Home Court News Tycoon Mohan Galot’s Nephew says he betrayed them by fraudulently transferring shares of his late father.

Tycoon Mohan Galot’s Nephew says he betrayed them by fraudulently transferring shares of his late father.

by Robert Guyana

A Nephew to Tycoon Mohan Galot Mr. Narendra Galot has appeared before the court and testified against him in a forgery case.

Narendra said he is the current administrator of the estate of the late Lalchand Galot who he says was his father.

He said that he remembers sometimes in the year 1983, his late father was allocated one management share in Manchester Outfitters Division Limited.

“My father also owned 25 percent shareholding of Galot Industries which is also a major shareholder of King Woolen Mills Limited, “added Narendra.

He added that the company name Manchester Outfitters Suiting Division Limited was later changed to King Woolen Mills Limited and as this was happening, he was not involved in the family business.

Narendra was testifying in the case where Mohan Galot is charged with making a document without Authority against the law.

The charges read that on January 18,2002 at unknown place within the country, with intent to defraud, made a notification of chance of directors and secretaries of Kinga Woolen Mills Limited, Company Number 21676, purporting it to be a genuine document made by the directors of King Woolen Mills Limited.

The Tycoon is charged that in May 18, 2007, with the intent to defraud and without lawful authority, made false documents, namely annual returns of King Woollen Mills for 2006, claiming it is genuine and was made by the directors of the company.

According to the charge sheet, on January 18, 2002, with intent to defraud and without lawful authority, Galot made a fake document on notification of change of directors and secretaries of King Woollen Mills, purporting it to be a genuine document made by the directors.

Narendra said that the late Lalchand Galot had 1 management share and Mohan Galot had 1 management share.

The trend never changed until his father Lalchand Galot passed away in the year 1995. I was still in school when my father passed away and I had not been able to have access to the family business since I knew all was well.

He told the court that he trusted Mohan Galot in the management of the property being the Chairman since he was the brother of his late father.

“I worked under him as my chairman and could not suspect him of doing anything untoward without my knowledge, “he added.

The witness said that in the year 2002, Mohan Galot started behaving as if he was the only person who owns the company, decision making was done by himself and without consulting him nor other directors.

He added that they decided to write to the registrar of companies requesting to know the position of the company as at the year 2002.

Narendra said that On February 13,2002 the directors wrote to the AG office and on the 26/2/2002, he got a reply showing the status of the company and they discovered that the management shares of Lalchand Galot had been fraudulent transferred to the name of Mrs. Santosh Galot, the wife of Mohan Galot, around 1996.

“I personally confronted the chairman and asked him why he had fraudulently transferred the shares of my father and he told me that my late father was never a share holder of the company and that if I had a problem I could leave at my own volition “added Narendra.

He said the rules and regulations of transferring shares were not followed.

On 28/6/2011 the matter was reported to police to immediately comment the investigation and take action against Mohan Galot for fraudulent transferring his father’s shares without his consent as administrator.

Billionaire businessman Mohan Galot is facing multiple cases of fraud.

Galot faces nine counts of fraud and forgery in a dispute regarding the shareholding and directorship of the family’s business empire. He pleaded not guilty to all the charges.

The matter was heard before Magistrate Gilbert Shikwe.

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