A Delhi court has allowed an investor to recover ₹15 lakh from two directors of a television company. The duo had duped the investor of ₹15 lakh by showing him a business plan for launching a news channel called “Planet News” in 2013.
In his suit, the investor alleged that the two directors gave him the business plan with the intent to defraud him. They claimed they had a licence from the Union Information and Broadcasting Ministry for the news channel, the suit said.
When the investor insisted on an agreement before transfer of the money, the directors assured him that it would be done within a week after the investment. The investor transferred ₹15 lakh to the company’s account but the directors went back on their word regarding the agreement and also refused to repay the money.
The investor further alleged that the duo showed a rosy picture of their company and induced him to invest the amount, thereafter siphoned for their personal use. When the investor was not able to contact the two directors, a recovery suit was filed in the court of Additional Sessions Judge Hasan Anzar.
The court proceeded in the matter ex parte as the two directors stopped appearing in court after dismissal of an application filed by them.
Allowing the suit, the judge said: “In the present case, the defendants are directors of the company and they have played a key role in the entire transaction by playing fraud and, therefore, not only the defendant company but the directors are also liable to pay back the money to the plaintiff.
The plaintiff has placed on record the business plan in which it has been clearly shown that one of the directors even has share to the extent of 40% in the running of the ‘Planet News’.”
“The plaintiff is entitled to recover ₹15 lakh along with future and pendente lite at the rate of 6% per annum from June 13, 2013, till the date of realisation, along with costs from the defendants,” the judge added.