SEBI and Corporate Laws – July 15, 2019

210 SEBI & Corporate Laws - Reports [Vol. 154

Therefore,

the

Applicant

states

that

the

overall

loss

to

the

lenders

aggre

gates -

to

approx.

Rs.

1 , 344. 32

lakhs

which

includes

Rs.

490. 93

lakhs

+

Rs.

853. 39

lakhs^

as

stated

above.

It

has

also

been

brought

to

my

notice

that

certain

fraudulent

transactions

with^

related

parties

(Respondent

Nos.

5

&

6

being

HUF

of

Respondent

Nos.

1

&^

2

respectively)

have

taken

place.

21.1

Transactions

with

Respondent

No.

5 :

On

evaluation

of

ledger

ac

counts, -

multiple

adjustment

entries

in

the

form

of

Journal

Voucher

Entries^

(JV’s)

are

passed

adjusting

receivables

against

payables/loan

payables,^

purchases

adjusted

by

transferring

the

payable

amount

to

the

loan^

account

of

Respondent

Nos.

5

&

6.

(Rs.

in

Lakhs)

Sl.

No.

Name Inflow Outflow Net Outflow

from Corpo-

1 Siddhivinayak rate Debtor^

Silk

Mills

(hereinafter

as^

P^ ur“cShidadseh:ivinayak”)^ Sales:^ Rs.^97 lakhs^

Rs. 1 ,^048 lakhs

128. 891 , 063. 04934. 14

2 Balaji Synthetics (hereinafter as “Bala-

ji”) Sales: Rs. 276 Lakhs Purchase: Rs.

545 Lakhs

• 
  
  
  
  350. 
       
       
       
       26350. 26
       
       
       
       
  
  
  
  

Total 1 , 284 , 40

a.

The

Applicant

states

that

the

Corporate

Debtor

has

received

loans

of^

Approx.

Rs.

102. 32

Lakhs

from

Siddhivinayak.

Out

of

the

total

loans^

received,

only

Rs.

0. 75

lakhs

was

the

actual

inflow

of

money

which^

could

be

traced

in

the

Bank

statements,

remaining

Rs.

101. 57

lakhs^

were

adjustment

entries

(JV)

passed

in

the

books

of

account

(Loan^

account

of

Siddhivinayak

was

credited

and

ledger

accounts

of^

Sunil

Kathuria,

Sohail

Kathuria,

Sunita

Kathuria,

Sakshi

Kathuria

and^

Sales/Purchase

ledgers

of

Siddhivinyank

were

debited.)

b.

Loans

were

repaid

by

the

Corporate

Debtor

to

Siddhivinayak

amounting^

to

Rs.

102. 32

Lakhs.

Out

of

the

total

loans

repaid,

only

Rs.^

0. 33

Lakhs

was

actual

outflow

of

money

which

could

be

traced

in^

the

bank

statements,

remaining

Rs.

101. 99

Lakhs

were

shown

as

repaid^

by

passing

adjustment

entries.

(Loan

account

of

Siddhivinayak

was^

debited

and

ledger

accounts

of

Sunil

Kathuria,

Sohail

Kathuria,

Sunita^

Kathuria,

Sakshi

Kathuria,

Siddhivinayak,

K.D.

Fabrics

and

Amar^

Fab

(Andheri)

were

credited).

c.

Debtors

account

of

Respondent

No.

5

was

settled

by

passing

two

journal^

entries,

one

crediting

the

creditors

ledger

of

Siddhivinayak

with^

approx.

Rs.

31

lakhs

and

one

crediting

the

loan

account

of

Siddhivinayak^

with

approx.

Rs.

20

lakhs

reducing

the

balance

to

Nil

in

all

the

three

ledger

accounts.