UK shuts company owned by Indian entrepreneur
The company, Young Forever Limited, was wound up in the high court before Judge Prentis, the Insolvency Service said on Monday.
By Prasun Sonwalkar | Hindustan Times, London
UPDATED ON FEB 10, 2020 08:40 PM IST
A UK-registered company whose sole director is Mumbai-based entrepreneur Shadab Shaikh has been wound up in British courts following allegations that it sold vitamin and healthcare supplements to vulnerable people using high pressure sales tactics.
The company, Young Forever Limited, was wound up in the high court before Judge Prentis, the Insolvency Service said on Monday. The official receiver has been appointed as liquidator. It was incorporated in June 2018, with offices in Kensington, West London.
The service conducted confidential investigations after it received complaints about the company’s trading practices. Investigators discovered that the it sold vitamins and healthcare supplements through cold calling members of the public who were either elderly or vulnerable.
“Young Forever used call centres based in India and victims said that sales staff were persistent and would call repeatedly. Sales staff also falsely claimed that Young Forever was linked to government bodies, healthcare providers or the National Health Service,” the service said.
The court also heard that the company’s marketing and sales techniques were improper, applied excessive mark ups in excess of 1000% and the company failed to maintain or preserve adequate records. Shaikh’s address is mentioned in records as Malad West, Mumbai.
Irshard Mohammed of the Insolvency Service said: “Young Forever’s victims were the elderly and the vulnerable and many more people will be protected from their aggressive sales tactics thanks to the court’s decision to wind-up the company.”
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