A Delhi court has mandated the filing of an FIR against Genesis Finance Company Limited and key individuals, including its promoter, for allegedly forging the signature of a deceased person to illicitly transfer company equity shares. The directive was issued by Judicial Magistrate Ravi on a complaint lodged by Tript Singh, a shareholder of the company.
The complaint centers on the accusation that the company’s promoter, Naresh Garg, along with Gopal Bisht and other company officials, including family members of the promoter, orchestrated the forgery of Banwari Lal Saboo’s signature. Saboo had passed away prior to the purported transfer, making the act a significant legal and ethical violation.
The alleged forgery involved the illegal transfer of equity shares using a securities transfer form signed on May 3, 2016, despite Saboo’s death on April 7, 2016. The court highlighted the seriousness of this offense, emphasizing the necessity of a thorough investigation into who executed the transfer after Saboo’s death.
“In light of the facts that Banwari Lal Saboo was deceased at the time of the transfer, it’s critical to ascertain the authenticity of the signature on the securities transfer form,” stated the court. The court also suggested that the questionable document be sent to the Forensic Science Laboratory (FSL) for expert analysis.
Furthermore, the complaint alleges that the company created approximately 69 fictitious shareholders to satisfy the Securities and Exchange Board of India’s (SEBI) minimum shareholder requirements. This manipulation was reportedly aimed at maintaining the company’s status as a publicly listed entity and preserving its Non-Banking Financial Company (NBFC) license issued by the Reserve Bank of India.
