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The article clearly states that the Nomad knew nothing. Strand Hanson have fed Lord Waheed Alli to the wolves. They want nothing to do with him & have virtually stated that he has committed market abuse by keeping market sensitive information from shareholders.
A group of well financed shareholders have achieved all this & are in contact with journalists & lawyers.
Alli refused to reply to the journalist Jamie Nimmo. He has acted like this for years with shareholders, but is now about to get the good news.
This was just the start. There will be civil & legal proceedings against this person & his fellow Directors Robert Pursell, Mary Turner, Nina Amin, Emily Sheffield & Dame Gail Reebuck.
A dossier against him has also been compiled for Lucy Scott-Moncrieff the head of the Standards Committee for the House of Lords.
All the MP'S that he has donated to have been written to, David Lammy, Sir Keir Starmer, Jess Phillips, Liz Kendall, David Milliband, Emily Thornberry.
This is just the start. Shareholders have accumulated a wealth of information against him, that can not be shared at this moment.
Kwasi Kwarteng the new Business secretary

A group of shareholders had a two hour constructive meeting with a firm of City corporate lawyers this week that have been appointed by the administrators.

The truth will eventually come out. Lord Waheed Alli promised shareholder return & has now destroyed many lives.

Many shareholders have lost everything, their life savings, pensions, family's money. They are having to get second/ third jobs & some have even talked about suicide as Alli carries on with his £212 million fortune.

The report could take some time, but a detailed submission to the House of Lords Standards committee will follow from shareholders to Lucy Scott-Moncrieff the Commissioner. Is this how a Lord conducts himself? Submissions to other relevant & interested parties will follow.

Unlike him, we have Honour, Integrity & Honesty & will fight until there has been Justice.

If any shareholder can assist with the investigation, can they please contact Geoff Rowley at FRP with anything, their story, what they have lost etc at Geoff.Rowley@frpadvisory.com

Guys, I can't post much, because my posts here & elsewhere are being reported. No guesses as to who.

We are uncovering some pretty horrific stuff & I will not be silenced.

Nearly £3 million 'was spent' when the company was meant to be in a cash conserve (in last 6 weeks).

Where was this money being sent?

Lord Waheed Alli & his sidekick CFO Robert Pursell are actually both the Directors of the set up in India!

I am stating facts here.

I will be passing on hundreds of emails sent to Pursell, Turner & Alli expressing my serious concerns on how they were running the company with their flawed business plan & paid for exaggerated reports to the main investigators here.

I would love to say more, but not on here.

Justice will be done

So the FRP state that Koovs knew about the RBI problem in early October. Instead of informing the market, or suspending the share, Lord Waheed Alli sets up a shell company at this exact time SGIK 3.

Koovs sat on this market sensitive information until they notified the market on Oct 21st, allowing more investors to buy into this sham.

And instead of conserving cash, they went full steam ahead to spend every last penny until the company was taken into administration. All this by the CFO Robert Pursell.

The shell company SGIK 3 bought the IP (Intellectual Property) for £250K!!! Is this a bloody joke? Nearly £100 million of shareholders cash spent on creating the brand, technology & platform, then Lord Alli buys it for £250K with his shell company he set up 2 months earlier.

Lord Alli was warned for several months, as were Simon Raggett CEO Strand Hanson, CEO Mary Turner & Pursell that all their antics were being reported to The FCA- he didn't care! This shows his sheer arrogance & blasé attitude towards shareholders. He clearly thinks he is above the law.

There is now a huge dossier being compiled against this character.

It's just a case of who will act upon it, The FCA, The Serious Fraud Office (SFO), The DTI or The City of London Police.

As previously mentioned, shareholders have been in active discussions with The FCA with regards to the scandal that has unfolded here. If anybody has any relevant information, no matter how small, please contact The FCA on:

MIUMailbox@fca.org.uk

Lord Alli pulled off a similar stunt at CHORION, when he took it into administration & bought it with SILVERGATE MEDIA

This time he plundered £100 million of shareholders money, took Koovs into administration & bought it on the same day with a company he set up two months earlier SGK3.

He actually bought the IP for £250k!!!!!

