Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
The Enforcement Directorate (ED) has attached assets worth ₹452 crore of a British national in connection with the IL&FS money-laundering case.
The assets — attached under the Prevention of Money Laundering Act (PMLA) — belong to AS Coal Pte Singapore, a Singapore-based shell company owned by British national Jaimin Vyas, in connivance with officials of IL&FS and SEPCO III, a Chinese EPC contractor. They are in the form of 8.86 per cent shares of IL&FS Tamil Nadu Power Company Limited (ITPCL), which is presently worth ₹452 crore.
The ED initiated an investigation under PMLA on the basis of an FIR registered by the Economic Offences Wing against IRL and ITNL (group companies of IL&FS), its officials, and others. Further, the Serious Fraud Investigation Office (SFIO) conducted an investigation and filed a criminal complaint against IL&FS Financial Services (IFIN) and its officials, invoking section 447 of the Company’s Act, 2013.
Investigation under the PMLA revealed that Vyas devised a well-planned conspiracy to defraud IL&FS and Indian banks in connivance with an official from IL&FS and SEPCO III. The company’s right to select the EPC (engineering, procurement and construction)contractor was illegally delegated to Vyas, violating the terms and conditions of the share purchase agreement.
Vyas thereafter nominated SEPCO as the EPC contractor and got a kickback in the guise of fees for consultancy services. The same money was routed as an equity investment in ITPCL. Subsequently, ITPCL paid SEPCO III by inflating the value of the contract. Additional payments were also made in the guise of early completion of the project.
Further, investigations also revealed that Vyas received illegal gratification from Noble Coal in lieu of awarding a coal supply contract (to ITPCL) at an inflated rate.
Earlier, ED had attached movable and immovable properties of the Committee of Directors of IFIN totalling ₹126 crore, and movable and immovable properties of two defaulter loanees of IFIN (SIVA Group and ABG Group) totalling ₹1,400 crore. Arun Kumar Saha, one of the former members of the Committee of Directors of IFIN, and Karunakaran Ramchand, former MD of ITNL, were arrested and prosecution complaint filed under PMLA.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...