Parsv­nath Chair­man, 10 Direc­tors Can’t Leave In­dia: HC

The Economic Times - - Companies: Pursuit Of Profit -

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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.

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