Manoj Jaiswal of Abhijit Group is now under CBI
investigation net. Person became billionaire from bankrupt.
How?
The Abhijeet group’s website speaks volumes about his political contacts. It has pictures of Manoj rubbing shoulders with Sonia Gandhi, Nitin Gadkari, Pranab Mukherjee, Prithviraj Chavan, Praful Patel, Pratibha Patel, L K Advani and Nitin Gadkari.
A person who keeps contact with all powerful persons get success in all his projects. Bank officials sanction loans easily. Licenses are issued comfortably.Auditors certify books of account in no loss of time. tax clearances , pollution free certificates , land registration etc all take place without any hassle.
How?
The Abhijeet group’s website speaks volumes about his political contacts. It has pictures of Manoj rubbing shoulders with Sonia Gandhi, Nitin Gadkari, Pranab Mukherjee, Prithviraj Chavan, Praful Patel, Pratibha Patel, L K Advani and Nitin Gadkari.
A person who keeps contact with all powerful persons get success in all his projects. Bank officials sanction loans easily. Licenses are issued comfortably.Auditors certify books of account in no loss of time. tax clearances , pollution free certificates , land registration etc all take place without any hassle.
If a person or a company is ready to distribute costly gifts
and ready to pay handsome amount in bribe to various key persons in an office
he can manage any work from any office. He can manage good audited balance
sheet from a team of Chartered Accountants, he can manage higher valuation of
landed property from empanelled valued of a bank to offer the same collateral
security, he can manage good rating from rating agencies like CARE, ICRA,
CRISIL etc, he can manage tax assessment and what not.
If a businessman has to get sanction of high value of loan
from a bank, his flatterer will first distribute costly gifts to all employees
of the branch of the bank and to all employees of administrative offices who
take part in processing and sanction of loan directly or indirectly. As a
result crores of rupees are sanctioned in few days. Even Chairman of bank or a
minister do not hesitate in making follow up for expeditious sanction of loan
to such companies , without taking care whether the loan such sanctioned will
be safe or not.
If a person or a company has to obtain a license from a
government office, they will first oblige important officials and employees
from peon to chairman. Then without any hurdle his case of license will be
cleared. If the company has to evade tax payment and get tax assessment passed
from tax officials, he will first flatter officials, peons, babus and obliges
them through costly gifts and bribe in cash. As a result all concerned persons
involved in final assessment of Income tax file will close their eyes and put
their signature blindly.
This culture prevails in all offices and one has to learn
the art of getting work done in a corrupt system where 99 percent of employees
are corrupt. If there are a few isolated honest and devoted persons in such
office they are given insignificant work and cornered in office. If anyone
raises voice like Kejriwal he will be trapped in false cases and punished.
It is worthwhile to mention here that if all MPs (ruling and
opposition parties) come together and unanimously decide to increase their
salaries, allowances and perquisites, the impact to this vast country is
insignificant.
But if all MPs after receiving crores of rupees as bribe or political parties after getting hundred
crore rupees as political fund decide to allot costly coal mines or iron mines
worth thousands of crores of rupees to corporate houses free or at negligible
cost, the loss to the country will be enormous , voluminous, recurring and
dangerous too. And the most unfortunate part of the story is that there is
majority of such evil doers who are blinded by bribology. Person like Manoj
Jaiswal who is now trapped in the net of CBI knew the art of keeping most of
powerful MPs happy and loyal to his false companies and this is why he could
got such a big success. He through his relations with top ranked ministers
managed loans from banks by building pressure on CMD and by by buying top
ranked bank officials.
Suppose a corporate house pays Rs.five crore in cash or in
kind to each and every Members of parliament and in lieu of that government by
majority sanction allotment of 1000 acres of land worth one thousand crores of
rupees to a corporate house at cost of say five crore rupees only. No one will
be left to protest such dangerous decision taken by majority vote of
Parliament.
If team like Team Anna or TEAM Ramdeo protest from outside
the Parliament t , they will be accused of showing disrespect to Parliament and
temples of democracy because worshiper of democracy are working as gang of
thieves and hence run the Parliament based on their majority. None of MPs have
guts to go against their High Command because they all are under obligation of
High Command in one way or the other.
Suppose a company pays five crore rupees to each member of
Board of the bank and each members of Credit Approval Committee and in return
the board of directors and Credit
approval Committee of the bank approves loan of Rs.5000 crores and after a year
or two the company becomes defaulter and the loan goes bad. In such position
who will be held responsible and who will be punished if the decision of the
board and CAC was not a prudent business decision but decision taken was
ill-motivated.
