Tag Archives: Ajay Bijli

Elan Group lodges two FIRs against PVR Cinemas for cheating, forgery

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News Point: Multiple FIRs registered against PVR Cinemas and its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors for cheating and forgery U/s 420, 406 and 120B IPC.

PVR Cinema, Multiplex, Indian real estate news, India property market, Track2media Research, Track2Realty, Akshaya Homes, South Indian property marketThe Gurugram Police has registered FIR under section 420, 406, 120B of IPC and other sections against Ajay Bijli, his brother Sanjeev Kumar Bijli, daughter Niharika Bijli along with PVR Limited and Eight persons including Renuka Ramnath, Amit Burman, Vikram Bakshi and others.

The FIR got registered for their alleged involvements in fraudulently inflating the share prices and selling the same for an exorbitant price of INR 820 crores.

The case came to light when the complainant Elan Group lodged a complaint in the court, which then directed the local police on 17.11.2017 to register an FIR agains Ajay Bijli, (Chairman and Managing Director, PVR Ltd.)  and directors of PVR namely Niharika Bijli, Sanjeev Kumar Bijli, Renuka Ramnath, (Founder, MD and CEO Multiples Alternate Asset Management) Amit Burman (CEO, Dabar Foods), Vishal Kashyap, (Managing Director and Co-head Warbug Pricus LLC) Sanjay Vohra, Sanjay Khanna, Vikram Bakshi ( Managing Director, Connaught Plaza Restaurants Pvt. Ltd. McDonald’s India (North & East) and Chairman, Ascot Hotels and Resort Pvt Limited), PVR CEO Kamal Gyanchandani, and PVR CFO Nitin Sood.

PVR Limited, which was approximately operating with 400 screens started showcasing that they were going to have 1000 screens by the Year 2018. PVR entered into MOUs with builders of commercial space and Ajay Bijli made sensational statements to the press that PVR was in the process of achieving its target of 1000 cinema screens by the year 2018, thereby inflating the share prices of PVR based on false statements.

Projections of anticipated business and profits had been made by PVR on the basis of Contracts/Memorandum Of Understandings (MoU) by contending that the real estate projects relating to which the agreements had been entered into work in the offing and all these contracts would translate into actual business for PVR.

Once PVR sold its 14 % stakes (by overpricing) to Warbur Pincus (a U.S. based fund), PVR fraudulently/malafidely tried to  terminate the MOU. Upon investigations made by the complainant, the complainant found that the accused PVR never had any intention of taking on lease the multiplex proposed to be developed in terms of the aforesaid MOU.

The complainant found that the accused had hatched a well-planned conspiracy with the malafide intent to allure investors so as to increase the share value & worth of the accused PVR in Global Market. Once the shares of PVR were sold, they dumped the Contracts/Memorandum Of Understandings (MoU) and fraudulently tried to terminate it.

Two FIR’s (FIR No 630 and 631 both dated 22.11.2017) which was lodged at the Sushant Lok I Police Station, Gurgaon alleges that the above named accused in connivance with each other had fraudulently planned and sold stocks at high price and duped lots of builders.

The complainant alleges that he then approached Ajay Bijli and other Directors, who openly proclaimed and boasted that they were extremely well-connected. It was openly stated by them that no one would dare to initiate any action against them.

The complainant then filed complaints with various departments and police, but no action was taken against them. The complainant then, filed petition in court which in turn directed the police station to register FIR against the accused persons.

Now that the FIR has been lodged, the police are on lookout for the accused for arrest. The Complainants stated that the accused right from the beginning had dishonest intent and in order to cause wrongful gain to themselves and wrongful loss to us.

Elan Group alleges that the accused has illegally terminated the MOU on vague and baseless reasons. The entire game plan of PVR and its promoters was to earn illicit profits at their cost. The complainants are also moving to SEBI (Security Exchange Board of India) for highlighting the alleged frauds of accused.

PVR to sell Phoenix Mills property to JM Financial

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PVR Cinemas, Ajay Bijli, JM Financial, Phoenix Mills Mumbai, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyFilm exhibitor and distributor PVR said on Thursday it has entered into an agreement with Infinite India Investment Management, a part of JM Financial Group, for sale and leaseback of its multiplex property in Mumbai for Rs.100 crore.

The seven screen multiplex property at Phoenix Mills, Lower Parel in Mumbai is one of the premier flagship properties of PVR and is among its highest revenue earning multiplexes.

“The property will be sold to Infinite India Investment Management for Rs.100 crore, to be leased back to PVR Ltd for operating the existing multiplex,” PVR Chief Financial Officer Nitin Sood told PTI without giving the lease duration.

He said the company’s board will decide how the Rs.100 crore will be used, but said primarily the money will be utilised to fund the company’s long-term expansion plan.

While Infinite India is the investment manager for real estate fund sponsored by the JM Financial Group, the property has been owned by CR Retail Malls India, an arm of PVR.

The transaction has been structured in such a manner that Infinite India will fully acquire CR Retail Malls India as a result of which the property would also come to its account.

In a filing to the Bombay Stock Exchange (BSE) PVR said its board today approved the sale of two crore equity shares of Rs.10 each of CR Retail Malls to companies of JM Financial Group.

“PVR shall receive a sum of Rs.100 crore pursuant to the transaction, in the form of refund of existing loans made to CR Retail and consideration against sale of equity shares,” the filing said.

Post completion of the transaction, PVR will continue to operate the multiplex property on a long term lease arrangement basis, the filing added.

Commenting on PVR’s expansion plan Sood said: “The company currently operates 142 screens across India and plans to add about 50 to 70 new screens in the current fiscal.”

JM Financial Group’s Infinite India Investment Management, a 50:50 joint venture with SRS Fund plans to invest USD 400 million in residential, commercial and retail sectors, according to the company’s website.

GenReal Property Advisers, a real estate consulting firm, acted as advisers to the transaction.

PVR’S scrips closed at Rs.100.95 per share, down 4.94% from the previous close on the BSE.