Indiabulls SC Writ

IN THE SUPREME COURT OF INDIA
CRIMINAL ORIGINAL JURISDICTION

WRIT PETITION (CRIMINAL) NO………/2019
[ UNDER THE ARTICLE 32 CONSTITUTION OF INDIA]
IN THE MATTER OF: -
ABHAY YADAV …..Petitioner
VERSUS
SECURITIES & EXCHANGE BOARD OF INDIA
Through its Chairman & Others ……
Respondents
WITH
I.A NO. OF 2018
AN APPLICATION FOR EXCEMPTION FROM FILIING THE
OFFICIAL TRANSLATION
PAPER BOOK
(FOR INDEX KINDLYSEE INSIDE)
SANJAY KUMAR
ADVOCATE FOR THE PETITIONER:

FORMAT OF INDEX
Sl. Particulars of documents Page no. of para to Remk.
No. which it belongs
Part 1 Part II
(Contents (Contents
of page of file
Book) alone)
(i) (ii) (iii) (iv) (v)
1 Listing proforma A-A1 A-A1
2 Cover Page of page Book A2
3 Index of record of A3
Proceedings
4 Defect List A-4 to
5 Writ Performa A-
6 Note Sheet NS1
to….
7 Synopsis and list of dates B-F
8 Writ Petition (Crl) with 1-10
affidavit
9 Appendix-I 11-
Article 21 and 32 of
constitution of India
10
11 ANNEXURE P-2
A true Translated copy of
SYNOPSIS
The petitioner is a shareholder of the company M/S Indiabulls
Housing Finance Limited who is the Listed, Public Limited and Non-
Banking Financial Company whereas the Chairman Sameer Gehlaut
is also Managing Director of said Non-Banking Financial Company.
The Sameer Gehlaut and M/S Indiabulls Housing Finance Limited is,
as per records and their repeated representations, engaged in the
alleged business of money lending for the purposes of Home finance
and also having the prominent presence across the country. Presently
the Sameer Gehlaut and M/S Indiabulls Housing Finance Limited is
having the public money of approximately more than 1 lakh of crores
Indian rupees and out of which the Sameer Gehlaut and M/S
Indiabulls Housing Finance Limited along with his Participient
Criminis; has criminally siphoned the Public Money of approximately
more than 98 thousand crores of Indian Rupees from the Sameer
Gehlaut and M/S Indiabulls Housing Finance Limited to their
exclusive personal accounts for their exclusive personal use which is
not only illegal and also punishable offence vide various special
enactments of the country. The respondent no.- 6 in conspiracy with
his family members who are also the promoters of the M/S Indiabulls
Housing Finance Limited along with the other directors, has heinously
engaged in criminal misappropriation of public money to the tune of
approximately more than 98 thousands of crores of Indian Rupees.
The modus-oprandi opted by the Chairman Sameer Gehlaut and his
Participient Criminis, to defraud not only the investors at large but
also the Public Exchequer, is Multi-Dimensional duly buckled-up with
manifold layers of criminal and highly unlawful activities. Apparently,
the sole purpose of this biggest and huge Financial Scam is to take the
entire public money of the Innocent shareholders, PSU Banks and
Private Banks etc. to make it for the criminally exclusive and unlawful
purposes of the Chairman Sameer Gehlaut and his family members.
Shockingly, Chairman Sameer Gehlaut and his Participient Criminis
did not leave almost any financial Enactments to violate.

This is also pertinent to mention that the Chairman Sameer Gehlaut
has also been deliberately involved in taking the kickback (Quid Pro
Quo) from his alleged barrowers. The Chairman Sameer Gehlaut and
his wife has been taking the kickback money in most innovated and
new way to mislead the regulating authorities.
The Chairman Sameer Gehlaut and his Participient Criminis
have also created Countable either shell companies or the dummy
companies to whom under patently bogus, Non-existent and
fraudulent pretext, an extremely huge sum of Public Money, in
thousands of crores, has been advanced, needless to mention that
without following due process of law, and interestingly those very
shell companies and the dummy companies after taking the alleged
loan, from the Chairman Sameer Gehlaut and his Participient
Criminis through the Sameer Gehlaut and M/S Indiabulls Housing
Finance Limited, further transferred the very same amount to another
company which is either being run, directed and operated by the
Chairman Sameer Gehlaut his Family members or the other directors
of the M/S Indiabulls Housing Finance Limited and this entire chain
of scam would have never been possible without the express criminal
connivances with the Auditors, Credit Rating Agencies and Concerned
officials of the Respective Government departments.
The another unfortunate part of this case is that Chairman Sameer
Gehlaut and his Participient Criminis have, while advancing the
alleged loans to the dummy and shell companies, made various bogus
entries while taking the interest on annual basis instead of a monthly

basis and by this way neither TDS could have been deducted on
timely manner nor even a single penny of late penalty has been paid to
the public exchequer at Income Tax Department which resulted in
further injury of more than hundreds of Crores rupees.
The Chairman Sameer Gehlaut and his Participient Criminis, while
building the dummy and shell companies, used around 1700 of crores
from unknown sources which is illegal and forbidden by prevention of
money laundering act and further they have also done the gross
criminal violation and willful heinous misconduct against the SEBI
Laws as well by not following of express provision of SEBI &
Companies act’s Corporate Governance Policy.
Apart from the above mentioned; the Chairman Sameer
Gehlaut and his Participient Criminis have also violated the RBI &
NHB guidelines and other laws as well and they are about to become
next India’s Most Wanted fugitives along with thousands of crores of
innocent investors’ money if not stopped immediately which is why
the most respectful and kind indulgence of this Hon’ble Court is
highly prayed for.
HENCE THIS PETITION

LIST OF DATE & EVENTS
12/2018 The Petitioner noticed the criminalities in the
company M/S Indiabulls Housing Finance Limited.
01/2019 Petitioner preferred the legal opinion consequently
got the legal due diligence conducted against the
Sameer Gehlaut and M/S Indiabulls Housing
Finance Limited and its directors and thus came to
know about the fraudulent & Criminal practices
and highly serious offences as committed by the
Sameer Gehlaut and M/S Indiabulls Housing
Finance Limited .
29 /04 /2019 The Petitioner contacted the various authorities
about the criminalities of the Sameer Gehlaut and
M/S Indiabulls Housing Finance Limited but the
petitioner could not get any response from the
respective authorities.
08/05/2019 The petitioner also wrote various letters to
Various authorities.
HENCE THE PRESENT CRIMINAL WRIT PETITION.

IN THE MATTER OF: -
SH. ABHAY YADAV

R/O 3/5/18, SHAM SINGH STREET
SHASTRI BAJAR, DELHI CANTT
NEW DELHI-110010 (INDIA)
PETITIONER
VERSUS
1- SECURITIES & EXCHANGE BOARD OF INDIA
Through Its Chairman
5th Floor, Bank of Baroda Building, 16
Sansad Marg, New Delhi, Delhi 110001
RESPONDENT NO. 1
2- UNION OF INDIA
Through its Union Finance Secretary
Ministry of Finance
Government of India, North Block, New Delhi-1
RESPONDENT NO. 2
3- RESERVE BANK OF INDIA
Sansad Marg, Sansad Marg Area
New Delhi, Delhi 110001
RESPONDENT NO. 3
4- DIRECTOR GENERAL (INVESTIGATION)
Department of Income Tax
Central Revenue Building, I.T.O.
Delhi – 110002
RESPONDENT NO. 4
5. THE MANAGING DIRECTOR

National Housing Bank
Core 5A, India Habitat Centre,
3rd-5th floor, Lodhi Road, New Delhi – 110003
RESPONDENT NO. 5
WRIT PETITION UNDER ARTICLE 21 AND 32
OF THE CONSTITUTION OF INDIA
To,
The Hon’ble the Chief Justice of India
And His Lordship’s Companion Justices
Of Supreme Court of India
Humble Petition on behalf of the Petitioner abovementioned.
MOST RESPECTFULLY SHOWETH: -

1. That the present Writ petition is preferred under Article
– 32/21 of the Constitution of India.

2. That there is the violation of Article 21 of the
constitution of India.
3. FACTS OF THE CASE ARE AS UNDER: -
i. That the Chairman Sameer Gehlaut is the Managing
Director in the M/S Indiabulls Housing Finance Limited
being the Non-Banking finance company of India and
having the presence across the country.

ii. That the Chairman Sameer Gehlaut is an extremely
rich, influential, powerful and having extremely strong
political connections.
iii. That the Company officials are the directors, Promotors,
beneficiaries of interconnected Non-Banking finance
companies of India at Delhi, Mumbai, Gurugram and
having the prominent presence across the country.

iv. That Company officials are extremely rich, influential,
powerful and having extremely strong political
connections.
v. That M/S Indiabulls Housing Finance Limited officials
and agents are extremely rich, influential, powerful and
having extremely strong political connections.
vi. That the Petitioner was in the need to home loan of
approximately 50-80 lakhs for which he approached the
branches of the company of the M/S Indiabulls Housing
Finance Limited officials and agents . Upon visiting the
branch at New Delhi, A34, 3rd Floor, Lajpat Nagar- 2,
New Delhi - 110024 the Sales Officer said that the

Petitioner will get money of Rs. 1 Cr. But in return
Petitioner will have to give kick back of remaining
amount back to the company as suggested by the
officials of the company of the M/S Indiabulls Housing
Finance Limited officials and agents . The officials of
the company of the M/S Indiabulls Housing Finance
Limited officials and agents also assured that the
Petitioner will not have to return extra money, which he
will transfer to such company to be suggested by the
M/S Indiabulls Housing Finance Limited officials and
agents , back to the company of the M/S Indiabulls
Housing Finance Limited officials and agents as the
same will be adjusted under the garb of OTS Process
etc for the sake of window dressing and paper work.
Hearing this the Petitioner got alarmed and decided to
go in the depth of the functioning of the M/S Indiabulls
Housing Finance Limited officials and agents .
Consequently, the Petitioner got the detailed due
diligence conducted against the M/S Indiabulls Housing
Finance Limited officials and agents , their company,
family relatives and their criminal agents.
vii. That the overall conversation between the M/S
Indiabulls Housing Finance Limited officials and agents
and the Petitioner herein made the Petitioner

suspicious about this company and constrained the
present Petitioner to obtain the legal opinion qua the
Respondent Company.
viii. That during the course of legal audit of the M/S
and their company M/S Indiabulls Housing Finance
Limited and its group companies; the present Petitioner
came to know about the ugliest, dangerous, unthinkable
and extremely heinous face of the M/S Indiabulls
Housing Finance Limited officials and agents and their
criminal conducts.
ix. That the Chairman Sameer Gehlaut in conspiracy with
other M/S Indiabulls Housing Finance Limited officials
and agents have not only committed the offences under
Indian Penal Code but also under various Special
Enactments of the country.
x. That the Chairman Sameer Gehlaut in conspiracy with
other M/S Indiabulls Housing Finance Limited officials
and agents have not only used the company M/S
Indiabulls Housing Finance Limited and its group
companies for their criminal ill-will but also played with
countable investors, Shareholders and Government
Departments.
xi. That the Chairman Sameer Gehlaut with his criminal
agents in conspiracy with the other M/S Indiabulls

Housing Finance Limited officials and agents , using
money of the Investors, Banks and the innocent
shareholders like the Petitioner of the company M/S
Indiabulls Housing Finance Limited and its group
companies, illegally advanced the huge sum of loan to
the shell companies for non-existent works.
xii. The Sole Purposes of this alleged loan Tractions were to
siphon the money of the Investors, Banks and the
innocent shareholders for the exclusive, sole, individual
and illegal use of the Respondent No.1, 2, 3, 4, 5 &
other close relatives and directors only.
xiii. That the Chairman Sameer Gehlaut in conspiracy with
other persons used countable shell companies to loot &
to misappropriate the public funds from the for the
Company M/S Indiabulls Housing Finance Limited and
its group companies.
xiv. That the Modus-Oprendi opted by the Chairman Sameer
Gehlaut & other close relatives and directors in
conspiracy with the other M/S Indiabulls Housing
Finance Limited officials and agents , was that the M/S
advanced Huge Some of money under the Garb of the
Loan (On Papers Only) to the various Shell Companies
for the concocted, fraudulent, imaginary and non-

existent purpose of which are the only outcome of
imagination and or various other concocted purposes.
xv. That M/S Indiabulls Housing Finance Limited is a HF/
NBFC and currently engaged in the Business of lending
Money. The source of money is raising money from
bank, financial institution and public.
xvi. That M/S Indiabulls Housing Finance Limited is a
Public Limited company incorporated on 10 May 2005
It is classified as Non-govt Company and is registered at
ROC Delhi, Its authorized share capital is INR
₹16,000,000,000 whereas its paid-up capital is INR
₹854,806,660 Please refer to the annexure No. C-
…….
xvii. That the Respondent Sameer Gehalut along with other
agents; has criminally falsified the entire “NHB’s
Inspection Forms and their terms from INS-1 to INS-
20” and used before National Housing Bank and
respective authorities as genuine knowing it to be forged
and fabricated.
xviii. That the Chairman Sameer Gehlaut with his criminal
agents; have lent the sum of Rs. 10,000/- Crores approx.
to the builders and willfully concealed the same from
National Housing Bank and the investors.

xix. That in order to keep the builder loan of Rs. 10000/-
approx. hidden from National Housing Bank and the
investors; the Respondent and M/S Indiabulls Housing
Finance Limited also criminally conspired from the
ROC Mumbai/Delhi and got the related documents of
the loan advancement to the builders illegally removed
from the record.
xx. That it is further respectfully submitted that M/S
Indiabulls Housing Finance Limited has also criminally
& heinously violated the Guidelines for Uniform
accounting for Repo and Reverse Repo Transactions
duly issued by National Housing Bank.
xxi. That it is further respectfully submitted that M/S
Indiabulls Housing Finance Limited has also criminally
& heinously violated the GUIDELINES ON ‘ KNOW
YOUR CUSTOMER’ &‘ANTI MONEY
LAUNDEERNG MEASURES’ FOR HFCs vide the
circular no. NHB/ND/DRS/Pol-No. 33/2010-11 duly
issued by National Housing Bank.
xxii. That it is further respectfully submitted that M/S
Indiabulls Housing Finance Limited has criminally &
heinously violated the Guidelines on Securitization of
Standard Assets as well duly issued by National
Housing Bank.
xxiii. That it is further respectfully submitted that M/S
Indiabulls Housing Finance Limited has criminally &
heinously violated even the Revised Guidelines on Fair
Practices Code for HFCs duly issued by National
Housing Bank.
xxiv. That the Respondent No. 1, has also used one Harish
Fabiani who is claim as an NRI allegedly based in Spain
to siphoning off the public, Investors and bank’s
money of approximately 130 Cr.
xxv. That it is pertinent to mention that the M/S Indiabulls
Housing Finance Limited officials and agents have lent
the Public, Investors and banks money of Rupees 30
Crores under the garb of loan to dummy company M/S
Transpacific Business Services Private Limited having
office at 1607 16th Floor, Lodha Supremus, Opp.
Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel Mumbai Mumbai City MH 400013 run, owned
and operated by Participent Criminis Harish Fabiani.
Please refer to the annexure No. C-…….
xxvi. That it is further pertinent to mention that the M/S
have again lent the Public, Investors and banks money
of Rupees 30 Crores under the garb of loan to dummy
company M/S Americorp Business Services Private
Limited having office at 1607 16th Floor, Lodha

Supremus, Opp. Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel Mumbai Mumbai City MH
400013 run, owned and operated by Participent
Criminis Harish Fabiani. Please refer to the annexure
No. C-…….
xxvii. That it is further pertinent to mention that the M/S
company M/S Americorp Capital Private Limited
having office at 1607 16th Floor, Lodha Supremus, Opp.
Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel Mumbai Mumbai City MH 400013 run, owned
and operated by Participent Criminis Harish Fabiani.
xxviii. That it is further pertinent to mention that the M/S
company M/S Chennai Business Park Private Limited
having office at New No. 57, Second Floor, Bazullah
Road, T. Nagar Chennai Chennai TN 600017 run,
owned and operated by Participent Criminis Harish
Fabiani. Please refer to the annexure No. C-…….

xxix. That after advancing the public money to these dummy
companies of Harish Fabiani as above mentioned by the
agents ; Harish Fabiani through his other company M/S
Jasol Investment & Trading Private Limited again
invested back amount by way of Shares and Debentures
purchase the in the same and the other companies of the
agents , which is clear and established fact of siphoning
off the public money and window dressing. Please refer
to the annexure No. C-…….
xxx. That the Participent criminis Harish Fabiani, while
siphoning off the public money, has invested back the
sum of Rs. 22.83 Crores in the company of the
Respondent Sameer Gehlout M/S Indiabulls Housing
Finance Co. Limited. Please refer to the annexure No.
C-…….
xxxi. That whereas the Participent criminis Harish Fabiani,
while siphoning off the public money, has invested back
the sum of Rs. 62.28 Crores in the company of the
Respondent Sameer Gehlout M/S Indiabulls Real Estate
Co Limited. Please refer to the annexure No. C-…….

xxxii. That whereas the Participent criminis Harish Fabiani,

Respondent Sameer Gehlout M/S Indiabulls venture
Limited. Please refer to the annexure No. C-…….

xxxiii. That whereas the Participent criminis Harish Fabiani,
Respondent Sameer Gehlout M/S Myrina Builders
Private Limited. Please refer to the annexure No. C-
…….
xxxiv. That since Harish has invested these moneys to the
company of the M/S Indiabulls Housing Finance
Limited officials and agents under the garb of share and
debenture purchase therefore, he was also liable to
receive the respective returns like dividends etc. Please
refer to the annexure No. C-…….

xxxv. That whatever benefits Harish received from the shares
and debentures purchase; that too he invested back to
the companies of Respondent Sameer Gehlout. Please

xxxvi. That it is further mentioned that Participent criminis
Harish Fabiani, while siphoning off the public money,
has also invested back the sum of Rs. 44.00 Crores from
his company M/S Joindre Finance Private Limited in the
company of the Respondent Sameer Gehlout M/S
Iphito real estate Private Limited. Please refer to the
annexure No. C-…….
xxxvii. The modusoprendi opted by the Respondent person was
that the chunk of public, Investors and bank’s money

of around 150 was lent by the Respondent person from
M/S INDIABULLS HOUSING FINANCE LIMITED
to some companies of Harish Fabiani and thereafter
other companies have invested very same barrowed
amount back to the companies of Respondent No. 1.
xxxviii. That a simple flow chart will establish the criminal
conspiracy style of the Respondent Person.
xxxix. That the Respondent no. 15 is also been the Respondent
of wilful omission & commission of her lawful duty, on
which she performed contrary. Please refer to the
xl. That it is further mentioned that company M/S
Indiabulls Housing Finance Limited of the Chairman

