Case number 36 in the NewsX NPA list is Camcom Cables Ltd. The company owes State Bank of India Rs 11 crore. According to our list, which has now been classified as an NPA. The registered address of the company is House no. 200, first floor, b-block, Lok Vihar, Pitampura city, Delhi. When we checked the ROC records with the Ministry of Corporate Affairs, they showed that the company was incorporated in September 2008 with an authorised capital of Rs 7 crore. The company held it’s last AGM in September 2012 and filed its last balance sheet in March 2012.
Today we bring to you a case where 2 companies run by the same directors managed to allegedly dupe the same banks and have now allegedly defaulted on the loans. The directors have now been disqualified, but are nowhere to be found. Cabcom cables Ltd has a total of 13 loans mentioned in the ROC records. Here’s a loan of Rs 7.5 crore, the second loan of Rs 1.5 crore, a third loan of Rs 15 crore, then another loan of Rs 30 lakhs, a fifth loan of Rs 10 crore, yet another loan of Rs 4 crore, and a last loan of Rs 10 crore. This takes the total on the ROC records to a little over Rs 48 crore. 5 loan entries on the ROC have been satisfied. We then went on to check the directors of the company. The ROC records mention 3 directors for the company. Poonam Sehgal, Jyotindra Dhar Dubey and Pradeep Dubey.
While these directors appear on the NewsX NPA list as well, we found the additions of Sandeep Sehgal and Janak Sehgal. The primary director for Cabcom Cables, Poonam Sehgal has another company listed under her on the ROC records by the name of Cabcom Cables India Pvt Ltd. We decided to check the ROC records for this company as well. Cabcom Cables India Pvt Ltd has a total of 5 loans mentioned on the ROC records taking the total to Rs 37.5 crore. Here’s where it get’s interesting. The same directors running 2 different companies have allegedly taken loans from the same banks – PNB and Central Bank of India and in the same period as well. According to the ROC records, these loans are still pending.
When NewsX visited the registered address of the company, we found that it’s a residential address. When we spoke to the current occupants, they told us that the directors left long ago. As we looked further into the paper trail, we found this PNB e-auction notice from April 2016. This auction notice mentions Cabcom Cables Ltd twice. While the recovery amount is Rs 14 crore, have a look at the reserve price of the 2 properties mentioned. Tthe first one is Rs 1.7 crore and the second is a measly Rs 85 lakhs. We found another PNB e-auction notice from August 2016, that’s roughly 3 months after the previous notice. This auction notice mentions the same properties as the previous April 2016 notice but surprisingly, the reserve prices in the particular notice have been lowered to Rs 1.5 crore and Rs 80 lakh.
When we looked further into the directors of the company, we found this notice issued by the Ministry of Corporate Affairs in September 2017. It’s a 459 pages long list of directors who’ve been disqualified under section 164 (2a) of the companies act. Director number 2502 on the list is Sandeep Sehgal of Cabcom Cables India Pvt Ltd. Right under his name are two other familiar names of Poonam Sehgal and Joginder Sehgal. All 3 of them are mentioned on the Newsx NPA list as well.
The notice further mentions that the 3 directors have been disqualified for a period of 5 years, from 2016 to 2021. Section 164 of the companies act deals with grounds of disqualification of directors. Subsection 2a, under which the directors of Cabcom Cables have allegedly been disqualified, deals with disqualification for failing to file financial statements for a continuous period of 3 years. Have a look at this media report from Oct 2017. It talks of the same September 2017 notice issued by the Corporate Affairs Ministry. The media alleges that the ministry cancelled registrations of over Rs 2 lakh defaulting companies and debarred over Rs 3 lakh directors. The media report further alleges that this move by the corporate affairs ministry caused quite a stir as many debarred directors approached the courts. It also alleged that the ministry called for a meeting to discuss the grey areas of the companies act.
We’ve written an email to the company, but haven’t got a response. We’ve also dropped an email to the bank, but haven’t heard back from them. So this is what we know, Sandeep and Poonam Sehgal started Cabcom Cables ltd in 2008 on the NewsX NPA list, the company owes SBI Rs 11 crore. While on the ROC records, the company owes multiple banks Rs4 8 crore. When we visited the official address of the company, we found that it doesn’t exist anymore. A 2017 Corporate Affairs Ministry notice says that the three directors of the company – Sandeep Sehgal, Poonam Sehgal and Joinder Sehgal were disqualified for a period of 5 years till 2021.