Exhilway Asia Ventures review: Cheating money and Killing Business 60

I strongly disagree with this view point. The fund is genuine and is operational since 2001. This comment seems to be coming from a author whose company is possibly rejected in the funding process. Dear author you have to understand that not every company is selected and funded, some go through rejections due to several reasons.

Being registered with SEC and other authorities in itself makes a valid statement that the fund is geuine. How come anyone receive license if there are no shareholders? The company is active in several real estate funding and has funded over Rs 100 crore since then. I own a real estate company and I was funded Rs 2 crore in 2003 at a interest rate of 9% per annum. PE business suffered as it was serving startups. I was the one who applied but they never asked for any fee, I got rated and valued too but I paid Rs 18, 000 which is meagre. If you have evidence to this fact that they collected crores then you must post the valid invoices along with the same. To my knowledge I never paid any fee in crores.

You have to understand that no PE fund provides funding from their own pocket rather they raise and deploy funds. They only worked on one fund which was Global Opportunities Fund which faced several challenges as majority of the companies never had any valid documentation. Each fund surveys thousands of companies, no fund will pay for every client. The client bears the cost of due diligence and other stuff. This is a misleading statement that somebody paid crores. No body will pay fund Rs 30-50 lakhs for PE funding.

Also, the identity of the author is missing. What is the name of his company? Who does he represent? You must tell your own name before you point fingers on others.

I too disagree with the author. There is no complaint about the fund other than this who is written by some Mr. X. I think somebody is really pissed off when he was rejected by the fund. Why no bank funded you? How much money do you invested in your company? Why dont you make your company name public and show your financials? What unique idea you had? State atleast 3 reasons that why you should be funded? Have anyother PE fund funded you? Why you waited for a single PE fund in anticipation that you will be funded.

Funding is not buying ice cream it has to be validated. Thousands of people send enquires to the funds and sometimes they do pay lakhs for due diligence to big companies. There is nothing that you should be frustrated about. The documentation of each fund is valid for other. Possibly you never tried talking to any PE fund or you are too scared to make the name of your company public. The funding happens on the basis of merit and not on the basis of complaints.

I never paid any amount to this PE fund and they never asked for any. We was made aware that the fund was delayed and we raised bank loan against immovable assets.

Dude! IThe name of company is Set Imports India operational out of Ahemdabad. I too submitted my application when the fund was kept open...they never asked for any fee...The private equity fund was delayed

Was this the fund who took money or you paid to some company who make business plans, financials etc. Legally fund cannot take money. When I applied for the fund in December 2014 some Lalith Prasad and his associate Ashok Ostwal based out of Hyderabad and Bangalore asked for some Rs 7 lakhs fee. The fund never forced me to use their service unlike other PE funds who have their own set of people who do the work. Talk about KKR, TPG all of them impose documentation cost on the client and they never give any term sheet unless they are satisfied.

What rubbish are you writing? When you are not funded by anybody you took this route to write wrong about the company.

First you prove your own identity "madmexs". If you go to a bank, pay CA to write your documentation, do your due diligence, do you sue bank? If they reject you there is no way out. Okay let's go with your point, you paid some fee but to whom? Which invoice do you have?verma_asish also want you to post invoice.

It seems you yourself are running some bogus company which was never funded and now to make quick bucks from the company you are doing this.

never heard any wrong doing about this fund. I remebr that I was only asked to send papers and not some crores. possibly a mistake or somebody else cheated them in fund name. why not talk to fund people directly?

there used to be a Hyderabad based CA called Lalith Prasad and Bangalore based CA Ashok Ostwal who used to ask for huge fee for writing plans and was fired. these CA's ask for their fee. the fund needs your plans now if you pay somebody lakhs and crores. the people on this board are asking for invoice you post that here and tell your company name. possibly you haven't talked to fund guys before you wrote this.