Sameer Gehlaut and others has also received huge
kickback amount from various barrowers.
xli. That the Chairman Sameer Gehlaut through his
company M/S Indiabulls Housing Finance Limited leant
the amount of Rs. 200 Crores to M/S Reliance
Communications Enterprises Private Limited without
the due process of law and against the guidelines of
National Housing Bank. Please refer to the annexure
No. C-…….
xlii. That again the Chairman Sameer Gehlaut through his
the amount of Rs. 100 Crores to M/S Reliance Inceptum
Private Limited without the due process of law and
against the guidelines of National Housing Bank. Please
xliii. That again the Chairman Sameer Gehlaut through his
the amount of Rs. 156 Crores to M/S Zapak Digital
Entertainment Limited without the due process of law
and against the guidelines of National Housing Bank.
xliv. That again the Chairman Sameer Gehlaut through his
the amount of Rs. 150 Crores to M/S Reliance Big
Entertainment Private Limited without the due process

of law and against the guidelines of National Housing
Bank. Please refer to the annexure No. C-…….
xlv. That again the Chairman Sameer Gehlaut through his
company M/S Reliance Interactive Advisors Private
Limited leant the amount of Rs. 908 Crores to M/S
Reliance Big Entertainment Private Limited without the
due process of law and against the guidelines of
National Housing Bank. Please refer to the annexure
No. C-…….
xlvi. That after landing the amount; the Respondent person
also took the kickback of 570 crores of Rupees from the
other companies of the barrower which is mentioned in
the forthcoming paras. Please refer to the annexure
No. C-…….
xlvii. That the Respondent person took the kickback of Rs.
200 Crores in their company M/S Paidia Conconnection
Private Limited from the barrower’s company M/S
Reliance Corporate Advisory Private Limited and the
said transaction took place in the form of subscription of
optionally convertible debentures carrying an interest of
0.01% per annum and term loan. The mare bare perusal
of the transaction documents will establish that the
entire documentations are nothing but a sham to mislead
and cheat the public and regulating authorities. Please

xlviii. That again the Respondent person took the kickback of
Rs. 185 Crores in their company M/S Meru Minerals
xlix. That again the Respondent person took the kickback of
Rs. 50 Crores in their company M/S Galax Minerals
l. That again the Respondent person took the kickback of
Rs. 10 Crores in their company M/S Iphito Properties

Reliance Capital Limited and the said transaction took
place in the form of subscription of optionally
convertible debentures carrying an interest of 0.01% per
annum and term loan. The mare bare perusal of the
transaction documents will establish that the entire
documentations are nothing but a sham to mislead and
cheat the public and regulating authorities. Please refer
li. That again the Respondent person took the kickback of
Rs. 10 Crores in their company M/S Iphito Real Estate
lii. That again the Respondent person took the kickback of
Rs. 20 Crores in their company M/S Myrina Builders

liii. That again the Respondent person took the kickback of
Rs. 10 Crores in their company M/S Myrina Real Estate
liv. That again the Respondent person took the kickback of
Rs. 50 Crores in their company M/S Emu Constructions

lv. That again the Respondent person took the kickback of
Rs. 35 Crores in their company M/S Orthia Real Estate
lvi. That it is again respectfully submitted that the security,
specified for the said debentures and loan is
hypothecation of current assets of the company, is none
and also insignificant current assets in all the above
companies. The transaction is clear case of kickback and
also siphoning off money to avoid related party
disclosures by M/S INDIABULLS HOUSING
FINANCE LIMITED in Reliance ADAG Group. The
loan must also be treated as accommodation transaction
to avoid disclosures of loan advancement to related
party. Please refer to the annexure No. C-…….

lvii. That after giving huge public and banks’ money of Rs.
1514 crores; the M/S Indiabulls Housing Finance
Limited officials and agents did not hesitate to even
take the kickback of Rs. 570 crores from the barrower.
lviii. That the Respondent Sameer Gehlaut, through his
company M/S Indiabulls Housing Finance Limited has
leant huge money the M/S DLF as well as their
countable shell, dummy, bogus and fake companies
which don’t deserve even the loan of Rs. 10/- but M/S
Indiabulls Housing Finance Limited has leant those very
companies 100s and 1000s of crores of Huge and
substantive Public and banks money. For this criminal,
unlawful and heinous act of illegal money lending; the
Respondent Sameer Gehlaut has also taken the Huge
bribe also called Kickback in his private companies and
their subsidiaries, which is mentioned in the
forthcoming Paras. Please refer to the annexure No.
C-…….
lix. That the Respondent Sameer Gehlaut has received the
huge kickback amount of Rupees 22 Crores under the
garb of preference share capital in his Company M/S
Mugwort Real Estate Limited from the company M/S
Cotys Buildcon Private Limited which is run, owned
and operated by the directors, Promotors, their relatives

and their agents. Please refer to the annexure No. C-
…….
lx. That the Respondent Sameer Gehlaut has received the
Malayeka Builders & Developers Private Limited which
is run, owned and operated by the directors, Promotors,
their relatives and their agents. Please refer to the
lxi. That the Respondent Sameer Gehlaut has received the
Naja Builders & Developers Private Limited which is
run, owned and operated by the directors, Promotors,
their relatives and their agents. Please refer to the
lxii. That a simple flow chart will establish the case beyond
all doubts.
lxiii. That it is also pertinent to mention that the Respondent
in order to criminally misappropriate the public money
which he received as kickback did the fake and
fabricated documentation to justify their criminal and
heinous transaction under the grab of issuances of
Convertible Debenture (CCD) and mare one sight
perusal of that documentation will establish the fact that
it was all nothing but a sham. Please refer to the
lxiv. That it is further mentioned that, the sham investment
by EMU Realcon Private Limited is in the form of
Compulsory Convertible Debenture (CCD) in order
justify the criminally misappropriated the kickback
amount of Public money. Please refer to the annexure
No. C-…….
lxv. That the terms of CCD are contrary in nature. The name
of the instrument is Compulsory Convertible
Debentures, which has no interest or insignificant
interest, whereas the detailed terms says the
Compulsory Convertible Debentures are convertible at
the option of the holder. This shows that the money is
being moved from one company to other under the garb
of Compulsory Convertible Debentures, escaping the
interest provisions on the said debentures, thereby

leading to huge loss to government exchequer as well.
lxvi. That this trick was opted by the Respondent person to
mislead the government authority otherwise in case of
opening of Optional convertible debentures; the holders
would have been obligated to pay the minimum basic
interest rate @8% as per market practice vide
requirement of companies act. The interest amount as
occurred has been again used for the share etc of
Indiabulls Housing Finance Limited. Please refer to the
lxvii. That again the Respondent Sameer Gehlaut has
received the huge kickback sum of Rupees 50 Crores
from the company M/S Reliance Corporate and also
from other companies of the Respondent person. Please
lxviii. That is it also submitted that The loan from Reliance
Corporate Advisors Private Limited is in the form of
debentures carrying 0.01% interest per annum, and is
allegedly secured by hypothecation of current assets.
But shockingly, no Current or significant asset is
available in books of Galax Minerals Private Limited
except for investment which is not even charged for.
The security is just an eye wash. The transaction is

round tripping and kickback entry. Please refer to the

lxix. That a simple flow chart will establish the case beyond
all doubts.
lxx. That the fund invested by the Respondent Sameer
Gehalout from M/S Myrina Real Estate Pvt Limited is
from the sources which are bad and punishable in law.
lxxi. That M/S Karkinos Construction Private Limited A
100% subsidiary of EMU Construction Pvt Ltd has
received the sum of Rs. 847.13 Crores by way of 0.01%
Debentures interest and this alleged statement, by the
company owner Sameer Gehlaut, has no sanity in the
eyes of law. Please refer to the annexure No. C-…….
lxxii. That wheras M/S EMU Construction Pvt Ltd has
received the sum of Rs. 56.39 Crores by way of 0.01%

Debentures interest and this alleged statement, by the
company owner Sameer Gehlaut, has no sanity in the
eyes of law. Please refer to the annexure No. C-…….
lxxiii. That it is yet again very shocking to know that
Respondent Sameer Gehalut has declared that he in
M/S Paidia Conconnection Private Limited, 100%
subsidiary of SG Advisory Services Pvt Ltd which is
100% owned by Sameer Gehlaut has received the
alleged Mobilisation advance of Rupees 114.25 where
as it is nothing but concocted and false declaration in
order to conceal his criminal source of this illegal
funding which is the fit case of PMLA. Please refer to
the annexure No. C-…….
lxxiv. That it has received the sum of Rs. 114.25 Crores from
M/S Paidia Conconnection Private Limited, 100%
subsidiary of SG Advisory Services Pvt Ltd which is
100% owned by Sameer Gehlaut which in itself is a
clear case of Money Laundering. Please refer to the

lxxv. That it is further mentioned that, the sham investment
and issuance of debentures by M/S Galax Minerals
Private Limited is in the form of Compulsory
Convertible Debenture (CCD) in order justify the
criminal transaction of Public money. Please refer to

lxxvi. That the terms of CCD are contrary in nature. The name
lxxvii. That this trick was opted by the Respondent person to
lxxviii. That the Respondent Sameer Gehlaut did not stop on
this, he along with other M/S Indiabulls Housing
Finance Limited officials and agents kept on defrauding
the public treasury and misappropriating the banks and
Investors money.
lxxix. That the Respondent Sameer Gehlaut also used another
company M/S Karkinos Constructions Private Limited
which acted the solely criminal Purposes Vehicle to
criminally accomplish the ill desires of the M/S
. Please refer to the annexure No. C-…….
lxxx. That the company M/S Karkinos Constructions Private
Limited is 100% owned by EMU Construction Pvt Ltd,
which is 100% subsidiary of Mugwort Real Estate
Limited, whereas Mugwort is 100% owned by Sameer
Gehlaut. Please refer to the annexure No. C-…….
lxxxi. That M/S Karkinos Constructions Private received an
astonishing sum of Rs 200 crores from M/s Agnes
Developers Private Limited, a company owned by
Vatika Group who is one of the biggest barrowers of the
Respondent and his companies. The Respondent has
also leant huge and unimaginable amount to the shell,
dummy and bogus companies of M/S Vatika Group.
lxxxii. That, further, Agnes Developers Private Limited has
also received loan from M/S INDIABULLS HOUSING
FINANCE LIMITED , for which no charge/record was
filed with MCA. It is clearly evident that the transaction
is Quid-pro-quo. Infact this transaction has been
criminally concealed from the departments and

regulating authorities. Please refer to the annexure No.
C-…….
lxxxiii. That a sum of Rs 740 crores has been recorded as
Security Deposit in FY 16-17 by the company under the
head Long Term Loan, which is not just a wrong
classification but also departure from the accounting
standard, procedure and company act requirement. The
company has no significant asset except for
investments. Security Deposit of such amount is purely
a bogus and false entry to avoid disclosure of terms of
loan and interest incidence. Please refer to the
lxxxiv. That the illicit and illegal money has been utilised to
purchase the shares of Indiabulls real estate through
Myrina Real Estate Private Limited for benefitting
Respondent Sameer Gehlaut. Please refer to the
lxxxv. That a simple flowchart will establish the case beyond
all doubts.
lxxxvi. That it is further mentioned that, the sham investment of
debentures by M/S Karkinos Construction Private
Limited is in the form of Compulsory Convertible
Debenture (CCD) in order justify the criminal
transaction of Public money. Please refer to the
lxxxvii. That the terms of CCD are contrary in nature. The name
lxxxviii. That this trick was opted by the Respondent person to

lxxxix. That Not only this, in order to ensure that all criminal
and ill will of Respondent Sameer Gehlaut is achieved;
Respondent Divya Gehlaut has also played very
notorious role in the present case. She too received a
kickback amount from M/S Vatika Group in her
company M/S India Best Buy Private Limited. Please
xc. The most shocking and storming part of the fraud is that
this transaction was performed in very uncommon and
unthinkable way. Please refer to the annexure No. C-
…….
xci. That the company M/S India Best Buy Private Limited
is owned by Respondent Divya S. Gehlaut, who is the
Spouse of Respondent Sameer Gehlaut. Please refer to
xcii. That M/S India Best Buy Private Limited received an
astonishing sum of Rs 200 crores from M/s Agnes
Developers Private Limited, a company owned by
Vatika Group. The amount is towards subscription to
Debentures which a patent sham context. The Security

mentioned is trade receivable of India Best Buy,
whereas there are no trade receivables in the Company.
xciii. Further, Agnes Developers Private Limited has also
received loan from M/S INDIABULLS HOUSING
FINANCE LIMITED , for which no charge was filed
thus the entire transaction was not only just unsecured
but also concealed. Please refer to the annexure No.
C-…….
xciv. That the Amount of Rs 200 crores received by Agnes
Developers was in the form of Debentures, which was
paid off in 2017-18 by infusion of fresh debentures from
Reliance Capital Limited, who happened to be another
barrower of Sameer Gehalut and did the round tripping
to accomplish the criminal will of Sameer Gehlaut.. The
Debenture subscribed by Reliance capital is on security
of trade receivable, which is not present in the company.
The captioned transaction has occurred as an round
tripping and siphoning of the money, as the Group
companies of Reliance have received a large sum from
M/S INDIABULLS HOUSING FINANCE LIMITED in
the form of loan as mentioned above. Please refer to
xcv. That Further, the money raised by illicit & criminal
means has been utilised to subscribe preference shares

of M/s Karanbhumi Estates Private Limited (Company
100% owned by Sameer Gehlaut) aggregating to Rs
602.30 crores at a premium of Rs 990 per shares, which
in turn has been utilised to purchase shares of Indiabulls
Real Estate Limited through its 100% subsidiary M/s
Kritikka Infrastructure Private Limited, also, a sum of
Rs 160 crores has been utilised to invest in equity shares
of Indiabulls Pharmaceuticals Pvt Ltd. Please refer to
xcvi. That It is further very surprising to notice that a sum of
Rs 7.43 crores has been utilised to pay to M/s Infracon
Private Limited, the address of the company as per
MCA is 87 BANGUR AVENUEBLOCK C KOLKATA
WB 700055. The company has never filed any return
with MCA and was actually & Bogus and shell
company. This company has been struck down by the
MCA. Please refer to the annexure No. C-…….
xcvii. That it is further submitted that, the entries of Rs 6.45
crores, Rs 39.97 crores and Rs 45 crores in the form of
investment in debentures is appearing in the audited
financial with no name. Please refer to the annexure
No. C-…….
xcviii. That the simple flowchart will establish case beyond all
doubts.
xcix. That it is further mentioned that, the sham investment
and issuance of debentures by M/S India Best Buy
Private Limited is in the form of Compulsory
Convertible Debenture (CCD) in order justify the
criminal transaction of Public money. Please refer to
c. That the terms of CCD are contrary in nature. The name

ci. That this trick was opted by the Respondent person to
cii. That the Respondent Sameer Gehlaut has also used
another criminal purpose vehicle company M/S Myrina
Real Estate Private Limited to accomplish his criminal
desires to loot then loot maximum amount of public,
bankers and investors hard earned money. Please refer
ciii. That the company M/S Myrina Real Estate Private
Limited is 100% subsidiary of EMU Construction
Private Limited. Whereas EMU is owned by Mr. Sameer
Gehlaut through Mugwort Real Estate Limited,
promoters of M/S INDIABULLS HOUSING FINANCE
LIMITED. Please refer to the annexure No. C-…….

civ. The capital structure along with deployment is
graphically presented hereunder:
cv. That a simple perusal of the graph as above mentioned
will establish the trail of money and its related
transaction.
cvi. That the Chairman Sameer Gehlaut Sameer Gehlaut
through M/S Indiabulls Housing Finance Limited has
advanced loan to M/S Americorp of Harish Fabiani as
mentioned in the present case. The debenture subscribed
by Jasol Investment and trading Private limited is a
round-tripping transaction from Indiabulls Housing
Finance Limited to the promoter company by utilising
Harish Fabiani, his company M/S Americorp. The
Round tripping transaction is clearly visible with
Reliance ADAG / Yes Bank (Rana Kapoor & Family).

cvii. That the Huge investment in Indiabulls housing and
Indiabulls real estate made out of the illicit means as can

be seen from the flowchart above. Please refer to the

cviii. That it is also respectfully submitted that the
Mobilisation advance as per the meaning means, an
amount advanced by the Contractee to the Contractor
for mobilising the resources for execution of the work.
Interestingly, the company has no work history in the
past and the company does not have any resources in the
financial statement. Also, the mobilisation advance is
pending since long. Above all, the same is shown as
Long-Term Borrowing in the financial statement, which
is a material departure from accounting norms. The
transaction as alleged is clear and patent sham
transaction and fake entry to avoid taxation labilities
and keep the revenue authorities in dark. Please refer to

cix. That it is further mentioned that, the issuance of
debentures by M/S Myrina Real Estate Private Limited
is in the form of Compulsory Convertible Debenture
(CCD) in order justify the criminal transaction of Public
money. Please refer to the annexure No. C-…….

cx. That the terms of CCD are contrary in nature. The name


cxi. That this trick was opted by the Respondent person to

cxii. That the Sameer Gehlaut, M/S Indiabulls Housing
Finance Limited& others again used the similar
practice in another company M/S Myrina Builders
Private Limited and used this very company as criminal
purposes Vehicles. Please refer to the annexure No. C-
…….
cxiii. That the company M/S Myrina Builders Private Limited
is 100% subsidiary of EMU Construction Private
Limited. EMU is owned by Mr. Sameer Gehlaut through
Mugwort Real Estate Limited, promoters of M/S
INDIABULLS HOUSING FINANCE LIMITED.

cxiv. The capital structure along with deployment is
cxv. That a bare perusal of the chart as above mentioned will
establish the case beyond all doubts. Please refer to the

cxvi. That as above mentioned M/S Indiabulls Housing
Finance Limited has advanced loan to Americorp Group
of Harish Fabiani. The debenture subscribed by Jasol
Investment and trading Private limited is a round-
tripping transaction from M/S Indiabulls Housing
Finance Limited to the promoter company by utilising
Americorp and other companies of Harish Fabiani.

cxvii. The section for Karkinos and India best buy has already
been elaborated above. Please refer to the annexure
No. C-…….
cxviii. That it is further mentioned that, the investment and
issuance of debentures by M/S Myrina Builders Private
transaction and misappropriation of Public money.

cxix. That the terms of CCD are contrary in nature. The name

cxx. That this trick was opted by the Respondent person to

cxxi. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Karanbhumi Estate
…….
cxxii. That the company M/S Karanbhumi Estate Private
Limited is 100% owned by the Respondent Sameer
Gehlaut directly. Please refer to the annexure No. C-
…….
cxxiii. The capital structure along with deployment is
cxxiv. That mare perusal of flow chart as above mentioned will
establish case beyond all doubts.
cxxv. That it is further mentioned that, the investment of
debentures by M/S Karanbhumi Estate Pvt Ltd is in the
form of Compulsory Convertible Debenture (CCD) in
order justify the criminal transaction and

misappropriation of Public money. Please refer to the
cxxvi. That the terms of CCD are contrary in nature. The name
cxxvii. That this trick was opted by the Respondent person to
cxxviii. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Meru Minerals Private

Limited and used this very company as criminal
…….
cxxix. The capital structure along with deployment is
cxxx. That mare perusal of flow chart as above mentioned will
cxxxi. That is again respectfully submitted that the Respondent
Sameer gehlaut through Indiabulls Housing Finance
Limited has advanced loan to Reliance ADAG Group as
elaborated above. The debenture subscribed by Reliance
Corporate Advisors Pvt Ltd (Reliance Spot Exchange
Pvt Ltd) is a round-tripping transaction from Indiabulls
Housing Finance Limited to the promoter company by
utilising Reliance ADAG. Please refer to the annexure
No. C-…….
cxxxii. That the amount raised from various illicit sources have
been utilised for purchasing the shares of Indiabulls
Real Estate. Please refer to the annexure No. C-…….

cxxxiii. That it is further mentioned that, the investment and
issuance of debentures by M/S Meru Minerals Private
transaction and misappropriation of Public money.
cxxxiv. That the terms of CCD are contrary in nature. The name
cxxxv. That this trick was opted by the Respondent person to


cxxxvi. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Mugwort Real Estate
…….
cxxxvii. The capital structure along with deployment is
cxxxviii. That mare perusal of flow chart as above mentioned will

cxxxix. That the M/S Indiabulls Housing Finance Limited
officials and agents have shown the source of funding
from “Mobilisation advance” in this criminal purpose
vehicle. Please refer to the annexure No. C-…….

