When a complaint for illegal payment of dividend and out of capital and illegal payment of dividend for more than 19 years could not be understood and no action by any body !!!! What is this !! !!! The Name of the is Ratnamani Engineering Limited 31.03.1994 * Niw Ratnamani Metals and Tubes Lid ) This is just on Paper for cash counter only. This is what India is proceeding to !!!!! This is just to attract attention of Public that they are worried. In one case of another Company there was a fraud of Rs 300 Crores loss turned in to profit of Rs 6 Crores in single year by Just mere brook entry of profit by one Big Name out of Big 4 !!!! No action so far!!! 15 Years gone!!!!!! Just on Paper only. Copy of this e mail is sent to SEBI Chairman and M C A . But no action will be taken or inquiry !!!!!!
MCA E mail would be bounce back saying No such user or Mail Box is full!!!!!!!!!!!!!
What is whistle blower and Whistle Blower Policy meant by you ??????
Second case is of Jindal Iron and Steel Limited . Wherein Company Issued NCD issue with Detachable Warrants Interest 6 % which was not prevailing t that time at all. It was issue of Rs 380 Crores to obviate SEBI rules of declaration for Cold Steel Rolling plants. Promoters also took part . The Conversion price of warrant was some what Rs 500 per share premium or so. The price prevailing was ( Market price of shares were at the time of Conversion was around Rs 30 or so. The Issue proceeds were used not for the project Cold Steel Rolling Mill , but were used in Investment through Sun Investment Private Limited jn shares of Jindal Vijayanagar Steel Limited Limited ( Now Merged with JSW Steels Limited JIndal Iron and steel Limited Big Bunch of shares were taken in Sun Investments Private Limited ( 100 % Subsidiary company of Jindal Irons and Steel Limited how Subsequently desubsidised by company present owner Promoter not known to shareholders???
But may be Sajjan Jnidal Group only. Money of the issue were given to some finance Companies at higher rates of Interest that the Company took NCD Issue rates!!!!! The same Companies are in litigation with the Company Under J S W Southwest Holding Limited even now!!!!
This silence over the issue by company. Even Promoter did not ttheir shares at the conversion price?? They have issued the s in JSW Steel Limited as preferential issue of shares!!!!!
Having defrauded the money and issue proceeds for personal use many Debenture holders were forefeited the debentures an did not return the fund of Rs 1 Crore or so and eaten a way. How your department is can be verified what I claim for in this e mail . Your department has mmade more money , by your officers and many hairman also out of this issue durill these years from time to time. But no response to my complaints for all these years. Wyou can understand ?? Whistle Blower Policy. The name of Jindal is very well Known now a days .......
Respected Madam,
Reg: - Long Outstanding questions never replied by Mr. Sajjan Jindal/ Company ever!!!!
Please refer to above and in continuation of Threat Letter sent by you through Kanga & Co (May be Atul Desai) I have to state as under
1. First and foremost question starting with the Fraud of shares delivered by me for endorsement of my Friend's shares Mr. Y V Joshi and V Y Joshi and Sumantrai Gopalji Nayak, Pushpaben S Nayak along with my shares. Which were stolen from your office? My shares were returned back duly endorsed but my friend's shares were never returned for more than 1 year. I had to follow with company for the same by frequent visit to your office. These shares were stolen from your office by your
staff members. Not only were this but the same shares sold by someone fraudulently over Bombay Stock Exchange. After many efforts with your office it was Mr. I Querishi , the then Company Secretary of Jindal Iron and Steel Co Limited, sent me an Indemnity Bond to be signed by Joshi and Nayak family .This bond paper was purchased from your office by somebody. Mr. Sajjan Jindal orally at the time of A G M told me that the transfer form of sale of shares by fraudulent would be sent to me in the meantime. But surprisingly never replied or not sent so far? Now you may say and turnout that such fraud did not take place at all!!! This return of shares from Bombay Stock Exchange must be on record of Bombay Stock Exchange and the then transfer Agent & Registrar Karvy Consultants Limited, with name of the broker whose shares have been returned and all the process details. How would you acted in this case best known to you for silence over this fraud. Except in writing that this is false, frivolous, with bad intention to pressurize unnecessary demands, and such allegations only. How you acted in this case is best known to you for all these 19 years and more. Surprisingly the said issue of lost of shares from your office time to investigate in the matter took more than 1 year. Indemnity bond was prepared by your Secretarial Department by purchase of Stamp Paper, I Querishi the then Company Secretary. The same was delivered to your office by me in person. In the next week after delivery of Indemnity Bond of Nayak and Joshi family , a Notice of Transfer of shares were received by Mr. S G Nayak , P S Nayak and V Y Joshi and Y V Joshi stating that the shares purported to be signed by them had been received by the company for transfer!!!!. They had to give you immediate notice of Objection of transfer by Registered Post? This fact is on your record. You cannot deny this fact. Of course, if you have courage to say rejecting this incidence has at all taken place, you can also say.
