Birla Pacific Medspa Case: Special Court Issues Process Against Yashovardhan Birla, Others Over Alleged IPO Fund Diversion
Mumbai: The special court has issued process against Yashovardhan Birla and others for prosecution under the Companies Act. According to the case lodged by Registrar Of Companies (ROC), the funds obtained through IPO for a company name - Birla Pacific Medspa Limited (India), were diverted through different companies. ROC Filed Complaint Against Company Directors The ROC had lodged a complaint…
The special court in Mumbai has issued legal proceedings against Yashovardhan Birla and several others, accusing them of diverting funds obtained through a company's initial public offering (IPO) for Birla Pacific Medspa Limited (India). The Registrar of Companies (ROC) filed a complaint with the special court in October 2021, alleging that the IPO funds, totaling around 65.17 crores, were misappropriated through various entities such as N.P.Enterprise, New Fashion, Ora Associates, Laxmi Trading, and Skylite.
The court has ordered the accused to appear before it by October 13. Additionally, the court fined the Registrar of Companies Rs 500 for submitting an improper complaint copy with out-of-sequence page numbers.
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