ontario - spergel corporate · court file no. cv-16-11413-o~cl ontario superior court of justice...

Court File No. CV-16-11413-OOCLONTARIO

SUPERIOR COURT OF JUSTICE(Commercial List)

B ETWEEN:

BANNERS BROl4ER INTERNATIONAL LIMITED andSTELLAR POINT, INC., by their receiver MSI SPERGEL INC.

Plaintiffs

- and -

RAJIV DIXIT, KULDIP JOSUN, DIXIT HOLDINGS INC.,DIXIT CONSORTIUM INC., DREAMSCAPE VENTURES LTD.,WORLD WEB MEDIA INC., and REAL PROFIT LIMITED

Defendants

MOTION RECORD

(Motion for Continuation of Mareva Injunction Returnable June 7, 2016)

June 7, 2016 CASSELS BROCK & BLACKWELL LLP2100 Scotia Plaza40 King Street WestToronto, ON M5H 3C2

David S. Ward LSUC #: 33541WTel: 416.869.5960Fax: [email protected]

Christopher Horkins LSUC #: 61880RTel: 416.815.4351Fax: [email protected]

Lawyers for the Receiver

-2-

TO: MEHRABI LAW OFFICE150 York Street, Suite 800Toronto, OntarioM5H 3S5

Esmaeil MehrabiTel: [email protected]

Counsel to Rajiv Dixit, Dixit Holdings Inc., Dixit Consortium Inc. and DreamscapeVentures Ltd.

AND TO: Kuldip Josun1 1 Lanebrook DriveBrampton, OntarioL6P 2H4

AND TO: World Web Media Inc.Unit 117, Orion MallPalm Street, P.O. Box 828Victoria, MaheSeychelles

AND TO: Real Profit Limited1/F, Orchid HouseLini Highway, P.O. Box 79VU Port VilaEftate Vanuatu

AND TO: Real Profit Limited28, Negba StreetRishon Lezion7528049Israel

INDEX

Tab Description Pa e No.

1. Notice of Motion, dated June 1, 2016 1-6

A. Draft Order 7-17

2. Affidavit of Erin Craddock, sworn June 3, 2016 18-22A Emails serving Mareva Order on relevant financial institutions

23-37

B'Letter from the Joint Liquidators to the London, UK office of Bank ofCyprus, dated June 2, 2016

38-40

C Emails from Cassels Brock to Mehrabi Law on June 1, 201641-46

p Emails from Cassels Brock to Kuldip Josun, dated June 2, 201647-49

Court File No. CV-16-11413-O~CL

ONTARIOSUPERIOR COURT OF JUSTICE

(Commercial List)

B ETWEEN:

BANNERS BROKER INTERNATIONAL LIMITED andSTELLAR POINT, INC., by their receiver MSI SPERGEL INC.

Plaintiffs

- and -


Defendants

NOTICE OF MOTION

(Motion for Continuation of Mareva Injunction)

Pursuant to paragraph 8 of the Order of the Honourable Justice Newbould, issued

May 31, 2016, the plaintiff, msi Spergel inc. ("Spergel") in its capacity as receiver (in such

capacity, the "Receiver") of Banners Broker International Limited ("BBIL") and Stellar Point

Inc. ("Stellar Point") will make a motion to a Judge presiding over the Commercial List, on

June 7, 2016 at 10:00 a.m. or as soon after that time as the motion can be heard, at the

Court House, 330 University Avenue, Toronto, Ontario.

PROPOSED METHOD OF HEARING: The motion is to be heard orally.

THE MOTION IS FOR:

(a) An order continuing the Order of the Honourable Justice Newbould, issued

May 31, 2016 (the "Mareva Orcler") until further order of this court;

-2-

a

(b) An order, if necessary, validating or dispensing with service of this motion;

(c) Costs of this motion on a substantial indemnity basis, if opposed; and

(d) Such further and other relief as this Honourable Court deems just.

THE GROUNDS FOR THE MOTION ARE:

(a) The Receiver repeats and relies upon the grounds set out in its Notice of

Motion for the Mareva Order, dated May 30, 2016.

(b) The Receiver has recently initiated this action on behalf of the insolvent

corporations, BBIL and Stellar Point, which were formerly at the centre of the

now defunct "Banners Broker" enterprise, and their creditors, for the recovery

of over $100 million in damages, disgorgement and restitution.

(c) On May 31, 2016, the Receiver attended before Justice Newbould and

obtained the Mareva Order on an ex pane basis as against the defendants,

Rajiv Dixit, Dreamscape Ventures Limited, Dixit Consortium Inc., Dixit

Holdings Inc. and Kuldip Josun.

(d) In his Endorsement, dated May 31, 2016, Justice Newbould stated: "l am

satisfied on the material filed, which I have reviewed, that there are sufficient

grounds for an ex pane Mareva Injunction as requested."

(e) At paragraph 8 of the Mareva Order, Justice Newbould directed the parties to

attend before a Judge presiding over the Commercial List on June 7, 2016 at

10:00 AM for the hearing of a motion for the continuation of the Mareva Order.

-3-

3

General

(f) Section 101 of the Courts of Jusfice Act, RSO 1990, c. C.43;

(g) Rules 3, 16 and 40 of the Rules of Civil Procedure, RRO 1990, Reg 194; and

(h) Such further grounds as counsel may advise.

THE FOLLOWING DOCUMENTARY EVIDENCE will be used at the hearing of the motion:

(a) The Receiver's Motion Record, dated May 30, 2016, filed in support of the ex

pane motion for the Mareva Order, including the Seventh Report of the

Receiver, dated May 30, 2016 and the appendices thereto;

(b) The pleadings and proceedings herein and in the parallel cross-border

insolvency proceedings involving BBIL and Stellar Point (Court File No. CV-14-

10663-OOCL);

(c) The Affidavit of Erin Craddock, sworn June 3, 2016; and

(d) Such further and other evidence as counsel may advise and this Honourable

Court deems just.

June 1, 2016 CASSELS BROCK & BLACKWELL LLP2100 Scotia Plaza40 King Street WestToronto, ON M5H 3C2

David S. Ward LSUC#: 33541WTel: 416-869-5960Fax: 416-640-3154dward ~a casselsbrock.com

Christopher Horkins LSUC #: 61880RTel: 416.815.4351Fax: [email protected]

~~

:i

Lawyers for the Plaintiffs

TO: MEHRABI LAW OFFICE150 York Street, Suite 800Toronto, OntarioM5H 3S5

Esmaeil MehrabiTel: [email protected]

Counsel to Rajiv Dixit

AND TO: Rajiv Dixit2100 208 St.Langley, British ColumbiaV2Z 2A6

AND TO: Kuldip Josun1 1 Lanebrook DriveBrampton, OntarioL6P 2H4

AND TO: Dixit Holdings Inc.150 York Street, Suite 800Toronto, OntarioM5H 3S5

AND TO: Dixit Consortium Inc.150 York Street, Suite 800Toronto, OntarioM5H 3S5

AND TO: Dreamscape Ventures Ltd.Mill Mall, Suite 6Wickham's Cay, 1 P.O. Box 3085Road Town, TortolaBritish Virgin Islands

-5-

J

AND TO: World Web Media Inc.Unit 117, Orion MaliPalm Street, P.O. Box 828Victoria, MaheSeychelles

AND TO: Real Profit Limited1/F, Orchid HouseLini Highway, P.O. Box 79VU Port VilaEftate Vanuatu

