♦️ICGS Asks “Serious Fraud Investigation Office”/MCA, TO MAKE PUBLIC RESULTS OF INVESTIGATIONS AGAINST PRATIBHA INDUSTRIES”
♦️More than 10 Banks allegedly duped♦️
By RKB and Pradeep Nambiar
♦️Allegations of MISAPPROPRIATION OF FUNDS by Promoters led by Mr Ajit Kulkarni, Pratibha Industries which is under NCLT for debt resolution abound.
♦️ICGS has asked SFIO- MCA to make the investigations public
♦️More than 10 Banks have been duped by Ajit Kulkarni led Pratibha Industries.
♦️When a detailed questionnaire was sent to Mr Kulkarni one was repeatedly told answers would be forthcoming shortly
♦️Till today neither the Kulkarnis nor their representatives have deemed it fit to reply to allegations and on record investigations that range from misappropriation of Employees Provident Fund to benami/sleeping Directors to intimate relationships with all Ruling Establishments to actual skimming off of company funds for personal benefit
♦️Among more than 10 banks allegedly in the circle of Pratibha Industries Bank of Baroda has the maximum exposure.
♦️Bank Of Baroda has moved NCLT-Mumbai against Pratibha Industries.
♦️Various Applications have been moved by Bank of Baroda in the NCLT vide C.P(IB)-3558/(MB)/2018.
♦️Here another allegation of attempted massive fraud has been made where a Greek cartel appears to have bid for Pratibha Industries Limited and that bid may be nearing acceptance
♦️The said Greek cartel/bankers are themselves in a precarious financial position
♦️So how have they managed to cobble up such a HUGE financial bid in NCLT?
♦️Among the other prominent banks are Bank of Maharashtra, Axis Bank, State Bank Of India and others
♦️In the order MA 361/2020 DATED 4/2/20, The Bombay High Court Bench has refused to give more time to Mr Ajit Kulkarni led Pratibha Industries and has asked the RP- Resolution Professional to take possession of the office premises at Shrikant Chambers, Sion-Trombay Road, Chembur and all movable properties.
♦️ICGS- Investors and Consumer Guidance Society has asked the SFIO to study the illegal diversion and misappropriation of funds by Mr Atul Kulkarni led Pratibha Industries, ICGS is also writing to the other Banks who have been duped, as to what course of action they are taking.
♦️Ajit Kulkarni led Pratibha industries have liquidated vital assets of the Company which has to be inquired into.
♦️The Kulkarnis live in a palatial building called Usha Kamal, where all flats are occupied by the Kulkarni Family
♦️The suspicion here is that the wide and deep social/political/financial network of the promoters of Pratibha Industries may be saving them from precipitate action by statutory authorities
♦️Of course it is also true that following the Modi Govt’s resolve to clean the system all statutory authorities have been overburdened with the massive number of serious frauds that have been exposed!
♦️We shall continue to follow up with Mr Kulkarni and his family or representatives for their version of events