When you apply for project loans with the banks you still make papers...it depends on what kind of CA do you use...if you use any big firm you will end up paying big sum...brother if you need money you need projects to be written and your documentation is applicable to every PE fund...may be you have not applied with other PE and the big question you relied only on one fund? You could have applied to various funds or banks...are you desperately waiting to get funded and you are using threat tools?

The surprising thing which I cannot understand is that you when you are seeking money how come you paid 30 lakhs and to whom? Post the receipt of 30 lakhs here and let me see what can I do for you. You yourself seems to be a fraud upfront...who are you? which company of yours intercated with fund.

the fund is always represented by counsels which no body make public? When you go to a bank do you call their promoters or made aware of their management? The point is has somebody cheated you in fund name. Technically a fund can take only due diligence fee...that's all which may formed a part of rating or valuing the company. No fund sits with a cheque book in hand...your case is simple you paid for some legal fee possibly to some external parties which a fund may have referred to...be specific with your details when you write...pointing fingers does not solve issues...you want other people to come forward but who are you? You must have taken some money from some PE fund to write all this...

No fund will run with few thousands and no fund will register with government authorities and do fraud with people...talk to fund authorities...a fund will not react on some strangers with absurd usernames writing fraudlent things...

My company Decor Hut, Surat was rejected 7 times buy the fund. No money was paid by me. Sir possibly you are cheated by Chartered Accountants who take charge. If you will use Price Water House you will pay 50 lacs...if you use some local CA you will stay pay 10-20 lacs...

they work with Chartered Accountants callled panel CA's there greed is huge. Fund never aksed money or fee. Catch hold of these Chartered Accountants.

Bhai logon ka IPO fail ho jaata hai crore rupee lagakar. duniya mein ek hee fund hai kya? Yeh fund delayed hai par tumhara paisa lekar thodi bhaag jayga. Yaar isse moti to inke fund manager ki salry hoti hai.

There is nothing unusual. Due diligence fee is paid by the client only. With reference to post of other members I must ask that why are you not funded by anyone? All documents you made or paid for must have been valid with all companies and banks. I paid Accel Partners 15, 00, 000 and was rejected but I use same documentation for a unsecured loan. If you are complaining for fee; you must be complianing to God too that he gave you birth but you have to pay for your car petrol and for food.

This looks some stupid complaint. No bank or fund invest with you but each one of them goes through process. Talk to fund if you are cheated. Possibly you have paid to some CA and even if it is fund no body takes liability for papers.

Buddy for example if you wish to go US and you pay for getting passport and if your trip is cancelled, you will not go to Passport office and shout at them. All papers are reusable; the surprise is you are endlessly waiting for some unkown business to become a billion dollar company. Buddy not everybody is funded by PE; even banks kicks people out.

If you have paid you must have paid against a service and you must have been received some service. Why will you pay? What are the services you received. As requested by others you must post invoice copy and let's see if you are overcharged. In most of the cases no fund over charges as it is per the standard.

Wow... So many posts from the same IP? How is this possible.? Anyway who is this who complained?

Seems like both of these parties are playing games. The party who is complaining seems to be invisible character and they are fighting on a subject which is not even understandable. Somebody paid a fee to somebody and somebody is saying he is not happy.

One thing i am confused... The author didnt say whether he got funded or not... then why is that every one is asking about he being rejected/not getting fund/waiting for long time for the Miracle fund to happen? ANy guessess?

What I can make out and say is that every PE fund has a cost of service which is non refundable in nature. What happens is that a client approaches a fund for money and as per formality the plans and projections are submitted. In case of US, the cost is $200000 or 1.2 crore as per Indian standards. If a client already has documents then it is not required to be made again and with a same papers he can approach several PE. The problem here is that the client or some fake company is not happy on being not funded or possibly rejected.

By the we must ask the author of this complaint that why he is waiting for years. Rejection by counsel of a fund is irrevocable.

Even Mavericj is from the same IP. The complaint and the replies are possibly from same system.

