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Multi-crore Sheen Finance Company Scam HC directs to comply court order or face contempt 11/11/2014 10:35:09 PM Early Times Report Jammu, Nov 11: In a Public Interest Litigation (PIL) filed by Welfare Association of Share Holders of Sheen Finance & Investment (India), Sheen Agro Plantation Ltd and Sheen Road Links Limited, a high court division bench of Chief Justice M M Kumar and Justice TashiRabstan directed the company members to either comply with the court directions or face contempt of court. When the PIL came up for hearing , the bench observed that on October 8 last, the court had taken notice of the report filed by the court liquidator revealing that the respondents were not cooperating with the Chartered Accountant to complete the Audits and submit the report. The counsel for the petitioner requested the court for issuance of direction to the respondents to appear in person before the court and explain as to why they have failed to comply with the direction passed from time to time. The court then directed the counsel for the respondents to furnish all the relevant records, cooperate with Chartered Accountant and the court liquidator. In case respondent-companies fail to make available record, cooperate with Chartered Accountant and the Court Liquidator, there shall be no option for the court but to proceed against them for non compliance of the order. Let needful be done within a period of two weeks. Respondents to file compliance report before next date of hearing." The bench observed that the undertaking given on behalf of the respondents clearly indicates that they would cooperate with Chartered Accountant and the Court Liquidator. However, the Court Liquidator has pointed out in his October 31 report that respondent No 7, 13 and 20 have not been cooperating and necessary orders have been sought in order to avoid any delay. The bench observed that it is appropriate to notice that the present proceedings have been initiated by those persons who have made investment in the company and the same has changed hands in the family and close relations. All the respondents are trying to delay the proceedings for obvious reasons. The undertaking given to this court in order dated 08.10.2014 has been violated and there is no justification forthcoming for such violation. It constitutes contempt within the meaning of Section 2(b) of the Contempt of Courts Act, 1971 and Article 215 of the Constitution of India. Ordinarily, we would have proceeded by issuing notice under the aforesaid provisions. However, keeping in view the assurance and the undertaking given by R S Jamwal, for respondent No 7, Narinder Kumar Atri for respondent No 13 and Surinder Singh for respondent No 20, that the aforesaid respondents shall appear before Chartered Accountant on 13.11.2014, 14.11.2014 and thereafter as and when required by the Chartered Accountant or the Court Liquidator. We grant one more opportunity to these respondents to comply with order dated 08.10.2014. If they fail to appear as per the undertaking then the Court Liquidator shall inform the Court immediately so that necessary proceedings under the Contempt of Court Act read with Article 215 of the Constitution be initiated. (JNF)   Share This News with Your Friends on Social Network     Comment on this Story

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