2. NCD Issue money was invested in your financial companies which were to be invested in for implementation of Project undertaken (cold steel). Immediately in the subsequent year Debenture Trustee I C I C I Limited (Now I C I C I Bank Limited) resigned as trustee! The reason for resigning and all facts best known to you. The said money was invested in your private financial companies the details there of names of companies can be found out from Balance Sheet of. From the face of the Balance Sheet for 1994 and 1995 comparative and Fund flow Statement prepared it would be apparent that the said fund, as called temporary invested in Debentures, never received back from those companies and took, obtained, loan from I C I C I Limited for the further implementing the project as to be envisaged from N C D Issue. Since this money of NCD Issue was blocked up, you took money from I C I C I Limited for the project. This being the case I C I C I Limited resigned from Trusteeship of N C D Debenture holders. !!!!This fact you never accepted the fact from my all correspondences so far. Not only this but also such facts of diversion of funds never discussed by you to the shareholders in your director's report in 1995. The details of Investment in private financial companies only are on your record and with you.
What is whistle blower and Whistle Blower Policy meant by you ??????
Second case is of Jindal Iron and Steel Limited . Wherein Company Issued NCD issue with Detachable Warrants Interest 6 % which was not prevailing t that time at all. It was issue of Rs 380 Crores to obviate SEBI rules of declaration for Cold Steel Rolling plants. Promoters also took part . The Conversion price of warrant was some what Rs 500 per share premium or so. The price prevailing was ( Market price of shares were at the time of Conversion was around Rs 30 or so. The Issue proceeds were used not for the project Cold Steel Rolling Mill , but were used in Investment through Sun Investment Private Limited jn shares of Jindal Vijayanagar Steel Limited Limited ( Now Merged with JSW Steels Limited JIndal Iron and steel Limited Big Bunch of shares were taken in Sun Investments Private Limited ( 100 % Subsidiary company of Jindal Irons and Steel Limited how Subsequently desubsidised by company present owner Promoter not known to shareholders???
But may be Sajjan Jnidal Group only. Money of the issue were given to some finance Companies at higher rates of Interest that the Company took NCD Issue rates!!!!! The same Companies are in litigation with the Company Under J S W Southwest Holding Limited even now!!!!
This silence over the issue by company. Even Promoter did not ttheir shares at the conversion price?? They have issued the s in JSW Steel Limited as preferential issue of shares!!!!!
Having defrauded the money and issue proceeds for personal use many Debenture holders were forefeited the debentures an did not return the fund of Rs 1 Crore or so and eaten a way. How your department is can be verified what I claim for in this e mail . Your department has mmade more money , by your officers and many hairman also out of this issue durill these years from time to time. But no response to my complaints for all these years. Wyou can understand ?? Whistle Blower Policy. The name of Jindal is very well Known now a days .......
Once , not , many times I had written complaint to SEBI . No action so far??? Detail letter is also sent herewith below.
Many of the Officer during all these years must have made Crores of Rupees all these years from time to time during these period !!!!!!! No body caught neither Companies a Nor Officer !!!!!!
Please give reply fully and give me your direct Phone Number to talk to you in this regard .
I hope you will not take any action in this matter at all.
Shah D J
USA
The Chairperson/ Ms Savitri Devi,
JSW Limited
Formerly Jindal Iron and Steel Co Limited
Jindal mansion, G Deshmukh Marg
Mumbai.
JSW Limited
Formerly Jindal Iron and Steel Co Limited
Jindal mansion, G Deshmukh Marg
Mumbai.
15.09.2009
Respected Madam,
Reg: - Long Outstanding questions never replied by Mr. Sajjan Jindal/ Company ever!!!!
Please refer to above and in continuation of Threat Letter sent by you through Kanga & Co (May be Atul Desai) I have to state as under
I hope you will not take this letter as threatening. But in spirit you will take as a question, queries Letter. Of course, since long time for last 15 years you never replied to my following question in writing at any time. On the contrary, Mr. Querishi, and Mr. Sajjan Jindal gave me thereat by personally by Querishi over the phone and recently by letter through Kanga & Co threat letter/ notice!!!!
