Punjab High Court Issues Notice to Ireo MD and ED Over Alleged Bail Violations in Money Laundering Case
The Punjab and Haryana High Court recently issued notices to the Enforcement Directorate (ED) and Lalit Goyal, Managing Director of the Ireo Group, regarding alleged violations of bail terms by Goyal. The notice, issued by Justice N.S. Shekhawat, came in response to a petition by Delhi resident Gulshan Babbar, who claims that Goyal violated conditions imposed by the court at the time of his bail.
The petition alleges that Goyal, despite being under strict bail conditions, has been involved in transferring substantial assets of the Ireo Group to third parties. It is claimed that these actions directly breach the legal stipulations set forth at the time of his bail. Babbar argues that Goyal not only sold off properties belonging to the Ireo Group but also engaged in efforts to leave the country, despite restrictions placed on his movements. These claims suggest a persistent attempt by Goyal to sidestep court orders, raising serious concerns about the effectiveness of judicial measures intended to prevent tampering with assets in cases of financial misconduct.
One of the petition's main contentions is that Goyal manipulated property transfers by creating backdated documents. Specifically, the petition highlights a document dated February 9, 2021, which shows the transfer of a large number of shares in New Era Buildwell Private Ltd., valued at approximately Rs 10,000 crore, to Goyal’s mother, Rama Goyal. However, the petitioner alleges that this transaction was not disclosed publicly until January 31, 2023, when it was uploaded to the Ministry of Corporate Affairs website. Babbar argues that the timing of this upload is suspect, claiming it may have been backdated to circumvent bail conditions that would have prevented Goyal from liquidating these assets.
In addition to share transfers, the petition details large property sales that Goyal allegedly orchestrated in violation of his bail conditions. According to Babbar, Goyal sold 14.816 acres of land in Gurgaon, Haryana, to Oberoi Realty Limited, a Mumbai-based company, for Rs 597 crore. Additionally, another significant transaction involved the sale of 28.49 acres of land to DLF for Rs 1,241 crore. The petition also points to a previous arrangement made by Ireo Group in 2017, where 73 acres of land were mortgaged to Axis Trustees Services Ltd. as part of a bond issuance. This bond trustee arrangement had valued the land at Rs 600 crore, but DLF recently acquired the bonds from Axis Trustees Services for Rs 825 crore, suggesting a considerable appreciation of the assets involved.
The DLF transaction is particularly notable as it includes a settlement agreement between DLF Home Developers Ltd., Axis Trustees Services, and Ireo Private Ltd. that grants DLF possession of 17 acres of this mortgaged land, with additional land potentially transferred as part of the arrangement. The petition suggests that these actions reflect a deliberate disregard for court orders, further arguing that Goyal’s attempts to liquidate assets and transfer properties illustrate a lack of respect for judicial authority.
In his plea, Babbar calls for the strictest possible measures against Goyal, including the cancellation of his bail. He argues that Goyal’s conduct, characterized by these substantial transactions and alleged document manipulation, signifies an attempt to undermine the court’s authority. Babbar claims that Goyal has shown “scant regard for the majesty of law,” and insists that such actions warrant severe consequences. The petitioner’s request for bail cancellation reflects the broader concern that bail conditions can be misused by individuals seeking to evade accountability in high-stakes financial cases.
The High Court has scheduled November 14 as the deadline for responses from both Goyal and the ED, marking a critical juncture in the legal proceedings. If the court finds merit in Babbar’s allegations, it could lead to significant repercussions for Goyal, potentially influencing the outcome of the money laundering investigation.
Image source- highcourtchd.gov.in
