Two corporations of BSY’s grandson get Rs 5 crore from seven Kolkata shell firms

Written by Johnson T A
| Bengaluru |

Updated: October 11, 2020 7:43:45 am

Two firms of BSY’s grandson get Rs 5 crore from seven Kolkata shell companiesThe corporations share widespread addresses: 301E, B B Ganguly Street, and 277, B B Ganguly Street in Kolkata. (Express Photo by Partha Paul)

TWO COMPANIES during which Chief Minister B S Yediyurappa’s grandson Shashidhar Mardi grew to become a director after the BJP got here to energy in Karnataka in July 2019 acquired Rs 5 crore from seven Kolkata shell firms between March and July 2020.

The chain of transactions determine in paperwork filed with the Registrar of Companies (RoC) that had been scrutinised by The Sunday Express, and particulars of financial institution accounts of the 2 corporations had been telecast by a non-public TV channel that was taken off air by the state authorities for eight days, however is now on air once more.

Last month, Power TV had alleged in a collection of studies that the cash was a part of a quid professional quo for the promise of acquiring authorities clearance for RCCL, a non-public agency, to assemble a Rs 660-crore authorities housing mission in Bengaluru.

The mission, which was awarded to RCCL in April 2019 when the Congress-JD(S) coalition was in energy in Karnataka, is awaiting the ultimate work order.

Speaking to The Sunday Express, Mardi termed the cash as “working loans for a mission” for which “all documentation” has been supplied. He denied the allegations levelled by the TV channel, saying they had been made with “ailing intentions” and a bid to “tarnish the household”. Mardi, 30, is the son of Yediyurappa’s daughter Padmavathi V Y.

RCCL director Chandrakant Ramalingam didn’t reply to requests for remark. However, he filed a police grievance final month in opposition to Power TV for airing purported sting recordings of conversations suggesting corruption within the clearances for the housing mission by the Bangalore Development Authority (BDA). The channel had additionally alleged that Yediyurappa’s son B Y Vijayendra, 45, and a state authorities official had demanded Rs 17 crore from RCCL.

Following the grievance, police raided Power TV’s premises within the metropolis on September 28 and the channel was off air until October 7.

The RoC paperwork scrutinised by The Sunday Express present that Rs 5 crore was transferred via seven Kolkata firms to Belgravia Enterprises Pvt Ltd and VSS Estates Pvt Ltd, the place Mardi is a director. The Kolkata firms share widespread addresses as per filings with the RoC however The Sunday Express visited the areas to seek out that none of them had been working from there. The hire agreements submitted by VSS Estates and Belgravia bear the identical Bengaluru tackle as on June 15, 2020.

According to financial institution statements of Belgravia’s Axis Bank account, the agency acquired Rs 5.35 crore between March 2020 and June 2020 from the seven Kolkata firms. This cash, information present, was subsequently transferred to the Axis Bank account of VSS Estates. Part of these transfers are evident in RoC filings:

# First, Rs 1.95 crore was transferred from Remac Distributors Pvt Ltd, Sakambari Merchants Pvt Ltd and Strategic Vincom Private Ltd via NEFT and RTGS between March 13, 2020 and March 20, 2020 to Belgravia. Subsequently, Rs 1.5 crore was transferred from Belgravia to VSS Estates’ Axis Bank account.

# Then, Rs 3.40 crore was transferred from Sakambari Merchants and 4 different firms, Jagdamba Commosales Pvt Ltd, Gannayak Commodities, Navtech Creation Pvt Ltd and Ragharana Sales Pvt Ltd, to Belgravia’s Axis Bank account between May 14, 2020, and June 26, 2020. Subsequently, a second tranche of Rs 3.41 crore was transferred from Belgravia to VSS Estates on July 6, 2020.

Three of the Kolkata firms — Remac Distributors, Gannayak Commodities and Rajgharana Sales — are positioned at 301E, B B Ganguly Street, Room No 4, Kolkata, WB 700012, as per RoC information. The different 4 — Strategic Vincom, Navtech Creation, Sakambari Merchants and Jagadamba Commosales — are positioned at 277, B B Ganguly Street, Kolkata, WB 700012.