1. First and foremost question starting with the Fraud of shares delivered by me for endorsement of my Friend's shares Mr. Y V Joshi and V Y Joshi and Sumantrai Gopalji Nayak, Pushpaben S Nayak along with my shares. Which were stolen from your office? My shares were returned back duly endorsed but my friend's shares were never returned for more than 1 year. I had to follow with company for the same by frequent visit to your office. These shares were stolen from your office by your
staff members. Not only were this but the same shares sold by someone fraudulently over Bombay Stock Exchange. After many efforts with your office it was Mr. I Querishi , the then Company Secretary of Jindal Iron and Steel Co Limited, sent me an Indemnity Bond to be signed by Joshi and Nayak family .This bond paper was purchased from your office by somebody. Mr. Sajjan Jindal orally at the time of A G M told me that the transfer form of sale of shares by fraudulent would be sent to me in the meantime. But surprisingly never replied or not sent so far? Now you may say and turnout that such fraud did not take place at all!!! This return of shares from Bombay Stock Exchange must be on record of Bombay Stock Exchange and the then transfer Agent & Registrar Karvy Consultants Limited, with name of the broker whose shares have been returned and all the process details. How would you acted in this case best known to you for silence over this fraud. Except in writing that this is false, frivolous, with bad intention to pressurize unnecessary demands, and such allegations only. How you acted in this case is best known to you for all these 19 years and more. Surprisingly the said issue of lost of shares from your office time to investigate in the matter took more than 1 year. Indemnity bond was prepared by your Secretarial Department by purchase of Stamp Paper, I Querishi the then Company Secretary. The same was delivered to your office by me in person. In the next week after delivery of Indemnity Bond of Nayak and Joshi family , a Notice of Transfer of shares were received by Mr. S G Nayak , P S Nayak and V Y Joshi and Y V Joshi stating that the shares purported to be signed by them had been received by the company for transfer!!!!. They had to give you immediate notice of Objection of transfer by Registered Post? This fact is on your record. You cannot deny this fact. Of course, if you have courage to say rejecting this incidence has at all taken place, you can also say.
---2----
But I have documentary proof of the same. Who did this fraud from your office may be known to you all. But did never care to divulge this fact to me and S G Nayak, Y S Joshi and all. Since I sent the shares for Endorsement along with my shares, to save postal charges, I was made responsible by Nayak and Joshi for all the process for stopping transfer and issue of duplicate shares!!!! I was put to great trouble for all these fraud by your organization. / Person/ company. I had to visit Company's office many times for whereabouts of the said shares. No matter of status of case was at all informed by Secretarial Department, Mr. Querishi or Mr. Sajjan Jindal at any point of time?? Every month I had to visit company's office frequently and all this fact is best known to you all.
Keep in mind that ALMIGHTY GOD WILL NO FORGIVE for all these doing now for all these years. If you have faith in God be truthful and fair in all respect. From all the doings narrated in this letter and earlier letters/ correspondences. It seems that you are not fair in all respect for investors and shareholders but self content only.
2. NCD Issue money was invested in your financial companies which were to be invested in for implementation of Project undertaken (cold steel). Immediately in the subsequent year Debenture Trustee I C I C I Limited (Now I C I C I Bank Limited) resigned as trustee! The reason for resigning and all facts best known to you. The said money was invested in your private financial companies the details there of names of companies can be found out from Balance Sheet of. From the face of the Balance Sheet for 1994 and 1995 comparative and Fund flow Statement prepared it would be apparent that the said fund, as called temporary invested in Debentures, never received back from those companies and took, obtained, loan from I C I C I Limited for the further implementing the project as to be envisaged from N C D Issue. Since this money of NCD Issue was blocked up, you took money from I C I C I Limited for the project. This being the case I C I C I Limited resigned from Trusteeship of N C D Debenture holders. !!!!This fact you never accepted the fact from my all correspondences so far. Not only this but also such facts of diversion of funds never discussed by you to the shareholders in your director's report in 1995. The details of Investment in private financial companies only are on your record and with you.
The same investments have been now transferred to some in Jindal South West Holding Limited, Sun Investment Limited and some in other company.
Details of the same are attached below.
B Investments - 8.28 8.28 43,088.20
Details of the same are attached below.
