Promoters of Esys and Teledata specially Vikas Goel submitted affidavits with wrong information to courts in Singapore, India and USA to avoid prosecution

Esys and Teledata are in lot of trouble after a group of investors are flogging the regulatory authorities to complain about the ileegal activities of the promoters of two companies. Promoters of both these companies are fighting 100’s of cases in countries like USA, Europe, Dubai and India. Investors group from Chennai in India have got court papers from different countries and after careful study found that promoters of these companies have given different undertaking in different countries on the same issue. But due to separate jusrisdiction and lack of information on part of complainant and courts these guys have been taking advantage of loopholes in legal system. There are few very important issue on which these companies have lied to the courts and public in general around the world. A preliminary look at the copies of court papers obtained by these investors have pointed out the few misleading statement given to the court specially by Vikas Goel who has been winner of many International awards and was blue esys boy of Singapore Government at one point of time . As per lastest information from Esys itself Vikas Goel has surrendered his permanent residency after court in Singapore found Vikas Goel guilty of tranfering assets from Esys Singapore subsidiary of Teledata a public listed company in India to his private ownership.
A major chunk of Esys Singapore subsidiaries (i.e 10 best performing subsidiaries ) were transferred fraudulently by Vikas Goel from Teledata Informatics Ltd, India to Esys Global Holdings Dubai. Esys Global Holding Dubai was incorporated just before the Teledata announced investment of $ 105 million dollors. Surprisingly Teledata continue to show revenue from these subsidiaries in their balance sheets which are unaudited for 2 years. This raise further doubt about the genuineness of investment of Teledata in Esys. It has also been pointed out that how come Vikas Goel was able to transfer these companies to Esys Global Holdings Dubai at first place when the shares of these companies were held at security by State bank Of India for loan of $ 80 million dollors by Teledata for purchase of 51% stake in Esys Singapore.
The major fraudulent statement made by Vikas Goel in different courts of the world from India to USA are as under :
1. Teledata and Vikas Goel of Esys claim investment of $ 105 million dollors in Esys Singapore in their balance sheet for 2006-07 and 2007-08 while they are in India. There is no mention of sale of any subsidiaries after March 31,2007. But In Singapore Vikas Goel in his affidavits claim that deal was for $ 60 million.
2. This raise further suspicion if deal was for 60 million how come SBI granted loan of $ 80 million for purchase of shares. Now it has been found out that a duplicate agreement with inflated value was submitted to SBI to raise $ 80 million dollor loan. Further investigations have shown that very senior officers from SBI have been paid substantial bribes including former chairman of SBI. Inspite of bad loan and substantial downgrade of debt of Teledata from ICRA rating agency (subsidiary of Moody’s in India) SBI official are showing no urgency to investigate the matter.
3. Major part ofthe loan from SBI was laundered by Teledata into unrelated accounts and part was paid to Esys. Vikas goel in Singapore says he received only $ 55 million from Teledata whereas Teledata in its balance sheet show full 80 million dollors loan paid to Esys Singapore.
4. Teledata and Vikas Goel claims in India that no Audited balance sheet exist of Esys Singapore. The auditors of Teledata have clearly pointed out this in Teledata balance Sheet 2007-08. Where as Esys Singapore did get audited and audited Balance sheet for year 2006-07 is available with Investors and was submitted to courts in Singapore. The audited balance sheet of Esys for 2006-07 does not show any investment from Teledata.
5. Teledata and Vikas Goel in India claims Esys India as subsidiary of Teledata in its balance sheet 2007-08. Where as Esys Global Dubai owned by Niraj Goel brother of Vikas Goel claims in its balance Sheet Esys India as its subsidiary purchased on April 2, 2008.
6. Very Strangely in another court in India in Chandigarh Esys India has given affidavit that Esys India is not part of Teledata and its deal with Teledata did not go through.Another lie was told to court here to save 6 acres of land allotted to Esys group. After court in its investigation found promoters of Esys India which is Vikas Goel indulged in unethical activities and causing huge loss to government exchequer ruled that allotment of plot be cancelled and substantial fines were imposed. Strangely enough Teledata balance sheet 2007-08 which was sined well after date of judgement still shows ownership of the plot in its balance sheet.
7. In USA when reprimanded by court on another fraud charges by Seagate Vikas Goel gave affidavit that because of threat to his life he cannot travel to USA. But the very next day he was in same city meeting his lawyers about the case and discuss how can he subvert the justice in USA.
These are only few fraudulent statement made by Vikas Goel and Teledata resulting in loss of millions of dollors to investors of Teledata. Teledata share price came down from Rs 94 to Rs 10 well before the recession set in. IT has now also been found out that 95% of the shares owned by teledata management are pledged creating suspicion that another big fraud in offing.