Funds flow via maze into Gadkari firms

October 25, 2012
gadkari

New Delhi, October 25: The questions over the source of funds to Nitin Gadkari's Purti Power and Sugar Ltd have deepened, with investigations revealing that money flowed in from a multi-layered maze of companies registered all over India.

A TOI report on Tuesday had mentioned some two dozen companies, many with unverifiable addresses, whose directors included Gadkari's driver and astrologer.

A closer look at the documents filed with the Registrar of Companies reveals a far more intricate web, with several entities ranged behind each company.

A preliminary assessment suggests that the total number of companies and individuals involved in funding Purti through the multi-layered operation may run into more than 100. TOI investigations show that layers of companies feeding funds into Purti, which have no known financial activity or source of income, can run six deep.

Take the case of Update Mercantile which, as per official records, held 29 lakh Purti shares on September 28, 2011. Update Mercantile in turn is controlled by 39 shareholders including both Gadkari's driver Manohar Panse and accountant Kwadu Zade.

Funding pattern shows clever financial brains

The biggest shareholder in Update Mercantile is Anantika Infrastructure Pvt Ltd, a company with its address as Motlibai Wadia Building in Mumbai. With 10,000 shares, Anantika has a 9.24% stake in Update Mercantile.

Anantika Infrastructure, in turn, was owned by 13 entities in September 2011— two individuals and 11 companies. Of these 11 companies, nine are based in Kolkata and two in Delhi. One of the Delhi companies, Fast Buildwell, is registered in a flat in west Delhi's Dwarka area.

This may be baffling by itself. However, the layer of mysterious companies does not end there, and in fact deepens from there.

All the 2,72,750 shares in Fast Buildwell are held by 17 companies. Of them, 12 are based in Kolkata, four in Delhi and one in Mumbai. One of the shareholders in Fast Buildwell is a Delhi-based company called King Buildwell which is registered in Munirka village in south Delhi. King Buildwell, in turn, is controlled by two individuals based in Kolkata.

The flow of funds, through a web of companies without any known financial activity and individuals, raises several questions. The BJP has defended its president saying Gadkari is open to any investigation, while the ministry of corporate affairs says it has already started a discreet inquiry.

The funding pattern clearly shows clever financial brains behind the entire strategy. However, it is yet to be explained why amounts as little as a few lakhs were routed into Purti through such multi-layered activity.

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News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

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News Network
April 6,2020

New Delhi, Apr 6: Prime Minister Narendra Modi on Monday said India's efforts to combat coronavirus have set an example and it is among countries which understood the pandemic's seriousness and took various timely decisions to combat the virus.

Addressing BJP workers to mark the 40th foundation day of the party, he also appreciated the maturity shown by people during the lockdown, describing it as  unprecedented.

"We got to see our collective strength on Sunday evening," he said referring to the countrywide exercise to switch off lights and illuminate diyas for nine minutes to show India's collective strength to fight the deadly virus.

He also urged BJP workers to follow a five-point agenda, including working to ensure that no poor goes hungry.

He asked them to follow the guidelines issued by party president J P Nadda.

Fight against coronavirus is no less than war, Modi said, asking BJP workers to donate and encourage others to contribute to the PM-CARES fund.

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Agencies
July 24,2020

Lucknow, Jul 24: The Congress in Uttar Pradesh on Friday protested against what it dubbed as deliberate and systematic deletions of chapters dealing in freedom struggle and the party's role in it from the syllabi of Classes 10 and 12 of the Secondary Education Board.

Congress leader Anugrah Narain Singh said: "The deletions effected in Class 12 syllabus clearly has political overtones. Chapters dealing with the freedom movement and the Congress role in it have been cut out. The BJP has no role of its own in the country's history and, therefore, wants that the new generations should not learn about the Congress contribution as well."

A Congress delegation submitted a memorandum to UP Eduction Board Secretary Divya Kant Shukla to demand restoration of the deleted chapters and topics.

BJP MP Rita Bahuguna Joshi accused the opposition Congress of "turning every occasion into a political opportunity during the pandemic".

"The Congress is unnecessarily making an issue out of this. Only some portions have been deleted from the syllabi due to shortening of the academic session due to the nationwide lockdown. People already know about the Congress and the cut in the syllabi is only temporary. The Congress is unnecessarily trying to create a political controversy," she said.

Prof Yogeshwar Tiwari of the History Department in the Allahabad University dubbed the changes made in the syllabi as "unfortunate". "The history is not of the Congress alone -- it is the history of the nation and every student must know about it," he said.

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