B Investments - 8.28 8.28 43,088.20
Not only the NCD issue and utilization of funds but also at the time of repayment of NCD Second/ Final repayment of principal amount to shareholders you played also gimmicks. You opened account of repayment of NCD principal amount somewhere in January 14 with Vijaya Bank, P D Mellow Road, and Capital Market Branch Mumbai. Bank permitted to use account number, MICR code, and date of cheques to be issued as January 14. But you never paid the principal payment amount of NCD ever on that date and till the end of May in Vijaya Bank P D Mello Road, Capital Market Branch Mumbai ever. You never gave any reply to my this question so far till this date .How Vijaya Bank allowed to open such a account and allowed to use MICR Code , Account number and date of issue of cheques 14th January ? How you managed this account with Vijaya Bank, which is illegal in the eyes of Negotiable Instrument Act and Banking Regulation act best known to you. Not only this but silently over these cheques you paid
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The amount of second/final installment of NCD by a cheques dated 14 Th January in the first week of June at that time only.
I think to keep on record, to deceive Controlling Authority, being Securities and Exchange Board of India (SEBI) and all other that payment of principal amount was made on time on record. If default is made then SEBI would take action over this matter and make a fine for such default. Thus you avoided any consequences for such default in repayment of N C D principal amount and used in this illegality process with Vijaya Bank against normal Banking practices ever by all banks .
In view of the investment of funds in Private Financial Companies illegally , having no authority to invest in , you fore feited the NCD of small investors which is amount to about Rs 2 Crores eaten a way hard earned money of Small and Isolated investors, best known to you. At the same time it should be noted that NCD was attached with Convertible warrant to be converted in to 1 warrant in to 1 equity share at a price Rs 10./- capital + Rs 490 Premium = Rs 500/- at some point of time. It is also a fact on record that no body opted conversion of warrant in to shares at the time of conversion of warrant . This includes also Directors and Promoters also. The then prevailing price of the share of Jindal Iron and Steel Co Limited about Rs 30/ or so.?
Also it is a fact that since there was a diversion of funds, which never returned to the company from sister financial companies, took loan from Banks and Financial Institution in duplicate for the same project?
Some time later of this non acceptance of conversion of warrants in to shares @Rs 500/ Company made preferential issue of shares at a substantial lesser price than Rs 500/.?
.All these acts done and how followed with all government authorities and acted upon with Banks, (Vijaya Bank and I C I C I Bank Limited the then I C I C I Limited), Registrar of Companies, Securities and Exchange Board of India, Ministry of Corporate Affairs and all other bodies how you had managed in above mentioned circumstances is best known to you. Had you ever informed to shareholders and all Government Bodies of all those incidents? If not, then, how you complied and redressed the complaints made by any shareholder / debenture holder in compliance? I have as many as 10 or more reference complaints numbers received from SEBI. How you have redressed and complied with SEBI best known to you. I have never received any of redressed of my complaints from you so far till this date?
You said in your threat letter Notice Given by Kanga & Co, that unnecessary correspondence had to be by officer of Company from time to time?
It is also fact that you took double loan or accepted / raised money for one project one from NCD issue and another from I C I C I Limited and Vijaya Bank. And NCD fund were directly invested in Bonds of Your Sister Financial companies, Sun Investment Limited which was remained for more than 2 years and some how or other, as debenture trustee I C I C I Limited (Now I C I C I Bank Limited) retired /relieved from debenture trustee and took further loan to finance the same project, Cold Steel Plant. How you obtained certificate from Chartered Accountant for end use of funds raised through NCD were used for the project only best known to you.
This fact of utilization of funds raised through Non convertible Debenture with Detachable warrant can be proved from Balance Sheet of 1994 and 1995 and also from Fund Flow Statement of company (the Then Jindal Iron and Steel Co Limited). It is also
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Fact that having intimated to you to send copy of petition of merger / scheme of JISCO with Jindal Vijayanagar Steel Limited and status of the petition never replied by you and the then Company Secretary Mr. Mehernosh Kapadia ( Now working with I C I CI Bank Limited ). How you behave with the investors can be verified and vouched from all statements and incidence and contrary to your Threat Letter sent through Legal way from Kanga & Co.
2. Sun Investment Limited :-It is on record of Balance Sheet of 1994 and 1995 of Jindal Iron and Steel Co Limited along with the Balance Sheet of Sun Investment Limited 100% subsidiary company wherein you will find the factual thing of diversion of Non Convertible Debenture attached with Convertible Warrants directly along with sister financial companies invested in Sun Investment Limited for purchase of shares of Jindal Vijayanagar Steel Limited & other companies and also many sister financial companies , best known to you in non convertible / optionally convertible bonds!!! Some time thereafter the investment made in such financial companies were transferred to Sun Investment or remain with Jindal Iron and Steel Co Limited. Right now I do not have all details of Balance Sheet of 1994 and 1995 and thereafter in USA... These details were sent to you by me form time to time and also in the cases filed by me at City Civil Court at Ahmedabad. The cases details are as under.
