In a significant legal setback for Edelweiss Asset Reconstruction Company Ltd. (EARC), the Punjab and Haryana High Court has declined to stay or quash a perjury complaint filed by veteran journalist Kanwar Manjit Singh. The Court’s July 14 order has directed the District Magistrate, Patiala, to proceed “in accordance with law”—effectively allowing the complaint to move forward.
The case, now attracting considerable attention in both legal and media circles, raises serious questions about one of India’s leading asset reconstruction firms. The case was moved against the firm and its Chairman Rashesh Shah.
The Journalist, the Takeover, And the Battle for Truth
Kanwar Manjit Singh, a seasoned journalist and Founder Editor of the Punjab Today Group, filed the complaint following what he stated as a forcible and unlawful takeover of his business premises by EARC in July 2024. The property in question is located at C-179, Focal Point, Patiala. The legal notice filed earlier by Manjit Singh had named six individuals associated with EARC,including Rashesh Shah, for acting with malice and violating provisions of the SARFAESI Act, India’s securitisation and asset recovery legislation.
Singh pointed out that the takeover was not just procedurally flawed, but outright illegal—executed in violation of SARFAESI norms and accompanied by a series of forged documents and false affidavits submitted by EARC and its officers to multiple legal forums. The complaint specifically named EARC’s Group Chairman Rashesh Shah and senior officials Anil Kumar, Anuj Jain, Nikhil Arya, Bhawesh Jha, and Deepak Goyal as respondents.
Singh’s legal notice filed earlier had sought Rs 5 crore in damages for defamation, reputational harm, and business losses. That legal challenge has now escalated into a potentially explosive perjury case, which could have implications well beyond this single dispute.
EARC’s Attempt to Stall Proceedings Fails
In an apparent bid to halt the proceedings, EARC had filed a writ petition (CWP-19344-2025) before the High Court, calling Singh’s complaint “false and frivolous.” The company also sought to:
- Restrain the District Magistrate from proceeding on the complaint,
- Quash the summoning notice already issued by the DM’s office, and
- Stay all related proceedings during the pendency of their writ.
However, the High Court was unmoved by EARC’s claims. Instead of entertaining the company’s plea, the Court disposed of the matter as premature, reinforcing the autonomy of the District Magistrate to independently assess and act on the allegations. The court also pointed out that “ given his long-standing stature in journalism and public service, the actions of the Defendants have caused profound and far-reaching damage to the Plaintiff’s reputation, both personally and professionally.” Commentaries by legal experts underscore that the Court’s decision represents a critical affirmation of due process, especially in complaints involving corporate overreach or abuse of legal procedures.
A Case That Could Redefine Boundaries
At the heart of this case lies not just a property dispute, but a deeper question about how financial power interacts with legal institutions—and whether individuals, even those without corporate backing, can hold large entities accountable when documents are allegedly falsified and judicial forums are misled.
The perjury complaint now returns to the District Magistrate of Patiala, who must determine whether the material presented warrants further legal action. If it does, EARC and its top brass could face criminal proceedings—a rare and consequential development in India’s financial enforcement landscape.
For now, the High Court has chosen not to pre-emptively intervene, instead placing its faith in the rule of law and the due diligence of local authorities.
What’s Next?
Should the District Magistrate (findWith) the High Court’s decision, the District Magistrate Patiala now holds full authority to examine the perjury complaint on its merits. This includes summoning parties, reviewing documentary evidence, and deciding whether a prima facie case of perjury or forgery is made out against the named respondents.
This development could have significant legal and reputational implications for EARC and its top executives, particularly if the complaint proceeds to criminal prosecution.
Manjit Singh has a significant track record as a senior journalist based in Punjab. He is currently the Editor-in-Chief and Publisher of Punjab Today—a publication established in 1991, with a widely read English edition since 2010. His professional reputation has been built over decades. Singh’s journalistic integrity, public engagement, and editorial leadership are widely acknowledged,
He also heads the Punjab Today Foundation and serves as the General Secretary of a charitable initiative providing free digital literacy training to underprivileged children. The Punjab Today Award, has honoured numerous distinguished individuals, including two former Prime Ministers of India.
