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| Exchange Disseminated Time | Onelife Capital Advisors Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 14, 2013, has approved the following:
1.To discuss and take on record SEBI order dated August 30, 2013.
Company has received SEBI order having passed by the Hon’ble member Mr. Rajeev Kumar Agarwal in the matter of the Company for IPO investigation whereby they have given following directions by order:
(a) Onelife Capital Advisors Ltd and its Managing Director Mr. Pandoo P. Naig shall, jointly and severally, bring Rs 35.25 crores i.e. the diverted IPO proceeds into the Company from Fincare. Precise and KPT within six months from the date of this order:
(b) The Board of Directors of OCAL shall ensure compliance of above direction and submit a monthly progress report in the above regard to SEBI. Further the Board of Directors shall also furnish to SEBI a Compliance Report duly certified by a SEBI registered Merchant Banker within two weeks of compliance of the above direction;
(c) Onelife Capital Advisors Ltd and its managing director Mr. Pandoo P. Naig shall be remain restrained and prohibited from accessing the securities market and also prohibited from buying, selling and otherwise dealing in securities market, directly or indirectly, in whatsoever manner, for a period of 3 years from the date of the interim order,
(d) Other non-executive/independent directors of OCAL namely Mr. T. K. P. Naig, Mr. D. C. Parikh, Mr. A. P. Shukla, Mr. T. S. Raghavan and Mr. T. Shirdharani shall not take up any assignments as directors in any Company for a period of one year from the date of this order.
The Board has discussed the Order and directions given in the referred order
Board has noted the same and decided to comply with the same at the earliest but before the timeline given by the SEBI.
Board also discussed to get back the advance money given to the parties i.e. Fincare, Precise and KPT for the Company's businesses. In this matter Mr. Pandoo Naig, Managing Director has authorised by Board to take all steps and actions, including if necessary, after due examination thereof, cancel the agreements executed by the Company with these entities, and do all such-acts as may be necessary to receive back the money as per directions of SEBI by requesting them to return the money given to them in advance for work, in light of the SEBI order. If the parties are not ready to pay/ money not received back, Mr. Pandoo Naig is authorised to take all steps and actions to bring back the money in the Company.
2. To appoint a Merchant Banker in compliance with SEBI direction
Board has taken note of the SEBI order to appoint Merchant Banker in compliance to para 89(b) of SEBI order dated August 30, 2013 i.e.
(b) The Board of Directors of OCAL shall ensure compliance of above direction and submit a monthly progress report in the above regard to SEBI. Further the Board of Directors shall also furnish to SEBI a Compliance Report duly certified by a SEBI registered Merchant Banker within two weeks of compliance of the above direction;
The Board has also authorised unanimously Mr. Pandoo Naig, Managing Director to appoint, negotiate terms and conditions for appointment of Merchant Banker to comply with the SEBI order. |
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