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Sri Ranvijay Tewari And Others v. Bhartiya Gramin Vikas Vitta Nigam Ltd. - COMPANY PETITION No. 7 of 1999  RD-AH 20727 (7 December 2006)
Court No. 30
COMPANY PETITION NO. 7 of 1999
In the matter of
Bhartiya Gramin Vikas Vitta Nigam Ltd. (In Liq.)
Hon'ble Sunil Ambwani, J.
The C.B.I. has submitted the 4th Status Report dated 1.12.2006 and the completion of the investigation. The Superintendent of Police, C.B.I. ACB, Lucknow has requested for two month's time to collect the evidence and to file a report under Section 173 of Cr. P.C.
In the investigation, the C.B.I. has prima facie found that the accused Shri Surya Prakash Sharma launched three saving schemes and collected Rs. 2 crores from the investors. He then closed the office and absconded. He was traced out at Jaipur where he was hiding. On investigation, it was found that the company was registered with R.O.C. on 23.6.1994. The Reserve Bank of India did not accept the application for registering the company as ''Non-Banking Financial Company'. Shri Ram Prasad Sharma, the father of Shri Surya Prakash Sharma committed suicide in the year 2001. Smt. Prabhawati Sharma the wife of the accused is house wife who can barely write her name.
The C.B.I. found that Surya Prakash Sharma obtained a passport in the name of Surya Kumar Bharadwaj from the passport office at Bareilly on 10.4.2002. He also got a NGO registered in the name of ''Students Welfare Society' with registered office at F-4 Homa Wajir Chamber, 1st Floor Lalbagh Lcuknow on 26.2.2005 with the office of Registrar, Firms, Societies and Chits, Lucknow. His wife was the President and he in the name of Surya Kumar Bharadwaj was the Secretary.
Four cases were found to be registered against Shri Surya Prakash Sharma under Sections 419, 420, 467, 468 IPC, at Nainital; Basti; Udhamsingh Nagar and Lucknow. He constructed a building at 1-Indalganj Mahibullapur Sitapur Road, Lucknow, which he sold Smt. Sabina Haider on 26.10.1999 for Rs. 6 lacs. The property was under attachment of the Joint Registrar of the Companies, and was notified by the notice published on May 27, 1999 in the ''Pioneer' news paper, Lucknow edition. The Income Tax Department has assessed the value of the house at Rs. 46.23 lacs excluding the cost of land at the time of construction, and Rs. 66.01 lacs on the date of sale including the value of the land. The total value of the land and building is assessed Rs. 81.60 lacs.
The company had an account with Oriental Bank of Commerce Mahipalpur Branch, New Delhi. Some amounts were withdrawn by the employees through Sailesh Gupta and Smt. Saran Jeet Gupta and thereafter Shri Surya Prakash Sharma through a current account in the Allahabad Bank, Husainganj Branch, Lucknow. Current accounts were also opened in Oriental Bank of Commerce, Gomti Nagar Lucknow; Allahabad Bank Sidhauli Sitapur and Allahabad Bank Biswa Branch Sitapur and the money was siphoned off. The CBI has taken opinion of GEQD of the hand writing and signatures of Shri Surya Prakash Sharma and has found that he had made signatures on all these documents and cheques.
Let the final status report be submitted by CBI on or before 05.2.2007.
Shri Surya Prakash Sharma is in jail. The court is concerned with the sale of house which the CBI has reported to be grossly under-valued for sale. The winding up petition was filed on 12.1.1991 and the company was wound up on 10.5.2000. The transactions of house at Indalganj Mahibullapur Sitapur Road Lucknow took place on 26.10.1999 and was registered in the office of Sub Registrar-IV, Lucknow vide registration No. I-5352/1999 on October 24, 1999.
In order to decide whether the sale was a fraudulent transaction hit by Section 537 (2) of the Companies Act 1956, the court will require the notice dated 27.5.1999 published in the ''Pioneer' news paper Lucknow edition by which the Joint Registrar of Companies had notified the attachment of the property the details of the proceedings initiated by the Joint Registrar of Companies and the valuation report of the Income Tax department.
Let CBI produce these documents before the Court. A copy of the order shall be given to Shri G.S. Hajela, learned counsel for C.B.I. List on 19.12.2006. The 4th status report of C.B.I. shall be re-sealed and placed in the custody of the Registrar General along with other status report in the matter to be produced on the next date.
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