RESERVE BANK OF INDIA Vs. JVG FINANCE LTD

JUDGEMENT

(1.) This application is filed by the applicant-M/s. Tirupati Cylinders Ltd. seeking the following reliefs:-

(2.) The case of the applicant-M/s. Tirupati Cylinders Ltd. is that the applicant purchased certain lands in question from the companies of the JVG Group through Sh. V.K. Sharma who was the authorised signatory. The applicant claims to have purchased these lands from JVG Hotels Ltd., JVG Housing Finance Ltd., JVG Foods Ltd., JVG Farm Fresh Ltd. and JVG Steels India Ltd. These lands are located in District and Tehsil Gurgaon, Haryana and located at Village Sindhrawali or Village Bhorakhurd. Full details of the description of the lands and the consideration paid are spelt out in Annexure A-2 of the application. All the seller companies belong to the JVG Group of Companies which comprise of large number of such companies. It is claimed that a number of these companies have gone into liquidation but at the time of purchase of the land, the companies noted above were not under liquidation. All these purchases were made during the period from May 2002 to July 2002. The entire consideration for the alleged purchase of the lands has been paid in cash allegedly to Mr. V.K. Sharma, the ex.-director of the JVG Group of Companies. Power of attorney and agreement to sell were executed and duly registered with the appropriate authorities during the aforesaid period itself. Registered irrevocable general power of attorneys were executed in favour of the Director of the applicant Company, namely, Sh. Dinesh Goyal. It was also agreed in the registered agreement to sell that the applicant Company can register sale deeds in its own name or in favour of any of its nominee or any other person or firm, etc. It is claimed that the physical possession of the property is also with the applicant Company.

(3.) On 03.09.2002, this court directed that prior to affecting any sale, alienation, transfer or creation of any third party interest in any assets of the JVG Group of Companies, permission of this court should be obtained.