Saturday, July 25, 2015

iDEA Solutions Inc sold

The fraudulent act of merging Mascon Global's American subsidiaries into a big new company, and registering it as an independent corporation, was designed to escape the grasp of shareholders and creditors. Consider all the fixed and financial assets, all the personnel, properties, and all the intellectual property that went into iDEA Solutions Inc.

Since iDEA Solutions occupied the offices of MGL Americas, it can be assumed that this Mascon Global subsidiary as well as Mascon Life Sciences, were also fraudulently merged into this new company.

Then on October 10, 2013, Xoriant Corporation announced the acquisition of iDEA Solutions Inc. Girish Gaitonde, President and CEO of Xoriant Corporation, said: "This acquisition will significantly expand Xoriant's offerings and enable us to serve our financial services, pharmaceutical, and automotive customers with an impressive range of solutions." "We are excited about the opportunities ahead as we expand our footprint with Xoriant," said JP Vejendla, the Co-Founder and CEO of iDEA Solutions.

How much this big entity was sold for is unknown, but the only way to get information on how much and to whom the money was paid, is by Mascon Global creditors becoming shareholders and taking over the company.

The Internal Revenue Service (IRS) raised questions on this sale, since both companies were registered in American states: Quoted from Case text: Xoriant Corp vs United States

On April 7, 2014, Revenue Officer S. McKnight issued two administrative summonses from the Internal Revenue Service's office in Edison, New Jersey - one to Petitioner Xoriant Corporation and one to Petitioner Idea Solutions Inc. in the course of an investigation of Versatech Consulting, Inc. Both summonses required Xoriant and Idea Solutions to produce documents related to the companies' interactions with Versatech.

In response, Xoriant and Idea Solutions initiated legal actions by filing nearly identical Petitions to Quash the Summonses......Because Xoriant and Idea Solutions have not sufficiently demonstrated a basis for subject matter jurisdiction over these proceedings, the Government's motions will be granted.

Updates on this IRS case are awaited but it shows that the merger of Mascon Global's American subsidiaries into Idea Solutions Inc. was not above board.

InfoSage Systems is another Mascon Global subsidiary

iDEA Solutions was formed by merging Ebusinessware, Jass & Associates, Versatech, and MGL Americas. But some portions of these Mascon Global subsidiaries were preserved and hived off into new companies: Ebusinessware became MediaAgility.

In the same way, InfoSage Systems, a subsidiary of Jass & Associates, with offices in America and India, continues to function as an independent company. Along with the parent Jass, InfoSage was merged with Mascon Global in 2008. But later it was separated to function independently, after Mascon Global got into financial trouble.

Even now the Mascon Global office at 6-3-663/B, 2ND Floor, MRL House, Panjagutta, Hyderabad, is occupied by InfoSage Systems. Personnel from Mascon are working in InfoSage. Therefore it is legally a Mascon Global Limited subsidiary, and should be claimed by MGl creditors.

In this vendors list by Electronics Corporation of India for the year 2014, Mascon Global Ltd is mentioned as a supplier of networking, and the address given is 6-3-663/B, 2ND Floor, MRL House, Panjagutta, Hyderabad. So till 2014 Mascon Global was active at this address, or perhaps both MGL and InfoSage are working together at this address?

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