ms shoes east
DESCRIPTION
MS Shoes East Ltd., a long standing name in manufacturing shoes and footwear, has been reckoned globally for its product quality and deliverance. The dynamic enterprise with its futuristic designs and unfailing zeal to serve its customers, also comes with out-of-box aptitude to understand the nitty-gritty of latest fashions and how to bring the same into coherence with the needs of its customers.TRANSCRIPT
Sub: Deletion of data being outdated and inaccurate in the name of the company and its CMD Pavan Sachdeva.
We would like to bring to your kind attention the following data loaded in google search engine:
Justification for deletion of such information :-
1
Special Report India Today – April,1995
The heading MS Shoes case :
Pavan Sachdeva arrested, SEBI and Merchant Bankers come under the cloud. (copy enclosed as Annexure-1).
1. Individuals have the right to be forgotten as held by EU Top Court.
2. The data is of period April, 1995 and has become outdated as well as inaccurate, irrelevant, no longer relevant, inadequate and excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed.
3. Deletion of such information does not amount to censorship in view of several changes/current information for last 20 years from the date of reporting .
4. The CMD and the company has gone into several changes of the said allegations in the data provided by your company.
5. The changes and the developments are as follows :
(a) It was wrongful arrest by CBI.
(b) The allegations in the FIR were completely wrong in law.
(c) The 5 star hotel in the heart of Delhi mentioned in the report have been decreed in favour of the company as on 3.7.2010. The court has declared the cancellation as null & void and inoperative.
(d) The case under which arrest was made was closed on the closure report filed by CBI in Sept., 1998 and the closure report was accepted by the First Class Magistrate of Mumbai vide its order dated 30.9.1998.
(e) The criminal complaint of the company is pending before Court against the persons who filed a wrong FIR with ulterior motives motivated by the competitors of the company.
(f) As allegations in the report reported from the FIR, annexed as Annexure-I that misleading information on companies proposed Rs. 699 crores public & right issue and for propping of the shares has no relevance in the view of the closure of the FIR which was reported in the newspapers but the same is not reflected in the data on Google, copy of the closure report is annexed as Annexure-II.
(g) The allegation in the report that there were co-conspirators does not stand any more as the FIR was closed as back as in Sept.,1998.
(h) The allegations that officials flouted number of guidelines to give monitory advantage to the company’s promoter also does not stand in view of the closure of the FIR in 1998.
(i) The allegations that SBI Caps gave false due diligence certificate stands closed on the closure of the FIR.
(j) The allegations in the report that SEBI permitted the company to collect 50% subscription and the rule book mentioned in the report that if issue is above Rs. 50 crores not more than 25% should be collected on application are completely wrong in view of the SEBI guidelines at the relevant time, in support the copy of SEBI regulations at the relevant time is annexed as Annexure-III.
(k) The allegations in the report the SEBI exempted from bringing in the promoters quota for Rs. 85.65 crores for the public issue is also are wrong reporting in the said report.
(l) The allegations that SEBI did not instruct Delhi Stock Exchange to stop the release of the proceeds of the public issue till the entire right issue was subscribed is also wrong reporting as there was no SEBI guidelines at the relevant time to instruct the stock exchanges to stop the release of the proceeds since the proceeds are not with Delhi Stock Exchange but always remained with the banks as trustee of the investors.
(m) The allegations that SBI Caps enter into conspiracy with CMD of the company and thereby cheated a large number of common investors in the matter of vetting prospectus and other documents is also false in view of the fact that the prospectus was vetted by SEBI, Registrar of Companies and Regional Stock Exchange as well, however such allegations are reported from the FIR which have no relevance in view of the closure of the FIR in Sept., 1998.
(n) The allegations that SBI Caps allowed the company to collect 50% subscription on application and exempted him from bringing in the promoters quota is also false in view of the SEBI guidelines and the relevant time.
(o) The allegations that SBI Caps indulge in insider trading by dealing with large number of shares of MS Shoes for the purpose of rigging the price to deceive the generally ignorant investors is also completely false as there was no rigging or no insider trading that has been found in the investigations by CBI.
(p) The allegations in the version of Sh. Y.P. Singh that he had “evidence of pay off” to SEBI officials to overlook were also false in view of the findings in investigations.
