PIL for global investors meet guidelines: HC reserves order
TIMES NEWS NETWORK
Chennai : 22.01.2019
The Madras high court on Monday reserved orders on a petition filed by a Singapore-based company, to stall the conduct of the Global Investors Meet (GIM) 2019 in Chennai till the government frames guidelines for participation of companies. The two-day event is on January 23 and 24.
A division bench of Justice M Sathyanarayanan and Justice P Rajamaniackam said that they were reserving orders after concluding the final hearing of the plea moved by Cascade Energy Pvt Limited, a Singapore-based company. The firm wanted the court to direct the state to frame guidelines to protect foreign investors from getting cheated by tainted companies .
According to the petitioner, it had been cheated to the tune of Rs 33 crore after it had invested in an Indian company called Zynergy Solar Projects and Services Private Limited.
The petitioner company purchased 51% of equity shares belonging to Zynergy, but did not receive any returns for its investments. The money was not utilised for the purpose for which it had been invested. The funds had been misused and transferred with mala fide intention to various shell companies for personal gains, it said.
Claiming that such companies were utilising GIM as a platform for committing such fraud on foreign companies, senior counsel P Wilson submitted that the petition was not against the investors’ meet but only wanted the government to frame guidelines to protect the interests of investors, particularly from foreign nations.
TIMES NEWS NETWORK
Chennai : 22.01.2019
The Madras high court on Monday reserved orders on a petition filed by a Singapore-based company, to stall the conduct of the Global Investors Meet (GIM) 2019 in Chennai till the government frames guidelines for participation of companies. The two-day event is on January 23 and 24.
A division bench of Justice M Sathyanarayanan and Justice P Rajamaniackam said that they were reserving orders after concluding the final hearing of the plea moved by Cascade Energy Pvt Limited, a Singapore-based company. The firm wanted the court to direct the state to frame guidelines to protect foreign investors from getting cheated by tainted companies .
According to the petitioner, it had been cheated to the tune of Rs 33 crore after it had invested in an Indian company called Zynergy Solar Projects and Services Private Limited.
The petitioner company purchased 51% of equity shares belonging to Zynergy, but did not receive any returns for its investments. The money was not utilised for the purpose for which it had been invested. The funds had been misused and transferred with mala fide intention to various shell companies for personal gains, it said.
Claiming that such companies were utilising GIM as a platform for committing such fraud on foreign companies, senior counsel P Wilson submitted that the petition was not against the investors’ meet but only wanted the government to frame guidelines to protect the interests of investors, particularly from foreign nations.
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