MD and Director of private firm get three years rigrous imprisonment

October 11, 2017 11:00 AM

Punjab News Express/ SK.Vyas
NEW DELHI: The Special Magistrate, CBI Cases, Indore (Madhya Pradesh) has convicted Sh. B.S. Verma then MD and Blossom Singh, then Director both of M/s Him Texas Industries Ltd., Bhopal to undergo three years Rigorous Imprisonment with fine of Rs. 3000/- each.

CBI had registered a case U/s 120-B, 419, 467, 468 and 471 of IPC on 11.03.2005 against Brajendra Singh Verma, MD, Him Texas Industries Ltd., Bhopal; a Panel Advocate; then Branch Manager, State Bank of Indore, Bhopal and other unknown persons. It was alleged that during the year 2003-2004, B.S. Verma, MD, Him Texas Industries Ltd., Bhopal entered into criminal conspiracy with Panel Advocate and the then Branch Manager, State Bank of Indore and fraudulently obtained credit facilities amounting to Rs. 3,63,42,000/- on the basis of fake & bogus collateral securities from State Bank of Indore, MP Nagar Branch, Bhopal and thereby caused loss to the Bank.

After completion of the investigation, Charge sheet was filed against accused persons U/s 120-B r/w 419, 420, 467, 468 & 471 of IPC on 31.07.2007 before the Special Judicial Magistrate, Indore. Two persons expired during the trial and a Panel Advocate was discharged by the Court.

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