Rothak firm audit reveals Rs 215cr stock shortage, land manipulation: CBI

Chandigarh: A forensic audit of Lakshami Precisions Screws Limited (LPS) in Rohtak has uncovered a Rs 214.95 crore stock shortage and unauthorised disposal of valuable land parcels, according to a chargesheet filed by the CBI before special CBI magistrate in Panchkula.
LPS, now a non-performing asset (NPA), is a long-established Rohtak industry owned by the Jain family, which has significant political and social influence in the district and state. During a recent hearing before special CBI magistrate Anil Kumar Yadav in Panchkula, the court scheduled April 25 for further arguments.
This development coincides with Enforcement Directorate's (ED) Gurugram zonal office provisionally attaching 12 movable and immovable assets, valued at Rs 156.33 crore, belonging to LPS, its shell companies, and directors. The ED's action aims to protect the interests of banks allegedly defrauded by the company.
According to the CBI chargesheet, the forensic audit revealed the Rs 214.95 crore inventory shortage following a physical stock count by the resolution professional. When asked for clarification, LPS directors and employees reportedly failed to provide an explanation. The resolution professional subsequently filed a non-cooperation application with the National Company Law Tribunal (NCLT).
The chargesheet also alleged that LPS sold mortgaged land parcels without obtaining no objection certificates (NOCs) from financial institutions and banks. One such transaction involved the sale of 41 kanals of mortgaged land to another company.
The CBI initially registered a case against LPS and its promoters—Lalit Kumar Jain, Rajesh Kumar Jain, and Vijay Kumar Jain—under sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code. Following the CBI's chargesheet, the ED initiated its own investigation and provisionally attached the properties.
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