cxl. That it is again most respectfully submitted that
Mobilisation advance as per the meaning means; an
amount advanced by the Contractee to the Contractor
for mobilising the resources for execution of the work.
Interestingly, the company has no work history in the
past and the company does not have any resources in the
financial statement. Also, the mobilisation advance is

pending since long. Above all, the same is shown as
Long-Term Borrowing in the financial statement, which
is a material departure from accounting norms. The
transaction is clearly sham and accommodation entry to
avoid levy of interest or to avoid disclosure of name in
the financial statement to cheat the government
authorities. Please refer to the annexure No. C-…….

cxli. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Indiabulls Distribution
Services Limited and used this very company as
criminal purposes Vehicles. Please refer to the

cxlii. That it is further submitted that The Company Indiabulls
Distribution Services Limited is 100% owned by
Indiabulls Venture Limited (Listed Company), which is
promoted by Sameer Gehlaut holding substantial shares
directly or through group companies. Please refer to

cxliii. The 100% subsidiary of the company are
A. Indiabulls Consumer Finance Limited
B. Pushpanjli Finsolutions Limited
C. Astilbe Builders Limited
D. Astraea Constructions Limited
E. Silenus Buildtech Limited
F. Auxesia Soft Solutions Limited
G. Indiabulls Commodities Limited
H. Indiabulls Alternate Investments Limited
cxliv. The KMP of the Company are Sameer Gehlaut and
Gangan Banga (CEO/MD of M/S Indiabulls Housing

Finance Limited). Please refer to the annexure No. C-
…….
cxlv. The company has received large unsecured loan (around
Rs 100 crores) from Indiabulls Housing Finance
Limited , no charge filed by the company. The loan is
subsisting in the books of M/S INDIABULLS
HOUSING FINANCE LIMITED for FY 17-18. No
disclosure of related party in the annual accounts of
either the company or M/S INDIABULLS HOUSING
FINANCE LIMITED and thus the M/S Indiabulls
Housing Finance Limited officials and agents
committed these offences to cheat the public at Large.

cxlvi. The Subsidiary of the company Indiabulls Consumer
Finance Limited has received large loan from Yes Bank
Limited using the criminal influence of M/S Rana
Kapoor. Please refer to the annexure No. C-…….

cxlvii. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Indiabulls Infraestate
…….
cxlviii. That the Company is 100% owned by Indiabulls Real
Estate Limited (Listed Company), which is promoted by
Sameer and Narender Gehlaut holding substantial shares


cxlix. That this company is undertaking project in Mumbai
and have received substantial funding from ILFS private
equity and Cyprus routed Little fairy limited in the form
of debentures. The debentures got converted to equity at
a huge premium of Rs 89,818 per shares without the due
process of law. Please refer to the annexure No. C-
…….
cl. That M/S Indiabulls Real Estate Limited company has
raised funds of Rs 1000 crores from Birla Mutual fund,
which has since been repaid and a new fund of 750
crores is envisaged. Please refer to the annexure No.
C-…….
cli. That M/S INDIABULLS HOUSING FINANCE
LIMITED has given unsecured loan to M/S Indiabulls
Real Estate Limited and the same has not been disclosed
in the annual report, which is wilful criminal
concealment. Please refer to the annexure No. C-
…….
clii. That it is pertinent to mention that the High-profile
person viz. M/S Indiabulls Real Estate Limited
promoted by Bindu Rana Kapoor, Gagan Banga CEO of
M/S INDIABULLS HOUSING FINANCE LIMITED ,
Saket Bahuguna, Sameer Gehlaut and other political
persons have pre-booked the flat on the concocted price
just to infuse the public money in the private project of

the Respondent Sameer Gehlaut and thus Sameer in
criminal connivance with the other M/S Indiabulls
Housing Finance Limited officials and agents
misappropriated the huge public money. Please refer to

cliii. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Indiabulls Properties
…….
cliv. That the Criminal Purposes Company M/S Indiabulls
Properties Limited is owned by M Holdco1 Limited,
Navilith Holding Ltd 100% of Indiabulls Real Estate
Limited (Listed Company), which is promoted by
Sameer and Narender Gehlaut holding substantial shares
directly as well as through group companies. Please

clv. The company has received huge unsecured loan from
M/S INDIABULLS HOUSING FINANCE LIMITED .
No disclosure in the annual report. Also, no charge filed
with MCA, thus this very transaction is also concealed
from the , public, banks, government and revenue
authorities. Please refer to the annexure No. C-…….

clvi. That the Sameer Gehlaut, M/S Indiabulls Housing
practice in another company M/S Selene Constructions

…….
clvii. That M/S Selene Constructions Limited is 100% owned
by Indiabulls Real Estate Limited (Listed Company),
which is promoted by Sameer/Narender Gehlaut holding
substantial shares directly or through group companies.

clviii. That M/S Selene Constructions Limited has received
unsecured loan during 2017-18, the same was not
reported in annual accounts as related party transaction.
No charge filed with MCA. Please refer to the

clix. That M/S Selene Constructions Limited is also
beneficiary during land allotment by HUDCO by than
Haryana Congress Government, which is The company
has been given licence to develop 22.062 acres of land
vide various licence in Sector 103, Gurugram as per the
details as under:
Sn Licence no Area (Acres)

a) -- 0.94
b) 252 of 2007 17.08
c) 50 of 2011 1.95625
d) 63 of 2012 3.03
e) Total 23.00625
clx. That this allotment was the outcome of Sameer
Gehlaut’s close family relationship with Deepender
Hood.
clxi. That there is difference in the data of total allotment as
per the approved development plan vis-à-vis data of
town and country planning. The first allotment has not
been considered. Please refer to the annexure No. C-
…….
clxii. That Further, the land is co-developed by Vindhyachal
Land Development Pvt Ltd. Please refer to the

clxiii. That the Respondent Sameer Gehlaut and Divya
Gehlaut along with other M/S Indiabulls Housing
Finance Limited officials and agents again used the
similar practice in another company M/S Airmid
Developers Ltd and used this very company as criminal
…….
clxiv. The company is operated from the address M - 62 & 63,
First Floor Connaught Place New Delhi DL 110001 IN
and is wholly owned subsidiary of Indiabulls Real
Estate Limited. One of the directors of the company is
Prem Prakash Mirdha. Please refer to the annexure
No. C-…….
clxv. The company is beneficiary during land allotment by
HUDCO by than Haryana Congress Government. The
company has been given licence to develop 24.1 acres
of land vide licence no 80 in Sector 106, Gurugram.

clxvi. That the Respondent Sameer Gehlaut along with other

agents again used the similar practice in another
company M/S Selene Estate Limited and used this very
company as criminal purposes Vehicles. Please refer to

clxvii. That the Company M/S Selene Estate Limited is 100%
owned by Indiabulls Real Estate Limited (Listed
Company), which is promoted by Sameer & Narender
Gehlaut holding substantial shares directly or through
group companies. The entire shareholding was
transferred to Ozone Retail Devlopment Pvt Ltd in
2017-18. Please refer to the annexure No. C-…….

clxviii. M/S Selene Estate Limited has received unsecured loan
during 2017-18, the same was not reported in annual
accounts as related party transaction. No charge filed
with MCA. Please refer to the annexure No. C-…….

clxix. That the Respondent Sameer Gehlaut along with other
company M/S Lucina Land Development Limited and
used this very company as criminal purposes Vehicles.

clxx. That M/S Lucina Land Development Limited is 100%
owned by Indiabulls Real Estate Limited (Listed
Company), which is promoted by Sameer/Narender
Gehlaut holding substantial shares directly and through
group companies. Please refer to the annexure No. C-
…….
clxxi. That M/S Lucina Land Development Limited Company
has received unsecured loan from Indiabulls Housing
Finance Limited during 2017-18, the same was not

clxxii. That the Respondent Sameer Gehlaut along with other
company M/S Varali Properties Limited and used this
very company as criminal purposes Vehicles. Please

clxxiii. The Company is 100% owned by Indiabulls Real Estate
Limited (Listed Company), which is promoted by
Sameer/Narender Gehlaut holding substantial shares

clxxiv. That M/S Varali Properties Limited has received
No charge filed with MCA. This is also to mention that
Income tax search was conducted in 2016-17, which
was preferred before Income tax settlement commission.
clxxv. That the Respondent Sameer Gehlaut along with other

company M/S Athena Infrastructure Limited and used
this very company as criminal purposes Vehicles. Please
clxxvi. That M/S Athena Infrastructure Limited Company is
100% owned by Indiabulls Real Estate Limited (Listed
Company), which is promoted by Sameer/Narender
Gehlaut holding substantial shares directly or through
group companies. Please refer to the annexure No. C-
…….
clxxvii. That M/S Athena Infrastructure Limited has received
unsecured loan ~Rs 180 crores during 2017-18, the
same was not reported in annual accounts as related
party transaction. No charge filed with MCA. Please
clxxviii. That the Income tax search was conducted in 2016-17,
which was preferred before Income tax settlement
commission. Please refer to the annexure No. C-…….
clxxix. The M/S Athena Infrastructure Limited is also
Haryana Congress Government, while using the
influence of Co-brother Deepender Hooda. M/S Athena
Infrastructure Limited has been given licenses to
develop 19.86 acres of land vide various licenses in
Sector 110, Gurugram as per the details as under:
Sn licenses no Area (Acres)

a) 213 of 2007 15.6
b) 10 of 2011 1.0
c) 64 of 2012 3.26
d) Total 19.86
clxxx. That the Respondent Sameer Gehlaut along with other
company M/S Eternal Projects Private Limited and used
clxxxi. That the M/S Eternal Projects Private Limited is
operated from the address 296, Forest Lane Neb Sarai
New Delhi. An Address belonging to most of the
promoter companies of Indiabulls. The former director
is the father and mother of Mr. Sameer Gehlaut viz. Mr.
Balwan Singh Gahlawat and Krishna Gahlawat. Please
clxxxii. That The company is beneficiary during land allotment
by HUDCO by than Haryana Congress Government.
The company has been given licence to develop 5.88
acres of land vide various licence in Sector 105,
Gurugram as per the details as under:

a) 155 5.88
clxxxiii. That the Respondent Sameer Gehlaut along with other

company M/S Juventus Estate Limited and used this
very company as criminal purposes Vehicles. Please

clxxxiv. That M/S Juventus Estate Limited is 100% owned by
Indiabulls Real Estate Limited (Listed Company), which
is promoted by Sameer/Narender Gehlaut holding

clxxxv. That M/S Juventus Estate Limited has received

clxxxvi. That M/S Juventus Estate Limited is also beneficiary
during land allotment by HUDCO by than Haryana
Congress Government. The company has been given
licence to develop 34.0229 acres of land vide licence no
246 of 2004 dated 29 Oct 2007 in Sector 104,
Gurugram. Please refer to the annexure No. C-…….

clxxxvii. That M/S Juventus Estate Limited company is also
Haryana Congress Government. The company has been
given licence to develop 34.0229 acres of land vide
various licence in Sector 104, Gurugram as per the
details as under:

b) 246 of 2007 10.72
c) 56 of 2011 10.16
d) 37 of 2012 4
e) 66 of 2012 1.28
f) 67 of 2012 2.5
g) 43 of 2014 3.39
h) 44 of 2014 1.96
i) Total 34.01
clxxxviii. That the Respondent Sameer Gehlaut along with other
company M/S Sylvanus Properties Limited and used

clxxxix. That M/S Sylvanus Properties Limited is 100% owned
by Indiabulls Real Estate Limited (Listed Company),
which is promoted by Sameer/Narender Gehlaut holding

cxc. The company is also beneficiary during land allotment
by HUDCO by than Haryana Congress Government.
Income tax search has also been initiated. Please refer

cxci. Company has received unsecured loan during 2017-18,
the same was not reported in annual accounts as related
party transaction. No charge filed with MCA. Please

cxcii. That the Respondent Sameer Gehlaut along with other

company M/S Ibull Sales Limited and used this very
company as criminal purposes Vehicles. Please refer to

cxciii. That M/S Ibull Sales Limited is 100% owned by
Indiabulls Housing Finance Limited (Listed Company),
which is promoted by Sameer Gehlaut holding

cxciv. That M/S Ibull Sales Limited has paid a whopping
brokerage of Rs 12.50 crores to Indiabulls housing
which is bare sham to pass on the public money to
related party. Please refer to the annexure No. C-…….

cxcv. That no such disclosure is made in annual report of
either parties. The accounting is done only to inflate the
revenue of listed company. Please refer to the

cxcvi. That the Respondent Sameer Gehlaut along with other
company M/S Priapus Developers Private Limited and
used this very company as criminal purposes Vehicles.

cxcvii. That M/S Priapus Developers Private is promoted by
Mr. Rajiv Rattan, who is the former promoter of
Indiabulls. Please refer to the annexure No. C-…….

cxcviii. That M/S Priapus Developers Private received a loan of
Rs 190 crores in Mar 2016 against pledge of shares of

Indiabulls Housing (which is conflict). Whereas charge
filed for the same with MCA is towards book debt. No
book debt is there in the company. Further, Shockingly
the company has gifted shares of Rs 346 crores as per
note 14 of the audited financial statement and booked
loss. Please refer to the annexure No. C-…….

cxcix. That the Respondent Sameer Gehlaut along with other
company M/S Indiabulls Real Estate Company Private
…….
cc. That M/S Indiabulls Real Estate Company Private
Limited is owned by M Holdco1 Limited, Navilith
Holding Ltd 100% of Indiabulls Real Estate Limited
(Listed Company), which is promoted by
Sameer/Narender Gehlaut holding substantial shares

cci. That M/S Indiabulls Real Estate Company Private
Limited company has received huge unsecured loan
from M/S INDIABULLS HOUSING FINANCE
LIMITED No disclosure in the annual report. Also, no
charge filed with MCA. The loan given in the company
is being used as evergreening tool for existing bank

exposure in the company. Please refer to the annexure
No. C-…….
ccii. That beside above mentioned the Respondent Sameer
Gehalut in conspiracy with other M/S Indiabulls
Housing Finance Limited officials and agents leant
heavy loan to various companies of his own or being
operated by his criminal agents. Please refer to the

cciii. That the following companies have been criminal and
secretly leant huge public money by M/S Indiabulls
Housing finance and Indiabulls real estate Company
Limited etc have advanced hefty loans to following
companies: to criminally misappropriate by them.

cciv. That it is further mentioned that the Respondent Sameer
Gahlout has not left any possibility to cheat the faith of
the people of India.

ccv. That the M/S Indiabulls Housing Finance Limited
officials and agents have made sure to dupe the banks
and public institution at any coast to keep on criminally
misappropriating the public money.

ccvi. That the Respondent Sameer Gehlaut has also designed
very smart wayout to indirectly bribe or illegally favour
whom he can’t favour directly.

ccvii. That in the furtherance of the same the Respondent
Sameer Gehalur entered into the illegal transaction with
M/S Chordia Group. Please refer to the annexure No.
C-…….
ccviii. That the Respondent Sameer Gehlaut along with his
criminal participant agents leant the sum of Rs. 19.50
crores to M/S Ac Realty Spaces LLP, having address at
Solitaire World, Level 8, S. No. 36/1/1, Opp. Regency
Classic,Mumbai - Bangalore Highw ay, Baner Pune
Pune MH 411045, against the due process of law and
the commands of NHB and RBI lending policy. Please

ccix. That again the Respondent Sameer Gehlaut along with
his criminal participant agents leant the sum of Rs. 740
crores to M/S Mahalunge Land Developers LLP, having
address at Solitaire World, Level 8, S. No. 36/1/1, Opp.
Regency Classic,Mumbai - Bangalore Highw ay, Baner
Pune Pune MH 411045, against the due process of law
and the commands of NHB and RBI lending policy.

ccx. That All the LLPs are the part and parcel of M/S
Chordia Group.
ccxi. Built to live realty LLP paid Rs 50 crores to Indiabulls
real estate Limited as professional income whereas no
disclosure by Built to live realty LLP in annual
accounts. Which is the patent case of Round Tripping.

ccxii. This is also submitted that Concealment of facts by not
disclosing the loan in annual report of Built to Live
Realty LLP on the behast of the M/S Indiabulls Housing
Finance Limited officials and agents . Please refer to

ccxiii. That it is further submitted that a Huge amount given by
Built to live Realty LLP to Deloitte, a global auditing
firm for and on the behalf of Sameer Gehlaut and there
is no justification as to why as why such a huge money
has been paid that too to an accounting firm and for
what gains. Please refer to the annexure No. C-…….

ccxiv. That it again submitted that Charge not filed with MCA
for AC realty space LLP and Built to live realty LLP.

ccxv. That it is again pertinent to mention that Atul Chordia is
having a strong political background with Sharad Pawar
, whereas Ms. Supriya Sule is having invested in shares
of Panchsheel Realty Tech Park project owned by
Chrodia. Please refer to the annexure No. C-…….

ccxvi. That against Built to Live Realty LLP it is submitted
that it is Having a fixed capital contribution of Rs 50000
only. The amount utilised to pay huge commission to
Indiabulls Real Estate – Rs 50 crores on 15 Sep 2017
out of the total professional fees of 117.31 crores. Most
shockingly, the Respondent Sameer Gehlaut has made
willful wrong disclosure of loan from Indiabulls housing
finance before the Public at Large and Government

authorities and this amount utilised to pay Kumar
Builder and Lalit Jain, chairman of CREDAI to get the
rating favours from him. Which is the clear the case of
influencing the ratings. The Respondent Sameer and his
agents have also obliged the company M/S Deloitte by
paying Rs 43.88 crores unofficially and indirectly.

ccxvii. That against M/S AC Realty Spaces LLP it is submitted
that there is wilful and criminal Concealment of facts of
not disclosing the loan in annual report of Built to Live
Realty LLP. Please refer to the annexure No. C-…….

ccxviii. That whereas against M/S Mahalunge Land Developers
LLP it is submitted that it is having a fixed capital
contribution of just Rs 50,000 only. Whereas, Amount
of loan withdrawn by nominee of partner viz. Ashok
Dhanraj Chordia Rs 543.79 crores. Please refer to the

ccxix. That the amount has been disbursed to pay off the
existing loan persisting in the books of Built to Live
Realty LLP availed from Indiabulls housing through
Ashok Dhanraj Chordia. In fact a part given to
Riverview properties Pvt Ltd (Mr. Lalit Jain) Rs 99.21
crores. Whereas another part given to San Finance
Corporation (stock broker) for trading in shares Rs
15.22 crores. Please refer to the annexure No. C-…….

