In corporate offences the persons managing the company while serving at the level of Director are the one who act as arms, hands and mind of the company – Sudhir Punia Vs. Serious Fraud Investigation Office (SFIO) – Punjab & Haryana High Court
This case is of usurping the money collected from the persons belonging to lower middle class by creating a Cooperative Society under the name of ACCSL and using the cash collected for siphoning off those funds of the Cooperative Society on pretext of extending loan to the company. Petitioner remained Director of 6 companies of the Adarsh Group for the period ranging from 13th of July, 2011 till 8th of July, 2015. The precise allegation against the petitioner is that during that course he not only signed the falsified/misstated balance sheets of the company but also was signatory to the loan application form/ projected financials of the company.