Pune, Apr 21: A Stock Broking firm, Aps Wealth Ventures LLP, has approached the National Company Law Tribunal (NCLT) to initiate Voluntary Insolvency after suffering a massive loss in the recent Share Market crash.
Avinash Arjun Rathod, a partner of the firm, forwarded all pertinent information for litigation proceedings to his Counsel Advocate Aashutosh Srivastava.
To protect Mr. Rathod’s legal rights, Advocate Srivastava has already initiated the Voluntary Insolvency Procedure before the NCLT, said Adv Srivastava here on Friday. It has been alleged by some of the investors that the firm has duped its investors to the tune of 700 Crore rupees who were lured by the promise of doubling their returns in just 20 months.
Rathod through his firm APS Wealth Ventures assisted numerous people in making stock market investments for many years, and he used to fulfill the Contractual Obligation to his investors for a long period but due to the Covid-19 outbreak, the stock market has experienced low and sometimes negative returns since 2020. Despite Rathod’s efforts towards investors, the Stock Market conditions had an unanticipated impact on the firm, where Rathod has a track record of making payments on time and protecting investors. Adv. Srivastava said, “Rathod has no criminal records or antecedents that demonstrate his negligence and culpability in the eyes of the law and we have moved to NCLT for initiating insolvency proceedings in order to protect my client’s legal interest and the interest of the investors.
(UNI)
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