Singh Bros were alter egos acting with impunity | WeForNews | Latest News, Blogs Singh Bros were alter egos acting with impunity – WeForNews | Latest News, Blogs
Connect with us

Blog

Singh Bros were alter egos acting with impunity

Published

on

Shivinder Mohan Singh, Malvinder Mohan Singh,

New Delhi, Oct 20 : How were the Singh Bros — Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) — the centrifugal forces behind the Rs 3,000 crore Religare Group fraud?

Working in conjunction with CEO Sunil Godhwani (SG), the troika stripped Religare Finvest (RFL) and other group companies bare through a craftily structured construct which allowed them to fly under the radar and even operate with impunity to avoid detailed regulatory supervision of the RBI.

It is pertinent to mention that at the time the loan was extended, SMS, MMS and SG were fully controlling RFL and were acting as its alter egos. Therefore, it is impossible that the aforesaid transaction was carried out without their knowledge and support. In addition to cheating, SMS, MMS and SG are also liable for the offence of criminal breach of trust since RFL and its shareholders had reposed their trust in the said erstwhile promoters and senior management of the parent entity REL and of RFL.

Since the Board of Directors of RFL was accustomed to the act as per their advice and instructions, they thus exercised deep and pervasive control over it.

In this context, it is pertinent to mention that RFL separately also extended loans cumulatively amounting to Rs 120 crore to Vitobha, Best and Devera and even those loans have not yet been repaid, which is indicative of yet another set of fraudulent transactions intended to siphon off monies and cause wrongful loss to RFL, and its shareholders.

Tara Alloys Ltd admits that a loan amount of Rs 85 crore was disbursed on May 24, 2017 by RFL to it taken as a Short Term Loan (for short “the STL”) which carries an interest @14 per cent p.a. Tara alleged that the amount was transferred back to RFL on May 24, 2017 through intermediary companies, allegedly at the behest of RFL to enable to repayment of loans obtained from it by other third parties, within hours of the receipt on the same day. It appears that upon obtaining the loan money from RFL, Tara transferred the same to some other entities and never intended to repay this loan to RFL.

Gurudev Financial Services Pvt. Ltd. admits that the loan amount of Rs 100 crore was disbursed on May 24, 2017 taken as STL, which carries an interest @14 per cent p.a. Gurudev submitted that 5th loan amount of Rs 100 crore obtained from RFL was further transferred to intermediary companies, alleged at the behest of RFL to enable a repayment of loans obtained from it by other third parties, within hours of the receipt on the same day.

It appears from the documents annexed that Gurudev transferred the funds received from RFL to some other entities and never intended to repay the loan to RFKL.

Annies Apparel Pvt Ltd also admits that the loan amount of Rs 100 crore was disbursed on February 1, 2017 by RFL to it as a STL, which carries an interest @14 per cent p.a. The said loan was to be repayable by Annies to RFL on March 31, 2017. Annnies submits that the loan amount was further transferred to intermediary companies, allegedly at RFL’s behest to enable a repayment of loans obtained from it by other third parties, within hours of the receipt on the same day. It appears from documents annexed that the amout has been transferred further by Annnies to other entities and never intended to repay the loan to RFL.

Shri Dham Distributors Pvt Ltd. (earlier known as Abhiruchi Distributors Pvt Ltd) admits that the loan amount of Rs 92.40 crore was disbursed on February 1, 2017 by RFL to it as STL which carries an interest @14 per cent p.a. and the loan amount further transferred to intermediary companies, allegedly at the behest of RFL, to enable a repayment of loans obtained from it by other third parties, within hours of the receipt on the same day. It appears from documents annexed to the reply that the amount has been transferred further by Shri Dham to other entities and it never intended to repay this loan back to RFL.

One needs to add that the all these aforesaid entities are clearly connected and were acting as one economic unit while internal inquiries point to the fact that they are controlled by the brothers’ stockbroker N.K. Ghoshal and the registered office address of the aforesaid entities is also the same – 2764/17, 2nd floor, Hamilton Road, Mori Gate, North Delhi, Delhi 110006.

The plea adopted by the entities is also identical i.e. funds disbursed by RFL were transferred to intermediary companies to enable a repayment of loans obtained from RFL by other third parties. It is evident from the above that while these entities admit receipt of money and admit that since inception of the transaction(s), they never intended to repay the money back to the complainant company. Instead as intended, they transferred the money to certain intermediary companies. The loan(s) advanced to the aforesaid entities were never repaid, and it appears from their replies that they colluded with other entities and amongst themselves (since they are acting as a single economic unit, controlled by one person) to conspire and abet in the siphoning away of money from RFL, thereby causing a wrongful loss to RFL and its shareholders.

