United Human Rights Foundation Society (UHRFS) informs that we have formed a consortium with various NGO members in the interest of public to find out the Corporate player who are indulged in Insider Trading and Unfair Trade Practice. We are doing research to find out who all are making illegal gains at the cost of common investor, by indulging in Insider Trading on the basis of possession of Unpublished Price Sensitive Information (UPSI).

In our research and investigation, it was found that Mr. Uday Suresh Kotak was indulging in Insider Trading having all Unpublished Price Sensitive Information and took advantages of such information and made illegal gain through Associate/Subsidiaries Companies of Kotak Mahindra Bank Ltd.

Being appointed as a Chairman of IL& FS, Mr. Uday Suresh Kotak had all Unpublished Price Sensitive Information. Mr. Uday Suresh Kotak was having the knowledge that IL&FS will offload the equity of the Zee Group of Companies and other borrowers of IL&FS who had also pledged their shares with IL&FS, in the market. Therefore, he designed  the chart for illegal gain by Insider Trading. He had played mischief and started ‘short selling’ of shares of Zee Group of Companies in the market by his holding companies.

IL&FS offloaded the equity of the Zee Group of Companies in the market due to which the price of Equity Shares of Zee Group of Companies fell. Interestingly, Mr. Uday Suresh Kotak had already done short selling of these shares, therefore, he covered up requisite number of shares by purchasing shares at lesser price through his companies.

Due to the manipulation and illegalities of Mr. Uday Suresh Kotak and his holding companies the prices of Zee Entertainment Enterprises Limited fell by a huge margin thus creating loss and downfall of the market value of the companies.

UHRFS has challenged the appointment & extension of Mr. Uday Suresh Kotak as a Chairman of IL&FS. The appointment of Mr. Uday Suresh Kotak as Chairman of IL&FS was illegal and not in the interest of IL&FS and investors due to the following-

  • Uday Suresh Kotak had made illegal gains from trading in the shares of ZEE Group of Companies by having possession of Unpublished Price Sensitive Information by IL&FS.
  • Because of its irregularities and frauds Kotak Mahindra Bank is already facing thousands of cases before various courts and forums.
  • Moreover, when Mr. Uday Suresh Kotak was appointed as the Chairman of IL&FS in 2018 there was already a FIR registered in the year 2015 against him in Bhopal, Madhya Pradesh by one Som Group and for which Mr. Uday Suresh Kotak had also approached Hon’ble High Court of Madhya Pradesh for the anticipatory bail, where their plea was dismissed. Then they approached the Hon’ble Supreme Court of India but again their plea was not allowed. But despite the same, he managed to get hold of the position of the Chairmanship of IL&FS.
  • Santosh Kumar Bagla has also got registered an FIR against Kotak Mahindra Bank and its Senior Officials against the illegalities done by them against Mr. Bhupendra Bagla.
  • The Reserve Bank of India (RBI) had also slapped a penalty of Rs. 2 Crores on Kotak Mahindra Bank, for the non-state lender’s failure to adhere to the regulator’s diktat on Promoter shareholding.

That the Representation/Complaint dated 02.12.2020 on the illegalities of Mr. Uday Suresh Kotak being the Chairman of IL&FS was sent by UHRFS to The Chairman of SEBI, The Chairman of BSE, The Chairman of NSE, Governor of RBI, Finance Secretary, Secretary (Banking), Secretary of Corporate Affairs giving copy to various high Authorities of India such as the Hon’ble President of India, the Hon’ble Prime Minister etc. to form a committee and the investigation for the illegalities of Mr. Uday Suresh Kotak being the Chairman of IL&FS.

Lastly, as there are investors from PAN India, UHRFS has also sent Representation/Complaint dated 03.12.2020 on the illegalities of Mr. Uday Suresh Kotak being the Chairman of IL&FS was sent by UHRFS to all the Chief Ministers and Governors of India praying for directing BSE, NSE, SEBI and RBI for forming a committee to investigate in the matter and meanwhile removing Mr. Uday Suresh Kotak from the Chairmanship of IL&FS. In this regard some of the states have also taken cognizance and have got complaints registered for the same.

Disclaimer: The facts and opinions appearing in the article do not reflect the views of Our Website Or our Editors  does not assume any responsibility or liability for the same. It Is By News Source From PR Agency

Print Friendly, PDF & Email

By admin