The Additional Director (Independent) in the SKS Power Generation (Chandigarh) Limited Company has moved the Supreme Court seeking a probe by the CBI and the Enforcement Directorate into illegal activities conducted by its former management by forging entries and creating false and fake invoices to dupe the company of more than Rs 5000 crore.
Filed by one Chandra Shekhar Paramanand Paliwal, the plea submitted that the irregularities came to surface when new management took over the company and now various FIRs have been registered against him and other employees due to the illegal activities conducted by its former management, which illegally diverted company funds under various unexecuted tenders which were allotted to companies with the sole intention to siphon off funds.
The petitioner requested to club all FIRs registered against him in various States in view of the orders passed in the case of Arnab Goswami and prayed the Court to transfer investigation to the CBI, the ED and the Serious Fraud Investigation Organisation.
The plea alleged that the ex-management in collusion with the ex-employees misused the fiduciary position entrusted upon them and cheated the present management and the society at large for thousands of crores. It said the present management is unable to carry on its business and hence is under great financial difficulties.
The plea stated that the fraud which is committed by the ex-management and ex-promoters in collusion with ex-employees has been revealed in the forensic audit report conducted by the Feedback Infra Private Limited which is one of the most reputed forensic audit company of India. It found that additional payments have been made by SKS to Cethar Vessels without recovering the advance amount neither from running bills nor by encashing the bank guarantees at the time of suspension of works. Further, it is also noted that even after the suspension of the works, SKS has cleared and paid amount to Cethar Vessels by SKS and once again did not recover the advance amount.
The petitioner stated that Company Board is equally represented by the Whole Time Director, Executive Director& Nominee Director of the Bank apart from Independent Director. As an Independent Director, the day-to-day business affairs do not come under his purview but the different law enforcement agencies are issuing notice to him which is damaging his reputation and adversely impacting his career and health. He said he is unnecessarily getting caught in the crossfire between the regulatory/enforcement authorities and the present company’s management.
The plea has been filed by Advocate-on-Record Rajeev Singh and Advocates Ashutosh Srivastava & Mohd. Fuzail Khan.