Sridhar, MD of Orpine Systems, and A. Sundar, MD of Daisy Systems Limited. Most of the addresses given by the companies could not be traced and there was no response from the phone numbers either.
The FIRs were lodged as per the directions of co-ordination monitoring committee consisting of Sebi chairman and officials of the ministry of corporate affairs.
The ROC alleged that there were exhaustive complaints about the breach of trust by the directors of the various companies. Mr D. Vijay Bhaskar, Deputy ROC, has been appointed as nodal officer to address the grievances of the investors and also to coordinate and facilitate police officers in the investigation.
An official of the ministry of corporate affairs said that some companies tried to file balance sheets after learning that complaints had been lodged merely to hoodwink authorities. Sebi accuses a company of having vanished if it does not comply with listing requirements such as submission of annual reports and if the office is not located at the address given. After Gujarat, Hyderabad is earning the dubious distinction of playing host to vanishing companies.
Swal Computers Ltd. issued an IPO for collecting Rs 2.6 crore in 2000 and listed in Mumbai and Hyderabad stock exchanges and Orpine Systems promised in December 1999 to set up overseas subsidiaries in the United States, Australia and Singapore. But both of them vanished.
Similarly, Sequel Soft India Ltd issued IPO in 2001 and was listed in Hyderabad and Mumbai stock exchanges. But it also disappeared.
Cases are also pending against vanishing companies in Panjagutta, Bowenpally, SR Nagar and Kushaiguda.
Earlier, ROC lodged 15 such FIRs with the state police and 11of them are being investigated by CID and different police stations. ROC officials at Sultanbazar in Hyderabad prepared the entire evidence and documents related to the erring companies and filed a comprehensive complaint. of Amberpet and managing director of Swal Computers Limited, Pankaj Gupta, MD of IMAP Technologies, M.
Sridhar, MD of Orpine Systems, and A. Sundar, MD of Daisy Systems Limited. Most of the addresses given by the companies could not be traced and there was no response from the phone numbers either.
The FIRs were lodged as per the directions of co-ordination monitoring committee consisting of Sebi chairman and officials of the ministry of corporate affairs.
The ROC alleged that there were exhaustive complaints about the breach of trust by the directors of the various companies. Mr D. Vijay Bhaskar, Deputy ROC, has been appointed as nodal officer to address the grievances of the investors and also to coordinate and facilitate police officers in the investigation.
An official of the ministry of corporate affairs said that some companies tried to file balance sheets after learning that complaints had been lodged merely to hoodwink authorities. Sebi accuses a company of having vanished if it does not comply with listing requirements such as submission of annual reports and if the office is not located at the address given. After Gujarat, Hyderabad is earning the dubious distinction of playing host to vanishing companies.
Swal Computers Ltd. issued an IPO for collecting Rs 2.6 crore in 2000 and listed in Mumbai and Hyderabad stock exchanges and Orpine Systems promised in December 1999 to set up overseas subsidiaries in the United States, Australia and Singapore. But both of them vanished.
Similarly, Sequel Soft India Ltd issued IPO in 2001 and was listed in Hyderabad and Mumbai stock exchanges. But it also disappeared.
Cases are also pending against vanishing companies in Panjagutta, Bowenpally, SR Nagar and Kushaiguda.
Earlier, ROC lodged 15 such FIRs with the state police and 11of them are being investigated by CID and different police stations. ROC officials at Sultanbazar in Hyderabad prepared the entire evidence and documents related to the erring companies and filed a comprehensive complaint.