Viridian Red – spire scam

Viridian Red Reviews & Complaints

Reported By: BalbirSinghSukan

Contact information:
Viridian Red

Ashish bhalla was not only holding the position of an alternate director during the period 30th january, 2008 to 30th march, 2009 but as per the auditor reports of the period 2009 to 2013 ashish bhalla was shown to be the key managerial person in the company and this was the period when maximum amount was siphoned off from the company. The reports show that around inr 10 crores were allegedly utilized in different companies wherein either mr. Ashish bhalla held maximum shares or the close relatives of mr. Ashish bhalla were managing the affairs.

Mr. Ashish bhalla had the authority to sign high value cheques above rs. 2 lacs and was being asked as special invitee in the meetings of panel of directors. Investigation shows that several crucial decisions were taken by the organization during the meetings only when mr. Ashish bhalla was present. His bureaucratic role and control over the company does not end here. All office bearers of the organization would report only to him which goes to show that ashish bhalla had control over the company irrespective of him being inside the board or outside.

It is difficult to fathom that despite such surprising revelations mr. Ashish bhalla is moving freely. Mr. Bhalla says he is innocent but how can one put into effect the fact that he used to deal with all customer grievances through a company namely vdmtl in which he was having 99. 99% shareholding the authorized signatory in 6 banks accounts in which there is almost no money today.

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