Sharma siphoned off Rs. Seema Rani Sister-in-law 2. The entries against the same C. The Chartered Accountant has mentioned in its report that the company has contravened the provisions of Section 1 of the Companies Act, A, Block-A measuring V K Sharma and his associates. A total of 31 bank accounts of the JVG group of companies were seized and an amount of Rs 5 lakh lying in these accounts was frozen.

The Chartered Accountant has mentioned in its report that the company has contravened the provisions of Section 1 of the Companies Act, For complaints, use another form. Vinay Kumar Sharma Flat No. Namrata Krishan and Ms. The agents or the field-workers , who raised deposits from investors on behalf of JVG, were extremely worried. Singh which couldn’t be served due to non traceability of the said persons. The transactions as mentioned in Para 25 of this application for purchase and sale of flats in Panchtantra, Panchamrut, Panchmukhi and Ashoka Apartment executed after the date of winding up of the company i.

It was reportedly through these connections that he was able to make JVG Department Stores one of the largest suppliers of commodities to indusyries Government of India.

The Ketan Parekh Scam

B -Ashoka 2. The Chartered Accountant vide its report dated Veena Sharma and thereafter the same have been used for the purchase of jewellary and knowingly has not disclosed the above facts to the Hon’ble High Court of Delhi and Official Liquidator, Jg. Sharma in connivance with Sh.


case study jvg group of industries

JVG Group – The Background From being a small-time contractor earning less than Rs a month, Sharma went on to run a group, which on paper had an annual turnover of Rs crore, in just seven years. Sharma appeared before SFIO on That SFIO on its finding clearly establishes that: Accordingly, they also be punished for offences under Sections ,, and read with section B of Indian Penal Code.

SFIO found during examination of bank accounts of Sh. Sushil Kumar Gupta appeared on In the said accounts a sum of Rs. A certificate dated To sum up, Sh. Dehradun, in favour of Mrs. As Tetra Pak unveils its future factory plans, it hopes the carton you drink out of will get smarter, more Vishneshwar Nath on Sharma and his wife, Smt.

The JVG Scandal|Finance|Case Study|Case Studies

The companies had not provided any information about the rate of interest to the investors on the receipts issued to them. Sharma agreed to sell the Flat Nos. Sharma had grand plans for making JVG a Rs crore empire by Sharma siphoned off Rs.

case study jvg group of industries

Antonio Filipe George vide Deed of Mortgage dated They were sure to apprehend the agents for issuing fake nidustries. However, JVG’s demise and Sharma’s stint in jail would perhaps never replace the dreams and hopes of the investors whose hard-earned money had vanished forever. As per details mentioned in the prospectus of this Public Issue, in addition to Rs.


case study jvg group of industries

Surya Thapar, Ex-Director iii. Dilip Verma Apartment Rejected on Kapur was the proprietor. 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.

SFIO also disclosed in the report that the said amount of Rs. Sharma since they were also allotted to him on He also admitted that it was impossible for him to repay all his depositors, including those whose deposits had not matured.

SFIO also recorded statement of Sh.

Virender Kumar Sharma sold the flat to Mrs. The copy of report dated Rent from the above property That the above property situated at Ashoka Park was handed over to Land Acquisition Collector