The lenders who decided to hand over 600 MW Power Plant of Vidharbha Industries Power Ltd (VIPL) to a tainted Asset Reconstruction Company (ARC), have much to answer for. CFM Asset Reconstruction Pvt Ltd – the acquirer of Rs 2,500 crore debt for Rs 1,265 crore – was allowed to take away the asset for […]
Category: Editorial
Editorial- May 2023
The moot questions that emerge from the Wadia group-owned Go Airlines (India) Ltd voluntary corporate insolvency filings show that lending rules were allowed to fall by the wayside. The banks continued expanding loan amounts, extending loan tenures despite mega losses that GoFirst was incurring. The loans were not securitized by adequate liquid assets. The company […]
Editorial- Apr 2023
The award of transmission projects to Power Grid Corporation India Ltd (PGCIL) on nomination basis is contrary to the recommendations of government’s top committee in the domain as also the power ministry’s own advice to states that they should adopt Tariff Based Competitive Bidding (TBCB) for awarding transmission projects. Such awards spell double trouble, first […]
Editorial- Jan 2023
In this edition, we bring two extensive researches on the NCLT processes: the first one reveals how companies with high projected revenues are conspiratorially pushed into the Corporate Insolvency Resolution Process (CIRP) while the second details the implementation of the IBC status in the real estate sector and its damaging impact on homebuyers. ArcelorMittal’s acquisition […]
Editorial- Nov 2022
The mega smart electricity meters tender of PGCIL has hit a wall owing to multiple structural faults. The magnitude of this failure is reflected in its inability to attract any discom as buyer. PGCIL’s lack of prior preparation and inept implementation can be gauged from the fact that it changed the bid opening date 12 […]
Editorial- Sep 2022
The Mayawati regime in Uttar Pradesh (2007-12) gave away at throwaway prices farm house plots to select companies and affluent individuals. Without any objective criteria, this discretionary allotment caused a loss of Rs 2,833 crore loss to the state, reveals an audit by the CAG. There is also PIL pending before the Allahabad high court […]
Editorial- Aug 2022
Industrial Plot No. 2/140A, Noida was allotted for IT/ITES sector by Noida Authority in 2008. It never happened. Rather select real estate companies in cahoots with the Noida Authority converted it for commercial property development. Our investigations show this as a pattern, a method of choice: first Noida Authority allots big area plots to ineligible […]
Editorial- July 2022
Two successive regimes in Uttar Pradesh – the Mayawati & Akhilesh Yadav – actively authored and facilitated the prime land grabbing of 224 acres of real estate by ineligible web of companies put together by the Logix group. Plot No. SC-01, Sector 150, Noida was tendered as a Sports City development project for hosting international […]
Editorial- Jun 2022
In this edition, we focus on land grabs in the NCR region by the Max group and other real estate companies, wherein the chosen methods are illegal acquisition of assets and mis-statements, causing loss to the Uttar Pradesh government, bankers and retail buyers. The Max Square project in Sector 129, Noida is replete with illegalities. […]
Editorial- May 2022
The Max Tower in Noida raises tax related questions as also issues of fund siphoning. For Noida Authority there are issues pertaining to sub-leasing and penalties that it would have to reckon with and answer. Investigations into Piveta Estates Pvt Ltd and Max Estates Pvt Ltd, both Max group companies, reveal that Analjit Singh cheated […]
Editorial- April 2022
Renewable energy (RE) gencos reeling under the diktat of YS Jagan Mohan Reddy government which effectively reneged on PPAs, have found relief in the orders of the Andhra Pradesh High Court. So, what happened? One of the first things that the Chief Minister Reddy did after assuming power in Andhra Pradesh in May 2019, was […]
Editorial- March 2022
In this edition, we examine Suzlon’s debt relief measures. The trail throws up important questions which call for a thorough probe. The debt restructuring to the tune of Rs 11,367 crore was approved in June 2020 and entailed a slew of measures through conversion of debt into equity and bailout loans. The lender consortium was […]