Supreme Court Freezes S B Petroleums Accounts

The Supreme Court yesterday ordered the accounts of Lucknow-based firm S B Petroleum, owned by V K Tiwari, a relative of politician Mayapati Tripathi, to be frozen and its assets be attached.

The court directed that the accounts of the firms directors also be frozen.

The district judge has been asked to attach the properties of the company, which shall not be allowed to operate its accounts.

The managing director has been asked to disclose the properties of the directors to the court within two weeks.

No third party rights shall be allowed to be created on the directors properties, which shall not be sold.

 

There are 18 first information reports (FIRs) against the concern and 11 similar ones against Shriram Petroleum.

The firms have been accused in a public interest litigation of swindling more than five lakh dealers and consumers of about Rs 35 crore by promising liquefied petroleum gas (LPG) connections.

Though the money was collected from all over the country, only some 5,000 connections were given.

The division bench comprising Justice S C Agrawal, Justice B N Kirpal and Justice V N Khare further asked the economic offences wing to submit a report on the progress of the investigations after the first information reports were lodged.

The copy of the order was sent to the district judge who has to file an action taken report (ATR) within three weeks.

The case will be taken up on March 20.