Mavericj this is quite obvious that he was rejected by the counsel thats the reason he is not happy or possibly the people who wrote his documentation charged him higher. Logically the funds do not take any fee, this is applicable to the PE funds.

If you plan a IPO it fails, then the cost taken by merchant bankers to write papers is also non refundable. Also he must be aware of the service fee before he signed on the dotted line. The fund if it is delayed will make some arrangements...posting complaints will not get funded.

The fund is long delayed as per my research and they have not enrolled any company in the fund after 2014. The financial industry does not work on guarantees of funding. As rightly said above, even underwriters to IPO or banks after you submit plans and projections does not guarantee funding.

I am a lawyer myself serving Mumbai city. Several cases like this are imposed on several investment firms.

The law allows them to be satisfied with the client papers. No fund forces people to pay for writing plans. Funds generally avoid it and suggest few people.

PE funds may get 3-5% referral fee but this does not mean that they ran. The fund is delayed that is okay but they must have informed the person. In financial industry there is always a fee which is refundable and some fee are non refundable in nature. If the client pays for due diligence he will borne the cost, and if there are some other costs which are not applicable but paid by the client is always refundable. You must refer to the receipt.

I dont think that the author has even paid 30 lacx as he is saying.

Dear Mr Verma...Thank you for the fact that you disagree with my comments.
-Company is operation from 2001?
Is this as a Fund in INdia or out side india? If in India then as a firm? Definitely not as a company.
If outside india then where? The 3 companies in USA are registered in Delaware as recently as in 2013, then where is the point that fund started in 2001?
A company in delaware can be started by any one from anywhere with as little as 1000 USD, it seems isnt it? Show me one source where you can confirm that fund is started in 2001.?
Rating & Val-the company which rated and valued the companies is newmanasset assumingly in USA. But the domain name is registered from Kolkatta, Where is the phone number? Only emails alway?how is this possible.If you can check in the website than you can see the fee's these people collect whcih runs to lacs even if someone is taking 10 crores of fund. So where did this meagre 18, 000/- come from?
Ashish verma ji, you say you got funded in back 2003? Okay..congradulations. What about from 2003 till 2015, no funding

amazing responsed with amazing speed...Why all these guys angry and frustrated and ready to lynch the author?. Seems you are also a client of the fund isnt it or a dummy of the fund, that they are posting with your name?why are you concencerned abott3 reasons forthis guys being be funded?You say your company is Setimports in ahmedabad, innit? I dont see any company wiht that name registered in INdia, if you are firm then how come your firm is eligible for the fund? Godsaken firms are not funded by PE fund.
Why is everyone frustated that the author waited for the fund?

Vikramsolar23, your company was rejected 7 times? In general conditions you cannot apply to the same fund if rejected for a period of 6monhts to 12 months...so you are applying for 3 years to 7 years... congratulation. all the best next time...

The company which did the due deligence is based in UK...They dont have any contact numbers aswell. Is it possible that any company as big as they proclaim dont even have contact numbers but just have email id's?...
Seriously something fishy...Except the website and the physical address which is random, no information of the people, promoters, management nothing is visible...nothing is visible other the website which was rushed to be putonline?abyfinserve.com
the address in the The abyservices ltd website is shown in the Check this
http://www.ukaddressbook.uk/a/4-grantham-close-edgware-middlesex-ha8-8dl
the company registered with that address is policy investment services ltd which is dissolved.
http://ukdatacentre.co.uk/search/?q=4+Grantham+Close%2C+Edgware%2C+Middx%2C+HA8+8DL.+UK. shows the list of all companies in the address but this aby is not visible? so?fake?

mr rav_k9 seems you are a genuine personal and concerned about me, as you say you help me.
Can you post your official id here, if it is okay and you wont run away...As generally any corporate company will take a complaint genuinenly and try to sort it out amicably.But here everything seems to be mudslingling only...All the other people blaming the author of the post...without trying to understand the wtiter problem or genuinity they are just bashing the writer without any reason as such as if they felt it is their personal issue... this author just asked a question then all names are coming out and accusations are being made

Dear Dharamjit, No body has stated that the fund was started in 2001. It is mentioned that several other services are operational since 2001. Also, what I can figure out is that you are using several id's to post comments. We know you are the writer of the complaint.

