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SEBI bans OneLife Capital advisors and promoters in this case, know details –

by Aaryan Srivastav
October 23, 2024
SEBI bans OneLife Capital advisors and promoters in this case, know details - India TV Hindi

Photo:FILE The period of investigation was from April 2018 to March 2023.

Market regulator SEBI has banned OneLife Capital Advisors, its promoters – Pandu Naig and Prabhakar Naig from the securities markets till further orders for alleged fund diversion and misrepresentation of financial details of the company. The regulator has also barred Naig from acting as a director or key managerial personnel of any listed company, which intends to raise funds from the public or any SEBI-registered intermediary, until further orders. In the interim order cum show cause notice passed on Monday, the market regulator directed OneLife Capital Advisors Ltd (OCAL) and Naig to explain why appropriate directions/prohibition should not be issued against them, PTI reported.

A case of cheating shareholders!

According to the news, OneLife Capital Advisors and Nags are the promoters of Family Care Hospitals Limited, a BSE-listed entity. According to SEBI, these actions of OneLife Capital Advisors and its promoters were ignored with the tacit or patent approval of direct monitors inside and outside the company, i.e. compliance officers, audit committee members and statutory auditors. It said such moves by unscrupulous promoters and their ilk constitute a case of defrauding public shareholders with no regard to the potential consequences.

asked them to give reasons

SEBI also asked notice recipients numbers 1 to 9 (OCAL, its promoters, Manoj Ramgopal Malpani, Ram Narayan Gupta, Amol Shivaji Autade, Sonam Satish Kumar Jain, Dhananjay Chandrakant Parikh and Gurunath Mudlapur) to show cause as to why the PFUTP rules and disclosure norms The order was issued in October 2022 regarding alleged diversion of funds and misrepresentation in financial statements by the complainants Family Care Hospitals Limited (formerly Scandent Imaging Limited) and OCAL. I have come after receiving the complaint.

NSE had investigated

OCAL’s matter was also investigated by NSE based on an internal alert generated by them. Subsequently, SEBI investigated the matter to find out whether there was any violation of the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms and LODR (Listing Obligations and Disclosure Requirements) regulations. The period of investigation was from April 2018 to March 2023.

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