Gitanjali Jewels’ top bosses POs

Ishrat S Banwait

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Tribune News Service

Chandigarh, August 31

Three persons, including the Director and the Managing Director of Gitanjali Jewels, one of the largest branded jewellery retailers in the world, have been declared proclaimed offenders by a local court here. In a cheque-bounce case involving Rs 1 crore, the bank account from which the cheques were issued has also been attached.

The three accused are Shiv Raman Nair, Director, Mehul Choksi, Managing Director, and Vipul Chaitalia, authorised signatory of the company.

Three cheques were meant for returning the security amount to a city-based jewellery retailer, Tara Jewels, who had given up the franchise of the multi-crore firm three years ago. However, the cheques were dishonoured and the accused did not appear in court after which they were declared POs.

The case

The complainant, Pranshu Gupta, came in contact with the accused in January 2012. The accused told him that they were having difficulties in running their store in Sector 22. They handed it over to Pranshu and his partner Rajat Gupta the same year. However, the duo was asked to pay Rs 1 crore as security amount, which they did and started their business.

According to the complaint, the company did not keep its word in terms of business and the complainant suffered losses. The complainants alleged that they were being pressured to give up the franchise and transfer the stock to their Mani Majra-based store. They finally gave up the franchise and demanded their security amount back.

After repeated requests, the company issued three cheques in June 2014 — one on June 1 for Rs 30 lakh, another on June 12 for Rs 35 lakh and the last one on June 24 for Rs 35 lakh. The cheques were drawn on ICICI Bank, Nariman point branch, Mumbai.

When the complainant presented the cheques in Yes Bank, Chandigarh, these were dishonoured. The complainant first filed a complaint with the Senior Superintendent of Police, Chandigarh, through the public window. He then approached the court and filed a complaint under the Negotiable Instruments Act, 1881. The court declared the  accused proclaimed offenders. It has also ordered attachment of the ICICI Bank account in Mumbai through which the cheques were issued.