Real Estate firm Elan Group lodges two FIRs against PVR Cinemas for cheating, forgery; Here’s why

Two FIR have been registered against PVR Cinemas and its promoters Ajay Bijli, , Niharika Bijli and other directors for cheating and forgery under section 420, 406 and 120B IPC for selling stocks at inflated value

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Multiple FIRS’ have been registered against PVR Cinemas and its promoters , , Niharika Bijli and other directors for cheating and forgery under section 420, 406 and 120B IPC for selling stocks at inflated value of Rs 820 crore illegally and causing loss of crores to Gurgaon based Real Estate companies, said a statement from Elan Group.

The Gurugram Police has registered FIR under section 420, 406, 120BIPC and other sections against Ajay Bijli his brother Sanjeev Kumar Bijli daughter Niharika Bijli along with PVR Limited and eight persons including Renuka Ramnath, Amit Burman, Vikram Bakshi and others. The FIR got registered for their alleged involvements in fraudulently inflating the share prices and selling the same for an exorbitant price of 820 crores.

The case came to light when the complainant Elan Group lodged a complaint in the court, which then directed the local police on Novermber 11, 2017 to register an FIR against Ajay Bijli, Chairman and Managing Director, PVR Ltd. and directors of PVR namely Niharika Bijli, Sanjeev Kumar Bijli, Renuka Ramnath, Founder, MD and CEO Multiples Alternate Asset Management, Amit Burman, CEO, Dabar Foods, Vishal Kashyap, Managing Director and Co-head Warbug Pricus LLC, Sanjay Vohra, Sanjay Khanna, Vikram Bakshi, Managing Director, Connaught Plaza Restaurants, McDonald’s India (North & East) and Chairman, Ascot Hotels and Resort Pvt Limited, PVR CEO Kamal Gyanchandani, PVR CFO Nitin Sood.

Elan Group said that PVR Limited, which was approximately operating with 400 screens started showcasing that they were going to have 1000 screens by the Year 2018. PVR entered into MOUs with builders of commercial space and AJAY BIJLI made sensational statements to the press that PVR was in the process of achieving its target of 1000 cinema screens by the year 2018, thereby inflating the share prices of PVR based on false statements.

Projections of anticipated business and profits had been made by PVR on the basis of contracts/memorandum Of Understandings (MoU’s) by contending that the real estate projects relating to which the agreements had been entered into work in the offing and all these contracts would translate into actual business for PVR. Once PVR sold its 14% stakes (by overpricing) to Warbur Pincus (a U.S. based fund), PVR fraudulently/malafidely tried to terminate the MOU’s, said the FIR.

Elan Group said that upon investigations made by the complainant, the complainant found that the accused PVR never had any intention of taking on lease the multiplex proposed to be developed in terms of the aforesaid MOUs. The complainant found that the accused had hatched a well-planned conspiracy with the malafide intent to allure investors so as to increase the share value & worth of the accused PVR in Global Market. Once the shares of PVR were sold, they dumped the Contracts/Memorandum Of Understandings (MoU’s) and fraudulently tried to terminate it.

Two FIR’s (FIR No 630 and 631 both dated 22.11.2017) which was lodged at the Sushant Lok I Police Station, Gurgaon alleges that the abovenamed accused in connivance with each other had fraudulently planned and sold stocks at high price and duped lots of builders.

The complainant then filed complaints with various departments and police, but was shocked to see that no action was taken against them. The complainant then, filed petition in court which in turn directed the police station to register FIR against the accused persons, said Elan Group.

The complainants stated that the accused right from the beginning had dishonest intent and in order to cause wrongful gain to themselves and wrongful loss to us. The accused has illegally terminated the MOU on vague and baseless reasons. The entire gameplan of PVR and its promoters was to earn illicit profits at the cost of us. The complainants are also moving to SEBI (Security Exchange Board of India) for highlighting the frauds of accused.

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