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| Bail for 2 Directors of Gopal Arya Mission | | Petitioners debarred from leaving Jammu Province | |
Early Times Report
Jammu, Feb 20- In a much publicized multi crore scam of Gopal Arya Mission Private Ltd Finance Company, a Division Bench of J&K High Court Jammu Wing, comprising Chief Justice Barin Ghosh and Justice Virender Singh, today granted provisional bail for two months to Purshotam Gupta and Nirmal Gupta from the date of their release upon furnishing surety of Rs one lakh each with two sureties of like amount. The Court also directed the petitioners to surrender their passports before the concerned police before they are enlarged on bail. The petitioners shall not leave the Jammu Province without express leave of this Court.
The DB further clarified that this provisional bail on the above said terms is being granted to the petitioners Purshotam Gupta and Nirmal Gupta for a period of two months in connection with FIR No 28/2003 of dated February 25, 2003 registered in Police Station Pacca Danga Jammu, on the understanding that they would, as was represented on behalf of the company before the Supreme Court of India, render full assistance to the receivers in retrieving and selling the assets on which the receivers have been appointed. The extension of the bail would depend upon the efforts made by them in achieving the objects.
It is worthwhile to mention here that the petitioners along with Ashok Mahajan were taken into custody after they surrendered and are in custody since May 30, 2003.
Regarding the sale of property of the company, the Division Bench granted permission and observed that Receivers had sold certain properties and distributed a part of such sale proceeds with the sanction of High Court. The Receivers had put on sale a property known as Gopal Bhawan through Public Auction and after great efforts have been able to obtain an amount of Rs 1.51 crore from one Kuldeep Raj Gupta son of Ram Rattan Gupta resident of 230 Shastri Nagar Jammu.
With regard to the property situated at No 6-A Pushap Vatika, Rehari Jammu, the DB ordered that the CMP filed by Vijay Kumar be listed on March 3. The receivers also sought further directions in the case of Maharishi Dayanand Hospital BC Road Jammu. Regarding encroachment made over Udheywala Land all the 10 CMPs filed have been dismissed while the DB declined to grant permission for surrendering the tenancy of the rental shops in consideration of payment (Salami) which are in possession of the receivers. The Court held that tenancy of these shops be surrendered on the specific undertaking given by the owners through their counsel that they will not claim any rent from the Receivers for the time Receivers were in possession.
Regarding the Insurance Policies, DB observed that the Receivers have reported that the surrender value of the life-insurance policies of the persons Ashok Mahajan, Purshtom Gupta and Nirmal Gupta have not been released by the LIC and directed LIC to pay the surrender value of those policies to the Receivers on the strength of this order upon treating that subject policies stand assigned by reason of the orders by this Court in favour of the receivers entitling them to recover the surrender value of the Insurance Policies. DB also directed the Receivers to sell on its term, the lease hold land situated at Village Raya which they are in possession.
Regarding the recovery of loans, DB directed Receivers to issue notice to each loanee defaulter and trader including in the notice, the claim as well as foundation with the direction upon the loanees, defaulters and traders to state their version within 15 days from the dates of receipt of such notices so that the claims of the receivers can be adjudicated by this Court. Regarding the disbursement of amounts now lying and the amounts to be received upon the sale of Gopal Bhawan, DB will issue appropriate directions on March 10, 2009. JNF
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