ccxx. That the M/S Indiabulls Housing Finance Limited
officials and agents haven’t left even a single possibility

to cheat and defraud the public and government
authorities to dupe and misappropriate the Public
money, which is apparent from the transactions as taken
place between M/S Indiabulls Housing finance Limited
and Vatika Group. Please refer to the annexure No. C-
…….
ccxxi. That the Respondent Sameer Gehlaut did not hesitate to
criminally misappropriate the public money for his
exclusive gains and the gains for his criminal
companions and advance the sum of Rs. 16 crores to
shell, dummy and bogus company M/S Garin
Developers Pvt Ltd of Vatika Group. Please refer to the

ccxxii. That again the Respondent Sameer Gehlaut did not
hesitate to criminally misappropriate the public money
for his exclusive gains and the gains for his criminal
shell, dummy and bogus company M/S Fonzell
Developers Private Limited of Vatika Group. Please

ccxxiii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Felisa

ccxxiv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Valonia

ccxxv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Valda

ccxxvi. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Myrica

ccxxvii. That again the Respondent Sameer Gehlaut did not
companions and advance the sum of Rs. 41.50 crores to
shell, dummy and bogus company M/S Misaki


ccxxviii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Uland

ccxxix. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Zina Developers
Private Limited of Vatika Group. Please refer to the

ccxxx. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Agnes
Developers Private Limited of Vatika Group. And not to
forget that this is is very same company who gave the
kickback amount of around 400 Cr. To Divya Gehlaur
on sham documentation. This amount was paid back
even but this is not as simple as it appears to be. As the
same was nothing but a wash. The entire criminality was

played very smartly and between the documentation.
The modus was to advance to huge money which is
approximately 400 crores under the garb of loan to
Respondent Divya Gehlaut and after few years took the
amount back. The real crime was made hidden in this
fake and dummy barrowing and replying as Respondent
Divya Gehlaut has made huge profits and retune from
that 400 Cr. And paid back the same on papers to M/S
Vatika Group. Please refer to the annexure No. C-
…….
ccxxxi. That it is further to mention that the Respondent Divya
has made more than 40 Crores out of that 400 Cr and
this was the actual kickback from M/S Vatika Group to
Sameer Gehlaut. Please refer to the annexure No. C-
…….
ccxxxii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Acklin

ccxxxiii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Capparis


ccxxxiv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Jurgen

ccxxxv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Islay Developers

ccxxxvi. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Iestin

ccxxxvii. That again the Respondent Sameer Gehlaut did not

shell, dummy and bogus company M/S Hadar

ccxxxviii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Bellium

ccxxxix. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Bacon

ccxl. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Edrea

ccxli. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Hagrid

ccxlii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Sirius

ccxliii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Kelsey

ccxliv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Perseus

ccxlv. That again the Respondent Sameer Gehlaut did not

shell, dummy and bogus company M/S Persea

ccxlvi. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Quon

ccxlvii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Pemba

ccxlviii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Obira

ccxlix. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Nias Developers

ccl. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Ambrym

ccli. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Derica

cclii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Enlai


ccliii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Yapen

ccliv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Galicia

cclv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Bioko

cclvi. That again the Respondent Sameer Gehlaut did not

shell, dummy and bogus company M/S Haben

cclvii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Aplin

cclviii. That again the Respondent Sameer Gehlaut did not
companions and advance the sum of Rs. 184.50 crores
to shell, dummy and bogus company M/S Timor

cclix. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Shivsagar
Builders Private Limited (Now Flax Devlopers Pvt Ltd)
of Vatika Group. Please refer to the annexure No. C-
…….
cclx. That again the Respondent Sameer Gehlaut did not

shell, dummy and bogus company M/S Salton

cclxi. That again the Respondent Sameer Gehlaut did not
companions and advance the sum of Rs. 178.50 crores
to shell, dummy and bogus company M/S Ignacio

cclxii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Velte

cclxiii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Kepa

cclxiv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Pegasus
Infrastructure Private Limited (Now Aspire Promoters
Pvt Ltd of Vatika Group. Please refer to the annexure
No. C-…….
cclxv. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Fermina

cclxvi. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Sh Tech Park

cclxvii. That again the Respondent Sameer Gehlaut did not
shell, dummy and bogus company M/S Sahar Land and

Housing Private Limited of Vatika Group. Please refer

cclxviii. That it is further mentioned that Loan utilized as under-:
Sn Name Of The Company Remarks
1. Garin Developers Pvt Ltd 1. Capital of Rs 1 Lacs, incorporated in FY 12-13

2. Loan taken for housing project but deployed as unsecured loan to
Vatika Limited (Balance sheet 14-15)
3. No charge filed with MCA
4. Auditor have qualified in Annual report of 17-18.
5. Notes of balance sheet changed eventually year on year.
6. Only a pass-through entity used for evergreening of large loan
given to Vatika Ltd by Indiabulls housing.
7. The original promoter at the time of incorporation was the
promoter of Vatika Limited but the shareholding got transferred to
Naresh Prasd (Director in Vatika Ltd) who is the current owner of
the Company.
2. Fonzell Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
Limited 2. Loan taken for housing project but deployed as unsecured loan to
5. Notes of balance sheet changed eventually year on year by omitting
the name of Indiabulls.
6. Only a pass through entity used for evergreening of large loan
the Company.
3. Felisa Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
the Company.
4. Valonia Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
given to Vatika group by Indiabulls housing.
the Company.
5. Valda Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
given to Vatika group by Indiabulls housing.
the Company.
6. Myrica Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
5. Notes of balance sheet changed eventually year on year.
Dipankar Ghosal (Finance and Banking Controller of Vatika Ltd)
and Anupam Varshney (AVP Sales and marketing) who are the
current owner of the Company.
7. Misaki Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Virender Dhar (Associate Vice President (Planning & Coordination
of Vatika Ltd) who is the current owner of the Company.
8. Carney Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Virender Dhar (Finance and Banking Controller of Vatika Ltd) who
is the current owner of the Company.
9. Uland Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13

the Company.
10. Zina Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Virender Dhar (Finance and Banking Controller of Vatika Ltd) who
is the current owner of the Company.
11. Agnes Developers Private Money raised by the company from Deneb Developers Private
Limited Limited has been utilised for investment in company owned and
managed by Sameer Gehlaut/Divya Gehlaut by the name INDIA
BEST BUY PRIVATE LIMITED and KARKINOS
CONSTRUCTIONS PRIVATE LIMITED. Amount invested in
non-convertible debenture of Rs 400 crores.
12. Cebu Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14

Virender Dhar (Finance and Banking Controller of Vatika Ltd)
who is the current owner of the Company.
13. Acklin Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Aspire Promoters Private Limited owned and managed by Bhalla
Family (Balance sheet 14-15)
availed by group.
promoter of Arcturus Developers Private Limited but the
shareholding got transferred to Ajay Aggarwal (Employee of Vatika
group) who is the current owner of the Company.

14. Capparis Developers 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Private Limited 2. Loan taken for housing project but deployed as unsecured loan to
Aspire Promoters Private Limited owned and managed by Bhalla
Family (Balance sheet 14-15)
availed by group.
shareholding got transferred to Ajay Aggarwal (Employee of Vatika
group) who is the current owner of the Company.
15. Jurgen Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
the Company.
16. Islay Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
the Company.
17. Iestin Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
the Company.
18. Hadar Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14

the Company.
19. Bellium Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
20. Bacon Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Rajesh Gogia (General Manager of Vatika Ltd) who is the current
owner of the Company.
21. Edrea Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
the name of Indiabulls.Only a pass through entity used for
evergreening of large loan given to Vatika Ltd by Indiabulls
housing.
22. Hagrid Developers Private 6. Capital of Rs 1 Lacs, incorporated in FY 13-14
23. Sirius Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Limited
the Company.
24. Kelsey Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 12-13
the Company.
25. Polillo Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
the Company.
26. 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Perseus Developers Private Dipankar Ghosal (Finance and Banking Controller of Vatika Ltd)
Limited who is the current owner of the Company.
27. Persea Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14

Quon Developers Private Virender Dhar (Finance and Banking Controller of Vatika Ltd)
Vatika Limited and paid Rs 10 crores to Rudra Sen Sindhu (brother
of BJP leader Captain Abhimanyu Singh Sindhu from Haryana,
who also fought from Rohtak lok sabha)(Balance sheet 14-15)
given to Vatika Ltd.
Pemba Developers Private Uttam Bhatnagar (Sales and Marketing Manager of Vatika Ltd)
Vatika Limited.
Obira Developers Private Virender Dhar (Finance and Banking Controller of Vatika Ltd)
31. Nias Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14

Vatika Ltd (Balance sheet 14-15)
availed by group.
Ambrym Developers shareholding got transferred to Ajay Aggarwal (Employee of Vatika
Private Limited group) who is the current owner of the Company.
Vatika Limited.
Derica Developers Private Virender Dhar (Finance and Banking Controller of Vatika Ltd)
Vatika Limited.
Enlai Developers Private Virender Dhar (Finance and Banking Controller of Vatika Ltd)
35. Yapen Developers Private 1. Capital of Rs 1 Lacs, incorporated in FY 13-14
Vatika Limited.

Lalit Dua (Employee of Vatika Ltd) who is the current owner of
the Company.
Vatika Limited. (BS 17-18)
Galicia Developers Private Virender Dhar (Finance and Banking Controller of Vatika Ltd)
cclxix. That it is further submitted that the Respondent Sameer
Gehlaut along with other M/S Indiabulls Housing
Finance Limited officials and agents have caused huge
injury to the public exchequer. Please refer to the

cclxx. That it is also submitted that the Respondent Sameer
Gehlaut, Other M/S Indiabulls Housing Finance Limited
officials and agents and his criminal companions had
also leant huge and astronomical amount the Shell,
Bogus and dummy companies of DLF Group. Please

cclxxi. That shockingly, M/S INDIABULLS HOUSING
FINANCE LIMITED has advanced huge loan to DLF
Group of dummy, shell and bogus companies. All these
loans are to pass through entities, which are owned by
the employees/relatives of the DLF. The same pattern as
followed in Vatika is being repeated. All these loans are
not reported to the MCA and no charge has been filed.

Thus wilfully concealed from the regulating authorities.
cclxxii. That schedule of the dummy and shell barrowers of the
public money leant by M/S Indiabulls Housing Finance
Limited are mentioned in below mentioned table form:
Sn Particulars Charge Net Sanctio Loan Remarks

worth n Amount
amount as on 31
Mar
(INR
2018
Crores)
(INR
Crores)
1. Atherol Builders NA Negative 173.40  Owned by
& Developers Felicite
Private Limited Builder and
Constructions
Pvt Ltd.
 Holding
company for
30 companies
which are
taking loan
from M/S
INDIABULL
S HOUSING
FINANCE
LIMITED .
 The loan taken
by the
subsidiary
company is
being infused
in the
company in
the form of
unsecured
loan/ current
liability.
 The amount is
again utilised
to purchase
the land.
 A part of the
land is again
taken by the
government
back at a
much higher
value.
Enhanced
compensation
is being
received.
2. Kokolath 111.00 60.82  100%
Builders & Subsidiary of
Developers Atherol
Builders &
Private Limited
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
 A part of the
land is again
taken by the
government
back at a
much higher
value.
Enhanced
compensation
is being
received.
3. Dlf Home 500 338.45  Owned by
Developers Ltd. DLF Ltd;
 Exposure of
Franklin
Mutual fund
in NCD is Rs
1000 crores;
 Amount
utilised for
downward
investment
4. Cadence Builders Not Negative 143 84.64  100%
& Constructions filed Subsidiary of
Private Limited Atherol
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
 A part of the
land is again
taken by the
government
back.
Enhanced
compensation
is being
received.
5. Alana Builders & Not Negative 83.00 44.30  100%
Developers filed Subsidiary of
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
6. Cadence Real Not 4.44 74.00 34.95  100%
Estates Private filed Subsidiary of
Limited Atherol
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
7. Camden Builders Not 0.01 15.00 10.00  100%
& Developers filed Subsidiary of
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
8. Jayanti Real Not Negative 39.00 24.82  100%
Estate Developers filed Subsidiary of
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
9. Nadish Real Not 0.89 76.00 48.37  100%
Estate Private filed Subsidiary of
Limited Atherol
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
10. Rosalind Builders Not Negative 42.00 26.73  100%
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
11. Tane Estates Not Negative 29.00 12.43  100%
Private Limited filed Subsidiary of
Atherol
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
12. Unicorn Real Not 0.12 69.00 40.52  100%
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
13. Hemadri Real Not 0.31 0  100%
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
14. Nilima Real Not 0  100%
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
15. Garv Promoters Not 2.37 24.00 16.00  100%
Atherol
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
16. Seamless Not Negative  100%
Constructions filed Subsidiary of
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
17. Aaralyn Builders Not 0.50 47.00 29.91  100%
Builders &
Developers
Private
Limited
 Amount
utilised to
purchase land
and advance
loan to related
party.
18. Garv Realtors Not 1.37 0.00 0  100%
Atherol
Builders &
Developers
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
19. Garv Developers Not 5.35 17.00 1.89  100%
Ananti
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
20. Naja Builders & Not negative 111.00 49.32  100%
Private Limited Ananti
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 The company
has invested
Rs 22 Crores
in EMU
Realcon
Private
Limited, a
company
owned by
Sameer
Gehlaut.
21. Mohak Real Not 14.78 66.00 42.84  100%
Limited Ananti
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
22. Blanca Builders Not 2.12 77.00 27.38  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
23. Adsila Builders & Not 1.41 50.00 5.56  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
24. Zanobi Builders Not 0.39 60.00 21.71  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
25. Damalis Builders Not 2.42 110.00 58.07  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
26. Luvkush Builders Not Negative 36.00 19.06  100%
Ananti
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
27. Talvi Builders & Not Negative 100.00 59.23  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
28. Abheek Real Not 1.50 83.00 22.91  100%
Limited Ananti
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
Compensation
received from
LAC, Haryana.
29. Bellanca Builders 0
& Developers
Private Limited
30. Musetta Builders Not Negative 27.00 18.00  100%
Private Limited Felicite
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
Compensation
received from
LAC,
Haryana.
31. Karida Real Not Negative 83.00 53.28  100%
Limited Felicite
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
Compensation
received from
LAC, Haryana.
32. Vamil Builders & Not 1.67 20.00 13.33  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
33. Finian Estates Not 
Developers filed
Private Limited
34. Nayef Estates Not Negative 36.00 24.00  100%
Felicite
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
35. Pegeen Builders Not Negative 14.00 11.67  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
36. Shikhi Estates Not 0.34 20.00 16.67  100%
Felicite
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
37. Rajika Estate Not 0.52 31.00 20.67  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
 Compensation
received from
LAC,
Haryana.
38. Karena Estates Not Negative 19.00 15.83  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
39. Afaaf Builders & Not Negative 30.00 12.86  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
40. Ati Sunder Not Negative 32.00 13.71  100%
Estates filed Subsidiary of
Developers Felicite
Builders &
Private Limited
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
41. Alfonso Builders Not Negative 40.00 17.14  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
42. First India Estates Not Negative 37.00 15.86  100%
And Services filed Subsidiary of
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
43. Sagardutt Not 0.73 35.00 15.00  100%
Builders & filed Subsidiary of
Developers Felicite
Builders &
Private Limited
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
44. Ethan Estates Not Negative 30.00 0.11  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
45. Akina Builders & Not Negative 35.00 22.27  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
46. Laxmibanta Not Negative 37.00 30.83  100%
Estates filed Subsidiary of
Developers Felicite
Private Limited Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
47. Arlie Builders & Not 8.55 90.00 52.08  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
48. Fabrizio Real Not 0.80 29.00 24.17  100%
Limited Felicite
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
49. Zima Builders & Not
Developers filed
Private Limited
50. Ophira Builders Not 2.40 45.00 28.64  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
51. Caprice Builders Not Negative 24.00 15.28  100%
And filed Subsidiary of
Constructions Felicite
Builders &
Private Limited
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
52. Rinji Estates Not 1.13 37.00 30.83  100%
Builders &
Construction
Private
Limited
 Amount
received from
group
companies
utilised to
purchase land
and advance
loan to related
party.
53. Dlf Ltd 500
54. Dlf Brands Pvt Not 54.67 25.31 21.12
Ltd filed
55. Dlf Cyber City filed 450
Developers
Limited
cclxxiii. That it is also respectfully submitted that part from
these; the Respondent Sameer Gehlaut, has also
criminally misappropriated the huge and sustentive
public money for his exclusively own gains and gains of
his close kin. Please refer to the annexure No. C-…….

cclxxiv. That Respondent Sameer Gehlaut, has also leant
substantive some of money to following shell
companies as well: Please refer to the annexure No.
C-…….
Sn Name of the Company Address IN CR.

a) Gnex Infrabuild Private B-10,LAWRENCE ROAD 230
Limited INDUSTRIAL AREA
DELHI North West DL
110035 IN
b) Gnex Projects Private Limited -do- 116

c) Renu Realtech Private -do- 216
Limited
d) Vivek Infracon Private -do- 170
Limited
e) 25fps Media Private Limited 18th Floor, A Wing, 100
Marathon Futurex, N. M.
Joshi Marg, Lower Parel,
Mumbai Mumbai City MH
400013 IN
f) Jayneer Infrapower & -do-
Multiventures Private Limited
g) Sprit Infrapower & -do-
Multiventures Privatelimited
h) SPRIT TEXTILES PRIVATE -do-
LIMITED
cclxxv. That it is again most respectfully submitted that
Respondent Sameer Gehlaut and criminal companions
are extremely powerful and influential and capable

enough to crush and investigation before event it is
started.
cclxxvi. That the present Petitioner herein is again and again
being threatened, since the day he lodged his first
complainant with SFIO and other government authority,
to withdraw all his cases otherwise be ready to face the
dire consequences.
GROUNDS
i. Because the offences, committed by the Chairman Sameer Gehlaut
in conspiracy with the other Directors and as mentioned above, have
taken place at multiple locations of the country; territorial jurisdiction
of which is encompasses Mumbai High Court, Delhi High Court,
Calcutta High Court and Various other Hon’ble High Court of the
country over which only Supreme Court of India has the appropriate
legal Jurisdiction to pass the directions/ orders in accordance with law.

ii. Because the Chairman Sameer Gehlaut in conspiracy with the other
Directors has mercilessly and heinously taken the public money of
approximate more than 98 thousand crores for their exclusive personal
use.
iii. Because any day the Chairman Sameer Gehlaut in conspiracy with
the other Directors can leave the country with the money of countable
innocent investors.
iv. Because the offences as mentioned above are to be investigated by
multiple law enforcement agencies.

v. Because the present case needs to be investigated under the directed
supervision by this Hon’ble court.

vi. Because the apart from the present case; the petitioner has no
alternative remedy.
vii. Because the culprits in the present case are extremely powerful,
influential and are having strong political connections.

viii. Because the Respondent No. 1, 2, 3, 4 and 5 have not only
deliberately failed to take any action against the Sameer Gehlaut and
M/S Indiabulls Housing Finance Limited but also committed a wilful
omission and commissions which are patent acts & deeds being gross
criminal misconduct within the definition of section 13 (1) (d) of
Prevention of Corruption act 1988 as well under various other laws of
India.
ix. Because the Respondent No. 1, 2, 3, 4 and 5 have also deliberately
failed to follow the commands of law which resulted into such a huge
and biggest pecuniary loss to the public exchequer as well to the
investors at large.
4. That Only this Hon’ble Court has the territorial jurisdiction to deal
with present matter as the as the criminality by the Sameer Gehlaut
and M/S Indiabulls Housing Finance Limited and the other directors
are spread in multiple states of the country.

5. That the present petition deserves to be allowed by this Hon’ble
Court.
6. That the petitioner has not filed any other similar Petition either
before this Hon’ble Court or before any Hon’ble High Court
concerning the same subject matter.

