The Punjab & Haryana High Court on Monday denied any relief to the directors of PVR Limited and issued directions to start mediation process to explore amicable settlement to the dispute.
On the directions of court, the Gurugram Police had earlier registered a criminal case under section 420, 406, 120B-IPC and other sections against Ajay Bijli, his brother Sanjeev Kumar Bijli, daughter Niharika Bijli, along with PVR Limited and eight others for fraudulently inflating the share prices and selling the same for an exorbitant price of Rs. 820 crore.
The FIR that was lodged at the Sushant Lok-I police station, Gurugram, alleges that the above named accused in connivance with each other had fraudulently planned and sold stocks at high price and dumped lots of builders.
After not getting any relief from Gururgam, the accused promoters Bijlis moved to Punjab & Haryana high court for quashing of the FIR filed by Gurugram Police (on directions of the court). The Punjab and Haryana High Court after hearing the parties declined to quash the FIR.