Wasankar dirs plead ignorance about Prashant's dealings

Wasankar dirs plead ignorance about Prashant's dealings

DIRKCTORSofWasankarWcallh Management are now trying to distance themselves from the financial transactions ofTrashant Wasankarwhoiscoolinghishcels behind the bars. According to them the original complainant and others have lend money to Prashant and they were not aware about such personal transactions.

The argument was advanced during the hearing of anticipatory bail applications of Bhagyashree Wasankar, Kumud Choudhary and the regular bail application of Abhijeet choudhary before Special Court for the MPIDAct.

According to applicants, documents reveal that it was Prashant alone who had taken loan from all the complainants and that a promissory note was got executed by him and claimed that the complainants had at no point of time invested money with Wasankar Wealth Management or any of the companies where the other directors had a role to play. As such, ihe liability incurred by Prashant being in his personal capacity and not being a vicarious liability could not be fastened upon the directors of the company as the company was nowhere involved. Prashant Wasankar's bail plea has already been turned down by theSpecial Court i n earlier round.

In reply lo the courts query about refund of the amount, Adv Prakash Naidu appearing for the applicantspointcd dial Prashant would require some considerable time to repay, but he was unable to repay immediately. The properties held by Prashant which have been seized value more than about Rs5()cmreand the amount which has to be given at par values is approx Rs 47 crore. Wasankar is willing to sell his properties and make good the financial transactions. But if he is detained in jail, neither will his properties fetch a respectable market value nor will he be in a position to repay the transactions, it was contended. Matter being part heard and in order to obtain instructions from Prashani Wasankar was adjourned and is now kept on November 12. APP Pandey appeared for State.                                          

Posted in: News 2014