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CBI flayed for closure of probe into Adani group firm
New Delhi, May 2 (IANS) The closure of an inquiry by the CBI into Adani Enterprises allegedly importing power-equipment at inflated prices, in collusion with six public sector banks (PSBs), has come in for scathing criticism by lawyer Prashant Bhushan, who has described the investigating agency’s decision as an “abuse of authority” by the government.
The CBI told the Delhi High Court on May 1 that it had closed the preliminary enquiry (PE) as the matter related to the intra-state transmission network within Maharashtra and was outside their jurisdiction as it concerned the state.
“CBI has done this under pressure,” Bhushan told IANS, adding that the agency’s contention that it needed the Maharashtra government’s nod to proceed in the matter did not have any merit.
Bhushan said the CBI PE into over-valuation and over-invoicing, coupled with the extension of credit facilities, was also against PSBs. And the banks certainly fall within the jurisdiction of the agency.
CBI does not need any sanction for inquiring into the questionable acts of PSBs, Bhushan said, pointing out that “even otherwise it (CBI) could have taken sanction of the state government, which it did not”.
When contacted by IANS, the CBI refused to comment on the matter, saying the agency’s affidavit in court explained its position.
On the basis of a “source information report”, the CBI had registered a PE against Maharashtra Eastern Grid Power Transmission Company (MEGPTCL), PMC Projects India Pvt. Ltd., Adani Enterprises, Maharashtra State Electricity Transmission Co. Ltd and unknown officials of six public sector banks.
The six PSBs are State Bank of India, Punjab National Bank, Vijaya Bank, Oriental Bank of Commerce, State Bank of Mysore, and Canara Bank.
The PE was registered to enquire into the allegations of credit facility being extended to procure power generation and transmission equipment/machinery from various vendors in South Korea and China, and of their over-valuation and over-invoicing, allegedly to siphon off the funds.
The purchase of power equipment was routed through the Adani group’s UAE-based company Electrogen Infra FZE, Dubai.
Also included in the inquiry was the impact of the exaggerated project cost on tariff fixation as well as the provision of excess finance by banks to fulfil the margin money requirement without infusion of any capital by the Adani group.
The CBI on Tuesday told the court that the core issue of the PE registered on June 12, 2014, pertained to intra-state transmission network within Maharashtra.
The CBI said that since the project came within the domain of Maharashtra state, it could not make much progress in the enquiry and the PE was closed on July 15, 2015 — nearly a year after it was registered on June 12, 2014.
Counsel Pranav Sachdeva, who is assisting Bhushan, said the petitioner NGO CPIL’s case was that the Adanis, by using their UAE-based Electrogen Infra FZE, were inflating the prices of the equipment, thereby cheating shareholders of the publicly listed Adani Enterprises of their rightful gains.
Sachdeva also contended that the inflated cost of power equipment would eventually have to be borne by consumers by way of higher tariffs.
Sachdeva said that even though equipment from the manufacturers came directly to India from South Korea and China, documents of the transaction were routed through Electrogen Infra FZE, according to an investigation by the Directorate of Revenue Intelligence (DRI). He alleged that bank officials had colluded in the dealings.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
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