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I-T department quizzes Matix Group Chairman over NuPower
New Delhi, May 30 (IANS) The Income-Tax department has questioned Matix Group Chairman Nishant Kanodia in connection with NuPower Renewables, a leading daily reported on Wednesday.
NuPower Renewables is a company promoted by Deepak Kochhar, husband of ICICI Bank’s CEO Chanda Kochhar.
Nishant Kanodia is the son-in-law of Essar Group’s Ravi Ruia and owns the Mauritius-based Firstland Holdings that invested Rs 325 crore in NuPower between 2010 and 2012.
“We are probing this investment that was routed through Mauritius. What is the source of the funds, why did Firstland Holdings exit NuPower soon after and whether this has connections with any Essat Group company,” a tax official told The Hindustan Times.
IANS’ phone calls and text messages to an I-T department official to get more details remained unanswered.
Meanwhile, at least nine public and private sector banks have reportedly classified the loans of Matix Fertilisers and Chemicals (MFC) — whose Rs 7,000 crore urea plant in West Bengal floundered for years for the lack of coal-bed methane gas — as sub-standard and non-performing assets (NPA) in the last quarter.
However, MFCL in a response to IANS said: “Currently, MFCL is in process of refinancing its term loan (Project Loan) and availing working capital required for continuous sustained plant operation. The company expects to resume production by September, 2018.”
The MFCL has set up a greenfield single stream gas based integrated Urea fertiliser plant at Panagarh Industrial Park, West Bengal.
“MFCL had entered into a Gas Sale and Purchase Agreement (GSPA) with Essar Oil Ltd for supply of CBM Gas. However, due to technical reasons, Essar was unable to supply required quantity of CBM gas to the Matix plant which resulted in delay in commissioning of MFCL’s plant. MFCL plant successfully started trial production in the month of October, 2017,” Matix said.
The Indian banking system currently has an exposure of over Rs 3,500 crore to MFC as of March 31, 2018, according to loan data The Wire has accessed.
Out of the 12 lenders, currently, only three classify the account as standard: Punjab National Bank (Rs 174 crore), Vijaya Bank (Rs 100 crore), and Yes Bank (Rs 83 crore).
In the case of Yes Bank, it is the only lender where the Matix account is classified as a non CDR (corporate debt restructuring) standard loan and is part of its disclosed restructured standard loans as of March 31, 2018.
–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.