The Central Bureau of Investigation (CBI) has recently registered a criminal offence against three ex-directors of a Worli-based private company that had liquidated, following a complaint made by the deputy official liquidator (Dy OL) of Bombay High Court. In its complaint, the deputy OL has alleged that the ex-Directors had not disclosed details of the sales of the plots belonging to the company in liquidation after the winding-up order came into effect.
The agency has registered an offence against directors of the Worli-based company Futura Polyesters Limited - SB Ghia, MD Dalal and GM Nair, under sections 120B (Punishment of criminal conspiracy), 420 (cheating) and 406 (Punishment for criminal breach of trust) of the Indian Penal Code and section 536 (Avoidance of transfers, etc., after the commencement of winding up) of the Companies Act.
According to the CBI, M/s. Futura Polyesters Ltd. was incorporated in February 1960 and was registered with the Registrar of Companies (ROC) in Mumbai. The High Court of Bombay in its order dated 22.06.2018 had ordered to wound up M/s. Futura Polyesters Ltd and an official liquidator was appointed under the Company's Act. The official liquidator had submitted his official liquidator report in 2020 before the court seeking various reliefs.
In his complaint, the deputy OL had alleged that the ex-directors have not disclosed details of the sales of the plots belonging to the company in liquidation after the winding-up order having come into effect. "As per the complaint, between 01.04.2019 and 30.09.2020, the ex-directors have sold 18 plots belonging to the company in liquidation. As of 31 .03.2020, a sum of Rs 8.26 crore was received from the sale of 3 plots, out of which a sum of Rs 6.68 crore had been claimed to have been deposited with the Bank of India Escrow Account, Rs 8.24 lakhs had been claimed to have been paid towards TDS and an amount of Rs 1.49 crore has been claimed to have deposited in the company in liquidation's bank Account and has been appropriated by the ex-directors. Similarly, between 01.04.2020 till 30.09.2020, the ex-directors have sold 14 plots for Rs.12.39 crores, out of which Rs 2.38 crore had been appropriated in the same way in a conspiracy to siphon off the funds and hence diverted the funds of the company in liquidation without permission of the OL," said a CBI official.
It is also alleged that the ex-directors had not disclosed any details regarding the sale of 1 of the said 18 plots or money realised there from, despite an order of disclosure passed by the High Court of Bombay, an official said.
"Aforesaid act of commission and omission on the part of directors of the company constitutes as offences following which a criminal case was registered with the CBI," the official said.