Coming to the point, the fund is never incorporated as a company in Delaware it is registered as a fund and handful of authorities approve it. It is clearly mentioned that the fund was delayed due to some reasons which certainly I am not aware of. If you have paid in lakhs post a receipt. Dont pass time writing absurd things which cant be proved.

Several rating firms dont use phone numbers to avoid telephonic discussions. Also, if the service was rendered years back then why you are sticking to this point today? Saying is not believing you must have some receipt. Getting rated and valued happens before the company is taken on board and availing this service does not mean that any fund is bound to fund you. Banks before they disburse loans seeks CRISIL rating, if you score poor there is no refund and even if you do well and get funded they only get a pie of that.

The invoice is the true picture, you must have received it for the service. You must have paid for some service, why will you pay if there is no service.

I checked the Kolkata domain you are referring to. It belongs to some DNS management company, dont you know that foriegn firms outsoucrce tasks? When you call any international customer care, the higher chances is that it is routed to some Indian call centre. This does not mean that the firm is relocated.

There are some real estate investments which was done. The fund have never started any new fund after the announced fund. The reason for delay was poor asset quality and they failed to pay US $30 million underwriter fee. A part of them as per the DMIJ USA records state that 26% of the fee was paid and the next date is this May 31 2015.

There is no point blaming huge amount if you cant post invoice. The fund has also reimbursed several fee and the people only paid Rs [protected] maximum fee as per their filed statements. The problem is definately with the agencies who wrote your papers and prepared you for ratings.

The leading funds charge huge fee, try reaching largest funds or they simply refer you few CA's. This is the general practice. The delay was accepted. You must write to the fund. Even your identity is hidden and no body knows who you are. May be you are the CA himself who is defaming fund to hide their own deeds.

There was a news article few months back that a website by name IndiDebt.com is being funded by exhilway to a tune of 4 m dollars. this website is not online. this wbesite is that is th www.indidebt.com was purchased on june 5 2014, the news announcement came on june 9th... so fast a website get sfunded. the joke thing for this is that the website was purchased indidebt@exhilway.com ... So exhilway funds its own companies? Does this way pe fund happpen?

First of all you are using fake id's to reply. Why you are not sitting with one id. Leave aside Indidebt.com, it is clearly written it is a company which was in their incubator. A PE can certainly pay for the clients. What is wrong in that?

First you prove your point that you paid Rs 30 lacs. We are all here to help you but you are counting all stars in the universe. You are talking about all companies but no body knows who you are? Which company you own? This proves that you are here with a defamatory motive.

Let me clear that I am no longer associated with the fund but I have worked for many PE funds in the past as I used to source deals. The fee is never charged by the fund, but by agencies. ABY Limited is not the only one associated with the fund. KPMG & E&Y is also associated, are they closed too? Why are you finnicky about everything? Please stick to your problem, what you are doing may land you into trouble as you are using fake id but using same IP. This called defamation and is punishable. You post the receipt which everyone asked you to do.

Ah can we find the IP id here? Really please let me know the IP address of all these guys..

Mr akash nair - "I strongly disagree with this view point. The fund is genuine and is operational since 2001. " ashish varma..
DNS management company? What is it? Owner of website is always the owner... not outsoruced company is owner of domain... Please understand? Mr Nair are upi from fund or you are a company supporting the fund? "
Everyone is using fake id's here... None is genuine.. Can any official Person from the fund respond

Hi Anuj2,

For your understanding, i am clarifying your comments on myself and Lalith Prasad. we havent taken fees for any business plan writing from any clients. In most cases, the fees for valuation, PR, rating and demat is paid into exhilways account directly by client. In few cases, the same is paid to us and further transferred by us to Exhilway reason being exhilway has a habit does not issue invoices... Not a single invoice issued to client or us for any payments made to us.

why dont u prove one transaction completed by exhilway in India to bring this discussion to end... i am sure you dont have an answer to it... I can give the list of client on PAN india basis who are given term sheets and being fooled around...

