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
March 10,2020

New Delhi, Mar 10: A military transport aircraft of the Indian Air Force (IAF) brought back 58 Indians from coronavirus-hit Iran on Tuesday, official said.

The aircraft, a C-17 Globemaster, was sent to Tehran on Monday evening.

About 2,000 Indians are living in Iran, a country that has witnessed increasing numbers of coronavirus cases in the last few days.

"The IAF aircraft has landed. Mission completed. On to the next," External Affairs Minister S Jaishankar tweeted.

In an earlier tweet, he said, "First batch of 58 Indian pilgrims being brought back from Iran. IAF C-17 taken off from Tehran and expected to land soon in Hindon."

"Thanks to the efforts of our Embassy @India_in_Iran and Indian medical team there, operating under challenging conditions. Thank you @IAF_MCC. Appreciate cooperation of Iranian authorities. We are working on the return of other Indians stranded there (sic)," Jaishankar added.

The aircraft landed at Hindon airbase in Ghaziabad, from where the passengers were take to a medical facility.

According to latest reports, 237 people have died of novel coronavirus in Iran while the number of positive cases stands at around 7,000.

It is the second such evacuation by the C-17 Globemaster in the last two weeks.

On February 27, 76 Indians and 36 foreign nationals were brought back from the Chinese city of Wuhan by the aircraft of the Indian Air Force.

The C-17 Globemaster is the largest military aircraft in the IAF's inventory. The plane can carry large combat equipment, troops and humanitarian aid across long distances in all weather conditions.

Four days ago, a Mahan airline plane brought swab samples of 300 Indians from Iran to India.

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News Network
February 2,2020

Lucknow, Feb 2: In an early morning firing at Lucknow's Hazratganj, the city centre, Vishva Hindu Mahasabha state president Ranjit Bachchan was killed while he was out on a morning walk on Sunday.

Ranjit Bachchan was taking a stroll in Hazratganj in the morning when bike-borne assailants opened fire on him and killed him on the spot. The Mahasabha leader was shot in the head multiple times.

The incident took place near the CDRI building in Lucknow's Hazratganj.

In the firing, Ranjit Bachchan's brother also suffered bullet injuries. He has been rushed to the trauma centre. Ranjit Bachchan was a resident of Gorakhpur.

The early morning shootout in the Uttar Pradesh capital's central area has caused tension in the area.

Dinesh Singh, DCP Central Lucknow, said, "The body has been identified as of Ranjit Bachchan, who had gone out on morning walk when some unknown assailant shot him. A police team has been formed and further investigation is being carried out."

Before being associated with the Mahasabha, Ranjit Bachchan was a Samajwadi Party member and was often spotted with former UP chief minister Akhilesh Yadav.

The Samajwadi Party has hit out at the Yogi Adityanath government over the law and order situation in the state and demanded immediate resignation of the government.

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News Network
April 19,2020

New Delhi, Apr 19: The government on Sunday prohibited the sale of non-essential items through e-commerce platforms during the ongoing lockdown, four days after allowing such companies to sale mobile phones, refrigerators and ready-made garments.

Union Home Secretary Ajay Bhalla issued an order excluding the non-essential items from sale by the e-commerce companies from the consolidated revised guidelines, which listed the exemption given to the services and people from the purview of the lockdown.

The order said the following clause "E-commerce companies. Vehicles used by e-commerce operators will be allowed to ply with necessary permissions" is excluded from the guidelines.

The previous order had said such items were allowed for sale through e-commerce platforms from April 20.

However, the reason for reversing the order is not known immediately.

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