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by Stockwatch Business Reporter

The TSX Venture Exchange rallied 6.23 points to close at 590.45 Friday, ending the week up 1.29 points. Mudit Paliwal has filed a preliminary prospectus to list his first capital pool shell, Kalon Acquisition Corp. It plans to sell a $400,000 to $550,000 initial public offering at 10 cents through Haywood Securities Inc.

Mr. Paliwal, 45, lives in Copenhagen. From October, 2017, to January, 2019, he was the president and chief operating officer of Norvic Shipping International Ltd., a dry bulk shipping operator that was founded in Toronto in 2006. Norvic's head office remains in Toronto, and the company has other offices in Copenhagen, the United States, India and Singapore. While Mr. Paliwal was the president and COO of Norvic, he was also the president and chief executive officer of the company's European operations.

Earlier in his career, from 2002 to 2011, Mr. Paliwal was the executive vice-president of Noble Group Ltd., a commodity trading and shipping firm in Hong Kong. At its peak, Noble's stock traded up to $16.69 (Singaporean) on the Singapore Exchange in 2011. Noble's vice-chairman at the time, as well as one of its co-founders, was Hong Kong billionaire Harry Banga. In 2015, or four years after Mr. Paliwal left Noble, the company was accused of accounting fraud. The stock then dropped and was last at eight Singaporean cents a year ago. It no longer trades. It remains under investigation in Singapore.

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