Delhi High Court - Orders
Re-M/S Jvg Finance Ltd vs Unknown on 1 May, 2024
Author: Prathiba M. Singh
Bench: Prathiba M. Singh
$~C1
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 265/1998 & CO. APPL. 925/2014, 427/2018, 617/2020,
522/2021, 618/2023, OLR 29/2023
RE-M/S JVG FINANCE LTD. ..... Petitioner
Through: Mr. Ankur Mittal and Mr. Devesh
Matta, Advocates for applicant in
Co. Appl. No. No. 522 of 2021 (M-
7905165447)
versus
.... ..... Respondent
Through: Mr Kailash Vasdev, Senior Adv.,
Mr. Anil Karnwal, Adv along with
Mr Dinesh Goyal in person for
Respondent No.2 (M-9810044429)
Mr. Ramesh Babu with Ms. Manisha
Singh and Ms. Jagriti Bharti,
Advocates for RBI (M-9873922734)
Mr. P D gupta Sr adv with Atul
Gupta, Advs. (M-9810862405)
Ms Hetu Arora Sethi ASC GNCTD
Delhi Police, SHO for GNCTD. (M-
9810368590)
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 01.05.2024
1. This hearing has been done through hybrid mode.
Co. APPL. 226/20242. The registry is directed to move the copy of the reply to Co. APPL. 925/2014 from the folder of Co. APPL. 226/2024 to the folder of Co. APPL.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/05/2024 at 22:19:01 925/2014.
CO. APPL. 226/2024, 441/2024 and 442/2024
3. All aforesaid three applications seeking exemptions are allowed.
4. Vide order dated 3rd October, 2023, this Court was informed by Mr. Kailash Vasdev, ld. Sr. Counsel appearing for Respondent No. 2- Mr. Dinesh Goyal that the said Respondent has not filed a reply to CO. APPL. 925/2014 and the same has been mis-described as his reply to the said application. On the said date, the Court was informed that costs of Rs. 50,000/- have been paid by Mr. Dinesh Goyal and consequently, this Court allowed the same to brought on record.
5. The reply and the additional documents filed by Mr. Dinesh Goyal are taken on record. However, since the same have been filed after delay 10 years, and that too with voluminous documents which ought to be been in possession of Mr. Dinesh Goyal, the same is subject to deposit of costs of further costs of Rs.50,000/-. The said costs shall be deposited in the Common Pool Fund of the Official Liquidator.
6. Let the said costs be deposited by 10th May, 2024.
7. Applications are disposed of.
CO. APPL. 925/20148. The statement of Mr. Dinesh Goyal has been recorded by the Court. His statement is extracted as under:-
"I am a law graduate from Kurukshetra University in the year 1988. I have never practiced law. From 1989, I have been working in a Company by the name Tirupati Cylinders Limited. Till date, I am working with the said Company as a Director. I was always a Director in the said Company. Tirupati Cylinders Limited is not related to VK Sharma or the This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/05/2024 at 22:19:01 Sharma family of JVG in any way.
Prior to 2002, there was no connection whatsoever between JVG and Tirupati Cylinders Limited. My family and I are the promoters of Tirupati Cylinders Limited. A power of attorney was executed by Mr. V.K. Sharma in my favour. Tirupati Cylinders Limited purchased agricultural land in Gurgaon from Mr. VK Sharma in front of the Tehsildar, who has registered the agreement to sell. Accordingly, the power of attorney was executed. The total land, which was sold was approximately 45 acres, and the consideration paid for the purchase of the said agricultural land was Rs.3,00,000/- per acre. In respect of 22 acres of the land, there was a legal challenge, and the same has been rejected by the Court.
I purchased the said agricultural land in June/July 2002 and sold it in October/November 2002. I purchased the land at the price of approximately Rs.3,00,000/- per acre and sold it at a price in the range of Rs.4,00,000/- to 4,50,000/- per acre. I have sold 18 acres of land to different farmers at a price in the range of Rs.4,00,000/- to 4,50,000/- per acre. The sale consideration for the same was received by Tirupati Cylinders Limited. The land is currently with the farmers except 22 acres which is still in dispute before this Court. There is no construction on the said land as it is agricultural land.
I do not have any General Power of Attorney from Mr. V.K. Sharma except the Power of Attorney for the Gurgaon lands. I have not sold or purchased any land except the land, which Tirupati Cylinders Limited purchased from JVG. I have known Mr. V.K. Sharma since the early 1990s. I was not aware of him before that. I do not have any relationship with Mr. V.K. Sharma.
In Kurukshetra, Mr. V.K. Sharma and my family were neighbours. The sale consideration for the purchase of the agricultural lands in Gurgaon from JVG/ Mr. V.K. This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/05/2024 at 22:19:02 Sharma was paid in cash in front of the Sub- Registrar/Tehsildar. The cash which was paid was in excess of Rs. 1 crore. The cash was given to Mr. V.K. Sharma directly.
I have no connection with Mr. V.K. Sharma. I was neither a shareholder nor a Director in any of the JVG Group of Companies and I have not denied any of the benefits from him or JVG."
9. As the statement of Mr. Dinesh Goyal has already been recorded, he does not need to appear at this stage until any further direction is issued.
10. List on 13th May, 2024 for further hearing.
PRATHIBA M. SINGH, J.
MAY 1, 2024/ssc/am This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 06/05/2024 at 22:19:02