Relief Not Granted to PVR from Punjab & Haryana High Court

GURGAON, India - Dec. 23, 2017 - PRLog -- The Punjab & Haryana High Court on Monday denied giving any relief to the accused directors of PVR Limited and directed the matter for mediation to explore amicable settlement options.

On the Directions of Court, the Gurugram Police had earlier registered a criminal case under section 420, 406, 120B-IPC and other sections against  Ajay Bijli his brother Sanjeev Kumar Bijli daughter Ms. Niharika Bijli alongwith PVR Limited and Eight persons including Ms. Renuka Ramnath, Mr. Amit Burman, Mr. Vikram Bakshi and others. The FIR got registered for their alleged involvements in fraudulently inflating the share prices and selling the same for an exorbitant price of 820 crores.

The FIR which was lodged at the Sushant Lok I Police Station, Gurgaon alleges that the above named accused in connivance with each other had fraudulently planned and sold stocks at high price and dumped lots of builders.

After not getting any relief from Gururgam, the accused promoters Bijlis moved to Punjab & Haryana high court for quashing of FIR filed by Gurugram Police (on directions of Hon'ble Court). The Punjab & Haryana High Court after hearing the parties declined to quash the FIR.

Now that the FIR has been lodged, the police are investigating the matter and looking deeply for evidences of frauds done by Ajay, Sanjeev, Niharika Bijli and others involved in the matter.