(q) At the time of closure CBI filed a fresh complaint on 10.9.1998 u/s 68 of the Companies Act which has been stayed by High Court of Bombay as the entire allegations & investigations in the FIR has been closed since on the same allegations another complaint cannot be filed and its stand admitted by High Court of Bombay, the copy of the order is annexed as Annexure-IV.
(r) Sh. Y.P. Singh version as reported in the said report stands closed by his own investigations in the FIR.
As reported in the said report that hotel project is now out of hands of Pavan Sachdeva and has left with the liabilities of bridge loan of Rs. 100 crores and issue expenses & money losses on propping up shares run in tens of crores is false as no shares were propped up by the company as per the investigations of CBI which were closed in Sept., 1998, in regard to bridge loan it may be brought to your kind notice that they stand paid by the company and as such presently there are no debtors of the company neither any banks nor any institutions, in regard to the hotel project its stand decreed in favour of the company vide order dated 3.7.2010, copy of the order is annexed as Annexure-V.
2.
Controversy – The MS Shoes Affairs
(copy enclosed as Annexure-2).
1. The report reported in year 2000 in respect of allegation from FIR have no stand and is irrelevant information in the view of the said fact that the FIR was closed in Sept., 1998 besides in respect of these allegations in the report are not justified in view of the above details given in point no. 1.
2. As reported that apparently the Govt. has got report from CBI months ago on the MS Shoes case is completely false in view of the closure of the FIR in Sept., 1998.
3. In respect of Hudco also the report at present is completely irrelevant in view of the decree & judgment passed by the Court.
4. The said report is completely outdated and irrelevant as well as inadequate besides that it is no longer relevant and that it is excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed.
5. The deletion of the said report does not amount censorship in view of the supported documents enclosed herewith.
3
Indiainfoline.com
· 2.5.2014
(copy enclosed as Annexure-3).
1. The allegations that the company misrepresented the company shares price in its advertisement is a false information in view of the closures of such allegations and court orders which have been annexed herewith.
2. The report has been reported in May, 2014 giving the false allegations in the company profile besides the fact that such allegations are outdated as well as inaccurate.
3. The allegations that Bombay Stock Exchange threatened not to grant listing is also false information besides the fact that the case is of 1995.
4. The allegations that there were high project cost of the company is also false in view of the fact that the project was appraised by a premium institution Tourism Financial Corporation of India.
5. The allegation that high project cost of the company ultimately led into devolvement of the issue is also false as the issue was devolved because of under subscription within 60 days of the closing date of the issue.
6. The allegations in respect of criminal proceedings is also false in view of the closure report as well as the court order in Sept., 1998 besides the fact that the information provided is of the current year May, 2014.
7. The Registrar as reported in the report as MS Shoes East Ltd., 5 NWA, Punjabi Bagh Extn., New Delhi 1-110026 is also false as all times since 1995 the company’s Registrar Mas Services Ltd.
8. The such articles by written by Sanjay Jhaveri, CFA which are false should not be kept in data by google and in fact no further analyses of such persons should be allowed to be downloaded in the data.
9. In fact the award has been granted by the Arbitrator in favour of the company in June,2012 in respect of the devolvement on the underwriters and they have been decreed in favour of the company, one of the order passed is enclosed as Annexure-VI although there are almost 50 decrees passed against 50 underwriters amounting to more than Rs. 98 crores.
10. The information which is false and if deleted would not amount to censorship.
4
(copy enclosed as Annexure-4).
Business Standard, Kolkata – 9.3.1998
Refund Allahabad Bank Rs. 21.49 crores, MS Shoes told. (copy enclosed as Annexure-5).
1. The allegations that most of the project having failed to take off is of 1998 and the current situations are entirely different in view of the decree in favour of the company.
2. The allegation in the report in respect of Allahabad Bank is also irrelevant in view of the fact that entire amount has been paid to Allahabad Bank as back on 23.5.2009, copy of the letter from Allahabad Bank is annexed as Annexure-VII.
3. Further the report is outdated in view of the fact that DRT proceedings have been closed as back as in July, 2009, the copy of the DRT order closing the proceedings is annexed as Annexure-VIII.
4. The allegations in the last para of the report that huge amount of loans are to be paid by the company has no relevance as presently there are no debtors of the company, the audited financial report of March, 2014 is annexed as Annexure-IX, the debtors were paid longtime back by the company
5. Such report presently are invalid and have to be forgotten under the circumstances they have become outdated as well as inaccurate.
6. Presently such data is inadequate, irrelevant and is no longer relevant as well as excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed. In view of which such information is neither legitimate nor legal information and would not amount to censorship if it is deleted.
