Mumbai: In the case of criminal breach of trust lodged by Novie Agro Investment Ltd against Orbit Corporation Ltd, the metropolitan magistrate court has initiated proceedings against Orbit’s former managing director Pujit Agarwal and its manager Sahil Jain. After over seven years, the two will now face the trial for allegedly cheating Novie Agro of ₹30 lakh.
As per a June 2016 complaint against Agarwal and Jain, the two approached Novie Agro for short-term financing. However, in contravention of the agreed terms, no TDS was paid by the accused. Upon being confronted, Jain assured that Agarwal was the whole and sole authority and the authorised signatory of White Stone Properties Pvt Ltd (a partner of Orbit Corporation) and that the entire maze of companies was to create a web for income tax purposes.
Novie Agro later realised that the two were not even partners in the company. On September 15, 2015, Agarwal and Jain were asked to return the money as soon as possible. Novie Agro also said that they approached the court as a case was not registered when they approached the NM Joshi police.