In the present case it appears from their admission that RFL was cheated by the directors/persons controlling these entities, which in addition to its directors as the relevant time is believed to be Ghoshal) and the directors and persons controlling the so-called intermediary companies to which the money was transferred, and allegedly in collusion and conspiracy with the erstwhile promoters and senior management of REL/RFL. While the replies do not clearly mention the name of the intermediary companies, the documents annexed to the reply show transactions with many entities who have taken other loans from RFL under the Corporate Loan Book portfolio.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

six + three =

Blog

Clive Owen to play Bill Clinton in ‘Impeachment: American Crime Story’

Published

on

By

Clive Owen on Bill Clinton

Los Angeles, Nov 16 : Oscar-nominated actor Clive Owen will star as Bill Clinton in “Impeachment: American Crime Story”, the third season of the network FXs award-winning limited series franchise, which centers on the sex scandal that rocked the Clinton presidency.

Owen joins Sarah Paulson, who will play Linda Tripp, Beanie Feldstein, who will play Monica Lewinsky, and Annaleigh Ashford, who will play Paula Jones in the limited series, reports aceshowbiz.com.

The role of Hillary Clinton is currently being cast.

“Impeachment…” is written by Sarah Burgess who executive produces alongside returning ACS team Ryan Murphy, Nina Jacobson, Brad Simpson, Brad Falchuk, Larry Karaszewski, Scott Alexander, Alexis Martin Woodall and Paulson. Feldstein, Henrietta Conrad and Jemima Khan are also producing.

The limited series is based on Jeffrey Toobin’s bestselling book “A Vast Conspiracy: The Real Story of the Sex Scandal That Nearly Brought Down a President”. Toobin’s 1997 book The Run of His Life: The People v. O. J. Simpson served as the source material for Season 1 of American Crime Story.

Filming on “Impeachment” is set to begin in late March. The limited series is currently slated to premiere on Sunday, September 27, 2020, about a month out from the next US Presidential election, but Murphy recently indicated the date may be in flux as the filming schedule has changed.

Owen’s casting comes in the midst of the impeachment hearing against President Donald Trump. Despite the confluence of events, the current impeachment proceedings are not influencing “Impeachment: ACS”, which chronicles events from two decades ago.

Owen received an Oscar nomination for “Closer” and was most recently seen in “Gemini Man”. On TV, he headlined “The Knick” and will also star opposite Julianne Moore in the limited series “Lisey’s Story”.

Continue Reading

Blog

Maharashtra: BJP-Sena split unites a divided Congress-NCP

Published

on

By

Sonia and Udhav Thackeray

Mumbai, Nov 14 : Congress Interim President Sonia Gandhi is said to be a happy woman, smiling and grinning from ear-to-ear over the latest political developments in Maharashtra.

The unexpected split in Bharatiya Janata Party and Shiv Sena has come as a boon to the Maharashtra Congress and its ally, Sharad Pawar-led Nationalist Congress Party, party sources reveal.

It’s well-known that the state Congress has always been a big divided house since years, and also harboured huge differences with its 20-year old ally, the NCP.

Since 1999 to 2014, the Congressmen were either engaged in an in-house crabby battle to pull down each other and simultaneously the NCP, as the latter always seemed to have a political edge, and unwittingly giving a political advantage to the rivals.

Even as late as October, the party-men and party-women were engaged in bitter political skirmishes at all levels, including the powerful Mumbai Congress, which dented its image and with serious repercussions at the hustings both in Lok Sabha and assembly election results.

After the October assembly poll results were announced, the Congress came trumps with 44 seats and NCP with 54 – against 42 and 41 in 2014 respectively – boosting their morale though they were miles away from forming a viable government.

Shortly afterwards, the political landscape changed dramatically with the Shiv Sena splitting from the BJP and the ruling NDA at the centre, and extending a clawy paw to the bewildered Congress-NCP.

As the ‘clock’ ticked away, the two opposition parties were naturally reluctant to extend their ‘hand’ of friendship to a party which was not only harshly critical but downright abusive for nearly 53 years, spanning the eras of Indira Gandhi, Rajiv Gandhi, Narasimha Rao and Manmohan Singh, besides Sonia Gandhi and Rahul Gandhi.

After Sena President Uddhav Thackeray climbed down his pedestal and called Sonia Gandhi for support, shooed away an alleged BJP emissary and Hindutva leader Sambhaji Bhide Guruji, withdrew his sole minister Arvind Sawant from the union cabinet, his intentions became clear.

As the seriousness of the situation unfolded, the Congress-NCP got into the act, presenting an unprecedented picture of unity and camaraderie, and initiated the process of raising a potential tri-partite government with the Sena as the lead partner.