Case Number Court at Status
1. Civil Suit No 4051 of 1998 City Civil Court Ahmedabad Case pending
2. Civil Suit1No 1840 of 1999 City Civil Court Ahmedabad Case pending
3. Civil Suit No 3730 of 2000 City Civil Court Ahmedabad Case pending
The contents of case may please be seen and proper reply in respect of material contents never replied by in court or by a letter. It may be a fact that by not giving proper reply of content you done. But fact remains that illegality of the remains ever.
You have never clarified the situation of diversion of funds of NCD with Detachable Warrants in 1995. In 1994 you escaped from by passing a resolution authorizing to invest fund of NCD with Detachable warrants temporarily. But the invested money never returned back to company ever. Further loan were obtained form all financial institution for the same project. After some time this subsidiary company Sun Investment Limited (100 % of Jisco Limited) demerges silently from Jindal Iron and Steel Co Limited. This was done by preferential issue of shares to whom, no details are provided by companies. Not only this but all details as to whom the shares were allotted, at what price, what was the book value as on the date of investment of Sun Investment Limited, what was the market value of shares of investment were of Sun Investment Limited. You have taken this action of Section 81 of the Companies Act wrongly. Had you ever passed the resolution effecting to sale of substantial assets of the companies ever? This is a direct sale of substantial business of the company. I have many times written e mails, letter to you in this respect
Under section 81 and 291 and 293 Sale of substantial business what action you done is illegal ab-initio. Have you ever disclosed this fact to shareholder ever in Directors Report of Jindal Iron and Steel Co Limited? What illegality acts did in these last 25 years
------5--------
after Purchase of Piramal Steel Limited mentioned in your Directors Report ever? So far you have not given any reply or such details even to me in reply to my query at all.
3. Preferential issue of Equity shares/ warrants made in last 15 years since Jindal Iron and Steel Co Limited to JSW Steel Limited details required by me.
I have asked company and officer many times to give details of Preferential issue of shares/ warrants to promoters but no details are supplied to me so far. When I met Mr. Lancy, Company Secretary of J S W Limited at the time of inspection of records for scheme of J S W Ltd with SISCO Limited (Southern Iron and Steel Co Limited). I asked the same question of preferential issue of shares to promoters at the time also Mr. Lancy did not give proper reply. He just bluntly told orally that the company might have issued several preferential issues several preferential issues of shares. It can not be said or details given? At the same time he never gave any of such details.
You are requested to kindly give me all details of preferential issues of shares / Warrants in last 16 years starting from Jindal Iron and Steel Co Limited to JSW Limited with all documents of Notice of Meeting where the resolution passed and all action taken thereon. Please also give details as to, if any, allotment of warrants issued and conversion of them in to shares denied conversion / rejected by alottees, and the reasons thereof. Such alottees subsequently allotted new shares to the same alottees new shares and warrants etc. Please also give full details of Names of Companies and Promoters to whom the shares / warrants had been issued from time to time all these years again. For all these issues of preferential issue of shares give full details of all promoters names, addresses , number of shares allotted price at which issued ,and relationship of promoter since taken over of the company from Piramal Steel Limited ,to whom the shares had been issued .
Please give all details fully without any reservation of information. My all matters mentioned to you over this time 19 years how you dealt with all Government Authorities best known to you. Since I have not got any replies in writing from you for all these years. How you have dealt with all these years and put to your all officer bearers can you give me details? How my complaint and matter had been closed from all Government Authorities such as SEBI, Ministry of Corporate Affairs ? Can you elaborate the process of closing the Complaints.
I have dealt with all the issues at great length in this e mail and also reply to your threat letter sent to me by E Mail on my e mail id is also enclosed herewith for information of all Government Authorities , SEBI, Vijaya Bank, I C I C I Limited, Regional Director Mumbai, Serious Fraud Investigation set up by Government of India, Ministry of Corporate Affairs and all .
It is further to be noted that my reply to your threat letter is attached for information to all.
Hope you will give reply to this letter in spirit.
Thanking you,
Yours faithfully,
Shah D J
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C C to.
1. Chairman ,
SEBI Mumbai and all Departments of SEBI
2. Vijaya Bank Bangalore.
3. I C I C I Bank Limited Mumbai.
4. Ministry of Corporate Affairs New Delhi.
5. Registrar of Companies Maharashtra Mumbai.
6. Regional Director, Company Law Board Mumbai.
7. Director Serious Fraud Investigation New Delhi
8. Central Vigilance Commission , New Delhi
9. Karvy Consultant Limited Hyderabad
10. Bombay Stock Exchange Mumbai
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