ED attaches assets of Educomp group company in money laundering case

new Delhi: The Enforcement Directorate (ED) on Monday said assets worth Rs 90.31 crore of a Gurugram-based Educomp Group company have been attached in an alleged bank loan fraud case under the Anti-Money Laundering Act.

A provisional order for attachment of properties under the Prevention of Money Laundering Act (PMLA) has been issued against Educomp Professional Education Limited, a group company of Educomp Group.

“Edu Smart Services Pvt Ltd diverted bank loan amount to Rs 90.31 crore and created assets in the name of sister concern of Educomp Professional Education Ltd in Ranga Reddy district of Telangana through a web of transactions,” the ED said.

This Rs 90.31 crore, in the form of parcel of land and rent, is proceeds of the offense and was accordingly attached as per the provisions of PMLA.

The total “default” in loan repayment wrongly inflicted on the lending banks is Rs 1,955.36 crore in this case.

The ED’s money laundering case against the group stems from an FIR registered by the Central Bureau of Investigation (CBI) against the accused company and its promoters.

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The group promoted by IIM Ahmedabad pass out Shantanu Prakash, is going through the corporate insolvency resolution process.

The CBI had booked Educomp Solutions, its subsidiaries and directors in February 2020 for defrauding a consortium of 13 banks led by SBI to the tune of Rs 1,955 crore.

The agency has booked Educomp Solutions Limited, its managing director Shantanu Prakash, guarantor Jagdish Prakash, its subsidiary Edu Smart Services Pvt Ltd and directors Vijay Kumar Choudhary and Vinod Kumar Dandona for criminal conspiracy, cheating, forgery and under provisions of the Prevention of Corruption Act. Was. ,

After registering the FIR, the agency searched the premises of Educomp Solutions, Edu Smart and its directors at eight locations in Delhi, Dehradun and Gurugram.

CBI officials had said that the banks have alleged that Educomp Solutions (ESL), incorporated in 1994, was in the business of creating digital educational content for schools and vocational courses under the brand names “SmartClass” and “Edureach” respectively.

It used to enter into tripartite agreements with its subsidiary, Edu Smart Services Pvt Ltd (ESPL) and schools for providing the content.

Officials had said that ESL used to sell hardware and digital content under its “SmartClass” business to ESPL, which sold it to schools on a quarterly basis with the receipt of sales spread over a contract period of five years.

It is alleged that ESPL had sought term loans from the members of the association by keeping the stipulated future cash flows as security from the schools, which was granted.

The CBI alleged that the debt raised by ESPL was required to be given to its creditors, which is ESL.

Later, ESL discontinued its business of selling “smartclasses” through ESPL and decided to sell directly to schools, officials had said.

He had said that the banks restructured the debt of ESPL, closed its term loan accounts and transferred the liabilities to ESL.

He had said that fresh term loans were disbursed by banks to ESL, along with the future receivables of ESPL were also transferred to it.

Due to non-fulfilment of loan terms and conditions, ESL loan accounts became Non-Performing Asset (NPA) in 2016.

It is also alleged that ESL and ESPL through their directors entered into tripartite agreements with schools and induced banks to disburse term loans by including non-executed, canceled or pre-closed contracts in the list of executed contracts. did. said. PTI NES Div Div

Originally published at Pen 18

csr: Parliament panel seeks constituency-wise CSR spending by top 10 companies

The Parliamentary Standing Committee on Finance has asked the Ministry of Corporate Affairs (MCA) to analyze the Corporate Social Responsibility expenditure of top 10 private companies by region as well as parliamentary constituency and submit a report within three months.

The Committee expressed its concern about the monitoring mechanism of CSR expenditure and found that “information on CSR expenditure by companies is insufficient and difficult for a common man”.

It said an analysis of the CSR expenditure of top 10 private companies, sector by sector, such as mining sector, real estate sector, construction sector etc as well as constituency wise, be done and submitted to the committee within a period of three months. .

The report tabled in Parliament recently has also demanded a third party audit of CSR funds.

