Complaint lodged against investment services giant
We refute the charges made by the complainant and believe the intent of the complaint is malicious and motivated. AJAY MENON, MOSL CEO Broking & Distribution
MUMBAI: A software development firm in Borivli has lodged a complaint against the investment services giant Motilal Oswal Securities Ltd. (MOSL) with the BKC cyber police station, accusing it of illegally using a trading software application. The police have registered a case.
The complaint was filed on January 1 by Devesh Negandhi, 42 against MOSL CEO Broking head Pankaj Purohit and four others. Crime branch ACP KMM Prasanna confirmed the complaint Menon in a statement said were false and baseless. “We refute the charges made by the complainant and believe that the intent of the complaint is malicious and motivated. We will respond appropriately as and when any queries come to us from relevant authorities,” Menon said.
Negandhi in the FIR stated that in December 2013 MOSL had approached him to develop a customised trading application. Negandhi’s firm executed a statement of work (SOW) with MOSL injanuary2014 Negandhi’scom lakh and the balance was to be paid as per the SOW, which was based on the number of licences used by MOSL. The SOW contained conditions of lock-in for compulsory use of the software for two years, following which further payments were to be made on renewal basis.
Negandhi’s firm developed the application and around October 2014 it was deployed, he said. He goes on to accuse MOCL of distributing it to clients and not paying him. He also accuses four of his former employees of joining hands