AND TO: Real Profit Limited28, Negba StreetRishon Lezion7528049Israel

BANNERS BROKER INTERNATIONAL LTD. by

its re

ceiv

er,

and

RAJIV DIXIT et al

.MSI

SPERGEL INC

., et al

Pla

inti

ffs

Defe

ndan

ts

Court File No. CV-16-11413-OOCL

ONTARIO

SUPERIOR COURT OF JUSTICE

(COMMERCIAL LIST)

PROCEEDING COMMENCED AT

TORONTO

NOTICE OF MOTION

Cas

sels

Brock &Blackwell LLP

2100 Scotia Pl

aza

4 0 King St

reet

West

Tor

onto

, ON M5H 3C2

Dav

id S. Ward LSUC#: 33541 W

Tel

: 41

6-86

9-59

60Fax: 416-640-3154

[email protected]

Chr

isto

pher

Horkins LSUC #: 61880R

Tel

: 41

6.81

5.43

51Fax:

416.642.7129

cho

rkin

s@ca

ssel

sbro

ck.c

om

Lawyers for

the

Pla

inti

ff

Schedule "A" - 7



(Commercial List)

THE HONOURABLE ) TUESDAY, THE

JUSTICE ) 7th DAY OF JUNE, 2016

B ETWEEN:


Plaintiffs

- and -

RAJIV DIXIE', KULDIP JOSUN, DIXIT HOLDINGS INC.,DIXIT CONSORTIUM INC., DREAMSCAPE VENTURES LTD.,WORLD WEB MEDIA INC., and REAL PROFIT LIMITED

Defendants

ORDER

(Continuation of Mareva Injunction)

THIS MOTION by the Plaintiff, msi Spergel inc. ("Spergel") in its capacity as receiver (in

such capacity, the "Receiver") of Banners Broker International Limited ("BBIL") and Stellar

Point Inc. ("Stellar Point"), for an order continuing the Mareva injunction granted by the

Honourable Mr. Justice Newbould on May 31, 2016, restraining the defendants, Rajiv Dixit

("Dixit"), Dreamscape Ventures Limited ("Dreamscape"), Dixit Consortium Inc. ("Dixit

Consortium"), Dixit Holdings Inc. ("Dixit Holdings" and collectively referred to herein with Dixit,

Dixit Consortium and Dreamscape as the "Dixit Defendants") and Kuldip Josun ("Josun"), from

dissipating their assets and other relief, pending further order of this Honourable Court, was

heard this day at the Court House, 330 University Avenue, Toronto, Ontario.

-2-

ON READING the Motion Record of the plaintiff, on hearing the submissions of counsel

for the plaintiff:

1. THIS COURT ORDERS that the Order of the Honourable Mr. Justice Newbould (the

"Mareva Order"), as attached hereto as Schedule "A", be and is hereby continued in full and

effect on and after June 7, 2016, pending further Order of the Court.

2. THIS COURT ORDERS that the parties shall be authorized to agree in writing on (a) the

amounts which Josun or the Dixit Defendants, or any of them, are entitled to spend on ordinary

living expenses and/or legal advice and representation, and (b) the exemption of certain assets

or accounts from the Mareva Order, and that such written agreement shall have the same effect

as an Order of this Court made following an application brought by Josun or the Dixit

Defendants, or any of them, pursuant to paragraph 3 of the Mareva Order.

3. THIS COURT ORDERS that the costs of obtaining and enforcing the Mareva Injunction,

as well as the motion to continue and vary the Mareva Injunction, be reserved until further order

of the Court.

BANNERS BROKER INTERNATIONAL LTD. by its rec

eive

r,

and

RAJIV DIX

IT et al.

MSI

SPERGEL INC

., et ai

Pla

inti

ffs

Defendants


ONTARIO


(COMMERCIAL LIST)


TORONTO

ORDER

Cassels Brock &Blackwell LLP

2100 Scotia Pl

aza

40 Kin

g Street

West

Toronto, ON M5H 3C2

Dav


Tel: 416-869-5960

Fax: 416-640-3154

[email protected]

Chr

isto

pher


Tel:

416.

815.

4351

Fax:

416.642.7129

cho

rkin

s@ca

ssel

sbro

ck.c

om

Lawyers for

the

Plaintiffs

~ ~. ~ cam, ~.,._ ~ ~~~ ~~~ ~ ~o

Court ~`i!e Nt~.

{C~omr~ercial List)

~̀ HE ~IOhJC~URABLE a~-5-,. ) Tl1~SDAY, THE

jJUSTICE ,, = . ' ~ '~' ~ , ,~-~-- ~ 31 ~t DAY OF ~tItAY, 216

BETWEEN:

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BA~iNERS BRC3KER INTERNATIt~~VAL l.IMiTED endSTELLAR P~11~~', ANC., ~►y heir receiver MCI ~P~~tGE~. INC.

Plaintiffs

Qn~,1

RAJ1V DIXITa KUt~DiP ~0►~UN, DtXIT HULDI~ICS l~l~,,DtXl7 CONSDR7113M INC., DREA►M~Ci4PE VENTUR~~ LTI3.,

WORLD 1~VEB MEC~1~# INS., and REAL PR+D~~T ~~M17ED~~fendants

ORDER~1Vla~+eva Ir~jun~c#ions

NOTICE

!f yvu, the Def~n~ant, disobey this order you may be I~eiti to be in con#imp# ofcQur# ~r~d may be imprisoned, find Qr have your rise#s sized. Yoe are entit~~dtry apply c►n at least twenty-four (24) fours noti+~e t~ the P~a~ntiff, fir an Qrder

.granting you sufficient funds #flr Ordinary living expenses end legal ~~dvice antirepresentation.

Any ~~h~r person who Itnaws Hof this order and ~it~es anything which helps orpermits the defendant tv breach th+~ ~erm~ of this C~rd~r may ~Is~ ~~ held to be in+contempt of court and may be imps s~r~~d, fined ter have th+~ir assets ~eize~d.

THIS Mt~T~ON, grade v~rithoc~t ~nvtice by the Plaintiff, msi SpQr~el Inc. ~'~Sperg+et"} in its

capacity as rec+eiv+er din such capacity, tie "i~~ceiv+~r") cif Bar~n~er~s Brak~r Ir~t~rnat~~ona1 L~mit~d

("~~1L") and St~eliar Point lnc, ~"St+ellar Point"), fvr an intenrr~ larder in the form cif ~ Mareva

injunc#ion restraini~~ the defendants, Rajiv Dixit {"Dixit"), t~r~amscape Ventures Lirni#ed

2 - l i

{"Dreamscape°}, Dixit Consortium Inc. ("Dixit Consortium"), Dixit Naldings Inc. {"Dixit

Holdings" and collectively referred to herein with Dixit, Dixit Consortium and Dreamscape as

the "Dixit Defendants") and Kuldip Josun ("Josun"), from dissipating their assets and other

relief, was heard this day at the Court House, 330 University Avenue, Toronto, Ontario.

