Companies & Sectors
Elder Pharma fails to disclose information about arrest of MD, ED
Alok Saxena, along with two top officials of Elder Pharmaceutical, had allegedly tried to make a payment of Rs1.35 crore through five post-dated cheques from a deactivated account. But the company has not disclosed this information and the news of the arrest of the MD and ED to the stock exchanges
 
Alok Saxena, managing director (MD) and chief executive of Elder Pharmaceuticals Ltd as well as Yusuf Karim Khan, executive director (ED) have been arrested while Anuj Saxena, the chief operating officer (COO) of the company and television actor is absconding in a cheque fraud case, says a report from Mid-Day. However, the pharma company, which is listed on both BSE and National Stock Exchange (NSE) has not shared the information with the Exchanges as of 3pm Wednesday.
 
The last corporate filing from Elder Pharmaceutical on both BSE and NSE shows an outcome of its board meeting filed on 28 September 2015.
 

 

According to the news report, while Alok (CEO and MD) has been arrested, the police are still on the hunt for Chief Operations Officer (COO) Anuj, who is also a well-known TV actor after a complaint was filed against them in the Azad Maidan Police Station on 2 October 2015.

 

In the complaint, Directors of MAK Ampoules Pvt Ltd and Ankola Paper Mills Pvt Ltd, who have also been the suppliers for Elder Pharmaceuticals, alleged that the company issued them post dated cheques towards their intercorporate investments from a bank account, which was closed a year back.

 

Even after contacting Elder Pharma several times, there was no response from the company. This led MAK Ampoules and Ankola Paper Mills to file a first information report (FIR) under section 420 (Cheating and dishonestly inducing delivery of property) and 34 (common intention) against Elder Pharma's top brass.

 

According to information, the money (about Rs1.35 crore) was given to Elder Pharma by MAK Ampoules and Ankola Paper Mills as intercorporate deposit. This was an arrangement where the companies with surplus funds invested money in Elder Pharma for a period of maximum six months as source of short term financing. The arrangement was started in 2012 when both the companies gave Rs50 lakh as deposit. The arrangement continued till October 2014. During that month, Elder Pharmaceuticals gave five posted dated cheques amounting to Rs1.35 crore to directors of MAK Ampoules and Ankola Paper Mills. The cheques were supposed to be cleared on 31 March 2015.

 

However, when the cheques were deposited on 31 March 2015, the bank returned it. "Bank officials informed the companies that the cheques are dishonoured since the account from which they were issued was closed in November 2014. We appealed in the Court regarding the issue and eventually on 3 September 2015, we filed a police complaint with Azad Maidan Police Station," said a representative from the company.

 

Both Alok Saxena and Khan are now out on a bail while Anuj Saxena and Joginder Singh Juneja, the other accused are absconding.

 

Earlier the Company Law Board (CLB) twice directed the company to pay principal and interest due to depositors. On 29 March 2015, the CLB asked Elder Pharma to pay principal and interest by 30 April 2014 due to 12 depositors who have made an application under section 58A (9) of the Companies Act, 1956 and to file an affidavit of compliance of the same order with the CLB by 1 May 2014.

 

The CLB again vide its order on 11 July 2014, directed the Company to pay principal and/or interest to senior citizens by 10 August 2014 and to other depositors by 9 September 2014. The CLB has directed the Company to file an affidavit by 15 September 2014 for compliance of the said order.

 

Elder Pharma has been raising short term capital during 2013-2014. During the fiscal year that ended on 30 June 2014, the company's short term borrowing increased almost five times from Rs35.28 crore as on 30 June 2013. This information is revealed in the Auditor's Report.

 

Anuj Saxena is also a television actor and has acted in serials like ‘Kkusum’, ‘Kumkum’, 'Saara Akaash’, and ‘Risshton Ki Dor’. He also acted in a couple of Bollywood films ‘Chase’ and ‘Paranthe Wali Gali’.

 

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COMMENTS

Dipakkumar J Shah

1 year ago

Adding to this , there was a one case Dividend paid out of capital , illegal payment , out of mere book entry of profit , for two years one in 31.10.1992 and another in 31.03.1994 in the Accounts of Ratnamani Engineering Limited never reported by Company to Shareholders report , not even to Judiciary Courts any time till this date. All departments of M C A , High Courts of Gujarat , Judicial Authority had been purchased. No action is taken yet and so far , even in accounts and Prospectus Issued by Company in March 1994 all details are there and also on record of High Court of Gujarat !! What a Businessman can do and poor shareholders can do ?? Appeal , appeal , appeal till you die!!!! Dividend was paid only from mere book entry of profit which was never received in Cash???!! Auditors have also joined the hands of Management !!! Not qualified their report in Prospectus and also in accounts specifically with the amount of actual profit accrued and out of which Dividend was paid !!!, Not reported till this days in accounts from 1994 to till this date 2015 March Accounts. Also Stock Exchanges are not informed !!!! This can only happen in India for all these years?? Since Hon. Courts not specified the orders therefore no Report in Balance Sheet !!!!!!!!!

