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Coal scam: ED attaches Rs 117-crore property of Prakash Industries

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New Delhi, Dec 4 (IANS) The Enforcement Directorate has attached Rs 117.09-crore movable and immovable properties of Prakash Industries in connection with its ongoing probe against it in allocation of Fatehpur coal block in Chhattisgarh in 2008, the agency said on Tuesday.

The ED said the proceeds of the crime had been “generated and used in the continuous expansion related to manufacturing activities” therefore the properties were attached under Prevention of Money Laundering Act (PMLA).”

The ED said: “Prakash Industries filed false declaration with the Bombay Stock Exchange (BSE) on November 17, 2007 intimating the allocation of coal block. The coal block was actually allocated on February 6, 2008 jointly to Prakash Industries and SKS Ispat Power Ltd.”

As a result of filing false declaration, the shares of Prakash Industries recorded an astronomical rise in their value, the ED said.

“At one point of time on April 2, 2007, the share price was Rs 31 per share whereas it was Rs 351 per share on January 4, 2008. The company in order to encash the artificially created rise in their share value, issued 62,50,000 preferential shares on premium of Rs 180 per share and sold these shares to five selected companies. In this process, the firm generated Rs 118.75 crore in the form of share capital,” the ED said.

The ED started a probe after filing a case on August 30, 2014 based on a Central Bureau of Investigation’s FIR that followed allegation the firm had applied for allocation of coal block on January 12, 2007 to the Coal Ministry as per the advertisement dated November 13, 2006.

The application was found to be containing false net-worth details and on the basis of such misrepresentation, the company got allocated Fatehpur coal block on February 6, 2008, which was de-allocated in 2014, the ED said.

–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

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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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