Thu. Sep 28th, 2023

CHANDIGARH: Punjab Vigilance Bureau (VB) on Tuesday arrested Dharmendra Singh Sandhu, one of many illegally appointed Directors of the PACL Ltd., in reference to Pearls Agrotech Corporation Limited (PACL Ltd.) rip-off, during which round 5 crore gullible traders had been defrauded of round Rs 50, 000 crores by the corporate.

Disclosing this right here as we speak, an official spokesperson of the VB mentioned that the absconding accused Dharmendra Singh Sandhu, resident of Rama Mandi, Jalandhar, has been arrested in FIR No. 01 dated 21-02-2023 registered underneath sections 406, 420, 465, 467, 468, 471, 384 and 120B of IPC at State Crime Police Station, SAS Nagar, Punjab.

He additional knowledgeable that an Extraordinary General Body Meeting (EoGM) of PACL Ltd. was proven to have been held on 01-01-2022 at Ms PACL Limited’s registered workplace in Jaipur (Rajasthan), which had been mendacity closed for previous 7-8 years, and in addition appointed three new administrators particularly Hirdaypal Singh Dhillon, Sandeep Singh Mahal and Dharmendra Singh Sandhu on the premise of solid proceedings of EoGM, which by no means befell. They had submitted the cast paperwork to the Registrar of Companies, Jaipur, via Chartered Accountant (CA) Jaswinder Singh Dang of Ludhiana and obtained their names mirrored as Directors of PACL Ltd on the web site of Ministry of Company Affairs (MCA). Notably, Sandeep Singh Mahal and CA Jaswinder Singh Dang have already been charge-sheeted on this case and are in judicial custody, he added.

Divulging additional, the spokesperson knowledgeable that these three unlawfully appointed Directors issued notices underneath the signatures of Sandeep Singh Mahal to totally different individuals holding/possessing property of the PACL Ltd. with out taking permission from the Committee constituted by Supreme Court of India underneath the Chairmanship of Justice (Retd.) R.M. Lodha, and began extorting cash from them.

Recently, the Ministry of Company Affairs (MCA) has eliminated the names of Hirdaypal Singh Dhillon, Sandeep Singh Mahal and Dharmendra Singh Sandhu from the checklist of Directors of PACL Ltd.

Pertinently, a Committee underneath the chairmanship of Justice (Retd) R.M. Lodha has been constituted pursuant to the order of Supreme Court of India to promote the properties of PACL Ltd. and use the sale proceeds to refund the traders who’ve invested their hard-earned cash within the collective funding scheme (CIS) supplied by the Company.

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