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Patiala House Court of Delhi has directed Delhi Police to submit an Action Taken Report (ATR) regarding an alleged fraudulent transfer of shares in the listed company Advik Capital Limited.
The Additional Chief Judicial Magistrate Pranav Joshi has directed the Delhi Police to submit an Action Taken Report (ATR) on whether an FIR has been registered against several individuals in connection with the alleged fraudulent transfer of shares in Advik Capital Ltd. "Let ATR be called from SHO PS IGI Airport Metro as well as DCP IGI Airport Metro as to whether FIR has been registered on the complaint filed by the complainant," the court said. The court further directed that the ATR shall also indicate as to what action was taken after receipt of the complaint. The complaint involves the transfer of shares from GTM Builders & Promoters Pvt Ltd to the names of Asha Gupta and Bharti Garg. The complaint centres around GTM's claim that its 11,000 equity shares in Du-Lite Safety Services Pvt Ltd--later merged into Advik Capital--were to be converted into 66,000 shares of the listed company. However, GTM alleges that these shares were "unlawfully transferred" to Asha Gupta and Bharti Garg without their consent or any compensation. GTM further claims that despite repeated inquiries, Advik Capital Ltd failed to recognize its shareholding post-merger and did not offer any explanation for the unauthorized transfer. The complaint specifically accuses Vikas Garg and Karan Bagga, both linked to Eraaya Lifespaces Ltd, of conspiring to misappropriate GTM's shares. The allegations include violations of Sections 120B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), and 471 (forgery) of the Indian Penal Code. (ANI)
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