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TMI Blog2015 (9) TMI 1714X X X X Extracts X X X X X X X X Extracts X X X X ..... s Wing II of the Chennai City Police for the alleged offences under Sections 406, 420 and 120B of the Indian Penal Code read with Section 5 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997. The aforesaid complaint was registered at the instance of one Mr.G. Ramadoss, who claimed that upon being incited by the fifth accused namely P.Ram Mohan, who was employed as the Chief Manager of M/s.Viswapriya Financial Services and Securities Limited and at the behest of one Mr.Ganesan, working as Senior Executive in the company, he and his family members had invested a total amount of Rs. 6,60,000/- in a scheme known as 'Prime Investment Scheme'. The defacto complainant was issued with secured non convertible debentures, which actually matured for payment. According to the defacto complainant, he and his family members were issued with four cheques along with covering letters indicating as though the defacto complainant requested the transfer of investments to a company by name M/s.Quadrangle Trading Services Limited in a scheme known as 'Liquid Plus Scheme'. According to the defacto complainant, he never made any request for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Private Limited 42 Triad Trading Services Private Limited 43 Vayu Shakti Suppliers . P. Ltd. 44 Venkat Consultancy . P. Ltd. 45 Vidhya Insurance Agency Services Private Limited 46 Vis-Ram Financial Services Private Limited 47 Viswariya Realty Services Private Limited 48 Viswapriya Stocks & Shares Private Limited 49 Wholesale Trading Services India Private Limited 6. Though the petitioner was/is a director only in a few of them, the employees of some of these companies happen to be the directors of the other companies. In other words, the petitioner has direct or indirect control over the above 49 companies. 7. When M/s.Viswapriya (India) Limited, which is the first accused in Cr.No.5 of 2013 (in relation to which, the fourth accused has come up with this anticipatory bail petition), plunged into a financial crisis, one of the companies promoted by the petitioner herein by name M/s.Analog Financial Services Private Limited came up with an application in Comp.A.No.1007 of 2013 on the file of the Company Court seeking a direction to convene, hold and conduct a meeting of the secured debenture holders of M/s.Viswapriya (India) Limited for the purpose of considering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a meeting of the debenture holders for considering a scheme of arrangement was filed on 19.9.2013 and also since the police registered the first information report on 21.10.2013, the Company Court, even while ordering the convening of the meeting, granted protective orders preventing the police from arresting the petitioner herein, with the object of seeing as to whether the debenture holders were with the petitioner herein or not. Eventually, the report of the Chairman of the meeting of the debenture holders indicated that more than 93% of the debenture holders supported the scheme of arrangement. Hence, the person who came up with the scheme of arrangement, filed a company petition in C.P.No.15 of 2014 for sanctioning the scheme of arrangement. In the said petition, notice was ordered to the Regional Director of the Ministry of Corporate Affairs. In response to the notice, the Regional Director filed a report. A group of debenture holders also filed objections. After considering those objections, the Company Court passed an order dated 30.4.2014 in C.P.No.15 of 2014 sanctioning the scheme of arrangement. 10. In the meantime, the second and third accused companies, which had actu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings stayed. Though I am not now concerned with the said petition, I am making a reference to it for the completion of narration of facts. 14. After the writ petition in W.P.No.14229 of 2015 filed by the first accused company for declaring the first information report in Cr.No.05/2013 was dismissed by a learned Judge on 6.8.2015, the police took into custody four persons including the fifth accused and three other persons, who were not implicated as the accused in the first information report. They were taken into custody on 7.8.2015. Their applications for bail were dismissed by the Trial Court on 17.8.2015. However, by an order dated 8.9.2015, they were directed to be enlarged on bail, after they had undergone 30 days of incarceration. 15. Similarly, three more persons including the eighth accused in the first information report were taken into custody on 3.9.2015. Out of them, two were directed to be released by this Court on 8.9.2015. The third accused was released by the Trial Court later. The seventh accused, who is 87 years of age and who is suffering from cancer of the colon, was granted anticipatory bail by me by an order dated 14.9.2015. 16. It should be pointed out he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, I thought that the mere dismissal of the anticipatory bail application will not advance the cause of the debenture holders and hence, I toyed with the idea of exploring the possibilities of bringing out the resources, if there are any, with which, the petitioner would be able to repay the debenture holders, even while keeping the anticipatory bail application pending. This is why I passed the order dated 8.9.2015, which is extracted in the preceding paragraph, calling upon the petitioner to furnish various details. 19. In pursuance of the said order, the petitioner has filed an affidavit giving some details. But, the details are not complete in all respects. The petitioner has stated that he needs access to the office records without fear of being harassed or arrested by the police, to enable him to come out with all the details. Therefore, I explored the possibility of giving the petitioner, access to the office records, in the presence of someone appointed by this Court and also in the presence of the Investigating Officer, so that the records are not tampered and at the same time, information is culled out. 20. But, there is very stiff opposition from the intervenors, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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