CBI books Adani Enterprises, 2 others for alleged irregularities in coal supply contract

Agencies
January 16, 2020

New Delhi, Jan 16: In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation (CBI) on Thursday said that it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G P Gupta, the then MD of the NCCF, S C Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants.

According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true.

The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports

The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited.

The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd.

During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 percent, while the MBCL quoted the margin of 2.25 percent and rest did not quote any margin to the NCCF.

The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions.

"Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office. It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 percent margin," it alleged.

The CBI in its FIR, further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.

"It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.

"The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.

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News Network
February 28,2020

Thane, Feb 28: Former BJP MLA Narendra Mehta was on Friday charged for allegedly  raping and harassing a woman corporator in Bhayandar, which is in the Thane district near Mumbai, on Friday, police said.

His associate Sanjay Tharthare has also been charged in the case, they said.

The district rural police lodged an FIR against Narendra Mehta, who resigned from the BJP three days ago, and his associate, an official from the Mira-Bhayandar police station said.

No arrest has been made till now.

A video of the corporator purportedly speaking about the alleged harassment and abuse she suffered at the hands of Narendra Mehta went viral on social media two days ago, the official said.

The corporator has alleged that the abuse is going on since 1999 and her family is facing threats from him, he added.

Narendra Mehta and Sanjay Tharthare were charged under relevant section of the Indian Penal Code for rape and other relevant provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989, he said.

Meanwhile, Shiv Sena MLA Pratap Sarnaik demanded the immediate arrest of Narendra Mehta, saying it is a "tragedy" that the BJP, which raises the issue of women's safety in the state, has not taken any action against its leader.

"Law and order issue will arise if such a person (facing rape and harassment charges) roams freely. He should be arrested as soon as possible," Mr Sarnaik said.

The Thane legislator also termed Narendra Mehta as "Marathi-hater" and alleged that he had once questioned Chief Minister Uddhav Thackeray's culture.

"I wonder why the BJP did not take strict action against Mehta, it needs to introspect," Mr Sarnaik said.

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News Network
January 27,2020

Kolkata, Jan 27: The West Bengal government on Monday tabled a resolution against the Citizenship (Amendment) Act in the Assembly.

The resolution appeals to the Union government to repeal the amended citizenship law and revoke plans to implement NRC and update NPR.

As per reports, state Parliamentary Affairs Minister Partha Chatterjee introduced the resolution in the House around 2 pm.

Three states - Kerala, Rajasthan and Punjab - have already passed resolutions against the new citizenship law.

The law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

The new citizenship law has emerged as the latest flashpoint in the state, with the TMC opposing the contentious legislation tooth and nail, and the BJP pressing for its implementation.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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