PRAYER: -
In the light of above stated facts and circumstances, it is humbly
prayed that your lordships will graciously be pleased to issue a
Writ/Writs, direction or directions;

a. To Monitor the Overall development of the case to ensure the free, fair
& Speedy investigation of the present matter in the interest of justice
and also to secure the ends of justice.

b. Issue a writ in the nature of the mandamus or any other appropriate
writ to the respondent no. 1, 2, 3 and 4 or the competent authority to
restore, protect and conserve the defrauded and misappropriated
Investors’ and public money from the Sameer Gehlaut and M/S
Indiabulls Housing Finance Limited, and the other directors of the
respondent Company No. 6 & 7

c. Issue a writ in the nature of the mandamus or any other appropriate
writ to initiate the appropriate legal actions against the Sameer
Gehlaut and M/S Indiabulls Housing Finance Limited Promoters and
it’s all directors along with their all other criminal conspirators.
d. Pass any other or further orders as this Hon’ble Court may deem just
and fit in the present case in accordance with the rule of law.
AND FOR THIS ACT OF KINDNESS THE PETITIONER AS IN
DUTY BOUND SHALL EVER PRAY.
DRAWN BY FILED BY
Advocate
ADVOCATE FOR PETITIONERS
DRAWN ON: ……………….
FILEDON: ……………….
IN THE MATTER OF: -
VERSUS
Respondents
…………………………………………………………………………
INTERIM APPLICATION SEEKING DIRECTIONS TO
SAMEER GEHLAUT AND M/S INDIABULLS HOUSING

FINANCE LIMITED, ITS DIRECTORS & PROMOTERS TO
NOT TO LEAVE THE COUNTRY DURING PENDENCY OF
THIS PRESENT CRIMINAL WRIT PETITION AND THE
RESPECTIVE INVESTIGATION/ FORENSIC AUDIT
THEREOF.
………………………………………………………………………….
TO,
THE HON’BLE CHIEF JUSTICE OF INDIA
& HIS COMPANION JUSTICES OF HON’BLE
SUPREME COURT OF INDIA
A HUMBLE PETITION OF THE APPLICANT ABOVE NAMED
MOST RESPECTFULLY SHOWETH
1. That the petitioner is filing the present writ petition under article 32 of
the constitution of India to enforce his fundamental rights as
envisaged under article 19(1)(a), 19(1)(g) R/W article 14 & 21
whereby the Sameer Gehlaut, M/S Indiabulls Housing Finance
Limited and its Promotors and Directors has fraudulently, and
criminal defrauded the countable investors to the tune of more than 98
thousand crores rupees.

2. That the Sameer Gehlaut and M/S Indiabulls Housing Finance
Limited and the Participient Criminis, have already duped the public
at large to the tune of more than 98 thousands crores of rupee.

3. That the Chairman Sameer Gehlaut and the Participient Criminis, are
under garb of the M/S Indiabulls Housing Finance Limited and its
fake and fraudulent rating still openly looting the public exchequer
and cheating the mass at large.

4. That the petitioner has a prima facie very good and strong case in its
favor and against the Sameer Gehlaut and M/S Indiabulls Housing
Finance Limited and there is every likelihood of its being successful
in the same ultimately.

5. That the balance of convenience also lies in favor of the petitioner and
against the Sameer Gehlaut and M/S Indiabulls Housing Finance
Limited .
6. That in order to save themselves and avoid the heat of law; the
Chairman Sameer Gehlaut along with his Participient Criminis, are
about to leave the country.

7. That if the Chairman Sameer Gehlaut with his Participient Criminis
succeeds in his evil designs and malafide motives as aforesaid, the
petitioner along with the public and the nation shall suffer an
irreparable loss and the very basic purposes of this Criminal Writ
Petition will be defeated.
PRAYER
In the circumstances, it is most respectfully prayed that this Hon’ble
Court may be pleased -:
A. To direct the Chairman Sameer Gehlaut to not to leave the country
during pendency of this present criminal writ petition and the
respective investigation/ Forensic audit thereof.

B. To direct the Promotors and all the directors of the Sameer Gehlaut
and M/S Indiabulls Housing Finance Limited to not to leave the
country during pendency of this present criminal writ petition and the
respective investigation/ audit thereof.

C. To pass such other and further orders or reliefs, as this Hon’ble Court
may deem fit and proper in the facts & circumstances & interest of
justice.
FOR THIS ACT OF KINDNESS, THE PETITIONER WILL
ALWAYS BE GRATEFUL AND EVER PRAY.
Filed by:
ADVOCATE FOR THE PETITIONER

New Delhi
Dated……………………………
IN THE MATTER OF: -
VERSUS
Respondents
…………………………………………………………………………
INTERIM APPLICATION PRAYING THIS HON’BLE COURT
TO TAKE THE COMPLETE CONTROL IN ALL RESPECTS
AND THE OVERALL CHARGE OF THE ENTIRE
MANAGEMENT OF SAMEER GEHLAUT AND M/S
INDIABULLS HOUSING FINANCE LIMITED UNDER ANY
RETIRED HON’BLE SUPREME COURT JUDGE DURING
THE PENDENCY OF THE PRESENT WRIT PETITION.
………………………………………………………………………….
TO,
Limited and its Promotors and Directors has fraudulently, and
criminal defrauded the countable investors to the tune of more than
thirty-five thousand crores rupees.

2. That the Chairman Sameer Gehlaut and the Participient Criminis,
have already duped the public at large to the tune of more than 92
thousand crores of rupee.

3. That the Chairman Sameer Gehlaut and the Participient Criminis, are
still openly under garb of the M/S Indiabulls Housing Finance Limited
and its fake and fraudulent rating still openly looting the public
exchequer and cheating the mass at large.


Limited .
6. That the Chairman Sameer Gehlaut with his Participient Criminis
has already caused a huge and unimaginable penury loss to the public
exchequer and looted the Investors at large.

7. That the Chairman Sameer Gehlaut with his Participient Criminis is
still engaged in the same evil and criminal practice of
misappropriation of public money and still cheating the various
authorities.
are allowed to succeed in their evil designs and malafide motives as
aforesaid, the petitioner along with the public and the Nation shall
suffer an irreparable loss and the very basic purposes of this Criminal
Writ Petition will be defeated.
PRAYER
Court may be pleased to pass the orders-:
A. To immediately takeover of the entire control and the overall charge
of the management of the Sameer Gehlaut and M/S Indiabulls
Housing Finance Limited under any retired Hon’ble Supreme Court
judge during the pendency of the present writ petition.

B. To take any/all the transactions of Sameer Gehlaut and M/S Indiabulls
Housing Finance Limited under the strict supervision and monitoring
of this Hon’ble Court.

C. To pass such other and further orders or reliefs, as this Hon’ble Court
justice.
Filed by:
New Delhi
Dated……………………………

IN THE MATTER OF: -
VERSUS
Respondents
…………………………………………………………………………
INTERIM APPLICATION PRAYING THIS HON’BLE COURT
TO CONSTITUTE THREE RETIRED HON’BLE SUPREME
COURTS JUDGES’ COMMITTEE ALONG WITH SPECIAL
INVESTIGATION TEAM COMPRISING OF THE SENIOR
OFFICIALS FROM THE OFFICE THE RESPONDENT
NO. 1, 2, 3, 4 & 5 TO CONDUCT THE DETAILED FORENSIC

AUDIT OF THE VARIOUS TRANSACTIONS BY THE
SAMEER GEHLAUT AND M/S INDIABULLS HOUSING
FINANCE LIMITED IN LAST SEVEN YEARS.
………………………………………………………………………….
TO,
Limitedand its Promotors and Directors has fraudulently, and criminal
defrauded the countable investors to the tune of more than 98
thousand crores rupees.

2. That the contents of the present writ petition is not repeated herein for
the sake of brevity and hence the contents of the present writ petition
may kindly be considered as a part and parcel of the present interim
application.
have already duped the public at large to the tune of more than thirty-
five thousand crores of rupee.

are still openly under garb of the M/S Indiabulls Housing Finance
Limited and its fake and fraudulent rating still openly looting the
public exchequer and cheating the mass at large.


Limited .
has already caused a huge and unimaginable penury loss to the public
exchequer and looted the Investors at large.

has made the entire case very complex and critical and tail of the scam
is spread throughout the country.

9. That due to involvement of various laws, and statutes as well as
multidimensional and many layers of crime; it is expedient that the
forensic audit must take place with respect to each transaction.

10. That without the detailed forensic; it would be impossible to trace to
criminalities in the present case.

11. That the Sameer Gehlaut and M/S Indiabulls Housing Finance
Limited, its Promotors and directors are extremely influential and
having the strongest political connections which is more than
sufficient to temper with the evidences and prejudice the
investigation.
12. Sameer Gehlaut and M/S Indiabulls Housing Finance Limited, its
Promotors and directors are extremely rich and very competent to
easily effect the investigation, if the same is not done under the direct
control of retired judges committee and and the monitoring of this
Hon’ble Court.
are allowed to succeed in their evil designs and malafide motives as
aforesaid, the petitioner along with the public and the Nation shall
suffer an irreparable loss and the very basic purposes of this Criminal
Writ Petition will be defeated.
PRAYER
Court may be pleased -:
A. To constitute the committee of three (3) Retired Hon’ble Supreme
Court Judges to Supervise the day to day investigation progress of the
present case.
B. To order for a detailed Forensic Audit of each transaction of at least
five years by the Sameer Gehlaut and M/S Indiabulls Housing Finance
Limited, and their criminal co-conspirators.

C. To also constitute the Special Investigation team comprising of the
Senior Investigating Officers from the office of the Respondent No. 1,
2, 3 & 4.
D. To order the so constituted Special Investigation team comprising of
the Senior Investigating Officers from the office of the Respondent
No. 1, 2, 3 & 4 to conduct the detailed forensic audit of each
transactions, of the Sameer Gehlaut and M/S Indiabulls Housing
Finance Limited and their criminal Participants, of law five years

under the direct supervision of the retired Judges’ committee and
under the monitoring of this Hon’ble Court.

E. To pass such other and further orders or reliefs, as this Hon’ble Court
justice.
Filed by:

New Delhi
Dated……………………………

IN THE MATTER OF: -

VERSUS
Respondents
AFFIDAVIT
I, ABHAY YADAV, R/O 3/5/18, SHAM SINGH STREET, SHASTRI
BAJAR, DELHI CANTT, NEW DELHI-110010 (INDIA) , do hereby
solemnly affirm and state as under: -
1. That I am the Petitioner in the above-mentioned matter and
being conversant with the facts and circumstances of the case,
competent to swear this affidavit.
2. That I have read and understood the contents of the
accompanying writ petition and the IAs at Page ……… to …….. and
Para ……….…….. to …………), Synopsis/List of Dates (From Page
B to F ).
3. That the annexures filed hereto are the true copies of their
respective originals.
DEPONENT
VERIFICATION:
Verified at New Delhi on this the ……………….. that the
contents of the above affidavit are true and correct to the best of my
knowledge and belief, nothing contained therein is false or has been
concealed therefrom.
DEPONENT
A-2
APPENDIX
Article 21 in The Constitution of India 1949

21. Protection of life and personal liberty No person shall be deprived
of his life or personal liberty except according to procedure
established by law
Article 32 in The Constitution of India 1949
32. Remedies for enforcement of rights conferred by this Part
(1) The right to move the Supreme Court by appropriate proceedings
for the enforcement of the rights conferred by this Part is guaranteed
(2) The Supreme Court shall have power to issue directions or orders
or writs, including writs in the nature of habeas corpus, mandamus,
prohibition, quo warranto and certiorari, whichever may be
appropriate, for the enforcement of any of the rights conferred by this
Part
(3) Without prejudice to the powers conferred on the Supreme Court
by clause ( 1 ) and ( 2 ), Parliament may by law empower any other
court to exercise within the local limits of its jurisdiction all or any of
the powers exercisable by the Supreme Court under clause ( 2 )
(4) The right guaranteed by this article shall not be suspended except
as otherwise provided for by this Constitution
Securities and Exchange Board of India Act, 1992

Penalty for insider trading.
SECTION 15G.IF ANY INSIDER WHO,—

1. (i) either on his own behalf or on behalf of any other person,
deals in securities of a body corporate listed on any stock exchange on
the basis of any unpublished price-sensitive information; or
2. (ii) communicates any unpublished price-sensitive information
to any person, with or without his request for such information except
as required in the ordinary course of business or under any law; or
3. (iii) counsels, or procures for any other person to deal in any
securities of anybody corporate on the basis of unpublished price-
sensitive information,
shall be liable to a penalty 81[which shall not be less than ten lakh
rupees but which may extend to twenty-five crore rupees or three
times the amount of profits made out of insider trading, whichever is
higher].
Penalty for non-disclosure of acquisition of shares and takeovers.
SECTION 15H.If any person, who is required under this Act or any
rules or regulations made thereunder,
fails to,—
1. (i) disclose the aggregate of his shareholding in the body
corporate before he acquires any shares of that body corporate; or

2. (ii) make a public announcement to acquire shares at a
minimum price; or 82[(iii) make a public offer by sending letter of
offer to the shareholders of the concerned
company; or
(iv) make payment of consideration to the shareholders who sold their
shares pursuant to letter of offer,]
he shall be liable to a penalty 83[which shall not be less than ten lakh
times the amount of profits made out of such failure, whichever is
higher].
84[Penalty for fraudulent and unfair trade practices.
SECTION 15HA. If any person indulges in fraudulent and unfair
trade practices relating to securities, he
shall be liable to a penalty 85[which shall not be less than five lakh
times the amount of profits made out of such practices, whichever is
higher].
Penalty for contravention where no separate penalty has been
provided.
SECTION 15HB. Whoever fails to comply with any provision of this
Act, the rules or the regulations made or directions issued by the
Board thereunder for which no separate penalty has been provided,
shall be 86[liable to a penalty which shall not be less than one lakh
rupees but which may extend to one crore rupees.]
FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (FEMA)
Capital Account Transactions.
Section 6. (1) Subject to the provisions of sub-section (2), any person
may sell or draw foreign exchange to or from an authorised person for
a capital account transaction. (2) The Reserve Bank may, in
consultation with the Central Government, specify— (a) any class or
classes of capital account transactions which are permissible; (b) the
limit up to which foreign exchange shall be admissible for such
transactions : Provided that the Reserve Bank shall not impose any
restriction on the drawal of foreign exchange for payments due on
account of amortization of loans or for depreciation of direct
investments in the ordinary course of business. (3) Without prejudice
to the generality of the provisions of sub-section (2), the Reserve
Bank may, by regulations, prohibit, restrict or regulate the following
— (a) transfer or issue of any foreign security by a person resident in
India; (b) transfer or issue of any security by a person resident outside
India; (c) transfer or issue of any security or foreign security by any
branch, office or agency in India of a person resident outside India; (d)
any borrowing or lending in foreign exchange in whatever form or by

whatever name called; (e) any borrowing or lending in rupees in
whatever form or by whatever name called between a person resident
in India and a person resident outside India; (f) deposits between
persons resident in India and persons resident outside India; (g)
export, import or holding of currency or currency notes; (h) transfer of
immovable property outside India, other than a lease not exceeding
five years, by a person resident in India; (i) acquisition or transfer of
immovable property in India, other than a lease not exceeding five
years, by a person resident outside India; (j) giving of a guarantee or
surety in respect of any debt, obligation or other liability incurred—
(i) by a person resident in India and owed to a person resident outside
India; or (ii) by a person resident outside India. (4) A person resident
in India may hold, own, transfer or invest in foreign currency, foreign
security or any immovable property situated outside India if such
currency, security or property was acquired, held or owned by such
person when he was resident outside India or inherited from a person
who was resident outside India. (5) A person resident outside India
may hold, own, transfer or invest in Indian currency, security or any
immovable property situated in India if such currency, security or
property was acquired, held or owned by such person when he was
resident in India or inherited from a person who was resident in India.
(6) Without prejudice to the provisions of this section, the Reserve
Bank may, by regulation, prohibit, restrict, or regulate establishment
in India of a branch, office or other place of business by a person

resident outside India, for carrying on any activity relating to such
branch, office or other place of business.
The Prevention of Money-Laundering Act, 2002
Section 3. Offence of money-Laundering.-
Whosoever directly or indirectly attempts to indulge or knowingly
assists or knowingly is a party or is actually involved in any process
or activity connected proceeds of crime including its concealment,
possession, acquisition or use and projecting or claiming it as
untainted property shall be guilty of offence of money-laundering.
Section 4. Punishment for money-
Laundering.-Whoever commits the offence of money-laundering shall
be punishable with rigorous imprisonment for a term which shall not
be less than three years but which may extend to seven years and shall
also be liable to fine: Provided that where the proceeds of crime
involved in money-laundering relates to any offence specified under
paragraph 2 of Part A of the Schedule, the provisions of this section
shall have effect as if for the words "which may extend to seven
years", the words "which may extend to ten years" had been
substituted.
Section 271 of Companies Act, 2013
271.1 [ " A company may, on a petition under section 272, be
wound up by the Tribunal, —

(a) if the company has, by special resolution, resolved that the
company be wound up by the Tribunal;
(b) if the company has acted against the interests of the sovereignty
and integrity of India, the security of the State, friendly relations with
foreign States, public order, decency or morality;
(c) if on an application made by the Registrar or any other person
authorised by the Central Government by notification under this Act,
the Tribunal is of the opinion that the affairs of the company have
been conducted in a fraudulent manner or the company was formed
for fraudulent and unlawful purpose or the persons concerned in the
formation or management of its affairs have been guilty of fraud,
misfeasance or misconduct in connection therewith and that it is
proper that the company be wound up;
(d) if the company has made a default in filing with the Registrar its
financial statements or annual returns for immediately preceding five
consecutive financial years; or
(e) if the Tribunal is of the opinion that it is just and equitable that the
company should be wound up.".]
Section 129 Companies Act
Financial Statement
1[129. (1) The financial statements shall give a true and fair view of
the state of affairs of the company or companies, comply with the
accounting standards notified under section133 and shall be in the

form or forms as may be provided for different class or classes of
companies in Schedule III:
Provided that the items contained in such financial statements shall be
in accordance with the accounting standards:
Provided further that nothing contained in this sub-section shall apply
to any insurance or banking company or any company engaged in the
generation or supply of electricity, or to any other class of company
for which a form of financial statement has been specified in or under
the Act governing such class of company:
Provided also that the financial statements shall not be treated as not
disclosing a true and fair view of the state of affairs of the company,
merely by reason of the fact that they do not disclose—-
(a) in the case of an insurance company, any matters which are not
required to be disclosed by the Insurance Act, 1938, or the Insurance
Regulatory and Development Authority Act, 1999;
(b) in the case of a banking company, any matters which are not
required to be disclosed by the Banking Regulation Act, 1949;
(c) in the case of a company engaged in the generation or supply of
electricity, any matters which are not required to be disclosed by the
Electricity Act, 2003; (d) in the case of a company governed by any
other law for the time being in force, any matters which are not
required to be disclosed by that law. (2) At every annual general
meeting of a company, the Board of Directors of the company shall
lay before such meeting financial statements for the financial year.
2[(3) Where a company has one or more subsidiaries or associate
companies, it shall, in addition to financial statements provided under
sub-section (2), prepare a consolidated financial statement of the
company and of all the subsidiaries and associate companies in the
same form and manner as that of its own and in accordance with
applicable accounting standards, which shall also be laid before the
annual general meeting of the company along with the laying of its
financial statement under sub-section (2): Provided that the company
shall also attach along with its financial statement, a separate
statement containing the salient features of the financial statement of
its subsidiary or subsidiaries and associate company or companies in
such form as may be prescribed: Provided further that the Central
Government may provide for the consolidation of accounts of
companies in such manner as may be prescribed.]
(4) The provisions of this Act applicable to the preparation, adoption
and audit of the financial statements of a holding company shall,
mutatis mutandis, apply to the consolidated financial statements
referred to in sub-section (3).
(5) Without prejudice to sub-section (1), where the financial
statements of a company do not comply with the accounting standards
referred to in sub-section (1), the company shall disclose in its
financial statements, the deviation from the accounting standards, the
reasons for such deviation and the financial effects, if any, arising out
of such deviation.
3(6) The Central Government may, on its own or on an application by
a class or classes of companies, by notification, exempt any class or
classes of companies from complying with any of the requirements of
this section or the rules made thereunder, if it is considered necessary
to grant such exemption in the public interest and any such exemption
may be granted either unconditionally or subject to such conditions as
may be specified in the notification.
(7) If a company contravenes the provisions of this section, the
managing director, the whole-time director in charge of finance, the
Chief Financial Officer or any other person charged by the Board with
the duty of complying with the requirements of this section and in the
absence of any of the officers mentioned above, all the directors shall
be punishable with imprisonment for a term which may extend to one
year or with fine which shall not be less than fifty thousand rupees but
which may extend to five lakh rupees, or with both.
Explanation.—For the purposes of this section, except where the
context otherwise requires, any reference to the financial statement
shall include any notes annexed to or forming part of such financial
statement, giving information required to be given and allowed to be
given in the form of such notes under this Act.]
134. Financial statement, Board’s report, etc

