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by Mike Caswell

The Ontario Securities Commission has begun proceedings against Stan Bharti, the Toronto businessman behind Forbes & Manhattan Inc., for improperly receiving shares in Canadian Securities Exchange listing Medivolve Inc. in 2020. The OSC claims that Mr. Bharti received three million Medivolve shares as part of a deal in which Medivolve acquired a company that developed medical technology related to COVID-19. As Mr. Bharti was a Medivolve director he was required to disclose the shares, but failed to do so, the OSC says.

The allegations are contained in a notice of hearing that the OSC released on Monday, April 13. The respondents are Mr. Bharti, who was born in India and has decades of capital markets experience in Canada. Also named is one of his associates, Ontario lawyer Neil Said.

The case arises from an acquisition that Medivolve made in April, 2020, in the early stages of the COVID-19 pandemic. The company acquired an entity called Amino Therapeutics Inc. for $2-million (U.S.) in cash and 15 million shares. At the time, Mr. Said was Medivolve's recently appointed chief executive officer, having taken over from Mr. Bharti weeks earlier. Mr. Bharti was a director of Medivolve.

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