ON READING the Motion Record of the plaintiff, on hearing the submissions of counsel

for the plaintifif, and on noting the undertaking of the plaintiff to abide by any order this Court

may make concerning damages arising from the granting and enforcement of this Order:

Mareva Injunction

1. THIS COURT ORDERS that Josun and the Dixit Defendants, and their servants,

employees, agents, assigns, officers, directors and anyone else acting on their behalf or in

conjunction with them, or any of them, and any and all persons with notice of this injunction, are

restrained from directly or indirectly, by any means whatsoever:

(a) selling, removing, dissipating, alienating, transferring, assigning, encumbering, or

similarly dealing with any assets of Josun or the Dixit Defendants, wherever

situated, including but not limited to the assets and accounts fisted in Schedule

"A'° hereto;

(b) instructing, requesting, counselling, demanding, or encouraging any other person

to do so; and

(c) facilitating, assisting in, aiding, abetting, or participating in any acts the effect of

which is to do so.

2. THIS COURT ORDERS that paragraph 1 applies to all of Josun's and the Dixit

Defendants' assets whether or not they are in their own name and whether they are solely or

-3- - 12

jointly owned, For the purpose of this order, the assets of Josun and the Dixit Defendants

include any assefi which Josun or the Dixit Defendants, or any of them, have the power, directly

or indirectMy, to dispose of or deal with as if it were their own. Josun and the Dixit Defendants, or

any of them, are to be regarded as having such power if a third party holds or controls the

assets in accordance with the direct or indirect instructions of any of Josun or fhe Dixit

Defendants.

Ordinary Living Expenses

3. THiS COURT ORDERS that Josun and the Dixit Defendants, or any of them, may apply

for an order, on at least twenty-four (24} hours notice to the plaintiff, specifying fhe amount of

funds which Josun or the Dixie Defendants, or any of them, are entitled to spend on ordinary

living expenses and legal advice and representation.

Disclosure of Information

4. THIS COURT ORDERS that each o~f Josun and the Dixit Defendants prepare and

provide to fihe Plaintiff within 30 days of the date of service of this order, a sworn statemenfi

describing the nature, value, and location of their assets worldwide, whether in their own name

or not and whether solely or jointly owned.

5. THIS COURT C?RDERS that if the provision of any of fihis information 15 fike(y fo

incriminate Josun or the Dixit Defendants, or any of them, they may be entitled to refuse fio

provide if, but are recommended to take legal advice before refusing to provide the information.

Wrongful refusal to provide the information referred to in paragraph 4 herein is contempt of court

and may render Josun or the Digit Defendants, or any of Them, liable to be imprisoned, fined, or

have their asses seized.

Third .Parties

13

6. TN~~ ~t~UR'~ t3RD~RS +~an~dian ~mpe~ia~ Bank of ~orr~~ner~+e {"CIB~"), HSB~ .Bank

~,~~n~da {"MSBC"), Royal Bank of Canada ~"RBC"}, President's ~l~oice ~i~rancia~ group, C.1.~,

B~~nque, tt~e Bask ~f Cyprus end any tither ~i~anc~al institution holding rnc~n~es car assets in any

a~coun# o~- on credit on behalf cif ,1c~sun yr #ire Di~i# defendants, o~ any of #hem collectively, the

"Banks"), #~ for~h~zi#~ ~r~e~~+~ anr~ prevent any rerr~oval crr trari~fer ofi monies ~r as~+ets of the

D xi# Defendants field i~ any account ar tin credit on behalfi ~# Josun or the Dixie Defendants, or

any of ~her~, with the Banks, pan# l further Order of the Court, including but not limi~e~ ~o the

a~ccc~un#s I~sted in Schedule "Ai' hereto,

7. 'HIS +~O~RT ORD~R~ that the ~3anks forthwith disclose end deliver up to the plaintiff

any and ail r~co~-ds held by tt~~ Banks conc~ming tie Di~cit ~3~fen~ants' assets and accounts,

inc~ud ~+g the existence, na#ure, value and location of any monies or assts or credit, wher~~►er

situate, field vin behalf of the Dixit Defi~nd~nts, or any of them, by the Ban~Cs.

Variation, Discharg+~ or Extension of Order

8. ~'#i1S ~~3UF~T OR~ER~ that anyone served with or notf~ed of this t3rd~r may ~ppl~ fic~

tie ~+~urt ~t any tirr►e to vary or discharge phis order, on four {~) days nc~tics ~c~ #h~ ~'ia ~tif~,

9. THIS CU~1RT C3RDER~ tha# the parties sMa~1 attend before this G+ourt on

~ ..r ~~, , 201 at 9 0:OU AM for the hearing of a ~nr~tion by t#~e plain#iff for

the can#in~ation of this t~rder, #ailing which this t~rder mill terminate.

Ei~TEf~ED AT ~ 1NSCRa1` A TORaNTC~o~v ~ ~oox ~o~LE ! ~A~S ~-~ R~G~S'~RE N~~

MAY 31 Z41fi

1

14

SCHEDIDLE "A"

Bank Accounts:

BANK BRANCH ADDRESS ACCOUNT HOLDER ACCOUNT NO.

CIBC Unknown Rajiv Dixit Chequing Account

CiBC 540 Laval Drive Rajiv Dixit

Oshawa, ON L'I J OB5

CIBC 540 Lava! Drive Rajiv Dixit

Oshawa, ON L1 J OB5

C1BC 540 Laval Drive Rajiv Dixit

Oshawa, ON L1 J 0B5

CIBC 540 Laval Drive Rajiv Dixit

Oshawa, ON L1 J 065

CIBC 54Q Laval Drive Rajiv Dixit

Oshawa, ON L1 J OB5

CIBC 540 Laval Drive Dixit Consortium

Oshawa, ON L1 J OB5

CIBC 540 Laval Drive Dixit Consortium (USD Account)

Oshawa, ON L1 J OB5

ClBC 540 Laval Drive Dixit Consortium

Oshawa, ON L1 J OB5

CIBC 540 Laval Drive Dixit Holdings

Oshawa, ~N L1 J OB5

CIBC 540 Laval Drive Kuldip Josun Unknown

Oshawa, ON

L1J 0B5

HSBC Unknown Rajiv Dixit

HSBC Unknown Steflarpoint Ltd. Chequing Account No.

RBC 800 Taunton Rd E, Rajry Dixit

BANK BRANCH ADDRESS ACCOUNT HOLDER ACCUUNT NO.

Oshawa, ON L1 H7K5

RBC 27 Simcoe St N Rajiv Dixit

Oshawa, ON, L'I G4R7

RBC 10098 McLaughlin Kuldip Josun UnknownRoad

Brampton, ON

L7A 2X6

TD Bank Unknown Kuldip Josun

TD Bank 4 King Street W, P.O, Rajiv Dixit (held jointly Chequing Account No.Box 247 with Stephanie

Oshawa, (~NSchlacht)

L1 H 7L3

President's Choice P.O. Box 603 Kuldip Josun UnknownFinancial Group

Station, Agincourt

Scarborough, ON

M 1 S 5K9

Bank of Cyprus 658 Danforth Ave Dreamscape VenturesToronto, ON M4.1 5B9 Ltd.

G.I.M. Banque Unknown World Web Media /Kuldip Josun

Credit Cards:

BANK CARD HOLDER CARD NO.

CIBC Rajiv Dixit

CIBC Rajiv Dixit

CIBC Rajiv Dixit

CfBC Rajiv Dlxit

CIBC Rajiv Dixit

RBC Rajiv Dixit

15

_~_ 16

RBC Rajiv Dixit

NSBC Rajiv Dixie

~-

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.,

--

-

-, BANNERS BROKER INTERNATIONAL LT.D: by its receiver,

and RAJIV DIXIT et al.

