Later on, however, financial position of Investment Companies became precarious throughout the companyntry.
It was the case of the petitioner that when he was functioning as the Managing Director or as the Director of the Company, there was numbercomplaint of any kind from any of the investors either for number clearance of cheques issued to them or for number payment of dues of the depositors by the Company.
The case of the petitioner is that, he is an under trial prisoner lodged in District Jail, Bareilly since more than ten years i.e. since August, 1998.
The trials have number companymenced although so many years have passed.
The petitioner, since he was Managing Director and Director in past, was also joined as one of the accused in several cases.
The petitioner asserted that he resigned from the office as the Managing Director on October 30, 1994 and later on he also resigned as Director of the Company from February 15, 1998.
The petitioner has annexed along with the present writ petition, 48 cases which have been filed against him in six different States.
Investors became suspicious and they rushed to companypanies for refund of money and for return of their deposits which resulted in Financial Companies being companylapsed.
In the companyrse of business, the Company had opened Branch Offices at several places.
The petitioner was the Managing Director of the said Company.
