Sebi bans Onelife Capital Advisors, promoters from securities markets for alleged fund diversion
Sebi has restrained Onelife Capital Advisors, its promoters — Pandoo Naig and Prabhakara Naig — from securities markets till further orders for alleged fund diversion and misrepresentation of the company's financials. The regulator also restrained Naigs from acting as a director or key managerial personnel of any listed company, which intends to raise money from the public or any Sebi-registered intermediary until further orders.
In the interim order cum show cause notice passed on Monday, the markets watchdog directed Onelife Capital Advisors Ltd (OCAL) and Naigs to show cause as to why suitable directions/prohibitions should not be issued against them.
Onelife Capital Advisors and Naigs are promoters of the BSE-listed entity Family Care Hospitals Ltd.
Sebi said the prima facie findings bring to light large-scale misrepresentation in financial statements by OCAL, primarily by inflating revenue and expense figures and presenting a rosy picture to the public about the company's business when, in reality, these were bogus sales and purchases.
The modus operandi of the company (OCAL) is replete with all sorts of regulatory infringements, such as circuitous transactions amongst related parties with no disclosures or approvals, diversion of funds as loans amongst related parties, corporate governance failures, etc, the regulator added.
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