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3 directors of Mumbai co. held for Rs 4,000 crore bank fraud. In BJP Govt. the Grip of the Law is high so frauds are recorded ?

3 directors of Mumbai co. held for Rs 4,000 crore bank fraud

MUMBAI: The police have arrested three directors of a private firm as part of ongoing investigations into a bank fraud by Parekh Alluminex Ltd (PAL) against which lenders are now claiming close to Rs 4,000 crore.
Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo were arrested by the economic offences wing on Friday for cheating, forgery, breach of trust and criminal conspiracy following a complaint by Axis Bank against the firm for cheating it of Rs 250 crore.

Axis Bank is part of a group of over 20 creditors with exposure to the company. Those arrested on Friday are charged with floating fake invoices and manipulated bills through bogus companies to commit the fraud at the bank’s main branch, Fort, using letters of credit.

Police haven’t ruled out the role of bank officials in the case. Axis Bank’s complaint against Parekh Alluminex Ltd (PAL) also mentions directors Amitabh Parekh (died in 2013), Rajendra Gothi, Devanshu Desai, Kiran Parikh and Vikram Mordani.
Parekh Alluminex is already facing investigations by the CBI following a complaint by public sector lenders, including SBI and Indian Overseas Bank. Lenders have accused the private company of diverting funds to real estate developers. The company is now facing insolvency proceedings in the National Company Law Tribunal where a petition has been admitted.

The police said PAL initially availed of three short-term loans totalling Rs 125 crore from Axis Bank, which it repaid to “gain confidence”.
In 2011, PAL, led by Parekh, approached the private bank for working capital of Rs 127.5 crore. Parekh submitted minutes of a meeting of the firm’s board of directors, though no such meeting was held. He did this solely for inducing the bank to sanction credit.

The bank sanctioned a letter of credit to PAL, which was meant to be used to buy raw material and equipment. 

“Our exposure is part of a lending arrangement involving around 22 banks and the bank has filed an FIR with the EOW, post declaring the concerned exposure as fraud. We are fully cooperating with the investigating authorities,” said an Axis Bank spokesperson in response to a query.

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HC stays allotment of LPG agencies under defence quota. Is it a right Decision ?

Chandigarh : The allotment of LPG agencies under the quota meant for soldiers, who are disabled or killed while performing duties, has come under the High Court’s scanner after a disabled veteran alleged incorrect certificates have been issued by the Haryana Government to applicants who are otherwise ineligible.
Taking up a petition filed by Major PP Singh, a war injury pensioner, the Punjab and Haryana High Court has ordered a stay on the allotments under the defence quota by the Indian Oil Corporation (IOC).
The officer has stated before the High Court he was one of the applicants in the category of defence and other government personnel meant to cater to disabled soldiers or kin of those who died “while performing duties”. He has averred that IOC is in the process of allotting an agency to one civilian on the basis of a certificate issued by the Deputy Commissioner, Rewari, stating that the he was eligible under the category.
The petition contends that in reality, the services of the person’s father had been terminated in 1995 and he died in 2000. He was later notionally reinstated in service on court orders in 2002. The petitioner has submitted that when the father of the applicant was not even in service at the time of his death and had died during the period of termination, it was impossible for him to have died “while performing duties”.
The petitioner has further averred that the said category was special and meant for disabled personnel and dependants of those who died protecting national or state interest. Cases of normal in-service deaths could not be considered a part of the category because any dependant of any government employee dying in harness would stake a claim to the special category meant for those disabled or killed in action or due to vagaries of service.
Sources said that earlier the Allahabad High Court had also ruled that even death of police personnel in service due to illnesses could not be treated as death “while performing duties” for the purpose of allotment of LPG agencies.
Contending that such irregularities in other applicants cannot be ruled out, the petitioner has pleaded before the court that the government should be directed to scrupulously check eligibility of all current and future applicants.

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Haryana Ministers speak out against Khattar, again ; Is it a good sign for CM ?

Ministers speak out against Khattar, again
Chandigarh : It’s Manohar Lal Khattar versus his Cabinet once again. Haryana ministers, who met BJP national general secretary Kailash Vijayvargiya after the Budget session on Thursday, reportedly alleged they were “suffocated” by the “dictatorial” Chief Minister, who wanted to “control the government”, denying them any role.

