Today Mr. Arya has send his assistant to represent Mr. Rv & when Judge asked for Mr. Rv he was not available, So the Judge didn’t discussed much & only asked to submit the desired plan of payment & list of assets to be used for the same. The assistant submitted some paper which cannot be confirmed what was it, but the Judge seemed little satisfied & said ok & put the date for next hearing as 15th May 2010.
Mr. Arya said he had deliberately avoided his presence because then things gets into long discussions without results & he has already submitted the papers for order/release as required by the Judge & if the Judge wanted to give any bail order or otherwise he would have called him. He further said he has spoken to Mr. Rv & the interest of all the investors are protected & he will run the company & pay all investors their dues though in installments or as per the contract/ agreement. He also further said that there is all probability of his bail on 15th May 2010.
Sosn Investors Forum view point:
We are not confirmed whether the desired papers are given to the Judge like payment Plan & list of assets to be used for the same, though we want that Mr. Rv should normally be physically present to defend himself & should work hard towards getting bail at the earliest with approval from the court to run his business as usual & start releasing the money as per directive of the court & support from the investors group.
As now there is a complete clarity as per the last hearing on 6th May 10 that no evidence/proof of fraud is there & even now cheating IPC 420 section also does not stand its ground because as it is proved that Mr. Rv was not given any notice/communication and enough time to pay any defaulted amount as per the legal parameters of delay of payment/dishonour of cheques. And also irrespective of any nos. of FIR/Complaints it can not be taken as the basis for cheating even any trace of siphoning of funds is also not provided by eow/police.
We expect that the good sense prevails & Judge gives the bail/release orders on 15th May 2010 but only after satisfying himself about the payment plan & list of verified available assets so there is no doubt left & a receiver should be appointed by the court who manages the payment to each & every investor as per claim/agreement/ contract so all investors are safe & feel comfortable to continue with sosn if they so desire.
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