Company Forged Documents to get Rs 188 Crs Bank Loan

Directors Rashpal Singh Todd (DIN 01724628) and Mandhir Singh Todd (DIN 01738030) were the two accused of the forgery. They are the current directors of 5 companies namely Zenica Cars India Private Limited., Zenica Auto Services Private Limited, Zenica Performance Cars Private Limited, Zenica Lifestyle Private Limited, and Panoptees LLP. They are both past directors of Panoptes India Private Limited. They have Open Charges in many banks and financial institutions.

Summary:

  • Directors named Rashpal Singh Todd & Mandhir Singh Todd who forged the documents deal in high-end luxury cars in Gurugram
  • They both are directors in 5 companies
  • Zenica Cars India and Zenica Performance Cars have Rs 318 Crs and Rs 188 Crs of Open Charges
  • Forged documents used for taking a loan from HDFC Bank
  • Forgery came to light while doing the physical comprehensive stock audit and verification of the documents
  • The companies submitted balance sheets showing a profit and were enjoying credit facilities from several banks and Financial Institutions

Zenica Cars India Private Limited: Rs 318 Crs of Open Charges:

Two companies named Zenica Cars India Private Limited and Zenica Performance Cars Private Limited, dealing in high-end luxury cars, have forged documents to get a loan of 92 Cr & 96 Cr respectively from HDFC Bank Ltd. Zenica Cars India has Rs 318.96 Cr of total open charges as of today with 11 different charge holders (Banks & NBFCs). Volkswagen Finance Private Limited has Rs 131 Cr, HDFC Bank has Rs 92 Cr and J&K Bank has Rs 55 Cr of open charges with Zenica Cars India

Zenica Performance Cars Private Limited: Rs 188 Cr Open Charges

Zenica Performance Cars Private Limited has Rs 188 Cr of open charges with 5 Charge Holders. HDFC Bank has Rs 96 Cr, J&K Bank has Rs 40 Cr and Volkswagen Finance Private Limited has Rs 39 Cr of Open Charges with Zenica Performance Cars.

Accused Directors: Rashpal Singh Todd and Mandhir Singh Todd

Directors Rashpal Singh Todd (DIN 01724628) and Mandhir Singh Todd (DIN 01738030) were the two accused of the forgery. The directors accountable had submitted balance sheets that showed profits in the companies, though the company was in loss for the last 4 years. They also claimed to have stocks in hand whereas they actually did not have any. The counterfeit documents came to light when physical comprehensive stock audit and various documents submitted to the bank were verified.

An FIR was lodged after a complaint was made by the bank’s Assistant Vice President Sanjay Sharma. The two companies have their showroom and office in Gurugram and deal in high-end luxury cars. Companies and banks should abstain from dealing with such companies.

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