Excelsior Correspondent
JAMMU, Sept 7: In the Public Interest Litigation (PIL) filed by Welfare Association of Share Holders of Sheen Finance and Investment (India), Sheen Agro Plantation Ltd and Sheen Road Links Limited, Division Bench of High Court comprising Chief Justice MM Kumar and Justice Hasnain Massodi has restrained the Managing Director and Directors of these companies from entering into any transaction with regard to moveable or immovable properties available in the books of accounts and any other cash available in the accounts.
However, Division Bench granted liberty to the parties to avail remedy in accordance with the provisions of J&K Protection of Interest of Depositors Act, 2012.
In the PIL, it has been submitted that originally Sheen Finance & Investment (India) was floated but later on two companies were opened which are more like sister concern. According to the PIL, the assets of the companies have been misappropriated by those, who are at the helm of affairs, and the petitioners have been left high and dry without payment or repayment of any initial investment made by them.
Advocate OP Thakur appeared for the petitioners whereas Senior AAG Gagan Basotra for the State, Senior Advocate D C Raina, Senior Advocate MK Bhardwaj, Advocate Surinder Singh, Advocate Aruna Thakur and Advocates FA Natnoo and NK Attri for the respondents.
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