23 October 2012

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BJP Nitin Gadkari Purti Group IRB Group Connections

BJP Nitin Gadkari Purti Group IRB Group Connections

Updated on Friday, October 26, 2012
Updated on Sunday, October 28, 2012

Few days back Arvind Kejriwal exposed Nitin Gadkari.

Mr. Nitin Gadkari was the Public Works Department Minister of a Shiv Sena-BJP government in Maharashtra in 1995-99

Between Years 1996 to 1999, Ideal Road Builders got so many government contracts that turnover rose to Rs.67 Crore

Purti Power and Sugar Company is founded by Mr. Gadkari in 2000.

Ideal Road Builders invested in Mr. Gadkari's Purti group of companies, picking up shares worth Rs. 1.85 crore.

Mr. Mhaiskar also invested in approximately 2 crores of shares in Purti.

Global Safety Vision had only 1 lakh paid up capital but it paid loan of Rs. 165 Crore.

In 2010, the Purti Group received a loan of 165 crores from Global Safety Vision, a company started by Mr. P Mhaiskar. 

With this one loan, Purti was able to repay all its outstanding debt.

Gadkari told to NDTV that the investment by Ideal Road Builders Group [ IRB Group ] was a quid pro quo for the massive contracts it won when he was in office, or that there was a blatant conflict of interest in accepting investment from the contractor. 

He described DP Mhaiskar, who owns Ideal Road Builders, as a good friend.

The Ministry of Company Affairs website shows that there are 18 investor firms for Purti.
Many of these companies are registered at the same address; in some cases, they share Directors.

Now Media has reported that shell companies have been found to have invested in Gadkari's Purti group.

Purti Power and Sugar Ltd in which the BJP President owns shares 18 companies and that hold 80 per cent of equity in Purti industries are seemingly shell companies.

These companies do not exist at their registered addresses.

Also, directors of investor companies in Purti include Gadkari's driver, accountant, and employees of Purti themselves.

Manohar Panse, Gadkari's driver is a director in five of Purti's investor companies.

Between 2009 and 2011, Panse was a director in six other companies.

Nineteen of these investor companies were registered with same email id.

BJP and NCP Friendship

According to 2002 Policy
a private company setting up a power project has to bear the cost of transmission lines and systems (power evacuation facilities) from the plant to Mahatransco's power transmission grid. In case of renewable energy projects, based on non-fossil fuel or biomass, Mahatransco has to bear 50% of total cost while the private power project bears the remaining 50%,

State power utilities, Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Maharashtra State Electricity Transmission Company Limited (Mahatransco), granted Purti favours worth Rs4.25 crore in 2006.

Purti's power plant was recognized as cogeneration plant since it was based on biomass and coal. Thus, the state power utility had to bear 50% of total cost of lines.

The same was mentioned in the energy purchase agreement signed between erstwhile MSEB and Purti on September 2, 2002, and the agreement between MSEDCL, Mahatransco and Purti on May 25, 2006.

But TOI reported that MSEDCL not only paid its 50% of the cost but also the remaining 50% that Purti was supposed to bear.

The total cost of the power transmission lines and systems was Rs8.50 crore. Purti was to pay Rs4.25 crore, but it did not.

instead, Purti requested the state power utilities to install the power transmission lines and system on its behalf.

 Purti's request made through a letter was accepted, which is nothing less than a special favor.

At that time, Gadkari was chairman of Purti while Walse-Patil was energy minister.

As common citizens of India, we must understand all political parties are same with different names with same goals and ambitions that is to become king of India and make more and more money.

Updated on Friday, October 26, 2012

The Income Tax department on Thursday began probe into Purti Power and Sugar Ltd (PPSL). I-T authorities said they will probe source of funds of the 18 companies that invested in Purti.

Regency Equifin Pvt Ltd interestingly has Gadkari's accountant Kawdu Zade and other employees in Purti as directors.

Media reported that Regency Equifin both borrowed from and lent money to Gadkari.

The company bought shares worth Rs 4 crore in Gadkari's Purti Group in 2008.

The 2008-09 balance sheet of Regency Equifin shows Gadkari gave unsecured loans of Rs 26 lakh.

In 2011, the balance sheet of Regency Equifin shows that the loss-making Purti gave Rs 95 lakh to it.

Updated on Sunday, October 28, 2012
Purti Group's holding companies and their directors were found to be bogus, the registered addresses of Akola Sugar and Power Limited, Bhandara Sugar and Power Limited and Buldhana Sugar and Power Limited too seem to be suspect.

According to details on the ministry of corporate affairs website, Akola and Bhandara were registered with the Registrar of Companies in 2010.

 The directors of Akola are Kawdu Zade and Sagar Kotwaliwale and those of Bhandara are Manohar Panse and Nishant Agnihotri.

Curiously, the companies at Akola, Buldhana and Bhandara remain on paper and have no assets.

Zade, Kotwaliwale, Panse and Agnihotri were directors in 16 corporate companies holding major shares in Purti Power and Sugar Limited (PPSL) before 2010.

According to the ministry's website, the registered address of Akola and Bhandara are the same—Snehal Enterprises, 32-Mayuresh Apartment, Saraswati Vihar Colony, Trimurti Nagar, Nagpur.

Apart from Akola and Bhandara, the other seven (Update Mercantile, Earnwell Trades, Rigma Fintrade, Sterlight Fincom, Leverage Fintrade, Chartiot Investrade, Mahawideh Securities and Investments) are the same 'shell' companies which hold major shares in Purti

Reality views by sm –

Tuesday, October 23, 2012

Tags – BJP President Nitin Gadkari Corruption