7. It is a similar case which have been decided by EU Top Court that involved in a debt recovery operations still continuous to appear on the online specially such data is existing long after the legal dispute has been resolved by the company.
8. The report of 9th March 1998 is also obsolete, irrelevant and has no longer relevant in the light of the time that has elapsed besides the fact that the entire amount stands paid to Allahabad Bank as back as in year 2009, the relevant documents are already annexed.
5.
(copy enclosed as Annexure-6).
1. The information in the report is completely outdated in view of the fact that suit in respect of 5 star hotel land has been decreed in favour of the company and the judgment has been annexed herewith.
2. As reported that the property is awarded to Leela Hotels & Convention Ltd. (LHCL) is also outdated in view of the fact that Leela’s allotment had been cancelled by Hudco as back as in July, 1999.
6.
Watchoutinvestors.com
Statement showing cases wherein notices u/s 142 of Customs Act,1962 issued on or after 1.4.2003. (copy enclosed as Annexure-7).
1. The information given at serial no. 49, 56 & 63 showing huge amounts as outstanding against the defaulters, the amounts have been shown in total approximately Rs. 16 crores is completely and outdated information since the show cause notices have been dropped, copy of the orders dropping the show cause notices are annexed as Annexure-X (Colly).
2. The company had never availed any modvat since the company into 100% exports and as such modvat could have never been availed, the copy of the certificate issued by excise department is annexed as Annexure-XI.
3. In the serial no. 49, 56 & 63 have been shown as nature of offence that we failed to fulfill condition of export obligation u/s 203/92 Cos. is completely wrong in view of the fact the conditions of the alleged section had been complied with by the company.
4. In the last column it has been shown that the concerned central revenue recovery cell for initiating recovery action has been taken is also false in view of the fact that all the show cause notices stand dropped against the company and as such there is no recovery by the Central Revenue Department.
5. The information is required to be deleted as it is outdated in view of the orders and the certificate annexed herewith.
7.
26.8.2002
MS, Jaiprakash, MM Thapar Clock Huge Unpaid Loans - (copy enclosed as Annexure-8).
1. The default reported against the MS Group and MS Shoes East Ltd. is irrelevant as the entire amounts of the banks stand paid since long including the other group companies have also paid the entire amounts to the banks and at present there are no liabilities whatsoever of any of the group companies, the letters from the banks/financial institutions showing evidencing there are no liabilities towards them are annexed as Annexure- XII (colly) which included also of the group companies.
2. The allegations that Bombay Stock Exchange threatened not to grant listing is also false information besides the fact that the case is of 1995.
3. The allegations that there were high project cost of the company is also false in view of the fact that the project was appraised by a premium institution Tourism Financial Corporation of India.
4. The allegation that high project cost of the company ultimately led into devolvement of the issue is also false as the issue was devolved because of under subscription within 60 days of the closing date of the issue.
5. The allegations in respect of criminal proceedings is also false in view of the closure report as well as the court order in Sept., 1998 besides the fact that the information provided is of the current year May, 2014.
8.
A.P. Associate Press – 7.4.1995
Head of the Company arrested for cheating after scandal closes market (copy enclosed as Annexure-9).
1. The allegations in the report that Pavan Sachdeva cheated the investors stands closed vide closure report of CBI as already justified above.
2. The alleged dollar 4 million default that closed the Bombay Stock Market is completely false as the company or the CMD was never involved into any purchase of shares from any stock exchange or any broker, thus the allegations of rigging the shares of the company are also false in the light of the fact that the CBI has closed the FIR.
3. The allegation of criminal conspiracy and cheating against three members of SEBI and two officials of SBI Capital Markets and the allegations of these officials conniving with Pavan Sachdeva for financial gains is also irrelevant in the light of the fact that the FIR registered by CBI stands closed.
4. Any allegations in respect of the Stock Brokers is not concerned with the company or Pavan Sachdeva.
9
Tradeindia.com
Sachdeva Shoes (copy enclosed as Annexure-10).
1. The website Tradeindia.com concerns the trade market place and has no right whatsoever to plant such paras like MS Shoes affair and MS Shoes has gone to the cleaners besides the fact is that all these reports pertain to April, 1995 which are more than 20 years old, there are all irrelevant, outdated and are also inaccurate besides that they are excessive in relation to the purpose for which they were processed and in the light of the time that has elapsed.
