TaxTMI 
TaxTMI 
2012 (8) TMI 380
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....t company itself on 28th July, 2007 had admitted that an amount of Rs. 1,07,17,568/- was due and payable to the petitioner by the respondent. The aforesaid letter written by the respondent to the petitioner is reproduced hereinbelow:- "28.07.07 To M/s Brain Bridge Advt. & Marketing Pvt. Ltd. 501, Ashok Bhawan, 93, Nehru Place, New Delhi. Sub: Your Statement of A/c for the year 2007-08 (A.Y.-2008-09) Dear Sir, We acknowledge the receipt of your statement of A/c from 1-4-07 to 30-6-07. On observation we have found the following discrepancies. 1. The opening Debit balance of 2007-08 of Rs.82,12,476.80 as per your statement, should be Rs. 75,57,777.90 2. It seems that the difference is on account of some bills not received or booked twice and differences in bill amount. You may collect our statement of 2006-07 to tally accounts alongwith TDS Certificates to clarify. 3. Your Bill Nos. 100086 dt. 15.05.07 for Rs.1,04,280.00 B. Nos. 100179 dt. 25.5.07 for Rs.2,08,597.00, B. No.100352 dt. 30.6.07 for Rs.1,09,391.00 are not with the A/cs department. 4. Your closing balance as per our records is Rs.1,0....
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....at the dues of the petitioner had been settled through the accounts of M/s. Vian Infrastructure Ltd. She contended that if what was stated by Mr. Shailendra Singh, learned counsel for petitioner was correct, then the respondent would not have issued the letter dated 28th July, 2007 acknowledging its dues at page 456 of the paper book. 8. Ms. Kashyap also relied upon the letter dated 05th June, 2008 written by M/s. Vian Infrastructure Ltd. The relevant portion of the said letter reads as under:- "We acknowledge the receipt of your letter dt. 1st June, 2008. We understand your apprehension and we appreciate your releasing ads of our sister concerns PSG developers and Engineers Ltd. and Ambica Research & Development Pvt. Ltd. as well. We value our relationship that is why inspite of your payments not being made from M/s Ambica Research & Development Pvt. Ltd. & PSG Developers & Engineers Ltd. We have been clearing your dues of both the above mentioned companies also from M/s Vian Infrastructure Ltd. since July 06. At times we have been paid directly to the publications on your behalf acknowledging our liability of our sister concerns as well. But recently M/s. PSG Develope....
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....y the police the said payments had been subsequently shown as advances to petitioner. Consequently, the defence set up by the respondent is a moonshine and a sham. 10. Since the petitioner is an admitted creditor and the respondent is unable to pay its debts, present petition is admitted and respondent company is directed to be wound up. The Official Liquidator attached to this Court is appointed as Provisional Liquidator of the respondent company and is directed to forthwith take over the assets and records of the respondent company. For this purpose, Provisional Liquidator would be entitled to obtain police aid and the local police is directed to render all assistance to the Provisional Liquidator. 11. In the meantime, respondent-company, its Directors, officers, employers, authorised representatives are restrained from selling, transferring, alienating, encumbering and parting with the possession of any movable and immovable assets and funds of the respondent company. They are also restrained from withdrawing any money from the accounts of the respondent company. 12. The Directors of the respondent company are directed to forthwith hand over all the records of the respo....
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....et, New Delhi 160010200008945 "Singly without any limit." 2. Axis Bank Saket, New Delhi 160010200008426 "Singly without any limit." 3. Axis Bank, Jaipur 010010200038872 "Singly without any limit." 4. Axis Bank, Agra 086010200009713 "Singly without any limit." 5. Axis Bank, Haridwar 358010200002332 "Singly without any limit." 6. Axis Bank, Indore 043010200039145 "Singly without any limit." 7. Kotak Mahindra Bank, GF-3A-3J, Ground Floor, Ambadeep Building, 14, K.G. Marg, New Delhi 01722010002031 "Singly without any limit." 8. Yes Bank Ltd., Chanakya Puri Branch, New Delhi. 000382000001074 "Singly without any limit." 16. Investigation conducted so far also reveals that the accused, Vijay Kumar Sharma and other accused directors of the said company misused the funds and an amount of more than Rs.11.72 Crores were withdrawn in cash through self cheques. 17. During investigation, accused Surya Kirtichand Thapar, one of the directors in M/s. Vian Infrastructure Ltd., was arrested on 0....
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...., (Voter ID No. HCQ 0777003 - Electrol Registration Officer 231, Gaya Mufassil Constituency) Director in M/s VIAN Director in M/s PSG Director in M/s Sajjad Director in M/s Yusaf Properties 5. Pranay Kumar S/o Gauri Shankar Sinha R/o RZB - 116 A Street No.9 Dev Kunj Rajnagar-2 Palam Colony, New Delhi. Director in M/s VIAN Director in M/s PSG Director in M/s Sajjad Director in M/s Yusaf Properties Director in M/s Ayushi Buildestates Pvt. Ltd. 6. Sajjad Alam S/o Mohd. Fasihuddin R/o Azad Nagar Ward No.12 PO & Distt. Araria Bihar. Director in M/s PSG Director in M/s Sajjad Director in M/s JVG Director in M/s Yusaf Properties 7. Sudhir Kumar Rai R/o H. No. B-154, Chhatarpur Enclave, New Delhi Director in M/s PSG Director in M/s JVG signed on behalf of M/s Sajjad in favour of M/s VIAN for Agra project all documents were signed by him as one as Director & other as authorized signatory of the M/s VIAN 19. The present petitioner/accused Vijay Kumar Sharma is a habitual cheat and earlier involved/arrested in number of cheating cases including the cases registered against JVG Group of ....
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.... two wives or his associates had been Directors or had been managing its affairs. The inquiry must be completed expeditiously and in a time bound manner because, given the past conduct of Mr. Vijay Kumar Sharma, by the time the scam is unearthed, the valuable assets and funds of companies in question, already stand siphoned off. After completion of inquiry, the report must be submitted to this court, preferably within a period of eight weeks. 20. This Court is of the opinion that Mr. Vijay Kumar Sharma and his family members are targeting small and middle class investors as they know that they are unorganized and do not have resources to defend themselves. Even the statutory authorities like the Official Liquidator's office who are entrusted with the duty to bring the culprits to book are not able to keep pace with the scams perpetrated by Mr. Vijay Kumar Sharma and his family members. In fact, the Official Liquidator's office is ill-equipped, under-staffed, untrained and manned by non-professionals. Had it not been for the SFIO and police inquiry, Official Liquidator would never even have come to know about the real diversion of funds even in JVG Finance Company, despite lapse ....