Letter addressed to Kashiparekh on 29-7-1999
PANKAJ S MODY
DIRECTOR AND SHAREHOLDER OF RUPMANGLAM INVESTMENT PVT LTD
JULY 29,1999
BY SPEED POST AD
PRIVATE AND CONFIDENTIAL
KASHIPAREKH AND ASSOCIATES,
AKSHAY APARTMENTS
HIGHCOURT LANE
AHMEDABAD 380 009
Sir,
I am shareholder and director of Rupmanglam Investment Pvt Ltd.
Your firm is auditor of Rupmanglam Investment Pvt Ltd.
I would like to draw your attention that Mr. Jatin Jalundhwala jas registered charge on immoveable property of Rupmanglam Investment Pvt Ltd in favour of Global Trust Bank for granting term loan of Rs 12.5 crore loan to Core Health care ltd , a loss making company without having necessary authority and power of the Board of Directors as well as members of the company violating various provisions of company law.
It would not be out of place to mention that DhanyushyaFinancial Pvt Ltd through their advocate Shri Ashok D Shah had served the notice to me dated 12-12-1998 , whereby, I am accepted, confirmed and acknowledged as director of Rupmanglam Investment Pvt Ltd . Besides, Dhanyuhsya Financial Private Ltd has not put forth any claim that Mr. Jatin Jalundhwala is the legal director of Rupmangalm Investment Private Ltd.
In the reply given by my advocate , Shri Killol V Shelat dated 1-2-1999 to Dhanyushya ‘s advocate Shri Ashok D Shah , Dhanyushya Financial Pvt Ltd has not dared to submit reply even though more than half a year has elapsed and has also not refuted to the claim of Shri Pankaj S Mody as director of Rupmanglam Investment Pvt Ltd.
Moreover, Dhanyushya Fiancial Pvt Ltd has not cared to produce necessary evidence called for by me.-e.g. I had called for companya auditor’s report in relation to transfer of shares, if any and whether it is in accordance with the provisions of the company law pertaining to articles of association and memorandum of Rupmanglam Investment Private Ltd and as per the guide lines of Institute of Chartered accountants of India, New Delhi.
For your information, balance sheet pertaining to period 96-97 of Dhanyushya Financial Pvt Ltd does not show acquisition of Rupmanglam Investment Pvt Ltd shares belonging to mody family.
Inspite of Mr. Jatin Jalundhwala being aware at the time of Shri Killol V Shelat’s letter dated 1-2-1999 that he was not in a postion tofurnish evidence of ownership of shares owned by Dhanyushya Financial Pvt Ltd , he goes ahead with mortgaging of Rupmanglam Investment Private Ltd which clearly show misrepresentation , concealment and suppression of material facts as well as show his malafide intentions.Mr. Jatin Jalundhwala is instrumental in putting shareholders of Rupmanglam Investment Private Ltd at irretrievable loss violating provisions of company law.
You being the auditor of the company owe responsibility to the members of the company, and initiate necessary action when company assets are being stripped and siphoned to such large extent.
As per Institute guidelines as per company law provisions you are to conduct detailed inquiry immediately in professional manner keeping in view the interest of shareholders of Rupmanglam Investment Private Ltd.
As a auditor of the company, you are to procure detailed evidence (by verifying minute books) , resolutions, notice for transfer of shares , compliance of articles 10 to 17 of articles of association and memorandum) from Mr. Jatin Jalundhwala , who is posing as director of the company and having necessary power of the board of directors and members of Rupmanglam Investment Private Ltd to mortgage property of Rupmanglam Investment Pvt Ltd.
As the amount of fraud involved is ver large, I hope that your firm shall take the matter seriously and report findings.
Thanking you.
Yours sincerely,
Pankaj S Mody
(DIRECTOR and SHAREHOLDER OF
RUPMANGLAM INVESTMENT PVT LTD)
DIRECTOR AND SHAREHOLDER OF RUPMANGLAM INVESTMENT PVT LTD
JULY 29,1999
BY SPEED POST AD
PRIVATE AND CONFIDENTIAL
KASHIPAREKH AND ASSOCIATES,
AKSHAY APARTMENTS
HIGHCOURT LANE
AHMEDABAD 380 009
Sir,
I am shareholder and director of Rupmanglam Investment Pvt Ltd.
Your firm is auditor of Rupmanglam Investment Pvt Ltd.
I would like to draw your attention that Mr. Jatin Jalundhwala jas registered charge on immoveable property of Rupmanglam Investment Pvt Ltd in favour of Global Trust Bank for granting term loan of Rs 12.5 crore loan to Core Health care ltd , a loss making company without having necessary authority and power of the Board of Directors as well as members of the company violating various provisions of company law.
It would not be out of place to mention that DhanyushyaFinancial Pvt Ltd through their advocate Shri Ashok D Shah had served the notice to me dated 12-12-1998 , whereby, I am accepted, confirmed and acknowledged as director of Rupmanglam Investment Pvt Ltd . Besides, Dhanyuhsya Financial Private Ltd has not put forth any claim that Mr. Jatin Jalundhwala is the legal director of Rupmangalm Investment Private Ltd.
In the reply given by my advocate , Shri Killol V Shelat dated 1-2-1999 to Dhanyushya ‘s advocate Shri Ashok D Shah , Dhanyushya Financial Pvt Ltd has not dared to submit reply even though more than half a year has elapsed and has also not refuted to the claim of Shri Pankaj S Mody as director of Rupmanglam Investment Pvt Ltd.
Moreover, Dhanyushya Fiancial Pvt Ltd has not cared to produce necessary evidence called for by me.-e.g. I had called for companya auditor’s report in relation to transfer of shares, if any and whether it is in accordance with the provisions of the company law pertaining to articles of association and memorandum of Rupmanglam Investment Private Ltd and as per the guide lines of Institute of Chartered accountants of India, New Delhi.
For your information, balance sheet pertaining to period 96-97 of Dhanyushya Financial Pvt Ltd does not show acquisition of Rupmanglam Investment Pvt Ltd shares belonging to mody family.
Inspite of Mr. Jatin Jalundhwala being aware at the time of Shri Killol V Shelat’s letter dated 1-2-1999 that he was not in a postion tofurnish evidence of ownership of shares owned by Dhanyushya Financial Pvt Ltd , he goes ahead with mortgaging of Rupmanglam Investment Private Ltd which clearly show misrepresentation , concealment and suppression of material facts as well as show his malafide intentions.Mr. Jatin Jalundhwala is instrumental in putting shareholders of Rupmanglam Investment Private Ltd at irretrievable loss violating provisions of company law.
You being the auditor of the company owe responsibility to the members of the company, and initiate necessary action when company assets are being stripped and siphoned to such large extent.
As per Institute guidelines as per company law provisions you are to conduct detailed inquiry immediately in professional manner keeping in view the interest of shareholders of Rupmanglam Investment Private Ltd.
As a auditor of the company, you are to procure detailed evidence (by verifying minute books) , resolutions, notice for transfer of shares , compliance of articles 10 to 17 of articles of association and memorandum) from Mr. Jatin Jalundhwala , who is posing as director of the company and having necessary power of the board of directors and members of Rupmanglam Investment Private Ltd to mortgage property of Rupmanglam Investment Pvt Ltd.
As the amount of fraud involved is ver large, I hope that your firm shall take the matter seriously and report findings.
Thanking you.
Yours sincerely,
Pankaj S Mody
(DIRECTOR and SHAREHOLDER OF
RUPMANGLAM INVESTMENT PVT LTD)
posted by mody at 2:32 AM
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