PREMCHAND KOLLI Vs. STATE OF TELANGANA

JUDGEMENT

(1.) This Criminal Revision Case is filed by the petitioner / de-facto complainant challenging the refusal of remand of respondent No.2 / A4 vide order dtd. 9/1/2024 in Crime No.356 of 2023 by the XII Additional Chief Metropolitan Magistrate, Hyderabad, registered for the offences under Ss. 406, 420, 409, 465, 467 and 471 read with Sec. 34 of IPC.

(2.) The case of the prosecution in brief was that on 20/12/2023 at 21:15 hours, the Director of M/s.Maxoind Tech Solutions Private Limited by name Mr.Premchand Kolli (de-facto complainant) lodged a report stating that in the year 2015, his son established Maxo Tech Solutions LLC in USA, which was running successfully. In the year 2017, his son's seniors in Engineering by name Mr.Swamijee Kakarla (A1) and Mr.Ravi Kumar Daparthi (A2) approached his son for funding to develop a new software platform for applicant tracking. After negotiations, his son decided to fund their project. Thus, Maxoind Tech Solutions Private Limited was incorporated in 2017 at Nandagiri Hills, Jubilee Hills, Hyderabad with the de-facto complainant as well as A2 as Directors. The accused No.2 appointed Mr.Pasumarthi Ramcharan (A4) in Maxoind Tech Solutions as Talent Acquisition Director. In September 2022, the de-facto complainant left to USA along with his wife and returned to India in April, 2023. Taking advantage of his absence, A4 on the instructions of A1 and A2 by colluding with A3 (Mr.M.Upendra Naidu, HR and Accounts Manager of M/s.Maxotech Solutions LLC) and A5 (P.Anil Kumar Reddy, Finance Manager of M/s.Oorwin Labs India Private Limited) created a fake and fabricated board meeting resolution dtd. 8/12/2022 appointing A1 as Additional Director in the Complainant's Company without proper quorum. A3 addressed letters to clients misleading them into believing that M/s.Signitives Technologies LLC was a sister company of M/s.Maxotech Solutions LLC. A5 uploaded the fraudulent resolution to Registrar of Companies (for short "ROC"), Hyderabad. It resulted in significant financial loss of more than Rupees fifteen crores to M/s.Maxotech Solutions LLC. Further A3 and A4 had deleted work emails to cover their tracks. The orchestrated plan resulted in the takeover of the companies and within 18 months since January, 2023, approximately 111 consultants from Maxotech Solutions LLC were shifted to Signitives LLC. It had caused a substantial revenue loss of US 12-15 millions dollars and a profit loss of US 2-3 million dollars to Maxotech Solutions LLC.

(3.) Basing on the said report, Crime No.356 of 2023 was registered by the Economic Offences Wing of Central Crime Station, Hyderabad.