Amit Gupta, the promoter of Agrifields DMCC, previously known for its involvement in the rock phosphate industry as Getax, finds himself embroiled in a legal saga. Kolkata Police have initiated legal action, alleging a “fraudulent share transfer” of 15,10,000 shares, along with accusations of “forging and manipulating records” and “illegally striking off” a loan totalling Rs 9,95,64,143 from Sunland Projects Pvt Ltd, according to the filed FIR.

This marks another chapter in the ongoing legal battles that have shadowed Amit Gupta and his family for more than a decade. Legal entanglements have spanned various jurisdictions, involving authorities in Australia, India, and Singapore.

Quoting the Sydney Morning Herald, “The US documents name Getax director Amit Gupta as the ‘target of a criminal investigation who is alleged to have conspired with others to bribe foreign public officials and to have engaged in money laundering and other offences’.”

Singapore also weighed in on Getax’s transgressions, with the court imposing a hefty fine of 80,000 SGD in 2018 for bribery involving a Member of Parliament in Nauru, as documented by the Strait Times.

The FIR, lodged by Kolkata Police on 22nd December, 2023 at Rabindra Sarobar Police Station, marks a pivotal moment in the legal proceedings, with the case now being presented before the National Company Law Tribunal (NCLT).

Recent developments in Kolkata’s Alipore Court on 6th November, 2023, saw respondents, including Amit Gupta and Sunland Projects, directed to provide their responses and evidence by 4th December, 2023. Failure to comply led to the subsequent filing of the FIR.

Sunland Projects, known for its real estate ventures such as Sunland Residency in Rajharat, Kolkata, encompassing 54,000 square feet, holds significant assets exceeding 700 crore rupees and stakes in various businesses across India.

Court documents expose procedural irregularities in the share transfer, constituting a third of the company’s ownership. Notably, the transfer lacked the petitioner’s signature and registration in front of a public notary, and failed to upload the gift deed on the Ministry of Corporate Affairs website.

The transfer conveyed shares to Amit’s father G.S. Gupta, ultimately making Amit the ultimate beneficial owner (UBO) in 2018.

These ongoing legal battles underscore the collaborative efforts of global and local authorities in pursuit of justice. The FIR filing sheds light on the intricate history of Amit Gupta and his companies, adding layers to an evolving narrative of legal complexities.