Dr Kannan Vishwanatth: Shareholders Cried After Loss

A story from Raju KatKade:

I am here to write you on a corporate fraud, likely unprecedented in our financial market and may be even a red letter event in Indian Stock Market. Please pay heed the highlights stated herein below.

Dr DATSON LAB was poised to be emerging leader and became stock market darling in 2013. But the stock price plummeted from Rs 850 to Rs 6 and suspended in 2015 by stock exchanges.

The promoters could pledge entire holding to some financial institutions, flouted entirely SEBI rule and regulation on its nose. It is alleged and purported SEBI to have connived the infringement of laws and finally the promoter managed to escape their business with huge gain, kept the investors in lurch, so it is invariably gross dereliction duty by SEBI.

The promoters could quit and they could it in collusion with SEBI official, we are pointing fingers to SEBI.

As the company became parentless, BOB filed a case in High Court Mumbai, division bench passed an order the company to be liquidated.

BOB pulled out the plants to recover its due. Company was broken in parts.

BOB published e auction, it is very surprising no bidder is available in throwaway price.

Official Liquidator is dilly dally, silly sally to complete their actions.

Promoters are absconded, not paying BOB dues, although having handful cash,

No action is taken in three years gainst the promoters like Dr KANNAN VISHWANATTH & Dr Rajendra Vinayak Kamat.

In a meeting held in OFFICIAL LIQUIDATOR OFFICE MUMBAI, KANNAN VISWANATH stated there are 11 patent registered in company name.

292 Cr foreign funds was utilized to buy out FAIR SUCCESS, HONGKONG,

The company didn’t siphon funds, all the profits was used to upgrade the two plants.

They have receivable 130 Cr from APEX DRUG.

BOB are not divulging what the actual amount was borrowed by the promoters and is how much liability on the DR DATSON LAB account is concerned.

OUR EXPERIENCE……….

1. Three years rolled by, no enterprising act to recover company dues by Ol. Apex recovery is still pending.
2. PROF. DR. KANNAN VISHWANATTH is free of charge,
3. When asked about any development, they are shy to us, lingering the process, BOB woke up around after two and half years to initiate plant selling, it is astonishing why the plants are not getting sold out in land price,(according to KANNAN VIS those plants are of state to art facilities and upgraded for R&D)
4. When asked to OL (MUMBAI) about patents, they are saying us no patent is there after patent verification.
5. It is a pure money laundering case, confused why ED is not asked to probe into the accounts of the company, and also CBI also not hailed to take charge.
6. Despite writing again and again BOB don’t care a fig to us. Embezzlement of funds, misappropriation of other issues, is already made notice to OL from our investor side, but to comb out and wind down the mishmash,OL is in very slow coach.
7. We smell a rat, expromotor PROF. DR. KANNAN VISHWANATTH, BOB and are in collusion with to attain their vested interest.
8. There are many company still listed in high debt, but this company is sent to direct liquidation for only barely 50 crs.

Now our importunate demand ……..

The company is to be bound again with plants, and to be made ready to be taken over by some entity.

As SEBI wrong doer connived the pledge, and BOB passed inordinate amount of loan, and both are big govt bodies, so govt must have to revive the the company soon, it is govt responsibility,as we investors cant suffer for their misfeasance, to be borne and should take action against the wrong doers behind the veil.

ED to be appointed soon to investigate the company accounts in home and abroad, if any discrepancies are found then promoter should be nabbed and his personal property to be ceased immediately and to be sentenced to prison.

OL and BOB will align and assemble the whole company and to be handed over to some new entity, instead of liquidation. INDIA GOVT IS ACCOUNTABLE TO REPLENISH OUR LOSS, THE REASON IS TWO BIG BODY SEBI AND BOB ARE THE MISCREANT.

If BOB had not sanctioned huge loan and SEBI had not allowed to pledge, the company would not have fallen in such danger,not the situation had not been aggravated, by and large we the investors would have not been in such big predicament.

SEBI has to account for their negligence. Few bank official, SEBI employees and expromoter purportedly to have colluded to occur this massacre and the investors are bearing the brunt.

What a woeful fate of us?
What did we do the wrong?

Why OL is in slapdash approach to probe into the accounts? Is there not a value of time?

We can’t fathom out the depth of corrupt dealing here. Govt have to exhume the mishmash and to be sorted out expeditiously regardless.

SEBI is govt bodies of high pedigree, so govt should come forward to take responsibility of us, that is investors interest,to run the company instead of liquidation. Official Liquidator has to render closure report immediately.Why OL dish out investor query? A vicious triangle is formed by KANNAN VISHWANATH, BOB AND OFFICIAL LIQUIDATOR, that thwart the matter to be come in shape, now the day of reckoning, we expect strong acton from your behalf, you generally stress CLEAN INDIA, TRANSPERENT INDIA,in which we get enthused.

Goaded beyond endurance, we the aggrieved ,anguished investor bow down your feet to save the company and to save us. Only you can be our savior.