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TWO YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. FIVE LAKHS TO
THEN MD OF PRIVATE FIRM FOR CAUSING LOSS OF RS. 11 CRORES (APPROX) TO TWO
BANKS
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24-6-2014 : The Special Magistrate CBI Court, Indore
(Madhya Pradesh) has convicted Shri Harshad P. Mehta former Managing Director
of M/s. H.M. Proteins Ltd., Bhopal and sentenced him to undergo two years
Rigorous Imprisonment with fine of Rs. Five Lakhs for causing loss of Rs. 11
Crores (approx) to two banks.
CBI had
registered a Case U/s 120-B r/w 420 of IPC & Section 13(2)r/w
13(1)(d) of PC Act, 1988 on 20/05/2009 against the then Senior Manager, Dena
Bank, Azad Market Branch, Bhopal & others. It was alleged that M/s.
H.M. Proteins Ltd., Bhopal (hereinafter referred to as the company) was
promoted by Sh. Harshad P. Mehta, MD of the Company and was the authorized
signatory in conducting transaction in all the accounts maintained by the Company
in various banks. The Company had approached Dena Bank and Bank of
India for getting finance for constructions of a Soya Oil Extraction Plant
and also obtaining working capital for day to day operations.
Accordingly, both these banks formed a consortium and extended credit
facilities to the Company. The company availed export packing credit to the
tune of Rs. 8.23 Crores (approx) from Dena bank and Rs. 2.87 Crores (approx)
from Bank of India. The company used forged confirmation notes purportedly
issued by other private firm for availing EPC. The company also availed CC
limits & other facilities and thereafter, stopped its business. The
outstanding amount was not paid by the Company, thereby causing loss of Rs.
11.00 Crores (approx) to Dena Bank and Bank of India, Bhopal.
A charge sheet
was filed on 23-08-2004 in the Court of Special Magistrate, CBI Court, Indore
against Shri Harshad P. Mehta, then MD M/s H. M. Proteins Ltd. Bhopal U/s 420
& 471 of IPC.
The Trial Court
found the accused guilty and convicted him with two years Rigorous
Imprisonment & 5 Lakhs fine.
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