"Provisional liquidator shall take immediate custody of all assets as directed, and if necessary shall also seek police assistance in executing the aforesaid order," vacation judge Arun Kumar said.

The court restrained directors and other officials of the three companies from disposing off any of the assets of the companies and asked them to file their replies by July 28, the next date for hearing.

The Judge asked liquidators, attached to the court, to seek assistance of a firm of chartered accountants in compilation of accounts of respondent companies.

The HC order came on three separate winding up petitions filed by Reserve Bank of India (RBI) under section 45 MC of RBI act, 1934 and section 433 of the Companies Act, 1956.

Earlier, Company Law Board had also issued summons to all directors of JVG Finance andJVG Securities, but they failed to appear before CLB under the pretext that notice was not served to them.

RBI has also initiated criminal proceedings against directors of two JVG group companies including Hoffland Finance.

RBI, in its petitions, alleged that three JVG group companies had violated a number of directions issued by the central bank for non-banking finance companies (NBFCs) from time to time.

Petitioner alleged that JVG Finance had Net Owned Fund (NoF) of Rs 1,173.82 lakh as on March 31, 1996 and aggregate deposits accepted by the company was Rs 8,882.01 lakh which was 756.68 per cent of NoF.

"The company had accepted deposits from public during the year ended March 31, 1996 much beyond permissible limit of 25 per cent of NoF (Rs 1173.82 lakh)," RBI alleged.

The nodal bank has also alleged that the figure shown in application form of deposit which the company was entitled to raise, was incorrect.

RBI submitted that JVG Securities also indulged in similar violations of NBFC (ReserveBank) directions, 1997 and NBFC acceptance of public deposits (Reserve Bank) directions, 1998.

Inspection of the company by RBI revealed that JVG Securities had NoF of Rs 11.33 lakh as on March 31, 1997 and inter corporate deposits (ICDs) worth Rs 151 lakh which was much more than permissible limit (double of NoF).

"The company had not maintained liquid assets as required by section 45IB of RBI act, 1934," the petition alleged.

RBI contended that JVG Securities accepted public deposits through JVG Leasing Ltd and illegally credited it to the account of JVG Finance ltd.

"JVG Securities facilitated collection of further deposits by JVG Finance Ltd, a company which had already accepted public deposits beyond the limit permissible to it and was advised by RBI not to accept any further deposits," RBI said.RBI alleged that jvg securities continued receiving deposits despite an order from nodal bank dated October 10, 1997 prohibiting the company from collecting any money from investors.

JVG leasing's NoFwas Rs 1306.67 lakh as on March 31, 1996 and aggregate deposits accepted by it was Rs 1928.32 lakh, which is 147.58 per cent of NoF, RBI submitted.

"Thus the company accepted deposits beyond the permissible limit of 25 per cent of NoF and violated provisions of para 5(2)B(ii) of RBI directions," RBI contended.

Petitioner submitted that the company also failed to submit audited balance sheet for the years ending March 31, 1994, 1995 and 1996.

RBI said that realisable value of assets of JVG Leasing was also found much less (Rs 112.25 crore) than the total outside liabilities of Rs 133.31 crore.