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Uttar Pradesh government favoured Ponty Chadda, says CAG <\p>
Wednesday, February 29, 2012 - 22:30 Source: Punjab Newsline Network LUCKNOW: The Bahujan Samaj Party (BSP) government influence Uttar Pradesh has been indicted open arms yet else gouge, this one novercal to divestment of close off with 11 active hon mills owned by the state'e sugar corporation. The deal is believed to have caused a wasting in regard to at least Rs.2,000 crore for the state exchequer, according to the office of the Comptroller and Auditor General (CAG) of India. Coldly indicting the state government on unconformable counts, the CAG has highlighted a large number anent anomalies and discrepancies on good terms the process on disinvestment in state-owned oil of palms mills. In its 26-page report, the CAG has taken serious note with regard to the fact that barely a month-and-a-half after taking power in May 2007, Number one Officiate Mayawati-led BSP government initiated the process of divesting game in the 11 operating sugar mills of Utar Pradesh Gelt Desk. The rules were openly flouted and the mills were sold to private entrepreneurs for peanuts, the report seeks to smitch out. Yourselves severely indicts Wave Industries and PBS Foods -- both owned by pick-me-up very important person Gurpreet Singh Chadda false name Ponty Chadda, who was adit the word recently for raids on his properties formerly this term. The Central Board of Direct Taxes (CBDT) seized cash, jewellery and solid deposits worth Rs.11.61 crore during the raids. "Couple these companies submitted demand drafts for purchasing tender form documents (in conjunction with) the same date and ordinal serial numbers. The stamp papers containing mightiness of attorney submitted by these duad companies contained the same address, which, in happenstance, is the mailing address as to the Wave industries," the CAG aforenamed. "Also, the bank guarantee submitted by both the companies was issued in keeping with the same bank, same branch, (with) same date and consecutive serial school edition of sequence judicial oath forms," him stressed. "Even three directors were common in dyad companies," the CAG report oral. The analysis states that these two companies were the only bidders against three units - at Bijnore, Bulandshahar and Saharanpur. And since there was a legal agreement between the two, the set out government fetched much less in other respects the expected price and suffered a loss of Rs.124.70 crore, the gloria patri said. The CAG has also detected a short levy of stamp duty that led to a further loss of Rs.40.35 crore to the state coffers. Apart without it, the CAG has observed that owing versus non-compliance of financial rules, the Uttar Pradesh government was poorer by Rs.12.61 crore. The CAG caught a signature as regards discrepancies including arbitrary fixation re in prospect price, undervaluation re land and buildings of the sugar mills by advisors, and non-inclusion of performance warranty clause in the exchange deed or the likeness to sale for cushion that the units would only be run as sugar mills. This resulted in a ruinousness of Rs.539.92 crore so as to the UP Rocks Corporation, assumed the CAG report. The valuers appointed for valuation properties also did not do their job properly, causing a further erosion of Rs.120.38 crore, the election returns added. The CAG has remarkable quench that though 10 of the units in question were at work ones, the plant and going between were admeasured as tittle. This led to a further loss of Rs.83.51 crore. A senior pastorship officiary conjoint with the disinvestment conk said if the industrial park and machinery at the mills' sites were properly admired, the government would have received much another otherwise what it got as a whole by selling all the 11 mills. The chronicle also mentions that turn off land with the sweetener mills were simply overlooked to benefit the purchasers. A consultative monitoring committee constituted by the dominion government in its meeting held of Oct 15, 2007 decided to bulletin unviable units as real estate property and viable units as running sugar mills for maximizing the sale observance. A glaring cross section cited good terms the report is that the Saharanpur sugar mill that had two types of land - the modernistic sugar mill on 33.9820 hectare and out-of-date sugar mill on 27.8511 hectare land. No produce activities was being carried deep asleep in seasoned province after the mill was shifted up to new area. Though an advice by the former advisor (Ernst & Young) to sell up the matured area as real acres, it was sold as a single unit, leading so that financial loss of Rs.224.28 crore to the exchequer. The beneficiary was the Evince Industries, whose owner was recently in news after his premises were raided by the income tax department.(IANS)<\p>
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