PRESS RELEASE - SEBI

August 30, 2013
PR No. 078/2013

SEBI passes order in the matter of IPO of Onelife Capital Advisors Ltd.


Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI has passed an order dated August 30, 2013, in the matter of Onelife Capital Advisors Ltd. and issued the following directions:

(a)

Onelife Capital Advisors Ltd and its Managing Director Mr. Pandoo P. Naig shall, jointly and severally, bring `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.

Onelife Capital Advisors Limited ('OCAL'), came out with an Initial Public Offering ('IPO') of its shares to raise `36,85,00,000/- through the issue of 33,50,000 equity shares of `10/ with premium of `100/. The IPO was subscribed
to the extent of 1.53 times. Within short span of time after closure of the issue OCAL fraudulently diverted `35.25 crore to three entities viz., Fincare Financial and Consultancy Services Private Limited, Precise Consulting & Engineering Private Limited and KPT Infotech Ltd. who were found to be acting hand in glove with the issuer for the purposes other than objects of the IPO. This is first of various IPOs in which SEBI recently started probe. SEBI has established fraudulent diversion of IPO proceeds as a securities market related fraud in this case.

 
Mumbai

August 30, 2013

 

For full copy of order against ONELIFE CAPITAL ADVISORS LTD., MR.T.K.P.NAIG, MR.PANDOO P.NAIG, MR.D.C.PARIKH, MR.A.P.SHUKLA, MR.T.S.RAGHAVAN AND MR.T.SHRIDHARANI click here.