Look out notice issued against Socialite, Businessman Yash Birla

Look out notice issued against Socialite, Businessman Yash Birla
Saturday, February 01, 2014 19:59 IST
By: Ankur Karan Singh, Santa Banta News Network
In a fateful twist, socialite and business tycoon Yashovardhan Birla has landed in legal entangle. Recent reports pertaining to chairman of the Yash Birla Group, Yashovardhan suggests that, the economic offences wing (EOW) of the Mumbai police has issued a look out notice against him.

The notice has been issued in wake of pending case of default on repayments of fixed deposits by Birla Power Solutions Ltd.

Reportedly, Birla group came under radar of EOW in December last year when a Worli based businessman filed a complaint at Marine Drive police station, alleging that the firm has cheated him.

In his complaint the complainant stated that, Birla group didn't pay him Rs 1 Crore even after the maturity of the invested amount.

Meanwhile, the police has booked Birla Power's former MD PVR Murthy and has sought his custody till February 5th.

If reports are to be believed, then so far as many as 28 investors have approached the EOW wing and have leveled the similar allegations against Birla Power Solution.

Confirming the issuance of look out notice ACP of EOW, Rajvardhan Sinha has stated that the agency is going through the account books of Birla Power to ascertain the amount that has been raised through the fixed deposits.


Reports pertaining to investment estimation, suggest that so far the group has collected over Rs 30 Crore from several investors, promising to pay back the amount with at an interest rate of 10.75 % percent after a time period of one year.

This is not for the first time in ongoing quarter, that Birla Group has faced the wrath of the authorities, even in the earlier part of this month 20 offices of the group were raided by the IT department for alleged tax evasion.

What is Look Out Notice?
It is circular issued by law enforcing agencies, which is sent at all the bordering immigration check points, in order to tab the individual under question. And as soon as the immigration authorities get an information about the person they notify the concerned authority which has issued the notice.
Sanjay Dutt calls The Bhootnii a perfect horror-comedy blend and reveals what made him come on board for the film!

Renowned for his intense performances and larger-than-life screen presence, Sanjay Dutt is set to

Friday, April 04, 2025
Sara Ali Khan Embraces Spirituality at Karnataka's Chandramauleshwara Temple!

Actress Sara Ali Khan, known for her elegance and grounded nature, once again showcased her deep spiritual

Friday, April 04, 2025
Tanya Maniktala reveals what makes her latest series Loot Kaand a compelling watch on Amazon MX Player!

Amazon MX Player, Amazon’s free streaming service, turned up the heat with its latest series, Loot Kaand, a

Friday, April 04, 2025
Shilpa Shetty emphasises perseverance as the key to success at Femina Circle's empowering debut in Pune!

Femina Circle, is an exclusive membership club designed for women to connect, foster meaningful

Friday, April 04, 2025
Badshah Gets Emotional Remembering Sidhu Moose Wala During 'Indian Idol 15' Finale!

The grand finale of ‘Indian Idol Season 15’ turned emotional as rapper and music sensation Badshah

Friday, April 04, 2025
ADVERTISEMENT
ADVERTISEMENT