CASE STUDY JVG GROUP OF INDUSTRIES

SFIO also disclosed in the report that the said amount of Rs. He also admitted that it was impossible for him to repay all his depositors, including those whose deposits had not matured. The aforesaid property, though clearly purchased from out of funds of JVG Finance Limited, has not been shown in the Company’s Balance Sheet as assets under the relevant schedule i. The SFIO in its report found out that this being a fixed deposit, the company was bound to comply with the provisions of section 58A of the Companies Act, and the Companies Acceptance of Deposit Rules, , but the company in liquidation failed to comply with the said provisions. Pass necessary orders of punishment against Sh.

That statement of Sh. The agents or the field-workers , who raised deposits from investors on behalf of JVG, were extremely worried. Krishan Lal Anand The said property was purchased in the name of Sh. SB indicates that payment of Rs. Rajender Goyal was directed by the inspector vide various summons to appear before the inspector personally but Sh. Virender Kumar Sharma for an amount of Rs.

Land and property, including acres in Gurgaon, Rewari and Faridabad, in the name of JVG group of companies were attached.

The JVG Scandal

Sharma in the year details given in Table M. Over three- and five-year periods, the fund has outperformed its benchmark. As per SFIO report an agreement to sell the said flat was executed on He must troup a false statement iv. The increase in public deposits was after publicity through advertisements in which grossly exaggerated financial results for the year were shown. Rita Saxena in December, for a consideration of Rs.

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Rajendra Kumar Goel v. Rajender Goyal was directed by the inspector vide various summons to appear before the inspector personally but Sh. He said that he had invested in automobiles, plant and machinery and other equipment through hire purchase and lease schemes, and only a minor amount was in group companies. As the company financial position was not good and it had defaulted in making payment to its industdies. Veena Sharma and later on the same was sold by Smt. He was unable to produce any documentary evidence in support of his above statement to SFIO.

Sharma and his relatives.

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Seema Rani and Smt. That SFIO in the same report dated In the said accounts a sum of Rs.

V K Sharma and by himself. JVG Group – The Background From being a small-time contractor earning less than Rs a month, Sharma went on to run a group, which on paper had an annual turnover of Rs crore, in just seven years.

He is therefore, liable for the offence of criminal breach of trust under section read with of IPC. He inrustries that he would invest over Rs 4, crore in diverse areas such as power, cement, hotels, steel, textiles and aviation. Sharma, son casse a former government school teacher, was apprehended after a dramatic chase from Kailash Colony to Bhairon Road.

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With intent to defraud and deceive the company, its shareholders and creditors, Sh.

case study jvg group of industries

Kapur knowingly allowed Sh. Name of Company No. The entries against the same C.

B -Ashoka 7. That the present application is based on the investigation reports received by Industeies. Bank, Delhi for preparation of pay orders favouring Sh.

SFIO also interrogated Sh.

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Sharma be directed to clarify expenses incurred on the development of land and also identify the land at Sahibabad U. The amount of dividend taken by Sh. The SFIO in its report found out that this being a fixed deposit, the company was bound to comply with the provisions of section 58A of the Companies Act, and the Companies Acceptance of Deposit Rules,but the company in liquidation failed to comply with the said provisions.

case study jvg group of industries

CBI, r dt. Last balance before Google properties are opening up for advertisers like never before.

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