However, the MCA submitted to the panel that such audit was not required as the existing legal provisions provided adequate safeguards in this regard.

The ministry also said that from April 1, with the introduction of CSR 2 form, companies will be required to submit more details about CSR expenditure.

The Corporate Affairs Ministry said, “We have now introduced a new Form CSR 2 in which they have to submit CSR details including a list of projects and where they are doing it, what kind of money is being spent. Is.” its reaction.

The Committee observed that the local expenditure, particularly by mining companies and heavy industries, was neglected and recommended that the local area preference should be made mandatory as per the provisions of the Act, which is currently advisory in nature.

Around 60% posts of SFIO are vacant

The committee has also asked the ministry to fill up the vacancies in Serious Fraud Investigation Office or SFIO within the next financial year so as to increase the case settlement rate of the organizations and bring them closer to their objective of dealing effectively with complex corporate frauds. Can you

SFIO, it observed that, despite an increase in the number of fraud cases referred to the investigative body, with nearly 60% of its sanctioned posts being vacant, SFIO was grappling with a severe staff shortage, leading to the ongoing investigation. The pace slowed down.

According to the latest report of the committee, headed by former Minister of State for Finance Jayant Sinha, 146 out of 238 posts were vacant, affecting the settlement rate as “60% vacancy remains volatile”.

Originally published at Pen 18

punjab: Punjab Kings beat RCB by 5 wickets

Punjab Kings beat Royal Challengers Bangalore by five wickets in their Indian Premier League match here on Sunday. Punjab team chased down a mammoth target of 206 runs in a thrilling high scoring match with six balls to spare.

Shikhar Dhawan and Bhanuka Rajapakse scored 43-43 runs down the order, while M Shah Rukh Khan and Odion Smith remained unbeaten on 24 and 25 respectively as Punjab reached 208 for 5 in 19 overs. For RCB, Mohammad Siraj was the most successful bowler with figures of 2/59. Earlier, RCB scored 205 for two when asked to bat.

Captain Faf du Plessis hit 88 off 57 balls while Virat Kohli scored an unbeaten 41 as the duo shared a 118-run stand for the second wicket. Dinesh Karthik played an unbeaten innings of 32 runs in 14 balls. Rahul Chahar and Arshdeep Singh took one wicket each for Punjab Kings.

Brief Scores: Royal Challengers Bangalore: 205 for 2 in 20 overs (Faf du Plessis 88, Virat Kohli 41 not out, Dinesh Karthik 32 not out; Rahul Chahar 1/22, Arshdeep Singh 1/31). Punjab Kings: 208 for 5 in 19 overs (Shikhar Dhawan 43, Bhanuka Rajapakse 43; Mohammad Siraj 2/59).

Originally published at Pen 18

jyotiraditya scindia: Gwalior to start hosting international cricket matches from next year: Jyotiraditya Scindia

Union Civil Aviation Minister Jyotiraditya Scindia on Sunday said that Gwalior in Madhya Pradesh will be ready to host international cricket matches within a year. Scindia was elected the President of the Gwalior-Chambal Division Cricket Association on Sunday.

Addressing the annual general meeting of the association, he said that the ongoing construction of a modern cricket stadium in Gwalior would be completed in the next 10 to 11 months.

He said that the cricket lovers of Gwalior can watch international cricket matches next year.

The minister said sports activities have come to a standstill in the last two years due to the pandemic.

He said that the sporting activities are going through a tough phase due to the global pandemic and now the cricketers are eager to give their best, adding that the cricket association will provide all possible help to the players.

Originally published at Pen 18

horizon industrial parks: Horizon Industrial Parks plans to invest ₹2k cr across South India

Horizon Industrial Park, which has a portfolio of logistics parks in India owned and managed by Blackstone Real Estate Fund, is looking to expand its presence in key southern markets besides exploiting smaller towns.

The company plans to invest over Rs 2,000 crore in the next few years to build 9 million square feet of logistics facilities across South India.