10
Capital Market Scams by Sree Rama Rao on 1.7.2009.
(copy enclosed as Annexure-11).
1. The allegation that March, 1995 another scam known as MS Shoes scam master mind by export, Pavan Sachdeva, rigged up price of shares, leading eventuality to a crash are completely baseless in view of the fact that such allegation have been reported from the FIR of CBI which stands closed since 1998 while this article is written in 2009. There are no allegation that subsist presently in respect of share prices alleged to be rigged besides it is a proved fact that the company nor Pavan Sachdeva rigged the prices of the company’s shares. The allegation that the market were closed for three days is baseless as the brokers did not default due to the company or Pavan Sachdeva. The shares were purchased by the brokers on certain vested interest and in any case such allegation do not stand proved against the company or Pavan Sachdeva in view of the closure report accepted by the Court as well as the stay granted by High Court in respect of complaint under the Companies Act filed by CBI in 1998, the closure and stay order has already been annexed as Annexure –II & IV.
2. In the present circumstances such data is inadequate, irrelevant and excessive in relation to the purpose for which they were processed in 1995 and in the light of the time that has elapsed such reports should not be entertained even if written by Sree Rama Rao who has not reported the change facts of the case in view of which the said report is required to be corrected and till then should be deleted as it would not amount to censorship.
11
Business Standard, Kolkata. 21.4.1997 by Cherian Thomas
Ms Shoes to Sue DSE over Arbitrator. (copy enclosed as Annexure-12).
1. The report is outdated as High Court of Delhi has already appointed the Arbitrator vide order dated 14.3.2007 and the awards have already been decided in favour of the company by the Arbitrator in June, 2012 which have been decreed in favour of the company, the copy of the order of High Court appointing the arbitrator is annexed as Annexure-XIII and copy of the decree passed by High has already been annexed as annexure – VI.
2. Presently the report is outdated as well as inaccurate besides such data is inadequate, irrelevant which is no longer relevant as well as it is excessive in relation to the purpose for which it was processed and in the light of time that has elapsed. In view of which such information would not amount to censorship if it is deleted.
12
The Financial Express posted online 27.2.2003 reported on 26.2.2003.
IF War on Cor. Defaulters (copy enclosed as Annexure-13).
1. The allegations that Indian Air Force has declared a war on defaulter by filing criminal cases including the High Flying Corporate like Pavan Sachdeva, MS Shoes by filing an FIR…
We would like to bring to your kind attention the following data loaded in google search engine:
Justification for deletion of such information :-
1
Special Report India Today – April,1995
The heading MS Shoes case :
Pavan Sachdeva arrested, SEBI and Merchant Bankers come under the cloud. (copy enclosed as Annexure-1).
1. Individuals have the right to be forgotten as held by EU Top Court.
2. The data is of period April, 1995 and has become outdated as well as inaccurate, irrelevant, no longer relevant, inadequate and excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed.
3. Deletion of such information does not amount to censorship in view of several changes/current information for last 20 years from the date of reporting .
4. The CMD and the company has gone into several changes of the said allegations in the data provided by your company.
5. The changes and the developments are as follows :
(a) It was wrongful arrest by CBI.
(b) The allegations in the FIR were completely wrong in law.
(c) The 5 star hotel in the heart of Delhi mentioned in the report have been decreed in favour of the company as on 3.7.2010. The court has declared the cancellation as null & void and inoperative.
(d) The case under which arrest was made was closed on the closure report filed by CBI in Sept., 1998 and the closure report was accepted by the First Class Magistrate of Mumbai vide its order dated 30.9.1998.
(e) The criminal complaint of the company is pending before Court against the persons who filed a wrong FIR with ulterior motives motivated by the competitors of the company.
(f) As allegations in the report reported from the FIR, annexed as Annexure-I that misleading information on companies proposed Rs. 699 crores public & right issue and for propping of the shares has no relevance in the view of the closure of the FIR which was reported in the newspapers but the same is not reflected in the data on Google, copy of the closure report is annexed as Annexure-II.
(g) The allegation in the report that there were co-conspirators does not stand any more as the FIR was closed as back as in Sept.,1998.
(h) The allegations that officials flouted number of guidelines to give monitory advantage to the company’s promoter also does not stand in view of the closure of the FIR in 1998.
(i) The allegations that SBI Caps gave false due diligence certificate stands closed on the closure of the FIR.