(1) The financial statement, including consolidated financial
statement, if any, shall be approved by the Board of Directors before
they are signed on behalf of the Board at least by the chairperson of
the company where he is authorized by the Board or by two directors
out of which one shall be managing director and the Chief Executive
Officer, if he is a director in the company, the Chief Financial Officer
and the company secretary of the company, wherever they are
appointed, or in the case of a One Person Company, only by one
director, for submission to the auditor for his report thereon.
(2) The auditors’ report shall be attached to every financial statement.
(3) There shall be attached to statements laid before a company in
general meeting, a report by its Board of Directors, which shall
include—
(a) the extract of the annual return as provided under sub-section (3)
of section 92;
(b) number of meetings of the Board;
(c) Directors’ Responsibility Statement;
(d) a statement on declaration given by independent directors under
sub-section (6) of section 149; (e) in case of a company covered under
sub-section (1) of section 178, company’s policy on directors’
appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other
matters provided under sub-section (3) of section 178;
(f) explanations or comments by the Board on every qualification,
reservation or adverse remark or disclaimer made—

(i) by the auditor in his report; and
(ii) by the company secretary in practice in his secretarial audit report;
(g) particulars of loans, guarantees or investments under section 186;
(h) particulars of contracts or arrangements with related parties
referred to in sub-section (1) of section 188 in the prescribed form;
(i) the state of the company’s affairs;
(j) the amounts, if any, which it proposes to carry to any reserves;
(k) the amount, if any, which it recommends should be paid by way of
dividend;
(l) material changes and commitments, if any, affecting the financial
position of the company which have occurred between the end of the
financial year of the company to which the financial statements relate
and the date of the report;
(m) the conservation of energy, technology absorption, foreign
exchange earnings and outgo, in such manner as may be prescribed;
(n) a statement indicating development and implementation of a risk
management policy for the company including identification therein
of elements of risk, if any, which in the opinion of the Board may
threaten the existence of the company;
(o) the details about the policy developed and implemented by the
company on corporate social responsibility initiatives taken during the
year;
(p) in case of a listed company and every other public company
having such paid-up share capital as may be prescribed, a statement
indicating the manner in which formal annual evaluation has been
made by the Board of its own performance and that of its committees
and individual directors;
(q) such other matters as may be prescribed.
(4) The report of the Board of Directors to be attached to the financial
statement under this section shall, in case of a One Person Company,
mean a report containing explanations or comments by the Board on
every qualification, reservation or adverse remark or disclaimer made
by the auditor in his report.
(5) The Directors’ Responsibility Statement referred to in clause (c) of
sub-section (3) shall state that—
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper
explanation relating to material departures;
(b) the directors had selected such accounting policies and applied
them
consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit and loss
of the company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the

provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud andother irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and (e) the directors, in the case of a listed company, had laid
down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating
effectively. Explanation.—For the purposes of this clause, the term
“internal financial controls” means the policies and procedures
adopted by the company for ensuring the orderly and efficient conduct
of its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and
the timely preparation of reliable financial information;
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
(6) The Board’s report and any annexures thereto under sub-section
(3) shall be signed by its chairperson of the company if he is
authorized by the Board and where he is not so authorized, shall be
signed by at least two directors, one of whom shall be a managing
director, or by the director where there is one director.
(7) A signed copy of every financial statement, including consolidated
financial statement, if any, shall be issued, circulated or published
along with a copy each of—
(a) any notes annexed to or forming part of such financial statement;

(b) the auditor’s report; and
(c) the Board’s report referred to in sub-section (3).
company shall be punishable with fine which shall not be less than
fifty thousand rupees but which may extend to twenty-five lakh rupees
and every officer of the company who is in default shall be punishable
with imprisonment for a term which may extend to three years or with
fine which shall not be less than fifty thousand rupees but which may
extend to five lakh rupees, or with both.
Section 447 Punishment for Fraud.
Without prejudice to any liability including repayment of any debt
under this Act or any other law for the time being in force, any person
who is found to be guilty of fraud 1[involving an amount of at least
ten lakh rupees or one per cent. of the turnover of the company,
whichever is lower] shall be punishable with imprisonment for a term
which shall not be less than six months, but which may extend to ten
years and shall also be liable to fine which shall not be less than the
amount involved in the fraud, but which may extend to three times the
amount involved in the fraud: Provided that where the fraud in
question involves public interest, the term of imprisonment shall not
be less than three years.
1[Provided further that where the fraud involves an amount less than
ten lakh rupees or one per cent. of the turnover of the company,
whichever is lower, and does not involve public interest, any person
guilty of such fraud shall be punishable with imprisonment for a term
which may extend to five years or with fine which may extend to
2[fifty lakh rupees] or with both.] Explanation. —For the purposes of
this section—
(i) “fraud” in relation to affairs of a company or any body corporate,
includes any act, omission, concealment of any fact or abuse of
position committed by any person or any other person with the
connivance in any manner, with intent to deceive, to gain undue
advantage from, or to injure the interests of, the company or its
shareholders or its creditors or any other person, whether or not there
is any wrongful gain or wrongful loss;
(ii) “wrongful gain” means the gain by unlawful means of property to
which the person gaining is not legally entitled;
(iii) “wrongful loss” means the loss by unlawful means of property to
which the person losing is legally entitled.
Section 177. Audit Committee
(1) The Board of Directors of every listed company and such other
class or classes of companies, as may be prescribed, shall constitute
an Audit Committee.
(2) The Audit Committee shall consist of a minimum of three directors
with independent directors forming a majority: Provided that majority
of members of Audit Committee including its Chairperson shall be
persons with ability to read and understand, the financial statement.

(3) Every Audit Committee of a company existing immediately before
the commencement of this Act shall, within one year of such
commencement, be reconstituted in accordance with sub-section (2).
(4) Every Audit Committee shall act in accordance with the terms of
reference specified in writing by the Board which shall, inter alia,
include,— (i) the recommendation for appointment, remuneration and
terms of appointment of auditors of the company; (ii) review and
monitor the auditor’s independence and performance, and
effectiveness of audit process; (iii) examination of the financial
statement and the auditors’ report thereon; (iv) approval or any
subsequent modification of transactions of the company with related
parties; (v) scrutiny of inter-corporate loans and investments; (vi)
valuation of undertakings or assets of the company, wherever it is
necessary; (vii) evaluation of internal financial controls and risk
management systems; (viii) monitoring the end use of funds raised
through public offers and related matters. (5) The Audit Committee
may call for the comments of the auditors about internal control
systems, the scope of audit, including the observations of the auditors
and review of financial statement before their submission to the Board
and may also discuss any related
issues with the internal and statutory auditors and the management of
the company. (6) The Audit Committee shall have authority to
investigate into any matter in relation to the items specified in sub-
section (4) or referred to it by the Board and for this purpose shall
have power to obtain professional advice from external sources and

have full access to information contained in the records of the
company.
(7) The auditors of a company and the key managerial personnel shall
have a right to be heard in the meetings of the Audit Committee when
it considers the auditor’s report but shall not have the right to vote.
(8) The Board’s report under sub-section (3) of section 134 shall
disclose the composition of an Audit Committee and where the Board
had not accepted any recommendation of the Audit Committee, the
same shall be disclosed in such report along with the reasons therefor.
(9) Every listed company or such class or classes of companies, as
may be prescribed, shall establish a vigil mechanism for directors and
employees to report genuine concerns in such manner as may be
prescribed. (10) The vigil mechanism under sub-section (9) shall
provide for adequate safeguards against victimization of persons who
use such mechanism and make provision for direct access to the
chairperson of the Audit Committee in appropriate or exceptional
cases: Provided that the details of establishment of such mechanism
shall be disclosed by the company on its website, if any, and in the
Board’s report.
Section 186. Loan and investment by company

(1) Without prejudice to the provisions contained in this Act, a
company shall
unless otherwise prescribed, make investment through not more than
two layers of investment
companies:
Provided that the provisions of this sub-section shall not affect,—
(i) a company from acquiring any other company incorporated in a
country
outside India if such other company has investment subsidiaries
beyond two layers
as per the laws of such country;
(ii) a subsidiary company from having any investment subsidiary for
the purposes
of meeting the requirements under any law or under any rule or
regulation framed
under any law for the time being in force.
(2) No company shall directly or indirectly —
(a) give any loan to any person or other body corporate;
(b) give any guarantee or provide security in connection with a loan to
any other
body corporate or person; and
(c) acquire by way of subscription, purchase or otherwise, the
securities of any
other body corporate,
exceeding sixty per cent. of its paid-up share capital, free reserves and
securities premium
account or one hundred per cent. of its free reserves and securities
premium account, whichever
is more.
(3) Where the giving of any loan or guarantee or providing any
security or the
acquisition under sub-section (2) exceeds the limits specified in that
sub-section, prior
approval by means of a special resolution passed at a general meeting
shall be necessary.
(4) The company shall disclose to the members in the financial
statement the full
particulars of the loans given, investment made or guarantee given or
security provided and
the purpose for which the loan or guarantee or security is proposed to
be utilised by the
recipient of the loan or guarantee or security.
(5) No investment shall be made or loan or guarantee or security given
by the company
unless the resolution sanctioning it is passed at a meeting of the Board
with the consent of
all the directors present at the meeting and the prior approval of the
public financial institution
concerned where any term loan is subsisting, is obtained:
Provided that prior approval of a public financial institution shall not
be required
where the aggregate of the loans and investments so far made, the
amount for which guarantee
or security so far provided to or in all other bodies corporate, along
with the investments,
loans, guarantee or security proposed to be made or given does not
exceed the limit as
specified in sub-section (2), and there is no default in repayment of
loan instalments or
payment of interest thereon as per the terms and conditions of such
loan to the public
financial institution.
(6) No company, which is registered under section 12 of the Securities
and Exchange
Board of India Act, 1992 and covered under such class or classes of
companies as may be
prescribed, shall take inter-corporate loan or deposits exceeding the
prescribed limit and
such company shall furnish in its financial statement the details of the
loan or deposits.
(7) No loan shall be given under this section at a rate of interest lower
than the
prevailing yield of one year, three year, five year or ten year
Government Security closest to
the tenor of the loan.
(8) No company which is in default in the repayment of any deposits
accepted before
or after the commencement of this Act or in payment of interest
thereon, shall give any loan
or give any guarantee or provide any security or make an acquisition
till such default is
subsisting.
(9) Every company giving loan or giving a guarantee or providing
security or making
an acquisition under this section shall keep a register which shall
contain such particulars
and shall be maintained in such manner as may be prescribed.
(10) The register referred to in sub-section (9) shall be kept at the
registered office of
the company and —
(a) shall be open to inspection at such office; and
(b) extracts may be taken therefrom by any member, and copies
thereof may
be furnished to any member of the company on payment of such fees
as may be
prescribed.
(11) Nothing contained in this section, except sub-section (1), shall
apply—
(a) to a loan made, guarantee given or security provided by a banking
company
or an insurance company or a housing finance company in the
ordinary course of its
business or a company engaged in the business of financing of
companies or of
providing infrastructural facilities;
(b) to any acquisition—
(i) made by a non-banking financial company registered under
Chapter IIIB of the Reserve Bank of India Act, 1934 and whose
principal business
is acquisition of securities:
Provided that exemption to non-banking financial company shall be in
respect of its investment and lending activities;
(ii) made by a company whose principal business is the acquisition of
securities;
(iii) of shares allotted in pursuance of clause (a) of sub-section (1) of
section 62.
(12) The Central Government may make rules for the purposes of this
section.
company shall be
punishable with fine which shall not be less than twenty-five thousand
rupees but which
may extend to five lakh rupees and every officer of the company who
is in default shall be
punishable with imprisonment for a term which may extend to two
years and with fine which
shall not be less than twenty-five thousand rupees but which may
extend to one lakh rupees.
Explanation.—For the purposes of this section,—
(a) the expression “investment company” means a company whose
principal
business is the acquisition of shares, debentures or other securities;
(b) the expression “infrastructure facilities” means the facilities
specified in
Schedule VI.
Section 185. Loan to directors, etc

(1) Save as otherwise provided in this Act, no company shall, directly
or indirectly,
advance any loan, including any loan represented by a book debt, to
any of its directors or
to any other person in whom the director is interested or give any
guarantee or provide any
security in connection with any loan taken by him or such other
person:
Provided that nothing contained in this sub-section shall apply to—
(a) the giving of any loan to a managing or whole-time director—
(i) as a part of the conditions of service extended by the company to
all its
employees; or
(ii) pursuant to any scheme approved by the members by a special
resolution; or
(b) a company which in the ordinary course of its business provides
loans or
gives guarantees or securities for the due repayment of any loan and in
respect of such
loans an interest is charged at a rate not less than the bank rate
declared by the
Reserve Bank of India.
Explanation.—For the purposes of this section, the expression “to any
other
person in whom director is interested” means—
(a) any director of the lending company, or of a company which is its
holding company or any partner or relative of any such director;
(b) any firm in which any such director or relative is a partner;
(c) any private company of which any such director is a director or
member;
(d) anybody corporate at a general meeting of which not less than
twenty-five
per cent. of the total voting power may be exercised or controlled by
any
such director, or by two or more such directors, together; or
(e) anybody corporate, the Board of directors, managing director or
manager, whereof is accustomed to act in accordance with the
directions or
instructions of the Board, or of any director or directors, of the lending
company.
(2) If any loan is advanced or a guarantee or security is given or
provided in
contravention of the provisions of sub-section (1), the company shall
be punishable with
fine which shall not be less than five lakh rupees but which may
extend to twenty-five lakh
rupees, and the director or the other person to whom any loan is
advanced or guarantee or
security is given or provided in connection with any loan taken by him
or the other person,
shall be punishable with imprisonment which may extend to six
months or with fine which
shall not be less than five lakh rupees but which may extend to
twenty-five lakh rupees, or with both.
Schedule III Companies act 2013