'MSf SPERGEL fNC., e# al

~~ ~.~

Plaintiffs

~ ~

~~, ~

Defendants.;

.̀ ~

Court File No.

011fTAR10


(CQMMERCIAL LIST)


TORONTO

•-s

Cassels B

rock &Blackwell LLP

2'i 00 Scotia P[aza

4 0 King Sfreet W

est

Toronto, O

N M5H 3C2

David S

. Ward LSUC#: 33541W

Tel: 416-869-5960Fax: 416-640-3154sward ~a

casselsbrock.com

Christopher Horkins L

SUC #: fi1

880R

Tel:

4~ 6.815.4351Fax:

[email protected]

Lawyers for the Plaintiffs

1~



(Commercial List)B ETWEEN:


Plaintiffs

- and-


Defendants

AFFIDAVIT OF ERIN CRADDOCK

(Sworn June 3, 2016)

I, Erin Craddock, of the City of Toronto, in the Province of Ontario, MAKE OATH AND

SAY:

1 . I am a lawyer with the law firm of Cassels Brock &Blackwell LLP ("Cassels"), lawyers for

the plaintiff. I am involved in the file and, as such, have knowledge of the matters contained in this

affidavit. Where I do not have personal knowledge of the matters set out herein, I have stated the

source of my information and, in all such cases, believe it to be true.

2. I adopt the defined terms used in the Seventh Report of the Receiver, dated May 30, 2016

and the Receiver's Notice of Motion for the within motion.

3. I make this affidavit in support of the Receiver's motion for a continuation of the Mareva

Order of Justice Newbould, issued May 31, 2016, and to describe the Receiver's efforts to serve

the Mareva Order on the defendants and relevant financial institutions.

Legal"27703302.1

-2- - 1 g

Financial Institutions

4. On May 31, 2016, following the issuance of the Mareva Order, copies of the Mareva Order

and Justice Newbould's Endorsement (the "Endorsement") were sent by email to the legal

departments for the relevant financial institutions identified in Schedule "A" to the Mareva Order.

The Mareva Order and Endorsement were also sent via email to the branch managers of those

branches identified in Schedule "A" to the Mareva Order.

5. Attached hereto and marked as Exhibit "A" are copies of emails (without attachments) to

the relevant financial institutions providing copies of the Mareva Order and Justice Newbould's

Endorsement:

(a) My email, dated May 31, 2016, to Doreen Middlecoat, counsel at CIBC

(b) My email, dated May 31, 2016, to Helen Mirmina, branch manager at CIBC;

(c) My email, dated May 31, 2016, to Catherine Latulippe, counsel at HSBC;

(d) My email, dated May 31, 2016, to Karen Roberts, branch manager at RBC;

(e) My email, dated May 31, 2016, to Lisa Kelley, branch manager at RBC;

(f) My email dated May 31, 2016, to Kimberly Cooper, branch manager at RBC;

(g) My email dated May 31, 2016, to David Braunstein, counsel at TD Bank;

(h) My email dated May 31, 2016, to Anne Kowalczyk, branch manager at TD Bank;

(i) My emails dated May 31, 2016 with Daniel Wolski, branch manager at TD Bank;

(j) My email dated May 31, 2016, to Frank Espinosa, C.I.M. Banque; and

Legal*27703302.1

-3- ~ ~ ~

(k) My email dated June 1, 2016, to Kristen Quayle, counsel at PC Financial Group.

6. I also sent notarized copies of the issued and entered order to Karen Roberts, Lisa Kelly

and Kimberly Cooper of RBC and Anne Kowalczyk of TD Bank at the request of RBC's counsel

and Ms. Kowalczyk, respectively.

7. Upon attempting to serve the Toronto office of the Bank of Cyprus, which is listed at 658

Danforth Ave, Toronto, the Receiver was advised that the Bank of Cyprus no longer maintains a

Canadian Representative office. Instead, the Joint Liquidators sent a copy of the Mareva Order

and Endorsement to the UK office of the Bank of Cyprus on June 2, 2016. Attached hereto and

marked as Exhibit "B" is a copy of a letter sent by the Joint Liquidators to the London, UK office

of Bank of Cyprus on June 2, 2016.

Dixit Defendants

8. Since its appointment in 2014, the Receiver has been in regular contact with Esmaeil

Mehrabi, a lawyer with Mehrabi Law Group, and counsel to Dixit in the Banners Broker

cross-border insolvency proceedings. As such, service of the Mareva Order and supporting

materials on the Dixit Defendants was effected by providing copies to Mr. Mehrabi on June 1,

2016. Attached hereto as Exhibit "C" are copies of emails from Mary Carreiro of Cassels Brock

to Mr. Mehrabi on June 1, 2016 (without attachments) providing copies of the Mareva Order,

Endorsement, the Receiver's Motion Record, Factum and Book of Authorities, and the Receiver's

Statement of Claim, which were also couriered to Mr. Mehrabi's office the same day.

9. I am advised by Mr. Ward, and verily believe to be true, that Mr. Mehrabi advised Mr. Ward

that he would be speaking with his client regarding his retainer to defend the Dixit Defendants in

the Receiver's action and requested that the Receiver refrain from attempting service directly on

any of the Dixit Defendants until such time as Mr. Mehrabi confirmed his retainer.

Legal"27703302.1

-4- - 21

Josun

10. As of the date of this affidavit, the Receiver been unable to effect service of the Mareva

Order and supporting materials on Josun personally, despite several attempts to do so at his last

known address: 11 Lanebrook Drive, Brampton, Ontario. However, as set out below, I have

personally spoken with Josun by telephone and provided him with copies of the materials by email

and verily believe that the Mareva Order and supporting materials, as well as notice of the within

motion to continue the Mareva Order has come to his attention.

1 1. On the morning of June 2, 2016, I spoke to Josun via telephone regarding the Mareva

Order and the freezing of his bank accounts. Based on this telephone call, I verily believe that

Josun is aware of the Mareva Order and this proceeding, including the comeback hearing

scheduled for June 7, 2016. Josun requested that I send him copies of the relevant materials by

email, which I advised I would do. With respect to service, Josun advised that he is "not always" at

the 11 Lanebrook Drive address where the Receiver attempted service of the Mareva Order and

supporting materials.

12. On June 2, 2016, I emailed copies of the Mareva Order, Endorsement, the Receiver's

Motion Record, Factum and Book of Authorities, the Receiver's Statement of Claim, and the

Receiver's Notice of Motion for the within motion for the continuation of the Mareva Order to

Kull @hush.com, the email address from which Cassels have previously received

correspondence from Kuldip Josun. In that email I specifically advised Josun that the Mareva

Order directs that the parties attend before the Court on June 7, 2016 at 10:00 a.m. for the hearing

of a motion by the Receiver for continuation of the Mareva Order and that the Receiver would be

seeking a continuation at that time. A copy of my June 2, 2016 email (without attachments) is

attached hereto as Exhibit "D".

Legal*27703302.1

SWORN BEFORE ME at the City of Toronto,in the Province of Ontario on June 3, 2016

Commissioner for Taking Affidavits(or as maybe)

Conrad H~ngt~linn !. ~ aComm~ss~c~t~ ..t ,c: ofOntario, while a Stu{~er~t-at-t.aw.Expires Aprii 13, 2019.

