8-year ban for London Indian Mohit Joshi of Puma Source UK for financial misconduct

33-year-old Mohit Joshi is a London resident and acted as a shadow director of the Harrow-based company Puma Source UK since its launch in 2011 even though he was not formally appointed as a director.

Joshi raised and issued two invoices totalling £84,444 in the company name, but which included the bank details of an associated company’s agent.

The customer paying the invoices had no idea the money wasn’t 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.

The disqualification by UK Insolvency Service means that Mohit Joshi cannot directly or indirectly become a company director for 8 years. It also means that he cannot receive any company property for 8 years and there are many other restrictions on him under UK regulations.

"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," said Martin Gitner, Senior Investigator at the Insolvency Service.

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