According to the news report, while Alok (CEO and MD) has been arrested, the police are still on the hunt for Chief Operations Officer (COO) Anuj, who is also a well-known TV actor after a complaint was filed against them in the Azad Maidan Police Station on 2 October 2015.
In the complaint, Directors of MAK Ampoules Pvt Ltd and Ankola Paper Mills Pvt Ltd, who have also been the suppliers for Elder Pharmaceuticals, alleged that the company issued them post dated cheques towards their intercorporate investments from a bank account, which was closed a year back.
Even after contacting Elder Pharma several times, there was no response from the company. This led MAK Ampoules and Ankola Paper Mills to file a first information report (FIR) under section 420 (Cheating and dishonestly inducing delivery of property) and 34 (common intention) against Elder Pharma's top brass.
According to information, the money (about Rs1.35 crore) was given to Elder Pharma by MAK Ampoules and Ankola Paper Mills as intercorporate deposit. This was an arrangement where the companies with surplus funds invested money in Elder Pharma for a period of maximum six months as source of short term financing. The arrangement was started in 2012 when both the companies gave Rs50 lakh as deposit. The arrangement continued till October 2014. During that month, Elder Pharmaceuticals gave five posted dated cheques amounting to Rs1.35 crore to directors of MAK Ampoules and Ankola Paper Mills. The cheques were supposed to be cleared on 31 March 2015.
However, when the cheques were deposited on 31 March 2015, the bank returned it. "Bank officials informed the companies that the cheques are dishonoured since the account from which they were issued was closed in November 2014. We appealed in the Court regarding the issue and eventually on 3 September 2015, we filed a police complaint with Azad Maidan Police Station," said a representative from the company.
Both Alok Saxena and Khan are now out on a bail while Anuj Saxena and Joginder Singh Juneja, the other accused are absconding.
Earlier the Company Law Board (CLB) twice directed the company to pay principal and interest due to depositors. On 29 March 2015, the CLB asked Elder Pharma to pay principal and interest by 30 April 2014 due to 12 depositors who have made an application under section 58A (9) of the Companies Act, 1956 and to file an affidavit of compliance of the same order with the CLB by 1 May 2014.
The CLB again vide its order on 11 July 2014, directed the Company to pay principal and/or interest to senior citizens by 10 August 2014 and to other depositors by 9 September 2014. The CLB has directed the Company to file an affidavit by 15 September 2014 for compliance of the said order.
Elder Pharma has been raising short term capital during 2013-2014. During the fiscal year that ended on 30 June 2014, the company's short term borrowing increased almost five times from Rs35.28 crore as on 30 June 2013. This information is revealed in the Auditor's Report.
Anuj Saxena is also a television actor and has acted in serials like ‘Kkusum’, ‘Kumkum’, 'Saara Akaash’, and ‘Risshton Ki Dor’. He also acted in a couple of Bollywood films ‘Chase’ and ‘Paranthe Wali Gali’.