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| DB restrains MD , Directors of three companies from any transactions | | Sheen Finance Multicrore Scam | | Et Report
Jammu, Sept 7 : In the 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, Division Bench (DB) of State High Court Jammu Wing restrained Managing Director and Directors of three companies from entering into any transaction with regard to moveable or immovable properties available in the books of accounts and any other liquid cash available in the accounts of three companies.
The Double Bench comprising Chief Justice MM Kumar and Justice Hasnain Massodi after hearing Adv OP Thakur appearing for the petitioners whereas Sr AAG Gagan Basotra for the state, Sr Adv DC Raina, Sr Adv MK Bhardwaj, Adv Surinder Singh, Adv Aruna Thakur, Adv FA Natnoo and NK Attri appearing for the respondents, restrained Managing Director and Directors of three companies from entering into any transaction with regard to moveable or immovable properties available in the books of accounts and any other liquid cash available in the accounts of three companies. However, Division Bench observed that liberty is granted to the parties to avail remedy in accordance with the provisions of J&K Protection of Interest of depositors Act 2012.
According to petition the PIL it has been submitted that originally Sheen Finance & Investment (India) was flouted but later on the two companies were opened which are more like sister concern.
One Naseeb Singh Pawar appears to have been inducted as Managing Director of Sheen Finance & Investment, the shareholders association comprises of those people who were allured to invest their earnings in the said companies with a promise of hefty profit. (JNF) |
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