National
CBI books Deccan Chronicle Holdings in Rs 30cr fraud
Chennai, March 23 (IANS) The CBI has filed a case against Deccan Chronicle Holdings Ltd (DCHL)and its Chairman T. Venkatram Reddy for allegedly causing a wrongful loss of Rs 30.54 crore to United India Insurance Co Ltd (UIIC), an official said on Friday.
The FIR registered by the Central Bureau of Investigation (CBI) on Thursday also named Mumbai-based private firms CARE Rating Ltd and Infrastructure Development Finance Co Ltd and two former officials of UIIC.
The UIIC officials — Deputy General Manager A. Balasubramanian and Chief Manager K.L. Kunjilwar — made suspicious investments in the “privately placed short term unsecured redeemable non-convertible debentures issued by DCHL in 2011 in violation of the regulations”.
Balasubramanian and Kunjilwar entered into a criminal conspiracy at Chennai and other places to cheat UIIC and abused their official position as public servants by making the investments which was not repaid by DCHL, causing loss of Rs 30,54,25,350, said the CBI FIR.
“It is revealed that UIIC was investing the premium collected from the policy holders during the ordinary course of business in the form of shares, debentures, commercial papers, term loan etc in the public and private sector companies as per the investment policy guidelines based on the rules of Regulatory and Development Authority of India (IRDA),” the FIR said.
These investments are based on the rating made by Security and Exchange Board of India (SEBI) approved rating agency CARE Rating Ltd, it said.
The FIR said the overall borrowing powers of DCHL was increased from Rs 700 crore to Rs 1,000 crore on the Board of Directors’ annual general meeting held on September 29, 2007 and from Rs 1,000 crore to Rs 5,000 crore in a similar meeting on February 28, 2013.
“As on the date of issue of debentures, DCHL’s total borrowings was Rs 3,755.70 crore.”
According to the FIR, in the pursuance of the criminal conspiracy between July to October 2011, three office notes were put up by Kunjilwar for investment of Rs 10 crore each in 11.25 per cent unsecured non convertible debentures issued by DCHL for purchase of short term unsecured debentures with 364 days maturity without analyzing the proposal in detail and the same was approved by Balasubramanian.
“The investments were made in three different occasions deliberately in order to by-pass the investment committee of UIIC. Thus UIIC invested Rs 30 crore in DCHL. UIIC relied on the rating awarded by CARE Ratings Ltd.
“At the time of investment in 2011, the rating awarded by CARE Rating Ltd was PR1+ and at the time of redemption in 2012, the rating was drastically downgraded to D within a short span of one year.
“On the date of maturity in 2012, the principal amount with interest was not repaid by DCHL. DCHL had issued three cheques of Rs 10 crore each but when presented through encashment, they were dishonoured. Regarding which UIIC lodged a complaint against DCHL which is peding before court,” the FIR said.
–IANS
rak/mr
National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.