DO U AGREE WITH BELOW MENTIONED SUBMISSIONS IS IT NOT SHAMEFUL FOR MCHI TO HAVE SUCH PERSONS AS OFFICE BEARERS/MANAGING COMMITTEE MEMBERS? Mumbai, 29th September, 2017: The hopes of hundreds of victims of Bhagtani builders ill-fated Riyo project in Mira Road today when Justice Revati Mohite Dere of Bombay High Court gave a strict order requiring Dipesh, Mukesh and Lakshman Bhagtani to pay back Rs 22 crore to the victims within 6 months, as a pre-condition for their anticipatory bail.

Click here to read today’s order in Criminal Anticipatory Bail Application no. 1553 of 2017, wherein there were roughly 175 interveners in four Criminal Applications (CA no. 862, 882, 901 and 910 of 2017).

 

MAIN POINTS IN TODAY’S ORDER:

1) Counsel for Bhagtani builders was forced to undertake that (a) the builders will deposit Rs.22 crores (as per the judge’s directions on 15th Sept), in 6 equal installments, within six months from today (b) that the first installment will be deposited on or before 12th October, 2017 and (c) the balance 5 installments, thereafter, within one month each and (d) if there is a single default, the protection can be vacated. (e) An affidavit-cum-undertaking of the Bhagtanis stating the above is to be submitted on Tuesday, 3rd October.

2) One of the counsels for interveners pointed out that in addition to the above-mentioned list given by the police Investigating Officer, there were other 18 investors, and that he was in the process of filing an intervention application. Their amount would be an additional Rs.3-4 crores.

3) Mr Mundargi (counsel for Bhagtani builders) stated that the builders were ready to deposit the additional amount of the additional investors who are not included in the list tendered by him today, after the list and the amounts are verified.

4) The matter is now “stood over” to 3rd October, 2017 at 3.00 p.m, for tendering the affidavit-cum-undertaking of the applicants.

5) Interim protection (i.e. protection from arrest) granted earlier to continue till the next date i.e. 13th October.

 

IMPORTANT POINTS MENTIONED ORALLY IN TODAY’S PROCEEDINGS:

a) The Investigating Officer said in response to a question that Dipesh and Mukesh Bhagtani are in India. (Dipesh was on the court premises, it seems, though not in the courtroom. The whereabouts of Lakshman Bhagtani were not discussed.)

b) With reference to another another anticipatory bail application (ABA no. 1725 of 2017) filed yesterday by Bhagtani builders for protection in the case of an FIR u/s IPC sections 420, 120(B) and 34, and MOFA sections 3, 4, 5, 6, 13 and 14, Justice Mohite Dere asked why multiple agencies (i.e. Santa Cruz police station and EOW) were involved in filing FIRs on the same topic. Hence, EOW is directed to take all cases in this matter (i.e. Riyo in particular, and Bhagtani builders in general).Aggrieved Bhagtani investors, in future, please go to EOW and Santa Cruz and register FIRs.

c) It is felt that allottees should not deposit any Post Dated Cheques (PDCs) that may be in their possession. Otherwise, it will be seen as trying to take double payment from Bhagtanis.

 

THE BIG MESSAGE FROM TODAY’S PROCEEDINGS:Many FIRs have been registered by Bhagtani’s victims, and they will come up before Bombay High Court soon. The Bhagtani scam will now make headlines, and the tide will turn against them and in favour of their victims. Bhagtani victims from Sapphire, Savannah, Serenity and other projects should now gather courage to go and file FIR immediately with EOW. Join the tidal wave of Bhagtani victims fighting for their rights!

SHARED IN PUBLIC INTEREST BY
Adv Vinod Sampat