Bloodshot, it will be hard proving anything criminal here. He did this before & knows all the tricks.

It is clearly wrong & immoral. This is where we have to question his peerage. That will hurt him

His peerage has got him to where he is today. Myself & most other shareholders only invested in Koovs because of his standing in society. We trusted him because he was a Lord.

I also urge everyone to write to their local MP's. He has destroyed 100's of lives & doesn't give a crap. The stories I am hearing are horrific.

He obviously wanted to take this private. If he had any morals, he could have bought out the other shareholders. He did not have to do this.

As many of you know, I was suspended on here for apparent defamation. I am being closely monitored on social media for speaking the truth. I am telling the total truth & am willing to testify under oath. Those reporting me- I challenge you to the same! You will not bully or silence me.

Fortunately, I have forwarded all correspondence with Koovs & its associates to the FCA over the last several months.

Lord Waheed Alli did a similar thing at Chorion in 2011 (He too used to be Chairman there). It went under & his new company Silvergate Media bought them- sound familiar?

Since IPO, Alli always promised returning shareholder value

“If you take investors’ money, you have an obligation to deliver returns on them. We’re going to win the race that we’re in, our brand is going to win in India,” says Alli, confident Koovs will be in the black by 2022-23.

https://www.standard.co.uk/business/meet-waheed-alli-the-labour-peer-suffering-birth-pangs-of-india-s-answer-to-asos-a4183176.html

There is clearly a pattern of misleading shareholders here- he did not provide shareholder value. In fact he even refused to meet shareholders at recent AGMs & EGMs, but attended the Board meetings.

Is this a way a Lord should behave? This scandal is being circulated everywhere & it's only a matter of time before his antics are laid out bare to the public.

It's clear that he has a huge legal team & is very well connected. But the voice of the little guy WILL be heard.

A detailed submission to the House of Lords Standards committee is being prepared. We need individuals stories for this.

You know where to contact me.

PTHC, Martin Lewis has already told me he only deals in retail matters, not corporate law.

As I have said, many shareholders, some very large are now working on this. Various AIM rues have been broken.

This character acted as creditor (in his own interests) & Chairman (shareholders interests) at the same time!

He has totally shafted shareholders, taking their money for 6 years, always promising shareholder value, paying analysts to pump up the story, then at the last hurdle, right at the finishing line, when they started to do improve all their metrics, stitched us all up.

We stuck at it through thick & thin, through demonetisation & dilution & this is how this charlatan rewards us!

Shareholders like me will never let this go

Large shareholders have been in contact with MIU for several months. They have been reviewing activities here for quite some time. All concerns to Lord ALLI at Silvergate Media, Robert Pursell, Mary Turner & the NOMAD Strand Hanson were cc'd to MIU.
Trust me, Koovs weren't happy we were doing this. It was protection in case something like this happened.

Many shareholders are working together on this & it will take some time, but we are collating all the evidence we can.

If anybody has anything relevant to this disgraceful act, please contact me

https://twitter.com/Trebuchet_Kid/status/1205030120009994240

Alli has effectively stolen this company & justice will be done

Tom is back in the group. This from a large shareholder:

Clearly ALLI has bought this through a prepacked administration, which under AIM rules cannot happen

This is a listed PLC company and has shareholders.

Firstly Alli should have requested an EGM and also put out an RNS stating that the company could enter administration and that the company is up for sale. This didn't happen. This is a listed company and this HAS to happen in any case.

Furthermore, it had to be announced that the company is up for sale, to give an opportunity for a buyout. Furthermore an equity raising could have taken place, via a placing, they had headroom to raise circa £5m. This didn't happen

This is a "transaction at undervalue" to defraud investors and needs to be investigated. I am a substantial shareholder here and i will be writing to FRP for them to answer questions in relation to the sale of the company for an "undervalued sum". Furthermore i will be writing to the Department for Business, Enterprise and Regulatory Reform for them to investigate

If this was a Private company, this transaction could have happened, but it wasn't, it is a PLC and a sale of this kind needs to be voted on, and shareholders needed to be informed

One of the duties of the appointed insolvency practitioner (IP) is to identify whether any transactions at undervalue have been carried out.