Similarly if each member of a board is paid a bribe of one
crore rupees and the board in turn decide to write off loan of Rs. Say 1000
crores to a business house. Loss to the bank will be irreparable because the
decision was a joint decision taken in a democracy way.
Majority decisions are not always good and acceptable.
Bitter truth is that majority more often than not, causes much loss to the
system particularly in a situation where honest person is having backing and
support from none, neither top officials nor the judiciary.
It is therefore necessary to judge the actual loss caused by
allotment of coal mines license in the eye of CAG report even if the decision
was taken by UPA singly or jointly with BJP. It will be dangerous and foolish
to conclude that there is no case of corruption only because the allotment of
coal mines was based on majority decision and because UPA has the majority in
the Parliament.
It will not an exaggeration to say that all corrupt
officials and ministers in all departments
know the art of getting support of all persons around his chair and how
to keep all subordinate happy and equal shareholder in their evil deeds.
This is why it is said that corruption has become a well
accepted system in India, it has become a accepted culture for leading a
comfortable life, hassle free life and a life without the pain of running from
pillars to post, from attending court of law and finally get defeated due to
pressure tactics of corrupt officers enjoying majority in all the offices.
Last but not the least , none of the key corrupt officials
and ministers are punished because the inspecting officials, auditors, police
officials , judges, CBI officials all are birds of same feather and the fun is
that all such evil does have the backing of majority of colleagues.
It is not wrong to say that if CBI officials are bought by corrupt and evil doers , they provide information to corrupt business houses or corrupt officials or corrupt politicians much before they actually carry out their raid on the houses and business premises of such corrupt persons.
It is also important to mention here that the great Lehman Brothers and the great AIG of USA was assigned best rating by best rating agencies just before these companies declared their failure. Similarly the renowned Auditor named PWC always certified the accounts before the promoter of Satyam computers admitted the fraud perpetuated by them .
Similarly accounts of all defaulters of banks was considered best by all auditors before the system identified these accounts as Non Performing Asset.Even now all big borrowers used to manage best rating from rating agencies and get their manipulated books of accounts certified by auditors without any hassle.
राज्य में पूंजीगत व्यय कम : रिपोर्ट में विकास की गतिविधियों की चर्चा की गयी है. कहा गया है कि वित्तीय वर्ष 2009-10 के मुकाबले 2010-11 में पूंजीगत खर्च कम हुआ है. 2009-10 में यह 15 फीसदी था, जो 2010-11 में 13 प्रतिशत हो गया. सरकार की ओर निर्धारित लक्ष्य के हिसाब से 2010-11 में सकल घरेलू उत्पाद (जीएसडीपी) का 58 प्रतिशत खर्च किया जाना था. पर सिर्फ 2.46 प्रतिशत ही खर्च हुआ.
http://www.prabhatkhabar.com/node/204501
It is not wrong to say that if CBI officials are bought by corrupt and evil doers , they provide information to corrupt business houses or corrupt officials or corrupt politicians much before they actually carry out their raid on the houses and business premises of such corrupt persons.
It is also important to mention here that the great Lehman Brothers and the great AIG of USA was assigned best rating by best rating agencies just before these companies declared their failure. Similarly the renowned Auditor named PWC always certified the accounts before the promoter of Satyam computers admitted the fraud perpetuated by them .
Similarly accounts of all defaulters of banks was considered best by all auditors before the system identified these accounts as Non Performing Asset.Even now all big borrowers used to manage best rating from rating agencies and get their manipulated books of accounts certified by auditors without any hassle.
1396 करोड़ का नुकसान
( published in newspaper 'Prabhat Khabar' on 07.09.12 )
।।महालेखाकार की रिपोर्ट, अफसरों ने सरकार को पहुंचाया।।
रांचीः राज्य के कुछ अधिकारियों और व्यापारियों ने मिलीभगत कर वित्तीय वर्ष 2010-11 में सरकार को 1396.85 करोड़ के राजस्व का नुकसान पहुंचाया है. विधानसभा में मॉनसून सत्र के आखिरी दिन गुरुवार को पेश महालेखाकार की रिपोर्ट में इसका खुलासा किया गया है. रिपोर्ट में कहा गया है कि वाणिज्यकर और शराब सहित कर से जुड़े अन्य मामलों की 116 नमूना जांच की गयी. इसमें 1396.85 करोड़ के राजस्व नुकसान का पता चला. यह नुकसान संबंधित विभाग के अधिकारियों के कारण हुआ. अधिकारियों ने ठीक से कर नहीं लगाया, दंड की रकम नहीं वसूली. साथ ही निर्धारित मापदंड का उल्लंघन करते हुए कम कर लगाया. ऐसा व्यापारियों के साथ मिलीभगत कर किया गया है.
