The Mumbai police on Monday filed a First Information Report against Baring Private Equity Asia, Baring Asia CEO Jean Eric Salata, Nord Anglia Education Ltd (Nord), and its CEO Andrew Fitzmaurice and other directors of Baring group companies. According to the FIR, in 2009, all the persons mentioned in the FIR, hatched a conspiracy to cheat Global Indian Schools Holdings Ltd (GISH) and secure controlling interest over it for the wrongful gain of Nord Anglia Education Inc, a competitor.

Behind the scenes



The complainant has alleged that the actual offence of cheating occurred when GISH was induced to enter into an investment agreement on the basis of misrepresentations and deliberate concealment. The actual offence of cheating, it is alleged, took place during the course of negotiations and various meetings preceding the signing of the investment contract.

The complainant said that in 2009, Atul Temurnikar and Kaustubh Bodhankar, senior officials of GISH, were approached by the accused persons through third parties. They expressed interest in making investments in GISH so that the latter could acquire existing schools and/or set-up new schools in various countries in South-East Asia in addition to UAE and Kuwait.

The complainant said while the GISH Group was willing to take on Baring as an investor, it did not wish to transfer management control of its existing business. The other party, too, gave specific assurances that they were not investing to take control of the business and only wished to be minority investors. However, the complainant alleged that the other party's intention, right from the beginning, was to cheat GISH and secure controlling interest over GISH for wrongful gains. Thus, the other party began to block/veto acquisitions projects of GISH, claimed the complainant. In January 2012, they allegedly blocked/vetoed acquisition of Al Worood School, Al-Rayan Group of Schools in Kuwait, and Viet Nam Schools, thereby stalling the growth of GISH.

Global Schools Foundation Ltd, founded in 2002, has been in the business of providing educational services from pre-school to Standard XII students.

In response to an questionnaire from BusinessLine, Baring Private Equity Asia said it has not currently received any notification of an FIR being registered. "There is no basis for any liability, whether civil or criminal, on the part of Baring Private Equity Asia, its employees or any related entity in connection with this matter. We will deal with this with the full force of the law and will cooperate with any enquiries in the event they are made,” it added in the e-mail.