The case is still under investigation and information on the measures to be taken will soon be made available to the public. Depositors who have invested their money in Prism Industrial Limited and wish a refund are invited to submit their complaint via the SEBI online portal or through SEBI offices. Yogesh Sapkale Yogesh Sapkale is deputy editor of Moneylife and writes on legal, RTI and consumer issues *The industry classification is derived from the National Industry Classification. If the corporation has changed its business without informing the Registrar, or if it is a diversified corporation, the classification may be different. We do not guarantee the accuracy of the industrial classification. Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as an IT manager. After his retirement, Mr. Datar joined Mumbai Grahak Panchayat`s Consumer Referral Cell (MGP) in 2008 and has resolved numerous banking-related cases including fraudulent online transactions, misuse of credit cards and debit cards. Also handled cases related to mobile banking fraud and Mediclaim. He was a member of MGP`s Board of Directors until March 2021.
With regard to the issuance of a reasoned opinion under Article 65 of the I&B Code, the Court of Appeal stated: “In this case, the issuing authority has not established that the present proceedings under Article 7 were initiated fraudulently or maliciously by the appellant to initiate the `corporate insolvency resolution process` against the `debtor company`. Whatever the reasons for non-compliance with the application, they are not related and go beyond Form 1 and should not be invoked. In fact, there is no indication that the complainant fraudulently filed an application for the commencement of the “business insolvency resolution process” against the “debtor company”. Prism Industrial Complex Limited is a limited company incorporated in May 2011. Based in Kanpur, Uttar Pradesh, the company is primarily engaged in the construction sector and is primarily engaged in setting up and repairing a newly built construction site. “On the face of it, no case has been presented to the judging authority for an opinion under Article 65 of the I&B Code simply because the directors and promoters participated in a scheme that bears a striking resemblance to the notorious chit funds or Ponzi schemes. Project promoters/directors may face serious criminal penalties for breaching SEBI`s orders, but this cannot be a reason to dismiss the Article 7 application against the `commercial debtor` or to initiate Article 65 proceedings against complainants who have no connection with the directors or promoters of the `commercial debtor`”, declared the Court of Appeal, setting aside the impugned judgment. The company name is a PRISM INDUSTRIAL COMPLEX LIMITED registered in Uttar Pradesh. Shailesh Gandhi Shailesh Gandhi is a former Central Information Commissioner for the Right to Information Act.
He is a successful RTI activist and a regular speaker at the Moneylife Foundation. Number of members (applicable in the case of a corporation without share capital): Number of employees in PRISM INDUSTRIAL COMPLEX LIMITED: Samir Zaveri An extraordinary activist who has dedicated his life to the cause of the railway, with a mission to help every rail commuter and accident victim and improve rail safety. Ashok Kargutkar Ashok Kargutkar is a Certified Partner of the Indian Institute of Bankers (CAIIB) and has been with Bank of India for 26 years. He is also an Insurance Advisor at LIC India and AMFI has been a registered investment fund advisor for 5+ years. He was also a counselor at the Abhay Credit Counselling Center from its inception in September 2008 until 2014. Former Director Details of PRISM INDUSTRIAL COMPLEX LIMITED are not publicly available. For complete information about the former director`s details, only registered InsiderBiz users can view them. According to our current record, PRISM INDUSTRIAL COMPLEX LIMITED Authorized Capital (Rs): 10000000 & Paid-up Capital (Rs): 500000. SD Israni Dr.
SD Israni is an attorney and partner at SD Israni Law Chambers and has over 37 years of experience in corporate, commercial and securities law. He simply wrote the book on Indian securities laws, which he kindly donated to the library of the Moneylife Foundation. Dr. Israni`s professional achievements are impressive. He was a member of the Naresh Chandra Committee on the simplification of company law with regard to private companies and small businesses. He was a member of the SEBI Committee for In this case, the complainant filed an application under Article 7 of the 2016 Insolvency and Bankruptcy Code against the debtor company. The National Company Law Court (NCLT) dismissed the application by judgment of 5. July 2018, after finding that the application for the opening of business insolvency proceedings had been filed fraudulently.
“It is a permanent law that the decision-making authority is only required to ensure that there is fault and default on the basis of the records (Form 1). It cannot take into account other facts that are not relevant. The “corporate insolvency resolution process”, which is not litigation, much less adversarial litigation or reorganization proceedings or monetary action, was conducted by this Court of Appeal in Binani Industries Limited vs. Bank of Baroda & Anr.-Company Appeal (AT) (Insolvency) No. 82 of 2018, etc. For this reason, we believe that the adjudicative authority cannot establish that the amount was not paid by the “debtor company” because of the financial fraud, the Court of Appeal stated. PRISM INDUSTRIAL COMPLEX LIMITED is a limited company incorporated 11 years ago, 5 months and 3 day(s) 27-May-2011. PRISM INDUSTRIAL COMPLEX LIMITED is classified as a non-governmental company and registered in the commercial register of ROC-KANPUR. With regard to the financial situation at the time of registration of PRISM INDUSTRIAL COMPLEX LIMITED Company, the authorized registered capital is Rs 10000000 and the paid-up capital is Rs 500000. According to the company`s registration, it is located under in business activity class / subclass code 45400, the main activity of said company PRISM INDUSTRIAL COMPLEX LIMITED is: , Building completion [Includes activities that contribute to the completion or completion of a structure.
Repairs of the same type are also included in the corresponding subclasses], It falls under the CONSTRUCTION section and this of construction.