More trouble for ex-GSPC boss Sanjay Gupta

Vol 20, PW 18 (01 Jun 17) People & Policy

GSPC's flamboyant former managing director Sanjay Gupta was known for his abrasive manner which earned him enemies in high places.

Perhaps that explains why Gupta now faces even more legal trouble. PETROWATCH learns the deputy registrar of companies Kamlesh Rathod filed a record 70 complaints against him in the additional chief metropolitan magistrate court in Ahmedabad on May 19.

When we last wrote about Gupta on February 23 he had just made a dramatic escape from Prayag hospital in Noida and was hunted by police. But Gupta is now back in police custody after giving himself up in March.

Now his company Neesa Leisure, owner and operator of a chain of hotels, restaurants and resorts in Gujarat and Rajasthan, stands accused of failing to produce critical documents including profit and loss statement for the year ending March 31, 2015 at the Annual General Meeting on September 30, 2015. Rathod alleges this violated Section 96 of the Companies Act, 2013.

Rathod was forced to file a court complaint because notices from his office elicited no response from Neesa within the obligatory 10-day timeframe. If the magistrate rules for Rathod then Gupta and his fellow directors will be fined Rs1000/day ($15) from September 30, 2015 till date plus another Rs1 lakh ($1500) and the prospect of a six-month jail-term.

Rathod also wants Gupta to pay court costs.

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