Great to see atleast one person who was part of the collecting service fee. But Ashok Sir the compliant says that Rs 30 lakhs on an average was given by each client. This is for sure that you have taken your fee too and going by your words this is clear that fee was paid by client for third party services where you collected money and paid to Exhilway account. A fund can only suggest vendors then why you became the marketing channel who sold third party services. Your greed is also quite clear. We are sure that the amount is not Rs 30 lacs per client and how come you as a representative never received invoice and why you allowed client to live with invoice or possibly you never asked the fund to issue invoice so that you can overbill your clients?

Also going by the posts you was asked to leave the fund when you was caught red handed. What is your take on this and also somebody from the fund must clarify your stand. No body is against the man Lalith Prasad but everybody is blaming you. In one of the post somebody has also said that you took advance in terms of shares etc. and also you forced your clients to shell out money. Somewhere you also restricted fund to access clients so that you can freely market your false services.

Ashok Sir when the fund is delayed all term sheets automatically stand delayed. Are you doing this because you was fired from fund and it is a revenge? Why not you talk to fund directly.

The list of state wise IP used are as follows:

Author of complaint: Bangalore
Replies: Mumbai, Delhi, Singapore, USA, Pune and Hyderabad

The people who was favoring the complaint are surprisingly from Bangalore.

Wow!

Good guess by akash nair, Ashok Ostwal is the CA behind these posts who is becoming dharamveer, dharamjeet etc. this is the personal matter of the fund and this is quite obvious that fund has only suggested third party service providers and since you are CA as per online research, this is for sure you might have prepared financial statements and guided your clients. You also sourced clients, are they funded by anyone? Or you just referred a set of foolish clients to the fund in anticipation of funding. The problem it seems that you personally charged the clients and they ran after you for their money, then you might have started blaming fund.

All your IP's are same. Dharamjeet, Dharamveer are replying in 5 minutes gap and then Ashok Ostwal writes his clarification for Anuj. No client from private equity space and especially startups as you are quoting have paid 30 lakhs.

Ashok ji, this is however true that large auditing and due diligence firms charge 50 lakhs and above per client and completing documentation is not a promise to fund.

You are defaming fund invisibily then somebody from fund will defame you somewhere. You are a CA who was part of the fee collection, who marketed services which was never forceful. Everybody here is now aware that you are the author who is spreading stupidity. What you are doing is defamation to hide your deeds. Not everybody is using fake id's like you because people know in preparing documents, business plan a cost is definately involved.

You will defame them, they will defame you. So put end to all this and let somebody from fund reply.

Dear Friends,

My name is Raj Sekhar and I am a litigation lawyer based out of Goa area. I am seeing this post since yesterday and would like to add my comments to it. It is quite obvious from this post that both the parties are using fake id's to justify their point, no body is admitting truth and somewhere it is looking like personal grudge of some former employee with the fund and somebody from the fund is also actively counter attacking.

However I have read each of the comment and through my personal experience I will try to put my views here.

I have done my part of research on both the parties and I understand that I am in a situation to comment. However my opinion is not a legal opinion.
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Question 1: Is Exhilway a genuine fund?

It seems so, the SEC, DJIA and IGO filings in US are complete and up to date. The fund is filing income statements regularly and is booking losses on account of Exhilway Global Opportunities Fund. The fund has paid a registration fee of US $1.9 million or close to Rs 12 crore to the several state authorities in the last 3 years. There was no penalty ever imposed on the fund and the directors enjoy a clean status.

There are no filings prior to 1997 in US, however in Canada authority website the one filing of 1989 is visible.

Question 2: Who are the directors?

