28th June 2005

Details Of The the alleged Fraud Committed By The Promoters Of Helios & Matheson In Connivance With The State Bank Of Mauritius...

29th June 2005

Documents proving the alleged fraud...

4th July 2005

The details of the alleged fraudulent “ BOOK ENTRIES “ created for portraying as consideration for the acquisition of Vmoksha...

12th July 2006

A two-member bench of the Madras High Court comprising Hon’ble Chief Justice Mr. A P Shah and Hon’ble Justice Mr. D Murugesan has since ordered (the judgement of the Court was delivered by the Hon'ble Chief Justice) The order are inter alia as follows :

The impungned order of the learned single Judge is set aside.

The first respondent M/S Helios and Matheson Information Technology Ltd. agrees not to show Vmoksha group of companies as their companies on their website or otherwise.

28th September 2006

We the 100% Share Holders and local Directors of Vmoksha Technologies Ltd - Mauritius here by confirm that none of our shares are in any escrow account.

We also hereby confirm that our agreement with M/s Helios & Matheson lapsed/expired on 9th Sept 2005. M/s Helios & Matheson did not complete any of its obligations in regards to the Sale Purchase Agreement.

The escrow agents did not extend the lapsed / expired agreements. On numerous occassions the escrow agents confirmed the non fullfillments of obligations by Helios and Matheson.

  • Helios & Matheson did not deposit the required preferential shares in the escrow account which was one of the most basic requirement of the Sale Purchase Agreement.
  • Helios &Matheson did not deposit an original bankers draft Rs. 1.2 Crores as a walk away fee in to the escrow account which was the second most basic requirement of the Sale Purchase Agreement.
Instead sent the following photo copy only

murali <murali@heliosmatheson.com>
07/12/2005 09:15 PM

To: n.v.sivakumar@in.pwc.com
Cc: rk@khaitanco.com, Pawan@Vmoksha.comSubject
Re: Documents held in Escrow

To Escrow Agents:

A scanned copy of the pay order for Rs.1.2 cr is attached. Kindly arrange to return the cheque.

Best regards
Muralikrishna

Due to the above two basic conditions having not met by Helios & Matheson the agreements lapsed / expired after 120 days on 9th sept 2005.

We Vmoksha Technologies Ltd - Mauritius are an independent Share Holding company.

We also hereby confirm that we the shareholders and local directors have never remitted any funds to M/s Helios & Matheson which they are portraying to have received from us in their annual report of 2006.

29th September 2006

In view of M/s Helios & Matheson claim before the arbitration tribunal which appeared in the press, all the stakeholders are informed that:

  • The deal was not completed in the stipulated time of 120 days as per Sales Purchase Agreement dated 11 May 2005.
  • Vmoksha has claimed compensation of Rs. 50 Crores, as M/S Helios and Matheson had not fulfilled its obligation.
  • Vmoksha has also claimed compensation of Rs. 200 Crores towards loss, hardship and mental agony suffered on account of acts of omission and commission by M/s. Helios and Matheson Information Technology Limited.

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----- Original Message -----
From: IFS
To: Rajeev Sawhney
Cc: Pawan Kumar ; Venkateshd@Vmoksha.com ; Srikrishna ; puneet.kinra@in.pwc.com ; arunkumar.bs@in.com ; S.Ishwar@uk.akzonobe.com ; suresh.talwar@crawfordbayley.com ; n.v.sivakumar@in.pwc.com ; balakrishnan@crawfordbayley.com

Sent: Wednesday, July 06, 2005 10:54 AM

Subject: Vmoksha Technologies Ltd (the "Company")

Dear Mr Sawhney

As requested, please find attached the advice slip received from State Bank of Mauritius Ltd for the funds transfer to Helios & Matheson Information. As mentioned we are completely unaware how this transaction went through and when did the Company opened a bank account with State Bank of Mauritius Ltd, without a Board resolution.

We are actually in process of quering same with State Bank and upon receipt of a clarification, we shall advise you accordingly.

Best regards
Akshar Maherally / Prema Joysuree
For International Financial Services Limited
Secretary & Administrator
______________________________________________________
International Financial Services Limited
3rd Floor, Les Cascades, Edith Cavell Street, Port Louis, Mauritius
Telephone: (230) 211 2000 Facsimile: (230) 211 1000
______________________________________________________

25th October 2006

We Vmoksha Technologies shareholders and local directors confirm that we did not open any account with the State Bank of Mauritius - Mauritius and no Board Meeting was ever held by us on 28th June 2005.

The alleged “Fraudulent Account “ Opened and loan granted for an amount of US$ 13.5 Million (Approximately Rs. 62 Crores) by State Bank of Mauritius – Mumbai/Mauritius is also without shareholders and local directors knowledge as confirmed above by the then our Company Secretary and Administrator M/S International Financial Services Mauritius. A legal action is contemplated against the State Bank of Mauritius and others. We are also contemplating for a request for inspection of documents held with the State Bank of Mauritius as the loan applied for was with the alleged forged resolution document reading inter alia as under:

It was resolved that:

(a) the company avails itself from State Bank of Mauritius Ltd. of Port Louis, a short term Loan of USD 13.5 m against:

  • Personal Guarantee of Mr. V. Ramachandiran (chairman) and Mr. GK Muralisrishna, MD of Helios and Matheson Information Technology Ltd.
  • Lien letter for pledge of proceeds by Helios and Matheson Information Technology Ltd.

The account was opened :

Without – Any – Account Opening Form Duly Signed by all directors and
authorized Signatories

Without – Any - Signature Card – Duly Signed by all Directors and Authorised
Signatories

Without – Any - Duly Signed and certified Memorandum and Articles of
Association

Without – Any – Board Approval

Without – Any - Board Resolution Duly Signed by all directors/Company
Secretary

Without– Any- Knowledge of the Company Secretary / Administrator of the
Company

Without – Any – Passport copies and Photographs – Duly signed and certified by /and of all the directors / authorized signatory

Without – Any – Knowledge about our company / Vmoksha’s Financials ie:-
Last three years Balance Sheets duly signed and certified by all
the Directors /Authorised Signatory.

Without – Any – Address Proof of the Company and its Directors and
Authorised Signatory.

Without – Any- Copy of Incorporation and commencement Certificate- Duly
signed and certified by all directories / Authorised Signatories.

Without - Any - Introduction from our existing banker of Vmoksha which is HSBC Mauritius

Without - Any - Initial / Minimum Deposit

Without - Any - Signature Verification of all the Authorised Signatories from Vmoksha's existing bankers HSBC Mauritius.

NO "KNOW YOUR CUSTOMER" as well as NO "DUE DILIGENCE" norms were followed.
 
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