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DBS Realty’s chairman files cheating complaint against four directors, Real Estate News, ET RealEstate

DBS Realty's chairman files cheating complaint against four directors, Real Estate News, ET RealEstate
VADODARA: Chairman of a realty company lodged a complaint against four directors of a company he had established in Vadodara for a realty project in Waghodiya along with another person of cheating and under the Companies Act.

In his complaint, Sanjay Shah, chairman of DBS Realty Pvt Ltd, told the police that he decided to launch a project at Kamlapura village in Waghodiya along with one of the accused Kamlesh Shah, who was an administrator of a large parcel of land owned jointly by 11 people, after the stakeholder evinced interest in the project.

A new company was established in Vadodara with Sanjay and three owners Rehmatullah Marediya, Johar Marediya and Ajay Shah as directors of the company.

As the project needed huge funds, a Mumbai-based company was made 50% shareholder in the project and its two representatives Divyang Mishra and Chandeshwar Parthi were also made directors in the company.

Police said that five accused – Mishra, Parthi, Rehmatullah, Johar and Kamlesh – hatched a plan to make financial gains through illegal means. Going by their plan, the five held a meeting of directors on paper and using stamp paper and forged documents, made a a memorandum of understanding (MoU) with the owners.

According to the MoU, the company had to give the land back to the owners and the price and other charges were also tampered. “Due to the forgery and the subsequent MoU by keeping the shareholders in dark, the company had to face huge financial losses,” said a police official.

Kamlesh has been detained and the police are in process of nabbing other four too.


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Written by Realty Beat

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