Dipak Rao, former director of Deep Purple (Overseas) Limited (DPO) and HEC Enterprises Limited (HEC), has been disqualified from acting as a director for a period of 11 years for misappropriating company funds of at least £2 million. An investigation by the Insolvency Service found that Rao had made numerous payments from the company accounts to his personal accounts between 2008 and 2014. Rao concealed what he had done by ensuring that the transactions did not appear in the financial accounts and by restricting access to the companies’ bank statements. He resigned as a director from both companies on 24 November 2014, which went into administration on 19 January 2016. He has now given a director disqualification undertaking to the Secretary of State for Business, Energy and Industrial Strategy for 11 years which prevents him from managing or controlling a company without leave of the court until 2028. Commenting on the disqualification, Sue Macleod, Chief Investigator at The Insol..
Nicholas Constable has been disqualified for 8 years for failing to ensure the company dealt with its rental income in the correct manner or maintained or preserved adequate accounting records. A disqualification undertaking given by Constable on 7 August 2017 prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company for the duration of the term. Xenex Developments Ltd traded as a property development company from a single site in Weybridge, Surrey. An Insolvency Service investigation found Constable diverted rental income totalling nearly £900,000 into his personal bank account and that of a connected company. This action contravened the terms of a legal charge and resulted in missed interest of at nearly £400,000 for the charge holders. Of the total diverted rental income, Constable has failed to provide accounting records which would verify whether £679,063 had ever been repaid or used for the benefit of the company’s credi..