Chief Executive Rahul Pandit said, “The southern region is an important market, with over 40% of our existing portfolio concentrated in Karnataka, Tamil Nadu and Telangana. Going forward, Tier-II (city) will become a major demand hub.”

Horizon Industrial Park will focus on sectors such as manufacturing, third-party logistics and ecommerce to expand its footprint.

“The policy framework is very encouraging and the government has a forward-looking industrial outlook. We are committed to investing in the country for the long term,” Pandit said. Global investment firm Blackstone has consolidated its 16 logistics and warehousing assets across India. , under Horizon Industrial Park has an enterprise value of $900 million.

Horizon Industrial Park’s portfolio currently comprises 16 Grade-A logistics and warehousing assets spread over 24 million sq ft of total development potential in Bengaluru, NCR, Hyderabad and Pune. The portfolio has been assembled through a number of investments, including Embassy Industrial Park, TARC and Allcargo.

In India, Blackstone also owns the Nucleus Office Park and Nexus Mall, which are platforms for the firm’s office and retail portfolio, respectively.

Blackstone is the largest owner of commercial real estate globally, owning and operating property in every major geography and region, including logistics, residential, office, hospitality and retail.

Blackstone has about $20 billion worth of commercial real estate under management in India.

Originally published at Pen 18

rajasthan: Eye on polls, AAP dissolves all units in Rajasthan

The Aam Aadmi Party (AAP) on Sunday dissolved all its units in Rajasthan to restructure the party organization in preparation for the state assembly elections.

Since the formation of the government in Punjab, the party has started expanding its base in Congress-ruled Rajasthan.

In Rajasthan, AAP’s new election in-charge Vinay Mishra announced the dissolution of all units, including the state executive, at a meeting of party workers at Birla Auditorium here.

Mishra, the MLA in Delhi, said, “From today the state executive, all the district units of AAP Rajasthan have been dissolved.”

He also said that a membership drive would be started in the state.

Mishra said, we will connect people from village to village, house to house and make a strong organization in the state.

Assembly elections in Rajasthan are to be held by the end of 2023.

Mishra targeted the ruling Congress government over the issues of unemployment and farmer loan waiver.

A large number of people joined AAP on this occasion.

Those who joined the party included former councillors, current and former sarpanches, people from medical, law and other professions. Apart from this, many people subscribed through digital platforms.

AAP is hoping to enter Rajasthan to provide a political alternative to the people of the state, which has seen the rule of Congress or BJP.

AAP’s national spokesperson Sanjay Singh said, “When we entered the elections in Delhi for the first time, many people abused us but we won and formed the government. We did not compromise on the promises made to the people. Recently The party registered victory in Punjab in the just-concluded assembly elections.”

He said that people’s trust in you is increasing continuously.

Singh said, “The people of the country have understood that the Aam Aadmi Party fights elections on issues like development, education and health while other parties seek votes by dividing the country on the basis of religion and caste.”

He said that issues of development and public interest have no importance for other parties.

AAP will establish its trust among the people of Rajasthan and the result will be visible in the upcoming assembly elections.

“People here are upset with both the Congress and the BJP and they have high hopes from the Aam Aadmi Party as an alternative,” he said.

Mishra said that soon a new organization of the party will be seen in Rajasthan.

He said, “Aam Aadmi Party worker will work in Rajasthan with the thought that elections are going to be held in the state tomorrow. A three-month special membership drive is being started.

Mishra said that there would be an in-charge at the district level to oversee the party affairs.

He said that those who performed well in the membership drive would be made office bearers of the party at the district and state level.

The politics of Rajasthan is dominated by the Congress and the BJP, which has 200 assembly constituencies and 25 Lok Sabha constituencies.

Originally published at Pen 18

wimbledon: Is banning Russian tennis players from Wimbledon the right call?

Wimbledon, the most prestigious tennis grand slam, is considering its position on the participation of Russian citizens.

