The complaint was lodged by Zion Universal Pvt Ltd through its power of attorney holder, Siddharth Sharma, according to a report from News18 Hindi.
The accused consist of the company Sadar Himalayan Paradise Pvt Ltd, which subsequently rebranded as IHHR Hospitality (Himachal) Pvt Ltd, along with its directors and senior officials, as noted in the complaint referenced by News18 Hindi.
They are accused of conspiring to unlawfully sell company shares, fabricate documents, and wrongfully seize control of the firm, allegedly resulting in money laundering involving crores of rupees.
The EOW FIR lists numerous accused individuals, including Dhairya Chaudhary, Sumant Kapoor, Rajesh Rohitbhai Mehta, Prakash Lal Kapoor, Sanjeev Trehan, Mamta Panwar, Navjot Mehta, Ashok Khanna, Ghanshyam Seth, Manpreet Kaur Takkar, and Dilip Chinubhai Choksi, among others, based on the FIR details, the report indicates.
Control diminished despite nearly total shareholding
The complaint indicates that Zion Universal Pvt Ltd owned 99.98% of the company’s shares until February 2025, as all major decisions required its approval. Nonetheless, the accused reportedly began scheming to take control of the company from August 2024.
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Investigators were informed that in December 2024, forged documents were allegedly used to establish an “interest-free” loan agreement, which was subsequently intended to be converted to equity without appropriate authorization, as reported by News18 Hindi.
Allegations of fake meetings and inflated share capital
The complaint claims that records indicate extraordinary general meetings and board meetings were allegedly convened on December 3, 2024, and February 13, 2025. However, there is no evidence of the complainant or their representatives being present, raising doubts that these meetings were fabricated.
It is alleged that these actions led to an increase in the authorized share capital from ₹80 crore to ₹170 crore, with over 8.7 crore shares allocated to M/S IHRR Hospitality Pvt Ltd. This reportedly lowered Zion Universal’s stake to 47.67%, while IHRR Hospitality’s shares rose to 52.34%, according to News18 Hindi.
ED may intervene as investigation expands
The FIR has been filed under charges involving criminal conspiracy, cheating, and forgery, and the EOW is conducting a comprehensive investigation.
There is potential for the matter to be escalated to the Enforcement Directorate (ED) for further scrutiny, considering the alleged financial irregularities and suspected money laundering, as per the report.
