Cheating case filed against SpiceJet MD Ajay Singh, others in Gurugram
A case of fraud has been registered against SpiceJet Chairman and Managing Director Ajay Singh and others
for allegedly cheating a Gurugram resident by delivering fake share certificates to him.
Complainant Amit Arora, a resident of Magnolias, Golf Links, Golf Course Road, Gurugram,
alleged in his police complaint that Singh delivered a forged depository instruction sheet (DIS) for 10 lakh shares in exchange for services rendered.
On July 7, a case was registered at the Sushant Lok police station under Sections 420 (cheating and dishonestly inducing handover of property)
and 406 (criminal breach of trust) of the Indian Penal Code (IPC).
According to Arora, the former Spicejet proprietors, Kalanithi Maran and Kal Airways Private Limited,
engaged into a Share Sale and Purchase Agreement with the accused Ajay Singh in 2015, in which their whole stock was transferred to him.
"Singh told me to take over the company as it was in a dire financial situation in terms of fuel charges with various oil companies,
pending statutory dues, air fleet parking charges, salaries and other vendor payments, etc.
To survive, they said, company required a complete overhaul and financial restructuring," Arora told the police.
In place of the same, Singh promised to transfer 10,00,000 shares to the complainant.
Thereafter, the complainant worked in good faith and delivered his services.
In October 2016, the complainant requested Singh to transfer shares as had promised to him.
Instead of transferring shares, Singh provided a DIS. Singh represented that to deposit such slip with his depository participant,
Global Capital Markets Limited. However, when the complainant's representative went to deposit the said slip, he was informed that it was invalid and outdated.
Thereafter, the complainant approached the accused multiple times and sought personal appointments to seek fresh depository instruction slips.