DIRECTOR OF A PRIVATE FIRM SENTENCED TO UNDERGO TWO YEARS RIGOROUS IMPRISONMENT FOR CAUSING A LOSS OF RS. 3.3 CRORE(APPROX) TO THE GOVT.

Press Release
New Delhi , 05.06.2012

            The Special Judge for CBI Cases, Saket Court, New Delhi had convicted Shri Lalit Kumar Parmar, Director of M/s Punjab Phosphates Pvt Ltd, Amritsar U/s 120B IPC & Sec 120B r/w 420 IPC and his firm M/s Punjab Phosphaes Pvt. Ltd. U/s 420 of IPC. The Court imposed a fine of Rs Five crores on M/s Punjab Phosphates Pvt Ltd, while Shri Lalit Kumar Parmar was sentenced to undergo two years Rigorous Imprisonment with a fine of Rs 10,000/-.

 

            A case was registered by CBI on 11.11.1988 against M/s Punjab Phosphates, Amritsar and PK Parmar & others, U/s 420, 467, 468 & 471 IPC and Sec 5(2) r/w 5(1)(d) of PC Act 1947 on the allegation that the accused entered into a criminal conspiracy to cheat Govt of India on the basis of the forged documents and obtained subsidy on fertilizers to the tune of Rs 3.3 Crores.

 

            On completion of investigation, CBI filed chargesheet against accused persons on 30.12.1994. After the creation of additional CBI Courts in Delhi, the trial of this more than 20 year old Economic Offence case was fast tracked. In one month, all the prosecution witnesses were examined as the trial continued on day to day basis.

 

            The main accused Shri P.K.Parmar, Managing Director of M/s Punjab Phosphates Pvt Ltd along with five others had expired during the trial.

 

            The Trial Court found the accused & his firm guilty and convicted them.

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