(See section 129)
GENERAL INSTRUCTIONS FOR PREPARATION OF BALANCE
SHEET AND STATEMENT OF PROFIT AND LOSS OF A
COMPANY GENERAL INSTRUCTIONS
1. Where compliance with the requirements of the Act including
Accounting Standards
as applicable to the companies require any change in treatment or
disclosure including
addition, amendment, substitution or deletion in the head or sub-head
or any changes,
inter se, in the financial statements or statements forming part thereof,
the same shall be
made and the requirements of this Schedule shall stand modified
accordingly.
2. The disclosure requirements specified in this Schedule are in
addition to and not in
substitution of the disclosure requirements specified in the Accounting
Standards prescribed
under the Companies Act, 2013. Additional disclosures specified in
the Accounting Standards
shall be made in the notes to accounts or by way of additional
statement unless required to
be disclosed on the face of the Financial Statements. Similarly, all
other disclosures as
required by the Companies Act shall be made in the notes to accounts
in addition to the
requirements set out in this Schedule.
3. (i) Notes to accounts shall contain information in addition to that
presented in the
Financial Statements and shall provide where required (a) narrative
descriptions or
disaggregation of items recognised in those statements; and (b)
information about items
that do not qualify for recognition in those statements.
(ii) Each item on the face of the Balance Sheet and Statement of Profit
and Loss shall
be cross-referenced to any related information in the notes to
accounts. In preparing the
Financial Statements including the notes to accounts, a balance shall
be maintained between
providing excessive detail that may not assist users of financial
statements and not providing
important information as a result of too much aggregation.
4. (i) Depending upon the turnover of the company, the figures
appearing in the
Financial Statements may be rounded off as given below:—
Turnover Rounding off
(a) less than one hundred To the nearest hundreds,
crore rupees thousands, lakhs
or millions, or decimals thereof.
(b) one hundred crore To the nearest lakhs, millions or
rupees or more crores, or
decimals thereof.
(ii) Once a unit of measurement is used, it shall be used uniformly in
the Financial
Statements.
5. Except in the case of the first Financial Statements laid before the
Company (after its
incorporation) the corresponding amounts (comparatives) for the
immediately preceding
reporting period for all items shown in the Financial Statements
including notes shall also be
given.
6. For the purpose of this Schedule, the terms used herein shall be as
per the applicable
Accounting Standards.
Note:—This part of Schedule sets out the minimum requirements for
disclosure on the face
of the Balance Sheet, and the Statement of Profit and Loss (hereinafter
referred to as
“Financial Statements” for the purpose of this Schedule) and Notes.
Line items,
sub-line items and sub-totals shall be presented as an addition or
substitution on
the face of the Financial Statements when such presentation is
relevant to an
understanding of the company’s financial position or performance or
to cater to
industry/sector-specific disclosure requirements or when required for
compliance
with the amendments to the Companies Act or under the Accounting
Standards.
PART I — BALANCE SHEET
Name of the Company…………………….
Balance Sheet as at ………………………
(Rupees in…………)
Particulars Note Figures as at Figures as at
No. the end of the end of the
current previous
reporting reporting
period period
1 2 3 4
I. EQUITY AND LIABILITIES
(1) Shareholders’ funds
(a) Share capital
(b) Reserves and surplus
(c) Money received against share
warrants
(2) Share application money pending
allotment
(3) Non-current liabilities
(a) Long-term borrowings
(b) Deferred tax liabilities (Net)
(c) Other Long term liabilities
(d) Long-term provisions
(4) Current liabilities
(a) Short-term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions
TOTAL
II. ASSETS
Non-current assets
(1) (a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under
development
(b) Non-current investments
(c) Deferred tax assets (net)
(d) Long-term loans and advances
(e) Other non-current assets
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
TOTAL
See accompanying notes to the Financial Statements.
Notes
GENERAL INSTRUCTIONS FOR PREPARATION OF
BALANCE SHEET
1. An asset shall be classified as current when it satisfies any of the
following criteria:—
(a) it is expected to be realised in, or is intended for sale or
consumption in, the
company’s normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realised within twelve months after the
reporting date; or
(d) it is cash or cash equivalent unless it is restricted from being
exchanged or
used to settle a liability for at least twelve months after the reporting
date.
All other assets shall be classified as non-current.
2. An operating cycle is the time between the acquisition of assets for
processing and
their realisation in cash or cash equivalents. Where the normal
operating cycle cannot be
identified, it is assumed to have a duration of twelve months.
3. A liability shall be classified as current when it satisfies any of the
following criteria:—
(a) it is expected to be settled in the company’s normal operating
cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is due to be settled within twelve months after the reporting date;
or
(d) the company does not have an unconditional right to defer
settlement of the
liability for at least twelve months after the reporting date. Terms of a
liability that
could, at the option of the counterparty, result in its settlement by the
issue of equity
instruments do not affect its classification.
All other liabilities shall be classified as non-current.
4. A receivable shall be classified as a “trade receivable” if it is in
respect of the amount
due on account of goods sold or services rendered in the normal
course of business.
5. A payable shall be classified as a “trade payable” if it is in respect
of the amount due
on account of goods purchased or services received in the normal
course of business.
6. A company shall disclose the following in the notes to accounts.
A. Share Capital
For each class of share capital (different classes of preference shares
to be treated separately):
(a) the number and amount of shares authorised;
(b) the number of shares issued, subscribed and fully paid, and
subscribed but not fully paid;
(c) par value per share;
(d) a reconciliation of the number of shares outstanding at the
beginning
and at the end of the reporting period;
(e) the rights, preferences and restrictions attaching to each class of
shares
including restrictions on the distribution of dividends and the
repayment of
capital;
(f) shares in respect of each class in the company held by its holding
company or its ultimate holding company including shares held by or
by
subsidiaries or associates of the holding company or the ultimate
holding
company in aggregate;
(g) shares in the company held by each shareholder holding more than
5 per cent. shares specifying the number of shares held;
(h) shares reserved for issue under options and contracts/commitments
for the sale of shares/disinvestment, including the terms and amounts;
(i) for the period of five years immediately preceding the date as at
which
the Balance Sheet is prepared:
(A) Aggregate number and class of shares allotted as fully paid-up
pursuant to contract(s) without payment being received in cash.
(B) Aggregate number and class of shares allotted as fully paid-up
by way of bonus shares.
(C) Aggregate number and class of shares bought back.
(j) terms of any securities convertible into equity/preference shares
issued
along with the earliest date of conversion in descending order starting
from the
farthest such date;
(k) calls unpaid (showing aggregate value of calls unpaid by directors
and
officers);
(l) forfeited shares (amount originally paid-up).
B. Reserves and Surplus
(i) Reserves and Surplus shall be classified as:
(a) Capital Reserves;
(b) Capital Redemption Reserve;
(c) Securities Premium Reserve;
(d) Debenture Redemption Reserve;
(e) Revaluation Reserve;
(f) Share Options Outstanding Account;
(g) Other Reserves–(specify the nature and purpose of each reserve
and
the amount in respect thereof);
(h) Surplus i.e., balance in Statement of Profit and Loss disclosing
allocations and appropriations such as dividend, bonus shares and
transfer to/
from reserves, etc.;
(Additions and deductions since last balance sheet to be shown under
each of the specified heads);
(ii) A reserve specifically represented by earmarked investments shall
be termed
as a “fund”.
(iii) Debit balance of statement of profit and loss shall be shown as a
negative
figure under the head “Surplus”. Similarly, the balance of “Reserves
and Surplus”,
after adjusting negative balance of surplus, if any, shall be shown
under the head
“Reserves and Surplus” even if the resulting figure is in the negative.
C. Long-Term Borrowings
(i) Long-term borrowings shall be classified as:
(a) Bonds/debentures;
(b) Term loans:
(A) from banks.
(B) from other parties.
(c) Deferred payment liabilities;
(d) Deposits;
(e) Loans and advances from related parties;
(f) Long term maturities of finance lease obligations;
(g) Other loans and advances (specify nature).
(ii) Borrowings shall further be sub-classified as secured and
unsecured. Nature
of security shall be specified separately in each case.
(iii) Where loans have been guaranteed by directors or others, the
aggregate
amount of such loans under each head shall be disclosed.
(iv) Bonds/debentures (along with the rate of interest and particulars
of
redemption or conversion, as the case may be) shall be stated in
descending order of
maturity or conversion, starting from farthest redemption or
conversion date, as the
case may be. Where bonds/debentures are redeemable by instalments,
the date of
maturity for this purpose must be reckoned as the date on which the
first instalment
becomes due.
(v) Particulars of any redeemed bonds/debentures which the company
has power
to reissue shall be disclosed.
(vi) Terms of repayment of term loans and other loans shall be stated.
(vii) Period and amount of continuing default as on the balance sheet
date in
repayment of loans and interest, shall be specified separately in each
case.
D. Other Long-term Liabilities
Other Long-term Liabilities shall be classified as:
(a) Trade payables;
(b) Others.
E. Long-term provisions
The amounts shall be classified as:
(a) Provision for employee benefits;
(b) Others (specify nature).
F. Short-term borrowings
(i) Short-term borrowings shall be classified as:
(a) Loans repayable on demand;
(A) from banks.
(B) from other parties.
(b) Loans and advances from related parties;
(c) Deposits;
(d) Other loans and advances (specify nature).
(ii) Borrowings shall further be sub-classified as secured and
unsecured. Nature
of security shall be specified separately in each case.
(iii) Where loans have been guaranteed by directors or others, the
aggregate
amount of such loans under each head shall be disclosed.
(iv) Period and amount of default as on the balance sheet date in
repayment of
loans and interest, shall be specified separately in each case.
G. Other current liabilities

(a) Current maturities of long-term debt;
(b) Current maturities of finance lease obligations;
(c) Interest accrued but not due on borrowings;
(d) Interest accrued and due on borrowings;
(e) Income received in advance;
(f) Unpaid dividends;
(g) Application money received for allotment of securities and due for
refund and interest accrued thereon. Share application money includes
advances
towards allotment of share capital. The terms and conditions including
the number
of shares proposed to be issued, the amount of premium, if any, and
the period
before which shares shall be allotted shall be disclosed. It shall also be
disclosed
whether the company has sufficient authorised capital to cover the
share capital
amount resulting from allotment of shares out of such share
application money.
Further, the period for which the share application money has been
pending
beyond the period for allotment as mentioned in the document inviting
application
for shares along with the reason for such share application money
being pending
shall be disclosed. Share application money not exceeding the issued
capital
and to the extent not refundable shall be shown under the head Equity
and share
application money to the extent refundable, i.e., the amount in excess
of
subscription or in case the requirements of minimum subscription are
not met,
shall be separately shown under “Óther current liabilities”;
(h) Unpaid matured deposits and interest accrued thereon;
(i) Unpaid matured debentures and interest accrued thereon;
(j) Other payables (specify nature).
H. Short-term provisions
(a) Provision for employee benefits.
I. Tangible assets
(i) Classification shall be given as:
(a) Land;
(b) Buildings;
(c) Plant and Equipment;
(d) Furniture and Fixtures;
(e) Vehicles;
(f) Office equipment;
(g) Others (specify nature).
(ii) Assets under lease shall be separately specified under each class of
asset.
(iii) A reconciliation of the gross and net carrying amounts of each
class of
assets at the beginning and end of the reporting period showing
additions, disposals,
acquisitions through business combinations and other adjustments and
the related
depreciation and impairment losses/reversals shall be disclosed
separately.
(iv) Where sums have been written-off on a reduction of capital or
revaluation of
assets or where sums have been added on revaluation of assets, every
balance sheet
subsequent to date of such write-off, or addition shall show the
reduced or increased
figures as applicable and shall by way of a note also show the amount
of the reduction
or increase as applicable together with the date thereof for the first
five years subsequent
to the date of such reduction or increase.
J. Intangible assets
(i) Classification shall be given as:
(a) Goodwill;
(b) Brands /trademarks;
(c) Computer software;
(d) Mastheads and publishing titles;
(e) Mining rights;
(f) Copyrights, and patents and other intellectual property rights,
services
and operating rights;
(g) Recipes, formulae, models, designs and prototypes;
(h) Licences and franchise;
(i) Others (specify nature).
(ii) A reconciliation of the gross and net carrying amounts of each
class of
assets at the beginning and end of the reporting period showing
additions, disposals,
acquisitions through business combinations and other adjustments and
the related
amortization and impairment losses/reversals shall be disclosed
separately.
(iii) Where sums have been written-off on a reduction of capital or
revaluation
of assets or where sums have been added on revaluation of assets,
every balance
sheet subsequent to date of such write-off, or addition shall show the
reduced or
increased figures as applicable and shall by way of a note also show
the amount of the
reduction or increase as applicable together with the date thereof for
the first five years
subsequent to the date of such reduction or increase.
K. Non-current investments
(i) Non-current investments shall be classified as trade investments
and other
investments and further classified as:
(a) Investment property;
(b) Investments in Equity Instruments;
(c) Investments in preference shares;
(d) Investments in Government or trust securities;
(e) Investments in debentures or bonds;
(f) Investments in Mutual Funds;
(g) Investments in partnership firms;
(h) Other non-current investments (specify nature).
Under each classification, details shall be given of names of the
bodies corporate
indicating separately whether such bodies are (i) subsidiaries, (ii)
associates,
(iii) joint ventures, or (iv) controlled special purpose entities in whom
investments
have been made and the nature and extent of the investment so made
in each such
body corporate (showing separately investments which are partly-
paid). In regard to
investments in the capital of partnership firms, the names of the firms
(with the names
of all their partners, total capital and the shares of each partner) shall
be given.
(ii) Investments carried at other than at cost should be separately
stated specifying
the basis for valuation thereof;
(iii) The following shall also be disclosed:
(a) Aggregate amount of quoted investments and market value
thereof;
(b) Aggregate amount of unquoted investments;
(c) Aggregate provision for diminution in value of investments.
L. Long-term loans and advances
(i) Long-term loans and advances shall be classified as:
(a) Capital Advances;
(b) Security Deposits;
(c) Loans and advances to related parties (giving details thereof);
(d) Other loans and advances (specify nature).
(ii) The above shall also be separately sub-classified as:
(a) Secured, considered good;
(b) Unsecured, considered good;
(c) Doubtful.
(iii) Allowance for bad and doubtful loans and advances shall be
disclosed
under the relevant heads separately.
(iv) Loans and advances due by directors or other officers of the
company or
any of them either severally or jointly with any other persons or
amounts due by firms
or private companies respectively in which any director is a partner or
a director or a
member should be separately stated.
M. Other non-current assets
Other non-current assets shall be classified as:
(i) Long-term Trade Receivables (including trade receivables on
deferred
credit terms);
(ii) Others (specify nature);
(iii) Long term Trade Receivables, shall be sub-classified as:
(A) (a) Secured, considered good;
(B) Unsecured, considered good;
(C) Doubtful.
(b) Allowance for bad and doubtful debts shall be disclosed under
the relevant heads separately.
(c) Debts due by directors or other officers of the company or any of
them either severally or jointly with any other person or debts due by
firms
a
director or a member should be separately stated.
N. Current Investments
(i) Current investments shall be classified as:
(a) Investments in Equity Instruments;
(b) Investment in Preference Shares;
(c) Investments in Government or trust securities;
(d) Investments in debentures or bonds;
(e) Investments in Mutual Funds;
(f) Investments in partnership firms;
(g) Other investments (specify nature).
Under each classification, details shall be given of names of the
bodies corporate
[indicating separately whether such bodies are: (i) subsidiaries, (ii)
associates,
(iii) joint ventures, or (iv) controlled special purpose entities] in whom
investments
have been made and the nature and extent of the investment so made
in each such
body corporate (showing separately investments which are partly
paid). In regard to
investments in the capital of partnership firms, the names of the firms
(with the names
of all their partners, total capital and the shares of each partner) shall
be given.
(ii) The following shall also be disclosed:
(a) The basis of valuation of individual investments;
(b) Aggregate amount of quoted investments and market value
thereof;
(c) Aggregate amount of unquoted investments;
(d) Aggregate provision made for diminution in value of investments.
O. Inventories
(i) Inventories shall be classified as:
(a) Raw materials;
(b) Work-in-progress;
(c) Finished goods;
(d) Stock-in-trade (in respect of goods acquired for trading);
(e) Stores and spares;
(f) Loose tools;
(g) Others (specify nature).
(ii) Goods-in-transit shall be disclosed under the relevant sub-head of
inventories.
(iii) Mode of valuation shall be stated.
P. Trade Receivables
(i) Aggregate amount of Trade Receivables outstanding for a period
exceeding
six months from the date they are due for payment should be
separately stated.
(ii) Trade receivables shall be sub-classified as:
(c) Doubtful.
(iii) Allowance for bad and doubtful debts shall be disclosed under the
relevant
heads separately.
(iv) Debts due by directors or other officers of the company or any of
them
either severally or jointly with any other person or debts due by firms
or private
companies respectively in which any director is a partner or a director
or a member
should be separately stated.
Q. Cash and cash equivalents
(i) Cash and cash equivalents shall be classified as:
(a) Balances with banks;
(b) Cheques, drafts on hand;
(c) Cash on hand;
(d) Others (specify nature).
(ii) Earmarked balances with banks (for example, for unpaid dividend)
shall be
separately stated.
(iii) Balances with banks to the extent held as margin money or
security against
the borrowings, guarantees, other commitments shall be disclosed
separately.
(iv) Repatriation restrictions, if any, in respect of cash and bank
balances shall
be separately stated.
(v) Bank deposits with more than twelve months maturity shall be
disclosed
separately.
R. Short-term loans and advances
(i) Short-term loans and advances shall be classified as:
(a) Loans and advances to related parties (giving details thereof);
(ii) The above shall also be sub-classified as:
(c) Doubtful.
(iii) Allowance for bad and doubtful loans and advances shall be
disclosed
under the relevant heads separately.
(iv) Loans and advances due by directors or other officers of the
company or
any of them either severally or jointly with any other person or
amounts due by firms
a director or a
member shall be separately stated.
S. Other current assets (specify nature)
This is an all-inclusive heading, which incorporates current assets that
do not fit
into any other asset categories.
T. Contingent liabilities and commitments (to the extent not
provided for)
(i) Contingent liabilities shall be classified as:
(a) Claims against the company not acknowledged as debt;
(b) Guarantees;
(c) Other money for which the company is contingently liable.
(ii) Commitments shall be classified as:
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for;
(b) Uncalled liability on shares and other investments partly paid;
(c) Other commitments (specify nature).
U. The amount of dividends proposed to be distributed to equity and
preference
shareholders for the period and the related amount per share shall be
disclosed
separately. Arrears of fixed cumulative dividends on preference shares
shall also be
disclosed separately.
V. Where in respect of an issue of securities made for a specific
purpose, the
whole or part of the amount has not been used for the specific purpose
at the balance
sheet date, there shall be indicated by way of note how such unutilised
amounts have
been used or invested.
W. If, in the opinion of the Board, any of the assets other than fixed
assets and
non-current investments do not have a value on realisation in the
ordinary course of
business at least equal to the amount at which they are stated, the fact
that the Board
is of that opinion, shall be stated.
PART II – STATEMENT OF PROFIT AND LOSS
Name of the Company…………………….
Profit and loss statement for the year ended ………………………
(Rupees in…………)
Particulars Note No. Figures as at Figures as at
the end of the end of the
current previous
reporting reporting
period period
1 2 3 4
I Revenue from xxx xxx
operations
II Other income xxx xxx
III Total Revenue (I + xxx xxx
II)
IV Expenses:
Cost of materials Xxx Xxx
consumed
Xxx Xxx
Purchases of Stock-
in-Trade Xxx Xxx
Changes in
inventories of
finished goods xxx Xxx
work-in-progress
and Stock-in-Trade
Employee benefits
expense Finance
costs
Depreciation and
amortization
expense
Other expenses
Total expenses
V Profit before xxx xxx
exceptional and
extraordinary items
and tax (III - IV)
VI Exceptional items xxx xxx
VII Profit before xxx xxx
extraordinary items
and tax (V - VI)
VIII Extraordinary items xxx xxx
IX Profit before tax xxx xxx
(VII- VIII)
X Tax expense:
(1) Current tax Xxx Xxx
(2) Deferred tax Xxx Xxx
XI Profit (Loss) for the xxx xxx
period from
continuing
operations (VII-
VIII)
XII Profit/(loss) from xxx xxx
discontinuing
operations
XIII Tax expense of xxx xxx
discontinuing
operations
XIV Profit/(loss) from xxx xxx
Discontinuing
operations (after
tax) (XII-XIII)
XV Profit (Loss) for the xxx xxx
period (XI + XIV)
XVI Earnings per equity
share: Xxx Xxx
(1) Basic xxx xxx
(2) Diluted
See accompanying notes to the financial statements.
GENERAL INSTRUCTIONS FOR PREPARATION OF
STATEMENT OF
PROFIT AND LOSS
1. The provisions of this Part shall apply to the income and
expenditure account
referred to in sub-clause (ii) of clause (40) of section 2 in like manner
as they apply to a
statement of profit and loss.
2. (A) In respect of a company other than a finance company revenue
from operations
shall disclose separately in the notes revenue from—
(a) Sale of products;
(b) Sale of services;
(c) Other operating revenues;
Less:
(d) Excise duty.
(B) In respect of a finance company, revenue from operations shall
include revenue
from—
(a) Interest; and
(b) Other financial services.
Revenue under each of the above heads shall be disclosed separately
by way of notes
to accounts to the extent applicable.
3. Finance Costs
Finance costs shall be classified as:
(a) Interest expense;
(b) Other borrowing costs;
(c) Applicable net gain/loss on foreign currency transactions and
translation.
4. Other income
Other income shall be classified as:
(a) Interest Income (in case of a company other than a finance
company);
(b) Dividend Income;
(c) Net gain/loss on sale of investments;
(d) Other non-operating income (net of expenses directly attributable
to such income).
5. Additional Information
A Company shall disclose by way of notes additional information
regarding aggregate
expenditure and income on the following items:—
(i) (a) Employee Benefits Expense [showing separately (i) salaries
and wages,
(ii) contribution to provident and other funds, (iii) expense on
Employee Stock Option
Scheme (ESOP) and Employee Stock Purchase Plan (ESPP), (iv) staff
welfare expenses].
(b) Depreciation and amortisation expense;
(c) Any item of income or expenditure which exceeds one per cent. of
the revenue
from operations or Rs.1,00,000, whichever is higher;
(d) Interest Income;
(e) Interest expense;
(f) Dividend income;
(g) Net gain/loss on sale of investments;
(h) Adjustments to the carrying amount of investments;
(i) Net gain or loss on foreign currency transaction and translation
(other than
considered as finance cost);
(j) Payments to the auditor as (a) auditor; (b) for taxation matters; (c)
for company
law matters; (d) for management services; (e) for other services; and
(f) for
reimbursement of expenses;
(k) In case of Companies covered under section 135, amount of
expenditure
incurred on corporate social responsibility activities;
(l) Details of items of exceptional and extraordinary nature;
(m) Prior period items;
(ii) (a) In the case of manufacturing companies,—
(1) Raw materials under broad heads.
(2) goods purchased under broad heads.
(b) In the case of trading companies, purchases in respect of goods
traded in by
the company under broad heads.
(c) In the case of companies rendering or supplying services, gross
income
derived from services rendered or supplied under broad heads.
(d) In the case of a company, which falls under more than one of the
categories
mentioned in (a), (b) and (c) above, it shall be sufficient compliance
with the requirements
herein if purchases, sales and consumption of raw material and the
gross income from
services rendered is shown under broad heads.
(e) In the case of other companies, gross income derived under broad
heads.
(iii) In the case of all concerns having works in progress, works-in-
progress
under broad heads.
(iv) (a) The aggregate, if material, of any amounts set aside or
proposed to be set
aside, to reserve, but not including provisions made to meet any
specific liability,
contingency or commitment known to exist at the date as to which the
balance sheet is
made up.
(b) The aggregate, if material, of any amounts withdrawn from such
reserves.
(v) (a) The aggregate, if material, of the amounts set aside to
provisions made for
meeting specific liabilities, contingencies or commitments.
(b) The aggregate, if material, of the amounts withdrawn from such
provisions,
as no longer required.
(vi) Expenditure incurred on each of the following items, separately
for each
item:—
(a) Consumption of stores and spare parts;
(b) Power and fuel;
(c) Rent;
(d) Repairs to buildings;
(e) Repairs to machinery;
(f) Insurance;
(g) Rates and taxes, excluding, taxes on income;
(h) Miscellaneous expenses,
(vii) (a) Dividends from subsidiary companies.
(b) Provisions for losses of subsidiary companies.
(viii) The profit and loss account shall also contain by way of a note
the following
information, namely:—
(a) Value of imports calculated on C.I.F basis by the company during
the
financial year in respect of—
I. Raw materials;
II. Components and spare parts;
III. Capital goods;
(b) Expenditure in foreign currency during the financial year on
account of
royalty, know-how, professional and consultation fees, interest, and
other matters;
(c) Total value if all imported raw materials, spare parts and
components
consumed during the financial year and the total value of all
indigenous raw
materials, spare parts and components similarly consumed and the
percentage
of each to the total consumption;
(d) The amount remitted during the year in foreign currencies on
account
of dividends with a specific mention of the total number of non-
resident
shareholders, the total number of shares held by them on which the
dividends
were due and the year to which the dividends related;
(e) Earnings in foreign exchange classified under the following heads,
namely:—
I. Export of goods calculated on F.O.B. basis;
II. Royalty, know-how, professional and consultation fees;
III. Interest and dividend;
IV. Other income, indicating the nature thereof.
Note:— Broad heads shall be decided taking into account the concept
of materiality and
presentation of true and fair view of financial statements.
GENERAL INSTRUCTIONS FOR THE PREPARATION OF
CONSOLIDATED
FINANCIAL STATEMENTS
1. Where a company is required to prepare Consolidated Financial
Statements, i.e.,
consolidated balance sheet and consolidated statement of profit and
loss, the company shall
mutatis mutandis follow the requirements of this Schedule as
applicable to a company in the
preparation of balance sheet and statement of profit and loss. In
addition, the consolidated
financial statements shall disclose the information as per the
requirements specified in the
applicable Accounting Standards including the following:
(i) Profit or loss attributable to “minority interest” and to owners of
the parent in
the statement of profit and loss shall be presented as allocation for the
period.
(ii) “Minority interests” in the balance sheet within equity shall be
presented
separately from the equity of the owners of the parent.
2. In Consolidated Financial Statements, the following shall be
disclosed by way of
additional information:
Name Net Assets, i.e., total Share in profit or loss
of the assets minus total
entity liabilities
in the
As % of Amount As % of Amount
consolidated consolidated
net assets profit or loss
1 2 3 4 5
Parent
Subsidiaries
Indian
1.
2.
3.
.
.
Foreign
1.
2.
3.
.
.
Minority
Interests in
all subsidiaries
Associates
(Investment
as per the equity
method)
Indian
1.
2.
3.
.
.
Foreign
1.
2.
3.
.
.
Joint Ventures
(as per proportionate
consolidation/
investment
as per the
equity method)
Indian
1.
2.
3.
.
.
Foreign
1.
2.
3.
.
.
TOTAL
3. All subsidiaries, associates and joint ventures (whether Indian or