-5-

i

ERIN RADDOCK

22

Legal*27703302.1

23

This is Exhibit "A" referred to in the Affidavit of Erin Craddock sworn

June 3, 2016 ~

Commissioner for Taking Affidavits (or as maybe)

Conrad Hong~ng Lee, aCommissioner; etc., Province ofOi~ta~0, v~rhife a StE~~en~-at-Law.Expires April 73, 201 .

Legal'"27703834.1

Hoogenband, Patricia

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:37 PMTo: Middlecoat, DoreenCc: Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.

v. Dixit et al: Court Order [IWOV-LegaI.FID1942069]Attachments: Order of Justice Newbould dated Tuesday the 31st day of May, 2016.pdf; Endorsement of

Justice Newbould dated May 31, 2016.pdf

Importance: High

Hi Doreen,

As you are aware, we act for the court-appointed receiver of Banners Broker International Limited and Stellar Point, Inc.

("Receiver"}.

Today the Receiver sought and obtained an ex pane Mareva Injunction as against the following persons ("Named

Parties):

• Rajiv Dixit

• Dreamscape Ventures Limited

• Dixit Consortium Inc.

• Dixit Holdings Inc.

• Kuldip Josun

The Mareva Order, a copy of which is attached, includes Third Parties provisions (paras. 6 and 7) applying to financial

institutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. The Banks are

directed to forthwith freeze and prevent any removal or transfer of monies or assets of the Named Parties until further

order of the Court. Accounts believed to be held at your bank are listed in Schedule A to the order, however there may

be additional accounts that we are not currently aware of but that are also to be frozen.

We are working to bring this order to the attention of individual CIBC branches as well, but there are inevitable logistical

problems in making sure that it gets in the right hands quickly so that it may be acted upon. As mentioned, there may

very well also be CIBC accounts of which we are not aware. For these reasons, any assistance you could provide in

i mplementing this order as soon as possible in accordance with its terms would be greatly appreciated.

We are also available to discuss the order should you have any questions.

Thanks,

Erin

Erin CraddockDirect: +1 41 E~ 860 fa480 = F'ax: +1 416 6 44 9324 P ecraddock(c~casselsbrock.com21 C30 Scotia Plaza, ~40 King Street West, Toronto, Qnt~rio, fVl5~~i 3C;2www.casselsbrock.com

25Hoogenband, Patricia

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:41 PMTo: [email protected]: Middlecoat, Doreen; Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.



Importance: High

Hi Ms. Mirmina,

We are counsel to msi Spergel inc., in its capacity as court-appointed receiver of Banners Broker International Limitedand Stellar Point Inc. (the "Receiver").

Today the Receiver sought and obtained an ex pane Mareva Injunction as against the following persons ("NamedParties):

• Rajiv Dixit

• Dreamscape Ventures Limited• Dixit Consortium Inc.• Dixit Holdings Inc.

• Kuldip Josun

The Mareva Order, a copy of which is attached hereto, includes Third Parties provisions (paras. 6 and 7) applying tofinancial institutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. Financialinstitutions are directed to forthwith freeze and prevent any removal or transfer of monies or assets of the NamedParties until further order of the Court.

Accounts believed to be held at CIBC are listed in Schedule A to the order. However there may be additional accountsthat we are not currently aware of but that are also to be frozen pursuant to the terms of the Order.

If you have any questions or would like to discuss the order, please do not hesitate to contact me.

I n the meantime, we would be grateful if you would acknowledge receipt of this correspondence and let us know whoat vour bank we may contact in respect of the implementation of this letter.

May we please hear from you as soon as possible?

Thank you for your attention herein.

Erin

Erin CraddockUirect: +1 416 $50 5480 •Fax: +1 416 644 5324 • ecraddock~casselsbrock.com210Q Scotia Plaza, 40 King Street. West, Toronto, Ontario, M5H 3C2www.casselsbrock.com

~6Hoogenband, Patricia

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:45 PMTo: [email protected]: Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.



Importance: High

H i Catherine,

As you are aware, we act for the court-appointed receiver of Banners Broker International Limited and Stellar Point Inc.("Receiver").

Today the Receiver sought and obtained an ex parte Mareva Injunction as against the following persons ("NamedParties):

• Rajiv Dixit



~ Dixit Holdings Inc.

• Kuldip Josun

The Mareva Order, a copy of which is attached, includes Third Parties provisions (paras. 6 and 7) applying to financialinstitutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. The Banks aredirected to forthwith freeze and prevent any removal or transfer of monies or assets of the Named Parties until furtherorder of the Court. Accounts believed to be held at your bank are listed in Schedule A to the order, however there maybe additional accounts that we are not currently aware of but that are also to be frozen.

We are working to bring this order to the attention of individual HSBC branches as well, but as of yet have been unableto determine the location of the relevant HSBC branches. Further, there are inevitable logistical problems in makingsure that it gets in the right hands quickly so that it may be acted upon. As mentioned, there may very well also be HSBCaccounts of which we are not aware. For these reasons, any assistance you could provide in implementing this order assoon as possible in accordance with its terms would be greatly appreciated, including any assistance in locating therelevant branches.


Thanks,

Erin

Erin CraddockDirect: +1 416 860 6480 •Fax: +1 416 644 9324 • ecraddock(a~casselsbrock.com2100 Scotia Plaza, 40 King Street Wes#, Taranto, Qntario, N15H 3C2www.casselsbrock.com

2IHoogenband, Patricia

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:47 PMTo: [email protected]: McEachern, Katherine; Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.



Importance: High

Hello Ms. Roberts,



• Rajiv Dixit




• Kuldip Josun


Accounts believed to be held at RBC are listed in Schedule A to the order. However there may be additional accountsthat we are not currently aware of but that are also to be frozen pursuant to the terms of the Order.


I n the meantime, we would be grateful if you would acknowledge receipt of this correspondence and let us know whoat your bank we may contact in respect of the implementation of this letter.



Erin

Erin CraddockDirect: +1 416 860 6480 •f=ax: +1 416 644 9324 • ecraddock(c~casselsbrock.com2100 Scotia Plaza, 40 King Street West, Toronto, Ontario, M5H 3C2www.casselsbrock.com

Hoogenband, Patricia?8

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:48 PMTo: [email protected]: McEachern, Katherine; Ward, DavidSubject: RE: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Sperge

inc. v. Dixit et al: Court Order [IWOV-LegaI.FID1942069]Attachments: Order of Justice Newbouid dated Tuesday the 31st day of May, 2016.pdf; Endorsement of


Hello Ms. Kelly,



• Rajiv Dixit




• Kuldip Josun

The Mareva Order, a copy of which is attached hereto, includes Third Parties provisions (pass. 6 and 7) applying tofinancial institutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. Financialinstitutions are directed to forthwith freeze and prevent any removal or transfer of monies or assets of the NamedParties until further order of the Court.






Erin

Erin CraddockDirect: +1 416 860 6480 • Fax: +1 416 544 9324 • ecraddockCcr~.casselsbrock.com2100 icotia plaza, 40 King Street West, Toronto, On#ario, M5f-i 3C2www.casselsbrock.com


From: Craddock, ErinSent: Tuesday, May 31, 2016 12:49 PMTo: [email protected]: McEachern, Katherine; Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.



Hello Ms. Cooper,



• Rajiv Dixit

• Dreamscape Ventures Limited• Dixit Consortium Inc.


