Market regulator SEBI has banned OneLife Capital Advisors and its promoters, Pandu Naig and Prabhakar Naig, from the stock markets until further order for alleged diversion of funds and misrepresentation of financial details of the company. The regulator has also prohibited Naig from acting as a director or key management personnel of any listed company, seeking to raise funds from the public or any SEBI registered intermediary, until further order. In the interim order with show cause notice passed on Monday, the market regulator directed OneLife Capital Advisors Ltd (OCAL) and Naig to explain why appropriate directions/prohibitions should not be issued against them, PTI reported.
A case of shareholder fraud!
According to the news, OneLife Capital Advisors and Nags are the promoters of Family Care Hospitals Limited, a listed entity in the US Stock Exchange. According to SEBI, these shares of OneLife Capital Advisors and its promoters were ignored with tacit approval or patent from direct supervisors inside and outside the company, that is, compliance officers, audit committee members and statutory auditors. He said such moves by unscrupulous promoters and the like represent a case of defrauding public shareholders without taking into account the possible consequences.
asked them to give reasons
SEBI also asked the addressees of notification 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 why the rules and the disclosure of the PFUTP. regulations The order was issued in October 2022 regarding the alleged diversion of funds and misrepresentation in financial statements by complainants Family Care Hospitals Limited (formerly Scandent Imaging Limited) and OCAL after receipt of the complaint.
NSE had investigated
The OCAL matter was also investigated by NSE based on an internal alert generated by them. Subsequently, SEBI investigated the matter to ascertain 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 research period was from April 2018 to March 2023.
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