Anubhav Mittal’s Case to be Heard Today at Lucknow’s Court:
Ponzi Scheme’s Mastermind, owner of Ablaze Information Systems pvt. Ltd. Anubhav Mittal was brought to Lucknow’s court on 20 October 2018 for the hearing. The case was filed by the Bhuwan Sharma of Lucknow, UP. The advocate from Bhawan was appointed and his name is Piyush Sharma. This case’s first hearing date was on 28 August 2018. The charge of which Mittal was accused was Section 447, Companies Act. which is explained below.
Provided that where the fraud in question involves public interest, the term of imprisonment shall not be less than three years.
[Provided further that where the fraud involves an amount less than ten lakh rupees or one percent. of the turnover of the company, whichever is lower, and does not involve public interest, any person guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine which may extend to 2[fifty lakh rupees] or with both.]
Explanation.—For the purposes of this section—
(i) “fraud” in relation to affairs of a company or any body corporate, includes any act, omission, concealment of any fact or abuse of position committed by any person or any other person with the connivance in any manner, with intent to deceive, to gain undue advantage from, or to injure the interests of, the company or its shareholders or its creditors or any other person, whether or not there is any wrongful gain or wrongful loss;
(ii) “Wrongful gain” means the gain by unlawful means of property to which the person gaining is not legally entitled;
(iii) “wrongful loss” means the loss by unlawful means of property to which the person losing is legally entitled.
This case has already been head on three dates which can be seen in the below image. Last hearing was called out and the next date for the hearing was given from the Lucknow’s district court and which is supposed to take place today i.e on 12 December 2018.
Stay tuned to learn about the result after today’s hearing.
Also, share your thought in the comment section below.
