Patiala, July 11, 2025 (Yes Punjab News)
A legal notice seeking ₹5 crore in damages has been issued to Edelweiss Asset Reconstruction Company Ltd. (EARC), its Chairman Rashesh Shah, and senior officers Anil Kumar, Anuj Jain, Nikhil Arya, Bhawesh Jha, and Deepak Goyal.
The notice alleges defamation, reputational harm, and business losses arising from the forcible takeover of business premises at C-179, Focal Point, Patiala, in July 2024.
The notice has been issued by Kanwar Manjit Singh, a senior journalist, Founder Editor of the Punjab Today Group, and Director of PT Media Pvt. Ltd., based in Patiala.
According to the notice, EARC and its officers acted with malice and without lawful authority, disregarding mandatory procedures prescribed under the SARFAESI Act and related laws.
It further alleges that EARC’s authorized officers submitted false affidavits before judicial and quasi-judicial bodies — including the Punjab & Haryana High Court, District Magistrate Patiala, District Courts Patiala, and Debt Recovery Tribunal Chandigarh — in an attempt to mislead authorities and unlawfully secure possession.
The notice also claims that a similar incident occurred in June 2022, when EARC’s recovery agent abused, manhandled, and trespassed into the premises despite an active stay order. This was reportedly brought to the attention of EARC’s top management, including Chairman Rashesh Shah, but no action was taken.
The company’s failure to respond to repeated representations is described as a blatant disregard for legal and ethical responsibilities.
Further allegations include the use of forged assignment documents, misrepresentation of facts in official proceedings, and the use of police and state machinery to execute an unlawful public possession.
The possession was reportedly carried out in full public view with unauthorized government officials and police personnel, involving loud announcements, affixation of notices, and forced entry into private areas. These actions allegedly portrayed the business owner as a loan defaulter, damaging both personal and professional reputation.
The notice estimates that unsecured movable assets — including rare books, manuscripts, digital archives, sensitive business records, and other valuables — were wrongfully removed during the possession without lawful inventory or accounting. The notional value of these assets is estimated at over ₹50 crore, with a warning that separate legal action will be initiated if they are not returned intact.
An application under Section 17 of the SARFAESI Act (SA) is currently sub-judice before the Debt Recovery Tribunal-III (DRT-III), Chandigarh. Proceedings relating to alleged perjury over EARC’s false affidavits are reportedly pending before competent authorities.
Additionally, a complaint against certain government officials involved in the possession proceedings is pending with the Punjab Vigilance Bureau, alleging misconduct and abuse of official position.
The notice demands an unconditional written apology, the return of all wrongfully removed assets, and ₹5 crore in damages. Failure to comply will compel further civil and criminal proceedings, as well as approaches to regulatory and vigilance bodies.
“These actions were not just legally untenable but were clearly aimed at public humiliation and destroying reputation. This legal battle is not merely about protecting rights but also about standing up to the misuse of power by financial entities that trample upon citizens’ dignity and due process,” the notice states.
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