wrong information of Niraj goel.

1. Teledata and Esys Vikas Goel fraud of billion dollor
We have been ripped of by Teledata last year when it bought Esys Singapore. Everybody was
made to believe that it is strategic investment
which now turns out to be true. There have been blogs about fraud investment of Teledata. We as
investors in Tamilnadu have been giving written complaints to SEBI but no action. I hope now
Sebi will act and recover our money from Padmnanadan , Vikas Goel and Niraj Goel who have
looted innocent investors in Teledata for thousands of crores. Please see the news in Financial
Chronical today
http://www.mydigitalfc.com/companies/teledata-its-new-black-sheep-122
Teledata, IT’s new black sheep
Tags: Company, IT, Satyam, Teledata, Companies
By S Shyamla
A Satyam-like accounts fudge scandal has broken again. The company this time is the Chennai-based
Teledata Informatics. About 80 per cent of the company’s Rs 6,636 crore revenue (2007–
08 annual report) is reported to have come from its subsidiaries in Singapore, the balance sheets
of which have not been audited for the past two years. Moreover, 80 per cent of the revenue is
said to have come through a company in India, which is not a Teledata subsidiary.
Teledata’s former auditors Chaturvedi and Shah have raised doubts about the return on
investment in two of the company’s subsidiaries in the 2007–08 annual report. “We are unable to
comment on the ultimate ‘realisability’ of investments
amounting to Rs 110.33 crore in Rainforest Trading

2. Ltd and amount advanced to Baytech Inc of Rs 126.13 crore in the absence of audited financials
for the last two years of their ultimate subsidiary eSys Technologies Pte Ltd.”Till going to press,
Teledata did not reply to Financial
Chronicle’s e-mail queries on the revenue and the status of its subsidiaries. Three e-mails were
sent since January 16 to the company’s managing director, K Padmanabhan, as well as its
communications and investor relations departments. All attempts of FC to contact the managing
director turned futile.
Teledata acquired majority shares in eSys Technologies Singapore, a computer hardware
distributor, for $105 million in February 2007. It directly holds 12.14 per cent and 38.36 per cent
through its wholly owned subsidiary, Baytech Inc, aggregating to 51 per cent in Rainforest
Trading
Ltd (a special purpose vehicle holding 100 per cent of eSys Technologies Pte Ltd).
Esys Singapore was sold to Teledata after it ran into trouble with Seagate Inc, one of the world’s
largest hard disc manufacturers. Seagate has sued eSys and its ex-chairman and managing
director Vikas Goel for over $131 million for allegedly fudging sales incentive rebate documents
and non-payment for goods sold. The case is pending with the Singapore high court.
Goel in his affidavit filed on October 3 2008, states that eSys India, the contributor of Teledata’s
80 per cent revenue, is not a part of the company. An amount of Rs 5,265.11 crore out of Rs
6,636 crore came from PC manufacturing and business outsourcing verticals. according to
Teledata’s 2007–08 annual report. Esys Information Technologies Ltd, India, which Teledata
lists as its subsidiary, does both operations. However, Esys India was sold to Esys Global
Holdings Ltd, Dubai, for $6 million on April 2, 2007, according to Goel’s affidavit. His brother,
Niraj Goel, owns Esys Global Holdings Ltd, which is unrelated to the agreement between
Teledata and eSys Technologies Singapore.
On the other hand, Teledata clearly states in its annual report that the company has invested
$105 million in Rainforest. But, Goel in his affidavit states that the deal was worth only $60
million. Teledata has paid $55 million to eSys, excluding expenses during money
transfer, states the affidavit. However, Teledata has raised $80 million from the State Bank of
India based on the $105 million valuation. No external agency was commissioned to evaluate the
worth of eSys.
Teledata’s share price went up to a high of Rs 91.55 on the Bombay Stock

3. Exchange in April 2007, backed by the acquisition. Now the price has fallen below Rs 7. Several
enraged investors raised queries about the company’s claims of enormous revenue from eSys and
its “fuzzy dividend policy” during the annual general meeting on December 30, 2008. K
Padmanabhan, Teledata managing director, replied that the investment
in eSys was a mistake (FC reported the development on December 31, 2008).
“(I’m) really sorry to say that we have made a mistake in investing in eSys. We expected greater
money from the deal but it did not happen. We are trying to sell our stake in eSys,” he said.
Labels: esys, esys india, niraj goel, teledata, vikas goel