The Gurugram Court ordered to file two FIRs against PVR Cinemas and its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors for cheating and forgery U/s 420, 406 and 120B IPC for selling Stocks at inflated value of Rs 820 Crore illegally and causing loss of Crores to Gurgaon based Real Estate Companies.
The Gurugram Police will register a criminal case under section 420, 406, 120BIPC and other sections against Ajay Bijli his brother Sanjeev Kumar Bijli daughter Niharika Bijli along with PVR Limited and Eight persons including Ms. Renuka Ramnath, Mr. Amit Burman, Mr. Vikram Bakshi and others. The FIR will be registered for their alleged involvements in fraudulently inflating the share prices and selling the same for an exorbitant price of 820 crores.
The case came to light when the complainant ELAN GROUP lodged a complaint in the court, which then directed the local police on 17.11.2017 to register an FIR against Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors of the accused company PVR Limited.
PVR Limited, which was approximately operating with 400 screens started showcasing that they were going to have 1000 screens by the Year 2018.
PVR entered into MOUs with builders of commercial spaces and Ajay Bijli made sensational statements to the press that PVR was in the process of achieving its target of 1,000 cinema screens by the year 2018, thereby inflating the share prices of PVR based on false statements.
Projections of anticipated business and profits had been made by PVR on the basis of Contracts/Memorandum of Understandings (MoU’s) by contending that the real estate projects relating to which the agreements had been entered into work in the offing and all these contracts would translate into actual business for PVR. Once PVR sold its 14 % stake (by overpricing) to Warbur Pincus (a U.S. based fund), PVR fraudulently terminated the MOU’s.
Upon investigations made by the complainant, the complainant found that the accused PVR never had any intention of taking on lease the proposed multiplex which was to be developed in terms of the aforesaid MOUs. The complainant found that the accused had hatched a well-planned conspiracy with the malafide intent to allure investors so as to increase the share value & worth of the accused company in Global Market. Once the shares of PVR were sold, they dumped the Contracts/Memorandum Of Understandings (MoU’s) and fraudulently tried to terminate it.
Two FIR’s which will be lodged at the Sushant Lok I Police Station, Gurgaon on the grounds that the above named accused in connivance with each other had fraudulently planned and sold stocks at the high price and dumped lots of builders.
The complainant then approached Ajay Bijli and other Directors, who in high headedness openly proclaimed and boasted that they were extremely well-connected bureaucratically and amongst police officials as well as politicians. It was openly stated by them that no one would dare to initiate any action against them.
The complainant then filed complaints with various departments and police, but was shocked to see that no action was taken against them. The complainant then, filed petition in court which in turn directed the police station to register FIR against the accused persons.
Once the FIR will be lodged, the police will lookout for the accused for arrest and the main accused may be arrested anytime.
The Complainants have stated that the accused right from the beginning had the dishonest intention and in order to cause wrongful gain to themselves and wrongful loss to us. The accused has illegally terminated the MOU on vague and baseless reasons. The entire gameplan of PVR and its promoters was to earn illicit profits at the cost of us. The complainants are also moving to SEBI (Secutrity Exchange Board of India) for highlighting the frauds of accused.