Sharma in this regard on Year Ending Amount of Dividend Rs. That the present application is based on the investigation reports received by SFIO. Since , the Company has not carried on such business activities and did no business of sale of plots in the year Sharma and his relatives as on

SB indicates that payment of Rs. It is clear that Sh. The Chartered Accountant vide its report dated Sharma falsified the books of account and other papers by not showing the properties purchased out of the funds of the Company. Meenakshi Sharma Sister-in-law Ltd. RBI did not accept the argument and barred the group from accepting any more public deposits. Management Cogent group of companies are required to recompense the company in liquidation with all the benefits that have been received or accrued over such shares and recompense the amount of consideration for transfer of shares i.

He added that Sh. Seema Rani Sister-in-law 2.

The Ketan Parekh Scam

Master Devish Kumar Sharma through Smt. The details of sale of these properties are as under: A perusal of findings of SFIO as discussed in the present application, in almost all the transactions ex-directors and their relatives are prima facie interested parties. Dinesh Prashar, Ex-Director iv.

case study jvg group of industries

However, he did not fully and truly disclose to the Official Liquidator the said properties. Veena Sharma with the funds of JVG Leasing Limited In Liquidation and the same was sold after the company went into liquidation and the sale proceeds jgv siphoned off by Sh.


The JVG Scandal

He also stated that Sh. Seema Rani Datta and Smt.

The said agreement to sell was signed by Mrs. As per the provisions of section 2 of the Companies Act,the return in the prescribed form is required to be filed within a period of 90 days from the date of such appointment.

The sale deeds were made in the favour of close relatives of Sh. Rajesh Sharma, who were relatives of Sh. B -Ashoka 8.

case study jvg group of industries

Veena Sharma is liable for offence of cheating along with Sh. Satinder Dutta from the Bank in two installments viz.

Rajesh Sharma Brother-in-law of Sh. They have also kept with them the whole consideration received on account of subsequent sale. He was Karta of the said HUF. Copy of affidavit dated He admitted that JVG had exceeded its limits while accepting deposits but claimed that since December much before the RBI ban it had stopped accepting deposits on its own and had even given RBI an undertaking.

Bharti Rejected on Official Bhagwan Jadav Benu Berry Apartment That direction be given to refund the amount of Rs.

The JVG Scandal | Free Management Articles | Free Management Case Studies

Rajni Sharma, Sister- 1,68,21, Comment on the role of regulatory agencies in the JVG scam and analyze how far the financial and regulatory system contributed to the scam.


Sharma, Ex-CMD without keeping in mind the interest of the company and also in complete disregard of the RBI directions and thus causing wrongful loss to the company. Accordingly, they be punished for offences under Sections ,, and read with section B of Indian Penal Code. D Shivakumar, Group Executive Analysts remarked that if the certificates were issued by agents who were handpicked by Sharma himself, he could not disown them.

Kapur was also one of the authorized signatories for Current Account No. Sharma, Ex-Director, be directed to clarify the above said alleged transaction worth Rs.

case study jvg group of industries

In Septemberpost-dated cheques issued for principal as well as interest on JVGs deposits bounced. These equity shares were entirely held oof promotersdirectors, their friends, relatives and associates as per list given in the prospectus dated Sharma was a man with strong political connections – he was close to politicians from Bihar and was involved with the Dalit Sena headed by the then railway minister Ram Vilas Paswan.