The IP may be able to go back two years or more from the date of insolvency in their search, and have the right to apply to the court for the transaction(s) to be reversed.

A transaction at undervalue occurs when a business asset is transferred or sold to a third party, either for no payment at all, or for a price that is considerably lower than its true value.

Clearly ALLI thinks he can get away with this, not this time...

Whitman Howard made a placing public to certain people on 4th December, but Koovs did not notify the market!!!

Some very large shareholders are now on board, Chinner, contact us.

We are gathering evidence as we believe that there has been fraudulent activity, especially with the 'apparent' sale of the company.

As a long term investor, I have been defrauded of my investment. Many questions need answering.

Does anybody have any information regarding the House Broker trying to conduct a placing?

First of all, I'm so sorry if anybody bought on my research. I'm in total shock at what has happened here.

As many of you know, I liked the Indian story but hated the management.

The arrogance of Waheed Alli is astounding. We have been reporting him to the FCA for over 6 months & letting him & the NOMAD Strand Hanson CEO Simon Ragett know this too.

The FCA has a full dossier, but with Alli's huge legal team, there is nothing we can do on this front.

I turned up at the London office on 12th November & met Robert Pursell the CFO. I have photographic proof. He told me not to be so paranoid & that Kishore Biyani was committed to the deal, blaming the RBI. He blamed day traders for the drop, even though i said that the share price & price action never lie. This was obviously a lie as Waheed Alli had already set up the company SGIK 3 INVESTMENTS on 15th Oct (see pic in tweet). This has been planned for months.

Alli took the company into administration in the morning & bought it in the afternoon after it was apparently on sale for a month!

He always promised to return shareholder value & has now wiped out every single shareholder for his own gain.

Koovs paid Hardman & Co to come out with a misleading analysis with a share price value of 74P

For 6 years he has suckered in investors, then collapses the company over £6.5 million which he could of easily funded.

The only recourse we have is a formal complaint to the House of Lords Standards committee where he should lose his peerage as far as I am concerned. We are working on this.

The CFO Robert Pursell, the CEO Mary Turner, the PR firm Newgate Communications & all those who around Koovs need to be exposed too.

There is a lot of bad feeling & noise being generated against Koovs on Twitter. Hopefully, someone, somewhere will pick up on this.

Any advise will be appreciated, contact me via....

https://twitter.com/Trebuchet_Kid/status/1204473650352709637

I'm with you Matt!
Yes, E commerce is massively taking off in India, especially fashion, all on the backdrop of a slowing economy.

With regards to Koovs, I'm sure that there is a lot of legal wrangling going on in the background after FLFL have clearly reneged on their deal.
Koovs have clearly told them to sort the funding out one way or another. It has been two months & still not a word from FLFL!

It is now time for Alli to enact Plan B.

As FLFL have not completed the second tranche, Koovs must now buy back 21,391563 shares back at a nominal amount to give FLFL a buy price of 15p.

Koovs must now get a large placing underway with heavy Director involvement.

Non Exec Director Nina Amin MUST step in as new CFO. At least she owns 1 million shares & has commitment to the company.

Alli & Biyani need each other & must just get on with it, leaving Avni Biyani on the Board even tough FLFL d
have not fulfilled their part of the deal.

Every long term shareholder has seen how FLFL have stitched up Koovs here.

It's time for Alli to show that he is in charge again

With e commerce booming in India, surely Koovs will have excellent Q3 figures thus far & have no problem raising funds!

Just out in India, e commerce sales during the festive period were massively up, especially in fashion, up by 51%

https://www.consultancy.in/news/2675/online-sales-boomed-during-indias-2019-festive-season

As the festive season in India draws to a close, analysis from RedSeer Consulting has positioned this year’s festive sale period as the biggest one ever in terms of online retail. The firm reports that total sales for the period amounted to more than Rs. 19,000 crore for the eight key dates of the season.
RedSeer’s analysis comes at a time when overall sales in the retail sector appear to have slowed in growth. Nevertheless, consistent with trends across the globe, the burden of slowing retail has fallen primarily on the brick and mortar retail sector, while online commerce has been booming.
In India, the market for online commerce represents a bigger opportunity than most economies in the globe, given the substantial customer base that is increasingly wired in. The Boston Consulting Group has estimated that India will have as many as 850 million online users by 2025.

