Pujit Aggarwal, the promoter and managing director of beleaguered luxury real-estate developer Orbit Corporation Ltd. will be produced at the Chief Metropolitan Magistrate's Court on Tuesday, September 20. Aggarwal's police custody expires on Tuesday.
Aggarwal was arrested by on Thursday, September 7, and remanded to police custody on September 8. The court has extended his custody twice, once on September 12 and again on September 16.
The arrest was made after a complaint filed by non-banking finance company Capri Global Ltd. alleging that Orbit Corporation's promoters, Pujit Aggarwal and Ravikiran Agarwal, made certain misrepresentations and indulged in “suppression of facts with an intention to cheat.”
The complaint said Orbit Corporation had wrongfully claimed to have development rights for two projects, on the basis of which Capri Global had made a Rs 52-crore investment. It also alleged that cheques issued by Orbit Corporation to Capri Global had bounced and the former had issued these cheques knowing fully well that their accounts had been frozen.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