foreign) will be covered under consolidated financial statements.
4. An entity shall disclose the list of subsidiaries or associates or joint
ventures which have not been consolidated in the consolidated
financial statements along with the reasons of not consolidating.
INCOME TAX ACT 1961
Section 68 of Income Tax Act Section 68 of the Income Tax Act

states as under:
“Where any sum is found credited in the books of an assessee
maintained for any previous year, and the assesses offers no
explanation about the nature and source thereof or the explanation
offered by him is not, in the opinion of the Assessing Officer,
satisfactory, the sum so credited may be charged to income-tax as the
income of the assessee of that previous year.
Provided that where the assessee is a company (not being a company

in which the public are substantially interested), and the sum so
credited consists of share application money, share capital, share
premium or any such amount by whatever name called, any
explanation offered by such assessee-company shall be deemed to be
not satisfactory, unless—
 (a) the person, being a resident in whose name such credit is
recorded in the books of such company also offers an explanation
about the nature and source of such sum so credited; and
 (b) such explanation in the opinion of the Assessing Officer
aforesaid has been found to be satisfactory.
Provided further that nothing contained in the first proviso shall apply
if the person, in whose name the sum referred to therein is recorded, is
a venture capital fund or a venture capital company as referred to in
clause (23FB) of section 10.
Section 45 Capital Gains.

89
45. 90[(1)] Any profits or gains arising from the transfer 91 of a capital
asset91 effected91 in the previous year shall, save as otherwise provided
in
sections 92[&ast;&ast;&ast;] 93[54, 54B, 94[&ast;&ast;&ast;] 95[96[54D,
97
[54E, 98[54EA, 54EB,] 54F 99[, 54G and 54H]]]]], be chargeable to
income-tax under the head "Capital gains", and shall be deemed to be
the income of the previous year in which the transfer took place.
1
[(1A) Notwithstanding anything contained in sub-section (1), where
any person receives at any time during any previous year any money
or other assets under an insurance from an insurer on account of
damage to, or destruction of, any capital asset, as a result of—
(i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of
nature; or
(ii) riot or civil disturbance; or
(iii) accidental fire or explosion; or
(iv) action by an enemy or action taken in combating an enemy (whether
with or without a declaration of war),
then, any profits or gains arising from receipt of such money or other
assets shall be chargeable to income-tax under the head "Capital
gains" and shall be deemed to be the income of such person of the
previous year in which such money or other asset was received and
for the purposes of section 48, value of any money or the fair market
value of other assets on the date of such receipt shall be deemed to be
the full value of the consideration received or accruing as a result of
the transfer of such capital asset.
Explanation.—For the purposes of this sub-section, the expression
"insurer" shall have the meaning assigned to it in clause (9) of section
22 of the Insurance Act, 1938 (4 of 1938).]
3
[(2) Notwithstanding anything contained in sub-section (1), the
profits or gains arising from the transfer by way of conversion by the
owner of a capital asset into, or its treatment by him as stock-in-trade
of a business carried on by him shall be chargeable to income-tax as
his income of the previous year in which such stock-in-trade is sold or
otherwise transferred by him and, for the purposes of section 48, the
fair market value of the asset on the date of such conversion or
treatment shall be deemed to be the full value of the consideration
received or accruing as a result of the transfer of the capital asset.]
4
[(2A) 5Where any person has had at any time during previous year
any beneficial interest in any securities, then, any profits or gains
arising from transfer made by the depository or participant of such
beneficial interest in respect of securities shall be chargeable to
income-tax as the income of the beneficial owner of the previous year
in which such transfer took place and shall not be regarded as income
of the depository who is deemed to be the registered owner of
securities by virtue of sub-section (1) of section 10 of the Depositories
Act, 1996, and for the purposes of—
(i) section 48; and
(ii) proviso to clause (42A) of section 2,
the cost of acquisition and the period of holding of any securities shall
be determined on the basis of the first-in-first-out method.
Explanation.—For the purposes of this sub-section, the expressions
"beneficial owner" 6, "depository" 6 and "security" 6 shall have the
meanings respectively assigned to them in clauses (a), (e) and (l) of
sub-section (1) of section 2 of the Depositories Act, 1996.]
7
[(3) The profits or gains arising from the transfer of a capital asset by
a person to a firm or other association of persons or body of
individuals (not being a company or a co-operative society) in which
he is or becomes a partner or member, by way of capital contribution
or otherwise, shall be chargeable to tax as his income of the previous
year in which such transfer takes place and, for the purposes
of section 48, the amount recorded in the books of account of the firm,
association or body as the value of the capital asset shall be deemed to
be the full value of the consideration received or accruing as a result
of the transfer of the capital asset.
(4) The profits or gains arising from the transfer of a capital asset by
way of distribution of capital assets on the dissolution of a firm or
other association of persons or body of individuals (not being a
company or a co-operative society) or otherwise8, shall be chargeable
to tax as the income of the firm, association or body, of the previous
year in which the said transfer takes place and, for the purposes
of section 48, the fair market value of the asset on the date of such
transfer shall be deemed to be the full value of the consideration
received or accruing as a result of the transfer.]
9
[(5) Notwithstanding anything contained in sub-section (1), where the
capital gain arises from the transfer of a capital asset, being a transfer
by way of compulsory acquisition under any law, or a transfer the
consideration for which was determined or approved by the Central
Government or the Reserve Bank of India, and the compensation or
the consideration for such transfer is enhanced or further enhanced by
any court, Tribunal or other authority, the capital gain shall be dealt
with in the following manner, namely :—
(a) the capital gain computed with reference to the compensation awarded
in the first instance10 or, as the case may be, the consideration
determined or approved in the first instance by the Central
Government or the Reserve Bank of India shall be chargeable
as 11[income under the head "Capital gains" of the previous year in
which such compensation or part thereof, or such consideration or part
thereof, was first received]; and
(b) the amount by which the compensation or consideration is enhanced
or further enhanced by the court, Tribunal or other authority shall be
deemed to be income chargeable under the head "Capital gains" of the
previous year in which such amount is received by the assessee;
The following proviso shall be inserted after clause (b) of sub-section
(5) of section 45 by the Finance (No. 2) Act, 2014, w.e.f. 1-4-2015 :
Provided that any amount of compensation received in pursuance of an
interim order of a court, Tribunal or other authority shall be deemed
to be income chargeable under the head "Capital gains" of the
previous year in which the final order of such court, Tribunal or other
authority is made;
12
[(c) where in the assessment for any year, the capital gain arising from
the transfer of a capital asset is computed by taking the compensation
or consideration referred to in clause (a) or, as the case may be,
enhanced compensation or consideration referred to in clause (b), and
subsequently such compensation or consideration is reduced by any
court, Tribunal or other authority, such assessed capital gain of that
year shall be recomputed by taking the compensation or consi-
deration as so reduced by such court, Tribunal or other authority to be
the full value of the consideration.]
Explanation.—For the purposes of this sub-section,—
(i) in relation to the amount referred to in clause (b), the cost of
acquisition and the cost of improvement shall be taken to be nil;
(ii) the provisions of this sub-section shall apply also in a case where the
transfer took place prior to the 1st day of April, 1988;
(iii) where by reason of the death of the person who made the transfer, or
for any other reason, the enhanced compensation or consideration is
received by any other person, the amount referred to in clause (b)
shall be deemed to be the income, chargeable to tax under the head
"Capital gains", of such other person.]
13
[(6) Notwithstanding anything contained in sub-section (1), the
difference between the repurchase price of the units referred to in sub-
section (2) of section 80CCB and the capital value of such units shall
be deemed to be the capital gains arising to the assessee in the
previous year in which such repurchase takes place or the plan
referred to in that section is terminated and shall be taxed accordingly.
Explanation.—For the purposes of this sub-section, "capital value of
such units" means any amount invested by the assessee in the units
referred to in sub-section (2) of section 80CCB.]
Section 201.
79. In section 201 of the Income-tax Act,—
(A) with effect from the 1st day of July, 2012,—
(i) in sub-section (1),—
(a) before the proviso, the following proviso shall be inserted, namely:—
"Provided that any person, including the principal officer of a
company, who fails to deduct the whole or any part of the tax in
accordance with the provisions of this Chapter on the sum paid to a
resident or on the sum credited to the account of a resident shall not be
deemed to be an assessee in default in respect of such tax if such
resident—
(i) has furnished his return of income under section 139;
(ii) has taken into account such sum for computing income in such return
of income; and
(iii) has paid the tax due on the income declared by him in such return of
income,
and the person furnishes a certificate to this effect from an accountant
in such form as may be prescribed:";
(b) in the proviso, for the words "Provided that", the words "Provided
further that" shall be substituted;
(ii) after sub-section (1A), the following proviso shall be inserted,
namely:—
"Provided that in case any person, including the principal officer of a
company fails to deduct the whole or any part of the tax in accordance
with the provisions of this Chapter on the sum paid to a resident or on
the sum credited to the account of a resident but is not deemed to be
an assessee in default under the first proviso of sub-section (1), the
interest under clause (i) shall be payable from the date on which such
tax was deductible to the date of furnishing of return of income by
such resident.";
(B) in sub-section (3), in clause (ii), for the words "four years", the words
"six years" shall be substituted and shall be deemed to have been
substituted with effect from the 1st day of April, 2010;
(C) after sub-section (4), the following Explanation shall be inserted with
effect from the 1st day of July, 2012, namely:—
'Explanation.—For the purposes of this section, the expression
"accountant" shall have the meaning assigned to it in
the Explanations to sub-section (2) of section 288.'.
TRUE COPY

IN THE MATTER OF: -
VERSUS
Respondents
APPLICATION FOR EXEMPTION FROM FILING
OFFICIAL TRANSLATION.
TO,
THE HON’BLE THE CHIEF JUSTICE OF INDIA AND
HIS COMPANION JUDGES OF THE SUPREME COURT
OF INDIA.
THE HUMBLE PETITION OF THE PETITIONER
ABOVE NAMED;
MOST RESPECTFULLY SHOWETH :
1. The petitioner is filing the instant Writ Petition
criminal under article 21 and 32 for Protection of life and
personal liberty, no person shall be deprived of his life or personal
liberty except according to procedure established by law
2. That along with the accompanying Writ Petition
criminal, the petitioner is filing Annexures P-2 and P-3,
the original whereof is in annexure no. 2 was Urdu and
annexure no.3 was in Hindi the same has been got
translated privately in the office of the petitioner's
Advocate, due to urgency in the matter.
3. That the translation of the aforesaid documents are
true and correct.

PRAYE R
It is, therefore, most respectfully prayed that this
Hon'ble Court may graciously be pleased to:-
a) exempt the petitioner from filing official translation of
the aforesaid Annexures P-2 & P-3; and/or
b) pass any other order/orders as this Hon'ble Court may deem
fit and proper in the facts and circumstances of the case.
AND FOR THIS ACT OF KINDNESS, THE
PETITIONER AS IN DUTY BOUND SHALL EVER PRAY.
FILED BY:
NEW DELHI.
FILED ON: ……………

A-1
PROFORMA FOR FIRST LISTING
SECTION:
The case pertains to (please tick/check the correct box)
Central Act: (Title) Article 32 of constitution of
India
Section: N.A
Central Rule: (Title) N.A.
Rule No (S) N.A.
State Act: (Title) N.A.
Section: N.A.
State Rule: (Title) N.A.
Rule No(s) N.A.
Impugned Interim Order: (Date) N.A.
Impugned Final Order/Decree: N.A
High Court: (Name) N.A.
Names of Judges: N.A.
Tribunal/Authority (Name) N.A.
1. Nature of matter CRIMINAL
2 (a) Petitioner/appellant No.1: ABHAY YADAV

(b) e-mail ID: N.A.
(C) Mobile Phone Number: N.A.
3 (a) Respondent No.1: SEBI
(b) E mail ID: N.A.
(c) Mobile Phone Number: N.A.
4.(a) Main Category classification: 14 CRIMINAL MATTER
(b) Sub Classification: 1407 other
5. Note to be listed before: NA
6.(a) Similar disposed of matter with No Similar disposed of matter
citation, if any, and case details: Is pending
(b) Similar Pending matter: No Similar Matter Pending
7. Criminal matters Yes

(a) Whether Sameer Gehlaut and M/S N.A.
Indiabulls Housing Finance Limited
/convict has surrendered

(b) F.I.R. No. N.A.
(c). Police Station: N.A.
(d) Period of Sentence awarded: N.A.
(e) Period of Sentence Undergone N.A
8. Land Acquisition Matters: N.A.
(a) Date of Section 4 Notification: N.A.
(b) Date of Section 6 Notification: N.A.
(c) Date of Section 17 notification: N.A.
9. Tax Matters: State the tax effect: N.A.
10. Special Category N.A.
(First Petitioner/appellant only)
Senior Citizen SC/ST Woman/child Disable Legal
Aid Case in custody N.A.
11. Vehicle number (in case of Motor N. A.
Accident Claim matters:
NEW DELHI AOR for Petitioner/Appellants
DATE: ………………

Indiabulls SC Writ

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IN THE SUPREME COURT OF INDIA

CRIMINAL ORIGINAL JURISDICTION

[ UNDER THE ARTICLE 32 CONSTITUTION OF INDIA]

IN THE MATTER OF: -

ABHAY YADAV …..Petitioner

SECURITIES & EXCHANGE BOARD OF INDIA

Through its Chairman & Others ……

I.A NO. OF 2018

AN APPLICATION FOR EXCEMPTION FROM FILIING THE

(FOR INDEX KINDLYSEE INSIDE)

ADVOCATE FOR THE PETITIONER:

Sl. Particulars of documents Page no. of para to Remk.

No. which it belongs

(i) (ii) (iii) (iv) (v)

1 Listing proforma A-A1 A-A1

2 Cover Page of page Book A2

4 Defect List A-4 to

6 Note Sheet NS1

8 Writ Petition (Crl) with 1-10

A true Translated copy of

Banking Financial Company whereas the Chairman Sameer Gehlaut

is also Managing Director of said Non-Banking Financial Company.

as per records and their repeated representations, engaged in the

alleged business of money lending for the purposes of Home finance

having the public money of approximately more than 1 lakh of crores

Indiabulls Housing Finance Limited along with his Participient

Criminis; has criminally siphoned the Public Money of approximately

more than 98 thousand crores of Indian Rupees from the Sameer

Gehlaut and M/S Indiabulls Housing Finance Limited to their

exclusive personal accounts for their exclusive personal use which is

enactments of the country. The respondent no.- 6 in conspiracy with

engaged in criminal misappropriation of public money to the tune of

approximately more than 98 thousands of crores of Indian Rupees.

The modus-oprandi opted by the Chairman Sameer Gehlaut and his

Participient Criminis, to defraud not only the investors at large but

also the Public Exchequer, is Multi-Dimensional duly buckled-up with

manifold layers of criminal and highly unlawful activities. Apparently,

entire public money of the Innocent shareholders, PSU Banks and

purposes of the Chairman Sameer Gehlaut and his family members.

Shockingly, Chairman Sameer Gehlaut and his Participient Criminis

did not leave almost any financial Enactments to violate.

new way to mislead the regulating authorities.

The Chairman Sameer Gehlaut and his Participient Criminis

have also created Countable either shell companies or the dummy

companies to whom under patently bogus, Non-existent and

fraudulent pretext, an extremely huge sum of Public Money, in

thousands of crores, has been advanced, needless to mention that

without following due process of law, and interestingly those very

loan, from the Chairman Sameer Gehlaut and his Participient

Criminis through the Sameer Gehlaut and M/S Indiabulls Housing

Finance Limited, further transferred the very same amount to another

company which is either being run, directed and operated by the

Chairman Sameer Gehlaut his Family members or the other directors

connivances with the Auditors, Credit Rating Agencies and Concerned

officials of the Respective Government departments.

The another unfortunate part of this case is that Chairman Sameer

Gehlaut and his Participient Criminis have, while advancing the

entries while taking the interest on annual basis instead of a monthly

the public exchequer at Income Tax Department which resulted in

further injury of more than hundreds of Crores rupees.

The Chairman Sameer Gehlaut and his Participient Criminis, while

from unknown sources which is illegal and forbidden by prevention of

criminal violation and willful heinous misconduct against the SEBI