TaxTMI 
TaxTMI 
2015 (9) TMI 1714
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....e No.05 of 2013 on the file of Economic Offences 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 ....
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....ha Financial Consultants (Chennai) Pvt. Limited 38 Subhiksha Investments Madras Private Limited 39 Subhiksha Retail Limited 40 Sun N Sand Travel & Tours Private Limited 41 Thamiraparani Investments 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 Priv....
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....0 - 135 71389 6.24% 8.51% For 180 1835 1 56716 708595 58 2016 765369 93.16% 91.19% Not Valid 3 5 5 335 1366 832 13 2533 0.60% 0.30% 233 1925 6 72330 766071 890 2164 839291 100% 100% 9. It should be recorded at this stage that since the application for convening 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 ....
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....richy in Cr.No.1 of 2015. The petitioner and another person were taken into custody by the Trichy Police and when they were produced before the concerned Court, they were directed to be enlarged on bail, in view of the protective orders granted by the Company Court. After getting enlarged, the petitioner approached the Madurai Bench of this Court with a quash petition and got further proceedings 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 eigh....
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....could get some money and to see if the petitioner really has the ability and resources to make repayment to the debenture holders. Though the police have been able to secure and arrest all and sundry, connected with the affairs of the first accused company, the police have not been able to find out the whereabouts of the petitioner herein for the past nearly six weeks, after the dismissal of the writ petition. Therefore, 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 ar....