Millennium Post

Promoters of PVR booked

Gurugram: After the direction from the civil court, the Gurugram police have filed Multiple FIRS' registered against PVR Cinemas and its promoters and other Directors for cheating and forgery under sections of 420, 406 and 120B of the Indian Penal code.
They along with eight more people from the company have been accused of selling stocks at inflated value of Rs 820 crore illegally and causing loss of crores to Gurugram based Real Estate Company.
It has been alleged that PVR Limited, entered into memorandum of understanding (MOU) with builders of commercial space and AJAY BIJLI made sensational statements to the press that PVR was in the process of achieving its target of 1000 cinema screens by the year 2018, thereby inflating the share prices of PVR based on false statements.
Upon investigations made by the complainant, the complainant found that the accused PVR never had any intention of taking on lease the multiplex proposed to be developed in terms of the aforesaid MOUs. The complainant found that the accused had hatched a well-planned conspiracy with the malafide intent to allure investors so as to increase the share value & worth of the accused PVR in Global Market. Once the shares of PVR were sold, they dumped the Contracts/Memorandum of Understandings (MoU's) and fraudulently tried to terminate it.
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