(j) The allegations in the report that SEBI permitted the company to collect 50% subscription and the rule book mentioned in the report that if issue is above Rs. 50 crores not more than 25% should be collected on application are completely wrong in view of the SEBI guidelines at the relevant time, in support the copy of SEBI regulations at the relevant time is annexed as Annexure-III.
(k) The allegations in the report the SEBI exempted from bringing in the promoters quota for Rs. 85.65 crores for the public issue is also are wrong reporting in the said report.
(l) The allegations that SEBI did not instruct Delhi Stock Exchange to stop the release of the proceeds of the public issue till the entire right issue was subscribed is also wrong reporting as there was no SEBI guidelines at the relevant time to instruct the stock exchanges to stop the release of the proceeds since the proceeds are not with Delhi Stock Exchange but always remained with the banks as trustee of the investors.
(m) The allegations that SBI Caps enter into conspiracy with CMD of the company and thereby cheated a large number of common investors in the matter of vetting prospectus and other documents is also false in view of the fact that the prospectus was vetted by SEBI, Registrar of Companies and Regional Stock Exchange as well, however such allegations are reported from the FIR which have no relevance in view of the closure of the FIR in Sept., 1998.
(n) The allegations that SBI Caps allowed the company to collect 50% subscription on application and exempted him from bringing in the promoters quota is also false in view of the SEBI guidelines and the relevant time.
(o) The allegations that SBI Caps indulge in insider trading by dealing with large number of shares of MS Shoes for the purpose of rigging the price to deceive the generally ignorant investors is also completely false as there was no rigging or no insider trading that has been found in the investigations by CBI.
(p) The allegations in the version of Sh. Y.P. Singh that he had “evidence of pay off” to SEBI officials to overlook were also false in view of the findings in investigations.
(q) At the time of closure CBI filed a fresh complaint on 10.9.1998 u/s 68 of the Companies Act which has been stayed by High Court of Bombay as the entire allegations & investigations in the FIR has been closed since on the same allegations another complaint cannot be filed and its stand admitted by High Court of Bombay, the copy of the order is annexed as Annexure-IV.
(r) Sh. Y.P. Singh version as reported in the said report stands closed by his own investigations in the FIR.
As reported in the said report that hotel project is now out of hands of Pavan Sachdeva and has left with the liabilities of bridge loan of Rs. 100 crores and issue expenses & money losses on propping up shares run in tens of crores is false as no shares were propped up by the company as per the investigations of CBI which were closed in Sept., 1998, in regard to bridge loan it may be brought to your kind notice that they stand paid by the company and as such presently there are no debtors of the company neither any banks nor any institutions, in regard to the hotel project its stand decreed in favour of the company vide order dated 3.7.2010, copy of the order is annexed as Annexure-V.
2.
Controversy – The MS Shoes Affairs
(copy enclosed as Annexure-2).
1. The report reported in year 2000 in respect of allegation from FIR have no stand and is irrelevant information in the view of the said fact that the FIR was closed in Sept., 1998 besides in respect of these allegations in the report are not justified in view of the above details given in point no. 1.
2. As reported that apparently the Govt. has got report from CBI months ago on the MS Shoes case is completely false in view of the closure of the FIR in Sept., 1998.
3. In respect of Hudco also the report at present is completely irrelevant in view of the decree & judgment passed by the Court.
4. The said report is completely outdated and irrelevant as well as inadequate besides that it is no longer relevant and that it is excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed.
5. The deletion of the said report does not amount censorship in view of the supported documents enclosed herewith.
3
Indiainfoline.com
· 2.5.2014
(copy enclosed as Annexure-3).
1. The allegations that the company misrepresented the company shares price in its advertisement is a false information in view of the closures of such allegations and court orders which have been annexed herewith.
2. The report has been reported in May, 2014 giving the false allegations in the company profile besides the fact that such allegations are outdated as well as inaccurate.
3. The allegations that Bombay Stock Exchange threatened not to grant listing is also false information besides the fact that the case is of 1995.
4. The allegations that there were high project cost of the company is also false in view of the fact that the project was appraised by a premium institution Tourism Financial Corporation of India.
5. The allegation that high project cost of the company ultimately led into devolvement of the issue is also false as the issue was devolved because of under subscription within 60 days of the closing date of the issue.
6. The allegations in respect of criminal proceedings is also false in view of the closure report as well as the court order in Sept., 1998 besides the fact that the information provided is of the current year May, 2014.