रांचीः राज्य के कुछ अधिकारियों और व्यापारियों ने मिलीभगत कर वित्तीय वर्ष 2010-11 में सरकार को 1396.85 करोड़ के राजस्व का नुकसान पहुंचाया है. विधानसभा में मॉनसून सत्र के आखिरी दिन गुरुवार को पेश महालेखाकार की रिपोर्ट में इसका खुलासा किया गया है. रिपोर्ट में कहा गया है कि वाणिज्यकर और शराब सहित कर से जुड़े अन्य मामलों की 116 नमूना जांच की गयी. इसमें 1396.85 करोड़ के राजस्व नुकसान का पता चला. यह नुकसान संबंधित विभाग के अधिकारियों के कारण हुआ. अधिकारियों ने ठीक से कर नहीं लगाया, दंड की रकम नहीं वसूली. साथ ही निर्धारित मापदंड का उल्लंघन करते हुए कम कर लगाया. ऐसा व्यापारियों के साथ मिलीभगत कर किया गया है.
रिपोर्ट में कहा गया है कि 2010-11 में राज्य सरकार का कुल राजस्व 18781.12 करोड़ रुपये था. इनमें से सरकार ने अपने विभिन्न स्नेतों से 8519.52 करोड़ रुपये जुटाये थे. 1026.60 करोड़ रुपये केंद्र सरकार से मिले थे. यानी राज्य सरकार खर्च के 100 रुपये में से खुद सिर्फ 45 रुपये ही जुटा पायी. शेष 55 रुपये भारत सरकार से मिला. रिपोर्ट में कहा गया है कि इस परिस्थिति के बाद भी राज्य के अपने राजस्व की वसूली में पिछले वर्ष के मुकाबले वृद्धि हुई है. वाणिज्यकर विभाग की कर वसूली में 2009-10 के मुकाबले 2010-11 में 24.36 फीसदी की वृद्धि दर्ज की गयी है.
उत्पात में 20. 32 प्रतिशत और वोटर वाहन में 33.37 फीसदी की बढ़ोतरी दर्ज की गयी है.
http://www.prabhatkhabar.com/node/204501
Manoj Jayaswal: Big contracts, big contacts and still a big mystery
News items taken from Indian Express , link given below
The meteoric rise of Manoj Jayaswal, 57, had raised eyebrows even before his name came up in the coal block allocation affair. The Abhijeet group he floated was bagging road contracts, announcing power and steel projects and multi-billion-dollar coal supply deals and even proposing an initial public offering.
Manoj, second son of Basant Lall Shaw who founded the Neco Group, went on his own after a family dispute a few years ago. The family’s flagship Jayaswal Neco Ltd is headed by his father Shaw and brothers Arbind and Ramesh. Nagpur-based Manoj held a high profile in political circles but kept away from Mumbai’s corporate spotlight.
The Abhijeet group’s website speaks volumes about his political contacts. It has pictures of Manoj rubbing shoulders with Sonia Gandhi, Nitin Gadkari, Pranab Mukherjee, Prithviraj Chavan, Praful Patel, Pratibha Patel, L K Advani and Nitin Gadkari.
However, for India Inc’s top honchos, the Abhijeet group and its promoter are still a mystery. “I don’t know Mr Manoj Jayaswal. I don’t know what he has done in the power and mining sectors so far. His $7-billion deal with US-based FJS Energy for coal supply to fire its steel and power units in India appeared suspicious,” said a Mumbai-based steel and power baron.
What has come as a surprise is that the Jayaswals were allotted 10 coal blocks. Even more surprising is that one firm allotted blocks, AMR, is jointly owned by Manoj and his two estranged brothers, with the CBI saying that the Dardas too owned a stake.
http://www.indianexpress.com/news/manoj-jayaswal-big-contracts-big-contacts-and-still-a-big-mystery/998383/
After the split was formalised through a court order, Manoj entered power, road and mining. Abhijeet Power, the flagship, submitted a draft offer document to raise Rs 1,375 crore from the public. “Abhijeet is an unlisted entity. He wanted to raise money and expand his power business. But the IPO plan remained on paper,” said an investment banker.
