Arrest Warrants Served On Bangur Finance Top-Brass

The court also issued arrest warrants against the signatories of cheques on behalf of the company. It has also attached the assets of Bangur Finance.

The directors are Hemal Campani, R K Lakhotia, G D Binnany and A V Karnani. The magistrate has directed the accused to appear before the court on November 16.

A complaint under sections 138 and 141 of the Negotiable Instrument Act, 1881, had been lodged against the company, its directors and signatories, alleging bouncing of the cheques issued to Ashok Leyland.

According to the complaint, the cheques "were dishonoured by non-payment by the accused company's banker (The Bank of Rajasthan Ltd, Chowringhee Branch) with the remark `insufficient funds'".

 

Ashok Leyland had earlier sued Bangur Finance over default of inter-corporate deposits worth Rs 8 crore (Rs 10 crore together with interest). The suit was filed in the court of Justice Barin Ghosh of the Calcutta High Court on October 11.

On Monday, Justice Ghosh passed an ex-parte order restraining Bangur Finance from operating or withdrawing without leaving a credit balance of Rs 10,10,63,014 from its accounts held in Bank of Rajasthan Ltd, United Bank of India, Old Court House street, Calcutta, Punjab National Bank, Brabourne Road, Calcutta and Global Trust Bank, Calcutta.

While moving the petition, counsel for Ashok Leyland, Ajay Chatterjee and Amit Basu, argued that BFL had taken a loan of Rs 8 crore on condition of repayment on an agreed rate of interest.

It was alleged that BFL issued four cheques drawn on Bank of Rajasthan to Ashok Leyland, which were dishonoured due to lack of funds in the account.

It was also stated that BFL is a financing company and it appears that persons at the helm of affairs of the BFL control the business of the Bank of Rajasthan and that Keshav Bangur is the vice-chairman of the bank.

According to the petition: "It appears that the persons at the helm of affairs of BFL control and monitor the business the Bank of Rajasthan Ltd. It appears from the record that Aditya Kumar Bangur, S N Bangur, M K Bangur, Keshav Bangur, Shree Kant Bangur were the subscribers to the memorandum and articles of association of BFL. That the said Keshav Bangur is now the vice-chairman of the Bank of Rajasthan".

Counsel for Ashok Leyland said they apprehend a nexus between BFL and the Bank of Rajasthan.