Economy

ED attaches Nava Bharat Ventures' directors assets

V Rishi Kumar Hyderabad | Updated on November 25, 2017

Contends they had windfall gain of over Rs 200 cr

The Directorate of Enforcement has attached properties worth Rs 186.11 crore belonging to two promoters and directors of Nava Bharat Power Projects in the coal scam related case and has alleged they had a windfall gain of Rs 200 crore.

The Directorate has attached the properties belonging to its Directors P.Trivikram Prasad and Y.Harish Chandra Prasad in the matter relating to illegal allocation of coal blocks to Nava Bharat Power Projects Limited.

The CBI had filed FIR in September 2012 and a charge-sheet in March 2014 for offences under section 120 B, criminal conspiracy read with section 420, cheating against Y.Harish Chandra Prasad, P.Trivikram Prasad and Nava Bharat Power Projects, a company of Hyderabad-based Nava Bharat Ventures Limited.

According to the charge-sheet, the directors had entered into a criminal conspiracy with unknown officials of the Ministry and had managed to get coal blocks allotted. Thereafter, the promoters and shareholders of NPPL sold their entire shareholdings in July 2010 to Essar Power Limited for a sale consideration of Rs 231 crore, as against the net worth /book value of Rs 22 crore as per the audited balance sheet.

The ED in its statement has contended that the allocation of coal blocks had exponentially enhanced the share value of NPPL. By selling the shares of NPPL, the promoters had a windfall gain of more than Rs 200 crore.

The Directorate of Enforcement has trailed the proceeds of crime and has attached them.

The proceeds of the crime worth Rs 186.11 crore were found to be re-invested by P. Trivikram Prasad in the form of shares of Nava Bharat Energy worth Rs 138.59 crore and by Y Harish Chandra Prasad in 8.4 mw wind turbine generators in Rajasthan in the name of Malaxmi Windpower valued at Rs 45.19 crore, land belonging to Adobe Realtors, a 100 per cent subsidiary of PVP Global Ventures to the extent of 28 acres in Ranga Reddy district (Rs 11.20 crore), which was transferred by Mahalami Group to PVP Ventures.

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Published on July 23, 2014
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