RBI and IT Department sued by UK’s NRI for Rs.15000Crores compensationSeptember 06, 2011 12:03
Nirmaljit Singh Hoon, a non-resident Indian, based at United Kingdom moved the Delhi High Court asking for Rs. 15,000 Cr as compensation in a case of fraud. The Justice Ajit Bharihoke issued notices to the Reserve Bank of India and the Income Tax authorities, asking them to submit their reply by September 29.
According to counsel R K Kapoor, Hoon owned a company Hungerford Investment Trust Ltd, about 2,256 shares of which were forged, duplicated and auctioned without serving a notice to Hoon by some RBI officials with connivance of some IT officials. The counsel declared Hoon was denied rightful shares of his company, value of which runs into more than Rs 15,000 Cr.
Hoon lost ownership of his own company, because these forged, duplicated shares were treated by the buyer and the board of directors as genuine, despite the fact that Hoon was in the possession of the original shares.
Hungerford Investment Trust Ltd turnover was Rs 1 Cr a day, according to the petitioner. Inspite of getting the court judgments in his favour, the ownership of his company was yet to be restored as per the petition.
Therefore, Hoon prayed the High Court to consider his compensation of Rs.15,000 Cr, while taking into account the years of denial at the rate of Rupees one crore per day and order the ownership of the company to be restored to him.