Two top executives of Cinepolis India file FIR against firm, directors

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New Delhi: Two top executives of the Indian arm of Mexico's multiplex chain, Cinepolis, have filed a police complaint against the company and its four directors alleging forgery, cheating, falsification of accounts and criminal conspiracy.
According to an FIR filed with Gurgaon Police by Milan Saini, Managing Director Cinepolis India and Deepak Marda, Joint Managing Director, they have been denied equity shares promised to them in 2007 when Cinepolis entered India.
Seeking an investigation, they have alleged that the accused committed "cheating, knowingly using forged documents for purpose of cheating, falsification of accounts and criminal conspiracy" to prevent both of them from becoming shareholders in the company.
Comments from the directors could not be obtained as email and calls made remained unanswered.
Litigations on the shareholding issue of Cinepolis India are going on in the Punjab and Haryana High Court and the Company Law Board.
Claiming that the company has successfully grown in India since entering the country, the two Indian executives said in the FIR that the firm's "equity value is expected to become more than Rs 1,000 crore in the next 2-3 years from a mere Rs 34 crore of investment made till December 31, 2012 for 25.03 lakh shares of a face value of Rs 10 each".
They claimed that in the last five years they have been able to negotiate for more than 65 theatres out of which 11 are operational as on date and an additional six would be operational in the next nine months.