This is quite fishy as other than Larry Carlton and James Adams rest all have demanded secrecy. This is however common as many companies in US demand secrecy with their people including whose who of Apple, Google and Microsoft. However, the only problem is that the fund has not introduced their fund manager in the market which is ideally wrong. The question is who was the fund manager who was supposed to manage the fund? They must have disclosed their fund manager name in case they were running out of time or seeing delay with the fund. The fund manager called Timber Lakewood was filed with NJ state in US in 2012 December but have put in papers after 6 months in (2013), since then no fund manager took charge.

What was the reason? Have fund not paid him well?

The answer is fund paid him US $25, 700 per month or Rs 15, 93, 000 per month as per the filings. The reason is delay, may be the investors was never interested or the portfolio of the fund failed to impress investors.

Also, Exhilway has never started any fund after Exhilway Global Opportunities Fund I.

Question 3: Can fund charge fee in thousands, lakhs or crores?

There are actually three kind of funds: Startup funds, Venture Funds and PE funds all are different from each other. Ideally, funds charge minimal fee which ofcourse run into lakhs, this is quite a trend these days. Even the biggest private equity funds in India ask Big 4 audit firms to conduct audit on the client and the client bears the cost. I agree firms like KPMG, PwC charge 50-75 lakhs for due diligence depending upon the turnover. Now, the issue with this fund is that they finalized companies before they raised money which backfired on them. Ideally, funds are blind pools and they invest within 12 months of conducting due diligence.

The SEC records show the name of 7 investors who backed Exhilway who have also backed 21 more funds, hence the investors seems genuine.

Also, the finger is pointed on the agencies involved. The agencies may exist as some records are traceable, however the concern is cost. If the fund have overcharged or the staff made extra money by referring people this may be the problem. The fraud is at the level of employees or the people who referred clients.

Question 4: Is the fee refundable?

Referring to several cases filed on investment boutique banks in India such fee is non-refundable unless stated or if it is proved that a client paid more to agency and the fund shared some pass backs. This is a different view altogether.

If a service is rendered, and especially rendered 2-3 years back and the fund got delayed, ideally there is no refund. If a client has paid for a service which is not rendered then yes it may be refunded.

The thing is that whatever documents the client received from third party agencies can be used everywhere. If you get a business plan for a specific fund and they backout, your plan is still reusable.

IF THEY HAVE OVER CHARGED FOR THE SAME SERVICE THEN IT IS WRONG AND PUNISHABLE.

I must ask how much fee the fund has charged for due diligence as it is one of the costliest service in the financial industry.

Question 5: How was fund paying US $2 million to State authorities and salary to the fund manager?

The fund paid a fee of Rs 12 crore to the government, hence this is quite a fact that there is no issue on legal grounds. The issue is with the intent of people involved, ideally the fund manager or the investors shown poor interest for the fund.

Question 6: Have investors put in money or backed the fund?

Yes, the investors backed the fund with US $180 million the filing is with all the authorities and the investor details are also disclosed. US $91 million is still in escrow account managed by Anthony Bell. This means 50% is withdrawn and the investors might not have liked the fund manager or the portfolio which they have finalized.

Conclusion: The fund has genuine activities but is secretive on top management. The fund is timely with taxes. The fund has also received good investor intent to the tune of US $180 million but 50% of them have withdrawn intent due to undisclosed reasons. The reason may be fund manager of the fund or the poor portfolio of companies.

Dear Mr Rajsekhar... this discussion seems really one sided...
1. SEC records doesnt show any information other than that 'firm commitments given" no other details given.Please find in the url below -- http://www.sec.gov/Archives/edgar/data/1612442/000161244215000005/xslFormDX01/primary_doc.xml
2. All filing in delaware are not upto mark... please check attached in next post...
3. You are having so much information being an outside guy.. Can you share from where you got hold of this public information. Please post that here so all the people who are trying to defame the fund will shut their mouths...and stop this barrage of q&a