EOW books MD of KJS Cement for cheating on complaint lodged by daughter of his deceased brother

New Delhi [India], April 3 : The Delhi Police's Economic Offences Wing (EOW) has registered an FIR against directors and formers directors of KJS Cement (I) Limited including Pawan Kumar Ahluwalia along with his wife Indu Ahluwalia, Sanjeev Bhalla and others for cognizable offences of forgery, fraud, cheating and criminal breach of trust allegedly committed by the accused persons in collusion and connivance with each other.
The FIR is registered based on complaint lodged by one Himangini Singh daughter of the deceased brother of Pawan Kumar Ahluwalia i.e. late KJS Ahluwalia.
It is alleged that Pawan Kumar Ahluwalia along with his wife Indu Ahluwalia in collusion and connivance with his associates resorted to illegal and fraudulent means in a systematic manner to oust the family of his deceased brother Late KJS Ahluwalia from the management and control of KJS Cement (I) Limited in order to gain control of KJS Cement (I) Limited.
The FIR noted that the complainant alleged that Pawan Kumar Ahluwalia created a forged and fabricated Gift deed dated March 10, 2017, for gift of unsecured loan of huge amount in favour of Pawan Kumar Ahluwalia allegedly by forging the signatures of Late KJS Ahluwalia.
It is alleged that Pawan Kumar Ahluwalia misused the forged Gift Deed in an unauthorized manner to issue 15,000 unsecured Zero-Coupon Compulsory Convertible Debentures of Rs. 10,000/- (Rupees Ten Thousand Only) each, amounting to a total sum of Rs. 15 crore to himself in collusion and connivance with each other and thereafter converted these debentures to 26,78,572 equity shares of KJS Cement (I) Ltd. and issued in favour of Accused No. 1 i.e. Pawan Kumar Ahluwalia thereby diluting the shareholding of Late KJS Ahluwalia from 26.52 per cent to 23.53 per cent.
It is also alleged that the accused persons also got Late KJS Ahluwalia removed from the directorship of KJS Cement (I) Ltd. by fabricating a forged resignation letter dated June 8, 2017, by faking the signatures of Late KJS Ahluwalia.
The complainant also alleged that Pawan Kumar Ahluwalia in collusion and connivance with other accused persons created a forged and fabricated Gift Deed dated September 27, 2017, to alienate the shares of Late KJS Ahluwalia in KJS Cement (I) Ltd to Indu Ahluwalia wife of Pawan Kumar Ahluwalia on the basis of Power of Attorney dated August 8, 2000, issued by Late KJS Ahluwalia. It was alleged that the company itself was acquired by Late KJS Ahluwalia in 2007 and the shares in question did not even exist in his favour on the date of the said Power of Attorney.
It is also alleged that Pawan Kumar Ahluwalia as part of the criminal conspiracy has transferred the shares illegally issued on the basis of forged documents as above for the benefit of his family particularly his daughters whereby he has transferred bulk of the illegally obtained 26,78,572 equity shares of KJS to his two daughters: 10,57,000 equity shares to Medha Ahluwalia and 15,00,000 equity shares to Shivangi Ahluwalia.
The complainant also alleged that Pawan Kumar Ahluwalia misused his position as Managing Director of KJS Cement (I) Limited and in collusion and connivance with other accused persons got separate, illegal and fraudulent resolution passed clandestinely by misusing dates of the Board Meeting and Extraordinary General Meeting of the Company.
The FIR has been filed under IPC Sections 406, 409, 420, 468, 471, 120B and other relevant provisions, alleging criminal breach of trust, cheating, fraud and forgery, and misuse of false documents and criminal conspiracy. The charges include wrongful loss and dishonest inducement, with potential severe legal consequences.