. 3. To prove that the aforesaid debt is an admitted one, Ms. Sujata Kashyap, relied upon page 456 of the paper book to show that respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. The investigation conducted, so far has established that petitioner Vijay Kumar Sharma was managing the affairs of M/s. Vian Infrastructure Ltd. even before his appointment on 01.07.06 and after his reliving from the same on 30.03.07. Investigation has revealed that on 14.8.06, M/s. Vian Infrastructure Ltd. was incorporated with Registrar of Companies, Delhi vide registration No. U70109DL2006PLC152025. During the course of investigation, Sh. Sanjeev Bhargava, Managing Director, M/s. Brain Bridge Advertising and Mktg. P. Ltd. R/o 119, Swami Vivekanand Marg, Allahabad U.P. joined the investigation and handed over two original pages of the Letter of Arrangement dtd. 01.04.06, (even before the said appointment) for the purpose of the advertisements of two companies i.e. M/s. PSG Developers Engineers Ltd. and M/s. Vian Infrastructure Pvt. Ltd. The said letter of Arrangement was executed between Sh. Sanjeev Bhargava, on behalf of M/s. Brain Bridge Advertising and Mktg. P. Ltd. and petitioner/accused Vijay Kumar Sharma, on behalf of M/s. Vijay associate." 7. In rejoinder, Ms. Sujata Kashyap, learned counsel for petitioner denied that the dues of the petitioner had been settled th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yers Sellers agreement and issue receipts to them from M/s Vian Infrastructure Ltd. debiting it to your account as adjustment and deliver them the land/villas/plots by doing registry in their favour and giving them possession after development. However, if we are unable to give the plots, villas to the publications within the stipulated time frame duly developed, then the publications are free to claim their refund in full from us. We look forward for a long standing relationship with you." [Emphasis supplied] 9. Having heard the parties, this Court is of the opinion that in view of the respondent's admission contained in the letter dated 28th July, 2007 at page 456 of the paper book, the petitioner is an admitted creditor. Nothing has been placed on record to show that any payment had been made or land had been transferred to the petitioner by the respondent or by M/s. Vian Infrastructure Ltd. subsequent to 28th July, 2007. The status report filed by Delhi Police only shows that some payments in the distant past had been made on behalf of the respondent by M/s. Vian Infrastructure Ltd. and that too, in view of the inquiry by the police the said payments had been subseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rya Kirtichand Thapar, Managing Director of M/s Vian Infrastructure Limited, was an employee in JVG, another company of petitioner/accused Vijay Kumar Sharma. 14. Earlier, the present Petitioner Vijay Kumar Sharma was arrested in other cases and his interrogation revealed that he studied only up to class 10th. On the other side, the plea of petitioner Vijay Kumar Sharma is that M/s. Vian Infrastructure Limited had hired his services as Marketing Financial Consultant on a monthly remuneration of Rs.10,00,000/-. These facts clearly establish that the petitioner's claim is totally false/baseless. 15. Investigation has revealed that the petitioner/accused Vijay Kumar Sharma was not only the authorized signatory in eight different banks of M/s Vian Infrastructure Ltd., "SINGLY WITHOUT ANY LIMIT but also for a long time he was the only authorized person to deal these accounts. In other words, even the directors of the company were not authorized to deal with these accounts. The details of such banks/accounts are as under:- S.No Name and Address of the Bank Account Number Remarks 1. Axis Bank, Saket, New Delhi 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... name of these companies. The present petitioner/accused Vijay Kumar Sharma is the mastermind behind these activities. The chart showing the connection between these accused persons is produced below:- S.N. Name of the Directors Details of the Companies 1. Vijay Kumar Sharma S/o Sh. Suraj Prakash Sharma R/o F-130-A West Avenue Forest Lain Sainik Farm, New Delhi. Director in M/s JVG Director in M/s Yusaf Eng. Director in M/s Ayushi Buildestates Pvt. Ltd. Authorized signatory of the M/s VIAN Authorized signatory of the M/s PSG Developers 2. Surya Kirtichand Thapar S/o K.R. Thapar R/o B-243, Florance Elite, Sushant Lok -III, Sector - 57, Gurgaon, Haryana. Director in M/s JVG Director in M/s VIAN Director in M/s GOGA Director in M/s Yusaf Eng. Director in M/s Ayushi Buildestates Pvt. Ltd. 3. Survesh Chowdhry S/o Rajender Singh Chowdhry R/o A-105 Sector 36 Noida, Uttar Pradesh. Director in M/s VIAN Director in M/s Yusaf Properties Director in M/s. Mauve Farms Pvt. Ltd. Director in M/s Sajjad Pro. Pvt. Ltd. 4. Jan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecade of 2000, they once again duped a large number of small and middle class flat buyers by promising them residential accommodation. As pointed out in the SFIO report, in JVG Group of Companies, Mr. Vijay Kumar Sharma and his second wife Mrs. Anita Sharma, promoter and director of company in liquidation had purchased personal jewellery, farm house and various other valuable immovable properties in their personal names as well as in the names of their close relatives from the funds of JVG Finance Company. After the JVG finance scam was detected by Reserve Bank of India, Mr. Sharma went on to perpetrate the land scam by incorporating and promoting M/s Vian Infrastructure Ltd. besides many other companies. The interconnection between companies floated by Mr. Vijay Kumar Sharma and his second wife is as an admitted position inasmuch as the company in liquidation's defence is that its liability to pay debts was taken over by company's promoter Mr. Vijay Kumar Sharma. 19. Further, in view of the aforesaid facts, the SFIO is directed to investigate the affairs of companies, namely, M/s. Vijay Associates, M/s. Ayushi Buildestates Pvt. Ltd., M/s. Mauve Farms Pvt. Ltd., M/s Yusaf Prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... private personal bank accounts, except to the extent that they have been attached by this Court vide order dated 30th April, 2012 in CCP(Co.) 17/2008 Co. Appl. 867/2011 in Co. Pet. 265/1998. Mr. Vijay Kumar Sharma, Mrs. Veena Sharma and Mrs. Anita Sharma are directed to disclose the details of the accounts which they want to operate as their personal account. 23. Further, to avoid harassment to any other individual bearing the same name, the Reserve Bank of India is directed to issue suitable directions to all banks clearly identifying the aforesaid individuals as well as their parent's name and Pan number. 24. Moreover, keeping in view this Court's orders dated 30th April, 2012 passed in CCP(Co.) 17/2008 Co. Appl. 867/2011 in Co. Pet. 265/1998 and 07th May, 2012 passed in Co. Appl. 871/2012 in Co. Pet. 265/1998, this Court finds that though a number of statutory authorities are investigating Mr. Vijay Kumar Sharma, there is a lack of coordination amongst the said authorities. 25. Consequently, the Secretary, Ministry of Corporate Affairs, is directed to convene a meeting once in a month to ensure that coordinated action is taken by all the statutory authorities li ..... 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