Parsvnath Chairman, 10 Directors Can’t Leave India: HC
New Delhi: The Delhi High Court has restrained Pradeep Jain, chairman of Parsvnath Developers Limited, and 10 directors of the firm from leaving the country in a case related to the delay in delivery of its residential project in west Delhi.
Hearing a petition filed by the Paramount Residents Welfare Association (RWA), the court on February 22 also directed the investigating officer (IO) of Delhi Police to file a status report in the case. The case will be heard next on March 24. Justice Vipin Sanghi in his order observed that prima facie, the case appears to disclose a serious offence, which could well be a multi-victim scam.
Pulling up the investigating agency, the court said, “In such cases, it is highly frustrating not only for the complainants but also for the court to see the investigating agencies drag their feet. Inefficient investigation in such like cases also gives rise to avoidable doubts about the competence and integrity of the investigating agency.”
The Paramount project, located in Subhash Nagar in west Delhi, was planned to have around 84 luxury apartments. The project, awarded to Parsvnath Developers by the Delhi Metro Rail Corporation in 2005, was scheduled to be completed within five years. The builder had also applied for an extension of two years to DMRC in 2011.
“We filed an FIR with the economic offences wing of Delhi Police in September last year, but the builder had not been investigated,” said Viveck Agarvwal, the lawyer representing the home buyers. Parsvnath did not response to the emailed questionnaire till the time of going to press. The builder has collected up to 90% of the cost of flats from the home buyers, claims Shailender Mongia, secretary, Paramount RWA. Delhi Police had issued a notice to Parsvnath Developers on January 20.