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| Alleged cheating to the tune of Rs 25 Cr by finance coy | | Writ Court places matter before CJ | | Early Times Report
Jammu, Nov 26(JNF): After petition of Welfare Association Share Holders/Depositors was treated as Public Interest Litigation, Justice Hasnain Massodi of J&K High Court disposed of the CMA with the direction to Registry to place the matter before the Chief Justice for appropriate orders as warranted under rules.
In the petition it has been submitted that in which it has been submitted that a company M/S Shine Finance & Investment (India) Ltd started alluring the people at large to make investment and deposits against handsome rates. The people started depositing their money in the said company on the assurance of its managing director and other directors. Subsequently respondent No 7 and other directors also established two other companies under the companies act namely Sheen Agro & Plantation Ltd and Shine Road Link Ltd. The respondent 7 to 23 are linked with the three companies in one capacity or the other. In the petition it has been submitted that when the depositors on completion of their fixed deposits started claiming their maturity amount, the private respondents started delaying the matter on the one pretext or the other. However, they flatly refused to refund any amount even the principle amount to the depositors. According to the petitioners private respondents have got about Rs 25 crores as deposits from the poor persons and they are trying to grab the said deposits of the depositors. The Managing Director/Directors have purchased huge properties moveable and immovable by investing the deposits made by the people even some buses are also purchased out of the de deposits of people and the same were utilized for their personal benefits. It is also submitted that now the respondents MD & Directors are the firm on being approached are telling that they have transferred the company to new management, on being approached to new management; they told that they have not taken any liability from the so called ex-management and seeking appropriate action against the company. |
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