• Kuldip Josun







Erin

Erin CraddockDirecf: +1 416 $60 6480 •Fax: +1 416 644 9324 • ecraddock(c~casselsbrock.com2100 Scotia F'laz~, 40 FCing Street West, 7oronta, Ontaria, M5N ;~~;2www.casselsbrock.com





Importance: High

Hello Mr. Braunstein,

As you are aware, we act for the court-appointed receiver of Banners Broker International Limited and Stellar Point, Inc.("Receiver").

Today the Receiver sought and obtained an ex parte Mareva Injunction as against the following persons ("NamedParties"):

• Rajiv Dixit




• Kuldip Josun

The Mareva Order, a copy of which is attached, includes Third Parties provisions (paras. 6 and 7) applying to financiali nstitutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. The Banks aredirected to forthwith freeze and prevent any removal or transfer of monies or assets of the Named Parties until furtherorder of the Court. Accounts believed to be held at your bank are listed in Schedule A to the order, however there maybe additional accounts that we are not currently aware of but that are also to be frozen.

We are working to bring this order to the attention of individual TD branches as well, but there are inevitable logisticalproblems in making sure that it gets in the right hands quickly so that it may be acted upon. As mentioned, there mayvery well also be TD accounts of which we are not aware. For these reasons, any assistance you could provide ini mplementing this order as soon as possible in accordance with its terms would be greatly appreciated.


Thanks,

Erin

Erin Craddockdirect: +1 416 86t7 6480 •Fax: +1 416 644 ~J3~4 « ecraddock(a~casselsbrock.com21 QO 5coti~ Plaza, 40 King Street West, Toronto, Ontario, M5F-i 3C2www.casselsbrock.com

Hoo enband, Patricia ~ ~

From: Craddock, ErinSent: Tuesday, May 31, 2016 12:53 PMTo: [email protected]: [email protected]; Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.



Importance: High

Hello Ms. Kowalczyk,



• Rajiv Dixit

~ Dreamscape Ventures Limited



• Kuldip Josun

The Mareva Order, a copy of which is attached hereto, includes Third Parties provisions (paras. 6 and 7) applying tofinancial institutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. Financialinstitutions are directed to forthwith freeze and prevent anv removal or transfer of monies or assets of the NamedParties until further order of the Court.

Accounts believed to be held at TD are listed in Schedule A to the order. However there may be additional accounts thatwe are not currently aware of but that are also to be frozen pursuant to the terms of the Order.





Erin

Erin CraddockDirect: +1 416 8G0 648Q •Fax: +1 415 644 9324 • ecraddock(a~casselsbrock.com21 d0 Scotia Plaza, 40 King Street West, l~oronto, Ontario, M5H 3~2www.casselsbrock.com

Hoogenband, Patricia




Hello Mr. Espinosa,

Further to our telephone conversation earlier this morning, we act for the court-appointed receiver of Banners Broker

International Limited and Stellar Point Inc. ("Receiver").

Today the Receiver sought and obtained an ex parte Mareva Injunction as against the following persons ("Named

Parties"):

• Rajiv Dixit




• Kuldip Josun

The Mareva Order, a copy of which is attached hereto, includes Third Parties provisions (paras. 6 and 7) applying to

financial institutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. Financial

institutions are directed to forthwith freeze and prevent any removal or transfer of monies or assets of the Named

Parties until further order of the Court.

Accounts believed to be held at CIM Banque are listed in Schedule A to the order. However there may be additional

accounts that we are not currently aware of but that are also to be frozen pursuant to the terms of the Order.


In the meantime, we would be grateful if you would acknowledge receipt of this correspondence and let us know who

at your bank we may contact in respect of the implementation of this letter.


Thanks,

Erin

Erin CraddockDirect: +1 416 860 648 1 p Fax: +1 41C~ 544 9324 ~ ecraddock(c~casselsbrock.com21 Q~ :~cotia Plaza, 40 King Street West, 7oranta, ~Jnt~rio, M5H 3L2www.casselsbrock. com

Hoo enband, Patricia 3 3

From: Craddock, ErinSent: Tuesday, May 31, 2016 4:40 PMTo: Wolski, DanielCc: Ward, DavidSubject: RE: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel

inc. v. Dixit et al: Court Order [IWOV-LegaI.FID1942069]

H i Daniel,

Thanks for emailing me. For some reason our Spam filter had caught this and I am just seeing it now.

Please let us know if you need ar~y other information from us or if you would like to discuss.

Thanks,

Erin

Erin CraddockDirect: ~1 416 860 6480 •Fax: i•1 416 X44 9324 • ecraddack@cass~9sbr~c4c.cc~rrr21 ~0 ~coti~ Plaza, 4t7 King 5treefi West, Toranfio, C7ntari~, M5H 3C2www.casselsbrock.com

From: Wolski, Daniel [mailto:[email protected]]Sent: Tuesday, May 31, 2016 1:37 PMTo: Craddock, Erin; Kowalczyk, AnneCc: Ward, DavidSubject: RE: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc. v. Dixit et al:Court Order [IWOV-LegaI.FID1942069]

Erin

The email below has been forwarded to my attention.

I have the Order and will see that it is actioned by our Third Party Demands group.

Any further correspondence can be directed to me.

Best regards,

Daniel Wolski ~ ~Quns~l --- C~nadi~r~ ~isp~t~s ~ L~~~1 Depa~tm~nt ~T~T 5th ~loar E TD ~~n~ rc~~f: 4~.6.3Qfi.113~7 ~ ~: 416.944.671

From: Craddock, Erin [mailto:[email protected]]Sent: Tuesday, May 31, 2016 12:53 PMTo: Kowalczyk, AnneCc: Braunstein, David; Ward, DavidSubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc. v. Dixit et al:Court Order [IWOV-LegaI.FID1942069]Importance: High

34Hello Ms. Kowalczyk,

We are counsel to msi Spergel inc., in its capacity ascourt-appointed receiver of Banners Broker International Limitedand Stellar Point Inc. (the "Receiver").

Today the Receiver sought and obtained an ex parte Mareva Injunction as against the following persons ("NamedParties):• Rajiv Dixit• Dreamscape Ventures Limited• Dixit Consortium Inc.• Dixit Holdings Inc.• Kuldip Josun


Accounts believed to be held at TD are listed in Schedule A to the order. However there may be additional accounts thatwe are not currently aware of but that are also to be frozen pursuant to the terms of the Order.





Erin

Erin CraddockDirect: +1 416 860 6480 •Fax: +1 416 644 9324 • ecraddock(a~casselsbrock.com2100 Scotia Plaza, 40 King Street West, Toronto, Ontario, M5H 3C2www. casselsbrock.com

This message, including any attachments, is privileged and may contain confidential information intended onlyfor the persons) named above. Any other distribution, copying or disclosure is strictly prohibited.Communication by email is not a secure medium and, as part of the transmission process, this message may becopied to servers operated by third parties while in transit. Unless you advise us to the contrary, by acceptingcommunications that may contain your personal information from us via email, you are deemed to provide yourconsent to our transmission of the contents of this message in this manner. If you are not the intended recipientor have received this message in error, please notify us immediately by reply email and permanently delete theoriginal transmission from us, including any attachments, without making a copy.

