FIR to be filed against PVR Cinemas, stocks go down soon after

The stocks of PVR Ltd tumble 1.4% to Rs1, 348.85 after Judicial Magistrate Gurugram directed police authorities to register an FIR with regard to two complaints made against the company.

An FIR will be filed against PVR Cinemas and its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors for cheating and forgery U/s 420, 406 and 120B IPC for selling Stocks at the inflated value of Rs 820 crore illegally and causing loss of crores to Gurgaon- based Real Estate Companies.

The Gurugram Police will register a criminal case under section 420, 406, 120BIPC and other sections against Ajay Bijli, his brother Sanjeev Kumar Bijli, daughter Niharika Bijli along with PVR Limited and eight persons including Renuka Ramnath, Amit Burman, Vikram Bakshi and others. The FIR will be registered for their alleged involvements in fraudulently inflating the share prices and selling the same for an exorbitant price of 820 crores.

The case came to light when the complainant ELAN GROUP lodged a complaint in the court, which then directed the local police on 17.11.2017 to register an FIR against Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors of the accused company PVR Limited.

PVR Limited, which was approximately operating with 400 screens started showcasing that they were going to have 1000 screens by the Year 2018.

PVR entered into MOUs with builders of commercial spaces and Ajay Bijli made sensational statements to the press that PVR was in the process of achieving its target of 1,000 cinema screens by the year 2018, thereby inflating the share prices of PVR based on false statements.

PVR Cinemas currently operates a cinema circuit comprising of 579 screens on 126 properties in 50 cities across the country.

Tags: FIR, PVR Cinemas, PVR Ltd, pvr, Judicial Magistrate Gurugram,  Real Estate Companies, varindia, fir against pvr cinemas