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eat prata
Observers ( Date: 21-Jun-2023 07:42) Posted:
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Otw to 10 cts. $200m deal
India company declared bankrupt n set up again. No need to compensate
Observers ( Date: 21-Jun-2023 07:42) Posted:
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Wah. What will happen?
Raffles Education files bankruptcy applications against defendants in India Educomp case
RAFFLES Education has lodged bankruptcy applications against Indian edtech businessman Shantanu Prakash and Singapore lawyer Dennis Lui, after they failed to pay the group over S$3.4 million awarded by the High Court.
The plaintiffs in that High Court case were the Singapore-listed private education provider&rsquo s wholly-owned subsidiary Raffles Education Investment India (REI), and India-incorporated Raffles Design International India (RDI).
Prakash is the founder and controller of the Educomp group of companies. The group include India-listed Educomp Solutions, of which Prakash is chairman and managing director, as well as wholly-owned subsidiaries Educomp Asia Pacific and Educomp Professional Education.
Lui was a director of Educomp Asia Pacific from June 2009 to December 2016.
An Apr 6 judgment found Prakash and Lui to be jointly and severally liable to REI for S$221,080, and to REI and RDI for 163.2 million Indian rupees (S$2.65 million).
The High Court had additionally ordered on May 5 that they are liable for the group&rsquo s costs and disbursements totalling some S$507,720, subject to any refund of court fees that the group may obtain from the court.
That case was over claims that Prakash and Lui had devised a plan to mislead the group into believing that Educomp would agree to a buyout of its stake in a joint venture when it had no such intention.
On Monday (Jun 12), Raffles Education said it made bankruptcy applications against Prakash on that day, and against Lui on May 31.
The company noted that the two had on Jun 1 filed appeals against the High Court&rsquo s decisions of Apr 6 and May 5.
But the group added that there is no court order granted, to date, for the stay of enforcement or execution of proceedings in respect of the court decisions pending the appeal.
Borders reopening helps
Volume coming in is good news.Starting to get noticed.Cheers.
fighting ( Date: 17-May-2023 08:45) Posted:
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Interesting volume recently
see bb can show some power? last 1 hour seems interesting
bro thank you for your cut loss
shk363 ( Date: 09-May-2023 15:20) Posted:
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Cut loss and run
shk363 ( Date: 09-May-2023 11:47) Posted:
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So fast closed shop
look ike afternoom got show
Tikam a bit at 59
looks like will break 60. shortist buyback higher 
another small float counter play up by bb? seems interesting 
Turning point to better days?
Raffles Education units awarded S$2.9 million in damages against defendants in India Educomp case
RAFFLES Education Group has been awarded S$2.9 million in damages by the Singapore High Court against Educomp founder Shantanu Prakash and Singapore lawyer Dennis Lui.
Raffles Education Group claimed that Prakash and Lui had devised a plan to mislead the group into believing that Educomp would agree to a buyout of its stake in a joint venture when it possessed no such intention.
The Educomp group of companies include India-listed Educomp Solutions, of which Prakash is chairman and managing director, as well as wholly-owned subsidiaries Educomp Asia Pacific and Educomp Professional Education.
Lui was a director of Educomp Asia Pacific from June 2009 to December 2016.
The plaintiffs comprised Singapore-listed private education provider Raffles Education Corporation : NR7 +3.92%, wholly-owned subsidiary Raffles Education Investment India (REI), and India-incorporated Raffles Design International India (RDI).
They claimed the defendants had conspired and made misrepresentations that caused the group to enter into a share purchase agreement (SPA) and a business advisory agreement (BAA) with counterparties under the defendants&rsquo control.
However, Raffles Education Group claimed Prakash and Lui never intended for the counterparties to comply with these agreements.
In a court judgement on Thursday (Apr 6), Justice Audrey Lim found Raffles Education Group had proved several claims against the defendants.
These included fraudulent misrepresentation pertaining to the BAA, inducing breach of the SPA and BAA, as well as conspiring to injure or cause loss to REI by unlawful means with regard to the BAA.
The judge found Prakash and Lui to be jointly and severally liable to REI for S$221,080, and to REI and RDI for 163.2 million Indian rupees (S$2.65 million).
The sums are subject to interest at 5.33 per cent per annum from May 16, 2017 and from Aug 19, 2015, respectively.
The relationship between Raffles Education and Educomp had started around 2006.
Raffles Education Corporation&rsquo s chairman and chief executive officer Chew Hua Seng and Prakash had then discussed the prospect of a joint venture for the provision of education-related services in India.
Still surviving?