If you wish to unsubscribe from receiving commercial electronic messages from TD Bank Group, please click here or go to the following web address:

www.td.com/tdoptout 3 5Si vous souhaitez vous desabonner des messages ~lectroniques de nature Commerciale envoyes par Groupe Banque TD veuillez cliquer ici ou vousrendre a I'adresse www.td.com/tddesab

NOTICE: Confidential message which may be privileged. Unauthorized use/disclosure prohibited. If received in error, please go to www.td.com/legal forinstructions.AVIS :Message confidentiel dont le contenu peut etre privilegie. Utilisation/divulgation interdites sans permission. Si re~u par erreur, priere d'aller auwww.td.com/francais/avis juridique pour des instructions.

Hoo enband Patricia J ~

From: Craddock, ErinSent: Wednesday, June 01, 2016 10:27 AMTo: Kristen Quayle (PCB)Cc: Ward, DavidSubject: RE: Returning VM [IWOV-LegaI.FID1942069]Attachments: Order of Justice Newbould dated Tuesday the 31st day of May, 2016.pdf; Endorsement of

J ustice Newbould dated May 31, 2016.pdf

H i Kristen,

Thanks for the prompt reply and allowing us to send the materials to you directly. By way of introduction, we act for thecourt-appointed receiver of Banners Broker International Limited and Stellar Point Inc. ("Receiver").

Yesterday the Receiver sought and obtained an ex parse Mareva Injunction as against the following persons ("NamedParties):

• Rajiv DixitDreamscape Ventures LimitedDixit Consortium Inc.Dixit Holdings Inc.Kuldip Josun

The Mareva Order, a copy of which is attached, includes Third Parties provisions (paras. 6 and 7) applying to financiali nstitutions holding monies or assets in any amount on credit on behalf of any of the Named Parties. The Banks aredirected to forthwith freeze and prevent any removal or transfer of monies or assets of the Named Parties until furtherorder of the Court. Accounts believed to be held at your bank are listed in Schedule A to the order, however there maybe additional accounts that we are not currently aware of but that are also to be frozen.

We are working to bring this order to the attention of individual PC branches as well, but as of yet have been unable todetermine the location of the relevant PC branches. Further, there are inevitable logistical problems in making sure thatit gets in the right hands quickly so that it may be acted upon. As mentioned, there may very well also be PC accounts ofwhich we are not aware. For these reasons, any assistance you could provide in implementing this order as soon aspossible in accordance with its terms would be greatly appreciated, including any assistance in locating the relevantbranches.


Thanks,

Erin

Erin CraddockDirect: +1 416 X60 6480 •Fax: +1 416 644 9324 • ecraddock(cr~casselsbrock.cam21 ~0 Scotia F'I~za, 40 King Str~~t West, Taror~tn, Ontario, NISH 3C2www.casselsbrock.com

From: Kristen Quayle (PCB) [mailto:[email protected]]Sent: Wednesday, June 01, 2016 10:22 AMTo: Craddock, ErinSubject: Returning VM

Hi Erin, 37

received your VM re: mareva injunction. You can send the document to me by way of email and I will send them to ourinternal business folks who are accountable for taking action on them. Once received, if we have any questions I willcontact you directly.

Thanks,Kristen

Kristen Quayle, Director, Legal Counsel &Ombudsman25 York Street ~ P.O. Box 201 ~ 7th Floor ~ Toronto ~ Ontario ~ M5J 2V5T: (416) 204.2600 x 411014 ~ F: (416) 204.2660 ~ kristen.quayle(a~pcbank,ca

TIPS ~CYi~II /7)~SS~C~~ !S CC)17~9Qrel9`1~1~I, r~ray be 1~galfy privileged and is in~errd~d for the exclusive use of the ada'ressee. if yoco received thism~ssag~ ir1 error or are not the intended recipl~r~t, you should destray td~fe ~rnaiJ rmessage and any attachments ear copies, and yoe~ areprohPbitsr~ fr~rrr r~;tair~ir~g, distributing, disclasinq or rasing arty infc~rrr~at4on ccantain~d. ~'/ease irtic~rm us of the delivery error by return email.Thank yc~u for ~ac~r ~c~o~~ration.

L~ present m~ssa~e eJectr~or~igtee est canfro'entr~4 et p~7ut g~tr~ co~av~rt {~~r l~; s~cr~t profess~onnel. Il est ~ !'usage ~xclusif ~'u cfestinataire. Sivans r~c~vez ce m~s~ag~ ~at~ err~c~~~ au ~i vous n'en e#es ~~rs 1e destinataire prevu, vous d~v~z d~truire fe rr~essag~ et touts piece joints ou~vpi~ ~t vous etes terror de ne ,nos ccarrse~rver, distribue;r, di~✓ulguer r~i utifis~r taut reriseign~ment qu'il cvntierrt. Veuillez anus in~orm~r de touts~rreur d'env~i en repandar~t a ce me~~age. M~rci ~e votre colla~oratio,n.

•

This is Exhibit "B" referred to in the Affidavit of Erin Craddock swornJune 3, 2016


Conrad Hang~~y ~~, aCommissioner, etc., Province of4ntano while a Siu~ient-at-Law.Expire's April 13, 201~J.

Legal*27703834.1

Our Ref:

Your Ref;

PA/ASB412/Investigations

26.28 Bedford RowLondon WC1R 4HE

Bank of Cyprus UKRecoveries DepartmentPO Box 1748487 Chase SideLondon N 14 5 WH

2 June 2016

Dear Sirs

David Rubin PartnersChartered Accauntant~ •Licensed Insolvency Pz°~.ctitioners

DX 267 LONDON/CI~ANCERY T.ANE

Telephone: 020 7400 7900Facsimile: 020 7242 3233E-Mail: [addressee]@drpartners.comWebsite: www.drpartners,com

BANNERS BROKER INTERNATIONAL LIMITED — IN LIQUIDATION {"BBIL"}BBIL AND STELLAR POINT INC — BY THEIR RECEIVER MSI SPERGEL V DIXIT ET AL

On 26 February 2014, a Winding Up Order was made against BBIL in the High Court of Justice of theIsle of Man and I was duly appointed Joint Provisional Liquidator and Deemed Official Receiver,together with Miles Andrew Benham of MannBenham Advocates.

At meetings of BBIL's creditors and contributories held on 12 March 2014, our appointment wasratified, and on 14 March 2014, the Court ordered that Mr Benham and I be appointed JointLiquidators.

The Isle of Man proceedings were subsequently recognised as ̀ foreign main proceedings' and MSISpergel Inc ("Spergels") were appointed as BBIL's Receiver in Canada by order of the Ontario Court.Spergels have also been appointed Receiver of Stellar Point Inc, an entity related to BBIL.

It should be noted that the Receiver has recently sought and obtained an ex parte Mareva Injunction asagainst the following persons ("Named Parties"):

~ Rajiv Dixit• Dreamscape Ventures Limited• Dixit Consortium Inc.• Dixit Holdings Inc.• Kuldip Josun

The Mareva Order, a copy of which is enclosed herein, includes Third Parties provisions (paras. 6 and7) applying to financial institutions holding monies or assets in any amount on credit on behalf of anyof the Named Parties. Financial institutions are directed to forthwith freeze and prevent anyremoval or transfer of monies or assets of the Named Parties until further order of the Court.

Accounts believed to be held at Bank of Cyprus are listed in Schedule A to the Order. However theremay be additional accounts that I am not currently aware of but that are also to be frozen pursuant tothe terms of the Order.

