📷 Image: Wikimedia Commons / Flashthomsom
Business
Jharkhand High Court Rejects Kashiish Developers' Petition Over 725-Crore Loan Misrepresentation
✍️ Amar Ujala · Bhopal
🗓 31 Oct 2026, 12:36 PM
👁 2
The Jharkhand High Court dismissed Kashiish Developers' plea, upholding the Ministry of Corporate Affairs' investigation into alleged misrepresentation and fund diversion in a ₹725 crore loan.
In a decisive ruling, the Jharkhand High Court dismissed the petition filed by Kashiish Developers, rejecting their claim that the 725‑crore loan was granted on false premises.
The developers had alleged that the loan, obtained from a state‑run bank, was based on fabricated documents and that the funds were diverted for non‑approved projects.
The court upheld the investigation conducted by the Ministry of Corporate Affairs, stating that the evidence presented was sufficient to establish the alleged misrepresentation and diversion of funds.
With the petition denied, Kashiish Developers face potential legal consequences and the case underscores the judiciary’s scrutiny of large corporate loans in the state.
The developers had alleged that the loan, obtained from a state‑run bank, was based on fabricated documents and that the funds were diverted for non‑approved projects.
The court upheld the investigation conducted by the Ministry of Corporate Affairs, stating that the evidence presented was sufficient to establish the alleged misrepresentation and diversion of funds.
With the petition denied, Kashiish Developers face potential legal consequences and the case underscores the judiciary’s scrutiny of large corporate loans in the state.