Dipakkumar J Shah

1 year ago

I had filed a Petition Before Company Law Board Northern Region some 5 years back against Jindal Steel And Power Limited U/s 58 A (9) for late payment of Deposit Interest. I was issued a notice for hearing of the petition. But so far No order is passed nor any further heari9ng of the case. How Businessman turned to a Politicians can do even in Judicial field !!!!

Wipro sacks two techies over lawsuit in Britain
Wipro Ltd has sacked an Indian male and a female employee working at its development centre in Britain over a lawsuit filed by the latter, the global software major said on Wednesday.
 
"Though we do not comment on ongoing lawsuits, both employees -- Manoj Punja, 54, and Shreya Ukil, 39 -- were relieved from service after an impartial inquiry established that they had violated our stated policy," Wipro said in a statement here.
 
The IT bellwether's statement came in response to a media report in London that Ukil had accused the company of gender discrimination, unequal pay and harassment and sought compensation up to one million pounds (nearly Rs.10 crore).
 
According to the media report, Ukil filed the lawsuit with the central London employment tribunal, claiming that she was forced into an affair by Punja, a married man who was her superior as head of Wipro's back office operations in Britain.
 
"I was also paid far less (75,000 pounds a year) compared with 150,000 pounds per annum paid to male colleagues," Ukil, who was sales and market development manager, charged.
 
Ukil alleged that the company's culture required women to be subservient and as a result, many other women employees had left owing to similar experiences.
 
The company, however, said its policy on conflict of interest required employees to disclose to it any personal relationship that could create conflict.
 
"Failure to disclose such relationships would result in disciplinary action, including and up to separation," the company asserted in the statement.
 
Claiming that the company had serious objection to scurrilous allegations, the statement said it would take legal action against insidious and defamatory charges.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SC refers plea on Aadhaar to larger bench
The larger bench will decide whether Aadhaar number can be used for schemes other than PDS & LPG as sought by various authorities and regulators like RBI, SEBI, TRAI, IRDA, PFRDA and others
 
In a setback to the central government, the Supreme Court on Wednesday refused to modify its 11th August order restricting the use of Aadhaar card for distribution of food grain under PDS, supply of kerosene oil and LPG.
 
The apex court bench of Justice J Chelameswar, Justice SA Bobde and Justice C Nagappan while declining, for now, referred a batch of petitions seeking clarification/modification of the 11 August 2015 order to the larger bench, saying that the main matter has been referred to the larger bench so the application seeking relaxation of the order too should be referred to it.
 
The main matter relates to challenge to the validity of the Aadhaar scheme on the grounds that biometric data and iris scan collected under it violated the fundamental right to privacy of the citizens.
 
The Court also directed the Registry to put all the applications seeking clarification or modification before Chief Justice HL Dattu for appropriate order.
 
Seeking clarification on usage of Aadhaar number, regulators like Telecom Regulatory Authority of India (TRAI), Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority (PFRDA) as well as state-run insurer Life Insurance Corp of India (LIC) had reached the Supreme Court. These regulators and LIC along with Reserve Bank of India (RBI) and market regulator Securities and Exchange Board of India (SEBI) had asked for clarification on the apex court's order notwithstanding the fact that the SC had for the fourth time on 11 August 2015, had reiterated that Aadhaar cannot be a condition for obtaining any benefits otherwise due to citizens.
 
Markets regulator SEBI, in its application, has urged the court to modify its order to permit it to use Aadhaar number in the securities market for the confirmation of address of the brokers and intermediaries under the know-your-customer (KYC) scheme.
 
Similarly, the RBI has sought the modification of the order saying that if customers voluntarily share their Aadhaar number, then they may be permitted to do so for the purpose of banking transactions.
 
The Unique Identification Authority of India (UIDAI) in its application too has urged the Court to permit it to issue Aadhaar number to the people who are voluntarily approaching it for the same.
 
The three-judge Bench, while issuing directions on 11 August 2015, had referred all the petitions before it to a larger bench to determine whether right to privacy was a fundamental right.
 
The Court's 11th August order referring the matter to a larger bench had come on a batch of petitions including by Karnataka High Court's former judge KS Puttaswamy and Pune-based Nagarik Chetana Manch represented by senior counsel Shyam Divan, who have contended that the biometric details being collected for the issuance of Aadhaar violated the fundamental right to privacy of the citizens as personal data was not protected and was vulnerable to exposure and misuse.
 
This position was disputed by the central government, which had contended that the right to privacy was not a fundamental right as it referred to 1954 verdict by the bench eight judges and 1964 verdict by six judges bench which had both held this position. But the smaller benches of two or three judges took a contrary position, which the central government had contended was in breach of judicial discipline where smaller benches had to abide by the verdict of larger benches.
 
In the wake of the conflicting judgments, the bench of Justice Chelameswar, Justice Bobde and Justice Nagappan by their 11th August order had referred, to a larger bench, an authoritative decision on the status of right to privacy.

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