Cont/d...2

'ji1',9",~~,';,°~, gY,~)in~iPr~P~~4,9p~4,'J 4}11 ' r,,, ~;p,9~,'I

David Rubin. ~ Partners fs the trading style of David Rubin ~ Partners Ltd ~ i~~'~ F~ • ~ ~

Registered Offzce: 26-28 9edford Row, Loradora WC1R 4HE ~

Kegistered in E~igland ~ Wales. Registration. No: 08977557 ~

Bank of Cyprus UK

2 June 2016

40David Rubin Partners

Gliart~r~~#Accou~t~r€ts •Licensed Insolvency Practitioners

If you have any questions or would like to discuss the Order, please do not hesitate to contact myManager, Adam Shama (adam ,~,,dr~,artners.co ).

In the meantime, I should be grateful if you would acknowledge receipt of this correspondenceand tet me know who at your bank I may contact in respect of the implementation of this letter.

Yours faithfitlly

~~~~

Paul Appleton is licensed at as an Insolvency Practitioner in the UK by the ICAEW

Encs

4~

This is Exhibit "C"referred to in the Affidavit of Erin Craddock swornJune 3, 2016


Conrad HongWing Lee, aCommissioner, etc., Pr~vinGe of(Jr►tano, while aStudent-at-Law.Expires <lpril 13, 201 .

Legal*27703834.1

Carreiro, Ma ~~ ~

From: Carreiro, Mary [[email protected]]Sent: Wednesday, June 01, 2016 2:14 PMTo: Ward, David; 'Esmaeil Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr.

Mehrabi) [IWOV-LegaI.FID1942069]Attachments: BBIL Statement of Claim - CV-16-11413-OOCL.PDF; Order (Mareva Injunction) May 31,

2016.PDF; Endorsement, Newbould, J. May 31,PDF

Attached please find the following documents:

1. Statement of claim; and2. Order and endorsement of the Honourable Mr. Justice Newbould dated May 31, 2016.

Mary Carreiro •Legal assistantDirect: +~ 415 860 6565 • mcarreiro(~casselsbrock.com2100 Scotia Plaza, 40 King Street West, Tornnta, t7ntario, Canada M5H 3C2www. casselsbrock.com

Carreiro, Mary 4 ~

From: Carreiro, Mary [[email protected]]Sent: Wednesday, June 01, 2016 2:18 PMTo: Ward, Qavid; 'Esmaeil Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr.

Mehrabi) [IWOV-LegaI.FID1942069]Attachments: Factum dated May 30, 2016.PDF; Book of Authorities dated May 30, 2016.PDF

Attached please find a copy of the Factum and Book of Authorities.

Mary Carreiro •Legal AssistantDir~cf: +1 416 860 5566 • mcarreiroCdcasselsbrock.com2100 Scotia plaza, 40 King Street West, Torun#o, Can#~rio, Canada M5hi 3C2www.casselsbrock.com

Carreiro, Mary

From: Carreiro, Mary [[email protected]]Sent: Wednesday, June 01, 2016 2:23 PMTo: Ward, pavid; 'Esmaeii Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr.

Mehrabi) [IWOV-LegaI.FID1942069]Attachments: Motion Record - Volume I of II - Reduced.pdf

Attached please find a copy of Part 1 of the Motion Record.

Mary Carreiro • Lega1 A~si~t~r~tDirect: +1 416 860 X566 • mcarreiro~a.casselsbrock.com2100 ic~tia Plaza, 4Q King street West, Toronto, Ontaria, ~anad~ M5H 3C2www. casselsbrock.com

45Carreiro, Mary

From: Carreiro, Mary [[email protected]]Sent: Wednesday, June 01, 2016 2:33 PMTo: Ward, David; 'Esmaeil Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr.

Mehrabi) [IWOV-LegaI.FID1942069]Attachments: Motion Record Volume II (Part 1).pdf

Attached please find Motion Record —Volume 2 (Part 1)

Mary Carreiro •Legal A~~i~~~ntDirect: +1 416 8C0 6566 • mcarreiro ~casselsbrock.com2100 Scotia F'laz~, 40 ~Cing street Vilest, Toronto, C7ntario, Canada M5H 3C2www.casselsbrock.com

46Carreiro, Mary

From: Carreirq, Mary [[email protected]]Sent: Wednesday, June 01, 2016 2:34 PMTo: Ward, David; 'Esmaeil Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr.

Mehrabi) [IWOV-LegaI.FID1942069]Attachments: Motion Record Volume 2 (Part 2).pdf

From: Carreiro, MarySent: Wednesday, June 01, 2016 2:33 PMTo: Ward, David; 'Esmaeil Mehrabi'Subject: RE: Banners Broker /Stellar Point Receivership - Mareva Injunction (SERVICE Email to Mr. Mehrabi) [IWOV-Legal. FID 1942069]

Attached please find Motion Record — Valume 2 (Part 2)

Mary Carreiro •Legal AssistantDirect: +1 416 860 0566 • mcarreiroCa~casselsbrock.com2100 Scotia Plaza, 4d King ~tr~~t West, T~ronta, C)ntario, Canada M5H 3C2www.casselsbrock.com

This is Exhibit "D" referred to in the Affidavit of Erin Craddock swornJune 3, 2016


Conrad HongWing wee, aCommissioner, ~t:,. Province ofOntario, whale a Stu~~nt-~i- _aw.Expires Apri! 13, 2019.

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48Craddock, Erin

From: Craddock, ErinSent: Thursday, June 02, 2016 12:19 PMTo: 'Kul1 @hush.com'Cc: Ward, David; Ellis, LarrySubject: Banners Broker International Limited and Stellar Point Inc., by their receiver msi Spergel inc.

v. Dixit et al [IWOV-LegaI.FID1942069]Attachments: Order of Justice Newbould dated Tuesday the 31st day of May, 2016.pdf; Endorsement of

Justice Newbould dated May 31, 2016.pdf; Motion Record - Volume I of II.PDF; MotionRecord Volume II of II.PDF; Factum dated May 30, 2016.pdf; Book of Authorities dated May30, 2016.pdf; BBIL Statement of Claim - CV-16-11413-OOCL.PDF; Notice of Motion for Returnof Mareva. pdf

Mr. Josun,

As discussed during our telephone call a few moments ago, and at your request, attached please find copies of:

1. Statement of Claim;

2. Receiver's Motion Record for a Mareva order;

3. Factum of the Receiver in support of the Mareva;4. Book of Authorities of the Receiver in support of the Mareva;

5. A copy of the Mareva Order;

6. A copy of Justice Newbould's Endorsement; and

7. A copy of the notice of motion for the Mareva Order on June 7, 2016.

As was also discussed, we will deliver a hard copy of these materials to your residence at 11 Lanebrook, Brampton

Ontario.

Please note that the Mareva Order directs that the parties attend before the Court on June 7, 2016 at 10:00 a.m. for

the hearing of a motion by the plaintiff for continuation of the Mareva Order. Please note that we will seek a

continuation of the order at that time.

In the circumstances, we ask that you or your lawyer contact the undersigned immediately upon receipt of this letter.

Regards,

Erin

Erin CraddockDirect: ~-1 416 860 0480 •fax: +1 4~1~ 644 932 ~ ecraddock(c~casselsbrock.com21 C30 ~~~ti~ ~l~z~, 40 ding ~tr~~t V~fe~t, .~'aronta, ~3~taric~, f~5i~ 3C~www. casselsbrock. com


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ontario - spergel corporate · court file no. cv-16-11413-o~cl ontario superior court of justice...

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