The Economic Offence Wing (EOW) of Delhi Police has registered a case of forgery and criminal breach of trust against 'Yatra Online Private Limited' and its officials. A First Information Report (FIR) has been lodged on the statement of Sunil Narain, a former Managing Director of the company's Air Travel Bureau (ATB). The complainant has alleged that two separate balance sheets were prepared by the company, one for company affairs and other for share holders.
According to a senior police official, the complainant, Sunil Narain, stated that Yatra Online Private Limited through Dhruv Shringi and Alok Vaish, Chief Financial Officer (CFO) of the company entered into Sale Purchase Agreement (SPA) with him in 2017.
"After signing the SPA, they told complainant that they wish to ascertain the actual financial condition of the company before making the balance payment. A CFO was appointed by them and ATB was handed over to them. However, Dhruv paid Rs 51 crore and rest of the payment was scheduled to be paid on the basis of balance sheet of the ATB for year ending in 2018, as per the valuation calculated in terms of the SPA and TOR," the FIR states.
"A further advance payment of Rs 20 crore was made to complainant in 2018. Further payment which was scheduled to be made by the accused on the basis of balance sheet for year ending 2018 was manipulated. The accused prepared forged and false financial accounts and sent them for the consolidation with the financial statement of Yatra Group, without any knowledge of the complainant, who was then the Managing Director of the ATB," stated the FIR.
"On 29 December, 2018, complainant received a notice from the accused regarding the board meeting of ATB. The complainant didn't go as the meeting was scheduled next day but as per Company act, seven days notice should be given. The complainant had also received a copy of balance sheet in December in which there was fabricated and false data. The complainant even pointed out false data in balance sheet on which corrected balance sheet was sent again but the data was again false and manipulated," said the complainant.
"The balance sheet and financial statements were changed without prior permission of (National Company Law Tribunal (NCLT). The accused is showing loss in short booking and foreign exchange just to avoid the balance payment as per SPA. They from the beginning had no intention to make the payment of balance consideration of Rs 200 crores," the complainant accused in the FIR.
"The accused had issued two balance sheets, one for was company affairs and other was for share holder which itself is a fraud," said the complainant.
The Pioneer spoke to the management of Yatra Online Pvt Ltd to know their side of the story. According to spokesperson of Yatra, "The present issue at its core is a civil dispute between the shareholders of ATB and the same is in arbitration before an arbitrator appointed by the Delhi High Court even prior to the registration of the FIR, with the consent of both parties".
"While Yatra believes that the complaint has been filed for collateral purposes, we have already participated in the preliminary enquiry and intend to cooperate fully with the investigating agency. As this moves forward, Yatra will take appropriate action and put forth its position in accordance with legal advice," spokesperson added.