The British sports minister, Nigel Huddleston, recently suggested that for any Russian to play at Wimbledon, there might be a need for “reassurance” about their position on Russia’s invasion of Ukraine: “Absolutely for Russia.” Shouldn’t be allowed or able to fly the flag. We need some possible reassurance that he’s not a supporter of Putin and we’re looking at what requirements we might need and need to get some reassurance along those lines Might be possible.

The All England Lawn and Tennis Club is in discussion with the Sports Minister about the nature of the assurances and whether they will be implemented at Wimbledon.

umpire’s call

Now it seems that Russian players, including top women such as second-place men’s players, Daniil Medvedev and Anastasia Pavlyuchenkova, will be expected to remove the symbols and language associating themselves with the Russian state, and at Wimbledon. Will be committed to participate. “neutral”.

Medvedev has already taken a step in this direction by removing the Russian flag from his social media profile. He also wished for world peace.

However, the general statement of hoping for peace is not the same as taking a position on a war in which one’s country is hostile.

Make no mistake: the Wimbledon tournament – organized by a NATO country – is more than an exhibition of tennis. It is also a demonstration of what Britain considers appropriate, which is unlikely to be diplomacy and accommodation.

Huddleston feels comfortable only with Russian athletes who either oppose or do not support the war, and thus is willing to distance himself from Russian President Vladimir Putin.

in or out?

So deep is the global outrage against Putin that the sport itself has been forced to come out from behind its traditional veil of “neutrality” in political affairs.

As such, sports organizations around the world have taken positions on the participation of both Russian and Belarusian teams and athletes.

One reaction has been the boycott, with the expectation that the withdrawal of Russian teams from world sport is a necessary disgrace to the largest military offensive in Europe since World War II. The same position is taken by swimming, athletics and football.

However, some sporting bodies, such as tennis and biathlon, are allowing Russian and Belarusian individuals to compete as “neutrals”. However, tennis bodies have suspended both Russian and Belarusian players from team-based competitions.

Even the International Olympic Committee, which has long refused to take positions on geopolitical matters, called on sporting bodies and event organizers to “invite or allow the participation of Russian and Belarusian athletes and officials in international competitions”. Inspired not to give”.

In addition, at the recent Beijing Paralympics, several countries refused to participate against Russian teams, resulting in pressure on the organizers to exclude Russian athletes.

Spin or Matter?

The All England Lawn and Tennis Club has the authority to set the entry rules for Wimbledon. It may diplomatically align with the ATP and WTA (the organizing body for men’s and women’s tours), or it may impose an outright ban on Russians.

This is all controversial. Some critics have suggested that the human rights of Russian athletes are being denied, as they are not responsible for military activities in Ukraine.

However, some Russian sports stars – whether voluntarily or otherwise – have made their position known. Many have made public appearances with the letter Z, which has become a symbol of support for Russia’s attack on Ukraine.

Conversely, some Russian sports stars have voiced their disapproval of the war, given this type of dissent a dangerous stance now considered a crime – about 15,000 Russians have already been arrested.

strings attached


Countries opposing the ongoing demolition of Ukraine by Russia have at this time relied on economic sanctions as a major deterrent. Unfortunately, these measures hurt and harm ordinary Russians. Some critics argue that the West’s sanctions are hypocritical given US and allied military interventions in places like Iraq or Israel’s occupation of the Palestinian territories.

Therefore, discussions about Ukraine have focused not only on Russian imperialism and Putin’s fascism, but also on the hypocrisy of the Washington-led “rules-based order”.

The All England Club will reach a decision on whether to ban Russian players or accept them as neutral, in collaboration with the UK sports minister, at a time when Britain is supplying weapons to Ukraine. None of it is editing.

Russian tennis players, if allowed to play, will face heavy scrutiny both on and off the court. Will Medvedev’s victory be Putin’s victory? Will Medvedev’s absence contribute to the anti-war effort?

In the midst of all this are athletes who can become – perhaps unfairly – the target of sanctions. But war is a symbol of injustice.

The author is Associate Professor of Sport Management, University of Technology Sydney

Originally published at Pen 18