It is clear from the above that Sh. That the contents of the paragraphs of the application are true and correct to my knowledge and information received from the records of the company in my office. For complaints, use another form. He had a reward of Rs 1 lakh on his head. The closing of the offices created a panic among the depositors and strong voices were raised against the group in the media.

Sharma had sought bail on health grounds claiming that he was suffering from hypertension, angina and chest pain. V K Sharma, in his affidavit dated SFIO found during examination of bank accounts of Sh. Vijay Kumar Sharma as on He announced that he would invest over Rs crore in diverse areas such as power, cement, hotels, steel, textiles and aviation. Rajendra Kumar Goel v. 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.

Sharma, their relatives and other persons who have pocketed the sale consideration of above mentioned flats be ordered to deposit with interest in the accounts of the company in liquidation.

D Shivakumar, Group Executive Nine company vehicles were taken into police possession and a number of properties located caxe Bombay and Delhi held by the company were identified and the income-tax authorities in Delhi and Bombay were informed.

B -Ashoka 9. The transactions as mentioned in Para 25 of this application for purchase and sale of flats in Panchtantra, Panchamrut, Panchmukhi and Ashoka Apartment executed after jvb date of winding up of the company i. SFIO found during examination of bank accounts of Sh.


case study jvg group of industries

Known for his lavish lifestyle – his farmhouse in Delhi, his fleet of expensive cars and the helicopter he had taken on lease to tap deposits from small towns in north India were talked about quite often. SFIO also issued a public notice in this regard in leading newspapers dated Surya Thapar, Ex-Director iii.

The JVG Scandal

That as mentioned in Para 26 of this application following signatories to the Balance Sheet have rendered themselves o under Section of the Companies Act, be punished for knowingly making false statement with regard to Promoters contributions: V K Sharma, purchased an office space at Flat No.

Sharma has created third party interests by way of unregistered general power of attorneys or agreements to sell and physical possession has also been given by Sh. She further admitted before SFIO Inspector that she used to sign papers, cheque books and other documents as per advice of her husband Sh.

The report of the Committee is awaited.

A Case Study on JVG Scandal

That the concerned District Magistrate, Commissioner of Police, SSP, Revenue Authorities and other district authorities be directed to assist the officials of Official Liquidator in taking over possession of the above said properties. That pursuant to Para 28 it is clear that Sh. Comment on the role of regulatory agencies in the JVG scam and analyze how far the financial and regulatory system contributed to the scam.

A person must be legally bound; i by an oath, or any express provision of law, to state the truth; or ii to make a declaration upon any subject.

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case study jvg group of industries

The promoters were to bring in the entire money of Rs. Following a sharp fall in Singh, Mortgage Valuation Expert to submit a report on Gurgaon land of the company in liquidation. The copy of relevant documents explaining unauthorized payment of remuneration to Sh.


Vishal Sharma Brother-in-law Services Pvt. Name of the Company Credit Balance lying as on Vijay Kumar Sharma in the year and winding up date Kurla 15,00, Complex studj. As per SFIO report all the above transactions were confirmed by the respective banks through which payment was released and the banks in which payment was deposited. Sharma for rent in respect of indjstries Rohtak Road property for the month of February, and March, respectively.

The JVG Scandal|Finance|Case Study|Case Studies

Meenakshi Sharma, both sisters-in-law and Sh. Bhanwar Singh, Ex-Director f Sh. Sharma had shown interest in their projects and booked 8 flats initially in different buildings and they received the payment of Rs. He also refuted allegations that most of his investments were in the JVG Induxtries. However, in respect of his appointment as Managing Director w.

Sharma had grand plans for making JVG a Rs crore empire by Veena Sharma who has pocketed sale consideration amounting to Rs. He must; i Know or believe it to be false, or ii not believe it to be true.

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