Nitin Gadkari, president of BJP, is being accused, with substance , of getting kick backs being invested in his Company Purthi Group by Ideal Road Builders.
When he was the PWD Minister in Mumbai, he is said to have favored IRB by way of Contracts worth 66 Crore.
Look at the way he defends himself to NDTV-‘It is not wrong to accept money from some body who had been benefited-I am the most Popular Politician , I have raised over 4000 Crore’.
Is it the reason why he is quiet on Maharashtra Irrigation Scam?( read my blog on this).
Most of the addresses of his company directors are fakes.
17 addresses from the same house!
Some of them exist only on emails.
Gadkaris’ driver is MD of Gadkari’s Company!
Look at his web of deceit.
Worth probing if there is any link between him Jayaswal and Coalgate scam as well.
Mr Gadkari was the Public Works Department Minister of a Shiv Sena-BJP government in Maharashtra in 1995-99, when a company called Ideal Road Builders was awarded hefty contracts. Ideal did remarkably well in those years – its turnover rose from Rs.41 crore in 1996 to Rs. 67 crore in 1999.
A little after Mr Gadkari demitted office, in 2001, Ideal Road Builders invested in Mr Gadkari’s Purti group of companies in 2001, picking up almost Rs. 1.85 crore of shares. Ideal Road Builders has since become a subsidiary of IRB Infra Developers Limited. IRB infra developers, in a response to a questionnaire from NDTV, said in an email, “Ideal Road Builders Private Limited made an investment of Rs. 1.85 crore in equity shares of Purti Sakhar Karkhana in 2001. At that time, investment in sugar factory in Vidarbha region was felt to yield promising returns.” Mr DP Mhaiskar, the founder of the Ideal Road Builders, also invested in approximately Rs. 2 crore of shares. Together, they control about eight per cent of Purti Group.
In financial year 2010, the Purti Group received a loan of 165 crores from Global Safety Vision, a company started by DP Mhaiskar. With this one loan, Purti was able to repay all its outstanding debt. Surprisingly, in its last regulatory filings Global Safety Vision had only 1 lakh paid up capital.
Opponents allege that these loans and investments are quid pro quo. But Mr Gadkari today vehemently denied that, saying that he has not done any favours to Ideal Road Builders. He defended his ties with businessman and founder of Ideal Road Builders, DP Mhaiskar saying, “I can accept equity from anyone, there is nothing wrong. I am friends with Mr Mhaiskar and many contractors are my friends… Purti has losses of 64 crores, Mhaiskar loaned me 165 crores from his company, and I have repaid him 64 crores.” Meanwhile, no response was forthcoming from Mr DP Mhaiskar despite sending him two detailed questionnaires.
But there are other questions about the investors of the Purti Group, which has eight group companies that range from power, sugar, ethanol, alcohol, bio diesel among others.
NDTV’s investigation found many ‘mystery’ owners and investors. While the total share capital of the company is Rs. 68 crore, almost Rs. 50 crore comes from about 18 such companies. In other words, these companies own 70 per cent of Purti. Mr Gadkari, who is shown as Chairman on the company’s website, only owns about 200 shares.
When we set out to find these companies and its directors across various cities we hit a dead end. Two of the firms – Swiftsol India and Earnwell Traders are registered at a chawl in the Mumbai suburb of Malad where there is no trace of any company. A family has been living there for over 20 years and have never heard of any such company. At another address on Hajibapu Road, again in Malad are the registered offices of Chariot Investrade, Regency Equifin and Leverage Fintrade but again all we find is a family who is clueless about these companies. These companies have made investments worth Rs. 17 crores in Purti. Similarly in Kolkata, our correspondent went looking for an office on MD Road and was told none exists. Tracing the directors of these companies – some of whom are common – too was futile.’
Related articles
Sudhakar Madke, a driver, and Suresh Atram, a peon, working in firms set up by BJP MP Ajay Sancheti, said to be close to party chief Nitin Gadkari, bought a flat each worth Rs 60 lakhs in the controversial Adarsh society, Times of India reported quoting an unnamed senior bureaucrat.
Vishal Kedari, a vegetable vendor in Pune cantonment area, with an income of less than Rs 10,000 p.m., also bought a flat worth Rs 60 lakh in Adarsh society, the report said.
In his deposition before the commission probing the Adarsh scam, Sudhakar Madke, who has never visited Mumbai, submitted that he had been granted an unsecured loan of Rs 60 lakh by his employer. Similarly, Atram also secured a Rs 60 lakh loan from Sancheti.
The report said, Sancheti’s firm extended unsecured loans to 10 persons for buying a flat each in Adarsh society, and in return, secured undertakings from them, saying that in the event they were unable to repay the loan, the flats would automatically be transferred to Sancheti’s firm.
“Our information is that Madke, Atram and Kedari came to know that they were owners of the flats only after the Adarsh scam rocked the nation”, the bureaucrat told TOI.(India TV News)
If IRB has grown from 41 cr. in 1996 to 67 cr. in 1999 it is not a big deal.All business esteblishments grow in time and this is not an astronomical growth.Moreover, most of the allegations pertain to the period he was not a minister.These days there are many ‘venture capitalists’ who invest their funds in businesses they deem profitable. You present an idea which can deliver returns on the investment and venture capitalists will come forward to finance the project. Not a big deal.The only thing is whether a person has violated any law? This is for the appropriate agencies.Moreover, what the concerned authorities examined when the said papers were initially submitted before them?
Please watch the expose follow up by TimesNow.
I am posting a blog on this.
As to your statement on Agencies.is it quid pro quo?
Your analysis seems to be highly skewed perhaps by your favor for congress and hatred for BJP and you may well challenge me for doing the opposite and because of opposite reason but lets understand this on the basis of common sense. If you look at the media reports you will find out the at the company Ideal Road Builders is said to have been favored for contracts worth Rs. 66 crores. This is actually the first line of your article as well. So are you telling me a shrewd Indian business company is paying a bribe of Rs. 165 crore for favors which’d MAXIMUM (if no roads were built not even mud was laid by IRB) amount to Rs. 66 crores. THis is news to me on how bribes work.. so as per you Nitin Gadkari is such a perfectionist that the bribe was 2.5 times the actual benefit accorded ???? As far as the allegations regarding the filing of addresses in company house etc. go, these are merely insinuations. Did they happen during the time Gadkari was Chairman or officer of company and what does the law say about his liability – no one has tried to go into it. ANd neither that while verappa moily is rubbing his hands with glee, in the case of Robert Vadra where likely false balance sheets filed in ROC , he calls it a different matter. THe only thing BJP is guilty of is not being too bright in looking over their shoulder and saving themselves from false accusations and bad sponsored press. You can hang them for being not too bright like in the cash for votes scam where no one investigated the congi connection and their people went to jail. That is all there is it to it.
My post gives the information and raises questions.
If you read my posts on Vadra,SG , Rajiv,Rahul Gandhi,Karunanidhi, I am very soft in my approach to Gadkari.
Gadkari’s explanations are unconvincing.
How does he explain the points raise?.
If Media exposes Congress it is Gospel, if against BJP, ‘non-sense!’ Strange logic.
By comparing with Vadra ,which Advainiji is doing now, amounts to either giving a clean chit to Robert Vadra or calling Gadkari corrupt.
What is the verdict?