A party leader said Sonia Gandhi was occasionally both amused and bemused to see her warring tribe assuring her in practically one voice that an alliance with the long-perceived enemy Shiv Sena was worth a political gamble to keep BJP at bay.

Though she raised an eyebrow of doubt, the Congress earnestly got down to business, and practically adopted Sharad Pawar as the Mandrake who could perform the unbelievable magic of giving Maharashtra a “MahaShivAghadi” alliance of Congress-NCP-Shiv Sena – in the coming days.

Adopting a magnanimous approach, the 79-year old Pawar also reciprocated by never displaying the NCP’s overzealousness in the government formation, keeping the Congress sentiments ahead of his own.

In fact, soon after the election results, Sonia Gandhi had warmly received and congratulated Pawar at her home in New Delhi for almost single-handedly dragging both the allies out of the political muck, when the BJP-Sena squabble over the power-sharing was just breaking out.

The past few days have seen the recently-divorced Sena being grudgingly accepted by Congress-NCP as a potential key ally, many of their leaders visiting the ailing Sena MP Sanjay Raut – the man who set the ball rolling against the BJP – convalescing in hospital, and displayed other gestures of goodwill.

A cheerful Thackeray – who has undergone a change of wardrobe from his awesome collection of ‘kurta-pyjamas’ to formal shirts-trousers – is seen hopping from one tiresome meeting to another with his newfound future saviours, and hopes to re-establish the Sena’s position as the once-dreaded ‘Big Brother’ in state politics.

After all, it has dawned on him that finally, the time has come for a ‘son-rise’ even in the Thackeray family!

(Quaid Najmi can be contacted at: [email protected])

Continue Reading

Blog

Token seat not accepted this time: Chirag Paswan

The LJP is a part of the BJP-led NDA government at the Centre.

Published

on

By

Chirag Paswan

New Delhi, Nov 13 : The Lok Janshakti Party, which is ready to contest the Assembly elections in Jharkhand alone on 50 seats, has made it clear that it doesn’t want to contest polls on a token seat.

The party has gone its own way from the National Democratic Alliance (NDA) and has announced that it will contest alone on 50 out of the 81 seats.

The LJP’s national President and son of Union Minister Ram Vilas Paswan, Chirag Paswan told IANS on Wednesday: “Last time (previous Assembly elections) the Bharatiya Janata Party allowed the LJP to contest on just one seat. But this time the LJP has made it clear that we won’t contest on any token seat. We will contest the election only on the seat where our party has a public base”.

Junior Paswan who took over the party reigns earlier this month said: “Last time we were given the Shikaripada seat where we did not have any candidate also. If the BJP does it again, we are not ready”.

The LJP is a part of the BJP-led NDA government at the Centre.

He said the LJP has strengthened in the state in the recent past and the party’s state unit wanted to go solo in the Assembly elections. Still, we demanded six seats from the BJP but the efforts went in vain.

Chirag said: “I made an honest effort by contacting the BJP’s central leadership and demanded six seats to contest. But we could not get their consent. Therefore, the LJP has decided to contest this election alone”.

However, he made it clear that even if the LJP wins any seat in the election, it will support the NDA. “We are with the NDA at the Centre and state as well,” he said.

Replying to a query about the impact of the LJP’s decision to go solo in the election, he said it won’t affect the alliance.

“If some opposition parties are happy that they (BJP and LJP) lack coordination in Jharkhand and Shiv Sena has gone its own way in Maharashtra, they should not be overwhelmed,” said Paswan.

He said we had no alliance in Jharkhand, our pact is based on Bihar. We entered into an alliance in Bihar under which we contest the Lok Sabha and Assembly elections there together.

Chirag added that the BJP, LJP and the Janata Dal (United) would contest the 2020 Bihar Assembly elections together.

We will win more than 225 seats in the Assembly elections in Bihar like we won 39 out of 40 seats during the Lok Sabha elections. Chief Minister (Nitish Kumar) will retain power, he said.

The LJP chief said that the party will contest the upcoming Delhi Assembly elections alone.

Asked about the imposition of President’s Rule in Maharashtra and the break-up between the BJP and the Shiv Sena, he said: “People of Maharashtra have given a clear mandate to the NDA. People wanted to form a government under NDA but the decisions from parties and their political aspirations took things to President’s Rule. It’s unfortunate”.

The LJP has announced the candidates for 10 seats in Jharkhand. The state will go to the polls in five phases between November 30 and December 20 while counting is scheduled for December 23.

(P.K. Jha can be contacted at [email protected])

Continue Reading
Advertisement

Most Popular