Bail application of CA Gurcharan Singh Syal rejected by High court
Chandigarh: The Bail application of Gurcharan Singh Syal, chartered accountant from Jalandhar was rejected by Punjab and Haryana High court in Chandigarh on Tuesday. Upon the compliant of M/s Krishna Real Estate Enterprises Pvt. Ltd., a case under section 419, 420, 465, 467 and 468 of Indian Penal Code was registered against accused Gurcharan Singh Syal in P.S. Div. No. 3, Jalandhar on March, 2016. The said FIR was registered upon the direction of the Court as accused has committed fraud and forgery. The raids were being carried against the accused by Police who has been on run since the registration of aforesaid case against him.
The accused had filed bail application in the court of Honourable Justice Dr Shekher Dhawan through his lawyer in Punjab and Haryana High Court. After hearing the matter, the Court finally rejected the bail application of the accused who was hiding himself from the arrest since long.
It is also to be noted that another FIR under section 420, 468, 471, 406 and 34 of Indian Penal Code was also registered on December, 2014 against the accused, his father Prem Singh Syal and son Gunjeet Singh Syal at PS Civil Lines, North Delhi, Delhi for siphoning of funds, forgery etc.”
In the ongoing dispute for the possession of the under-construction MBD Krishna Hotel at a prime land on the Jalandhar-Phagwara road, the Bail application of Gurcharan Singh Syal was also rejected by Session Court of Jalandhar District on last Wednesday July 12 th, 2017.
The dispute between Malhotras and Syals in Krishna Real Estate Enterprises reportedly began after the death of MD Ashok Kumar Malhotra on December 30, 2009. The company was launched by AK Malhotra, his wife Satish Bala Malhotra, Gurcharan Singh Syal, CA and auditor in the business house, and his father Prem Singh Syal, an advocate dealing with tax cases of the MBD house. The Malhotras had filed the petition, claiming that they had invested an amount of Rs 8 crore in the company for setting up the hotel, whereas the Syals had invested just around Rs 44 lakh. The construction at the site remains halted for more than seven years now. Syal’s had malafide and tried to fraud Malhotra’s immediately after demise of Ashok kumar Malhotra
Syal had been CA of the group for more than 40 years and tried to play foul immediately after Malhotra’s demise.