Court Demands Police Report on Alleged Share Fraud in Advik Capital
A Delhi court directs the police to report on an alleged fraudulent share transfer involving Advik Capital. The case, brought by GTM Builders, accuses Asha Gupta and Bharti Garg of unlawfully acquiring shares. The complaint includes serious allegations under several sections of the Indian Penal Code.
![Court Demands Police Report on Alleged Share Fraud in Advik Capital](https://devdiscourse.blob.core.windows.net/devnews/29_01_2025_21_39_05_6911007.jpg)
- Country:
- India
In a significant directive, the Patiala House Court in Delhi has ordered the Delhi Police to provide an Action Taken Report (ATR) concerning an alleged fraudulent transfer of shares in Advik Capital Limited, a listed company. The order, issued by Additional Chief Judicial Magistrate Pranav Joshi, seeks clarity on whether an FIR has been registered against individuals linked to the alleged fraud.
The court stated, 'Let ATR be called from SHO PS IGI Airport Metro as well as DCP IGI Airport Metro as to whether FIR has been registered on the complaint filed by the complainant.' The tribunal also requested details on subsequent actions taken following the complaint's receipt.
The case involves GTM Builders & Promoters Pvt Ltd, which claims its 11,000 equity shares in Du-Lite Safety Services Pvt Ltd, post-merger with Advik Capital, should be traded for 66,000 shares of the latter. GTM alleges the unlawful transfer of these shares to Asha Gupta and Bharti Garg without consent or compensation, accusing Vikas Garg and Karan Bagga of conspiring to misappropriate the shares. Charges include criminal conspiracy, cheating, and forgery under the Indian Penal Code.
(With inputs from agencies.)