sebi:WTM/MPB/ISD/50/2018
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Facts / Headnote
Interim Order dated October 09, 2017 confirmed; direction for forensic audit held complied with and validly conducted with no case for revocation; consequential action to be taken in accordance with law
Provisions invoked
- s. 11B
- s. 4(3)
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 11(3)
- s. 11(2)
Parties
- M/s Nu Tek India Limited
Holding
The Interim Order dated October 09, 2017 against Nu Tek India Limited is confirmed and the forensic audit direction therein is held complied with and validly conducted with no case for revocation, with consequential action on the forensic audit report to follow in accordance with law.
Full text
Order in the matter of M/s Nu Tek India Limited Page 2 of 49 allowed under strict monitoring so that investors could take informed investment decisions, till SEBI and Exchanges complete their detailed examination of such companies.
Order in the matter of M/s Nu Tek India Limited Page 3 of 49 b. Misuse of the books of accounts / funds (including GDR proceeds) including facilitation of accommodation entries, if any. iii. The promoters and directors in NTIL are permitted only to buy the securities of NTIL. The shares held by the promoters and directors in NTIL shall not be allowed to be transferred for sale, by depositories. iv. The other actions envisaged in SEBI’s letter dated August 07, 2017 in para 1 (d), as may be applicable, and the consequential action taken by Stock Exchanges shall continue to have effect against M/s Nu Tek India Limited.
Order in the matter of M/s Nu Tek India Limited Page 4 of 49 16 does not has any tangible or intangible assets. Nu Tek Europe SRO also does not have tangible or intangible assets. The company listed out fixed assets of Nutek HK Private Limited but no document was submitted by the company to verify the existence of fixed assets listed. Further fixed assets of US$ 44 million of Nutek HK Private Limited comprises of Property, plant, and equipment at Kenya which is shown as project under consideration as at March 31, 2016 and March 31, 2017 without any specific details. It is pertinent to note there is no change in the amount of projects under consideration as on March 31, 2015 to March 31, 2017 which raises a doubt on the genuineness of such projects/actual end use of the funds. (b) It is observed that the company is mainly into telecommunication services however the company’s wholly owned subsidiary i.e. Nutek HK Private Limited has invested major chunk of HK$ 349 million out of its total assets of HK$ 575 million in Gulf Power Corporation limited. The company has submitted the share purchase agreement between the Nu Tek HK Private Limited and East Africa Distribution Limited for the purchase of 45% stake in Gulf Power Corporation Limited. However the consideration for the purchase of stake is not mentioned in the agreement, though the registered number i.e. IC/1440/09 is indicated in the share purchase agreement dated December 09, 2010. Thus it raises a doubt on the authentici
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Source: SecMarx — sebi:WTM/MPB/ISD/50/2018. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.