The biggest mystery is the source of funds for Manoj’s plans in infrastructure. His three power projects listed in a Sebi draft prospectus entailed an investment of Rs 13,482 crore. The Abhijeet group was raided by the income-tax department, which suspected possible cooking up of accounts to show the movement of a huge amount of funds.
Manoj’s association with the Dardas is evident from the 2.09 per cent stake each that Vijay Darda and Jawaharlal Darda hold in Jas Toll Road Company Limited, as mentioned in the offer document of Abhijeet Power. IDFC invested Rs 65.6 crore in the equity of Jas that runs a 32km section of NH-4 near Bangalore.
He has a finger in the cement pie too, but the status of these projects is unclear. The group’s website cites a vision of setting up of pithead-based thermal power stations of 5000MW in Jharkhand, Maharashtra, Bengal and Bihar, and 10 MTPA in integrated steel plants, and is set to become the largest manganese alloy producer of the country by setting up an export-based 180MVA facility at Vizag. All this remains on paper.
FINGER IN EVERY PIE
Power
MIHAN Power Project,
being developed by Abhijeet MADC Nagpur Energy Pvt Ltd near Khaire Khurd village, Nagpur district. Capacity 271.6MW.
Chandwa Project, being developed by Corporate Power Limited (a joint venture in which group has 48.99% equity) in Latehar, Jharkhand. Capacity 1,080MW.
Banka Project, being developed by Jas Infrastructure and Power Ltd in Banka district, Bihar, with a capacity of 1,320MW. Abhijeet group holds 94.40% of the outstanding equity interest of JIPL.
Cement
Will set up 3mn tonnes/annum clinkerisation plant in Chandrapur, 1MTPA grinding unit in Nagpur, 2.5MTPA clinkerisation plant in Satna, 1.5MTPA grinding unit in Latehar, Jharkhand.
Roads
Built 32.5 km of a section of NH-4, part of golden quadrilateral. Emerged the successful bidder and been issued the letter of award for the four-laning of a 40.5km section of NH-33.
CAG report nails power mess, loss up to Rs 14,000 crore
New Delhi: In yet another trouble for the government, a new report by the Comptroller and Auditor General (CAG) has exposed the rot in the power sector. According to the CAG, the inefficiency of the National Hydroelectric Power Corporation (NHPC) has meant only two of 16 planned projects have been completed.
The CAG report has said that the cost overruns have led to losses Rs 14,700 crore, adding that 10-year target of 11,813 mw was missed while only 1550 mw was added. It further says that the country is currently short of 17,000 mw of power.
Had the project been completed on time, 70 per cent of India's power shortfall would have been met.
The latest report has said that the NHPC and the Power Ministry caused a loss of 10,000 mw of power by not following procedure and trying to help private companies.
Notably, more than half of India went without power for two consecutive days in July and August as power grids in the north and east tripped on excess demand.
According to the CAG report, the delays in implementing 16 hydro power projects resulted in cost overruns of more than Rs 14,700 crore. A delay of about 115 months led to a cost escalation of 148 per cent. The delay also led to the opportunity loss of generating 26,282 million units of electricity annually. Hydropower contributes a good 20 per cent to the total generation.
The CAG says that the 10-year plan to increase the contribution of Hydro power has been wasted. The ambitious target of producing 11,813 mw of power by 2012 fell awfully short as we added just 1550 mw.
The report says that the Union Power Ministry did not follow instructions from the Prime Minister's Office (PMO) in August 1999 to form special group for early completion of projects.
For projects, the Power ministry planned to take 30 months for pre-investment activities, but the power companies wasted 80 months. As many as 11 of the projects in the north and the east are being run by government-owned NHPC. Also, in five out of the 16 contracts, NHPC relaxed criteria to please the five private companies.
The Report says that in one incident, the NHPC extended "undue favour" to Maytas. An ineligible bidder, M/s Nurol, was considered even after bidding dates were closed.
Responding to the CAG, the NHPC said that the corporate plan included the projects after consent of state governments for execution in central sector and further allotment by Ministry of Power. In clearance stage also, the state government is involved at various stages. It also said that the relaxation in pre-qualification criteria was done on a case-to-case basis.
The CAG also observed lack of transparency in allocating of projects to private firms and joint ventures. The losses in this case are not as presumptive as in the coal report, but at the centre of the controversy is a public sector PSU and its bosses. It throws some light on why we still have to live with power cuts.
No comments:
Post a Comment