Sources said Vijayvargiya called a meeting of the Haryana Cabinet, including Khattar, at Haryana Niwas for a feedback on government functioning. He was told by angry ministers that the officers did not pay heed to them as instructed by the CM. As it was Health Minister Anil Vij’s birthday, a small party was organised. Far from being pleased, Vij remarked wryly: “What’s the point of this celebration when there is a bitter taste in the mouth already?” He is said to be upset with the CM over “interference” in his department.

While Finance Minister Capt Abhimanyu complained, “We are treated as nobody”, OP Dhankar, Agriculture Minister, pointed out that it was the Chief Minister’s office (CMO) that held all powers and that senior officers entertained instructions from the CM’s secretariat only. He accused the CM of instructing DCs and police chiefs to abstain from meetings called by ministers while on a tour.

At a meeting with party general secretary Dr Anil Jain at Surajkund in May last year, when some ministers had criticised the Chief Minister’s “style of functioning’, Khattar was not there. This time, the Chief Minister was present at the meeting when attacked.

Kavita Jain, Women and Child Development Minister, reportedly complained that files were first cleared by the Chief Minister and then brought to her for final signatures. “We have been reduced to robots,” she is quoted to have said. Industries Minister Vipul Goel accused the Chief Minister of “weakening” the government with his dictatorial ways. 

Minister Ram Bilas Sharma lamented that little had changed despite the leadership having been approached earlier in the past. 

Vijayvargiya also interacted with party office-bearers, Members of Legislative Assembly and ministers in the Chief Minister’s presence. Almost all complained that party workers felt ignored as they had no say in jobs or transfers.

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4 men try to rape student on University of Hyderabad campus. Were Girls are Safe in India ?

Hyderabad : Four unidentified men allegedly tried to rape a 21-year-old student after assaulting her on the University of Hyderabad (UoH) campus here, leaving her with minor injuries, police said on Saturday.

Her male classmate also sustained minor injuries when he tried to save her from the attackers, police said.

The incident occurred at a secluded place on the campus on Friday night, Assistant Commissioner of Police (Madhapur Division) N Shyam Prasad Rao told.

After escaping from the attackers, the two post-graduate students alerted other students about the incident even as the four men fled the scene, the police official said. A case had been registered against the attackers and a search was on to nab them, he said.

Meanwhile, university sources said an internal inquiry was on.
The university, in coordination with student organisations, would take necessary steps to ensure the safety and security of the students on the campus, sources said.

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After Gorakhpur & Phulpur, SP-BSP formula to be tested at more bypolls. Is the alliance of SP+BSP give more fruits ?

LUCKNOW : After defeating BJP in Gorakhpur and Phulpur + , SP and BSP have the opportunity to put their alliance to another trial — bypolls for Kairana Lok Sabha and Noorpur assembly seats due within next five months. The two seats fell vacant following the death of BJP MP Hukum Singh and MLA Lokendra Singh.
Sources in the two parties said that the bypolls could actually decide the finer contours of a possible alliance as they gear up to take on BJP in 2019 Lok Sabha elections.

Not contesting bypolls has been a BSP tradition and hence it did not contest Gorakhpur and Phulpur. It is highly unlikely for BSP chief Mayawati to field a candidate in Kairana as well as the winner would get just a few months as an MP. In contrast, the winner in Noorpur would get more than 3 years as an MLA.

It is being discussed in UP’s political circles that if BSP candidate wins the Rajya Sabha seat with the support of SP-led combined opposition, there are fair chances that Mayawati would support the SP candidate in Kairana. BSP sources admitted that Mayawati would assess SP support in RS elections before deciding her strategy for Kairana and Noorpur.

The Jat-dominated Kairana seat was a stronghold of Ajit Singh’s RLD until 2009 Lok Sabha elections when BSP’s Tabbassum Begum defeated Hukum Singh by over 20,000 votes.

The 2014 Modi wave swept BSP away amid Hukum Singh’s claims of mass exodus by Hindus and he won by a record margin of around 2.5 lakh votes.

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