7. The Registrar as reported in the report as MS Shoes East Ltd., 5 NWA, Punjabi Bagh Extn., New Delhi 1-110026 is also false as all times since 1995 the company’s Registrar Mas Services Ltd.
8. The such articles by written by Sanjay Jhaveri, CFA which are false should not be kept in data by google and in fact no further analyses of such persons should be allowed to be downloaded in the data.
9. In fact the award has been granted by the Arbitrator in favour of the company in June,2012 in respect of the devolvement on the underwriters and they have been decreed in favour of the company, one of the order passed is enclosed as Annexure-VI although there are almost 50 decrees passed against 50 underwriters amounting to more than Rs. 98 crores.
10. The information which is false and if deleted would not amount to censorship.
4
(copy enclosed as Annexure-4).
Business Standard, Kolkata – 9.3.1998
Refund Allahabad Bank Rs. 21.49 crores, MS Shoes told. (copy enclosed as Annexure-5).
1. The allegations that most of the project having failed to take off is of 1998 and the current situations are entirely different in view of the decree in favour of the company.
2. The allegation in the report in respect of Allahabad Bank is also irrelevant in view of the fact that entire amount has been paid to Allahabad Bank as back on 23.5.2009, copy of the letter from Allahabad Bank is annexed as Annexure-VII.
3. Further the report is outdated in view of the fact that DRT proceedings have been closed as back as in July, 2009, the copy of the DRT order closing the proceedings is annexed as Annexure-VIII.
4. The allegations in the last para of the report that huge amount of loans are to be paid by the company has no relevance as presently there are no debtors of the company, the audited financial report of March, 2014 is annexed as Annexure-IX, the debtors were paid longtime back by the company
5. Such report presently are invalid and have to be forgotten under the circumstances they have become outdated as well as inaccurate.
6. Presently such data is inadequate, irrelevant and is no longer relevant as well as excessive in relation to the purpose for which they were processed in the light of the time that has a elapsed. In view of which such information is neither legitimate nor legal information and would not amount to censorship if it is deleted.
7. It is a similar case which have been decided by EU Top Court that involved in a debt recovery operations still continuous to appear on the online specially such data is existing long after the legal dispute has been resolved by the company.
8. The report of 9th March 1998 is also obsolete, irrelevant and has no longer relevant in the light of the time that has elapsed besides the fact that the entire amount stands paid to Allahabad Bank as back as in year 2009, the relevant documents are already annexed.
5.
(copy enclosed as Annexure-6).
1. The information in the report is completely outdated in view of the fact that suit in respect of 5 star hotel land has been decreed in favour of the company and the judgment has been annexed herewith.
2. As reported that the property is awarded to Leela Hotels & Convention Ltd. (LHCL) is also outdated in view of the fact that Leela’s allotment had been cancelled by Hudco as back as in July, 1999.
6.
Watchoutinvestors.com
Statement showing cases wherein notices u/s 142 of Customs Act,1962 issued on or after 1.4.2003. (copy enclosed as Annexure-7).
1. The information given at serial no. 49, 56 & 63 showing huge amounts as outstanding against the defaulters, the amounts have been shown in total approximately Rs. 16 crores is completely and outdated information since the show cause notices have been dropped, copy of the orders dropping the show cause notices are annexed as Annexure-X (Colly).
2. The company had never availed any modvat since the company into 100% exports and as such modvat could have never been availed, the copy of the certificate issued by excise department is annexed as Annexure-XI.
3. In the serial no. 49, 56 & 63 have been shown as nature of offence that we failed to fulfill condition of export obligation u/s 203/92 Cos. is completely wrong in view of the fact the conditions of the alleged section had been complied with by the company.
4. In the last column it has been shown that the concerned central revenue recovery cell for initiating recovery action has been taken is also false in view of the fact that all the show cause notices stand dropped against the company and as such there is no recovery by the Central Revenue Department.
5. The information is required to be deleted as it is outdated in view of the orders and the certificate annexed herewith.
7.
26.8.2002
MS, Jaiprakash, MM Thapar Clock Huge Unpaid Loans - (copy enclosed as Annexure-8).
1. The default reported against the MS Group and MS Shoes East Ltd. is irrelevant as the entire amounts of the banks stand paid since long including the other group companies have also paid the entire amounts to the banks and at present there are no liabilities whatsoever of any of the group companies, the letters from the banks/financial institutions showing evidencing there are no liabilities towards them are annexed as Annexure- XII (colly) which included also of the group companies.
