Re-tendering of Lower Kalnai Hydroelectric Project in Doda PDC fails to tap potential during past nearly 13 yrs Mohinder Verma JAMMU, Feb 20: In a testimony of dilly-dallying and non-serious approach towards tapping power potential, the Jammu and Kashmir Power Development Corporation has failed to implement the decision of the State Administrative Council (SAC) regarding re-tendering of 48 Mega Watt (MW) Lower Kalnai Hydroelectric Project in Doda district despite lapse of over two and half years. The State Administrative Council […]
HC stays bank account as fraud
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Updated:
‘CBI, ED can carry on with their probe’
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‘CBI, ED can carry on with their probe’
The Telangana High Court on Friday passed an interim direction staying declaration of M/s Coastal Projects Limited’s bank account as fraud by the Reserve Bank of India and other banks.
A bench of Chief Justice Hima Kohli and Justice B. Vijaysen Reddy passed this order after hearing a writ petition filed by Sabbineni Surendra of the company. While the company’s bank account declaration as fraud was stayed, the bench made it clear that the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) officials were at liberty to proceed against the company in accordance with law.
Central Bureau of Investigation
HYDERABAD: City-based Coastal Projects Limited (CPL), which is facing a CBI probe for Rs 4,736-crore loan fraud, is now embroiled in another controversy over its Cyprus deals.
In an FIR, the CBI alleged that as per a forensic audit, CPL had invested Rs 40 crore in Coastal Transnational Ventures Limited (CTVL), a wholly-owned subsidiary firm, in Cyrpus.
CPL had given a corporate guarantee of $15.6 million in favour of Exim Bank for the loans availed by CTVL for acquisition of shares in another Cyprus-based company. Bank guarantee was invoked and CPL had to pay Rs 102 crore (equivalent of $15.6 million) at the time of conversion. However, the amount receivable for CPL was converted into CTVL shares, the CBI alleged.
SBI s complaint alleged loss of over Rs 4,736 crore to consortium of banks
New Delhi: On a complaint filed by the State Bank of India (SBI), the Central Bureau of Investigation (CBI) has filed a case against Hyderabad-based M/S Coastal Projects Limited for allegedly causing a loss of over Rs. 4736 crores to a consortium of banks. CBI conducted searches in Hyderabad and Vijayawada, at the premises of M/S Coastal Projects, it s Chairman and Managing Director Sabbineni Surendra and other directors. Several incriminating documents have been recovered as part of an ongoing probe which also accuses many public servants.
Apart from M/S Coastal Projects Limited and its CMD, CBI has also named the following as accused: Managing Director & Guarantor Garapati Harihara Rao; Whole Time Directors Sridhar Chandrasekharan Nivarthi and Sharad Kumar; Guarantors & Mortgagors K Ramulu and K. Anjamma; and Managing Directors of Ravi Kailas Builders, namely Ramesh Pasupuleti and Govind Kumar Inani.
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