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| DB directs Registrar Companies to comply with Court directions | | Alleged multi-crore scam of Sheen Finance, other related companies | | Et Report
JAMMU, Dec 3 (JNF): In the Public Interest Litigation filed by Welfare Association of Share Holders of Sheen Finance & Investment (India), Sheen Agro Plantation Ltd and Sheen Road Links Limited, a Division Bench of State High Court Jammu Wing comprising Chief Justice MM Kumar and Justice Hasnain Massodi after hearing Advs OP Thakur, H Rehman and Amit Gupta appearing for the petitioners whereas Senior AAG Gagan Basotra along with battery of lawyers appearing for respondents expressed its displeasure over the non-submission of report by the Registrar of Companies in terms of order, dated September 4, 2013 and also observed that there is no representation on his behalf. Taking serious note of this, Division Bench directed Registrar of companies to comply with Court order dated September 4, 2013 within two weeks failing which he shall remain present in person to answer the Court queries on the next date of hearing i.e. December 23, 2013. Division Bench also allowed number of applications moved by the depositors/claimants for their impleadment as party petitioners and directed the Registry to carry necessary corrections. In 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. Their allegation appears to be that the assets of the companies have been misappropriated by those who are at the helm of affairs and they are lefty high and dry without payment or repayment of any initial investment which they were made. |
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