2. The allegations that Bombay Stock Exchange threatened not to grant listing is also false information besides the fact that the case is of 1995.
3. The allegations that there were high project cost of the company is also false in view of the fact that the project was appraised by a premium institution Tourism Financial Corporation of India.
4. The allegation that high project cost of the company ultimately led into devolvement of the issue is also false as the issue was devolved because of under subscription within 60 days of the closing date of the issue.
5. The allegations in respect of criminal proceedings is also false in view of the closure report as well as the court order in Sept., 1998 besides the fact that the information provided is of the current year May, 2014.
8.
A.P. Associate Press – 7.4.1995
Head of the Company arrested for cheating after scandal closes market (copy enclosed as Annexure-9).
1. The allegations in the report that Pavan Sachdeva cheated the investors stands closed vide closure report of CBI as already justified above.
2. The alleged dollar 4 million default that closed the Bombay Stock Market is completely false as the company or the CMD was never involved into any purchase of shares from any stock exchange or any broker, thus the allegations of rigging the shares of the company are also false in the light of the fact that the CBI has closed the FIR.
3. The allegation of criminal conspiracy and cheating against three members of SEBI and two officials of SBI Capital Markets and the allegations of these officials conniving with Pavan Sachdeva for financial gains is also irrelevant in the light of the fact that the FIR registered by CBI stands closed.
4. Any allegations in respect of the Stock Brokers is not concerned with the company or Pavan Sachdeva.
9
Tradeindia.com
Sachdeva Shoes (copy enclosed as Annexure-10).
1. The website Tradeindia.com concerns the trade market place and has no right whatsoever to plant such paras like MS Shoes affair and MS Shoes has gone to the cleaners besides the fact is that all these reports pertain to April, 1995 which are more than 20 years old, there are all irrelevant, outdated and are also inaccurate besides that they are excessive in relation to the purpose for which they were processed and in the light of the time that has elapsed.
10
Capital Market Scams by Sree Rama Rao on 1.7.2009.
(copy enclosed as Annexure-11).
1. The allegation that March, 1995 another scam known as MS Shoes scam master mind by export, Pavan Sachdeva, rigged up price of shares, leading eventuality to a crash are completely baseless in view of the fact that such allegation have been reported from the FIR of CBI which stands closed since 1998 while this article is written in 2009. There are no allegation that subsist presently in respect of share prices alleged to be rigged besides it is a proved fact that the company nor Pavan Sachdeva rigged the prices of the company’s shares. The allegation that the market were closed for three days is baseless as the brokers did not default due to the company or Pavan Sachdeva. The shares were purchased by the brokers on certain vested interest and in any case such allegation do not stand proved against the company or Pavan Sachdeva in view of the closure report accepted by the Court as well as the stay granted by High Court in respect of complaint under the Companies Act filed by CBI in 1998, the closure and stay order has already been annexed as Annexure –II & IV.
2. In the present circumstances such data is inadequate, irrelevant and excessive in relation to the purpose for which they were processed in 1995 and in the light of the time that has elapsed such reports should not be entertained even if written by Sree Rama Rao who has not reported the change facts of the case in view of which the said report is required to be corrected and till then should be deleted as it would not amount to censorship.
11
Business Standard, Kolkata. 21.4.1997 by Cherian Thomas
Ms Shoes to Sue DSE over Arbitrator. (copy enclosed as Annexure-12).
1. The report is outdated as High Court of Delhi has already appointed the Arbitrator vide order dated 14.3.2007 and the awards have already been decided in favour of the company by the Arbitrator in June, 2012 which have been decreed in favour of the company, the copy of the order of High Court appointing the arbitrator is annexed as Annexure-XIII and copy of the decree passed by High has already been annexed as annexure – VI.
2. Presently the report is outdated as well as inaccurate besides such data is inadequate, irrelevant which is no longer relevant as well as it is excessive in relation to the purpose for which it was processed and in the light of time that has elapsed. In view of which such information would not amount to censorship if it is deleted.
12
The Financial Express posted online 27.2.2003 reported on 26.2.2003.
IF War on Cor. Defaulters (copy enclosed as Annexure-13).
1. The allegations that Indian Air Force has declared a war on defaulter by filing criminal cases including the High Flying Corporate like Pavan Sachdeva, MS Shoes by filing an FIR…