The first tackle is positioned inside a congested market in central Kolkata. “There had been some firms that operated from one of many outlets just a few years in the past. But these outlets have shut a very long time in the past,” mentioned Rajeev Shaw, a employee in an optical retailer.

At the opposite tackle, about 100 metres away, there was no signal of the 4 firms. “I’ve been right here for a really very long time and I’ve by no means heard the names of those firms,” mentioned Devender Jain, who runs a plywood store there.

According to the VSS Estates account assertion, the Rs 5 crore deposited between March 13 and July 6 by Belgravia was transferred on July 27, 2020, to a different account — of a partnership agency VSS Works LLP the place Mardi’s associate Sanjay Sree is a director together with a consultant of a realty agency P R Ramakrishnan.

VSS Estates Pvt Ltd was began in November 2019 with Mardi and a UK-based associate Sanjay Sree as its administrators. It is but to file particulars of its 2019-20 income with the RoC. An RoC submitting by VSS Estates Pvt Ltd features a copy of its financial institution assertion for the interval between May 25-27, 2020, which displays a stability of Rs 1.59 crore within the account.

The RoC submitting of the checking account particulars for May 2020 for VSS Estates when seen together with the financial institution statements launched by Power TV for the seven Kolkata firms, Belgravia Enterprises, VSS Estates and VSS Works, exhibits the motion of the Rs 5 crore from March to July 2020 via the corporations linked to Shashidhar Mardi.

Along with Mardi, Sree can be a director in Belgravia, which is a common enterprise agency. Mardi was inducted as a director on August 29, 2019, shortly after Yediyurappa grew to become Chief Minister. In RoC filings upto March 2019, the agency reported zero income and losses of Rs 38,458.

Asked in regards to the cash, Mardi mentioned: “They are working loans for a mission. We have supplied all documentation for it. With some ailing intentions, allegations are being made. It finally went to fastened deposits as a result of all of the funds can’t be used instantly for a mission. We would entry it when required. It was for use in a JV mission.”

On the Kolkata firms with widespread addresses, he mentioned: “These are associated to one another. Also, I have no idea a lot about that.”

Asked in regards to the allegations of corruption, Mardi mentioned: “First of all, my associate owns the bulk stake within the firms. I maintain solely 12 per cent. In Belgravia, I shouldn’t have any share. My affiliate is the proprietor. There isn’t any hyperlink between me and a authorities mission. I’m a non-public particular person. They have gotten a mortgage to work on a mission. By claiming to hold out investigative journalism, the TV channel has linked unrelated stuff to defame us.”

He additional mentioned: “Belgravia will not be associated to the household. I used to be inducted as a director round six months in the past however I shouldn’t have any shares. It is a 12-13 yr outdated firm. They had been energetic until 2013. They didn’t need to begin a brand new firm in order that they revived Belgravia. It is true that it was inactive for nearly 5 years.”

Responding to a selected query on the cash, he mentioned: “It is all real loans with TDS paid and paperwork performed. All firms have all these transactions. They are linking the transactions to unrelated issues solely with the intention to tarnish our household. Am I as a person prohibited from doing enterprise?”

Officials mentioned the tender for the housing mission — to construct one- and three-bedroom flats — was floated in October 2017 underneath the then Congress authorities. The bid by RCCL was authorised in a board assembly of the BDA on December 21, 2017. The mission remained in limbo after the Congress authorities fell in 2018 and a JD(S)-Congress coalition was shaped in June 2018.

Ahead of the Lok Sabha polls in 2019, the coalition issued a letter to RCCL on April 22 that yr, approving the mission and in search of a safety deposit of Rs 33.31 crore. After the polls, on June 24, a proper settlement was signed by RCCL and the BDA for the development of the mission. As per the settlement, work was to begin from June 24, 2019 and conclude by December 23, 2021.

In July, shortly after the settlement was signed, the coalition authorities collapsed and the BJP headed by Yediyurappa got here to energy. The Congress celebration in Karnataka has alleged {that a} work order to begin the mission was delayed by the BJP as favours had been sought by these linked to the federal government.

“The Konadasapura mission featured in a giant manner in a current session of the state legislature. The responses counsel that the mission remains to be on,” mentioned a senior authorities official with the BDA. The official refused to touch upon the standing of the work order to begin the mission.

(With Santanu Chowdhury in Kolkata)

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