There is no strategic or other investments that has been made by the purchase of the OCPS.
The following is the modus operandi:
The issue of OCPS happened to Abhiksha Enterprises Private Limited. Following is the TIPL resolution to that effect:
“RESOLVED THAT pursuant to the resolutions passce by the Board of Directors of tl-re Company at its meeting held on 17d October, 2013 and also by the Shareholders at the Extraordinary General Meeting held on 186 November,2013 respectively 15,00,000 (Iifteen Lakhs) Optionally Convertible Preference Shares of i 10/- each at a partly paid up value of { 1/- per share aggregating to { 15,00,000/- (Rupees lifteen Lakhs only) bea ng distinctive numbers ftom 1 to 15,00,000 be ancl are hereby issued and allotted to M/s. Abhiksha Enteryrises P vate Limited having its Re$istered Office at J4/95A, IInd Floor, Khirki ExtensiolL Malviya Nagar, New Delhi 110017.”
Abhiksha Enterprises was founded in 2010 and following are the promoters/directors of the company:
Balakrishna Chaturvedi (Born 1936)
Mr. Akanksha Chaturvedi (Daughter of Sunil Kumar Chaturvedi born 1990)
Ms Meena Chaturvedi (D/O Bhagwandas Mulchandani(born 1959)
There is a tonne of information which points to a) things not adding up (like weird email-ids, age of director etc., change of address) and b) nature of transactions that can be faulted - from a minority shareholder standpoint. I will cut the long story short: the company passes a bunch of resolutions to increase the shareholding capital on 01/04/2015. In the newer shareholding pattern you find that Mr. Sunil Chaturvedi’s name appears, his PAN no. is also mentioned (from MCA disclosures).
The name of TIPL Managing Director is also Sunil Kumar Chaturvedi whose DIN can be found in TIPL documents.
Connecting the dots: Go to
http://www.mca.gov.in/DCAPortalWeb/dca/MyMCALogin.do?method=setDefaultProperty&mode=50
The MCA site will ask you for DIN no. of the director. Enter DIN of Sunil Kumar Chaturvedi and you will be taken to a page which gives out his name and his father’s name as Balakrishna Chaturvedi. This new page also contains a field that asks for PAN no. of the director and once you fill that it says DIN/DPIN details are matching with Income Tax PAN database completing the circle.
I do not think we need any further evidence to come to sensible conclusions. As someone in VP Chintan Baithak said and a thought that has stuck to me “You cannot have a good deal with a bad person”, I have exited all my positions.
All my inference/conclusions have been drawn from data that is publicly available on the MCA site.