A Bain & Company report from earlier this year predicted that India’s consumer market could reach a value of $6 trillion by 2030

The fashion retail sector, meanwhile, has spiked considerably. Sales in fashion grew by 51% this year, while the long-tail segment performed even better with growth of 76%. According to RedSeer Consulting, growth in these segments can be attributed to a combination of product diversification and an overall increase in consumer base.
Growth in the fashion segment has also been driven by the tier 2 cities to some extent, where an increasingly prosperous user base is looking to spend on apparel/ Women’s fashion is growing at a higher rate than men’s in these regions.

Enough is Enough

Koovs have given FLFL/ Biyani all year to fulfil his part of the deal that they have reneged upon.

Koovs have given them the last two months to find alternative mechnisms and/ or to reapply, which they haven't.

Lord Waheed Alli has been royally mugged off by the Indians & must now, once again become the major shareholder in Koovs.

He must lead from the front with a heavy placing conducted by Canaccord Genuity, with Board members participating. If they do not want to (because they're not really into equities as the CFO Robert Pursell has stated), jog them on!

In fact, the arrogant & useless CFO Robert Pursell must go with immediate effect.

The CEO Mary Turner needs extra support over in India. Maybe that is why they took on the Chief Creative Officer Christian Westphal??

Leaving it this late is a total disgrace. The Nomad Strand Hanson should know better. It's CEO Simon Raggett is fully aware of what is going on.

oilman, even before the RBI ruling came out, FLFL were reluctant to go ahead with the funding, having missed the March 27th deadline.
The RBI ruling was to prevent any 'round tripping' or illegal activities. All they did was ask FLFL to reapply two months ago.
As far as we are aware, FLFL have not bothered.

So even if the rules were eased, why would FLFL pay up, when they didn't want to pay up before?

It's a shame that there isn't more honesty & transparency on both sides.

So in a nutshell, FLFL & Kishore Biyani did not fulfil their side of the deal. They got their technology & platform from Koovs, they put Avni Biyani on the Board & are now blaming the RBI when they had all year to pay the money that was owed to Koovs.

Personally, I would like to see a clean break from FLFL, but I don't think Koovs could afford the legal fees to fight this. Could take years to sort out in a country like India.

They just do what they want in India. The CFO Robert Pursell REPEATEDLY mentioned that both deals (the 15p & blended deal) were legally binding. Biyani & co are just sitting there laughing knowing that a Micky Mouse company like Koovs run by clowns have absolutely no sway in India.

It has been nearly two months since the deal was stalled & still nothing!

With the RBI having thrown a spanner in the works & FLFL having not provided an alternative solution thus far, Koovs must now go ahead with alternative plans.

I believe that there are only three financing options now.

Money from outside of India to provide a placing, keeping FLFL on board.

Money from outside of India to take control of FLFL stake as well. By now, 18 months down the line, Koovs must know if FLFL are bringing anything to the table.

Another loan to get Koovs through to the next placing..

Personally, with this delay, I believe that there is a lot of legal wrangling going on behind the scenes.

Opening three stores in 18 months was quite pathetic & Koovs did look to keep an arms length from FLFL. We don't even know if Koovs utilised any of FLFL's warehousing, logistics, manufacturing etc

Koovs needs to release the mother of all placings pretty soon...….

Looking at this years FLFL Investor presentations & absolutely no mention of Koovs. Lots of mentions of their other brands esp Brand Factory, that is doing rather well using Koovs platform & technology.
https://futurelifestyle.in/financials.aspx#parentHorizontalTab2

The last significant mention was in the 4th Feb presentation FY 2019 which was a pdf from Nov 2018

https://futurelifestyle.in/Admin/pdf/20190204_Investors_Presentation.pdf

With the way FLFL have messed about with the funding all year (missing the March 27th 2019 deadline), I am seriously concerned about their commitment to the whole deal.

It has been nealy 2 months