Mohit Joshi, the Shadow Director of Puma Source UK Limited, has been banned from being a company director for 8 years for diverting 84,444 to an associated company.
The disqualification, from 28 October 2015, prevents Mr Joshi from directly or indirectly becoming involved in the promotion, formation or management of a company until 28 October 2023.
An Insolvency Service investigation, which led to the disqualification, uncovered that Mr Joshi:
acted as a director of the company whilst not formally appointed, and
raised and issued two invoices totalling 84,444 in the company name, but which included the bank details of an associated companys agent.
The customer paying the invoices had no idea the money wasnt going to Puma Source UK Limited. These actions meant creditors were deprived of 84,444, and were owed 436,112 when the company went into administration on 3 April 2012.
Commenting on the disqualification, Martin Gitner, Senior Investigator at the Insolvency Service, said:
Company directors should note from this result that the misconduct which can be considered for proceedings under The Company Directors Disqualification Act 1986, and the action taken by the Insolvency Service in respect of that misconduct, is not limited to those people formally appointed as directors at Companies House.